We may be home to a population that’s rich in cultural and ethnic diversity and our streets range from metropolitan to rural, but our predominantly young population is still unemployed.
Welcome to South Africa!
South Africa is in the midst of challenging times. Over the last decade, youth made up approximately 80% of total employment. This measure is a result of low economic participation due to discouraged youth work-seekers.
The Challenge: Youth Unemployment
The national treasury has described South African youth as a combination of deficient demand for labour, due to the increasingly skills-intensive orientation of South Africa’s economy, and substandard supply, caused by the emergence of risky low/mismatched skilled youth.
Echoing, Wesley Diphoko’s article
“University rethink on job creation is required: The current economic situation means that young people who are currently studying have limited chances of getting jobs, even if they are qualified.”
When faced with this brick wall, the majority of youth are bound to become frustrated, discouraged and become redundant when applying for jobs, to add to this they fear they will fall in the cycle of facing poverty.
South Africa’s economy is just not big enough to cater for everyone (youth in particular) in it. It is within this context that we need to grow the economy and the best possible way is through youth entrepreneurship.
Youth entrepreneurship not only grows South Africa’s economy but is the key to tackling our youth unemployment!
It aids economic growth, competitiveness, independence; it assists social welfare, political stability and national security of a country.
After all, every job created was by a person or a group of people, who had an idea and the resources to make it happen. Entrepreneurship creates a job for the employer and the employees.
As Diphoko mentions in his article,
“universities can no longer just prepare young people to be employed – they should work towards preparing young people to be entrepreneurs and creators of jobs.”
Other challenges within South Africa:
In theory, economic growth engenders opportunities for creating jobs. However South Africa’s present reality is not just with youth unemployment, there is a restriction in economic policy; labour regulations are misunderstood; and resources and information are limited to those who need it the most (youth). In addition to this, the market, entrepreneurs, formal and informal businesses need to be enabled to fulfill their full potential, as these are the agents that are best designed for economic growth.
With this being said the right government policies together with partnerships between private businesses, large corporates and universities are needed to facilitate economic growth through youth entrepreneurship:
New Generation Mindset leverages its experience in growing youth entrepreneurs and businesses. We believe the development of the above is one of the most effective ways of stimulating economic growth, transformation and job creation.
Our Business Incubation programme facilitates smarter, accelerated growth of emerging entrepreneurs to financially sustainable, high growth companies.
NGM’s three pronged strategies include:
- Engaging the Market: Supporting young entrepreneurs with all the tools required in order to get the business market ready.
- Mobilising Resources and Capabilities: Assisting young entrepreneurs to fulfill the requirements of growing a business.
- Sustainability: Helping businesses seek new opportunities through product and/or market development through these strategies and proven methodologies.
Our enterprise, supplier and customized development approaches in conjunction with large corporates take young entrepreneurs on a journey from personal development to sustainable success through training, funding, and the provision of office facilities, business support and mentorship.
Through this and our experience, we are able to produce confident, competent and purpose driven entrepreneurs.
Click here for more information on how NGM can assist your business structure and your tailored ESD programme to meet your requirements.