When we refer to a country’s resources and wealth, we refer to their economic position, the availability of natural resources, financial status as well as the state of technological growth etc. However not much attention is given to assess the human capital especially the youth capital. It is true that youth is the future of every nation, a fact that most people tend to forget. Every nation seems to be caught up in chasing current priorities and not giving sufficient attention to the development of youth which is going to be the future human capital.
If the youth have to be developed as a resourceful and innovative future generation, the effort has to be put in by all including family, society, community, schools, colleges as well as industry and government too. As such each of these have a significant role to play in contributing to creation of Youth Entrepreneurship.
Family and Community play a very significant and important role in directing and guiding the youth in pursuing their future. Normally communities and societies that have had to struggle or have been striving for economic sustenance are seen to promote a view that the youth should take up a job and start contributing to the family’s income and help with the expenses.
Most of the third world countries and the rural youth population face this reality. The social and cultural background of the families and community either support or inhibit enterprising culture and behaviour. A community that is sensitive to the development of aspirations of the youth nurtures the same and creates a trend for self-employment. We see from the recent history that American society has promoted a culture of youth entrepreneurship resulting in hundreds of YE in the Silicon Valley as well as other areas. Europeans especially the Youth in UK seem to be motivated towards taking up jobs and not necessarily striving to be on their own. A culture that is forgiving and allowing one to make mistakes and learn from them breeds Youth Entrepreneurship and creativity. The cultural outlook of societies at large is a result of history and years of tradition that have been passed on from generation to generation.
At micro level, the outlook of the community and family towards money, standard of living, education as well as their aspirations guide their thought process for the Youth too. A prosperous and progressive society creates a healthy environment and demand for products and services thus creating business opportunities. The awareness of importance of education and their traditional view to education too plays an important part that helps the youth dream, aspire and strive to explore new ventures and opportunities to grow their knowledge, allows free thinking, exhibit their talent, strive for economic independence as well as work for social services or inhibits them, their thinking and growth.
Historically China, India and Persia as well as Europe were the centres that promoted Education and advancement in all fields of science and technology. Modern times have seen America and Europe becoming the international educational hubs drawing thousands of students from all over the world. The outlook of the American and European Universities have shaped the outlook of its students who have turned out to be progressive, enterprising and excellent human beings who have contributed to and given back to the society at large. This cultural outlook and the resultant affect on the youth have prompted parents of all nationalities to send their children abroad for higher studies. If scientists and doctors as well as IT professionals are always looking to migrate to America from the rest of the world, it is because of the freedom and opportunity as well as the spirit of Entrepreneurship that the country provides for the youth.
Each and every community as well as society tends to have its own cultural outlook that is aggressive, peace loving, progressive, liberal, conservative etc. The outlook of the community has a bearing on the overall lifestyle and thinking of the younger generation as well as the outlook and progress of the nations too.
Coming out of the cultural mindsets, nations today have recognised the need to build and train their youth by providing education and skills necessary to make them job creators rather than job seekers. Several programs and funds have been provided by the Countries Governments as well as the World Organisations like ILO, UNESCO and others. However the effort towards building awareness and providing training is miniscule compared to the need at the global levels. While the Governmental agencies are trying their best to promote Youth Entrepreneurship, there is a lot more that NGOs and Industries as well as Educational Institutions can do both at national and international levels. Collaboration and Collective participation can help make a better future for the coming young generations.
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