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SUSTAINABLE ENTREPRENEURSHIP: INNOVATIONS AND STRATEGIES FOR
ACHIEVING ECONOMIC, SOCIAL, AND ENVIRONMENTAL SUSTAINABILITY
Bekimbetova Gulnora Maratovna,
Tashkent State University of Economics
I.F.D. dots.
Dr. Heny Hendrayati,
S.IP.,MM
Tashkent State University of Economics
teacher.
Abdurahmonov Abdugani Ulugbek ugli
Tashkent State University of Economics
Faculty of PENDIDIKAN
Student of Management Management.
Abstract:
This article analyzes the concept of sustainable economic growth, its theoretical
framework and practical application. The dynamic model of sustainable economic growth, the
necessary conditions for ensuring it, and global experience will be studied. Strategies aimed at
ensuring the sustainability of this growth in various sectors of the economy will also be
considered. The article concludes with recommendations on ensuring sustainable growth of the
economy of Uzbekistan.
Key words:
sustainable entrepreneurship, innovation, economic sustainability, social impact,
environmental responsibility, green technologies, CSR (corporate social responsibility),
sustainable business models, long-term value creation, strategic management.
The earth's natural resources are limited. Sustainable development revolves around the consumer
needs of future generations. The goal of sustainable development is to provide a better livelihood
for current and future generations, which means we must make sustainable use of natural
resources. A sustainable economy is based on economic decisions made by society (laws and
regulations), consumers, and businesses. Economic sustainability can be achieved through
efficient recycling and the use of renewable resources. This section looks at sustainable
development from the perspective of every economic decision-maker.
Society has an important role to play in promoting sustainable economic development. Through
human factors of production, it produces the necessary goods. Factors of production natural
resources, labor, machinery and equipment (capital). Simply put, man (laborpower) produces the
goods and services necessary from natural resources through capital (accumulated machinery,
equipment, and economic capital).
When we think about economic growth, we see that growth is the main economic goal of many
countries. Thus, a country that can achieve economic growth will be able to better meet the
aspirations of its people and solve socioeconomic problems such as poverty. Thus, ensuring the
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well-being of the economy and raising living standards, increasing incomes is key to job creation.
Expansion of production, the faster we absorb, consume and use natural resources, the more
waste we produce, the more vulnerable we are to environmental degradation and decline. As a
result, serious environmental problems arise by putting the environment in second place while
focusing on enrichment, with economic growth in mind.
Sustainable economic growth is economic development that satisfies human needs, but protects
natural resources and the environment for future generations. An economy that works within an
ecosystem. We can't separate the economy from it. Indeed, without it, the economy would not
exist. Ecosystems provide the productive factors that drive economic growth: land, natural
resources, labor, and capital (created by labor and natural resources). Sustainable economic
growth is about managing resources so that they do not run out and remain available for future
generations.
Worldwide, 736 million people live in absolute poverty and more than 190 million people are
unemployed figures remain alarming. Systematically until 2030, the international community
aims to integrate economic, social and environmental goals on a sustainable basis. Promoting
well-being, eradicating poverty, reducing inequality and protecting the environment these are
global goals that cannot be achieved without the participation of the private sector and a dynamic
economy. An agile private sector creates jobs, stimulates innovation, increases tax revenues, and
generates economic growth and income. Without it, the whole economy will stagnate this is
what is happening in many developing countries and emerging economies.
The benefits of transitioning to sustainable financial systems are the foundation for the
development of a sustainable and environmentally friendly economy.
First, stable financial systems help strengthen the financial stability of the country as a whole.
They help reduce the risk of a financial crisis, increase the transparency and reliability of
financial transactions, and encourage investment in energy-efficient and environmentally
friendly technologies and projects.
Second, the transition to stable financial systems will help strengthen the country's economic
competitiveness.[5; 665,676-b]
Green finance and sustainable investment will create new jobs in the renewable energy sector,
reduce dependence on high-carbon energy sources, and promote innovation and new
technologies. Third, sustainable financial systems help implement the principles of responsible
management of financial resources.
Integration of environmental criteria into financial decisions and investments will allow reducing
the negative impact of financial instruments on the environment, as well as increasing the social
responsibility of financial institutions to society. Thus, the transition to sustainable financial
systems has many benefits for the economy and society as a whole.
It helps to strengthen financial stability, increase competitiveness and responsible management
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of financial resources, thereby creating favorable conditions for sustainable economic
development and protection of the environment for future generations.
To achieve a sustainable economy, development strategies that take into account the impact of
environmental factors are needed. It is important to strike a balance between economic needs and
environmental protection. One of the key strategies is to transition to a green economy based on
the use of renewable energy and the reduction of polluting emissions. This reduces the negative
impact on the environment and creates effective mechanisms for sustainable development.
Another important strategy is financial support for environmental projects and innovation. The
state should encourage investment in environmentally friendly technologies, provide tax
incentives and subsidies for companies engaged in environmentally responsible business. Such
measures will contribute to the accelerated development of the green economy and facilitate the
transition to sustainable financial models.
In addition, it is important to consider environmental risks when making financial decisions.
Companies and financial institutions should conduct environmental assessments of projects and
investments and consider potential losses associated with environmental change. This helps
prevent financial crises caused by environmental disasters and increases the stability of the
financial system.
The Sustainable Development Goals are a global call of the United Nations aimed at improving
the way of life and well-being of all mankind, building a just and sustainable society by
comprehensively improving the economic, social and environmental situation in the world. Due
to the wide variation in the experience of different countries in the field of sustainable
development, all the goals and related objectives of the 2030 Agenda are formulated in a general,
universal form and, as a rule, there are no clear quantitative goals.
In our opinion, the following features are characteristic of a socially oriented economy:
1. Combination of different forms of proprietorship. As L.I. Abalkin notes, movement in an
economy based on a combination of the most diverse forms of ownership represents a transition
to a new logic of economic development: "Certain forms of ownership have no absolute value,
each of them occupies a special place in the process of social selection, which proves its
advantages over the specific cultural environment."
2. Directing production to the consumer, prioritizing the production of consumer goods and
services over the production of means of production, as well as developing technology to meet
the growing needs of the population for quality and quantity.
3. Innovative character of economic development. It is production based on the introduction of
the latest scientific achievements that creates the most favorable conditions for human
development. Scientific developments are able to ensure the introduction of resource- and
energy-saving environmentally friendly technologies. The innovative nature of the economy is
able to eliminate many contradictions in the socio-economic sphere: increase the well-being of
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the population, using mainly "free" natural energy and renewable resources, without attracting
additional rare resources.
4. Prioritization of strategic socio-economic goals. Such a strategy is possible if the society has
achieved such a volume of national output that ensures national economic security,
competitiveness in the world market and the level of rational consumption of material goods by
the population. If we consider social goals as goals that determine the choice of directions and
directions of processes related to the living conditions, quality and level of the population, then
their achievement determines the most effective development of a new type of economy.
Moreover, the priority of social goals implies the need to create optimal conditions to promote
the formation of a free, creative personality in all spheres of human activity, including in
production.
5. Relative homogeneity of society. The bulk of the population is made up of the middle class,
that is, "a layer of persons with a consistently high income due to the realization of the ability to
engage in highly skilled and/or creative activities that create enormous social wealth." It is the
middle class that is able to ensure the stability of the social order and optimal conditions for
socio-economic development.
6. To combine economic development with social development, which is the basis and main
condition for improving the well-being of the population, the goal of which is to achieve a high
level of employment, the availability of effective social protection, improve the quality of life,
and bring economic and social indicators closer together. Economic and social progress in the
modern world are closely intertwined.[6; 562,570-b]
In conclusion, in today's context of globalization, the limited resources make it increasingly
difficult for people to develop their lives sustainably due to demographic growth. To avoid
existing complex phenomena, a clear planned and systematic action is needed. The achievements
of science should be broadly applied to the economy. By creating alternative energy options, it is
possible to make effective use of limited resources. Also, sustainable entrepreneurship is not
only a way of doing business, it is a socially responsible approach that offers solutions to global
problems. Through innovation and effective strategies, entrepreneurs not only achieve economic
success but also serve to create beneficial changes for society and the environment. Thus, in the
future, a successful business will be formed adhering to the principles of sustainability.
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