Entrepreneurship As A Weapon To Eradicate Poverty And Unemployment

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Poverty and unemployment are among the significant issues facing most economies around the world. The problems affect not only the uneducated population but also the educated. Statistics from International Labor Law states that the unemployment issue mostly affects the younger generation as a good number of them lack jobs and stable income. Governments have been trying as much as they can to manage the crisis; however, entrepreneurship seems to be the greatest weapon in fighting the challenges. Nevertheless, entrepreneurship plays a crucial role in empowering and energizing people while encouraging them to take up new risks and challenges. Individuals working as entrepreneurs work on various projects and juggle different responsibilities, and in the end, they become better leaders. Similarly, entrepreneurship plays a significant role in building one’s character as it opens doors to new alliances, new ventures, and new businesses. When entrepreneurship ventures expand, the workforce also increases; hence, creating more employment opportunities for the jobless. Understanding more about the role of entrepreneurship in ending poverty and unemployment is vital as it can help solve the current crisis.

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Entrepreneurship plays a crucial role in ending unemployment as it creates jobs and provides opportunities for younger people. Ending poverty and unemployment seemed absurd and impossible generations ago as the problem was deeply rooted in most world countries. However, the idea of creating a solution is now enshrined in the United Nations Sustainable Development Goal as a problem whose answer should be found by 2030. Entrepreneurship has been identified as the primary tool for fighting unemployment and improving the living standards of people. Moreover, research indicates that entrepreneurs’ hiring plans outpace the plans of other companies and organizations. A job creation survey conducted in 2015 revealed that 47% of entrepreneurs were planning to increase their workforce while large corporations planning to increase their workforce were 29%. Most entrepreneurs are experiencing growth, and they have plans to increase their workforce size. From the research, it is clear that a government, which supports its entrepreneurs to grow, is likely to solve the unemployment issue as the employment rate increases rapidly. Ultimately, providing young people with a favorable environment and the support they need can turn their ambitions and dreams into reality. A high level of motivation is critical in entrepreneurship as it allows the entrepreneurs to put all their efforts into the endeavors as they value whatever they are doing. Therefore, governments worldwide have an active role in supporting entrepreneurs as they have solutions to the unemployment issue.

Subsequently, entrepreneurship gives young people the chance to follow their dreams as they start up their businesses. The entrepreneurs end up performing well as they dedicate all their efforts to doing whatever they love. When ambition is present, the ventures end up growing and employing more people; hence, creating a solution to the unemployment crisis. Nonetheless, young entrepreneurs also need support and motivation from successful entrepreneurs, as mentorship may help them succeed. The education system should also focus on mentoring youths to become job creators rather than job seekers. A government that enacts the education policies that support the young entrepreneur’s generation can fight unemployment as it cultivates a culture that promotes entrepreneurship. Furthermore, a system that values entrepreneurship’s role in job growth is in a better place as it creates a solution to most of its problems. As much as unemployment cannot be solved immediately, fiscal policies and short-term macroeconomics can help drive job growth by embedding entrepreneurship in the education system. In the long run, the world will be an environment where young people significantly impact societies as their enterprises succeed.

Furthermore, entrepreneurship battles unemployment and poverty by opening new businesses, new ventures, and alliances. The current day entrepreneurs willingly employ people without degrees and formal education as long as they have the right skill set, attitude, and willingness to learn. The entrepreneurs’ shift in thought process is advantageous as they provide job opportunities for everyone, unlike big corporations that hire people based on their educational qualifications. Providing the uneducated people with employment opportunities is an excellent step in eradicating poverty as they get the chance to care for their families. Elsewhere, governments should come up with policies that harness and empowers the youths in their entrepreneurial ventures. The best policies reduce risks in the innovative environment to minimize failure and encourage entrepreneurs to flourish. Some ventures succeed while some fail; however, the government policies should promote survival chances while reducing the chances of failure. Nonetheless, instead of being the controllers, the government should be the enterprises’ facilitators to record a positive change in society. Young entrepreneurs now value the importance of steady business growth, having the right team, and using their businesses to empower the community.

Nevertheless, entrepreneurship plays a crucial role in the eradication of poverty in most communities. Poverty is not a problem limited to the poor as it affects every individual directly or indirectly. Entrepreneurship successfully fights poverty as it harnesses a sustainable global impact faster than the other forms of social good. Competition among the entrepreneurs is also vital as it creates the urgency of ending poverty among the communities. Apart from creating job opportunities, entrepreneurship creates a unique mindset among the people that enables them to empower themselves and other people. Moreover, social entrepreneurship plays an active role in ending poverty as it allows people to engage in income-generating initiatives. Social entrepreneurship has proven to be the best weapon against poverty as it creates employment enhancement programs that, in turn, eradicate poverty. African Clean energy is among the companies that use social entrepreneurship to eradicate poverty in the society. Chief operating officer of the company Judith Walker emphasizes the need for social entrepreneurs to view problems as opportunities in order to end unemployment and poverty. The company reduces poverty by providing affordable energy as the cost of energy is too high in the region. Elsewhere, some businesses set up foundations where they divert their profits to fight against poverty. The foundations can engage in activities such as slum development, setting up schools, and doing charity work. The creation of employment opportunities is another meaningful way in which entrepreneurship fights poverty. Employees from low-income families benefit more as they get the chance to support their families. Therefore, governments across the world should support entrepreneurs, as they are vital in the fight against poverty.

In conclusion, entrepreneurship is an important weapon in the fight against poverty and unemployment. Governments worldwide have been doing as much as they can to end the prevailing crisis of unemployment and poverty. Ultimately, entrepreneurship has proven to be the answer to the issue of unemployment that mostly affects the younger generation. Instead of being job seekers, the youths are encouraged to be job providers through engaging in entrepreneurship. Moreover, entrepreneurship gives the youths a chance to follow their dreams; hence, they end up succeeding and employing more people as they are doing whatever they love. The younger entrepreneurs also play a crucial role in ending poverty as they consider hiring uneducated people as long as they are willing and able to work. Giving the unfortunate people a chance to work is essential as it allows them to improve their living standards. Therefore, governments should come up with policies that promote entrepreneurship as it can eradicate unemployment and poverty. 

16 August 2021

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