We are living in interesting, exciting times. Young people are choosing to further their studies and expertise by specialising. The shift towards a knowledge based society is evident, particularly in the local economy. Businesses are moving away from their traditional strategies and opting towards more innovative yet effective ways of doing business. At the same time locally, the policies of the Government, the economy and the legislation support the proliferation of more small and medium-sized enterprises. However, the participation of young people in business is still relatively low.
Young people should be further encouraged to take up an entrepreneurial career
One reason could be that young entrepreneurs are largely underestimated. Young people are perceived to be creative, energetic and a future of change but they tend to be also perceived as inexperienced, highly ambitious and with greater chances of failure. This frequently puts a barrier in young people’s path as they develop an interest to start their own enterprise, particularly where business support, access to liquidity and ownership of capital is concerned.
Today, setting up a business is no longer a question of reaching ‘a certain age’. Today it is all about developing creative, profitable ideas, meeting and exceeding consumer expectations and finding a supportive business environment that assists the entrepreneur throughout the whole process of business development.
More structures are needed to support young people into business. The economy requires more young entrepreneurs as this will increase youth participation, quality job opportunities and lower unemployment rates while strengthening the local open economy.
More than ever, decision-makers from both the public, independent and private sectors need to collaborate more to empower and support more young people into business. The development of a young entrepreneurship strategy is essential. This should incorporate the set up of start-up incubation centres, venture capitals and platforms such as think tanks where young people can develop their ideas and transform them into business opportunities.
Young people should be further encouraged to take up an entrepreneurial career. Today, numerous students, particularly at post-secondary and tertiary level, pursue business studies but few opt to apply them to start up their own business. Entrepreneurship should be included in the curriculum at all levels of education to start seeding the concept of job creation rather than job seeking in future generations.
Young entrepreneurship is being highly emphasised by the European Commission in light of the economic challenges faced in recent times. This stream should be targeted effectively by means of measures and incentives which would empower young people to learn to think, transform their ideas into business opportunities while sustaining and looking towards means of business growth. This is certainly a positive way forward towards more quality job opportunities.
euchar.sultana@ybe.org.mt
Euchar Sultana is the founder and chief executive of Young Business Entrepreneurs.