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How Youth Entrepreneurship Can Tackle Unemployment

One of the most popular topics on Alfred Polo Foundation and one of the most popular topics among youth in general, entrepreneurship is at the height of its popularity.

Within this topic of entrepreneurship, the term social entrepreneurship is simply flourishing. It is being talked about over and over again, and young people from all over the world are actually becoming social entrepreneurs – they are starting their businesses as incentives for social and economic change. Aside from chasing a profit to stay afloat, they are trying to solve different social issues within their communities whether they be health, nutrition, education or something else. By dwelling into these areas, the young entrepreneurs are boosting their area’s economy and even fostering development of some new industries, especially in the rural areas.

Starting a business increases competition in the market, creates jobs and promotes sustainable growth in the greater economy – all of which are key to tackling youth unemployment. After all, every job was created by a person or group of people who started off with little more than a good idea and the conviction to make it happen.

You can start off creating a job for yourself, but ideally, whatever enterprise you start will grow and provide jobs for others. Entrepreneurship is the seed that grows jobs. The global downturn has been like a mass deforestation, destroying thousands of businesses around the world; we need to act and plant the seeds again, so in the future young people have a prosperous world of opportunity with jobs for all.

Anyone can become an entrepreneur, as long as you work to get the knowledge you need for whatever field of business, social enterprise or charity you want to go into. Aspiring entrepreneurs often encounter financial risks and difficulties in accessing capital, as banks can be hesitant to lend to young people, who often are viewed as inexperienced. Though programmes that provide capital to start-ups are a solution, work on becoming an expert in your field first. Surround yourself with like-minded people. Network. Build contacts. It has never been easier to reach out to people, anywhere in the world.

This is the first in a series of three blogs on how youth entrepreneurship can be used to tackle unemployment. The second and third blogs will have more practical advice on what you can do to make yourself stand out and how to go about starting a business from scratch by implementing an entrepreneurial mindset.