Strategies for Sustainable Practices Within an Entrepreneurial Ecosystem: An ISM & MICMAC Analysis

Abstract

Sustainable business practices are important for small and medium-sized enterprises (SMEs) in the modern business community. Sustainable practices provide opportunities like cost saving, accessing markets, building a good reputation, and ensuring long-term success in a changing economy and environment. This paper explores and analyses the entrepreneurial ecosystem (EE) enablers in the context of sustainable business practices. We Identify the key factors and develop a hierarchical structure model to identify contextual relationships among factors. Applying interpretive structural modelling concerning enablers' relative importance and characteristics is indispensable for successfully implementing sustainability practices. Based on the research findings, an identifiable group of influential factors is characterised by strong driving power and low dependence. Intendent enablers like sustainable entrepreneurial education and orientations exhibit considerable attention due to their strategic significance. Among the various factors facilitating sustainable entrepreneurship practices, the innovativeness stands out as autonomous enablers characterised by low dependence and driving powers. Conversely, another group comprises variables that exhibit high dependence and result from previous actions. SMEs managers can utilise this categorisation as a valuable resource to distinguish between independent and dependent enablers and to understand their interconnectedness. This classification aids them in focusing their efforts when making strategic, tactical, or operational decisions while developing environmentally friendly sustainable practices. The significance of this study lies in the context of sustainability. Businesses face increasing pressure from consumers and government regulations to adopt sustainable practices. To achieve sustainability goals, it is necessary to use resources efficiently and coordinate information among all factors involved in the entrepreneurial ecosystem