What does it mean to educate for youth entrepreneurship? There’s a lot of buzz these days about entrepreneurship education, but it’s still a foreign term to many. Youth entrepreneurship education is simply teaching young people the basics of starting and running their own business. This can include anything from learning how to write a business plan to marketing and financial management.
Today’s youth are tomorrow’s leaders, on whom the economic development of our communities depends. When teaching them the skills to be successful entrepreneurs, it’s important to make sure the country’s economy continues to thrive.
To understand the crisis in which we live, there are some revealing facts.
The population of youth in the 15-24 age group increased by 30% between 1999 and 2019, but their labor force participation rate, globally, decreased by almost 12%.
Jobs for young people are at risk, due to automation, and around a quarter of 18-24 year olds lost their job during the pandemic, or saw their pay cut.
As the crisis continues globally, young people are turning to self-employment. So by giving them the tools to start their own business, we’re helping create jobs and grow local economies.
There are several reasons why it is important for young people to learn about entrepreneurship. First, learning how to start a business can help students develop an entrepreneurial mindset, which is essential for success. This means that they will be more open to opportunities, and more willing to take risks.
Second, business education develops skills and knowledge and can help to understand the importance of hard work and dedication, crucial elements for any successful business.
It can also be a great opportunity for companies. By partnering with schools to offer entrepreneurship courses, companies can tap into a wealth of young talent and also shape the future of entrepreneurship education.
So why should companies get involved in youth education? Here are three reasons:
-Nurture the next generation of entrepreneurs
-Gain access to a pool of young talent with fresh ideas
-Help shape the future of business education.
Juan Pablo Casimiro is founder and director of the youth empowerment platform Biznovator, and president of The Casimiro Global Foundation. He was born in the Dominican Republic and resides in Miami. www.biznovator.com