Innovative Entrepreneurship for Poverty Alleviation

Abstract

This study investigates the contribution of innovative entrepreneurship to reducing poverty. It specifically examines several entrepreneurial models, and the obstacles encountered by entrepreneurs. The main goals are to identify key factors that determine the success of entrepreneurial enterprises, assess the impact of models such as microfinance, mobile banking, and agricultural clusters, and analyze obstacles to implementing innovative solutions. The study utilized a qualitative research approach, which involved conducting in-depth interviews with entrepreneurs, policymakers, NGO representatives, and beneficiaries. Findings demonstrate that the success of creative entrepreneurial initiatives relies heavily on factors such as access to money, educational achievement, supporting regulatory frameworks, and infrastructure. The findings indicate that creative entrepreneurship has great potential for reducing poverty in Nigeria. However, it is essential to solve the constraints that have been highlighted in order to fully maximize its influence. The study concludes the entrepreneurial skills has the capacity to reduced poverty to the barest minimum. This research recommends useful insights for policymakers, development practitioners, and entrepreneurs who aim to leverage the potential of creative entrepreneurship to stimulate social and economic transformation.