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Poverty: The Importance Of Entrepreneurial Education

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Recommended: Poverty an its social effect

Poverty is the main social and economic problem that the people are facing particularly in the world (Bruton & Ketchen, 2013). As of 2013, there were about 2.47 billion people in the world living in poverty with an income of USD 2 or less a day most of them from developing or under developing countries located in African and Asian continent (Bruton & Ketchen, 2013). The population living under poverty only declined from 2.59 billion to 2.47 billion between 1981 and 2013 (Bruton & Ketchen, 2013). Poverty means the lack of income or shortage of assets; the lack of competence, confidence, disempowerment and deprivation of national currency (Singer, 2006) .Poverty may arise from low productivity of the households and they face financial constraints …show more content…

Entrepreneurial education is considered central to the economic development of nations (Kabongo & Okpara, 2010). Entrepreneurship education has to increase entrepreneurial self-efficacy, self-employment, and risk-taking attitude of the entrepreneur (Cheng & Chan, 2009). Entrepreneurship education creates enormous business opportunities and trains people with innovative enterprise skills to grasp the opportunities for starting new entrepreneurial activities (Cheng & Chan, 2009). Entrepreneurship education is one way of addressing poverty reduction, as there is strong empirical evidence suggesting that economic growth over time is necessary for poverty reduction. Entrepreneurship boosts economic growth, enhances educational attainment and increases the rate of economic growth (Mitra & Abubakar, 2011). The World Economic Forum in 2009 claims that the three relationships are suggestive of productive outcomes emanating from education provision (Mitra & Abubakar, 2011). For example, in eradicating extreme hunger and poverty even if developing countries focus on innovation, creativity, talent and resources to overcome poverty, they lack the infrastructure and the expertise to support such an objective (Mitra & Abubakar, 2011). These deficiencies could be overcome through capacity building through entrepreneurship education to transform these assets into products and services, thereby creating more jobs, enhancing their global trade opportunities and reducing the incidence of poverty (Mitra & Abubakar,

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