Advantages Of Youth Entrepreneurship

financial assistance is important in promoting entrepreneurship it is not a sufficient condition. Beyond this, a more comprehensive environment must be facilitated

Young people deserve the chance to impact on society, as well as to create stable futures for themselves, via the means of enterprise. However, youth often find themselves disadvantaged, especially when attempting to embark on entrepreneurial endeavours. The lack of finances and resources available, as well as an unfortunate and devastating lack of support from educational and governmental structures means that young people often find entrepreneurship a sector simply too difficult or even impossible to break into.

a) Insufficient knowledge, inspiration and skills:

Among the main

Access to finance is the most significant obstacle to starting up a business, as mentioned by 26.5% of 15-24 year olds and 41.3% of 25-39 year olds.8 Different kinds of practical support are also lacking in the process, particularly relating to creating a sustainable business that can expand in the future. For example, administrative procedures are often seen as too complicated, acting as an obstacle to successful entrepreneurship. There are many barriers to youth entrepreneurship such as lack of entrepreneurial education, business support, regulatory framework conditions, social acceptance, and access to

There is not enough information about the existing welfare and insurance systems and most of them do not ensure minimum protection to people who are entrepreneurs. The social taboo of failure and bankruptcy further alienates young people from choosing entrepreneurship.

Schoof comments that, “the more business assistance a young entrepreneur obtains in the start-up and new business phase the better his or her chance of creating a successful and sustainable business. Support services, including mentors, support networks, business clubs and incubators can hold the key to transforming one-person youth startups into successful small and medium businesses” (2006). Again, a list is provided by Schoof with key factors including lack of business connections, tailor made business training, mentoring capacities, workspace, and exchange networks. Solutions included provision of business skills training, guidance and counseling services as well as provision of working infrastructure