Sustainability and local entrepreneurship

Sustainability and local entrepreneurship

The vast majority of the local business community is made up of family businesses with challenges of competitiveness, sustainability and succession. They are also part of the ecosystem of small and medium-sized businesses (SMEs). Therefore, much of the local (native) family and financial wealth lies in a sector that faces internal challenges such as those mentioned, but also external challenges such as the work environment, a slow and cumbersome permitting process and the high costs of electricity and raw materials, to name a few.

A recent study carried out by the Puerto Rico Chamber of Commerce revealed that many of the partners interviewed have corporate social responsibility initiatives and some have incorporated the Sustainable Development Goals into their CSR plans.

That is good news, because it shows that SMEs are already positioned to incorporate sustainability strategies at their scale and this is important for the succession of the family business, be it a hardware store, a gas station or a supermarket.

It is important, because for an island economy like ours, so dependent on federal funds and accustomed to fiscal instruments to attract external capital, the best thing SMEs and family businesses can do is incorporate new generations into the family business to thus attract the talent that is currently escaping and to integrate business and social innovation techniques into the company.

Kumneger Media
Kumneger Media
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