Suggested have less stringent requirements for owner’s

Suggested
solutions

Within the framework of potential efforts and strategies to
boost employment and job creation for young people, entrepreneurship is increasingly
accepted as an important means and a useful alternative for
income generation especially to young people. As traditional job-for-life
career paths become rarer, youth entrepreneurship is regarded as an additional way
of integrating people into the labour market and overcoming poverty. Supporting
this shift in policy is the fact that in the last decade, most new formal
employment has been created in small enterprises or as self-employment. Given
global demographic trends, it is important that the social and economic
contributions of young entrepreneurs are recognized. Entrepreneurship is seen
as a way to unleash the economic potential of young people. In order to improve
their activities the following need to be done

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Governments should
provide Loan guarantee schemes to the new entrepreneurs as an efficient
means to facilitate their access to conventional banking finance. The objective
of these schemes should be to secure financing for small businesses of young
entrepreneurs who might not otherwise be able to obtain it, but who still have
a good chance of succeeding. These loans should often have less stringent
requirements for owner’s equity and collateral than commercial loans, making
them a good source of financing for start-ups and young businesses. However,
there should be often basic eligibility requirements such as the ability to
repay the loan from cash flow, same business or management experiences and
owner’s equity contributions.

 Unsupportive tax
regimes should be eliminated. Business registration procedures and costs should
be set to standard, Bankruptcy laws need to be monitored closely. Time and
costs involved in insolvency proceedings should be addressed. Ineffective
competition laws should be replaced with better ones which favors competition.
Regulatory frameworks need changes and lack
of transparency as a result of corruption attracts the attension.
Property rights, copyright, patent and trademark regulations need to be addressed
by governments by providing education to entrepreneurs about their
consequences.

Business
community’s assistance and support for new and young entrepreneurs should also
be encouraged through Promotional efforts e.g. Research on business assistance
and support measures. The provision of business skills, training, guidance and
counseling services, provision of working infrastructure, promotion of
enterprise integration and business linkages are needed to play a crucial role
by demonstrating as role models.

International
organizations, such as the OECD, the OSCE, the European Union, the International
Labour Organization (ILO) and other United Nations (UN) agencies such as the (UNECE,
UNESCO, and UNDP) should continue and expand efforts and initiatives on youth
employment and young entrepreneurships. Their particular contribution should
focus on; establishing and expanding international partnerships, communication networks
and linkages between key stakeholders. Primary research and international
comparisons to identify best practices, innovative pilot projects programmes
and schemes, Place young entrepreneurships and youth employment more
prominently in their international development agenda and advocate for more
attention on youth entrepreneurship and youth employment.  

Once past these challenges, however, one would think there
would be smooth sailing. Given the business has a good plan; everything should
proceed with minor glitches. However, the implementation stage seems to be the
real make-or-break point of an entrepreneurial venture. There are hypotheses
that part of the problem is that idea people and implementation people are very
different breeds of people, but there are enough exceptions to that rule that
is a difficult position to defend. More realistic, perhaps, is that there are
such a wide variety of skills needed at the implementation stage, that no one
person can have the skills to manage all the functions well. The real talent is
for entrepreneurs to recognize what they do well and then find employees or
subcontractors who can fill the gaps.

One way to look at this implementation stage is to look at
how many different skills are involved in operating a business. Operating a
business involves employees, marketing, advertising, sales, communications,
public relations, legal needs, government regulations, equipping the office,
risk management, disaster planning, crisis management, insurance, technology,
hardware, software, the internet, and the financial aspects of the company –
bookkeeping, managing debt, taxes, and barter. Without a strong technical
basis, there is no business. Above and beyond this, however, is the conceptual
aspect of management: ethics, leadership, growth philosophy, and even the exit
strategy of the project. These are much less tangible, yet set the overall
theme and direction that the business will take.

The entrepreneurial developments schemes need to be
introduced at this point more especially in developing nations who aspire to be
newly industrialized in order to motivate and assist prospective and potential
entrepreneurs to set up small scale units of their own and thereby become self
employed and continue to contribute to production and employment in the country.
Potential new entrepreneurs and existing ones need more than access to credit.
They also need to know how to develop a business plan, business management,
management of business finances (budgeting), time management, stress
management, improving sales, managing and reducing costs, debt recovery
techniques, stock control techniques, marketing and recruitment.

This suggests that there is a  need for an integrated training package for
the promotion of new blood form of 
entrepreneurship which calls in for; Skills training, Business
counseling, Mentor support, Access to working space Business expansion support,
and, Creating support networks. The training should also be extended to service
providers in order to improve their professional and technical competence,
especially in the areas of programme conception, design, implementation and
evaluation