Lia (Magda) Hewitt
Abstract
This paper explores how innovation in sustainability, particularly through Sustainable Development Goals (SDGs), is crucial for entrepreneurial success. Entrepreneurs who embed sustainability and social responsibility into their business models can seize new opportunities, gain stakeholder support, and achieve a competitive edge in the market. Yet, many entrepreneurs fail to leverage these opportunities. This paper presents a theoretical exploration aimed at developing hypotheses on how these factors can drive entrepreneurial success and create a competitive advantage. Given its conceptual focus, empirical data collection is beyond the scope of this study, with future research recommended for empirical validation. Adopting a constructivist ontological stance, the study recognises that entrepreneurial success, sustainability, and social responsibility are socially constructed and context dependent. Epistemologically, it employs a critical realist perspective, acknowledging that while interpretations of these constructs vary, underlying mechanisms can be explored through hypothesis generation. The methodology involves a comprehensive review and synthesis of existing literature to identify key gaps and inconsistencies. Hypotheses are formulated through deductive reasoning to address these gaps and propose new directions for future empirical investigation. This approach aligns with the goals of theory-building research, aiming to advance conceptual understanding and guide subsequent studies. The study integrates the Triple Bottom Line (TBL), Stakeholder Theory, and Sustainable Entrepreneurship to examine how businesses can innovate sustainably. Four hypotheses are proposed within each theoretical framework to enhance understanding of sustainable practice’s impact on entrepreneurial success.