Strategic approach for overcoming barriers to sustainable entrepreneurship in Sri Lankan construction industry

Abstract

Entrepreneurs in the modern construction industry have adopted sustainable entrepreneurship instead of conventional entrepreneurship due to a high concern for sustainability in the world economy. However, entrepreneurs in Sri Lankan construction industry have not adequate awareness on sustainable entrepreneurship, and they are only applying sustainable practices to their construction projects. Sustainable entrepreneurship is a more complex concept than mere application of sustainable practices to their projects. For establishing effective sustainable entrepreneurship, it is required to identify the drivers and barriers and overcome these barriers. Thus, this study aims to propose suitable strategies to overcome barriers for sustainable entrepreneurship in the Sri Lankan construction industry. To obtain relevant data, semi-structured interviews were performed with entrepreneurs in construction enterprises in Sri Lanka, and data analysis was performed using manual content analysis. Findings revealed that government support, organizational culture, stakeholder influence, financial incentives, technology are the key drivers for sustainable entrepreneurship. In contrast, lack of financial resources, low market demand, lack of stakeholder support, and inadequate organizational structures, lack of technological innovations were emphasised, poor regulatory backing as barriers for sustainable entrepreneurship. To effectively implement sustainable entrepreneurship in the Sri Lankan construction industry, 13 strategies were introduced to avoid barriers and enhance drivers.