How do you promote entrepreneurship among youth?

Answer 1

I would like to give you some suggestions, and I will, but first bear with me on this.

Over 70% of the business that start today, will fail in the first 5 - 6 years. This is not to say that they will make it that long, but over 70% of them will fail within that time frame. Makes you want to go right out and start a business huh? Still, people do, and thank God they do. We need businesses out there. The more businesses the more jobs, the more jobs, the better the economy, the better the economy the better our life style. Still, the question is, "Why do businesses fail?"

In one study that researched over 1000 failed businesses - and forgive me I can't remember which one - here were the major contributors found as to why businesses fail.

• No written plan
• Never sought help - no mentor or coach
• Never took a business course.

In today's theater, there are so many resources available to help prospective entrepreneurs. For example, there are organizations such as the Small Business Association (SBA), and the Senior Citizen Organization of Retired Executives (SCORE), that are there to help people get into business and stay in business. However, they never availed themselves of the opportunity.

Now there are many other reasons why businesses fail to include, not enough start-up capital, product selection, logistics plus many internal and external driving forces too many to list here. Still, as I had mentioned before, "we need businesses out there!!"

So, your question in regards to how promote entrepreneurship among youth is outstanding, and I applaud you for it! Here are some suggestions, and I'm sure others will be able to add to the list. The following is in no special order.

• Get youth involved through your excitement
• Go out into the community, and find current successful business owners who would be willing take the time to have some youth shadow them for a day. Choose a variety of industries.
• Contact the SBA and/or SCORE where they may be able to meet with or funnel information to the youth.
• Have the youth start a mock business and go through all the phases. Have them develop a business plan/strategy. They must learn to develop a road map toward arriving at overall goals and objectives through appropriate short term wins, and this to create incentive and desire to continue. Teach them to develop their critical thinking skills. Practical hands on application is critical to promoting interest and excitement.
• Take them to a community college for a tour, and have them meet with professors within the business department so they get an overview of the business possibilities, and opportunities.

I hope this will help you to achieve your goals and objectives - in some small way - of helping our youth find success within the business environment.