Caine Monroy is possibly the youngest entrepreneur in the world at the age of 9. He founded and own an arcade and has turned over more than $200,000. This goes to show that young people have great imaginative and determined potential to make great entrepreneurs. In this article, we will take a look at what youth entrepreneurship is, young business owners and a young entrepreneurs organization.
Índice
What Is Youth Entrepreneurship?
Youth entrepreneurship is essentially entrepreneurship for young people. Young entrepreneurs help to drive economic growth. There are many young entrepreneurs today ranging from as young as 9 to younger entrepreneurs in their mid-20s. Famous young entrepreneurs are known for their ideas and for the age at which they came up with their ideas. The importance of young entrepreneurship is seen in the grants for young entrepreneurs that are available from many Governments.
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How to Encourage a Young Businessman
Events such as the young entrepreneur of the year or any other young entrepreneur awards ceremonies show that society values and wants to develop young entrepreneurs because of the multiple benefits they bring. There are a number of ways to encourage young entrepreneurship:
- Get everyone on board: Young entrepreneurs need a support system to be successful. Therefore, the role that families and communities play is vital.
- Develop business, technical and life skills: Entrepreneurship is often turned to because of the lack of job opportunities. Skills training is a fantastic way for young people to learn and develop skills that could help them in many entrepreneurial contexts.
- Support young people in accessing finance: Young entrepreneurs under 18 may know very little about different sources of finance and the disadvantages and advantages associated with the different options. Development programmes and something similar to a young entrepreneurs society should be put in place to support young entrepreneurs in these decisions. Funding for young entrepreneurs is essential and they need to be supported.
- Use mentors and set clearly defined goals: Many people may wonder how to be a young entrepreneur and mentors are people that can help them along their path to success. Mentors have the appropriate experience and knowledge and can add great value to a young entrepreneur through their connections, expertise and support. Goals are key for young entrepreneurs and Sinnaps project management software knows all about how to plan for goals in the most effective and efficient manner.
Young Entrepreneurs Academy
Business for young entrepreneurs is accessible to learn about, especially with an academy such as the Young Entrepreneurs Academy in New York. This program offers teaching and guidance for potential young entrepreneurs in middle and high school. The program lasts about a year according to the website and helps children to learn about young entrepreneurship through the generation of business ideas, market research, pitching, business plans and more. This program also helps to teach young entrepreneurs network skills.
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Successful Young Entrepreneurs
There is a long list of top young entrepreneurs. They are the young business people of our time and the following are some examples of young rich entrepreneurs:
- Patrick and John Collison, who are from Limerick, Ireland and both 26 founded the payments startup Stripe. They have been called the ‘Mark Zuckerbergs of Ireland’ and now live in Silicon Valley.
- Daniel Ek is a Swedish young entrepreneur who founded Spotify and is now worth $400 million at the age of 32.
- Mubarak Muyika who is 20 and from Kenya founded and is the CEO of Zagace, which is a business software startup. When he was only sixteen he founded Hypecentury Technologies and sold the business for six figures. An interesting fact about him is that he turned down a generous scholarship to Harvard to pursue youth entrepreneurship.
- One of the most famous entrepreneur young millionaires is of course Mark Zuckerberg, who cofounded Facebook in his college dorm room at the age of 20. He is now worth $38 billion.
Entrepreneurship is essential to society and the economy. It is very important that we develop programmes and academies to support and develop young entrepreneurs and their skills. In this article we took a look at just how successful young entrepreneurs can be. Don’t forget that Sinnaps project management app can help you on your young entrepreneurial path!
Give this article a like if you enjoyed reading it and leave us a comment with the young entrepreneurs that have inspired and impressed you the most! 😊
