Entrepreneurship: An Option to Solving Unemployment Problem Among Nigerian Youths

Abstract

Youth unemployment is a problem that affects developing countries, including Nigeria. Recent research on youths and their involvement in entrepreneurship activities is gaining ground seriously due to the economic downturn that increases unemployment. The study's goals include providing suitable suggestions to promote entrepreneurship, problems confronting youth entrepreneurship, the examination of the role of entrepreneurial education in youth employment, and schemes that boost youth entrepreneurship. Data was collected from the primary source by using a structured questionnaire. The sample was selected using a stratified random sampling technique. The target respondents were youths between the ages of 20 and 40 years. Data was gathered from 220 youth entrepreneurs in Lagos, Nigeria. SPSS and Excel were used to analyse the data. The study found out parents and family influenced their decision to start a business. Lack of access to finance and financial risks were found to be significant demotivators for youths against starting up a business. Education was seen to support the entrepreneurial careers of the respondents. The study also showed that difficulty in attracting funding was a significant problem affecting youth entrepreneurship. The recommendations include Tertiary institutions should train students in entrepreneurship. The government should set up special funds (Loans & Grants) for youth entrepreneurship. Youth should be involved in policy development on entrepreneurship. Capacity-building should be organized often for youth entrepreneurs. More functional incubation centers should be established across the country to breed young entrepreneurs. Established adult and youth entrepreneurs should be encouraged to mentor up and coming, youth entrepreneurs. The government should be consistent in youth entrepreneurship policy. The Government should address the issue of multiple taxations, poor infrastructure, poor planning, corruption, etc. The government should encourage citizens to patronize homemade goods. Bureaucratic bottlenecks concerning government transactions with entrepreneurs should be eliminated. The government should improve the ease of doing business.

The Prospects and Challenges of Youth Entrepreneurship in Zanzibar, Tanzania: Administrators’ Perspectives

“…Youth entrepreneurship addresses youth unemployment and increase financial independence of young people (Diraditsile & Maphula, 2018). Youth unemployment is a critical problem, which forces young into selfemployment activities as alternative for survival and few of them engage in it because of seeing opportunities (Olufemi, 2020).Youth entrepreneurship creates jobs and promote private sector not only to the young people but also to the general populace, which is very important for economic growth and prosperity in the country (De Gobbi, 2014). Therefore, youth entrepreneurship is an alternative strategy of addressing poverty by enabling young people establish companies that help realize their dreams, increase incomes and skill development (Bangura, Mansaray -Pearce, & Kanu, 2019).…”

“…Youth entrepreneurship provides a basis for innovation and creativity in the country because entrepreneurship is a necessitates young people to use their innovation and creativity skills to stay in the course of business (Olufemi, 2020;Maritz & Donovan, 2015). It is observed that youth entrepreneu rs are sensitive to market which make them continuously innovate and produce new products (Biney, 2019).…”

“…Business continuity is a challenge facing young entrepreneurs because of lack of technical know how to make business succeed, they fail to continue with their business once the support ceased, limited network, they lack proper financial information to keep truck the performance of the business (Diraditsile & Maphula, 2018). Potential young entrepreneurs have limited knowledge on entrepreneurship and management skills to start and run business ventures successfully (Olufemi, 2020). As a result, some young people do not have entrepreneurial eye to spot unrecognized needs in the community and thereby exploit them fully as entrepreneurial opportunities for them to start or expand business (Biney, 2019).…”

“…Unfriendly business environment undermines youth entrepreneurship because on inconsistent policies, low business development support services and limited access to finance (Olufemi, 2020). Lack of capital is a principal obstacle to the development of youth entrepreneurship in Africa, because you fail to meet collateral as security to get loan from financial institutions.…”

“…However, sometimes young entrepreneurs are not aware about supportive services provided by the government institutions and private institution (Chellappan,201 8). Negative perception towards entrepreneurship particularly young women undermines the development of youth entrepreneurship (Olufemi, 2020) contributed by culture and religion (Chellappan, 2018).…”