Theory and Practice of Business under Sustainability Principles
Edited by Geoffrey Wells
Chapter 10: Sustainable entrepreneurship in family businesses
Increasing awareness of the fragility of our environment and of the limited nature of our natural resources has highlighted the importance of ecological sustainable development. Ecologically sustainable development is defined as ‘development that improves the total quality of life, both now and in the future, in a way that maintains the ecological processes on which life depends’ (Australian Government, 1999). Ecologically sustainable development can take place through innovation and pursuit of sustainable entrepreneurial opportunities (Porter and Kramer, 2011). This conceptual chapter argues that the stewardship oriented governance characteristics of family businesses, honed through their long term focus and continuity, also create an excellent platform for the family businesses to identify and pursue ecologically sustainable entrepreneurship opportunities. Recognizing the importance of ecological sustainability, many initiatives have been undertaken at the international, national and individual level. International bodies have formed agreements to undertake initiatives that will help protect the natural resources.
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