Small Enterprise
Entrepreneurship As A Solution To Youth Unemployment Image Credit: Small Enterprise
Entrepreneurship As A Solution To Youth Unemployment Image Credit: Small Enterprise

Entrepreneurship As A Solution To Youth Unemployment

Youth unemployment is a rising global problem. According to International Labour Organization’s (ILO) report ‘World Employment and Social Outlook Trends 2018’, the rate of youth unemployment on a global level was 13% in 2018. This was three times more compared to unemployment in adults, which was 4.3% then. Particularly in India, there are about 31 million unemployed youth according to the Centre for Monitoring Indian Economy (CIME) report of 2018. These numbers suffice to say that youth unemployment is one of the world’s major crises. If entrepreneurship is identified as a solution, here are a few ways how not just youth unemployment, but unemployment in general, can be eradicated.

Entrepreneurship Programs in Schools and Colleges Entrepreneurship education in schools and colleges provides the students an insight into the employment opportunities that they can create for themselves and others. Through the entrepreneurship programs, the students can build entrepreneurial skills and learn the ‘fundamentals-to-details’ of entrepreneurship. Also, the students can identify their niche at an early stage and prepare for the entrepreneurial journey.

Partnerships in Entrepreneurship Those who have already ventured out into the entrepreneurial world can think about partnering with fellow entrepreneurs to improve their business and in turn, create employment opportunities. When business partners with different expertise work together, the business is sure to grow and will require more talent. That is when the problem of unemployment will resolve.

Entrepreneurship in Lower-tier Cities and Rural Areas While it is true that well-developed cities provide more exposure to people and more opportunities to showcase their talent, there is plenty of unexplored talent in the less-developed cities. Entrepreneurs can do a talent-search in the two-tier and three-tier cities. This will help talented and hard-working people in the rural areas gain employment opportunities and provide the entrepreneurs with the right human resources for their businesses.

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