What is entrepreneurship? It is an act of starting a new undertaking or a venture assuming all the associated risks and responsibilities. It is the ultimate tool to tackle almost all economic problems. The role of entrepreneurship in boosting employment, creativity, economic growth, and individual recognition and thereby assuring economic sustenance has made it a crucial and much-entrusted solution in the hands of strategists.
The emergence of entrepreneurs and small undertakings has successfully taken a toll on stagnant growth rates and rising unemployment rates. Because of its underlying benefits and advantages, many people, especially youth, consider entrepreneurship a viable career option where regular job opportunities fail to satisfy the needs and expectations of aspiring youth of both developed and developing societies. With the benefits entrepreneurship renders to the community, it has become a crucial matter for governments worldwide. Moreover, entrepreneurship has become an essential subject of investment. And thus, governments are taking all the possible steps to solidify their footing in the economy.
Youth: The Backbone of a Nation
The future of every nation and inheritors of the earth is the youth. Therefore, youth being energetic, artistic, innovative, enthusiastic, and dynamic is necessarily the backbone of a country. This statement stands true in every sense. Therefore, when a country has a healthy youth population, the government is bound to make headway regarding overall development and progress. If appropriately harnessed, their energy and enthusiasm will likely fetch an enormous positive change to society and the nation. Youths are active participants and creative digital innovators whose contribution to sustainable development has always remained visible.
Youth and Entrepreneurship
A massive proportion of the youth population is driven by entrepreneurship, considered a feasible and more reliable career option than paid employment. It sees entrepreneurship as a means to achieve its goals and gain a sense of accomplishment. It has become a new way to achieve what one is capable of. Moreover, the zeal to do something new and be one's boss makes it a perfect option for young individuals. Many young individuals who find it hard to work for others find entrepreneurship excellent and fulfilling. However, while many take entrepreneurship with full enthusiasm and passion, a huge chunk of young individuals take entrepreneurship not out of choice but necessity. The necessity to support family earnings and the unavailability of desired job type forces them to take the course. Lack of adequate job opportunities causes youth to find alternative means of livelihood. Youth is the central job seeker as they traverse their journey from adolescence to youth. Though many young people take over their family business, most youths become first-time job-seekers and look for opportunities in their surrounding environment. While many of them succeed in getting the desired type of job, a large proportion of them needs help finding a suitable position and thus start considering the prospects of having their enterprise.
Entrepreneurship helps them use their skills to create and take pride in something original. The growth of attention to youth entrepreneurship can be attributed to two factors. The first is the ever-growing number of unemployed young people, and the second is the desire for competitiveness combined with pressure for skill development. Beyond being an effective solution to the problem of youth unemployment, entrepreneurship also gives young individuals a stage to explore new ideas and opportunities. Entrepreneurship gives them a chance to come out of their cocoon and add something to technological transformations. With their innovative and disruptive ideas, sometimes entrepreneurs help tackle social problems that otherwise would have been difficult to be resolved. Today's youth is much more entrepreneurial and aspiring than they used to be years back. The nation is witnessing youth-driven growth, characterized by radical ideas and strategies from young creative minds. However, entrepreneurship in India could be more lauded if we could understand the transformation process of the youth.
Role of Youth Entrepreneurship
Youth Entrepreneurship conceptualizes as a course of molding ideas into opportunities and then opportunities into practicable ventures using their management, planning, improving, mentoring, and awareness-building skills. Young entrepreneurs possess advanced knowledge and social networks that help establish successful undertakings that decrease unemployment, thereby contributing to economic wellness and innovation. Youth engagement can contribute to young people's personal development, improve their living, and address social injustice. Entrepreneurship fosters economic development through employment and wealth creation. By starting their creative, independent ventures, young entrepreneurs create opportunities for themselves and others looking to break out of the traditional working system.
Entrepreneurship can provide economic empowerment, an inclusive economic approach to the nation, and self-reliance to the entrepreneurs. Occupation transition from salaried employment to self-employment drives the growth and development of both developed and emerging countries. They happen to enhance our knowledge of what consumers want by introducing path-breaking innovations through new products/services or by radical improvements of existing ones. Young firms benefit from flat hierarchies and less bureaucracy, enabling a firm to adapt quickly to changes with less time and money. However, the impact of entrepreneurial activity in defining economic development is likely to differ for different nations depending on the country's development stage. The evidence from the study highlights the differing levels of impact of entrepreneurship on national economic development depending upon the stage of development the country is in. Therefore it becomes imperative to emphasize the importance of considering stages of economic growth while comparing countries and concluding the impact of youth entrepreneurship. For example, a high start-up rate in a developing nation may signify less economic growth than equivalent rates in highly developed countries.
On the other hand, even a smaller percentage of these start-ups in developing nations, when compared to developed nations, may result in high-growth companies producing significant value addition. For highly developed countries, the impact of entrepreneurial activity on economic growth is much more pronounced than in developing ones. For relatively weaker/emerging nations, it is more uncertain to understand the influence of entrepreneurial activity. The role of entrepreneurship is broader and complicated and is likely to impact economic growth in many ways. The benefits of entrepreneurship include social and economic development and individual fulfillment in terms of self-recognition. Entrepreneurship is expected to break the previously created barriers of class, status, gender, age, race, and sexual orientation. Experts aptly describe entrepreneurs as engines of economic growth who, through their passion, hard work, and dedication, convert mere concepts into reality, providing the nation with a more substantial base. Another report postulated youth entrepreneurship as a tool to ensure sustainable growth and social development.
According to the report, young entrepreneurs would help facilitate even-handed growth through sustainable employment generation. SMEs are documented as the chief means for achieving even-handed and sustainable industrial diversification, growth, and dispersal. Thus entrepreneurship plays many roles in a nation. Therefore needs to be addressed from different views considering the level of development of the countries. A young person embarking on a new enterprise sets an example to other young people and thereby presents entrepreneurship as a mechanism for garnering employment and better financial outcomes for aspiring young folks. Undoubtedly, one reason contributing to the popularity of youth entrepreneurship is its ability to provide native solutions to economically disadvantaged sections of the nation. Beyond just contributing to national income, youth entrepreneurship also acts as a bridge between novelty and market space. Modern India, characterized by advancements in technology and education, is in dire need of coming out of its social inhibitions associated with risk acceptance.