If we stop thinking of the poor as victims or as a burden and start recognizing them as resilient and creative entrepreneurs and value conscious consumers, a whole new world of opportunity will open up.
C. K. PrahaladRead
The real source of market promise is not the wealthy few in the developing world, or even the3 emerging middle-income consumers. It is the billions of aspiring poor who are joining the market economy for the first time.
Interpretation
The untapped potential of low-income consumers is a key driver for market growth and economic promise.
This quote emphasizes that the true opportunity for economic development lies not just with the affluent individuals or the emerging middle class, but significantly with the vast number of low-income individuals who are beginning to engage with the market. Their participation can lead to substantial economic growth and innovation, as they represent a largely overlooked segment of the consumer base that possesses significant purchasing power when collectively considered.
In practice
In a business seminar discussing sustainable growth strategies.
If we stop thinking of the poor as victims or as a burden and start recognizing them as resilient and creative entrepreneurs and value conscious consumers, a whole new world of opportunity will open up.
If your aspirations are not greater than your resources, you’re not an entrepreneur.
Strategy is about stretching limited resources to fit ambitious aspirations.
Regulation has gone astray. . . . Either because they have become captives of regulated industries or captains of outmoded administrative agencies, regulators all too often encourage or approve unreasonably high prices, inadequate service, and anticompetitive behavior. The cost of this regulation is always passed on to the consumer. And that cost is astronomical.
No bank should be too big or too complex to fail, but almost any bank is too big to liquidate quickly, particularly in the midst of a crisis.
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
A global economy is characterized not only by the free movement of goods and services but, more important, by the free movement of ideas and of capital.
No government can give a selective advantage to a specific company, because that would make competition unfair.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
Subscribe for the occasional hand-picked quote. No noise.