Introducing Entrepreneurship as an Important Ally in the Fight Against Poverty

Tolu Olarewaju ()
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Tolu Olarewaju: Keele University

Chapter Chapter 1 in Entrepreneurship as a Route out of Poverty, 2023, pp 1-27 from Springer

Abstract: Abstract The capitalist school of thought identifies entrepreneurship as the factor of production that organizes other factors of production into productive activities. Entrepreneurship can improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses, and the society at large. Entrepreneurship is the greatest tool in the hands of mankind to reduce poverty and increase global prosperity. Entrepreneurship has justified this dominant position, especially in the twenty-first century, by lifting millions of people out of poverty and improving living standards in many emerging countries. Entrepreneurship has also proven to be more effective at plummeting poverty rates than well-thought-out governmental and non-governmental policies meant to lift people out of poverty. The chapter will show why entrepreneurship remains vital in the fight against poverty and also highlight how social entrepreneurship can drive social innovation and transformation in various fields including education, health, environment, and enterprise development while alleviating poverty.

Keywords: Entrepreneurship; Poverty; Poverty alleviation; Poverty reduction; Income (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-38359-5_1

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DOI: 10.1007/978-3-031-38359-5_1

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