Understanding success factors of Class B enterprises in Chile: a pioneering study on socially and environmentally responsible entrepreneurship

Innovative entrepreneurship is a cornerstone of economic advancement and societal welfare, introducing novel products, services, and business methodologies. Within this landscape, Class B enterprises are distinguished by their commitment to exceptional social and environmental performance while maintaining profitability. Despite their significance, literature lacks exploration of the success factors that enable these enterprises to harmonize profitability with social and environmental responsibility. Addressing this gap, this study explores the success factors of Class B enterprises in Chile across five strategic dimensions. Utilizing a descriptive and empirical approach, in-depth surveys were conducted to gain insights into the operational dynamics of Class B enterprises in Chile. A sample of 34 out of the 74 registered Class B companies in the country at the time of the study was selected for comprehensive analysis. Statistical analysis identified key success factors within the sampled enterprises. The findings reveal several critical success factors shaping the performance of Class B enterprises in Chile. Notably, 81% of Class B entrepreneurs cite the entrepreneurial ecosystem as a pivotal contributor to their success. Additionally, factors such as access to potential clients, the quality of the educational system, and robust support networks emerged as crucial determinants of success. These insights offer valuable perspectives into the operational intricacies of Class B enterprises and highlight the pivotal role of external factors in influencing their performance. This study significantly augments the existing literature by presenting a comprehensive analysis of the success factors underpinning Class B enterprises in Chile. By examining five strategic dimensions, it provides a nuanced understanding of the primary drivers behind their exceptional performance. Additionally, this research represents a pioneering effort in Chile and Latin America, shedding light on a sector dedicated to entrepreneurship and sustainability.