By Mehar Bhamrah
Over the last couple of years, the market has shifted significantly, with consumers becoming increasingly interested in the ecological, social and economic impact of businesses. The link between entrepreneurship and sustainability is becoming more prevalent. With the vision to provide solutions for society’s problems, entrepreneurs have the power to modify their business models and influence industries. Therefore, the importance of discovering and establishing the balance between delivering unique products while maintaining sustainable practises creates a competitive advantage. Adopting the triple bottom line; people, profit and the planet, positively impacts a company’s brand and successfully incorporates social responsibility. Not only are these social entrepreneurs becoming emerging leaders of the market but are slowly shaping the mindset of traditional businesses and the way they operate. Sustainability has become a new evolving market, with investors devoting their time and money towards these projects. To support this movement in shaping a better and sustainable business world, the government is also contributing resources to fund problem-solving and the creation of new products that are less destructive for society. Moreover, as entrepreneurs incorporate energy-efficient practices, source recycled materials or reduce packaging, and respect their workforce, consumers are willing to pay premium prices for high-quality and safe products. This gives the entrepreneurship market the ability to be innovative and launch products that align with society’s morals and ethics. In Canada, countless entrepreneurs have shifted their focus towards being eco-friendly and supporting these companies ensures economic growth, encourages local entrepreneurs to continue their business and keeps the planet clean. Examples of amazing brands to support include; Maison Tess, Eco + Amour, Ai Toronto, Kotn and Unika Swimwear. These companies have created awareness for challenges around the world and provide long-term commitments in maintaining sustainable business models by providing transparency on environmental and social matters. With new opportunities arising from being proactive, engaging the environment, and replenishing human, natural and technological resources, entrepreneurship and sustainability coexist.
July 29, 2020