Having youth entrepreneurship support systems set in place is important for economic growth, job creation, and innovation. I know this from my firsthand experience running economic empowerment programs in the Niger Delta Creeks.
Aside from just saying the benefits of having youth entrepreneurship support, I’ve seen how this support system is transforming communities and even countries.
For example, the United States has solid youth entrepreneurship support programs, with Silicon Valley standing tall with its innovation and entrepreneurship education programs, mentorship initiatives, and startup accelerators. The benefits? We can see the successful launch of tech companies, job creation, and economic growth across various sectors.
Another good example in Africa is Rwanda. Rwanda’s Innovative Fund is providing funds and technical assistance to startups. There’s also the Kigali Innovation City project which creates a hub for technology and innovation. These youth entrepreneurship support systems have brought about a thriving ecosystem of startups and also made Rwanda a hub of innovation and entrepreneurship in Africa.
Trying to set up youth entrepreneurship support? I’ll show a handful of effective strategies to set it up in minutes. Let’s go!
1. Education and Training Programs
Providing entrepreneurship education and training programs on innovation subjects is the perfect place to start. Start by crafting entrepreneurship support programs that are tailored to the interests of young people. Think marketing, tech, financial management, and business planning.
Develop and host education and training programs that effectively educate youths on how to become successful entrepreneurs. These programs could include teaching financial and time management, problem solving, ideation, setting goals, setting up a business, etc.
Education and training programs are important for helping youths learn how to take advantage of entrepreneurship support programs. And also how to use the offered knowledge and funds.
2. Mentorship and Networking
You can strengthen youth entrepreneurship support programs by pairing young entrepreneurs with experienced mentors who are in their niche.
So, if the entrepreneurship support program is all about supporting young entrepreneurs in tech, there should be provision to connect young entrepreneurs with mentors in tech. These mentors could include successful business owners to renowned lecturers.
Aside from mentors, young entrepreneurs can also learn a lot from themselves. The youth entrepreneurship support program should also foster networking among young entrepreneurs. This helps young entrepreneurs have a support system amongst themselves.
3. Access to Resources
Setting up a successful youth entrepreneurship support program also involves creating access to helpful resources. These resources include funding, legal support, workspace, and technology. With these in place, young people can be successful and quickly turn their ideas into a successful business.
Without access to resources, the movement for empowering youths would be meaningless. Some youth entrepreneurship support programs only offer funds and that’s it. What about other resources that are important in helping them start up their business?
Although not all countries or foundations have the capacity to offer all the above-listed resources. But at least, they can do better. Do better by not only offering funds but legal support or the technology to help their business or workspace.
4. Encourage Innovation and Creativity
Offering education, mentorship, and access to resources is still not enough. You also have to create an environment that encourages innovation and creativity or else the outcome of your entrepreneurship support program will be the same old things that have been for ages.
Emphasize on and reward new and innovative ideas. Also help young people in exploring new ideas and thinking outside the box. You could also weave this into your educational and training programs before offering access to resources.
Aside from encouraging new ideas, it’s important to also encourage young people to take risks. Most successful people are risk takers. No one built an empire while sitting in his comfort zone and that’s exactly what you need to tell youths who are interested in entrepreneurship support programs.
5. Policy Support and Advocacy
To create a youth entrepreneurship support system that works, you need to go ahead of these young people to clear any barrier that can hinder the success of their business. Advocating for policies and regulations that promote youth entrepreneurship is one way to start.
Young entrepreneurs usually face regulatory complications and bureaucratic hurdles when setting up their business. You can advocate for policymakers to create a more favorable environment for businesses owned by young entrepreneurs. They can do this by simplifying licensing requirements, streamlining registration processes, reducing administrative burdens, and providing tax incentives.
Achieving the above-mentioned would promote entrepreneurship and innovation among young people. But that’s not all. You also have to look into making youth entrepreneurship accessible and equitable for all. This includes advocating for or creating policies that promote inclusion, equity, and diversity.
Every youth Entrepreneurship support system should support all young people from all backgrounds. There should be no barrier to any minority group, women, or disadvantaged youths who find it difficult to access networks, resources, or get opportunities.
Conclusion
Setting up youth entrepreneurship support systems has never been a regret to any person, community, or country who ventures into it. From my philanthropist work in the Niger Delta Creeks, I have watched how youths we empowered turn out to be a blessing for their community.
While setting up youth entrepreneurship support systems sound great, making sure that young people are educated and mentored about their potential, opportunity, and business niche is important. Ensure to promote creativity and innovation so they don’t get stuck repeating what is already in existence.
Remember, giving out finds isn’t enough, you also need to make workspace, technology, and legal support accessible too. You could also advocate for or create policies that promote youth entrepreneurship to ensure these young entrepreneurs don’t crash before even starting.