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Impacts of high youth unemployment rate
The impact of youth unemployment
Impacts of high youth unemployment rate
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Introduction
Youth Entrepreneurship is internationally desired activity for economic development across the globe. It becomes a buzz on global platform after UN Secretary General (2013) reported an instant need to meet the challenges such as weak economic recovery, escalating youth unemployment and under-employment rates by encouraging, educating and empowering young entrepreneurs (The Prince’s Youth International and Global Entrepreneurship report (GEM), 2013). Escalating unemployment, which has reached close to its crisis peak (according to International Labour Organisation, 2013 report), is the major concern across many nations. It is increasingly accepted that youth entrepreneurs can present alternatives to the organization of work, the transfer of technology, and a new perspective to the market (White and Kenyon, 2000). Youth Entrepreneurship is an important issue for the country like India which boasts of one of the largest and the youngest workforce in the world, with 65% of Indian population is under 35 years of age (GEM, 2013). According to GEM India report (2013) this demographic advantage is expected to last till the year 2050 and represents both great opportunity and mammoth challenge for developing and nurturing youth entrepreneurship.
Youth are the most important
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2000). In addition, if the intention to undertake the behavior is higher, the higher the probability of its performance will be (Ajzen, 1991). Although, the study by Davidsson (1995) states entrepreneurial intentions are assumed to predict, although imperfectly, individuals’ choice to establish their own firms but confirms the role of Intention in actual business
Entrepreneurship is a valuable skill that every person should acquire and use in their lifetime,
It is currently increasing in incidence at an alarming rate. Unemployment among young people is increasing predominantly as a result of youth receiving inadequate preparation for the job market and a largely ignored discrimination against youth in the job market. In order to minimize levels of youth unemployment, the education system and current workforce practices need to be analyzed and modified. The education system should be modified so that its degrees and more in line with jobs that are actually available and offer more job experience opportunities. The workforce practices should be modified so that discrimination against youth is minimized as much as possible. This can be achieved through invoking a higher rate of jobs awarded through meritocracy and reducing the amount of informal hiring. It is only after the integration of many of these concepts that youth unemployment levels will decrease. This will be a step towards a world with less inequality and unemployment, a step towards a better
There are many skills that are required in the field of business and a lot of it comes through education, training and past experiences. Canada has many Canadians that want these kinds of opportunities but it seems that not everyone can equally get them. In terms of inequality, there are young entrepreneurs that can be successful in the business network; unfortunately, they are not given the full opportunities to show that they can make a big impact to Canada. The purpose of this paper is to expand on the understanding that youths should have more opportunities to learn about entrepreneurship and have better access to services as impending entrepreneurs, because with young entrepreneurs as our future leaders, results in a brighter economy for this
A lot of youth who have special talents fail to get platforms where they can develop them and also make a living from them. Institutions and companies that help with youth development are less interested in youth that reside in rural areas. some institutions that reach out to these youth in rural areas tend to take advantage of them and rob them of their deserved rewards which in return discourage other youth to accept the few opportunities they are presented with.
Entrepreneurship is associated merely towards the perspective of risks taking and innovation. Several individuals do not have these guts to opt for a new business and they prefer doing a generalized job to feed their families. The perspective of entrepreneurship offers growth and employment to different sectors. Entrepreneurship in Pakistan evolved dramatically as people carried owns their businesses from the Indian region and they continued them in Pakistan. However, in the earlier days entrepreneurship was mainly concerned with the perspective of governmental interest. In the early days, the policies mainly focused on the elite class so that they can have all the privilege to continue their business in different regions of Pakistan (Rana, 2012). This biasness depicted the real ideology of entrepreneurship in this region while it halted the performance of several individuals who wanted to start their own business. In the earlier days, these incentives resulted in
We now live in a global pattern of flows of skills and human capital and those flows are no longer defined by narrow definitions of skills they are defined instead by talent, they are defined instead by entrepreneurship abilities and attitudes and they are defined instead by ability to innovate and even an interest to pursue innovation.
One of the controversies is relating to their behaviour. Among others is entrepreneurial motivation, which is an output of a variety of environmental factors as well as the founder’s individual characteristics (Suzuki et al. 2002). Oakey (2003) further elaborated that motivation shapes the attitude of the entrepreneur towards his chosen mix of business management skills, the amount of external resources accessed and the level of personal control that he or she exercises on running the business. Abetti (1992) detailed key social factors that affect entrepreneurial behaviour: family and social support system, financing sources, employees, customers, suppliers, cultural, political as well as economic environment.
Suhas Gopinath’s mother feared for his future. He was more interested in website development than his academics. He spent hours in an internet café peering over online tutorials after school hours in India. When he failed his mathematics exam, his mother ordered him to focus only on academics. Left with no option, Suhas waited for his summers. Soon, at a young age of 14, he was a website development freelancer for many companies in the United States. He welcomed adulthood by registering his venture “Globals Inc” in the United States. Today, the world can’t help but applaud the young man’s achievements. The European Parliament and International Association for Human Values conferred "Young Achiever Award" on Suhas at the European Parliament, Brussels. He was also invited to represent the World Bank's ICT Leadership Roundtable for adopting ICT in Africa to increase employability and fostering ICT skills in students from these countries.
Conclusion: Looking to above problems, women entrepreneurship is certainly a sturdy road to be travelled by women where they have to prove themselves. With lots of hurdles on the way, today’s woman is bold enough to stand out of the crowd setting an example for others Her vintage image of woman as holy domestic cow is lifted up. Its upon we, the citizens of country to pay respect and adore her in he was she balances he personal & professional life. If our country wants to be seen on global map as economy of rapid growth, blooming buds of women entrepreneurs need to be fostered first. A smart woman can pick an job but if she becomes an entrepreneur, she can provide livelihood o 10 more women at
This essay aims to examine the academic literature on entrepreneurs and entrepreneurship. It will then proceed to articulate any associations or inconsistencies between the definitions established from literature and the real world examples of entrepreneurs which will encompass individuals running small businesses in counties to founders that are now in-charge of multi-million/billion dollar operations. Subsequently, by employing reflective thinking, this essay will recollect and review the teachings of this course thus far. The takeaways from the teachings will then be applied to the real world practice of entrepreneurship and the quantitative and or qualitative impacts of the lessons learned will be observed. Established knowledge will then be put in comparison with future career prospects to analyse and shed light upon gaps in knowledge.
In a conference discussing the importance of entrepreneurship in the 21st century, a startling statement was made “It is vital for the world economy to study the different tasks an entrepreneur has to accomplish because without entrepreneurs a world economy cannot exist.” (Ludwig Von Mises Institute Europe, 2015). This statement is sound is this age, where modern economy thrives on innovation and novelty from these model of entrepreneurs. And yes, “the different tasks and entrepreneur has to accomplish” are taxing and complicated. For these reasons, JumpStart was established. The organization’s mission is to help entrepreneurs navigate through the barrier of difficulties in their early days through various programs and services, in hope of promoting a healthy job growth and economic growth in Northeast Ohio. Firstly, this paper will introduce the history of JumpStart, Inc., followed by its initial startup program. Then, the paper will discuss JumpStart’s approach
Many people dream of becoming entrepreneurs someday. But it made me realize that there other factors that needs to be taken into consideration. We need to ask ourselves are we ready to take the challenge to the outside world. Not everyone have the vision, innovation and creativity to become an entrepreneur. The individual must have a positive attitude and accept the responsibility, have discipline to meet their goals, and take action when the opportunity presents itself. Many prefer a job security and rely on a weekly paycheck, while entrepreneurs will take risks and doesn 't have that luxury to know the amount of their income.
Entrepreneurship is an important aspect of social, economic and community life. It can be viewed as a critical factor to economic growth as well as a way of addressing unemployment (Nolan, 2003).Entrepreneurs are people who are persistently focused on identifying opportunities, they seek to create something worthwhile while taking into account foreseeable risk and rewards associated with the efforts (Nolan, 2003). Furthermore, entrepreneurs are frequently understood to be individuals who discover market needs and establish new business to meet those identified opportunities. The following assignment will firstly discuss the types of entrepreneurship, secondly it will discuss the reasons people become entrepreneurs, and thirdly it will discuss the importance of entrepreneurship.
Youth unemployment is a term used for people between the ages of 15-19, that do not attend school or tertiary level and don't have any form of paid job. There are reasons causing this growing problem. These being;
Youth unemployment is a global problem facing both developed and developing economies. The United Nations define youth unemployment as individuals between the age of 15 and 24 years not employed and actively seeking employment. Statistics only consider youths who have attained the required age of employment who are willing and able to work but without jobs. Unemployment rates raise concerns in all economies. However, the rate and trends vary from one country to another irrespective of the country’s development status. For instance, in Cuba, Sierra Leone and Germany, youth unemployment rates were below 10% as per the year (Petersen & Mortimer, 2011). Sierra Leone is a developing country while Germany is a developed country yet their youth unemployment rates are comparable. On the other hand, youth unemployment rates in South Africa, Armenia and Spain were above 50% as per the year 2010 (Petersen & Mortimer, 2011). In most countries, youth unemployment rate is more than double as compared to an unemployment rate in people above the age of 24 years. Canada is not an exemption as the youth unemployment rate is raising major concerns. In the recent years, issues of youth unemployment have dominated political debates and social forums. More and more youths are leaving institutions of higher learning to end up being jobless. A considerable proportion of the youths are doing jobs that are below their level of educations. Organizations are raising standards in jobs where jobs previously performed by high school leavers are being given to diploma and degree holders. Since 1966, general unemployment rate has averaged at 7.75%. As per April this year, the unemployment rate among the youths was 14.5%, w...