Entrepreneurship can be a challenge.
Young entrepreneurs may come first among those looking to start a new business, but there is a higher proportion of established and mature businesses.
This means that young entrepreneurs are faced with higher barriers to entry in different contexts.
The myth of the young entrepreneur is not the same everywhere.
I’ve called this a spider web and a mystery, as both challenges in entrepreneurship are mindset rather than motivation.
Recently on my social media after posting one of my favorite quotes: “If you can’t describe to a child what money and wealth is, you will never find it”.
Most people started questioning the importance of this question, but the bottom line is that you need to start motivating at a young age.
Check out how some tech professionals in other countries are taking cosmetic surgeries to look younger to start some businesses.
In countries such as China, Turkey and Russia, these children are taught entrepreneurial skills at an early age, which has given them easy market entry in old age.
For example, see how some Group A girls are already being taught to wear stilettos, which will be beneficial in job hunting without forgetting about rural schools and the moral aspects of life.
Some might say it’s expensive, but why not invest in the future.
Believe me, by the time these girls meet for interviews, even those who have been taught to walk and sit will have an added boost in confidence and self-esteem, which is a staple in business.
Back at the drawing board, productive entrepreneurs can revitalize the economy by creating jobs, new technologies, and increasing productivity.
According to Mariana-Doga Mirzac, a researcher at the State University of the Republic of Moldova, promoting entrepreneurship is an essential part of ensuring economic development at the national and regional levels.
“Entrepreneurship in young people can stimulate them directly and positively influence the generations and communities in which it operates. Successful young entrepreneurs have ideas that make the company successful and have the opportunity to enter business niches that other entrepreneurs have ignored or watched in disbelief, “she said.
In recent years, however, the employment of young people remains one of the main problems that persist, the problem of the development of the market economy has stimulated and deepened it, the correlation between the supply and demand of labor as a whole.
As I mentioned earlier, motivation is the gold of all of this.
Some believe that when an economy is doing well, there are fewer incentives to grow new, entrepreneurial businesses. If people and companies make money, why take a risk on something new and untried?
Entrepreneurs often challenge established companies, and while this may seem undesirable, established companies tend to get complacent and be content to take their profits with them without investing in research and development to improve their business.
These stagnant firms are the first to suffer from imports that wither quickly and are unable to respond to competition.
Hence, it is an advantage of entrepreneurship to encourage established companies to perform better in good economic times.
Entrepreneurs are just as, if not more important, when the economy is doing badly.
When unemployment is high and the economy is shrinking or stagnating, dynamic entrepreneurship could help turn the economy inside out.
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By developing new products or increasing competition, new businesses can increase demand, which in turn could create new job opportunities and lower unemployment.
If entrepreneurs are consistently promoted, both in bad times and in good times, then all companies are kept on their toes and motivated to work continuously on improvement and adaptation. Entrepreneurs are the fresh blood that keeps economies healthy and thriving even when some individual firms fail.
Another aspect is that entrepreneurs increase competition.
By founding new companies, entrepreneurs intensify the competition for existing companies.
Consumers benefit from the resulting lower prices and the greater variety of products.
Researchers have developed a measure of market mobility that identifies the impact of new business startups on existing businesses.