The process through which one comes up with a new business with the objective of investing to generate profits is what is termed as entrepreneurship. Due to the need to create employment, most governments encourage its citizens to be entrepreneurs. In so doing, they not only create employment for themselves but other people as well. The youth happen to be a critical group when it comes to the future of any given nation as a whole. Therefore, it is critical that most programs should target them for the sake of the countries development. This paper will be addressing the importance of youth entrepreneurship.
There is a whole significant difference between the youth and the other members of the society. The young students are still in school and quite far from employment, and they are still with their parents. Any planning to do with them requires the involvement of the ones who are sponsoring them. The parents, on the other hand, are most probably employed or working on their businesses, which may be using the older technology. These are likely to be faced out with time, as they may not be as innovative as the upcoming youth. The older generation is retired and surviving on their pension or life savings while relaxing in their homes. The ones left out are the youth who are the young adults, and they are the ones who will be steering the nation forward (Cuban, Patel & Mccue, 2017, 42). This means that a majority of investment programs need to be geared towards assisting the youth to set themselves up.
Entrepreneurship teaches valuable skills to the youth, which they need most at this juncture in their lives. Also, it makes them see the reality of the lifelong training that they have been receiving both at school and under their parents. Since entrepreneurship is about running businesses, they are taught concepts that relate to the management of such establishments. They get to appreciate the various aspects of businesses administration like the supply and demand, the need to maintain books of accounts and hiring experts to deliver services in certain departments. They plan to get to know the importance of management and the mission and vision that is at the heart of the business.
At a personal level, they find the need to equip themselves with professional skills knowing that they will require these abilities in running a successful business. Hence, according to Valerio, Parton, and Robb (2014), they are engrossed in not studying necessarily for exams but to find as much as possible in looking for the right idea to design and implement. They will be working hard to polish on the same knowing too well that the best and most innovative will assure them of a successful business. They build on interpersonal skills, having known the importance of relationships when it comes to interacting with customers, employees, suppliers, and other stakeholders.
The youth are the only group that is energetic enough and have the time to attempt many different ideas before they settle on the one that will finally work out. They may take on different careers, trying them out while looking for that which is most suitable (Delgado, 2004, 197). At this juncture, most of them may not have discovered their inert abilities, and they may not have discovered themselves yet. They can afford to drop a career along the way and go back to college for something else because they also have the time and the concentration required to focus on their studies. Some of them take on courses that had been selected for them by their parents and along the way they discover that it was not what they wanted.
The government may need to experiment with some ideas; the best people for the same are the youths. They do not have responsibilities weighing down on them, like their parents and therefore, have minimal risk in trying out some other new ideas. Delgado (2004, 115) asserts that the government also involves them in new ideas to see whether they are feasible, something that they find hard to attempt with the older group. They require a minimal amount to travel and be set up in different regions for the sake of trying out some services and products. At the college level, they take on projects where they mimic real-life scenes, and gauge their success out of which they may settle for the given idea after their studies.
Unemployment is a reality, and therefore most educational courses seem to be geared towards encouraging the youth to take on entrepreneurship as a career path. They are living in an era when they can no longer wholesomely rely on the traditional formats of employment. They start targeting what they will pursue as business people at an early stage in school. On completion of their studies, it will be a matter of implementing the skills gained, and in so doing they may create employment for others (Valero et al., 2014). They come up with ideas that have never been implemented before which form the basis of their entrepreneurial journey. It has been noted that most companies contract students as soon as they have graduated to tap on their enormous creativity and innovative skills. They know too well that they are a powerhouse of ideas that will trigger innovation or greater improvement of the mode of conducting business by the company. There are those who may not want to have their ideas exploited and may choose to establish their startups.
The youth have a higher chance of succeeding in business than the older group who may not be that innovative. It is easier for the youth to come up with new ideas and implement them as compared to the adults. The youth have the energy, flexibility and a higher thinking capacity than the ones who have been in the market for long. It is hard for the ones who have been in the business world for quite long to embrace new ideas unless they have been proven to work. Delgado (2004) agrees that this will mean that by the time they go for an idea they will have been forced by circumstances when their rivals are having a competitive edge (86). In fact most of the investors who have been in the market for long end up not harnessing the initial profits while waiting on the periphery for the idea to be applied by others. Sometime they may choose to try it out on a smaller scale before going full scale with it. The youth, on the other hand, will plunge into the idea of making them have a higher likelihood of becoming overnight millionaires.
Entrepreneurship is an inspiring venture for the youth in this era of few jobs and insecurity for the ones employed. The wages for the ones who are employed have either stagnated or are going downwards as time progresses. Therefore, getting employed is no longer an attractive venture as it used to be several years back. There are fewer job opportunities for the upper and middle-class group leaving the youth with fewer openings which are further complicated by the larger numbers that are graduating from colleges and universities every year (Delgado, 2004, 121). The ever-increasing economic pressures and the dwindling resources coupled with stiff competition have left some companies opting to have their employees on casual basis rather than permanently employed. Companies have been becoming bankrupt by the day leaving the idea of job security as a mirage. The only alternative left for the youth is to take on entrepreneurship as a solution to unemployment and for them to be in a position to take charge of their lives (Cuban et al., 2017, 28). Technological advancements have not helped when it comes to the stability of large corporations that rely on outdated means of production. This has created numerous opportunities for the youth to take advantage of and become entrepreneurs for their own sake.
In conclusion, it can be said that a nation that does not invest and encourage her youth to take on the entrepreneurial culture has got no future. Through entrepreneurship, they learn new valuable skills and they can afford to experiment with different ideas until they settle on the one that works for them. It is no longer a choice for many but rather a career path to be embarked on right after graduating. Their businesses have a higher chance of succeeding, and they end up being an inspiration to the others. In a world that is full of uncertainties, due to technological advancements, and the effects of globalization, entrepreneurship is one of the most solid ways that most can take charge of their economic lives.
Cuban, M., Patel, S., & Mccue, I. (2017). How any kid can start a business: with kid interviews & 10 business templates.
Delgado, M. (2004). Social youth entrepreneurship: the potential for youth and community transformation. Westport, Conn, Praeger.
Valerio, A., Parton, B., & Robb, A. (2014). Entrepreneurship education and training programs around the world: dimensions for success. http://public.eblib.com/choice/publicfullrecord.aspx?p=1695961.
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