How To Help Youth Unemployment Through Entrepreneurship

young woman
by Yazi

It has been noted that the number of jobs available in the market are becoming scarce. Additionally, with the advancement in technology, there is a limitation in job opportunities.

People moving to urban centres have brought about congestion and therefore limiting the opportunities available.

Furthermore, the skill set matches are also becoming tougher as years go by. What would have been deemed as perfect for a certain position ten years ago, can now be deemed redundant.

The rate of unemployment among the youth is a worldwide issue. It is becoming very rampant over time. The good thing, however, is that there is an available solution to this issue. Entrepreneurship is the most recommended option for anyone who does not want to fall into the bucket of the unemployed. How can entrepreneurship solve unemployment in youth? Some of the factors of entrepreneurship have been discussed below.

1. Help them think outside of the box

Mentorship should begin at a young age. Before the young adults start attending college, they should be provided with forums where there is a major need in the country. This assists in matching the available jobs with the required skills. This means that more people will not choose the ordinary courses and become stuck looking for jobs. 

Instead, they are likely to try and fill in the existing gaps in the market with innovative ideas in their own businesses. This will lead to gaps been filled while the rate of unemployment is reduced.
Entrepreneurship requires out-of-the-box thinking. This means that for you to be able to start your own business, a lot has to come into place. This includes funding. The youth are encouraged to enter into competitions to showcase their ideas and get funding. They can also do their research and approach companies that support start-ups. 

Whichever the method used, the important point is to start creating relationships that are meaningful to make businesses a success.

2. Sponsor non-profit organisations in the community

A country with more entrepreneurs being supportive of youth and local community encourages not only growth, but also productive behaviour. This also lessens an issue like unemployment in younger generations.

Many wonder how to help youth unemployment in their areas. The major advice that can be given to entrepreneurs who want to help this issue is that they can create opportunities for young people to engage in training, volunteering or other productive activities.

For instance, in Australia, yourtown, for 56 years, they run a range of projects to help young people develop strategies and skills. They tackle issues like youth unemployment and mental health in youth. Through training and a range of activities, youngsters can acquire some skills and experience they need to become a productive worker in the workforce.

Entrepreneurs can help by sponsoring non-profit organisations in their communities, organising volunteer sessions with the team members or investing in business models that give back.

3. Create funding schemes that are conditional on financial education

Governments' and private institutions have acknowledged that the rate of unemployed youth is worrying and they have come up with various ways of promoting entrepreneurs among the youth. 

They have provided sources of income and even provided mentorship opportunities to the aspiring entrepreneurs. They have made sure that as much as resources exist to fund entrepreneurship opportunities, the youth are also given mentorship on how they will manage these resources well to create their businesses.

Some of the ways entrepreneurship can help combat unemployment in youth is creating job opportunities for others. When people start their own businesses and are well mentored, the business is likely to prosper. If the business prospers, there is room and available resources to open up new job positions. 

This means that people who are unemployed will end up been employed to assist the business towards greater heights. The more entrepreneurs become successful, the more people can be hired and the lesser the unemployed in the society.

Moreover, a business means income. Income means taxes. The more the rate of entrepreneurs, the more the economy of the country is likely to grow due to the increased revenue and money exchange. 

4. Work with influencers to spread inspiring stories

Entrepreneurs should encourage others to develop success from failures and empower them through their own stories. 

Entrepreneurship has been encouraged globally even by people such as Oprah Winfrey.

Their success and stories have had their share of the pie in reducing unemployment as more entrepreneurs look up to them. 

Incubators, forums, and networking opportunities have also come up over the years to encourage entrepreneurs and upcoming entrepreneurs on their journey in business.

5. Inject a local culture of entrepreneurship

In learning institutions, teachers should instill entrepreneurship skills in students to avoid the students from getting frustrated when job opportunities do not arise soon after they finish studying. 

If entrepreneurship is well taught in schools, the rate of unemployment can go down significantly since more youth will be willing to kick-start their own businesses soon after they finish school. This will reduce the dependence for searching for white collar jobs as well as providing opportunities for others who might be looking for jobs.

Entrepreneurship not only curbs unemployment but also widens the scopes of relationships. People wonder why business owners know more people than people who are hired. This is because entrepreneurs network a lot as a form of learning, marketing, and growth. They have some sort of communal relationship that keeps them going. 

The fact that the entrepreneurs have different stories of how they started and where they are, there is a lot to learn as an entrepreneur. Maybe the first business you start will not be a success but you the youth are encouraged to learn from these mistakes and keep going.

About the Author: Yazi is an inspired writer who enjoys writing about personal growth, self-help tips, and women's lifestyle.

Picture credit:

unsplash-logoJonas Svidras

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