Benefits of Being a Young Entrepreneur
Published on: 15.03.2022
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.