Business coach and incubator director STEVE REID considers why now is the time for young would-be entrepreneurs to launch their own businesses…
Having worked with and coached nearly 200 entrepreneurs and business owners over the past 15 years, it’s clear that the “field of dreams” is tilted in favour of young people when it comes to entering the journey of entrepreneurship. Here are seven reasons why young people in South Africa should consider entrepreneurship:
The stats are in your favour
Young people fall into the category with the highest entrepreneurial activity. new research has shown that half the world’s entrepreneurs are between ages 25 and 44. Entrepreneurial activity was highest among 25- to 34-year-olds in all geographic regions, according to the study. The activity of entrepreneurs across age groups, however, varied greatly depending on where they lived.
Examining social entrepreneurship activity by age shows that the 25- to 34-year-old age group is most active in trying to start social enterprises, with 18- to 24-year olds also quite involved. South Africa has one of the highest unemployment rates in the world, particularly in the youth segment, and jobs are also scarce within the formal sector.
These realities, instead of being discouraging, should cause us to refocus on entrepreneurship as a viable, first career choice. It was Jack Welch, CEO of General Electric who quipped: “Control your own destiny, or someone else will.”
The drivers of the south African economy are quietly shouting for you
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