Benefits of Being a Young Entrepreneur

 

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 on their health, wellbeing, and future. Hence, one of the ways to get young people into the labor 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 compared to helping 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.

Entrepreneurial skills are skills for life

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 in school performance and later in life.

Prevent exclusion from the labor market

In the situation of a global crisis when many have lost their jobs, the risk of getting excluded from the labor market becomes higher among youth and especially women. The COVID-19 crisis impacted 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 of different ages in need of an occupation.

Entrepreneurship is a real tool for a more secure future

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 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 accelerating sustainable growth.

Innovation helps preserve traditional practices

Cultural and creative industries can generate considerable economic wealth. That’s the reason why over the last decade, this knowledge-intensive sector has been regarded as a catalyst for local economic development all over the world. At the same time, these industries are essential to a shared sense of identity and culture. Besides a high level of skills and talent, they rely on younger people, especially in the sector of cultural heritage. Thus, entrepreneurs have the chance to harness the innovative capacity of cultural heritage by creating new jobs and preserving traditional practices. Thus it bridges the gap between local communities and the entrepreneurship culture.

 

Young entrepreneurs can rank first among the people that want to start a new business, yet there is a higher rate of established and mature businesses among younger adults. This means that in different contexts young entrepreneurs face higher barriers. The myth of the young entrepreneur is not everywhere the same. While tech professionals in Silicon Valley take cosmetic surgeries to appear younger to venture capitalists, young people in other countries struggle to succeed because they don’t have enough access to information, knowledge, training, or peer-to-peer support networks. Success stories of young entrepreneurs raise awareness among policymakers and institutions for empowering youth-led initiatives.
For example, in the case of Liberia, a country where over 60 percent of the population is under the age of 35, support for youth entrepreneurship and leadership was considered crucial to building  COVID-19 resilience.

Even though getting started with entrepreneurship can have many advantages at a younger age, it doesn’t mean that older people cannot succeed. Everyone who has a good idea and willingness to turn it into reality can become successful and a source of inspiration for others. The Entrepreneurship Campus gives to aspiring entrepreneurs the chance to get started at a young age or as young adults. They can take entrepreneurial training, become part of a peer-to-peer support network, and join The Citizen Entrepreneurship Competition in the youth or adult categories.  You can be part of this challenge if you have an idea or a project. Get ready, the Citizen Entrepreneurship Competition 2022 will start on April 1st. For the time being, you can preregister Here, and you’ll get notified when on April 1st to complete your registration and submit your innovative ideas or projects to the CEC 2022.

Photo by Ngobeni Communications on Unsplash

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31 Comments

  1. Wao! What an interesting blog on the platform’s blog. I want all campus members to read this blog fast.

  2. Did you know that ” higher barriers ” is one of the major setback for the young entrepreneurs?

  3. Being a young entrepreneur, did you know that you will learn from the older one and become great in the future l?

  4. Did you know, getting started with entrepreneurship you can asks many questions and the answers will give you the advantages to grow?

  5. My own plan is make sure young Nigerians benefits the same way those citizens of Silicon valley enjoy.

  6. Did you know that the above article can change the lives of countless young people?

  7. From the article above, the government should invest in entrepreneurship according to the case in Liberia.

  8. I read the innovative article in the blog, l came across countless young people in Liberia, please read it by yourselves.

  9. I love inyang and emmanuelekpenyong comments, so please let all of embrace this

  10. Anonymous

    20.06.2020 · Reply

    Entrepreneurship is an uncommon tool for a more secure future.
    Did you know?

  11. I really like this article. As a young person myself. I am interested in entrepreneurship because I see a vacumn that needs to be fill and I feel it is important that this is done expercially as it concerns education. I want to be a role model to my friends out there to strive to attain an education irrespective of any circumstances

  12. Yes being a young entrepreneur will sure make the young once be a role model to their peers. Is necessary for them to be catched young rather than growing to depend on white colar jobs that are not coming

  13. Entrepreneurial skills are skills for life. Problem-solving, critical thinking, innovations etc

  14. Employment starts from oneself; why not utilize your brain to get what you want?

  15. Hey, I read your article and your information are such great and amazing it is so much helpful for me. Thank you so much:)

  16. 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 in school performance and later in life.
    Awesome I agree with this definition.

  17. Awesome I totally agree with this definition.
    “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 in school performance and later in life”.

  18. Entrepreneurship is about solving a problem, not starting a company. Today we the young entrepreneurs have the advantage of the Internet, which has collapsed time and distance barriers.
    We have the Internet and we have the data things challenges a lot

  19. Today’s young entrepreneur has the advantage of lower costs of entry.
    Just a generation ago, starting a business meant brick-and-mortar expenses.
    Today it requires a data plan and a smartphone.
    A generation ago, getting an advanced degree meant years away from the workforce.
    Today it means logging into an online classroom after work.

  20. These lower costs of entry mean top talent is emerging from broader and more diverse backgrounds than ever before.
    It also means young people have the freedom to pursue entrepreneurial ideas rather than signing up for 30 years at the same, safe company their parents worked for.

  21. A great example of this is the Mexico-based Solben, founded by Daniel Gomez in 2009 while studying chemical engineering at the University Technologico de Monterrey.
    He was frustrated by the conventional
    wisdom that suggested Mexico’s reliance on distributed power made adopting alternative energy more difficult. So Gomez developed a new, scalable biodiesel company—and today more than 80 percent of biodiesel production in Mexico uses his technology. Isn’t this awesome?

  22. Young entrepreneurs today are also “non-experts”—a unique advantage in a wired world. Access to 24/7 global information, global networks and
    global resources means experience is more important than seasoned business acumen.

  23. As a result, this generation of entrepreneurs sees and solves problems through a fundamentally different lens.
    One of my favorite examples of this is Vital Vio, a company founded by biomedical engineer Colleen
    Costell after her grandmother fell sick while in the hospital—the one place Colleen’s family thought she’d recover. What, Colleen wondered, could help hospitals quickly and efficiently kill germs and improve patient safety?
    The answer was, in a word, lights. Colleen’s team developed overhead LED lights that safely kill microorganisms—meaning hospitals can be cleaner simply by leaving the lights on.
    This simple, revolutionary idea is being applied in laboratories, hospitals, restaurants and other facilities across the world.

  24. Young entrepreneurs today are also unburdened by artificial timelines.
    Watching the enormous success of companies like Facebook and Google—started by founders who were barely out of college—has dramatically altered the under-25’s sense of when it’s “right” or “appropriate” to pursue a good idea.

  25. One of my favorite examples of this is Immudicon. Its founder, Riley Ennis, was a sophomore in high school when he started working in biotech.
    Today his company is developing a new cancer vaccine technology that teaches immune cells how to recognize and remove tumor cells. It is partnering with Georgetown Lombardi Cancer Center and others on research.
    Who knows how many people suffering from
    cancer will benefit from this innovation? And who knows how many people would have become more ill, or even died, had Riley waited until he was done with college, or grad school or spent years in the workforce
    before pursuing his goal?

  26. I’m not suggesting that young entrepreneurs have nothing to learn. Quite the contrary.
    One of our greatest advantages is access to an unparalleled number of smart and experienced mentors.
    Thanks to the Internet, we don’t have to worry about finding people near our homes or in our age
    group to team up with. We have access to a wealth of advice, support and potential partners right at our fingertips.

  27. I’ve benefited from all these advantages since founding Afrik Designers brand with Inspired African Fashion Designs one year ago.
    We didn’t set out to build a company. We saw a problem and created a solution. Check out our Idea project at the link below and help us and vote us up!

    https://www.entrepreneurship-campus.org/ideas/26/18576/#vote-container

  28. I believe by solving one small problem. And that just might change the world.

  29. At Afrik Designers we are building the fashion retail company of the future right here from Africa. We provide quality product at reasonable prices with exemplary services.
    We intend starting out on a small scale by making African – print fabrics into dress for clients in Lokoja Nigeria based on their demand, but that will not in any way stop us from maximizing our potential in the sewing / fashion design line of business.

  30. I also think entrepreneurship is an opportunity for everyone to address challenges in their own community. If we utilize the resources and knowledge we have as the youth to drive impact to the hard to reach areas that we are a connected to as individuals, this will drive social transformation of communities and the world at large.

  31. […] Why is entrepreneurship important for youth? […]

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