What is entrepreneurship? It is an act of starting a new business or venture, taking on all the risks and responsibilities involved. It is the ultimate tool to tackle almost any economic problem. Entrepreneurship’s role in fostering employment, creativity, economic growth and individual recognition, and thereby securing economic livelihoods, has made it a crucial and much-trusted solution in the hands of strategists.
The emergence of entrepreneurs and small businesses has successfully taken a toll on stagnant growth rates and rising unemployment rates. Because of the underlying advantages and benefits, many people, especially youth, consider entrepreneurship as a viable career option when regular employment opportunities do not meet the needs and expectations of aspiring youth in both developed and developing countries. Given the benefits that community entrepreneurship brings, it has become a critical issue for governments around the world. In addition, entrepreneurship has become an essential investment item. And so governments are taking every possible step to consolidate their footing in the economy.
Youth: The backbone of a nation
The future of every nation and every heir of the earth is youth. Therefore, energetic, artistic, innovative, enthusiastic and dynamic youth is necessarily the backbone of a country. This statement applies in every respect. So if a country has a healthy young population, the government will make strides in terms of overall development and progress. If used appropriately, their energy and enthusiasm are likely to bring about tremendous positive change in society and the nation. Young people are active participants and creative digital innovators whose contribution to sustainable development has always been visible.
youth and entrepreneurship
A large part of the young population is driven by entrepreneurship, which is seen as a viable and more reliable career option than paid employment. She sees entrepreneurship as a means to achieve her goals and to gain a sense of achievement. It has become a new way of achieving what you are capable of. In addition, the eagerness to do something new and be its boss makes it a perfect option for young people. Many young people who find it difficult to work for others find entrepreneurship excellent and fulfilling. However, while many embrace entrepreneurship with full enthusiasm and passion, a large proportion of young people choose entrepreneurship not out of choice, but out of necessity. The need to support the family income and the unavailability of the desired job type compel them to take the course. The lack of decent employment opportunities leads young people to seek alternative livelihoods. Youth is the key job seeker on their journey from puberty to adolescence. Although many young people take over their family businesses, most young people become job seekers for the first time and look for opportunities in their local area. While many of them manage to find the type of work they want, a large proportion of them need help finding a suitable position and beginning to consider the prospects of starting their business.
Entrepreneurship helps them use their skills to create something original and be proud of it. The growing attention to entrepreneurship among young people can be attributed to two factors. The first is the ever-increasing number of unemployed young people and the second is the desire for competitiveness coupled with the pressure to upskill. Entrepreneurship is not only an effective solution to the problem of youth unemployment, but also gives young people a stage to explore new ideas and opportunities. Entrepreneurship gives them the chance to come out of their cocoon and add something to technological changes. With their innovative and disruptive ideas, entrepreneurs sometimes help to tackle societal problems that would otherwise be difficult to solve. Today’s youth are much more entrepreneurial and aspiring than they were years ago. The nation is experiencing youth-driven growth, shaped by radical ideas and strategies from young creative minds. However, entrepreneurship in India could be more praised if we could understand the youth transformation process.
role of youth entrepreneurship
Youth Entrepreneurship is a course that transforms ideas into opportunities and then opportunities into viable ventures, utilizing their skills in management, planning, improvement, mentoring and awareness raising. Young entrepreneurs have advanced knowledge and social networks that help create successful businesses that reduce unemployment, thereby contributing to economic prosperity and innovation. Youth engagement can contribute to the personal development of young people, improve their livelihood and fight against social injustice. Entrepreneurship promotes economic development through employment and wealth creation. By launching their creative, independent ventures, young entrepreneurs create opportunities for themselves and others who want to break out of the traditional work system.
Entrepreneurship can offer entrepreneurs economic empowerment, an inclusive economic approach to the nation, and self-reliance. The professional transition from dependent employment to self-employment drives growth and development in both developed and emerging countries. They expand our knowledge of what consumers want by introducing breakthrough innovations through new products/services or through radical improvements to existing products. Young companies benefit from flat hierarchies and less bureaucracy, which means that a company can adapt quickly to changes with less time and money. However, the influence of entrepreneurial activities on the definition of economic development is likely to differ for different nations depending on the country’s level of development. Findings from the study highlight the different impacts of entrepreneurship on national economic development, depending on the country’s stage of development. Therefore, it is imperative to emphasize the importance of considering the stages of economic growth when comparing countries and concluding on young entrepreneurship. For example, a high birth rate in a developing country may mean lower economic growth than corresponding rates in highly developed countries.
On the other hand, even a lower percentage of these startups in developing countries compared to developed countries can result in high-growth companies generating significant value. In highly developed countries, the influence of entrepreneurial activities on economic growth is much more pronounced than in developing countries. For relatively weaker/emerging countries, it is more uncertain to understand the impact of corporate activity. The role of entrepreneurship is broader and more complex and is likely to impact economic growth in many ways. The benefits of entrepreneurship include social and economic development and individual self-realization. Entrepreneurship is expected to break through the previously created barriers of class, status, gender, age, race and sexual orientation. Experts aptly describe entrepreneurs as engines of economic growth who, through their passion, hard work and dedication, turn mere concepts into reality and give the nation a more substantial basis. Another report posited youth entrepreneurship as a tool to ensure sustainable growth and social development.
According to the report, young entrepreneurs would help enable balanced growth through sustainable job creation. SMEs are documented as the most important means to achieve balanced and sustainable industrial diversification, growth and diversification. Therefore, entrepreneurship plays many roles in a nation. Therefore, it needs to be approached from different angles, taking into account the development level of countries. A young person starting a new business sets an example for other young people, thereby representing entrepreneurship as a mechanism to find employment and better financial outcomes for emerging young people. One reason for the popularity of young entrepreneurship is undoubtedly its ability to offer indigenous solutions to economically disadvantaged sections of the nation. Besides contributing to national income, youth entrepreneurship also acts as a bridge between novelty and market space. Modern India, characterized by advances in technology and education, urgently needs to overcome its social inhibitions associated with accepting risks.