FACTORS INFLUENCING THE EFFECTIVENESS OF ENTREPRENEURIAL RISK MANAGEMENT IN THE CONTEXT OF SUSTAINABLE DEVELOPMENT VALUES

Abstract

The article delves deeply into the multifaceted factors that exert influence on the effectiveness of managing entrepreneurial risks within the broader context of sustainable development values. It surpasses a mere enumeration of these factors, conducting a thorough exploration of their implications and significance. These factors span a wide spectrum, encompassing not only the foundational elements of corporate culture and values but also extending to the realms of strategic planning, dynamic engagement of stakeholders, meticulous risk analysis and assessment methodologies, seamless infusion of sustainability principles into decision-making processes, cultivation of an environment conducive to innovation and adaptation, and the cultivation of transparency and accountability throughout organizational operations. The importance of identifying these factors cannot be overstated, particularly against the backdrop of the escalating attention towards sustainable development. The article highlights the pivotal role played by consumers in driving the demand for adherence to sustainability values from companies, thereby exerting a profound impact on their reputation and overall business success. It asserts that engaging stakeholders is not merely advantageous but rather indispensable for identifying potential risks and opportunities, and furthermore, lays the groundwork for the development of robust, long-term sustainable development strategies through strategic planning and goal-setting. Additionally, the article underscores the necessity of conducting rigorous analyses and assessments of risks, seamlessly integrating sustainability considerations into decision-making processes, fostering a culture of continual innovation and adaptation, and upholding high standards of transparency and accountability as critical determinants of risk management effectiveness and an organization's capacity to navigate and adapt to the evolving social and environmental landscapes. As a result, managing entrepreneurial risks through the lens of sustainable development values emerges as a linchpin for the success of contemporary enterprises. The factors delineated herein not only serve to foster sustainability but also to instill a sense of responsibility within businesses, thereby positioning them for resilience and longevity in an ever-changing global landscape.