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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 10: Overcoming resource constraints

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

Extract

The range of resources needed when starting a venture are considered, both financial and non-financial. Resource shortcomings of those in poverty when it comes to starting a business are explored. The core focus is on determining how to acquire resources when the entrepreneur has no money. A variety of approaches for acquiring or gaining access to critical resources are examined, including leveraging, bootstrapping, guerrilla approaches, and effectuation. Emphasis is place on the abilities to see things as resources where others do not see them as such, stretch resources and apply them in new and different ways and utilize the resources of others without paying for them, or paying much less than they are worth.

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