Reduce, reuse, recycle: circular economic principles, sustainability and entrepreneurship in developing ecosystems

Abstract

Purpose

The circular economy (CE) promotes the recovery of value from waste while also working towards achieving long-term environmentally sustainable goals. The goal of this research is to explore the challenges, opportunities, future scope and green practices that small and medium-sized firms (SMEs) face as they move from the linear economy to the CE.

Design/methodology/approach

Based on a structured questionnaire, a survey was conducted with representatives from 163 SMEs in India. The data were analysed using co-variance based structural equation modelling technique.

Findings

This research identifies various challenges, including consumer acceptability, worries about awareness, recyclability issues, financial constraints and the absence of a defined management plan for SMEs in adopting the CE. Further, strong management will, innovation, technical up-gradation, training of employees, employee motivation and appropriate guidelines are recognized as essential possibilities for CE implementation.

Originality/value

While there has been some work on CE, no studies have directly compared these efforts with the goal of shifting from a linear economy to a CE. Given the transient nature of many archives, it is critical that the efforts put into them and the opinions of those who work in them be recorded so that communities can benefit from a shared linear economy in making decisions about their own history.

Citation

Madaan, G., Singh, A., Mittal, A. and Shahare, P. (2024), "Reduce, reuse, recycle: circular economic principles, sustainability and entrepreneurship in developing ecosystems", Journal of Small Business and Enterprise Development, Vol. 31 No. 6, pp. 1041-1066. https://doi.org/10.1108/JSBED-01-2023-0009