Can a Startup Be Sustainable and Socially Responsible? A Glimpse of Activities for Sustainability
43 Pages Posted: 31 Aug 2020
Date Written: July 22, 2020
Corporate Social Responsibility (CSR) is a catalyst to attain sustainability. This paper reveals the evolution, need, and benefits to small businesses by undertaking CSR initiatives. Moreover, it aims to identify CSR activities that make a startup sustainable. This study will lead to the identification of the nature of CSR initiatives, which are feasible for Start-ups and contribute to promoting start-up sustainability. The entrepreneurs thus enjoy several benefits by engaging in these activities like competitive advantage, stakeholder satisfaction, opportunity identification, good financial performance, innovation, etc. It reveals that due to cash crunch, startups undertake internal CSR activities the most. This study will, therefore, help in achieving the twin goals of Start-up sustainability through intersection of business and society and social up-liftment through CSR and help the entrepreneurs to formulate policies and strategies to make start-ups a sustainable one. Sustainable startups should formulate strategies to encourage entrepreneurship. The government should draw plans to educate startups owners about the strategic benefits of CSR. They should make and implement policies, which correspond to sustainable reporting standards and code of conduct of employees.
Keywords: Entrepreneurship; CSR; Sustainability; Sustainable Business
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