In the fast-paced world of business, it is not uncommon to witness the rise of entrepreneurs from unexpected places. Michael Milken, the renowned financier and philanthropist, recently shed light on this phenomenon during an interview on CNBC’s “Last Call” with Brian Sullivan. Milken highlighted the increasing number of individuals at the “bottom of the pyramid” who are now venturing into entrepreneurship.
The term “bottom of the pyramid” refers to the economically disadvantaged population, typically residing in developing countries. Traditionally, these individuals have faced numerous barriers to entry in the business world, such as lack of access to capital and resources. However, Milken pointed out that this is changing rapidly, with more and more people from disadvantaged backgrounds embracing entrepreneurship as a means to improve their lives.
This shift can be attributed to several factors. Milken emphasized the role of technology in leveling the playing field. The widespread availability of smartphones and internet connectivity has empowered individuals with access to knowledge, markets, and funding opportunities. Additionally, Milken highlighted the impact of microfinance institutions, which provide small loans to aspiring entrepreneurs who would otherwise struggle to secure funding.
The rise of entrepreneurs from the “bottom of the pyramid” is a testament to the power of innovation and determination. It is a reminder that talent and potential are not limited to a specific socioeconomic class. As technology continues to advance and access to resources improves, we can expect to see even more individuals from disadvantaged backgrounds making their mark on the business world. This trend not only brings economic benefits but also fosters social mobility and empowers communities.
Read more at CNBC
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