Achieving Competitive Advantage through Talent Management
Organizations work towards the achievement of their mission and strategic objectives. This requires a thorough understanding of the resources required for achieving the same. Resources here imply financial and non financial both and they are equally important and interdependent. Technically these resources have been divided into two, non contingent and differentiating capabilities. Whereas non contingent […]
How Predictive Analytics helps HR Managers make Better Hiring Decisions
What is Predictive Analytics and How Does it Help Decision Makers Predictive Analytics or the technological tool that combines AI or Artificial Intelligence, Big Data, and Analytics software is taking the world by storm. Not a day goes by without reading a report about how Predictive Analytics helps in predicting outcomes with uncanny accuracy. Right […]
Job Description & Job Specification – Definition and Purpose
Job Analysis is a primary tool to collect job-related data. The process results in collecting and recording two data sets including job description and job specification. Any job vacancy can not be filled until and unless HR manager has these two sets of data. It is necessary to define them accurately in order to fit […]
How HR Managers Must Address the Pay Disparities and Pay Gaps in Organizations
While Pay Disparities are Natural, Biased Pay Systems are not In any organization, it is natural for different employees to be paid differently based on their abilities, seniority, experience, and value that they bring to the organization. Indeed, no organization can afford to pay all employees the same unless it is a Non Profit or […]
The Dynamics of Small Entrepreneurs and Their Importance in Developing Countries
Entrepreneurship Means Many Things Whenever we think of the terms, entrepreneurship and entrepreneurs, there are several images that are conjured in the mind. For instance, the most common feeling is an individual or a set of individuals coming together to launch a new business with stars in their eyes and full of passion. Next, we […]
Youth unemployment is being recognised as one of the problems that could grow into global proportions in the coming years causing social and economical problems for the societies. Youth entrepreneurship is being look at as an alternative besides other methods of creating employment opportunities. However, there is a need for global recognition and promotion of Youth entrepreneurship on sustained long term basis for this field certainly holds a promising future.
Revolution in technology and the resultant growth in all fields and globalisation has impacted the World. Developing countries like India and China are growing rapidly both in terms of economic development as well as population. Growing economies provide ample opportunities for services and provide opportunities for entrepreneurs to set up small enterprises in different fields. There are huge opportunities for individual enterprise in IT Services, Financial services, Travel and Tourism, Food, Supply chain, Health care services and many more fields. While some country’s economies are not growing and the unemployment is growing, in the developing countries which are registering higher economic growth, there is no impetus for growth of youth entrepreneurship.
In some of the countries the social and cultural outlook of the societies may not encourage initiatives and entrepreneurship. Many societies expect the youth to obtain education that enables them to get a job and earn salary to support the family. Economic compulsions too can push the families to encourage youth to look for jobs and not look at opportunities. In some cases certain caste or class of people are habituated to practicing certain occupations and thus entrepreneurship becomes a prerogative of certain sections of the society. Some other societies are risk averse and tend to play safe, while many communities believe in their children pursuing defence services opportunities or social service opportunities and so on.
In societies where the incidence youth rebellion, revolt and violence is very high due to economic situation as well as due to the cultural outlook, youth may be wasting their time neither pursuing education that helps them gain employment nor trying their hands at hands at entrepreneurship in the face of too many obstacles and hurdles in the society.
Economies which are not growing are grappling with huge unemployment problems and this is affecting the youth too. When the economy is down and the business is not doing well, there will be no opportunities for small entrepreneurs to provide services to support the economy and business.
Political will and focus to focus on youth in the country and to create a positive environment that encourages youth to dream and work towards realising their dream is very much necessary in any society. It is the political will that can spearhead the Youth revolution. Absence of stability in the political situation of the country and the political party’s outlook towards this area can make or break the youth entrepreneurship’s growth.
Government policy and framework in the country helps identify and build the base for youth entrepreneurship. The policies need to encourage and provide opportunities as well as assistance and environment to give impetus to youth entrepreneurship and have got to be implemented at national, regional and local levels. Policy directives will need to engage the business, banking, educational and other sectors to be able to deliver definitive steps to encouraging and aiding youth entrepreneurship. Lack of such policy framework can hinder the growth and initiative in the youth.
In any industry, it is largely the business sector that provides opportunities for support services and creating new networks of business enterprises. Similar to their role in social responsibility, Industry can create a very strong platform to help develop the youth and give them the support and guidance as well as opportunities to the youth. In society where the industry enterprise is not very significant or not very active, there can be no encouragement for youth entrepreneurship.
In most of the countries today the education system is geared to enabling the youth to pass out with their qualifications based on academic knowledge and prepare for seeking a job. There is little or no focus on building and equipping the students with leadership, building awareness and giving them training for entrepreneurship. Of late there is a trend to introduce specialised courses and training modules on entrepreneurship in many of the universities. In most cases the students do not attempt to think out of the box as they are not equipped with the necessary skills.
One other biggest hurdle faced by each and every entrepreneur is the lack of financial backup and funding as well as guidance required to incubate new business. Most often those who attempt to start any enterprise do so borrowing from family and friends and dipping into their saving. After a while the business starts to suffer due to lack of funds and they end up in a debt trap. Banking and financial assistance should be made available easily and this can happen only with the active support and engagement by the Government. Nowadays venture capitalists are funding new enterprises. However this is available to very few and not to the larger sections of the society.
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