The entrepreneurial aspect of strategic entrepreneurship focuses on finding opportunities to take advantage of through innovation, while the strategic aspect considers the best method to manage the firm’s innovation initiatives. A company may pursue strategic entrepreneurship for a variety of objectives, such as boosting organizational profitability, strengthening its position in the market, or revitalizing existing firms.
Entrepreneurship has been identified as a method for generating economic gains. However, because the concept of sustainable development has emerged as a major problem affecting the existing global economy, it has been suggested that entrepreneurship should not be oriented exclusively on making wealth. This resulted in the birth of the concept of sustainable entrepreneurship, which has gained a lot of attention in the recent decade.
Social entrepreneurship is a method of creating economic prosperity while solving social challenges sustainably. It is a type of fusion of the business spirit and social components of society. One of the approaches that are predicted to eliminate social disparity in society is the development of a social entrepreneurship ecosystem in society.
The name is derived from the words eco (as in ecological) and entrepreneurship. Ecology is a discipline of biology that investigates the interaction of organisms with their environment, whereas entrepreneurship is an economic activity that uses resources to produce goods and services. Thus, ecopreneurship is the development of new opportunities that aid in environmental protection in the pursuit of environmental sustainability.