youth employment - day 3 promoting entrepreneurship priorities and practical measures

Youth Employment - Day 3

Promoting Entrepreneurship

Priorities and Practical Measures

1. Viable Finance

2. Identifying Opportunities

3. Enterprise Education

4. (Plus) Supporting Dropouts

5. Supportive Regulation

Promoting Entrepreneurship

10 Issues / Challenges

6. Mentoring/Advice

7. Supporting Expansion

8. Community Support

9. Opportunities For All Areas.

10. Involving Young People

Promoting Entrepreneurship

10 Issues / Challenges (2)

Young need capital assistance.

Capital Must Be Sufficient for viable start up

Proper Capital Makes Self Employment

Accessible to More Young People.

Challenge 1: Securing Viable Finance

Challenge - Bang for the Buck!

Ensure sufficient capital is available.

Assist young people in accessing capital

Provide more flexible capital sources/options.

Relaxed guarantee and asset requirements.

No 1 source - need more/multiple $ sources

Challenge 1: Securing Viable Finance

What Needs to be Done?

Challenge to Govt and Ers in particular.

Re-examine capital access of young people.

Give Practical aid/advice in accessing capital

Influence lenders for effective youth access

Broker joint funds for young entrepreneurs.

Challenge 1: Securing Viable Finance

Next Steps

Young people need viable self-employment.

Need niches / avoid crowded markets.

Innovation needs new markets/products.

Need most effective use of available capital.

Challenge 2: Identify Ent. Opportunities

Challenge - Picking Winning Industries

Direct Youth into

Best enterprises for their society - e.g. ICT

The most viable industries - ensures

capital is invested most effectively.

Challenge 2: Identify Ent. Opportunities

What Needs to be Done?

Challenge to Govt and Ers in particular.

Must Harness Employer Market Knowledge

Identify and Publicise Niches.

Identify and Publicise Agreed Priority Areas.

Challenge 2: Identify Ent. Opportunities

Next Steps

4 Dimensions of Education:

1. Practical Enterprise Skills

2. Business/Commercial/Finance Skills

3. Life/Maturity Skills

4.Managerial Skills - To Become Better Ers.

Challenge 3: Enterprise Education

Challenge - Creating Enterprise Capacity

Review / Create Enterprise Curricula

Develop Practical & Effective Business

Competencies for Students / Graduates

Business and Employment Ready Graduates

Also Enhances Employability

Challenge 3: Enterprise Education

What Needs to be Done?

Challenge to Education Admin and Schools

Employers:

Identify the basics of running a business.

Help Develop Business Competencies /

New Educational Standards

Challenge 3: Enterprise Education

Next Steps

Dropouts can also be source of

innovation.

Enterprise Can Offer A Second Chance.

Dropouts must also have access to

Entrepreneurship Support / Programs.

Challenge 4: Integrating Dropouts

Challenge - Not Leaving People Behind

Young Ent Often Unusual / Groundbreaking

Young Ent Often Informal / Unregulated

May Fall Foul of Many Regulations / Laws

Must Facilitate Ent & Still Protect Society

Challenge 5: Supportive Regulation

Challenge - Reducing Barriers

Identify Regulatory Barriers

Question/Review Regulation Affecting Youth

Pursue Opportunities to Reconcile/Amend

Inform Youth Of Regulatory Obligations

Challenge 5: Supportive Regulation

What Needs to be Done?

Gather Info/Experiences From Young Ent.’s

Reform Partnership With Government.

Regular Consultation of Youth & Regulators.

Problem Solving Not Prohibition Approach.

Challenge 5: Supportive Regulation

Next Steps

Running A Business Is Hard - Help is Vital

Employers Have Expertise / Experience.

Can Help Through Challenges to Increase

Youth Enterprise Success.

Challenge 6: Mentoring and Advice

Challenge - Expert Guidance & Support

Marketing & Distribution Advice is Crucial

Facilitate Meeting of Ers and Youth Ent.

Mentor Matching is Important.

Need Admin/Practical Support for Mentoring.

Challenge 6: Mentoring and Advice

What Needs to be Done?

Introduce Matching Schemes.

Major Role For Ers Associations. Also Govt.

Oversight of Mentoring by Ers, Govt & Youth.

Voice of Youth Crucial - Not Imposed on them.

Challenge 6: Mentoring and Advice

Next Steps

When Business Is Proven - Challenge Starts

Hard - Too Many Proven Youth Ent.’s Falter

Need to Make Transition - To Become Ers.

Expansion = Real Gains for Community.

Challenge 7: Expanding

Challenge - Taking the Next Step

Additional Assistance Needed At This Point.

Refinancing, Marketing & Distribution Help.

Assistance for First Time Employers.

More Mentoring/Resources At This Point.

Challenge 7: Expanding

What Needs to be Done?

Targeted Schemes For Business Expansion.

Intensive Assistance During This Phase.

Govt Scheme - Ers and Workers to Input.

Learn Lessons from Successful Young Ent.’s

Challenge 7: Expanding

Next Steps

Encourage Trading with Youth.

Encourage Consumers to Buy from Youth.

Young Business Low Quality / Unreliability.

Includes Encouraging Business 2 Business.

Challenge 8: Community Support

Challenge - Mainstreaming Youth Enterprise

Community Promotion - Govt and Ers.

Promotion to Business (Ers Associations).

Promotion to Workers Org. Members.

Recognise Quality/Achievement of Youth Ent.

Challenge 8: Community Support

What Needs to be Done? / Next Steps

Extend Enterprise Support to All Regions.

Benefits of Ent. Should be Universal to Youth

Max Access = Max Benefits to Society

Challenge 9: Opportunities For All Areas

Challenge - Wide Coverage

Business Incubators - All Parties to Pursue

Specific Regional Programs.

Internet = Access for More Young People.

Challenge 9: Opportunities For All Areas

What Needs to be Done? / Next Steps

Many Challenges to Govt / Employers.

But Cannot Ignore Youth Voices - Inappropriate.

Proper Consultation Will Improve All Programs. -

The Bottom Line!

(Also) Vital All Partners Engage This Challenge.

Challenge 10: Involving Young People

Challenge - Integrating Youth Voices