Sustainable entrepreneurship practices of Indian SMEs: A strategic approach using fuzzy Delphi and best worst method

Abstract

Small and medium‐sized enterprises (SMEs) make up a sizable portion of the business sector in most countries. These businesses are also becoming more concerned about sustainability and how to strategically incorporate it into their operations. However, SMEs have shied away from sustainability investments due to a lack of a comprehensive viewpoint on the matter, an overemphasis on an economic perspective, and the resulting devaluation of environmental and social viewpoints. Though the importance of social and environmental practices for assessing sustainable entrepreneurship (SE) has increased, very little research has been done on SE, particularly those linked to the competitiveness of SMEs. The novelty lies in the identification of social and environmental practices for SE and analyzing it using the best worst method. The two main objectives are to calculate the relative weights of these practices and to identify the most crucial elements for judging SMEs' propensity for SE. The findings of this study have significant consequences not only for the businesses themselves but also for decision‐makers in charge of putting policies in place that make it easier to take actions that are consistent with SE.