Title: Contours of Contemporary Research: Perspectives Across Disciplines
Chief Editors: Dr. S. Durga, Dr. S. Sathyapriya, and Dr. V. A. Jane
ISBN: 978-81-17787-25-0
Chapter: 4
DOI: https://doi.org/10.59646/880/4
Authors: Imran Basha K, and Dr. M. Amthul Thawab
Abstract
While short-term profitability is important, rural entrepreneurs must move from a simple to a more complex and thoughtful approach in their pursuit of value creation as a means to advance strategic orientation. This starts from evaluating available resources painstakingly, which includes the following human knowledge, native know-how, natural resources, social connections, physical properties, money, and available capabilities in a territorial context. Next, the type of value that these resources can create is the exploration of productive application, innovation, value added, product innovation and market differentiation. After all, strategic considerations should include the concept of “value for who?” which will bring attention to customers, local communities, producers, partners in the supply chain, institutions, and all other stakeholders whose needs will be met or not met by the above-mentioned enterprises. Lastly, the entrepreneurs should consider the length and persistence of the creation of such value, which therefore suggests the intelligent use of resources, financial discipline, innovation and flexibility. This chapter presents a conceptual, Subsistence-to-Sustainable Enterprise Transformation Framework (SSETF) that seeks to gradually shift livelihood assets from subsistence to sustainable enterprises through the entrepreneurial capability, strategic management and ecosystem support. It believes that the protection of livelihoods is not the only way to ensure rural development but, it is a way to foster rural communities to develop, manage, expand and sustain enterprises and keep local knowledge, local participation and ecological responsibility. The chapter ends with implications for managerial practice and policy for creating resilient entrepreneurial ecosystems in the rural areas that can achieve inclusive and sustainable prosperity in India.
Keywords: Rural entrepreneurship, Sustainable livelihoods, Sustainable development.