eThesis - Kauppakorkeakoulun sähköiset gradut

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The purpose of this study is to explore the link between legitimacy and financial viability in a sustainable entrepreneurship journey. It focuses on (1) the sustainable entrepreneur's actions in confronting various critical incidents within her entrepreneurial journey that have direct and indirect effect towards legitimacy formation and funding acquisition, (2) the interplay between inter-organizational relationship and legitimacy and financial viability in the context of hybrid sustainable enterprise, and (3) the different practices in maintaining the established legitimacy and financial viability after a long-standing presence in the market. Therefore, a case study research was conducted on a sustainable entrepreneur, Tri Mumpuni, who in the course of 25 years has generated impressive economic, social, and ecological impacts by building 82 microhydro power plants in remote parts of Indonesia.

The narration of Tri Mumpuni's journey has lead to propositions that contribute to theories of sustainable entrepreneurship journey, hybrid organizing, and institutional legitimacy. The study has found that (1) entrepreneur's success in maintaining legitimacy and achieving the Triple Bottom Line goals along with financial viability and market entry are needed to conclude a sustainable entrepreneurship journey, (2) internal and external tensions that resulted from hybrid organizing can be circumvented through the separation of opposing activities (e.g. charity and business) and the legitimation of venture's values and vision, (3) reliable track record, integrity, proof of program sustainability, indomitable determinations, strategies to connect local people with local resources, and empowerment of the marginalized are strategies that sustainable entrepreneurs can employ to establish and maintain legitimacy, and (4) media presence that allow knowledge transfers and storytelling may enhance established legitimacy.