Youth entrepreneurship: insights into main problems

Abstract

Entrepreneurship plays a key role in social and economic development of a country. Entrepreneurs foster the creation of the new firms what consequently results in employment provision. Besides boosting wealth creation for the nation and individuals, entrepreneurial activity is the main stimulus for innovations, technological improvements, creation of new products and services which, in turn, improve the living conditions of the whole society. Entrepreneurship enhances economic growth and fosters the economy to transform from factor-driven to innovation-driven economy enabling the country to be highly competitive and powerful in the global market. Developing effective youth entrepreneurship fostering programs and attracting a great number of young individuals to participate in these programs are essential steps in entrepreneurship enhancement process. Active communication with the target audience enables the organization to obtain crucial information and gain knowledge about the targeted individuals what significantly contributes to the development of effective entrepreneurship fostering tools. In addition to that, it is vital for each organization to inform and persuade the target audience to engage in social exchange process and take part in the proposed programs. It has been determined by entrepreneurship fostering organizations and various studies that the awareness level of existing programs among young people and participation rate in entrepreneurship fostering programs is low, revealing the problem of ineffective marketing communications performed by youth entrepreneurship enhancing organizations. The paper deals with the problems impacting youth entrepreneurship, discuss the main factors hindering entrepreneurship and presents main insights which allow tackling with the presented issues.