Why we are needed Youth unemployment is a big issue in today’s world. A high percentage of young people are not in education or employment, and many leave school without the skills they need to succeed in the real world. There are several reasons why young people decide at a certain moment in their lives to start their own business. Some discover a good business opportunity while others feel challenged by various problems. They may have an education and the right set of skills but find it difficult to gain employment. The lack of jobs among young adult poses serious consequences in their health, wellbeing, and future. Hence, one of the ways to get young people into the labor market is through youth entrepreneurship.
Not only does it provide employment prospects to inexperienced youths, but it has an impact on economic growth through new jobs, increased competition, and innovation. About 36% of the worlds unemployed population are young people, with over 169 million young people earning less than $2 per day. The problem is even greater among the Black, Asian, and Minority Ethnic (BAME). Between October and December 2020, 41.6% of black people aged 16-24 were unemployed – the highest rate since the last financial crisis. Taken into consideration the impact Covid-19 has had on unemployment rates across the world, there is a need for young adults to get involved with entrepreneurial activities.