Motivation key to successful youth entrepreneurship
Entrepreneurship can be challenging.
Young entrepreneurs can rank first among the people that want to start a new businesses, yet there is a higher rate of established and mature businesses.
This means that in different contexts young entrepreneurs face higher barriers to entry.
The myth of the young entrepreneur is not everywhere the same.
I chose to call this a spider-web and mystery as both challenges faced in entrepreneurship are of mindset rather than motivation.
Recently on my social media handles, after posting one of my favourite quotes, “He who cannot describe what is money and wealth to a child, will never find it,”.
Most people began to query the meaning of this, but the bottom line is you need to start motivating at a tender age.
Look how some tech professionals in other countries take cosmetic surgeries to appear younger to venture some businesses.
In countries such as China, Turkey and Russia those children are taught entrepreneurial skills at a tender age and this has helped them to penetrate the market easily when they are old.
For instance, not taking away from rural schools and moral aspects of life, look at how some girl children in group A school are already taught how to wear stilettos which will be an advantage when they go searching for jobs.
Some might say it is expensive to do that, but why not invest in the future.
Believe me, those girls if they meet each other at the interviews, already those who were taught how to walk and sit will have an added advantage of confidence and self-esteem, which is a pre requisite in business.
Back to the drawing board, productive entrepreneurs can invigorate the economy by creating jobs and new technologies, and increasing productivity.
According to Mariana-Doga Mirzac a researcher at State University of Moldova, she said promoting entrepreneurship is an essential component to ensure economic development at the national and the regional level.
“Entrepreneurship in young people may directly stimulate them and positively influence the generations and communities in which it operates. Successful young entrepreneurs in identifying those aspects hold ideas that will contribute to the success of the business and have availability to conquer niches of business that other entrepreneurs have ignored or have them watched in disbelief,” she said.
However, over the past few years, employment of young people remains one of the main problems that persist, problem of the development of the market economy has boosted it and deepened it, emphasising the correlation between the supply and demand of the labour force as a whole.
As I have mentioned before, motivation is the gold in all this.
Some believe that when an economy is doing well, there is less incentive to encourage new, entrepreneurial firms. When people and firms are making money, why take a risk on something new and untested?
Entrepreneurs often challenge incumbent firms, and while this might seem undesirable, unchallenged, established firms tend to become complacent, contented to take their profits without investing in research and development to improve their business.
These stagnating firms are the first to suffer when imports arrive —withering rapidly, unable to respond to the competition.
Thus, challenging incumbents to do better during good economic times is a benefit of entrepreneurship.
Entrepreneurs are equally, if not more important when the economy is doing badly.
When unemployment is high and the economy is contracting or stagnating, dynamic entrepreneurship could help turn the economy around.
By developing novel products or increasing competition, new firms can boost demand, which could in turn create new job opportunities and reduce unemployment.
If entrepreneurs are consistently encouraged, in bad economic times as well as good, then all businesses are kept on their toes, motivated to work continuously to improve and adapt. Entrepreneurs are the fresh blood that keeps economies healthy and flourishing even as some individual firms fail.
Another aspect is that entrepreneurs increase competition.
By establishing new businesses, entrepreneurs intensify competition for existing businesses.
Consumers benefit from the resulting lower prices and greater product variety.
Researchers have developed a measure of market mobility, which identifies the effects of new business formation on existing firms.-herald.cl.ze
