Does entrepreneurship solve youth unempoyment?
In our previous article we discussed one of the biggest problems that our society is facing today which is youth unemployment. We find ourselves in a situation where there are over 75 million unemployed youngsters around the world who are seeking for a job, but can not find one. Now obviously we can all agree this is a problem. The moment these youngsters graduate from high school or university they are promised a great life, a job to be able to provide them a stream of income but this eventually does not occur.
So last week we opened up a discussion on the topic of entrepreneurship. Can entrepreneurship help overcome and solve youth unemployed? I believe it can. Entrepreneurship is in my opinion one of the best ways to reduce unemployment of young individuals and here is why.
1- Entrepreneurship creates employment
Think about it, Google was once a startup led by an entrepreneur, so was Snapchat or Apple, but now these billion dollar companies offer a tremendous amount of jobs and internships for our society all over the world. So think about it this way: Entrepreneurship is about creating a product or service that solves a need or a want from a certain target market. Now when that product or service is developed by one or two individuals, and that company is on the verge of growing, the founder(s) need to employ staff. Therefore the role of the entrepreneur in creating employment is key.
2- Entrepreneurship does not only build companies, it builds people
No entrepreneur has ever started a business without failing at some point, at whatever point in their business. As a matter of fact failure is one of the biggest parts of entrepreneurship. Now these failures serve as experience for the entrepreneur to grow, to develop new skills and progress along that endless learning curve that entrepreneurship provides. When someone decides to start a business, no matter what their background is, they are not only starting a business, but they are starting a personal development course that will be following them throughout the entire course of their business and life. Many entrepreneurs believe that the personal growth and development an individual obtains through entrepreneurship is worth more than any economic benefit. I am a strong believer that no matter what business you run, if you build the people the right way, teach them principles of success and show them how to maximize their potential, the people will build the business.
So you may be wondering, how does this personal development solve unemployment right? Well here is why:
3- Skills are worth more than grades in today’s economy
For a split second put yourself in the shoes of an employer who is looking to hire someone. You can choose between a top student with amazing grades from school, but little practical experience and who’s soft skills are very limited. Or an average student with great past experience such as working in a startup, who maybe already started a business, with great soft skills and tangible results in the real world. Which one are you most likely to hire? Probably the second one right? Why? Because he/she already has experience, he/she already has developed outside of the traditional educational system, but most importantly because he/she has demonstrated what he is capable of in the real world and not in an exam hall after swallowing a book, to drop it all on a piece of paper and forget about it later. As a matter of fact, we are seeing more and more big firms such as EY and others removing their degree policy in their recruiting process.
So coming back to the topic of entrepreneurship solving the problem of unemployment. The skills it can develop for people will open countless opportunities for individuals for later employment in any area they desire.
There are so many more reasons we could talk about why entrepreneurship can help solve unemployment but these are the main ones. Now how can we as individuals help these unemployed individuals go out and learn these skills, develop their ideas and be able to develop their entrepreneurial tendencies? What does our society need in order to be able to provide these 75 million unemployed youngsters with guidance and support to grow? Stay tuned for our next blog!
Joseph Somakian — Media WeTeach