The What, Why, and How of the Difficult Decision to Fire Employees in Organizations
Hiring and Firing Workers and Professionals is an Integral Part of Free Market Economies Hiring and firing of workers and professionals is an integral part of any firm and more so for private sector ones that have to undertake periodic downsizing and upsizing based on the market and macroeconomic conditions. Indeed, in any Free Market […]
Tips and Suggestions for Those Wishing to Enter Creative Professions
If you are thinking of making a living through creative professions such as writing, design, art, or the other creative and offbeat professions, there are indeed ample opportunities to make tons of money as well as indulge in one’s passion. While in earlier eras, only a few among the writers and artists as well as […]
Unique Skill Set Model of Human Capital Management
Human capital management refers to development of human capital through regular trainings, skill development activities and retaining talented employees. An individual who strives hard for the maximum part of the day to accomplish the goals and objectives of an organization are its real assets. Machinery, capital, innovative ideas and office furniture do play an essential […]
Compensation and the IT Sector
The IT (Information Technology) sector comprising of software and hardware sectors is a sunrise sector in many countries. Despite the fact that the sector has been around since the late 1980’s, the sector is considered relatively young and a place for innovation, entrepreneurship and growth. No wonder many fresh graduates flock to the IT sector […]
Development of Compensation System
Compensation system involves the total rewards that are given to the employees for the labour and services they provide to the organization. Compensation includes direct monetary benefits as well as indirect monetary benefits. Wages and salaries form the direct financial benefits that an employee receives from his or her company. Besides, wages and salaries, bonuses […]
Year 2001 goes into the annals of history as the most significant year of contribution made to YE through creation of Youth Employment Network, an initiative and partnership between United Nations, ILO and the World Bank. YEN was the outcome of the millennium summit that resolved to create and provide decent work opportunities for the Youth across the globe. YEN provides the global platform to exchange ideas, plans and framework to improve work opportunities for the youth through a network of developmental agencies, governments, business and economic communities as well as Youth groups and NGOs.
YEN has identified Employability, Equal opportunities for young men and women, Entrepreneurship and Employment creation as the four goal posts for furthering Youth employment.
Understanding the subject of Youth Entrepreneurship begins with trying to identify and define the different types of Youth Entrepreneurships. While some of the academicians have categorised Youth Entrepreneurship into Economic, Social, Public Entrepreneurship and Intrapreneurship the list of categories is exhaustive. With recent studies and based on the differentiation in the behaviour and attitudes, roles, functions, industry and many more relevant characterisations, new categorisation of Youth Entrepreneurship has been put forth by the researchers. We shall enumerate some of the important categories as defined by the new generation scholar Clarence Danhof.
The so called mavericks that are able to think out of the box, innovative new methods, processes and create new business opportunities out of their innovative ideas are known as Innovative Entrepreneurs. Currently we can name dozens of Innovative Entrepreneurs in the world. If Bill Gates and Steve Jobs made history in the recent past, they are being fast replaced by youth entrepreneurs like Jack Dorsey - founder of twitter, Sergey Brin, Larry Page of Google, Mark Elliot Zuckerberg who founded Facebook.
Most of the entrepreneurs in the developing countries and under developed countries who bring home tried and tested technologies from the developed world and establish them in the home country come under this category.
Youth entrepreneurs who take on the business from their previous generation and manage to grow the business without taking any major risk of deviating into new areas but improving efficiencies, processes and scale of operations etc are called Fabian Entrepreneurs.
Drone Entrepreneurs are the first generation Entrepreneurs who manage the business handed down to them and continue to look at running the enterprise smoothly without taking any risks. This kind of attitude may be said to be an individual train of the Entrepreneur that leads him to manage the inherited business in a steady mode.
Entrepreneurship is an outcome of a lot of factors including values, beliefs, attitudes, innate spirit, inborn leadership, and influence of environment, family, skills and many more. Therefore categorization of Youth Entrepreneurs can also be classified into several types based on various factors. Some of the classifications have been arrived at based on the type of business, based on technology, based on geography [Rural & Urban], as per Gender, scale of operations etc. Business entrepreneurship which is one of the significant and dominant categories can be further sub divided into Business, Trading, Industrial, Corporate, Agriculture, Retail, Service and Social Entrepreneurs.
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