  We present results of an experiment benchmarking a workforce training program
against cash transfers for underemployed young adults in Rwanda. 3.5 years
after treatment, the training program enhances productive time use and asset
investment, while the cash transfers drive productive assets, livestock values,
savings, and subjective well-being. Both interventions have powerful effects on
entrepreneurship. But while labor, sales, and profits all go up, the implied
wage rate in these businesses is low. Our results suggest that credit is a
major barrier to self-employment, but deeper reforms may be required to enable
entrepreneurship to provide a transformative pathway out of poverty.
