What is the term Entrepreneurship?
Entrepreneurship as a term can be defined as a way of designing, launching and running a new business idea. Entrepreneurship development is the most powerful weapon for the youth. Innovation and risk-taking characterize the entrepreneurial spirit. It is an essential part of a nation’s ability to succeed in an ever-changing and increasingly competitive global marketplace.
Entrepreneurship is a global phenomenon and a proven solution to combat youth unemployment. It is a tool that can equip young people not only to start businesses and create jobs but also to be opportunity-focused. It is the duty of the government to look after its youth. If a government cannot guarantee its youth employment opportunity, therefore, it is bound to help them create their own through entrepreneurship.
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Entrepreneurship is seen as the way-forward or let me call it a solution to unemployment in Nigeria. I believe we all know that the first set of people a country should be prioritized regarding employment is the youth. Young people are the ones who can contribute most effectively and efficiently to the national economy and its development process.
However, governments must play a vital role too in achieving this milestone. They must be ready to provide the right environment to enable potential entrepreneurs to be successful. Thereof, this can be done by allowing young people to follow their dreams and start their businesses to reduce the rate of unemployment. The challenge now is to provide young people with the support and the environment they need to turn their ambitions into reality.
The one number resource of any country is its youth. The strength of any country lies in its youth. Therefore, we cannot afford to let our labour force or career prospects travel abroad because of the inadequacy of opportunities here. It is a country’s duty to cater to its youth. If a government cannot employ its youth, I believe they must be ready to help them create their own.
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The government should come up with an efficient system to provide initial capital and consultative support to interested individuals. With this, a good number of the unemployed youth would find a better means rather than being employed by the state or private sector.
Finally, there are three major ways entrepreneurship can solve the problem of youth unemployment in Nigeria.
1- Creation of Job
Entrepreneurship is a source of employment. It reduces the rate of unemployed youth in the country. In the long run, it improves the standard of living of such individual.
2- Skills Acquisition and Development
No doubt, with entrepreneurship, you can acquire new skills and get it developed to become a better self. It also helps youth to find better jobs if there is an opportunity for it.
3- It will boost Income of the country
When the rate of employed is higher in a particular country, no doubt, the income flow such nation is predicted to be good. It will also increase the Gross Domestic Profit (GDP) of the nation.
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