Why the Future Depends on Young People’s Entrepreneurial Skills

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The latest statistics show that there are over 1.8 billion young people in the world. Those between 10 and 14 years old account for 602,054,000, while those 15 to 19 years old comprise 606,144,000 of the world’s population. Add the 606,816,000 people aged between 20 and 24 years old, and that brings the total number of young people to 1,815,014,000. By 2025, it is estimated that the number will increase to 1,884,896,000.

Do you know what this means? With about 7.8 billion people in the world, roughly one-fourth of 24.16% is the youth. That is the future of the world. That is the sector of society that government and civic groups have to nurture and nourish. It is the generation that will live in an era of increased globalization, innovative technology, mobility, and soft skills. If they are not well-equipped with the skills that will enable them to survive in a highly global world, the future will look bleak.

But today, high unemployment levels are hitting this group. The pandemic didn’t make it easier for this young generation to survive the retrenchments and pay cuts. The problems of mismatched skills, inadequate skills, and limited geographic mobility continue to hound them.

That raises the question of whether or not these young people have the necessary skills to survive. To adapt to an ever-changing environment, they need to think like an entrepreneur. They need to create and innovate. These entrepreneurial skills will develop problem-solving, team-building, cultural awareness, social and civic competence, and initiative. These are necessary skills to surpass and tear down mental barriers, as well as to remain competitive in any industry they choose to join.

Learning the Right Skills

Where can the youth learn these entrepreneurial skills? It starts from the home, yes, but they also have to invest in themselves. Various skills future courses are designed to enhance the entrepreneurship of the young and old alike. These courses will teach people how to create a brand, position that brand in the market, use data analytics to reach the market, build an online reputation, and understand the fundamentals of what drives sales to a business.

Importance of Entrepreneurial Skills

No matter what kind of work you are in, it demands some form of entrepreneurship. The 2017 Future of Jobs Report published by the World Economic Forum said that nearly 50% of the companies surveyed believe automation will cut their workforce by 2022. The birth of artificial intelligence, in particular, will alter the demands in the workplace. It will change the roles of new graduates as they join the workforce.

How can you equip yourself with the skills needed to thrive in this new environment? You have to acquire new skills before you join the workforce. Entrepreneurial skills, such as problem-solving, industriousness, and resiliency, are valuable. Still, hard skills such as applied design thinking, managing chatbots, and managing a business are vital for the survival of this generation.

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Innovation and Creativity

In the classroom, students are taught how to follow the rules, concepts, and theories. But things are a lot different in the real world. That requires innovation and creativity. People who know how to think out of the box often have the best ideas about solving a problem in the company. Entrepreneurs are always faced with issues that require innovativeness to solve.

Empathy

Not too many people will tell you that empathy is way up there in terms of the skills needed to thrive as a businessman. Empathy allows a boss to see where an employee is coming from. It allows a business person to understand how a product or service can affect the target market and stakeholders. Empathy makes entrepreneurs better listeners, innovators, communicators, and negotiators.

Hard Skills

Creativity and innovativeness alone are not going to cut it. To survive in such an evolved world, the youth of today needs to arm themselves with. Anyone who wants to start a business must learn how to write a business proposal and be financially literate. They must also have marketing skills, an understanding of public relations, and the technical skills necessary to launch a business to success.

When the coronavirus forced businesses to retreat to a work-from-home setup, it highlighted the need to retrain employees to use technology. It’s not limited to email writing, too. People have to learn how to use project management tools, write a blog, manage social media pages, and use MS Office Suite and other programs. If possible, knowing how to design, develop, and organize a website are vital skills, too.

A great entrepreneur has many talents and skills. Entrepreneurs never put a limit on what they can achieve. They are committed to learn and re-learn when they make mistakes. It takes practice to develop and nurture these hard and soft skills. Making sure that they understand this as early as possible equips them for more successful ventures.

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