Impact of Green Entrepreneurial Activities on the Existence of Small and Medium-Scale Entrepreneurs towards Sustainable Green Economy (Case Study of Green Entrepreneurship in Western Province of Sri Lanka)

Abstract

Green trading practices have undertaken in the business sectors in a significant way. Green thinking pattern of people and green innovation have contributed for the growth of green entrepreneurs in the contemporary situation. 3 % of the working population recognized as the entrepreneurs at small and medium scale business enterprises where the enterprises hold the green ideology and practices. The study is based on exploratory in nature using primary as well as secondary data collection. Environmental concern, pollution awareness, sustainability of resource concern, individual health concerns and green innovation have emerged the initiation of green entrepreneurship in the nation. 750 entrepreneurs have been chosen from 40 divisional secretariats in western province using cluster random sample as to testify the opportunities and challenges faced through the entrepreneurs towards green economic practices. Through the initial green practice relevant questions, the required number of 750 has been filtered as green entrepreneurs among the pool. 85% of the entrepreneurs imply the green sense in the trading sector. Green innovation, green knowledge, Environmental concern, individual concern, management of green energy & resources were determined as the independent variables and the existence of the enterprise tagged as the dependent variable. The study revealed that the significant advantages such as product recognition rise in demand for green product, self-efficacy and satisfaction. On the other hand, the absence of green fund, absence of green societal value, green cost, less economic benefits were the real challenges faced by the entrepreneurs to sustain as green entrepreneurs. However, the supportive schemes and the consultation from government for the green entrepreneurs would economically and financially encourage as well as the green awareness of the society would ethically long last green entrepreneurs.