Why Entrepreneurship is Your Way Out of Unemployment

Entrepreneurship has always been the greatest weapon to counteract unemployment and it is the only way to empower unemployed youth. Having entrepreneurship as the root of innovation and development of modern technologies creates opportunities that offer solutions. The pandemic has had a negative impact on economic activity which has led to the resultant spike in unemployment. 

Unemployment has branched out from both informal and formal trading sectors. The truth of the matter is companies cannot afford to hire anyone that will not work for free (legal and ethical implications aside). This in turn leads to the demand for jobs being at an all-time high, with the supply being at an all-time low.

That being said, there has never been a better time for the youth to make their debut in entrepreneurial spaces. Yes, the startup failure rate is astronomically high (between 70 and 90%) but that can be overcome through joining incubator and accelerator programs that are tailored for your specific field of business or industry. Uncertain about the difference between an incubator and an accelerator? Check out our previous blog on it: What is incubation really?

Incubated entrepreneurship offers you the opportunity to take up new challenges and come up with out-of-the-box business ideas.

There needs to be a proactive shift in the youth's efforts from seeking jobs to attempting to create sustainable and profitable businesses. The first logical step to take is deciding whether or not you have a vested interest in starting a business. Entrepreneurship isn't for everyone and that's ok. However, if you do have the required drive to start a business, the next step is finding a good idea, novel ideas are hard to come by, there's nothing wrong with imitating a business that already exists (they did say imitation is the highest form of flattery).

Now that you have the basics, a business idea, and the drive to pursue it. You now qualify to join an entrepreneurship/ incubator program, there are hundreds of incubators with different programs throughout the country. A quick google search will provide you with a comprehensive list unless you’d be more interested in our program, in which case you should read our blog: 7 Tell-Tale Signs You Need us before hitting the Apply, button.

Cheers!