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, others feel challenged by several issues. They may have an education and set of skills but cannot find employment. The lack of jobs among young people has consequences in their health, wellbeing, esteem and future. Hence, one of the ways to get young people into the labour market is through youth entrepreneurship. Not only does it provide employment prospects to inexperienced youth, but it has an impact on economic growth through new jobs, increased competition, and innovation.
Young people, and not only them, who set up a new business are seen as role models from their peers. Although most successful entrepreneurs can be young adults or older, there is always the chance for young entrepreneurs to turn their ideas into successful businesses. If this happens in a vulnerable or disadvantaged community, the impact can be huge and this can greatly contribute to the economic and social development in those communities. The social impact is one of the main reasons why entrepreneurship is attractive to young people. Many success stories have established a link between youth and success, especially concerning entrepreneurship. They can be more innovative and disruptive, they have more time, energy and dynamism, they are ready to take risks while not having a lot to risk, and they tend to have fewer family or financial responsibilities.
Thus; one of the biggest advantages of getting started with entrepreneurship at a young age is the opportunity to learn important skills such as teamwork, networking, problem-solving, critical thinking, innovation, self-discipline, etc. All these skills can help later in life.
In such situations as the global crisis when many have lost their jobs, the risk of getting excluded from the labour market becomes higher. The COVID-19 crisis can impact youth in different ways such as income loss, disruption to on-job training and learning, increased difficulties for employment, and even poor quality of employment. On the other hand, when young entrepreneurs start a business, they also create decent jobs not only for their peers but for people
Lastly; People never had more time to think about entrepreneurial solutions than during the COVID-19 pandemic lockdown. The health crisis adds more to the economic uncertainty in general. Therefore, young people who can be students or newly graduates should consider entrepreneurship as a way to take control of their future. At the same time, they create solutions while boosting local communities and creating social and economic change and accelerate sustainable growth.
Overall; many young people in many countries struggle to succeed because they don’t have enough access to information, knowledge, training, or peer-to-peer support networks. At YEEF, we provide this platform to the youths and also use success stories of young entrepreneurs raise awareness among policymakers and institutions empowering for youth-led initiatives.