The article is intended to consider how entrepreneurship needs to adapt if it is to address the global sustainability challenge. The intention is to propose a new business model that recognises the interconnectedness of the global ecosystem.
The article analyses two case studies purposively written to demonstrate the difference between the traditional entrepreneurship approach, dating back to the 19th century and the proposed harmonised one. Both cases are based on secondary data and personal field observation.
While the two cases focus on wealth creation, job generation and innovation, the traditional approach is shown to have had a long-term deleterious impact on both society and the environment, whereas the proposed harmonised approach impacts positively. The article recognises the multifaceted nature of the sustainability challenge and that the three elements (economy/commerce, society and environment) are interconnected. If there is a change in the status of one the other, connected facets will change or will need to be changed. Thus any solution needs to address all three facets.
The proposed business model will be of interest to scholars and practitioners of entrepreneurship and sustainability, as well as to policy makers and educators.
Apart from proposing a new business model that will address the sustainability challenge, the article provides a definition of harmonious entrepreneurship and identifies the conditions required for it to be met, as well as the characteristics of the harmonious entrepreneur.
