Green Entrepreneurship: The Emerging Paradigm for Sustainable Growth and Development in IndiaA Study of the Millennials

Abstract

Objectives: This paper tries to study and understand the potential opportunities and challenges faced by green entrepreneurs in India. It attempts to provide directions and a viable solutions to prevent further ecological degradation through green entrepreneurship. Methods/ Statistical Analysis: The research, being, exploratory in nature, utilizes both primary and secondary data for the purpose. Primary data has been collected from millennial, student respondents, who are either graduates or pursuing their final year of post-graduation in management. A sample size of 130 students have been taken through random sampling method. Factor loading was employed and Analysis of Variance (ANOVA) and a hypothesis test along with a correlation coefficient between factors also helped the study to draw conclusions with regard to factors that prove to be motivational and also the key barriers to green entrepreneurship in India. Findings: The study reveals that in general, millennials possess high level of environmental awareness. However, a weak Correlation can be inferred between gender, age and environmental knowledge, beliefs and attitudes. Environmental concerns were measured on various issues and a standard factor analysis through weighted method indicated that high concerns significantly impacted the demand and supply of green products and several factors ranging from emerging opportunities, creative interventions, availability of technological alternatives were key motivational factors. Emergence of various sectors in Indian economy was found by the study as an emerging green driver to leverage existing resources, knowledge of green technology, a growing entrepreneurial climate. However, a factor analysis of the barriers to green entrepreneurship were found to be -the absence or limited knowledge of green technology and high investment costs , absence of funds to undertake risk in the sector along with inability to understand potential benefit accrued from green businesses is believed to be a serious discerning factor amongst the respondents. Application/ Improvements: Research is useful to understand the motivational factors as the study provides useful insights into consumer attitudes, beliefs and values which can be helpful to marketers and entrepreneurs to design their strategies. Keywords: Ecopreneurs, Environmental Entrepreneurship, Green Behaviour, Millennial Sustainability

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