I recently learned of a statistic that is absolutely frightening from where I sit: 75 million youth – almost 13% of the world’s youth population – are unemployed.
Stop for a minute and think about that. Seventy-five million youth who are just starting out … and who are already behind.
And that number fails to take into account all of the youth who are underemployed, doing work for which they’re either not paid enough or that doesn’t allow them to put their skills to good use.
It’s an issue that’s top of mind for policymakers worldwide, who are turning to entrepreneurs and start-ups to both kick-start local economies and provide the jobs that will sustain economic growth.
We recently analyzed the challenges and issues facing young entrepreneurs in the G20 markets. Through our research and conversations, particularly with those age 30 and under, we uncovered what young entrepreneurs believe to be the five key imperatives for action:
1. Expand the choice of funding alternatives
Funding remains the biggest stumbling block for entrepreneurs looking to start their own businesses. Nearly three-quarters (73%) of those surveyed say access to funding remains very or somewhat difficult in their countries. Addressing the funding gap must be a key priority for G20 nations.
2. Increase mentoring and broader support
We need to provide these growing businesses with a stronger support ecosystem in the form of business incubators, mentors, start-up programs and entrepreneur clubs and associations. These will help facilitate networking and knowledge sharing.
Read More At Forbes.
3. Change the culture to tolerate failure
The public must change their perception of start-ups and be more aware of the contributions they make to the broader economy while building a supportive entrepreneurial culture that embraces these ventures. To achieve this:
Governments need to promote entrepreneurs as crucial job creators
Society needs to be more tolerant of failure and recognize entrepreneurs as innovators
Schools and universities must help students make the right career choices