The challenges facing young people can vary depending on the country, region, and individual circumstances. However, lack of information, financing, and marketing are common challenges that many young people face when starting business or pursuing an entrepreneurial venture.
Young people may lack information about the resources and support available to them, such as business incubators, mentorship programs, and government grants. To address this challenge, governments, NGOs, and private organizations must provide information and training programs to help young entrepreneurs navigate the process of starting business.
This can include workshops, webinars, and online resources that provide information on topics such as business planning, marketing, and financing. Access to financing is often a major challenge for young entrepreneurs, who may not have the financial resources or credit history to secure loans or investment.
To address this challenge, governments and private organizations can provide funding and financing opportunities specifically targeted to young entrepreneurs. This includes grants, micro-loans, and investment programs that provide capital to startups and small businesses.
Young entrepreneurs may struggle with marketing and promoting their products or services, especially if they lack experience or resources. To address this challenge, organizations can provide marketing and branding support to young entrepreneurs, such as training programs on social media marketing, search business optimization, and content creation. Additionally, partnerships with established businesses and organizations can help young entrepreneurs expand their reach and access new markets.
Mentorship can be a valuable resource for young entrepreneurs, providing guidance and support from experienced business leaders. Governments, NGOs, and private organizations can establish the programs that connect young entrepreneurs with experienced mentors in their field. This can provide young entrepreneurs with the knowledge, skills, and networks they need to succeed in their ventures.
Cognizant of the challenges the African Business Council (AfBC) said creating an enabling environment for young people in the continent would help them benefit from the African Continental Free Trade Area (AfCFTA). The Council is established as an institution in line with the African Union Assembly Decision of 2012 on Boosting Intra African trade and Fast Tracking the Establishment of the African Continental Free Trade Area.
AfBC President Amany Asfour told local media that, African Business Council has more than 20 specialized committees in the Council, including agriculture, energy, fashion industry, construction, infrastructure and women, working in conducting studies and research to find out challenges facing youth and tackle them. According to the president, the most important challenges facing young people are lack of information, financing, and marketing among others.
To this end, she stressed the need to tap the capabilities of African youth in implementing the continental free trade area by developing the work of small companies and increasing the competitiveness of products in the continent. “To obtain effective benefits from the continental free trade, networking must be created between all African productive sectors, where correct and timely information can be obtained” she indicated.
Asfour added that, creating a supportive environment for young people, linking to technology and training them to be beneficiaries of the continental free trade area is also imperative. She further elaborated that the engagement of the youth in continental free trade areas would also increase trade exchange between the countries of the African continent.
As four expressed that, the council’s readiness to build the capacities of African youth through business incubators and youth capacity development centers affiliated with the council in Africa. She further called on African small companies to participate in a competitive program that will be launched to link microenterprises with financing institutions.
“There are many developmental programs carried out by the Council, including the youth program and how to become the next millionaires in the continent through competitions and television programs to find appropriate solutions to African problems, and through this, the investment partner and financiers are summoned for these Start-up companies.”
The president of the Council has praised the African Job Creation Summit, which was hosted by Ethiopia from July 7-9, 2023 and its role in supporting efforts to develop youth skills, create decent jobs, and develop a roadmap to support small businesses in Africa.
Engaging in human development, mobilizing labor force, networking and forming partnerships are crucial for young entrepreneurs to grow their businesses and access new opportunities. Here are some effective ways for young entrepreneurs to network and form partnerships:
Attend industry events: Attending industry events such as trade shows, conferences, and networking can be a great way to meet potential partners and customers. These events provide an opportunity to showcase their products or services, learn about industry trends, and connect with other entrepreneurs and business leaders.
Joining industry associations and organizations can provide young entrepreneurs with access to valuable resources, including mentorship, training programs, and networking opportunities. By joining an association or organization, young entrepreneurs can connect with other professionals in their field and build relationships that can lead to partnerships and collaborations.
Social media platforms such as LinkedIn, Twitter, and Instagram can be effective tools for networking and building relationships with potential partners. By creating a strong online presence, young entrepreneurs can showcase their products or services, share industry news and insights, and connect with other professionals in their field.
Attending startup events and meetups can provide young entrepreneurs with an opportunity to connect with other entrepreneurs, investors, and mentors. These events can be a great way to learn about the startup community, share ideas, and build relationships that can lead to partnerships and collaborations.
Young entrepreneurs can also reach out to potential partners directly, whether that is through email, social media, or phone. By doing research on potential partners, young entrepreneurs can identify individuals or organizations that align with their values and goals, and reach out to initiate a conversation.
According to various sources, identifying potential partners that align with their values and goals is crucial for young entrepreneurs to build successful partnerships and collaborations. Here are some strategies that young entrepreneurs can use to identify potential partners:
Conducting market research can help young entrepreneurs identify potential partners who are active in their field and share their values and goals. This can include researching competitors, suppliers, and other businesses that operate in the same market.
Attending industry events such as trade shows, conferences, and networking events can provide young entrepreneurs with an opportunity to meet potential partners and learn about their products or services. By attending these events, young entrepreneurs can get a sense of who is active in their field and identify potential partners who share their values and goals.
Young entrepreneurs can ask for referrals from their existing network of contacts, such as mentors, advisors, and peers. By asking for referrals, young entrepreneurs can identify potential partners who have already been vetted by someone they trust.
Once young entrepreneurs have identified potential partners, it is important to evaluate them based on their values, goals, and track records. This can include reviewing their website, social media presence, and customer reviews to get a sense of their reputation and values.
Overall, identifying potential partners that align with their values and goals requires research, networking, and careful evaluation. By leveraging a combination of these strategies, young entrepreneurs can identify partners who share their vision and can help them achieve their goals.
BY MENGISTEAB TESHOME
THE ETHIOPIAN HERALD SUNDAY 23 JULY 2023
