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Positive aging aims to promote the physical health and psychological well-being of older adults for them to age successfully. Under the domain of positive aging, this study aims to explore the mediating role of self-compassion between forgiveness and psychological well-being in older adults.

It was based on a quantitative research design, with a sample of 250 individuals within the age group of 60–75 years. Data was collected using Self-compassion Scale (2003), Heartland Forgiveness Scale (2005) and Psychological Well-being Scale. Analysis was performed using Pearson’s correlation, linear regression, followed by the generalised linear model of mediation.

The results revealed a significant (p ≤ 0.001), high and positive correlation between self-compassion and forgiveness (r = 0.821), forgiveness and psychological well-being (r = 0.852) and self-compassion and psychological well-being (r = 0.802). Linear regression suggested that self-compassion and forgiveness are significant (p ≤ 0.001) predictors of psychological well-being, causing a variance of 75.6%. Mediation revealed significant (p ≤ 0.001) direct, indirect and total effect between the variables, showing that self-compassion partially mediates the relationship between forgiveness and psychological well-being.

The findings provide valuable insights on how fostering self-compassion along with forgiveness can improve psychological well-being among the elderly, however, research on additional variables, drawing comparisons between gender, economic status and clinical populations can be further explored. Nevertheless, this study can be used to develop interventions and therapeutic techniques to enhance self-compassion and forgiveness to improve psychological well-being among older adults.

As per the best knowledge of the researcher, this work is original as it is a primary research and no data has been collected of a similar nature from the participants.

After completion of the case study, students will be able to decipher key concepts underpinning sustainable entrepreneurship and its application in the recognition and exploitation of sustainable business opportunities, decipher the application of circular economy business models, understand the pivots to achieve the billion-dollar valuation and analyse the strategies for value creation during the pivoting journey of a startup.

The case study traces the journey of Phool.Co, a sustainable biomaterial startup based in a Tier II city of Kanpur located in the state of Uttar Pradesh, India, by Ankit Agarwal in 2017. Agarwal started with the vision of providing solution to the effects of water pollution and environmental damage. Ganga is not just a river, rather it is the symbol of cultural and religious faith in India. Although the river Ganga is considered a deity in India, it is one of the most polluted rivers. Every year 8,000,000 metric tonnes of waste flowers are dumped into the sacred river to pollute it further. The pollution poses grave dangers to the health and livelihood of millions of Indians. Phool.Co is a sustainable enterprise that has pioneered flower cycling technology. The dumped flowers are recycled to produce organic incense sticks, Florafoam, and “Fleather – the organic alternative to leather”. The case study traces the genesis of Phool.Co and its approach towards sustainability in the context of the circular economy. The case study primarily explores the pivot points for a startup to enter the unicorn club in the present context. To achieve the desired valuation, Agarwal must decide to rethink its business model. Will franchise model work for Phool.Co? Should Agarwal scale up with commercialization of Florafoam to capitalize the opportunity in packaging industry? Vegan leather is a nascent market and how will the consumers respond to Fleather is a pertinent question. The case study attempts to explore the challenges encountered in augmenting the valuation of sustainable enterprises.

This case study is suitable for graduate and postgraduate students enrolled in courses related to entrepreneurship, innovation and sustainability. The case study is of intermediate-level difficulty. There are no specific prerequisites to understand the case.

Teaching notes are available for educators only.

CSS 3: Entrepreneurship.