In the context of the global crisis and a difficult economic situation, the need for raising a new generation of entrepreneurs is increasing. That is, the world needs young and energetic people capable of playing an active role in business, economy, and society.
Being mobile, ready for change, and adaptive, today’s Generation Z representatives are the main bearers of the innovative potential. In addition to their progressive orientation, they are willing to solve socially important issues.
“What is good for society is also good for business.”
Petter Stordalen, a Norwegian billionaire businessman.
Given that, it is important to create conditions under which young people can get acquainted with entrepreneurship from an early age and begin to implement their creative ideas.
Let’s see how the world can benefit from kids and teens learning entrepreneurship.
Solving employment issues
During the COVID-19 pandemic, youth employment around the world has dropped by 8.7%. For example, in Canada, 16.7% of 15 to 24 year-olds were unemployed in 2020. Such a situation negatively affects economic growth.
Exposure to entrepreneurship education from an early age helps tackle employment issues in two directions.
First, getting into entrepreneurship develops the skills that will help today’s kids to prepare for uncertainty when starting their career path. Having such skills as goal-setting, adaptability, and creative thinking, the younger generation won’t be scared by the rapidly changing job market.
Second, after starting an entrepreneurial journey, they can create jobs for others. The whole community, society, and world, thus benefits.
Improving educational process
What is missing in today’s education system? Perhaps an overabundance of theory and lack of practice? What about the teaching materials, which are often outdated? As recent studies have shown, today’s standardized education models can be ineffective in instilling principles such as innovation across the young generation.
Being introduced to entrepreneurship, students would get a chance to practice what they have learned by applying skills obtained in other subjects in real-life projects right away.
In addition to that, early exposure to entrepreneurship is likely to improve academic performance and school attendance. It also helps to develop interpersonal problem-solving skills, and decision-making abilities.
So, learning entrepreneurship from an early age is a great way for kids and teens to acquire a very useful skill set and to get prepared for the future.
Fostering innovation and economic growth
Boosting youth entrepreneurship has a positive impact on economic growth. Many young people manage to turn their ideas into high-performing businesses. As entrepreneurs, they pay taxes, create new jobs and thus contribute to the overall society’s well-being.
As young creative minds come up with innovative solutions and products, they add value to the lives of people around them. By driving innovation in the market, they also create competition, which, in turn, results in more affordable products and services for the end buyers.
Giving back to society
As a rule, entrepreneurs have many ways to give back to society. And here is the good news: Gen Z representatives, the soon-to-be young entrepreneurs, are passionate about making a positive impact on the world. According to the recent research by “Girls With Impact”, 65% of them consider “making a difference to a cause they care about” as their top priority.
Many young entrepreneurs choose to get involved in socially responsible businesses based on such ideas as upcycling, clean energy, or converting waste products into usable materials. Another way to make a positive difference is by donating money, goods, time, or services to charitable causes.
Developing entrepreneurial ecosystem
Young entrepreneurs face a variety of challenges when starting their journey. To name a few: lack of support from family or friends; limited access to training resources, lack of experienced mentors.
A well-established system of teaching youth entrepreneurship would minimize barriers to entry into the business and therefore help more creative minds to implement their innovative ideas.
Entrepreneurs play a crucially important role in our rapidly changing world. Being an entrepreneur often assumes creating new jobs and being responsible for others. A business owner pays taxes, does charity work, creates and promotes new exciting products and solutions. In addition, a young entrepreneur is a role model for his peers who may also have the burning desire to change their lives, and those all around them, for the better.
Youth entrepreneurship programs would contribute a lot to solving socially important issues. URLYstart is a program designed to pave the way for a better future by teaching kids and teens entrepreneurship. We are going to introduce a proven click-by-click strategy to build your own successful online business. Keeping our students engaged and motivated, we have gamified the whole learning process.
We’d like to ignite the entrepreneurial spark in as many students around the globe as possible. Join us at URLYstart and taste the entrepreneurial freedom!
About the author :
Chris Vermeulen is the founder of URLYstart which is the entrepreneur tool for kids that gamifies the start-up process with rewards, to create income-generating businesses online. Chris is also the CEO of a trading research firm TheTechnicalTraders.com where he teaches individuals how to trade ETFs.
WeForum : The pandemic has damaged youth employment – 2021
Statista : Unemployment rate of 15 to 24 year olds in Canada from 2000 to 2020
TheNewTimes : Why our youth must be exposed to entrepreneurship 2015
NetworkKansas :5 Reasons You Should Care About Youth Entrepreneurship 2015
Virgin : What impact do entrepreneurs have on society? 2015
Girls With Impact : What’s Inside the Minds of Gen Z
PappaJohnCenter : 4 Advantages of Youth Entrepreneurship 2018
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