Young people can become successful entrepreneurs by developing a strong business mindset, gaining relevant skills through practical experience and education, and building a supportive network. This includes fostering passion, setting clear goals, creating a solid business plan and continuously learning and adapting to market changes.

Businesses can empower young entrepreneurs by offering mentorship, providing training and educational resources, and creating opportunities for real world experience through internships and collaborations. Furthermore, establishing access to capital and facilitating networking with other business professionals can significantly aid young persons in their entrepreneurial journey.

Here i’s a more detailed look at how businesses can help:

1. Mentorship and Training

* Pairing young entrepreneurs with experienced business leaders

This provides guidance, insights and practical advice on navigating the challenges of starting and running a business.

* Offering training programmes

These can cover essential skills such as business planning, marketing, financial literacy and leadership development.

* Creating workshops and simulations

Engaging youth in hands-on activities can make learning more interactive and effective.

2. Access to Resources

* Establishing incubators

These can provide resources such as office space, equipment and support services for young entrepreneurs.

* Facilitating access to funding

This could include grants, loans or other forms of financial assistance.

* Connecting youth with professional networks

Networking opportunities can help them build relationships with potential investors, partners and customers.

3. Real World Experience

* Providing internships and apprenticeships

These allow youth to gain practical experience in various business functions.

* Collaborating on projects

Working alongside established businesses can expose young entrepreneurs to the realities of the business world and help them develop valuable skills.

4. Fostering a Supportive Environment

* Creating a culture of innovation and entrepreneurship

This involves encouraging creativity, risk-taking and a willingness to learn from failure.

* Advocating for policies that support youth entrepreneurship

This can include tax incentives, streamlined regulations and funding for youth-focused programmes.

By implementing these strategies, businesses can play a crucial role in fostering the next generation of entrepreneurs and driving economic growth.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.