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Poverty and Entrepreneurship in Developed Economies

Michael H. Morris, Susana C. Santos and Xaver Neumeyer

While extensively explored as a solution to poverty at the base of the pyramid, this is the first in-depth examination of entrepreneurship and the poor within advanced economies. The authors explore the underlying nature of poverty and draw implications for new venture creation. Entrepreneurship is presented as a source of empowerment that represents an alternative pathway out of poverty.
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Chapter 2: The nature of entrepreneurship

Michael H. Morris, Susana C. Santos and Xaver Neumeyer


Entrepreneurship is defined and its underlying nature is explored. The concept of an entrepreneurial mindset is introduced, characterized, and its implications for the poor are examined. The process nature of entrepreneurship is investigated, and unique aspects of the stages of this process for a person in poverty are addressed. Entrepreneurship is characterized as an unpredictable, non-linear and often chaotic journey where the individual is creating reality as events emerge. Key competencies that enable the entrepreneur to successfully navigate this journey are then identified. Attention is devoted to understanding the ways in which entrepreneurship can serve as a solution to poverty.

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