Importance of Young Entrepreneurs
Young entrepreneurs create new jobs and shape local economies. Young people equipped with entrepreneurship skills are better able to navigate the challenges of today’s rapidly changing job market.
During this global consultation, young entrepreneurs mentioned that they still face challenges when starting their own businesses, such as access to funding, education and trainings, better infrastructure, and networking opportunities. However, young people did also share with us life-learning lessons as entrepreneurs and explained us how entrepreneurship has evolved over the past years in their home countries.
Role of Entrepreneurs in Economy
The presence of young entrepreneurs in the market fosters economic growth. Young entrepreneurs are more likely to start high-growth businesses than older entrepreneurs. These high-growth businesses contribute significantly to economic development, creating employment opportunities and increasing productivity. The dynamism and drive of young entrepreneurs are essential in stimulating innovation, attracting investment, and boosting overall economic competitiveness.
Skills Development and Support for Young Entrepreneurs
Practicing entrepreneurship instills important life skills. Eight out of ten startups fail within the first 18 months of their existence. Only through repeated failure do leading entrepreneurs bring at least one of their ventures to fruition as operating businesses.
One of the benefits of being a young entrepreneur is that you can learn from the experiences of others. You can take advantage of more experienced entrepreneurs’ knowledge and wisdom by seeking mentors and advisors. This invaluable guidance can help you avoid common mistakes and fast-track your success.
Unfortunately, not every school teaches students the skills they need to become successful entrepreneurs. There are many organizations that support entrepreneurs and their start-ups, to get funding or providing some mentoring program which can guide the young entrepreneur to acquire new transferable skills.