Is more entrepreneurship the key to reducing youth unemployment? That’s the claim from a new publication, which says helping young people start their own businesses will help reduce unemployment, and build future leaders.
The report, from UK HR association CIPD, 36% of 18-24 year olds have considered setting up their own business, but 42% fear a lack of business know-how will hold them back.
Businesses needed to work with policy makers and schools to encourage a wide range of access routes into employment, according to Peter Cheese, chief executive of the CIPD.
“Everything entrepreneurs need to learn can't be on the national curriculum,” he said. “Signposting other opportunities for support is key.”
shows significant advantages for organizations and the national economy in encouraging early entrepreneurship. Young entrepreneurs develop skills that are difficult to teach, such as agility, constant innovation and a desire for continual improvement. By helping encourage those skills in young people now, organizations are ensuring a future talent pool of forward-thinking, agile leaders.
The report also suggested organizations find ways to support “intrepreneurs” – the innovative employees that are looking for opportunities to improve the organization they’re working for.
“Having a place to go to ask for advice and business experience is vital for the future success of youth enterprise,” said Amie Samba, founder of fitness coaching company Run Fun Starz. She described how she relied on a business consultant she met by chance at a children’s coaching session, to tell her about marketing her services and finding a niche in the market.
According to the research insights from the report, great entrepreneurs:
- are determined and passionate
- are continually alert to new opportunities
- look for purposeful profit
- are dissatisfied with current practice
- take calculated risks
- are commercially and financially astute
- play to people’s strengths
- are super-connectors
- co-create with customers
- protect innovation
- are proud of failure
- out-think their size.