How to overcome these stumbling blocks
We cannot deny the impressive growth that Africa has experienced in the past 25 years and our transitions to a digital economy. However, we cannot overlook the increase in youth unemployment. This continent has the largest youth population in the world, accounting for 60% of the jobless in Africa. This is a frightening statistic. This is where programmes like Young Entrepreneurs become vital and imperative. There are various steps which can be taken by the government and non-profit organisations like the Young Entrepreneurs Foundation to make things easier for the youth as well as create opportunities that will lead to employment or entrepreneurship.
In this blog we will identify two challenges young entrepreneurs encounter when starting a business. Furthermore, we will look at ways to overcome these stumbling blocks.
Mentoring young entrepreneurs
As a young individual, coming to the market, it can be very confusing and overwhelming when you are not equipped with the right tools or knowledge. Therefore, mentoring is a vital element when young entrepreneurs are starting their ventures.
With technological advancements, you can have a mentor on the other side of the world that can assist you with ideas and give you the advice you seek as entrepreneurs. This is helpful, especially when it comes to the various aspects of running a business that a textbook will never touch on. Furthermore, programmes like Young Entrepreneurs can give your children multiple tools and a mentor from a young age. Programmes like these have an incredible impact and can equip you from the start. If the mentoring is not there, young entrepreneurs tend to feel lost and despondent. This can hinder success in the long run.
The lack of networking opportunities for young entrepreneurs
When working in the realm of a business professional, networking is standard practice. This is done so that entrepreneurs can gain contacts and build relationships. This is something that assists in faster information exchanges amongst like-minded individuals. A lack thereof can leave you out of the loop and making business deals a lot harder in this fast-paced market. Entrepreneurs need to find the time to build these relationships not only for information, but to develop leads which will lead to revenue, brand growth and employment growth.
In our previous blogs, we spoke of the financial challenges faced by young entrepreneurs. This is not where it ends. Entrepreneurs need so much more than just finance to build a company. There is great value in mentorship and networking. Therefore programmes like Young Entrepreneurs are wonderful for the development of these basic skills like seeking mentorship and networking. Consequently, we need you to get behind this initiative to develop young people and young entrepreneurs.