Racial Equality at Workplace
How do you define social exclusion sometimes practiced at workplace with people of color or minorities which technically falls within the ambit of individual preferences? So if the manager does not extend an invitation to go golfing to all members of the team, how can you conclude it is a matter of discrimination rather than […]
Job Analysis – A Basic Understanding
Job Analysis is a systematic exploration, study and recording the responsibilities, duties, skills, accountabilities, work environment and ability requirements of a specific job. It also involves determining the relative importance of the duties, responsibilities and physical and emotional skills for a given job. All these factors identify what a job demands and what an employee […]
Factors Which Affect Entrepreneurship
Entrepreneurship is essential for the development of any economy. Countries which have flourished attribute their rise to the growth of entrepreneurship. Therefore, governments and people all over the world want to encourage this concept. This article lists down the factors which contribute to the growth of entrepreneurship and therefore to the growth of the economy […]
Training Needs Analysis
Training is an expensive process not only in terms of the money spent on it but also the time and the other resources spent on the same. The most important question therefore is determining whether or not a need for training actually exists and whether the intervention will contribute to the achievement of organisational goal […]
360 Degree Feedback
360 degree feedback is also known as multi-rater feedback or multi-dimensional feedback or multi-source feedback. It is a very good means of improving an individual’s effectiveness (as a leader and as a manager). It is a system by which an individual gets a comprehensive/collective feedback from his superiors, subordinates, peers/co-workers, customers and various other members […]
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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