A study on Semantic Barrier in Green Entrepreneurship in India

Abstract

Green entrepreneurship represents an innovative sustainability concept focused on minimizing environmental harm and embracing sustainability while ensuring financial viability in business. Nonetheless, several obstacles hinder its complete realization. This study aims to explore and analyze these barriers using the Interpretive Structural Modeling (ISM) approach to uncover their relationships and prioritize them. This analysis aims to facilitate the effective development of green entrepreneurship. The study findings emphasize the critical importance of collaboration among various stakeholders involved in business activities for the success of green entrepreneurship. Furthermore, the study highlights that research and development (R&D) and technology play a foundational role in overcoming other barriers. These barriers encompass the costs associated with green initiatives, limited market knowledge and awareness, a scarcity of investors and private sector involvement, government regulations, cultural disparities, the dominance of existing industries, a lack of incentives and support mechanisms, and bureaucratic hurdles. Consequently, addressing these barriers is key to shifting investors' short-term perspectives towards green entrepreneurship. The implications of this study extend to informing policymaking by using the identified barriers and their modelled relationships. Additionally, it guides the development of more targeted and effective strategies to surmount these obstacles, thus enabling the full realization of green entrepreneurship's potential.