Jobless generation hungry for change

Given the numbers of young people now entering the workforce as a result of the demographic “youth bulge”, the private sector in its current form will not be able to provide sufficient jobs, so promoting entrepreneurship will be essential.

“We have to think about expanding self-employment and entrepreneurship and providing opportunities for young people to take advantage of their creativity and innovation,” says Mattias Lundberg, senior economist in the World Bank’s Human Development Network. “Otherwise, we won’t get out of this vicious cycle of unemployment.”

In the marketplace, however, young entrepreneurs often face burdensome bureaucracy and a lack of access to credit, advice and networks, making it hard for them to turn their ideas into businesses that might create jobs for themselves and others. The private sector, however, has a role to play in supporting these young entrepreneurs in a variety of ways. Youth Business International, a network of non-profit groups, taps into the business skills of its members to provide leadership skills, training, access to capital and mentoring for young entrepreneurs.

Microsoft, for example, has developed an entrepreneurship curriculum that helps young people build their own technology businesses.

Source - Financial Times

By Sarah Murray