Sustainable Entrepreneurship in the Western Balkan Countries: Key Constraints

Public concern about environmental issues has led to growing interest in sustainability across various sectors, including entrepreneurship. However, beyond the concern for environmental protection and the preservation of natural resources for future generations, additional conditions are necessary to foster the development of sustainable entrepreneurship. While developed countries provide examples and evidence of the successful implementation of this concept, its application in developing countries presents challenges due to a range of limiting factors. In addition to essential financial support, the literature often highlights the lack and/or complexity of sustainability reporting, the absence of standards and clearly defined sustainability metrics, insufficient regulation, and the lack of support from higher education institutions as barriers to the transition toward sustainable entrepreneurship. This paper aims to examine the feasibility of applying the concept of sustainable entrepreneurship in Western Balkan countries, taking into account the aforementioned constraints. For the purpose of the empirical research, potential limitations were evaluated by managers and business owners in Albania, Bosnia and Herzegovina, North Macedonia, and Serbia. The results of the study answer the question of whether developing countries have the potential to foster sustainable entrepreneurship, given the analyzed constraints, or whether the implementation of this concept is reserved solely for large enterprises and economically advanced countries.