Venture Capitalists and Irrational Exuberance
The Dotcom Boom and Irrational Exuberance For those who started their careers in the late 1990s and early 2000s would remember the Dotcom boom when the internet and software based businesses were expected to drive the future economic growth in the United States and elsewhere. Named because companies with a .com address were projecting high […]
Role of Motivation in Employee Behaviour
Every organization expects its employees to behave sensibly, adhere to the rules and regulations and follow the codes of conduct. There has to be some ethics at workplace, where every individual is morally responsible for his/her own behaviour. Do not attend office just to receive your monthly paycheck. Yes, money is a strong motivating factor […]
Organizational and HRM Strategies for Virtual Workplaces and Remote Workforces
Why Work from Home is the Future and How we Should Get Used to It In a world gone digital due to the Covid 19 outbreak, corporates are now increasingly asking their employees to work from home as a means of following physical and social distancing. With the uncertainties surrounding a return to normalcy, or […]
Does Entrepreneurship Lead to Income Inequality as well as Higher Economic Growth?
Theoretical Perspectives on Entrepreneurship, Income Inequality and Economic Growth It is a known fact that Entrepreneurs garner the Lion’s share of the profits that their firms and ventures as well as start-ups earn. Indeed, this is something that both Marxists and Capitalists acknowledge. While Marx lamented that Capitalism leads to more income equality since the […]
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 […]
Recognising the need to invest into creating and building Youth Entrepreneurship in the country, Governments and international agencies have embraced long term agendas to co-operate and collaborate in formulation of strategies and implementation plans for building training programs, building awareness amongst the youth and the families and empowering the youth with the required skills and knowledge to pursue entrepreneurship as an career option.
Creating and building a Youth Entrepreneurial culture in the society calls for two pronged strategy. The first and foremost platform for building the awareness and initiating the Youth into the concept of Youth Entrepreneurship is by investing into Entrepreneurship Education. This involves creating and including Entrepreneurial and Management studies at all levels of education. The action plan in this section includes building the content and syllabus and making it available to the teaching communities, training the teachers and counsellors to become Entrepreneurial educators and providing them with the infrastructure and facilities required.
One of the most significant aspects of Enterprise education is to involve industry and business organisations into the Youth Entrepreneurship programs at College level so as to provide an opportunity for the Youth to get hands on experience and increase their awareness of the business and economic environment.
Apart from introducing Enterprise education, the Youth Entrepreneurship strategy has got to address the issue of building Entrepreneurship awareness and culture amongst the youth. Creating an Entrepreneurial spirit amongst the youth can be done with the help of media and communication.
Holding awareness programs, Orientation camps, group discussions, specific campaigns, promoting Youth Entrepreneurship events at all possible platforms as well as instituting young achievers awards and competitions are some of the effective ways of building the Youth Entrepreneurship Culture.
Youth meets, Seminars, Conferences, Festivals, fairs as well as using print media in the form of brochures, banners, coverage in magazines and interviewing successful entrepreneurs and young starters in the media and many more such PR exercises are sure to build the awareness and enthusiasm amongst the youth as well as change the perception of Entrepreneurship in the family, society as well as at the individual level.
There are also available several business case based simulation games and competitions that invite Youth to participate in creating Business plans etc. These are of course relevant to nurturing the Youth entrepreneurs who are already interested and set on starting their own enterprise and are pursuing business management education to equip themselves.
Theory has it that a significant part of learning in an individual happens through role models. It is a fact that every youth or individual grows up having one or more role models who they try to emulate in all respects.
Quite a few values, thinking patterns, attitudes etc are imbibed by the individuals based on their role model’s personality and character. Therefore engaging successful youth and adult entrepreneurs as Youth Entrepreneurship ambassadors would be one of the best strategies to motivate and build Youth Entrepreneurship culture amongst the youth.
When a Young Entrepreneur receives a reward, his success story gets to be known to everyone. Seeing someone taking up entrepreneurship and going on to become a successful entrepreneur does make other aspirants more confident of trying his or her hand at starting on their own.
Success always prompts people to take risks and help the families and society accept the idea of encouraging the youth to take up entrepreneurial ventures.
Engaging the industry and the successful business entrepreneurs in addressing the youth, promoting Youth Entrepreneurship, interacting with Youth at schools, colleges as well as all other platforms can affectively and collectively build an environment that is conducive to growth and development through Youth Entrepreneurship.
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