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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 11: From vulnerability to sustainability: The challenges ofplanning and strategy

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

Extract

Attention is devoted to determining what it takes for those in poverty to start ventures that are competitive and sustainable. The roles of, and associated difficulties with, planning and goal setting are examined. The need to overcome a proclivity among low-income entrepreneurs to run the venture from a more reactive and tactical, rather than strategic, vantage point is examined. Methods for transforming what are often perceived as commodity businesses into well-differentiated businesses are introduced. The central role of price, and the inclination of low-income entrepreneurs to underprice their products and services, is explored. Consideration is devoted to the risk orientation of many low-income entrepreneurs, and how it deters the venture from growing.

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