Prospects for the Development of Sustainable Entrepreneurship in Latvia

Kristīne Blumfelde-Rutka (Coresponding Author)

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Abstract

A prominent business topic of nowadays in the context of sustainability is balanced economic management – one that contributes to economic development, environmental protection and public wellbeing. Given the positive growth potential of the European market for sustainable entrepreneurship and the improvement of Latvia's environmental sustainability in the entrepreneurship sector, it is important to find out the prospects of further development of sustainable entrepreneurship in Latvia. The aim of the research is to define sustainability in the context of business, to
identify the factors that motivate and determine the sustainability of the company and to evaluate sustainable business perspectives in Latvia. Hence, the process of business management has to provide for interaction among the company, the management and utilisation of its resources, its financial management, and the stakeholders of the buying and selling process – businesses, consumers and public authorities. In light of the above, business management can not only contribute to a sustainable product consumption but also make a positive impact upon public action and thinking. The author's research fields conclusions regarding the key factors for running a sustainable business in Latvia. Based on expert interviews, it was analysed what promotes / hampers the development of sustainable entrepreneurship in Latvia, looking into the prospects of sustainable entrepreneurship in Latvia. During the research it was found, that the development of sustainable entrepreneurship in Latvia is promoted by the regulatory pressure created by the European Union, as well as the growing public interest in sustainability issues created by the available information space. The development of sustainable entrepreneurship in Latvia is hindered by the lack of interaction between public education and the regulatory system in terms of sustainability, reducing the effectiveness of motivating sustainable choices.
Original languageEnglish
Title of host publication22nd International Scientific Conference "Economic Science for Rural Development 2021"
Subtitle of host publicationProceedings
EditorsAnita Auziņa
Place of PublicationJelgava
PublisherLatvia University of Life Sciences and Technologies
Pages75-82
Number of pages8
ISBN (Electronic)9789984483825
DOIs
Publication statusPublished - May 2021
Event22nd International Scientific Conference
"ECONOMIC SCIENCE FOR RURAL
DEVELOPMENT 2021"
- Jelgava, Latvia
Duration: 11 May 202114 May 2021

Publication series

NameEconomic Science for Rural Development
Volume55
ISSN (Electronic)2255-9930

Conference

Conference22nd International Scientific Conference
"ECONOMIC SCIENCE FOR RURAL
DEVELOPMENT 2021"
Country/TerritoryLatvia
CityJelgava
Period11/05/2114/05/21

Keywords*

  • Sustainability
  • Sustainable development
  • Sustainable entrepreneurship
  • Corporate responsibility
  • Climate neutrality

Field of Science*

  • 5.2 Economy and Business

Publication Type*

  • 3.2. Articles or chapters in other proceedings other than those included in 3.1., with an ISBN or ISSN code

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