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 in their health, wellbeing, and future. Hence, one of the ways to get young people into the labor market is through youth entrepreneurship. Not only it provides 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 help 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 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 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 accelerate sustainable growth.

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 is 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. The 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.

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13 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. 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

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