Innovative models of green entrepreneurship: social impact on sustainable development of local economies

Green entrepreneurship does not discriminate while generating jobs and resources because it endorses fair allocation of occupational and societal membership opportunities among the wealthy, poor, whites, blacks, men, and women (Shkola, et. al., 2021). Direct involvement with grassroots organizations and communities that are the most vulnerable and unrepresented green entrepreneurs makes it possible for the effectiveness of sustainable development to stretch beyond a few people. Furthermore, these initiatives towards climate justice and workers' rights creation help to decrease social disparity and foster more equity in society at a local level.

Green entrepreneurship has immense scope to generate inclusivity across all sections of society, to empower the poor strata of society, and to provide solutions to the social issues prevalent in the community. In the green economy entrepreneurship models' green jobs creation, community empowerment, impoverishment minimizing, and social integration are the important factors that provide the basis for forming stronger, fairer, and more advanced societies. By involving stakeholders and applying creative approaches, green entrepreneurs become catalysts of the desired social change, and they are capable of creating a sustainable impact in the community because they are committed to doing the job.

Discussing the impacts of social inclusion and social disparities that social entrepreneurship brings and that social entrepreneurship encapsulates the driving role it plays when convergence occurs between economic and social sustainability is worth discussing. Sustainable business shafts and the involvement of employ genes are capable of producing an equitable economic system that benefits everybody, most especially the underprivileged groups. Starting with the concentration of equal access to opportunities, resources, and decision-making processes, green entrepreneurs serve as a powerful tool in social inclusion and targeted systemic inequalities in local communities.

Green business models can place workforce inclusion and workforce development on the priority lists to ensure a high percentage of employees is from marginalized communities such as women, youth, disabled people, and minorities. Green companies that indeed pay fair wages, train individuals with necessary skills, and always provide realistic career advancement opportunities empower individuals from disadvantaged communities to obtain legitimate livelihoods and participate actively in local economies.

Being a green entrepreneur means that you would be working really closely with your local community. One of the impacts of restoring agency on the community is that it empowers them to take the lead in renewable energy projects, urban farming cooperatives, and green business incubators.

Businesses in the green sector use a resource-efficient approach by offering to the communities' items and services that are needed and are not environmentally detrimental. Achieving this will entail measures such as efficient clean energy systems, green residential areas, as well as a wide range of organic, locally produced foods within reach. Ensuring equal access to fundamental services and the resources such eco-entrepreneurs are using is one of the ways to address social inequalities and enhance the overall standard of living (Omri, 2018).

Green Entrepreneurs are the ones to call for justice in the environment by looking at the systemic injustices as well as inequities of the environment that highly affect the marginalized community. People endeavor to achieve equal distribution of environmental products and services by addressing pollution and environmental problems in poor areas and by implementing policies that consider the needs of the underprivileged and the challenged groups. Green entrepreneurs promote growth, social justice, and equity within communities by minimising human impacts (Demirel et al., 2019).

Social entrepreneurs utilize imaginative business plans and solutions to solve social and environmental problems, creating an inclusive society. The heartbreak of losing a community member at a young age is all too familiar to high school students. Social enterprises that merge entrepreneurial approaches with a strong dedication to upliftment exist. This can bring structural changes, promote social cohesion, and remove social disadvantages across local communities. Social entrepreneurship through ecological ventures leads to sharing power and bridging social gaps in the territorial communities through equal employment policies, community engagement, the supply of environmentally friendly goods, the advocacy for environmental justice and social entrepreneurship.

Green entrepreneurs can establish economies with inclusion that also prosper for people of low social class and, at the same time, offer the chance for social change for the better, coming together with economic prosperity and protection of the environment.

Sustainable development of local economies.

The effectiveness of green entrepreneurship is expressed in the development of local economies and businesses, which can lead to social well-being and a pollution-free environment in communities (Yasir et al., 2023). From ecological conservation to the operation phase, green entrepreneurs make diverse contributions to the sustainability of local economies using green economy techniques or environmental sustainability principles.

Therefore, green entrepreneurship promotes economic diversification through the creation of innovative industries and sectors under particular conditions or environmental alternatives such as renewable energy, green technologies, sustainable agriculture and waste management activities. Green entrepreneurship improves economic sustainability and reduces dependence on fossil fuel or extractive sectors (Monte et al., 2022).

By channeling the funds into renewable energy plants, sustainable agriculture business, greenhouse construction, and waste management schemes, the green entrepreneurs develop the job openings at all the skill levels starting from the lower to highly special positional levels. This therefore reduces the release of new recruitment calls so as to take away the lower skilled workers, train them, while the consequent improvement of economic resilience.

Green capital formation has implication of creating sustainable value chains encompassing environmental and social considerations across all the nodes on the supply chain (Dhahri, et al, 2018). These eco-friendly business practices, such as sourcing locally, cutting on waste, and ethical labor, create the value chain that is based on sustainability, transparency, and accountability. Not only does it strengthen the core of the local economy financially but it also boosts the position of the local businesses in the marketplace which is extremely beneficial to the company profitability worldwide through better marketability.

Green entrepreneurs bring about new- green solutions to environmental issues by innovatively investing in research and development; these comprise of renewable energy technologies, sustainable agriculture approaches, and eco-friendly products. These initiatives shall stimulate the development of new niches, the synthesis of new markets, and draw investors to local communities.

The green entrepreneurship has a direct implication on the community health through environmental challenges upgrade, public health outcomes, and quality of living. One of the key outcomes of sustainable development is the progress of green companies in expanding the market of clean energy sources, implementing eco-friendly types of transportation, making healthier food available and creating regionally important green areas. Thus, the healthier and more livable communities, equipped for environmental disasters, become the result.

By promoting green business partnerships and cooperation between the public, private and non-profit sectors toward agreed sustainability objectives, eco-entrepreneurship is enhanced. Through collaboration, stakeholders can synergistically exploit respective strengths in terms of resourcefulness, skill-set, and networking to collectively implement programs that ensure sustainable development of local economies. In this case, partners work together to make green entrepreneurship projects work rather than doing so separately. Community members are as a result more conscious about the environment.

Green business as a catalyst of local areas for sustainable development shows a dynamic relationship pattern that leads to economic prosperity, social inclusion, and environmental responsibility. Through the integration of social responsibility ideas into business practices, green entrepreneurs are becoming part of initiatives to ensure that communities in the future are resilient, equitable as well as full of life and the environment is enhanced. With time, renewal of the earth's resources remains at the heart of sustainability. As the growth of it gets crucial, green entrepreneurship will have much larger influence on catalysing the future local economies and achieving all the aim of sustainable development.

Table 2 reflects the linkages between green entrepreneurship and sustainable development of the localised economy and includes details and explanations.

Table 2. The interplay between green entrepreneurship and the sustainable development of local economies.

Source: based on Hoogendoorn et al. (2019).

Eco-entrepreneurship has a key role to play in creating a sustainable local economy which can be done via economic diversification, job creation, value chain formation, and innovation, creation of community's resilience and through partnerships. Green industries and sectors that are different from the conventional ones and are focused on renewable energy sources, sustainable agriculture, green technology, and eco-friendly products and services often lead to the emergence of new sources of income and a balanced economy that does not over-depend on the usual traditional industries. In addition, this green entrepreneurship makes the economy more resilient to economic changes.

This economic diversification is located in the variety of industries that offer jobs and hence give way to skill development, workforce improvement, and economic empowerment, which make the communities gain a lot. Furthermore, green enterprises advocate for a fair sustainability system, which ensures responsible labor practices and a transparent value system, leading to a stronger economic base. Through inducing technological innovation and transfer of technologies, green entrepreneurship leads to economic development fostering new markets and attracting investment to local regions. Thus, economic development can be expedited, and local employment opportunities can be created.

Green entrepreneurship can also uplift the community's resilience and well-being by tackling local environmental issues, ensuring good health for the public and maximizing the quality of life. Green infrastructure and its beneficial public space investments ensure that the communities are resilient to environmental shifts and healthier and more vibrant. In addition, green entrepreneurship development is a collaboration and a partnership between individual stakeholders for a shared sustainability mission to achieve the goal by leveraging resources and expertise and networking to implement the decisions (Omri, 2020).

Green entrepreneurship serves as the foundation for the compact local economy because of its role in transforming less inclusive, resilient, and thriving communities into ones where people and environment prosper. As the demand for sustainability evolves, green entrepreneurship will significantly impact the local economy and propel the aspiration to make sustainable development possible.

Examining the influence of government laws, appealing arrangements, and infrastructure in accelerating the development of green enterprises uncovers the primary position of a practicable system and appropriate ecosystem for nurturing green businesses. Government agencies tend to drive multiple mechanisms that support greenfield investments, promote the integration of renewables, and develop habits to conserve resources such as regulations, tax credits, and grants. For example, feed-in tariffs and renewable energy mandates substitute green energy development and make environmentally charged costs internal, like the price of carbon emission. Support connecting from business incubators, accelerators, and mentorship programs proves an ineluctable stepping stone for green entrepreneurs, giving them untraceable access to investment opportunities, markets, and technical expertise. Besides that, the capital is being invested in green infrastructure comprised of renewable energy infrastructure, green transportation systems, and waste management facilities, which create a solid platform for the success and growth of green businesses (Horisch et al., 2017).

The importance of governmental policies, supporting networks, and infrastructure for achieving the immediate growth of green ventures cannot be overestimated. However, perspectives and barriers still exist in scaling operations and achieving a long-term sustainable strategy. Resolving these challenges results from collaborative work for an effective facilitation of a business environment for green businesses developed through the support of policies, funding, market development, and technological advancement. Through overcoming obstacles and not shying away from taking opportunities, green entrepreneurs create a wave of transition toward an environmentally friendly and healthy future.

Case studies.

Lyndon and Peter Rives founded SolarCity (Now Telsa Energy) in 2006, bringing in groundbreaking solar leasing and financing solutions for homeowners and businesses, which made them a prominent market player. SolarCity was revolutionizing how people used solar power by abolishing up-front costs and lessening the installation processes. Using this easier access, they brought about the widespread adoption of solar energy not only in North America but also in other places. This company has been making progress in scaling the business, and through strategic partnerships with local governments and utilities, it solarizes thousands of roofs. Thus it results in a reduction of greenhouse gas emissions and the transition to cleaner energy.

M-KOPA Solar (Africa), which was founded in the year 2011 by Jesse Moore, Nick Hughes, and Chad Larson, and transformed the approach to how clean energy is accessed in East Africa, through the solar home systems to the the grid household (Pay as you go). Through employing mobile payment technology and creative financing techniques, M-KOPA Solar overcame the issue of energy poverty in Africa and offered a reliable solar alternative to millions of households where electricity was not available, hence improving energy access, decreasing reliance on fossil fuels, and boosting livelihoods.

By means of its convergent and affordable business model, M-KOPA Solar almost monopolized the off-grid solutions market and exported solar systems to multiple African countries. Scaling up decentralized biomass gasification technology for rural, remote, and poor areas in Asia, Husk Power Systems (Asia) in 2008 was founded by Manoj Sinha, Ratnesh Yadav, and Gyanesh Pandey. Through installing electricity-generating power stations from agricultural waste called biomass gasification plants, Husk Power System resolved energy deficiency, and cut down on greenhouse gas release while creating jobs in rural communities. By implementing community service and renewable energy projects, the innovative business model of Husk Power Systems has benefited about 5000 households and businesses, placing the bottom of the pyramid economies in the most sustainable way feasible.

Ecovative Design (Europe) is an enterprise created in 2007, among other founders, by Eben Bayer and Gavin McIntyre, implemented eco-friendly replacements of plastic packaging materials using advanced mycelium-based technology. Using the gluelike natural tendencies of mycelium, the root structure of the mushrooms, Ecovative Design has come up with environmentally friendly packaging solutions capable of being fully biodegraded, turned into compost, and renewed through natural processes. The company has collaborated with different multinational companies and manufacturers in the process of scaling up its production line. Thus, mycelium-based products were introduced across multiple industries, including but not limited to packaging, construction, and fashion. Through providing sustainable alternatives to traditional materials, Ecovative Design aims to establish a peloton where circular economy principles are on roll, thus a reduction in environmental impact.

Sustainable Energy (India) set foot in 2011 and was one of the largest renewable energy developers in India that focused on wind, solar, and hydroelectric power projects. Through its sustainability, innovations, and social responsibility in energy scenario, ReNew Power has given a new direction to the India power sector by developing clean energy projects and minimizing the dependability on fossil fuels. Its credibility and experience of project development and its financial and operational know-how resulted in the installation of Gigawatts of renewable energy capacity across India, and more and more households, industries, and businesses were supplied with clean and safe electricity. The company was able to grow its business internationally by scaling up and an intelligent investment strategy which enable it to participate actively in achieving the sustainable development of the country and transitioning to a low-carbon economy.

The effectiveness of its shipments demonstrates how green entrepreneurship startups make different parts of geography more accessible through environmental sustainability, economic growth, and inclusive social practices. Using innovation, teamwork, and sustainable management, these green entrepreneurs suggest a possible way to use business as a source of ripples that lead to the resolution of global problems and the creation of a cleaner future.

Entrepreneurship and sustainable business are hot topics of discussion every time since businesses are exploring different ways to twirl the environment responsibly and make income. These projects set a precedent for creating an enabling environment through the innovativeness of business models, strategic partnerships, and technology adoption in sustainability goal-oriented. The strategies from this knowledge are the source of knowledge and best practices. The entrepreneurs of this category who develop green technologies will benefit considerably, while the green policymakers who were instrumental as well will come out of it better informed and more able to promote sustainable development.

Many of these eco-entrepreneurship projects have started innovative business approaches that manage gaps in the market. They bring lots of value to customers and provide environmental benefits as well. Similarly, SolarCity experimented with a solar leasing model that combined affordability with accessibility.

M-KOPA Solar's pay-as-you-go financing scheme brought renewable energy to underserved groups, and the demand went up.

These efforts illustrate the significance of designing business models in such a way that they let them receive financial rewards for not only economic but also social and ecological purposes. It also helps them to grow faster and sustainably.

Through the cooperation of stakeholders, including governments, utilities, NGOs, and local communities, there is no doubt that many barriers can be overcome and effectiveness will also be enhanced. Husk Power System's ties with local communities and governments helped arrange access to bibi mass feedstock and regulatory approvals at both the national and community levels, which gave a chance for rapid deployment. Through taking advantage of synergy in fields such as expertise, resources, and networking, green community enterprises can overcome the obstacles and negative effects and grow faster.

Applications of the new technologies, as well as creating various cost-cutting and performance-improving solutions, are necessary to ensure you achieve your green entrepreneurship goals. The practice of Ecovative Design, using biotechnology technology based on mycelium to construct packaging materials, illustrates the necessity for applying nature-based solutions, including designing eco-friendly alternatives to commonly used materials.

Green entrepreneurs achieve goals through R&D, uncovering new paths, developing a distinct vision, and outperforming competitors in an ever-evolving market.

It is utterly important to have community engagement to develop trust and acceptance and to achieve social impact in green entrepreneurship. Renew Power's community service programs, participation in dialogs with local authorities, and job creation activities among citizens are evidence of awareness of community interests, provision of support for community needs, and sharing of benefits equally. Through the process of taking communities and decision-making, green entrepreneurs can develop resilient partnerships that build up social cohesion and maximize the positive results of green projects.

The elaboration of supportive policies, regulations, and incentive schemes is another key to creating an atmosphere suitable for green entrepreneurship to scale impact at a larger scale. Successful green entrepreneurs usually work closely with policymakers in government, industrial and lobby groups that push for changes in policies that will help to break the barriers and improve the market incentives for green practices. Promotion of clear and consistent policies by creating a comfortable environment for investments, green entrepreneurs will cut back on ambiguity which will result in an accelerated transition to a low- carbon economy.

Successful green entrepreneurship initiatives management to overcome the challenges while sustainable growth is achieved are well demonstrated by innovative business models, strategic partnerships, technology adoption, community engagement, and policy advocacy, which help understand the value.

They can learn lessons derived from these institutes and disseminate them amongst themselves to set a path toward environmental sustainability, social equality and economic equitability. In using these strategies and ideas green entrepreneurs and policymakers may henceforth be key top drivers towards change being resilient, fair and at the same time very sustainable as this will build a future that will not favor a few but all.

Future directions and recommendations.

Identifying the trends for green entrepreneurs ahead of time shows a light spot where even new development directions can be found, which will lead to even more progress and the achievement of the goals. Of course, several trends are contributing now to the development of green entrepreneurship.

Since the circular thinking approach began to be widely accepted, there has been a growing curiosity about companies that strive to be resource-efficient, waste-free, and create closed-loop systems. Eco-entrepreneurs are a big cause of non-regular approaches to recycling, upcycling, and repurposing materials by creating value and diminishing environmental pollution.

The move to renewable energy endowments, like solar, wind, and hydroelectric power, shows quite promise for green businessmen. Energy storage, grid integration, and distributed power solutions are the technological openings in the traditional energy market, and business models provide the platform for decarbonization.

As with these food safety issues around food security, climate change and environmental degradation, there is a growing demand for sustainable farming and food trends. Green inventors try different methods to engineer solutions like urban farming, skyscraper crops, regenerative agriculture, and plant alternatives for meat and dairy products.

This growing technological and sustainability confluence is made visible in the usage of renewable energy sources and clean technologies for transportation and manufacturing sectors. Renewable companies are tapping into these technologies, including artificial intelligence, IoT, and blockchain, to design smart, efficient, and environmentally friendly solutions for companies and consumers.

The development of impact socially responsible investment and sustainable finance creates opportunities for green entrepreneurs to secure the needed funding and facilitate the growth of operations. Investors constantly seek investment opportunities that generate a positive social and environmental impact alongside healthy financial return prospects. This punctures an enabling environment for green entrepreneurship.

To further promote the adoption of green business models, policymakers, investors, and entrepreneurs can consider the following recommendations:

Through the development of measures to achieve such purpose, implementation of laws, and provision of required support, the environment for green entrepreneurship will be made conducive. This may be done by establishing clear regulations on pollution and emissions, developing innovative renewable energy sources, and undertaking improvements in green technologies.

Investors can contribute funds and support to green startup businesses via impact investing, venture capital, and environmentally friendly financial mechanisms. Investors who deem this goal a serious objective reserve mainstream capital for businesses that prioritize environmental and societal issues over those that do not and, therefore, are essential for the growth of social entrepreneurship.

Developing an entrepreneurial reliance will help green entrepreneurs develop and discover innovative ways to run operations, grow enormously, and cope with challenges successfully.

Policymakers, investors, and producers can join forces to produce sustainable agricultural systems for the supermarket through technical training, marketing campaigns, and certification schemes, among other things. Stakeholders can induce market adoption and potential boom through communication and campaigns for sustainability and green business- oriented consumption.

Future studies and collaboration can greatly expand the comprehension and operations of entrepreneurship through an ecofriendly approach by examining the trends, evaluating the practices and identifying areas needing innovations. Through facilitating interdisciplinary alliances between academic, industrial and governmental players, the involvement of the different stakeholders will be that one can as well create new knowledge, tools and information in support of running a green business.

Identifying the way-out trend of the green business model, proposing corresponding suggestions, and stating the way to future research and collaborative solutions are necessary for promoting the green business models and attaining sustainable development. By seizing the chances, overcoming the challenges, and standing together, the policymaker, the investor, and the entrepreneur can transfigure the green entrepreneurs as a major driver of social, environmental, and economic improvement.

Conclusions

This study has exposed the multifaceted nature of green entrepreneurship, which has a social impact on the input of sustainable development in the local economies. By going over models, issues and opportunities through in-depth study, it is concluded that some major findings exhibit themselves.

Green entrepreneurship forms a key solution to the most challenging environmental problems while at the same time providing economic stimulation and developing inclusive social status for communities. Through the review of successful instances, the trend of how advanced business models, strategic partnerships, technology applications and community involvement are the keys to bridging barriers on the road to sustainability increase has been revealed.

The inclusion of government support policies, powerful financing mechanisms, and well-developed market incentives to speed up the adoption of green business models is not to be underestimated. These drivers serve as a link in accelerating the dynamics of the shift from an unsustainable to a sustainable economic unit. Ecological start-ups not only contribute to the fight against environmental destruction but also guide the industry by opening fresh prospects for employment creation, community resilience revitalization, and social inclusion boost. Thus, policymakers, investors, and entrepreneurs must connect themselves and innovate to promote the implementation of green business models.

Therefore, stakeholders should devote more effort to crafting effective measures that incentivize and eliminate the bureaucratic challenges conducive to environmentally friendly businesses. The laws should include, among other duties, taxation incentives, subsidies offered to those who develop green energy projects, and regulations that promote sustainable production and consumption. Also, necessary authorities should strive to develop investor-friendly legislation conducive to innovation and business creation towards the green industries. Simultaneously, with this development, the investors' role is also extremely important since the investors will provide financial support, which is essential for a green venture to succeed.

Through investment decisions whereby funds are directed towards sustainable enterprises, investors can take part in the growing trend of green economy and still make a profit. Moreover, investors should focus on impact investing since the objective is to produce good changes to society and ecosystems while earning a profit.

Cooperation among various government, business, academic, and grassroots segments can combine the diverse skills, resources, and networks of those segments to tackle the complex environmental challenges effectively. Stakeholders, by cooperating, can develop careful solutions, disseminate the best practices of relatively efficient solutions, and expand successful practices.

Continuous through-collaboration endeavours with innovations are among paramount considerations to grow green business frameworks and hasten the transition towards sustainability. Moreover, by putting regressive policies first, effective financing mechanisms, and cross-sector partnerships on the frontline, policymakers, investors, and entrepreneurs can jointly bring about positive change in the economy, moving towards a progressive and inclusive economy.

Across the research and outreach efforts, there is a need to carefully evaluate the effectiveness of promulgated policies through trend identification and policy intervention assessment to promote the scaling up of successful initiatives to new sections and regions. Besides this, treatment of the programs to amplify the abilities of the new green entrepreneurs is necessary via capacitybuilding or mentorship programs and knowledge sharing through the platforms. Through prudently utilizing the attributes of entrepreneurship, innovation, and teamwork, researchers will manage to speed up the electronic transition to create a better and more equal future for all communities within society.

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