Corporate Social Responsibility as a Strategic Tool for Achieving Sustainability in Entrepreneurship

Article DOI: doi.org/10.66293/aayam.v16.i1.04

AUTHOR
Koushik Acharyya *
Kousik Paik **
Ankita Pradhan ***

KEYWORDS
Corporate social responsibility, Sustainability, Business practices, Entrepreneurship, Customer loyalty, Trust.

ABSTRACT
Corporate Social Responsibility (CSR) refers to the voluntary actions undertaken by companies to contribute to societal well-being and environmental sustainability. It represents a strategic approach that integrates economic, social, and ecological considerations to benefit all stakeholders involved. Recently, CSR has emerged as a critical element of modern business practices. In an increasingly competitive market, entrepreneurs are seeking innovative ways to gain and sustain a competitive edge. Implementing CSR initiatives allows businesses to distinguish themselves by aligning with the values of socially and environmentally conscious consumers. This paper explores the concept of CSR and examines its potential to enhance competitiveness within entrepreneurial ventures. The reviewed literature indicates that CSR engagement leads to greater customer loyalty, increased trust, improved profitability, and enhanced societal development. Consequently, adopting CSR practices can significantly contribute to the long-term sustainability and growth of entrepreneurial enterprises.