Businessman or women have also social commitments apart from running their business establishments. They like to share their profits with the less fortunate. It is not being condescending. Some businessmen or women do have concern for the poor. Of course, at times such acts are done as part of their tax relief measures.
In many less developed countries, severe poverty causes much misery to the people living there. Disparities exist between the have and have nots. Nevertheless, the rich do share their wealth through various measures meant to better the society, if not all, some do.
Poverty is a major issue in underdeveloped and developing countries such as India, Bangladesh, the African countries etc. Let us see how business people help improve the conditions of the poor.
How Entrepreneurs help Alleviate Poverty? – Entrepreneurship and Poverty
- Charity work – Business people share their prosperity through charity. They run establishments such as orphanages, provide widows with pension, and also provide food and clothes for the poor. Charitable hospitals are run for improving the health of the poor. All expenses are free of cost.
- Schools are set up – Many business houses set up school for the children of the poor. Such children are provided with an opportunity to better themselves. Scholarships are given for higher education.
- Slum development – Houses are built for the poor and the sanitary conditions of the slums are improved upon. Programs are sponsored whereby health and social workers go to various slums to educate the poor about hygiene. Even the slums are cleaned up.
- Employment opportunities – Often employers of a business try to provide an opportunity to one member of the poor family so that he or she is able to support the family.
- Setting up of Foundation – Business establishments set up foundations to divert their profits towards community development. It could be perhaps for tax relief, but the money diverted are used to eradicate poverty. These foundations focus on social work.
Entrepreneurs are also concerned about society. Either for personal or religious reasons they like to share their prosperity with the less fortunate. Various measures are adopted by them to reduce poverty levels in their respective countries..