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You have the option of living a life of ease and comfort or a life of service and adventure. Which of these will you be proud of when you are 90 years old? Every society and government has the responsibility to create a society that responds to and is supportive of youth entrepreneurship.

Encouragement of youngsters to become entrepreneurs has plenty of benefits. Specifically, It is shown in terms of reducing unemployment and setting the path for the country’s creativity and prosperity.

Many governments have taken strategic measures and executed programs to impart entrepreneurial skills and knowledge. By education, recognizing the need to foster youth entrepreneurship. Such a move undoubtedly gives the youth the freedom and impetus to dream and realize their goals.

Leadership is not just a natural ability, but it can also be learned and trained. Entrepreneurship awareness-building skills, entrepreneurial & personal empowerment skills, business planning, and business management, are examples of ideal entrepreneurial training and study.

The Importance Of Building Youth Entrepreneurship Awareness

Entrepreneurship is all about being a visionary, self-starting leader who can spot opportunities to provide solutions. They could be a product, technology, process, or service to meet a need. Then gathering and employing all necessary resources such as workforce, finance, technology, infrastructure, and more. To build a successful enterprise in the chosen field.

Entrepreneurs need a great deal of tenacity and determination and the capacity to take calculated risks and shoulder responsibility. Leadership necessitates the ability to develop workable solutions and overcome all obstacles to achieve the goal without being stymied. An entrepreneur’s vision includes not just making money, but also creating jobs, assisting individuals. In reaching their full potential, contributing to society, and assuring success of their company and the people associated with it.

Examples of Ways to Build Public Awareness of Youth Entrepreneurship:

1. Organize an entrepreneurship seminar or lecture series for the community. Such as: speakers bureaus, cooperative extension training programs, and workshops sponsored by business development and community organizations. To help the ‌public realize the value of entrepreneurship as a community development strategy.

2. Using case studies demonstrates both successful and unsuccessful endeavors by firms, communities, and organizations. Examples of case studies of what other communities have done can be seen on the extension website.

3. Implement a community visitation program to form a team of community members. The team can travel to other communities and learn what works and what doesn’t in the development of community entrepreneurial initiatives. Participants in community visiting programs can also offer polite criticism of plans and activities. Making community visitation a positive experience for all.

The Importance of Empowering Personal Skills

Personal empowerment and development are essential for everyone, especially entrepreneurs. These skills are related to one’s capacity to function in the workplace. One must possess work functions or technical abilities to pursue a vocation. However, it is the individual’s empowerment, not functional competence or knowledge, that allows him to flourish in the organization.

Entrepreneurs benefit from personal empowerment skills training by learning to focus, concentrate, evaluate, and think critically. Positive thinking, learning to be assertive, thinking in balance, being quietly active, managing stress, and working under pressure are just a few of the skills that any successful entrepreneur must possess.

A leader is also a business owner. Through training, they can develop their leadership skills, groom themselves, project a positive image, and boost their self-esteem. Equally, Personal development of self-discipline, time management, self-motivation, and excitement is crucial for a young entrepreneur starting in business. All these skills can be learned with training.

What Are Different Types of Youth Entrepreneurship?

Trying to identify and characterize the many forms of youth entrepreneurship is the first step in understanding the subject. While some academics have divided youth entrepreneurship into four categories: economic, social, public, and intrapreneurship, the list is far from exhaustive. Researchers have proposed a new categorization of youth entrepreneurship based on recent studies and differentiation in behavior and attitudes. Responsibilities, functions, industry, and many other essential characteristics. In detail, we’ll go through some of the key categories as outlined by Clarence Danhof, a new-generation academic.

Innovative Entrepreneurship

Original entrepreneurs are so-called mavericks who can think outside the box, develop new methods and processes, and build new business prospects from their innovative ideas. There are dozens of innovative entrepreneurs around the globe today. E.g. If Bill Gates and Steve Jobs made history in the recent past, young entrepreneurs like Jack Dorsey, the founder of Twitter, Sergey Brin and Larry Page of Google, and Mark  Zuckerberg, the founder of Facebook, are quickly replacing them.

What are some examples of entrepreneurial innovation?

Apple revolutionized music and consumer gadgets.

Uber revolutionized the taxi industry.

Airbnb is changing the hotel business.

Amazon is transforming the retail industry.

Imitative Entrepreneurship

An Imitative entrepreneur includes most entrepreneurs in developing and underdeveloped countries. Who bring back tested technologies from the developed world and implement them in their native countries.

They will do business in anywhere with an existing product. Walton BD., has introduced motorbikes, refrigerators, televisions, and other electronic equipment in Bangladesh despite not being the originator of those products. 

Fabian Entrepreneurship

Fabian entrepreneurs are young people who take over a firm from their parents or grandparents. They grow it taking no huge risks, such as branching out into new industries. Instead, they improve efficiencies, processes, and the size of operations.

The Kodak Companyis a noteworthy example of Fabian entrepreneurship. They used to be a leading manufacturer of analog cameras. They did not, however, adopt current technologies or make significant changes to their products.

Drone Entrepreneurs

These are business people that dislike change. They are viewed as being “old school”. They desire to conduct business using their own conventional or traditional systems and methods of manufacturing. Such individuals pride themselves on tradition, especially when it comes to archaic economic practices.

Any industrial entrepreneur who still makes “bids” by hand is an example of a drone entrepreneur.

What Role Does Society and Culture Play in the Development of Youth Entrepreneurship?

All nations require you to develop your entrepreneurial skills. There is an understanding that the country’s youth hold the power over the future. Shaping them is critical to society’s success. Youth unemployment and lack of youth entrepreneurship development programs not only cause economic challenges in society but also social problems.

Understanding the background and culture of youth entrepreneurship in any civilization is a difficult task. A great deal of research has been done on the impact of a community’s, society’s, or ethnic group’s cultural attitudes. As well as the national political and economic environment, and their mutual interconnections on youth attitudes regarding youth entrepreneurship.

The individual’s perspective of what their family and friends think or say about entrepreneurship influences their decisions. Also, the family’s and society’s perspectives on failure, and their support, is influence young minds and their opinions. Family support is critical because the youth will probably need to borrow money from family and friends to get started.

The youth’s attitude toward entrepreneurship is likely to be influenced by their parents’ attitudes toward education. Families are likely to ‌take out a loan for their children’s professional education rather than a risky new company endeavor.

Conclusion

Youth entrepreneurship has a positive impact on society’s social, cultural, and economic advancement. Consequently, Building an environment that encourages creativity and gives chances for entrepreneurship is important. It necessitates the implementation and participation of multi-pronged policies at all levels. This includes the government, industry, political, social, and educational sectors.

Working toward youth entrepreneurship programs can help solve and avoid many of the challenges that face countries today. Eventually, Paving the way for a brighter future and more progressive cultures around the world.

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An exclusive 10-month, fully-sponsored, program designed for aspiring entrepreneurs who want to make the world a better place.

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Daniel Dippold

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