Sustainable entrepreneurship is when actors and companies contribute to sustainable development with their core businesses, providing benefit to the larger part of society. In 2007, Dean and McMullen defined the term as “the process of discovering, evaluating, and exploiting economic opportunities that are present in market failures which detract from sustainability, including those that are environmentally relevant”. Additionally, Cohen and Winn (2007) defined sustainable entrepreneurship based on Venkataraman (1997) as the examination of “how opportunities to bring into existence “future” goods and services are discovered, created and exploited by whom and with what economic psychological, social and environmental consequences”.
The three dimensions of entrepreneurship, the social, economic and environmental, serve as interrelated subsets of the term sustainable entrepreneurship. The social aspect is directed towards achieving social change and making resources available to a wider public. The economic value creation is an essential to ensure financial viability while trying to minimize the negative impact that the industry has on the environment.