youth Entrepreneurship and biz support

We are living in exciting times. Technology, globalisation and advancement in all fields has ushered a new age where lifestyle is going to be redefined. Internet has changed the face of the earth. It has managed to erase the borders and nationalities to bring all of humanity on one platform. Internet also provides unlimited opportunities to the youth for starting ones own business enterprise rather than seek jobs. Whether one is good in technology, trading, product development or any field, there are unlimited opportunities to build a successful venture if one has the entrepreneurial drive. While recognising the need and the potential of Youth Entrepreneurship world over, ILO and other Agencies have begun to focus on establishing programs to help create, nurture and support Youth Entrepreneurship world over. The effort to encourage the YE culture has got to be done by the countries themselves. In trying to address the YE program, several studies have been conducted to identify the areas where YE needs to be supported, identify the barriers to YE in the societies and to develop implementation strategies to help build Youth Entrepreneurship.

For a Youth Entrepreneur, starting an own business can be quite an overwhelming exercise. Though he or she might have a good business idea or identified opportunity, the lack of experience and exposure to business world can level them running around the pillar trying to set up a business organisation and get going. The challenges of starting a business are many. When an individual is starting an enterprise, he has got to handle all matters of organisation including administration, accounting, taxation, production, purchase, marketing and all jobs by himself. Having no previous experience, he has got to learn the ropes of the business and find out how things work. At this stage one needs help in the form of business support, mentoring and supporting network that can help him get going and learn the ropes faster too.
Apart from the other areas like finance, marketing, regulatory requirements and registration etc, where the Young Entrepreneurs are needed to be trained and assisted, they will also need support and assistance on how to get the business started and get going.
Lack of Business Contacts - In the start up stage, the YE is not aware of the suppliers and customers in the market. Identifying and understanding the procurement market and getting to know the customer markets can take quite a while. It is a lot easier if at this stage business specific support and information were to be extended through advisory bodies. Readily available information and industry contacts can make it a lot easier and faster for the YE to move ahead in setting up the operations and get going.

Business/Industry Specific Business Assistance

Every business has its own way of business operations and culture. Providing exposure to industry specific processes, introduction to the markets and suppliers including the common methodology and procedures of doing business can make it a lot easier for the YE saving a lot of his time. Such support can be made available through Government support agencies and specific Trade bodies with trained workers and researchers with experience.

Mentoring

If Young Entrepreneurs were to be provided access to mentors and experienced business entrepreneurs, it would help YE receive not only the practical guidance and wisdom to get going and avoid mistakes but their confidence as well as the speed at which they can move ahead in their business will be enhanced. The mentors have been there and done that and hence are in a position to guide the YE in the right way wherein costly mistakes and delays can be avoided and the YE gets to climb the learning curve faster.
In the mentors happen to be from the same line of business as the YE, then the value of such an association can be much higher for the Mentor can introduce the YE to the market and the industry and support in giving the leads.

Infrastructure Support

YE in the initial stages would require a lot of help in setting up an office and get started. Most often they lack the resources to fund for the basic infrastructure. Providing working space and common administrative support in the early stages can help the YE immensely for they not only save on spending the money on infrastructure and can invest into the business but they save time and effort in setting up the infrastructure support too.
SAYES Australia [South Australian Youth Entrepreneur Scheme] is a project sponsored by South Australian Business community which is designed to support the youth in the age of 18 to 30 years in their endeavour to become entrepreneurs. The entire business community is engaged in encouraging the youth build on their business ideas, provide the requisite training and support and mentor them. The youth has access to the entire business community and the network through SAYES. With selected Young Entrepreneurs, SAYES engages in mentoring, assisting in building the business plan and proposal as well as providing financial, legal and statutory compliance advice. They introduce the YE to the network of businessmen members in the industry and such contacts are of immense help to the beginners. SAYES also conducts business skills and other related trainings and conferences for Young Entrepreneurs. In some cases the agency also provides financial assistance depending upon the eligibility criteria and the business case.
In conclusion we can say that there is a lot that the business community and experienced veterans can contribute and lead the Young Entrepreneurs until they learn the ropes of the business. It is for the Youth to realise this and see value in receiving guidance.
Starting an enterprise with meagre resources and no background experience is very tough indeed. Government and other business networks have a lot to contribute and assist YE in getting started by means of providing common shared resources and infrastructure at affordable prices or free of cost.

youth unemployment

Youth unemployment is being recognised as one of the problems that could grow into global proportions in the coming years causing social and economical problems for the societies. Youth entrepreneurship is being look at as an alternative besides other methods of creating employment opportunities. However, there is a need for global recognition and promotion of Youth entrepreneurship on sustained long term basis for this field certainly holds a promising future. Revolution in technology and the resultant growth in all fields and globalisation has impacted the World. Developing countries like India and China are growing rapidly both in terms of economic development as well as population. Growing economies provide ample opportunities for services and provide opportunities for entrepreneurs to set up small enterprises in different fields. There are huge opportunities for individual enterprise in IT Services, Financial services, Travel and Tourism, Food, Supply chain, Health care services and many more fields. While some country’s economies are not growing and the unemployment is growing, in the developing countries which are registering higher economic growth, there is no impetus for growth of youth entrepreneurship.

Reasons and Causes of Youth Unemployment & Entrepreneurship

1. Socio-Cultural Factors as Inhibitors to Entrepreneurship

   In some of the countries the social and cultural outlook of the societies may not encourage initiatives and entrepreneurship. Many societies expect the youth to obtain education that enables them to get a job and earn salary to support the family. Economic compulsions too can push the families to encourage youth to look for jobs and not look at opportunities. In some cases certain caste or class of people are habituated to practicing certain occupations and thus entrepreneurship becomes a prerogative of certain sections of the society. Some other societies are risk averse and tend to play safe, while many communities believe in their children pursuing defence services opportunities or social service opportunities and so on.
   In societies where the incidence youth rebellion, revolt and violence is very high due to economic situation as well as due to the cultural outlook, youth may be wasting their time neither pursuing education that helps them gain employment nor trying their hands at hands at entrepreneurship in the face of too many obstacles and hurdles in the society.
   

2. Economic & Political Factors

   Economies which are not growing are grappling with huge unemployment problems and this is affecting the youth too. When the economy is down and the business is not doing well, there will be no opportunities for small entrepreneurs to provide services to support the economy and business.
   Political will and focus to focus on youth in the country and to create a positive environment that encourages youth to dream and work towards realising their dream is very much necessary in any society. It is the political will that can spearhead the Youth revolution. Absence of stability in the political situation of the country and the political party’s outlook towards this area can make or break the youth entrepreneurship’s growth.
   

3. Policy framework

   Government policy and framework in the country helps identify and build the base for youth entrepreneurship. The policies need to encourage and provide opportunities as well as assistance and environment to give impetus to youth entrepreneurship and have got to be implemented at national, regional and local levels. Policy directives will need to engage the business, banking, educational and other sectors to be able to deliver definitive steps to encouraging and aiding youth entrepreneurship. Lack of such policy framework can hinder the growth and initiative in the youth.
   

4. Industry Support & Patronage

   In any industry, it is largely the business sector that provides opportunities for support services and creating new networks of business enterprises. Similar to their role in social responsibility, Industry can create a very strong platform to help develop the youth and give them the support and guidance as well as opportunities to the youth. In society where the industry enterprise is not very significant or not very active, there can be no encouragement for youth entrepreneurship.
   

5. Education System & Orientation

   In most of the countries today the education system is geared to enabling the youth to pass out with their qualifications based on academic knowledge and prepare for seeking a job. There is little or no focus on building and equipping the students with leadership, building awareness and giving them training for entrepreneurship. Of late there is a trend to introduce specialised courses and training modules on entrepreneurship in many of the universities. In most cases the students do not attempt to think out of the box as they are not equipped with the necessary skills.
   

6. Finance & Business Support

   One other biggest hurdle faced by each and every entrepreneur is the lack of financial backup and funding as well as guidance required to incubate new business. Most often those who attempt to start any enterprise do so borrowing from family and friends and dipping into their saving. After a while the business starts to suffer due to lack of funds and they end up in a debt trap. Banking and financial assistance should be made available easily and this can happen only with the active support and engagement by the Government. Nowadays venture capitalists are funding new enterprises. However this is available to very few and not to the larger sections of the society.
   

this happens in most of the Ldc's and in countries swallowed up by politics with minimal leader ship skills

youth entrepreneurhip

Youth is the Future of every nation & inheritors of the earth tomorrow. This statement stands true in every sense. When a country has a healthy youth population, you will find the country making headway in terms of overall development and progress. A country with high aging population and lower youth population has a lot of problems to content with that can slow its growth.
The world today has transited into a ‘Technology Era’. Technology has enabled progress in all fields and all societies. Technological revolution has changed the face of lives of people bringing healthcare, information and connectivity to even the most remote areas that were hereto isolated.
Globalisation has brought countries together and created entire world market. We are seeing a lot of changes in the international political map of the world. Countries are beginning to show determination to move from the old age monarchies and dictatorial regimes towards democracy.
Progress and challenges go hand in hand. One of the major challenges faced by most of the countries in the world today is to do with Youth unemployment. The overall unemployment rate is growing at an alarming speed. Amongst the unemployed, the unemployment of youth seems to be alarming. The current global youth population is estimated to be at 1.5 billion of which 620 million are employable and ninety percent of this population live in developing countries. Countries like India and China have a fast increasing youth population and the rate of unemployment too is rising rapidly. As per ILO’s prediction approximately 660 million youth will be seeking employment by 2015. The youth unemployment is higher measuring up to 50-60% in Asia.
The above figures stand to reveal the fact that Global youth unemployment could boomerang to become a global crises causing social and economical impact on all countries besides pushing the economies and progress backward. Though every government as well as World Organisations do frame policies and promote schemes as well as funds to promote youth employment programs, the quantum of such effort is negligible when compared to the huge numbers.
Governments are focussed on looking at framework and strategies to creating new jobs and increasing employment rates. However there is an urgent need for the policy makers to look specifically at the Youth unemployment and related issues. In some of the countries youth entrepreneurship is being recognised as a promising alternative and is being actively promoted by various agencies. If promoted actively, Youth entrepreneurship can help sustain growing economies; integrate youth into the workforce besides leading to overall development of society.
Entrepreneurship in any society is a sign of progress. The IT business in US has been the bedrock for youth entrepreneurship and created stars and multi-millionaires in Bill Gates, Steve Jobs to Google’s Sergy Brin and Larry Page and many more. There are similar such stories in other countries too. However, the need of the day is to create many more stars and make available the opportunities for every youth to dream big and try their hands at entrepreneurship.
Youth entrepreneurship has an impact on social as well as cultural and economic progress of the society. Building an environment that promotes creatively and provides opportunities for entrepreneurship calls for multi pronged strategies implementation and involvement at all levels including Government, industry, political, social as well as educational sectors.
Working towards Youth Entrepreneurship programs can help solve as well as avoid a lot of problems that are currently staring at the countries and pave way for a better future and progressive societies world over.