Youth unemployment is one of today’s global challenge, where many youths both in the formal and informal sector are struggling with. The World Bank estimates we need around 600 million new jobs in the next 10 years just to keep global employment rates constant and according to the International labour Organization (ILO), 73.3 million of the world’s unemployed are young people representing about 36%. This problem is more prevalent in rural communities where increasing migration to urban centers around the world means a higher concentration of rural poverty.
Youth entrepreneurship seems to offer more innovative solutions to issues of unemployment and provide a better solution for economic growth among young people. The freedom that comes with entrepreneurship gives young people space to have bigger plans for their career - youth entrepreneurship is the most sustainable youth empowerment initiative program any government can give to its teeming youth populations. But, how does the government or institution responsible for this, encourage this new drive of self-wealth among the youth?
1. Spark Entrepreneurship & Get Communities Onboard
One of the factors to get the youth interested in entrepreneurship is the competition among their various peers for the overall winner which comes with a huge price or benefit. This kind of initiative can mobilize a large group of youth to focus on specific problem-solving issues.
In the entrepreneurship ecosystem, most of the youth engineered program's focus is to eliminate or close the unemployment disparity by implementing programs that encourage large community youth representation. It’s important to consider family and community support to achieve this agenda, community support to start and operate a business is one of the most influential factors in the ability of entrepreneurs to make headway, especially for the youth in the rural areas. Finding ways to engage and gain support from families and communities is vital.
2. Be Impact Centered & Provide Technical, Life Skills
For the efficient promotion of entrepreneurship targeted at the youth, it should be grounded in the local context and more relatable geared towards the problem it’s intended to solve. The Policy in this area also needs to be considered in the context of young people’s lives today, and what is on their mind - as for many young people this means pursuing impact as well as profit to better their lives.
A lot of young people in most developing economies have resorted to entrepreneurship because of the lack of job opportunities after leaving school. Also, self-employment is a second stream of income for those who are already working. The architect of these programs for entrepreneurs must develop strategic plans to keep the program running so it impacts technical and life skills which can change the individual to harness those skills to better his/her life. If this program features skills training that can be used beyond the end of the project become more attractive to the youths and communities, then that should be encouraged.
3. Give The Youth A Seat At The Table
The framers of youth entrepreneurship programs should create policies and initiatives that in the decision-making process directly affect the right end recipient for what is intended for. The youth must be included in the decisions that will affect them from the onset, from the boardroom to the implementation; to create the necessary rapport among the leaders and the youth.
The late Kofi Annan said: “I am convinced more than ever that any society that does not succeed in tapping into the energy and creativity of its youth will be left behind.” The way forward is, the leaders around the world leaders must include youth in their decision-making bodies and this is beginning to yield positive results.
4. Accessible Financial Support For The Youth
For young entrepreneurs, obtaining access to capital is essential to establish or expand their business. Unfortunately, these young people typically have the least access to ready capital. Accessing finance varies from country to country depends – but also from community to the community. As such, programs need to factor in the best ways possible to make it less cumbersome and plan carefully how best to support young people to get the funds that are readily available when they need it. This means thoroughly examining different financial models and developing products tailored to the needs of participating youth.
5. Create Pathways
It’s important to create a template for cases of studies that can be passed on to the next set of future entrepreneurs. The case of successful entrepreneurs can be set as a benchmark and motivation for prospective youth who want to partake in entrepreneur programs.
The power of youth entrepreneurship is not to be underestimated as a value creator. It is now time for governments to do their part in making this a reality. As Alibaba’s founder Jack Ma said in the early days of his business: “We will make it because we are young and we never, never give up.
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