At Youth Business International (YBI), the only organization globally dedicated to youth entrepreneurship, we believe that young entrepreneurs are not just tomorrow’s leaders, they are today’s changemakers.
In our fast-paced world, young people are emerging as innovators, driving social change and paving the way in entrepreneurship like never before. However, despite their potential, many face challenges in turning their ideas into thriving businesses. Increasingly, young entrepreneurs are starting businesses that prioritize green and social missions. This shift underscores the urgent need for strong support systems that can help them turn their visions into reality.
That is why we are pleased to announce the launch of our own Youth Entrepreneurship Framework In partnership with the Global Entrepreneurship Network (GEN). This dynamic new framework is designed to empower policy makers and support organizations with actionable strategies to nurture the next generation of entrepreneurs.
The Youth Entrepreneurship Framework is the result of extensive collaboration and research based on insights from interviews with experts on the global youth entrepreneurship ecosystem. It includes voices from UNCTAD, Orange Corners, World YMCA and many other organizations dedicated to youth empowerment. Using these diverse perspectives, we have created a comprehensive guide that not only highlights the current landscape, but also points the way forward.
This framework is not just a report; serves as a call to action for leaders at all levels. It outlines 50 actionable recommendations that can be implemented by policy makers and support organizations to create an environment where youth entrepreneurship can thrive. Each recommendation is linked to real-world examples from GEN’s Atlas, the largest collection of entrepreneurial policies worldwide, providing a wealth of knowledge and inspiration for managing effective change.
The framework identifies four key trends shaping the future of youth entrepreneurship:
- Necessity-based entrepreneurship: Against the backdrop of rising youth unemployment, many are starting businesses out of necessity. Supporting this entrepreneurship is critical to economic sustainability.
- Green Entrepreneurship: As the world moves toward sustainability, young entrepreneurs are leading the way. Specific support and policies are essential to develop these innovative initiatives.
- Meaningful Work: Today’s Gen Z and Millennial business owners prefer meaningful work that aligns with their values and positively impacts society.
- Community-Based Initiatives: Young people are increasingly encouraged to open businesses that contribute to their communities by focusing on social value and impact.
However, barriers remain that prevent young people from reaching their full entrepreneurial potential:
- Skills Development: Access to skills training is critical to empowering young entrepreneurs.
- Complicated Business Environments: Complicated regulatory compliance can discourage young people from engaging in entrepreneurship.
- Access to Finance: Securing financing and maintaining financial health are ongoing challenges for young entrepreneurs.
- Support Services: Comprehensive support throughout the entrepreneurial journey is essential for success.
To effectively overcome these barriers, the framework provides recommendations tailored to each stage of the entrepreneurial journey.
As we roll out this framework, we invite you to join us in promoting youth entrepreneurship. Together, we can create an ecosystem where young innovators are empowered to turn their ideas into impactful businesses.
Apply for more information and access to the framework Youth Business International website.
