Entrepreneurship

Books, chapters and other publications on entrepreneurship by Alan Gutterman

Nov 24, 2024

There are lots of different theories relating to entrepreneurship and a universal definition of the term has yet to be found. There is, however, general agreement that the concept comprises numerous dimensions, and common features among the sea of definitions include unique personal traits among entrepreneurs, risk taking, opportunity recognition, motivation and exploitation, and innovation. I first became interested in entrepreneurship when I began working with startups, venture capitalists and mature companies creating new internal processes and external strategic alliances to leverage the possibilities of groundbreaking new technologies. This experience led me to begin writing about various types of entrepreneurs, global research on entrepreneurship, factors influencing entrepreneurial activities and forming and managing entrepreneurial ventures.

Several years ago, I started writing and teaching about “sustainable entrepreneurship”, which I came to view as the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, the local and global community as well as future generations. This definition recognized that several different stakeholder groups, not just shareholders, must be considered when managerial decisions are made and operational activities in furtherance of the organizational purposes are carried out.

As I got more engaged with sustainable entrepreneurship, I also began working on projects related to “impact investing”, which is often defined as investing made with the intention to generate positive, measurable social and environmental impact alongside a financial return. Impact investing and sustainable entrepreneurship share a common goal: creating a positive environmental or social impact by identifying and solving a particular environmental or social problem while building a profitable and sustainable business.

Another piece of the puzzle that attracted my interest was the guidance provided by the international human rights law framework for activities of entrepreneurs and the impact investors looking to support purpose-driven businesses. Human rights law is a complex area that has attracted an abundance of theorists and raised basic questions relating to the scope of human rights. While States are the primary “duty bearers” with respect to the duties and responsibilities set out in human rights instruments, it is now widely acknowledged that there are other societal relationships in which parties beyond States, such as individuals, businesses, universities, and hospitals, have a legal duty to ensure that a particular human right held by another party is respected.

All of this has led me to focusing on the nexus of sustainable and impact entrepreneurship, which I refer to as sustainable impact entrepreneurship. What is sustainable impact entrepreneurship? The answer begins with an individual or organization, including a for-profit business, engaged in impact entrepreneurship, which is the process of creating and implementing an entrepreneurial solution to an environmental or social problem and fulfilling unmet social needs, thereby creating social value and material measurable impact. For impact entrepreneurship to be sustainable impact entrepreneurship, the individual or organization must operate in an environmentally and socially responsible manner and in accordance with principles of ethical management and good governance, and seek and achieve long-term sustainability, which means the ability to continuously access the various types of capital, stakeholder support, ideas, opportunities and other resources necessary to develop, evolve and survive. This framework integrates multiple dimensions of sustainability and emphasizes the need to create a business model that recognizes and achieves the critical balance between impact goals and operational viability.

Sustainable impact entrepreneurship requires a continuing commitment to behave ethically and contribute to economic development while improving the quality of life of the workforce and customers, their families, the local and global community as well as future generations. Unlike traditional entrepreneurship, which often focuses on short-term financial returns, sustainable impact entrepreneurs maintain a long-term vision that enables more thoughtful consideration of how business decisions affect various stakeholders and encourages investment in sustainable practices that may require up-front costs but deliver long-term benefits. A defining characteristic of sustainable impact entrepreneurship is the focus on "innovation for good," where entrepreneurs act as innovators seeking creative solutions to environmental and social challenges that can be turned into sustainable enterprises. Sustainable impact entrepreneurship is a strategic imperative rather than merely an ethical choice, offering pathways to create lasting value for multiple stakeholders while addressing pressing global challenges.

I’ve written and/or edited the following books and other publications on a range of topics related to entrepreneurship: