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Last Updated on January 20, 2024 by Work In My Pajamas
While the public sector and government agencies have various aid and relief programs, it is not enough to help everyone who lives in poverty. Private businesses can also do their part to assist the destitute. Consider these four ways in which the business world could help.
In This Post:
Offer Interest-Free Loans to Entrepreneurs
One way that the business world is assisting the destitute is by offering interest-free loans to entrepreneurs. In third-world countries, even a small loan by American standards could make a big difference to an individual’s ability to support a family. A small loan could be enough for a person in a poverty-stricken country to start a tailoring business, buy a cow, or raise chickens to sell the eggs.
Earn an MBA Degree Online
Earn an MBA degree online as a way to learn more about helpful ways to assist low-income people around the world. An MBA degree program could help you to understand different economic systems and the financial systems in third-world countries. Your degree would provide you with the education to work for agencies that can make a direct impact on the livelihood of the poverty-stricken around the world.
Understand How to Reduce Poverty
Poverty has fallen in the 20th Century. Even so, there are still people living in poverty in the United States and around the world. For example, women in the United States seem to be stuck at earning just $.80 for every $1.00 that men earn. To help reduce poverty among women-led households and in other situations, business owners can offer equal wages for equal pay or find ways to promote women into higher-paying positions to make them economically equal to men.
Provide Employees with Paid Apprenticeships or Education
Another way that business leaders could assist people who are destitute is to offer paid apprenticeships. A paid apprenticeship could help a poor person to develop key skills that would be needed in order to take a job with a wage that could support the person’s family. For example, a paid apprenticeship in computer programming would ensure that a poor person could take the opportunity and learn the skills while also paying his or her bills and family living expenses.
In order to help someone, business leaders need to understand the problem. An MBA degree and personal experience can help with that. Interest-free loans, paid apprenticeships and other programs provide the poverty-stricken with the chance to earn a living wage.
