How Does Entrepreneurship Address the Grand Challenges? Reviewing Social, Sustainable and Green Entrepreneurship Performance Measures

Academic research increasingly studies the role of entrepreneurship in solving economic, environmental and social issues (the so-called grand challenges) at the macro level, or the triple bottom line of sustainability at the meso level. However, a dearth of research into the actual performance of entrepreneurship addressing societal and environmental issues remains. Prior research is woefully inadequate when it comes to investigating (if and) to what extent sustainable entrepreneurship actually delivers on its purported promise. Most importantly, we lack a clear consensus regarding how performance results can be measured. Based on a systematic review of 69 studies published in top-tier ranked journals, we critically review findings examining social, green and sustainable entrepreneurial activities, identifying 179 measures (items or indicators). Other than several economic figures, generally accepted measures seem to be lacking. Classifying the measures through the lens of the theory of change shows that activities and output are often used as proxies. Beyond an overview of measures, we also show the diversity of theoretical lenses taken. Future research is needed to extend the conceptualisation and operationalisation of how entrepreneurship performance actually contributes to impact (i.e. social change as market disequilibria or other structural change). Future studies must validate the causality linking the different elements of the theory of change, to allow easier measurable proxies to claim exploratory power. Embracing the complexity of wicked problems, future research needs to account for trade-off and synergies to identify unintended side effects.