The primary basis of the term sustainable entrepreneurship is the concept of sustainable development. Sustainable development aims at the protection of nature, life support, and community in the pursuit of perceived opportunities to bring into existence future products and processes with both economic and non-economic gains to individuals, the economy, and society. The growing importance of environmental issues and sustainable development have given rise to the concept of sustainable entrepreneurship. Sustainable entrepreneurship can be considered an opportunity for business development practices at the nexus of environmental and social aspects. Companies increasingly consolidate their competitive position through innovative actions in the field of sustainability. The aim of this article is to analyze the role of innovation-related activities in European businesses based on the concept of sustainable entrepreneurship. On this basis, it can be stated that sustainable entrepreneurship provides new opportunities for the development of corporate responsibility, taking into account ecological and social issues.