Entrepreneurship as a Solution to Poverty in Developed Economies

Abstract

We explore entrepreneurship as an important mechanism for breaking the poverty cycle in developed economies. The nature of poverty, and its implications for various aspects of entrepreneurship, are explored. The characteristics of the typical low income start-up, are investigated A conceptual framework is presented for fostering entrepreneurial development among the poor: (S) supportive infrastructure, (P) preparation of the entrepreneur; (O) expanded opportunity horizon; (D) finding sources of differentiation; (E) well-designed economic model; (R) leveraging community resources. Finally, we end with a general discussion of this framework and present a set of future research questions.

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