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‘entrepreneurship inspired by necessity’. 95 Thelatter was always known as the social welfareapproach; it now needs to be looked at througha business and wealth creation lens. Within aninclusive economy, entrepreneurship, whetherformal or informal, would be supported by:• Removal of regulations that unduly inhibitprivate sector development;• An integrated perspective on micro, small,medium and large enterprises;• Linkages between various sizes of businesses;• Increased efficiency and productivity of thelabour force;• Enhanced competition;• Expanded markets. 96In making profitable markets more inclusive ofthe poor, risk mediation is a fundamental concern.Formal institutions and large firms as wellas small and micro enterprises are all equally riskaverse, given the absence of adequate investorprotection or social safety nets in many countries.Acceptable risk is central in developing andsustaining trust. 97 So far, successful mediationbetween large and small businesses has usuallybeen provided by guarantees through contractualand financial arrangements facilitated by credibleintermediaries such as donors, governments andNGOs. These models can be scaled up to becomemainstream if there is political will towards propoorpolicy and institutions that can move currentpractice towards greater parity and fairness inaccess to opportunity and assets.sector, in the national economy. These corporateentities of micro-enterprises can become thenatural partners of larger corporate entities thatmight outsource many of their operations andcomponent inputs to these entities. The problemsof dealing with large numbers of such enterprises,scattered as they are across the country,and maintaining quality control have discouragedwhat might otherwise have been a mostcost-effective partnership between the formaland informal sector. Larger corporate entities ofmicro-enterprises would eliminate both the costand managerial problems associated with buildingthis linkage and could open new horizons ofopportunity that might lead the informal sectorto become formally integrated with the macroeconomy.98To Sum UpThere are rich, real life examples of ‘businessrights’ successes from all over the world that canbe borrowed and implemented, with necessary improvementsand modifications to suit local environmentsand priorities. What is needed on the partof both the authorities and business participantsis openness in critically evaluating real-life cases,and in adopting and adapting as necessary thosewith potential for successful implementation.Another example of integration is the prospect oflarge numbers of micro-enterprises, living precariouslives in the informal sector, coming togetherto form large corporate entities, and competing innational and global markets. This could providea new perspective on the role of the informal255