DIU Blog

Entrepreneurial development and growth can be the best solution and strategy to eliminate youth unemployment

Today’s world is struggling for financial stability to get continuous growth for modern economic development. However, the vulnerable economic process has become more youth unemployment rises. Although, business enterprises are acknowledged offering tactics to help where problems are facing. Accordingly, entrepreneurship could demonstrate as the best way to eradicate youth unemployment, by contributing to innovative creativity based on business needs and cope up by economic downturns. If we looking for a developing country of Bangladesh were facing challenges to utilizing the youth knowledge shortly to harmonize a quite good number of a young graduate.

Nowadays, the entrepreneurship volume concludes the competitiveness of an organization the vital competencies at the individual level to develop for becoming an entrepreneur. Where competency is that enable the fresh graduates to become an entrepreneur. It would be suitable for any graduate dedicated to entrepreneurship and it also is valuable for any educational institution loyal to develop entrepreneurship competencies between students (Robles & Zárraga-Rodríguez, 2015) . The modern world is becoming more competitive and more challenging ever in the job markets were one of the most vital roles of seeking an experienced person before entering into any sector of job. Therefore, there is very little scope and space for the young fresh graduates towards getting a job. But there is a chance during an internship for the fresh graduate which is a huge scarcity due to several graduates, but the most vital ‘debates’ that exist in the field of Entrepreneurship today (Study et al., 2017) .

The workplace is moving a fundamental change that jobs are disappearing by such as computers and robots taking over human tasks. Today’s it is challenging the jobs that continue are changing drastically a new foundation of information and communication stations. Achievement shortly is for the young generation and individuals and even for countries as a whole that will depend on the ability to bring innovative solutions to new and unexpected problems (Schmidt et al., 2016) . However, young graduates must learn to think and to act more creatively. There is a problem and unfortunately, existing, the education systems are not standing up designed to help students be independent as creative thinkers Therefore, creating a job better than doing a job, which will contribute to the country’s economy and persons itself would be self-reliant. Developing countries are becoming more jobs less than developed countries due to creative thinks and act globally on demands because of countries facilities and infrastructure. Where developing country one of the major issues is micro-credit facilities behind big difficulties. In a developing country, fresh graduates are thinking of entering a job more reliable and safe than to be entrepreneurship. Most of them are thinking to start a small business required finance, experience, and unsafe, but It’s also a pretty hard-time to be a fresh graduate seeking to enter the job market, but what closely is the nature a problem facing maximum young people trying to find employment or few are facing to be an entrepreneur’s (O’Higgins, 2015) .

The characteristics, benefits and advantages to being an Entrepreneur

Entrepreneurs are Innovator
An entrepreneur is a key source of innovation and change in the economy. This is actually one of the most important tools for the success of an entrepreneur. They use innovation to take advantage of the opportunities available in the market and to overcome any threat. So this innovation could be a new product, service, technology, production strategy, marketing strategy, etc., or the innovation could be involved in doing something better and more economically. Either way, the idea of entrepreneurship is a key one.

Risk-Taker
Entrepreneurship and risk taking go hand in hand. One of the most important characteristics
of entrepreneurs is that the whole business is run and managed by one person. So there is no one to share the risk. Taking no risk can cause a business to stagnate and taking too much emotional risk can lead to losses. So a good entrepreneur knows how to take risks and manage his business. But an entrepreneur’s willingness to take risks gives them a competitive edge in the economy. This helps them to take advantage of the opportunities in
their economy.

Ensure Financial Stability 
Although financial stability is not a vital requirement, it is certainly recommended. Although entrepreneurs are less than financially viable (think of Facebook founder Mark Zuckerberg as a college student), starting with adequate cash flow and ensuring ongoing funding can only help an aspiring entrepreneur, increase his personal runway and make quick money. Give him more time to build a successful business.

Identify a Problem to Solve 
Where there is a problem, there is an opportunity. ”Across multiple channels, an aspiring
entrepreneur is able to identify different problems to solve. A business proverb indicates
that a company’s products or services need to address a specific pain point for another
business or for a consumer group. By identifying a problem, an aspiring entrepreneur is
able to build a business around solving that problem.

Entrepreneurs create jobs
If there is no entrepreneur, there will be no job. Entrepreneurs take risks for their own employment. Their ambition to continue their business growth eventually led to the creation of new jobs. As their business grows, more jobs are created. Thus, reducing the unemployment rate while helping people feed their families.

Entrepreneurs create change
Entrepreneurs therefore naturally dream big, some of their ideas will change the world. They can create a new product that solves a burning problem or take on the challenge of exploring something that has never been explored before. Many believe in improving the world with their products, ideas or business.

Entrepreneurs give to society 

Although some people have the idea that rich people are evil and greedy, they often do more for the greater good than the average person. They make more money and thus pay more in taxes which helps to pay for social services. Entrepreneurs are the biggest donors to charities and non-profit organizations for various reasons. Some want to invest their money in creating solutions that help poor communities gain access to things we recognize as clean drinking water and good health care.

Entrepreneurship decreases poverty
In the spirit of sharing the good news, more people are being lifted out of poverty today than ever before. This is probably due to globalization. Being able to connect millions and billions of people on the Internet allows new entrepreneurs to find customers around the world. So, those who want to make money online are able to do it out of poverty.

They’re ambitious
Entrepreneurs are made to love hard goals and reach milestones. There is no limit to how much an entrepreneur can earn and so they can always work to achieve a higher level of greatness. Since there is no limit to what they can achieve, entrepreneurs constantly see themselves growing and achieving more than they can imagine. When obstacles are presented to them, they find a solution to their goal. Entrepreneurs are irresistible.

Entrepreneurial idea; Can build almost any type of business, here are a few business ideas to get you started:
 Ecommerce storeowner
 Freelancer (write a blog, accountant, designer)
 Teaching (online courses, author)
 App creator (Chabot’s, social media apps)
 Service based business (food delivery, cleaning, dog walking)
 Consultant based business (wedding planner, life coach)
 Apartment rentals (Air bnb)
 Marketing businesses (PR firms, influencers, SEO brands)
 Affiliate marketing (Amazon, Clickbank, etc)
 Blogger (Product reviews, niche blog, magazine)
 Vlogger (Start a YouTube channel, Twitch)
 Flipper (domain name, website, house)
 Translator
 Gig Economy (driver)
 Real estate agent (condos, houses, commercial)
 Photographer (product photography, sell photos)
 Stock Broker (buying and selling stocks)
 Tutor
 Reseller business

About Writer: Dr M Abdur Rahman, Assistant Professor, Faculty of Business and Entrepreneurship (FBE), Daffodil International University(DIU) before joining DIU he has taught at various colleges and universities in Malaysia since 2009, In particular, The University Of Derby(Malaysia Branch), Olympia College – Kuala Lumpur and he worked as Chief Executive Officer(CEO) at IHM College-Kuala Lumpur (formerly known as MULTIMEDIA COLEGE) Kuala Lumpur Malaysia. Besides teaching has been working as a researcher, Educationist for the last 13 years. He has published extensively in various international journals and articles and has attended several international conferences.