According to projections, there will be about 1.3 billion young people worldwide by 2030, an increase of 7%. Over half a billion individuals between the ages of 15 and 35 will live in Africa, which is sometimes referred to as the continent of the youth.
Increasing their capacities and assisting them in playing their proper role in a constantly changing environment has become a continual topic of discussion in local and international fora as they are hailed as the future of the global economy. Numerous obstacles prevent young people from starting their businesses and finding self-employment, so there is an increasing focus on empowering them through entrepreneurship mentoring and training, start-up finance, and company incubation programs.
According to the United Nations, 13% of young men and 30% of young women globally are not enrolled in school, work, or training. According to estimates, the informal economy makes up almost 95% of all youth employees in developing nations. A major component of the global initiatives is safeguarding their social and economic growth.
The development of a registration desk just for the kids at all Huduma Centers, as well as the remission of business registration and licensing fees, should be included as incentives. Along with this, sufficient training on business finance management, planning, and information technology platforms should be made available.
The Financial Sector Deepening (FSD) estimates that just a small percentage of financial service providers in developing nations target young people, leaving 23 percent of Kenyans between the ages of 18 and 25 without access to financial services.
The importance of entrepreneurship in promoting economic development cannot be emphasized in a world that is changing so quickly. To foster and sustain the economy, Kenya must embrace and empower young entrepreneurs as a driving force for innovation and employment creation.
The old career routes of “job for life” are insufficient, so it is crucial to mainstream young entrepreneurs into today’s shifting labor markets and ensure their financial independence. Jobs will be produced by young entrepreneurs for their generation as well.
The information superhighway has given today’s kids unrivaled access to knowledge, technology, and networks. The concept of starting a business arises from the youth’s seeming dissatisfaction with the traditional way of life and their conscious mapping out of their own ‘new’ road to their destiny.
Young people’s inventiveness is greatly appreciated because evolving technologies are creating new career prospects and finding novel methods to perform everyday tasks. The younger generation is open to trying new things and taking chances by devoting their time, energy, and resources. According to studies, a successful youth-led startup can open up new work prospects for more young people and develop into a new firm that enhances livelihoods by offering remedies to problems with an economically feasible answer.
The government has done well by offering low-interest loans for young, female-founded businesses through the Women and Youth Enterprise Development Funds. New enterprises can be greatly aided by funding and business training.
Companies like asset financiers Watu Credit have launched entrepreneurship models in the private sector, enabling young people to acquire a range of items for use in income-generating activities on a pay-as-you-go basis. This makes it possible for more people to buy vehicles like motorcycles, tuk-tuks, or cars that can be used for self-employment on credit.
Over a million registered boda bodas, the majority of which are utilized for business purposes, are already known to exist in Kenya, according to data from the National Transport and Safety Authority. It is crucial to make asset financing available to young people because this industry continues to support economic growth and youth employment in our nation.
The public and private sectors need to work together to simplify finance and business ownership for young people. This is one practical method the nation can solve the problems brought on by the high unemployment rate.
