Performance Appraisal – Meaning, Objectives and Advantages
Performance Appraisal is the systematic evaluation of the performance of employees and to understand the abilities of a person for further growth and development. Performance appraisal is generally done in systematic ways which are as follows: The supervisors measure the pay of employees and compare it with targets and plans. The supervisor analyses the factors […]
The Myth of the 8 Hour Workday! Why we need a New Approach to Productivity
How the 8 Hour Workday Concept Became the Gold Standard and Why it is Outdated One of the enduring legacies of the First Industrial Revolution is the approach to measuring personal and organizational productivity. With the advent of Manufacturing firms and industries where hard labour was required, productivity was usually measured in linear terms such […]
Implications of Workplace Changes for Individuals and Organizations
Career, as a series of upward moves of income, status, power and security has died long back. In 21st century, career is seen as continuous learning and changes in identity due to experience and personal learning along with upward moves in income, status and power. Employees, these days want a fulfilling career and organizations need […]
HRM Strategies for an Increasingly Complex, Uncertain, and Volatile World
Need for HRM Strategies to Change with the Times Given the volatility and uncertainty that characterize the present day world which is also increasingly becoming more complex, the HRM or the Human Resource Management strategies need to change with the times. For instance, conventional recruitment and training strategies are heavily oriented towards hiring science and […]
How Should HR Managers Deal with Occupational Hazards at the Workplace?
What are Occupational Hazards and how they have Manifested in the Industrial Era? By definition, Occupational Hazards are those casualties, injuries, and accidents that involve workers and professionals in the course of their work. As the name implies, these are hazards that are associated with their workplace lives and hence, are sustained in the course […]
When the countries are focussed on creating and nurturing an environment conducive to Youth Entrepreneurship, it becomes imperative to study the current situation, identify the pitfalls and shortcomings and design new strategies to overcome and remove the obstacles and make the path easier and clear for the youth to pursue. The other area of importance happens to be to educate and empower the youth with the required knowledge, skills and training to enable them to become successful entrepreneurs.
When an interest in pursuing a new enterprise or becoming self employed has been generated in a young individual, he or she is likely to attend various courses and equip themselves with the required skill sets and knowledge to start the business. Identifying a good and viable business opportunity and proposition too can happen with a bit of market research and mentoring by the experienced entrepreneurs. When it comes to start the action towards setting up the business enterprise, the next set of barriers or obstacles will need to be surmounted. These barriers are mainly to do with financing options and documentation requirements. As the youth are inexperienced, they are unable to cope up with the requirements and find it difficult to get going smoothly.
Personal Savings & Borrowings from Family and Friends
In most cases the youth do not have any avenues for saving money and accumulating the margin money needed for business. They are often required to raise the initial capital through the support of family and friends. In such cases the amount of funds that can be put together would be meagre and not sufficient to get going. Very often the youth would have to repay the education loan taken for funding their studies and hence will already be in debt servicing mode leaving no possibilities for saving any money. Such youth are not considered to be safe and are perceived to be potential risk by the bankers.
Even if the youth has a very good business opportunity, the required technical knowledge and other capabilities to make it a success, financing the business becomes a major hurdle.
Borrowing From FI & Banks
The next option for the youth to finance their business venture is to approach banks and financial institutions to raise the required capital in the form of loan.
Overall, the youth find it very difficult to access finances for their start up ventures. Sometimes such difficulties can kill the entrepreneurial spirit or one could end up losing the business opportunity due to inordinate delays in arranging funding to kick start the business. This is the area where the Governments can get involved and help make it easier by providing solutions through special seed funding agencies, micro financing organisations and similar such networks that can back up the first time ventures of Young Entrepreneurs.
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