Entrepreneurship, Job Creation, Income Empowerment and Poverty Reduction in Low-Income Economies

Abstract

The fundamental objective of this paper is to provide an insight into the role of entrepreneurship in job creation, income generation and empowerment, and poverty reduction in low-income economies. Having provided a conceptual framework and the theoretical underpinnings of the linkages of entrepreneurship to job creation, income empowerment, and poverty reduction from an economic perspective, the paper develops an entrepreneurship policy-relevant model for breaking the vicious cycle of poverty which has predominantly characterised low-income economies. The paper argues that entrepreneurship is the catalyst for economic growth and development through job creation, income empowerment, and poverty reduction in low-income economies. However, to extend the culture of entrepreneurial thinking and promote entrepreneurship in an economy, governments and other relevant institutions must pursue functional policy goals in this endeavour. Therefore, to create high-income generating job opportunities and reduce poverty through entrepreneurship, there is a need for policy measures and intervention programmes that are critical and consistent with the objective of welfare improvements.