There are countless reasons why people decide at a certain moment in their lives to start their own business. Some see a good business opportunity, while others feel challenged by various issues. They may have an education and skillset but cannot find employment. The lack of jobs among young people affects their health, wellbeing, and future. One way to help young people enter the labor market is through youth entrepreneurship. It not only provides job opportunities for inexperienced youth but also boosts economic growth through new jobs, increased competition, and innovation.
Young people, and others, who start new businesses become role models for their peers. Although most successful entrepreneurs are young adults or older, young entrepreneurs also have the chance to turn their ideas into successful businesses. If this happens in a vulnerable or disadvantaged community, the impact can be significant, aiding in the economic and social development of those communities. The social impact is one reason why entrepreneurship appeals to young people. Many success stories link youth with success, especially in entrepreneurship. Young entrepreneurs can be more innovative and disruptive, have more time and energy, are willing to take risks, and often have fewer family or financial responsibilities.
Entrepreneurial Skills Are Lifelong Skills
One of the biggest advantages of starting entrepreneurship at a young age is the chance to learn important skills such as teamwork, networking, problem-solving, critical thinking, innovation, and self-discipline. These skills can help in school performance and later in life.
Preventing Exclusion from the Labor Market
During a global crisis, when many lose their jobs, young people and women face a higher risk of being excluded from the labor market. The COVID-19 crisis impacted youth in various ways, including income loss, disruption to on-the-job training and learning, increased difficulties in finding employment, and even poor-quality jobs. However, when young entrepreneurs start a business, they also create decent jobs for their peers and people of different ages who need work.
Entrepreneurship as a Tool for a More Secure Future
People had more time to think about entrepreneurial solutions during the COVID-19 pandemic lockdown. The health crisis added to economic uncertainty. Young people, whether students or recent graduates, consider entrepreneurship as a way to take control of their future. They create solutions that boost local communities, foster social and economic change, and promote sustainable growth.
Innovation Helps Preserve Traditional Practices
Cultural and creative industries can generate significant economic wealth. Over the last decade, this knowledge-intensive sector has been seen as a catalyst for local economic development worldwide. These industries are essential for a shared sense of identity and culture. Besides a high level of skills and talent, they rely on young people, especially in the cultural heritage sector. Entrepreneurs can use the innovative potential of cultural heritage to create new jobs and preserve traditional practices, bridging the gap between local communities and the entrepreneurial culture.
Young entrepreneurs can be among those most eager to start a new business, yet younger adults often have a higher rate of established and mature businesses. This means young entrepreneurs face higher barriers in different contexts. The myth of the young entrepreneur varies by region. While tech professionals in Silicon Valley undergo cosmetic surgeries to appear younger to venture capitalists, young people in other countries struggle due to lack of access to information, knowledge, training, or peer support networks. Success stories of young entrepreneurs raise awareness among policymakers and institutions, empowering youth-led initiatives. For example, in Liberia, where over 60 percent of the population is under 35, support for youth entrepreneurship and leadership was crucial to building COVID-19 resilience.
Starting with entrepreneurship at a young age has many advantages, but older people can also succeed. Anyone with a good idea and the willingness to turn it into reality can become successful and inspire others. The Entrepreneurship Campus offers aspiring entrepreneurs the chance to start young or as young adults. They can receive entrepreneurial training, join a peer support network, and participate in The Citizen Entrepreneurship Competition in the youth or adult categories. If you have an idea or project, you can join this challenge. The Citizen Entrepreneurship Competition 2022 will start on April 1st. In the meantime, you can preregister and receive a notification on April 1st to complete your registration and submit your innovative ideas or projects to the CEC 2022.
