Poverty Alleviation and Entrepreneurship

Poverty alleviation is a popular phrase.

A majority of the world population is poor. We always paise the philanthropic endeavors of the top billionaires through nongovernmental organizations (NGOs). Ironically, many of these NGOs are for profit. Many of their NGOs earned billions of dollars during the so-called enforced pandemic.

Of course, a few smaller and rather not-so-famous NGOs have been contributing positively to the development of the poor strata of the global population. They do not get promotions from the mainstream news media. But, these NGOs are making a huge impact by creating entrepreneurship for and by the poor people.

The entrepreneurial training and developments of these NGOs lighted a new hope in the lives of poor people. In this article, I wish to highlight the impact of entrepreneurship on poverty alleviation.

Entrepreneurship is a tool for poverty alleviation

In the third world nations of Asia, Africa, and South America, the citizens do not have adequate facilities for education and health. A large percentage of the youth are jobless. Employment opportunities are shrinking every year.

Abhijit Banerjee, Esther Duflo and Michael Kremer were awarded the 2019 Nobel prize in economics for their pioneering experimental approach to alleviating poverty.

• The 2019 Nobel Prize winners in Economics proved that entrepreneurship could be field trialed among groups of global citizens to fight poverty.

The Nobel laureates were actively involved in using their proposed "randomised controlled trials" (RCT) to field test the effectiveness of various policy interventions for poverty alleviation.

While experimenting, the Nobel Laureates eventually discovered that entrepreneurship is one of the best instruments to empower the people towards self-reliance and fighting poverty.

The experimental approach of "randomized controlled trials" (RCT) can be utilized to tackle the global poverty problem

Several years before the Swedish academy conferred the Nobel prize on Banerjee, Duflo, and Kremer, it would be interesting to note that the three developed and experimentally tested their "randomized controlled trials" (RCT) technique in different rural areas of Africa and Asia.

They found that health was (is) the primary requirement that is not being addressed adequately. They also observed that the poor people earn their living by doing plenty of temporary, odd jobs.

The findings of their RCT techniques made it very clear that "the first and the foremost thing the poor global citizens need is to get into regular earning."

No method can be better to alleviate poverty other than entrepreneurship

Graphics: A collage of screenshots from a news report on Baruipur, WB, India.

The RCT model Banerjee et al were field trialed among the poorest population of Asia and Africa. Their economic developmental works involved encouraging and helping the poor people to start earning by entrepreneurship.

• Banerjee et al. had identified the poorest of the poor in the Asian and African villages and taught them the tricks "how to start their own business," i.e., entrepreneurship.

• They had directly helped the poor people build the much-required confidence by literally sitting with them, actively advising them

1. to save a tiny amount of money from their everyday expenditure,

2. getting assistance through the micro-financing bodies of different banks,

3. developing small businesses of their own.

• Many of these villagers from Asia and Africa are now owners of decent-earning businesses. For example, the interested readers may please refer to the news report about villages of Baruipur, West Bengal, India.

The field experiments of the 2019 Nobel Prize winners is a proof that nothing can help better to alleviate poverty other than entrepreneurship.

Final remarks and recommendation

No method can help better to alleviate poverty other than entrepreneurship.

May we conclude the following?

• Entrepreneurship is a must for human society.

• Entrepreneurship must be taught in middle schools, high schools, colleges.

• We must teach the students entrepreneurship at every level to enable the passing out students to be the future 'doers,' 'makers,' and 'cutting edge thinkers.'

We must learn to live like an entrepreneur.

At least, we must nurture an entrepreneurial mindset.

That is the need for time.

Age is not a bar.

Postscript

I belong to the fields of Science, Technology, Engineering, and Mathematics (STEM). I have added "Arts" and "Fine Art" to my interests. So, my interests become STEAM - Science, Technology, Engineering, Arts, and Mathematics.

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Text Copyright: Unity

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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

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March 15, 2022.