By Israel Sajini CONTRIBUTOR (Opinions expressed by YOH contributors are their own.)
Youth entrepreneurship refers to young individuals who maximize their enterprising abilities, take initiatives; create, innovate, and bear all risks involved in setting up an enterprise.
Youths are by nature adventurous. Adventure when harnessed leads to the discovery of uncommon ways to do common things. There are different types of youth entrepreneurship there is the innovative (entirely new creation), imitative (copying already existent creations), Fabian, and drone (Inherited enterprises.
Any society with massive youth involvement in entrepreneurship benefits, because, there is employment generation, new services and product innovation, revenue generation, and community rejuvenation.
Also, the crime rate will be drastically reduced, as unemployed youths are more prone to crime.
The world bank estimates we need about 600 million new jobs to maintain the current global employment rate in the next ten years. The only feasible way of achieving this and more is to embrace youth entrepreneurship. To aggrandize youth innovative ability, we must:
Make capital available to young ones. A lot of young fellows are filled with mind-blowing ideologies but are handicapped by finance. An average youth has not acquired enough assets in life to be able to get a loan from a commercial bank, So Governments and NGOs should provide grants for entrepreneurs. Also, micro-credit facilities should be made available. This will go a long way in solving the financial challenges of young entrepreneurs.
Schemes for training newbies in entrepreneurship skills, financial literacy, and market strategies should be set up. Also, this should also be inculcated into schools.
Innovative competitions should be held regularly, and the winners granted patents and funds to go into mass production. This will go a long way to accentuate the level of creativity in the youths.
Lastly, indigenous production should be encouraged by the various Governments monopolizing locally made goods to reduce competition faced by young entrepreneurs in the market. This will also mount pressure on local producers to step up production.
ISRAEL SAJINI is a student at Delta State University. He can be contacted at the following email: firstname.lastname@example.org
Israel hail from the Federal-State of Nigeria
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