Young Entrepreneurs in 21st Century Enterprise - Essay Example

Young Entrepreneurs in 21st Century Enterprise No: Young Entrepreneurs in 21st Century Enterprise Business plays a vital role in developing our society. There are several advantages of new and existing businesses, for they provide employment and develop skills in a positive way. They help in enhancing and improving the economy, which is very important. A number of workers and processes are involved in the development of a business. Business plays an essential role in our society. Businesses are run by entrepreneurs. These can be regarded as enterprises. Everyone gets benefits of these enterprises in the form of economic growth. Before going into the depth of discussion, one must be familiar with the terms of entrepreneur, enterprise, etc (Blundel and Lockett, 2011). Entrepreneurs are the people who take decisions and risks in order to bring change in business or societies. They possess such abilities and qualities which others do not have. They are unique and impressive in their ideas. Their role in development and growth cannot be neglected. But they need certain things in order to work in a positive way. They are hindered by many problems in the 21st century. Young entrepreneurs in 21st century enterprise are the ones who add well to economic and social status by using their extraordinary skills of creating economic activities by giving out new and innovative products, which meet the environmental needs. Often, enterprises have been mixed with entrepreneurs, which is not the same. An enterprise is a term for commercial organizations (Barker, 2012). An overview of the young entrepreneurs in 21st century enterprise suggests that such markets that are involving the young entrepreneurs have a high ration of gain as compared to the industries that are working independently. On the other hand, the positive attitude of the young entrepreneurs towards the business makes them more reliable regarding the business ideology (Morris, 2011). On the other hand, some organizations are working for the betterment of the young entrepreneurs to stabilize the economic and social growth of the region. It is suggested that the problems associated with the young entrepreneurs often results in the ending of the business. There are many challenges which are being faced by these young entrepreneurs in 21st century enterprise. The major challenge that is faced by the young entrepreneurs in 21st century enterprise is to make their name in the business sector. The settled businesses try to prevent the young entrepreneurs to enter the similar market in which the settles businesses are operating. At the start, the young entrepreneurs face lack of business opportunities due to misconceptions about their abilities. At the start of the business, the young entrepreneurs face lack of funds due ti lack of business opportunities and thus young entrepreneurs have to raise the funds through fund raising or by taking heavy loans from banks or other firms. If Government support is provided to the young entrepreneurs and they are given opportunities to raise their business, the economics condition through young entrepreneurs can be made better (Blundel and Lockett, 2011). The working environment of the regions plays an important role in determining the type of business, the young entrepreneurs should involve in. Sometimes the environment helps in suggesting a particular business but it requires an immense research to develop skills for a particular business. The challenges faced by the young entrepreneurs can be classified as the stages faced by the young entrepreneurs. At the very first stage, the young entrepreneurs have to undergo formative stage, in which the young entrepreneurs are much worried about the success of the business and thus require a motivation from the relevant person in the business. The supportive stage related to the experimental or the learning stage. At this stage, the young entrepreneurs have to learn the required skills to run the business. If the young entrepreneurs are unable to learn at this stage, the business they are running will be ruined. On the other hand, the lack of tactical skills may result in loss of vital funds. The tactical skills also involve the risk management and knowledge management skills. Lack of the technology is also considered a bigger challenge for the young entrepreneurs. There must be efficient schemes in this regard. The most important thing is that this training should be given through education. The mentoring and coaching plays an important role in every department. But when it comes to entrepreneurship, it is essential. Because this is something we are relying on. The awareness at the educational and institutional level is vital. The more entrepreneurs we have, the better the results will be. The main problem which is on the top list in the 21st century is financial crisis. The tax barrier should be relieved. All these challenges are going hand in hand. These can be overcome by a mutual cooperation of these people, authorities and governments. In all, this is not the case for a single country but it is a concern of the whole community residing in any part of the world (Terjesen et al., 2011). Examples of Entrepreneurs Steve started his own business to compete with quality brands such as ready to drink products which were expensive. He found a platform for developing his own business into reality. The success lies in hard work, luck and skill. He made the best combination of these three things (Lowe and Marriott, 2006). The challenges faced by the Steve started when he started deciding which business would suit him, his financial status and the amount of profit, he wanted to make by investing the amount. After a keen market research, he developed skills to start the business. Helen Child was the co-founder of a financial transaction company. Being an entrepreneur, the way she contributed to the success of the company is effective. She used all those methods which she had employed in her new career venture. Her contribution to managing the relations between partners and customers and to finance is fruitful. Helen created a highly professional and motivated team which worked in this regard (Blundel and Lockett, 2011). Helen’s Company went through a long procedure of UK Financial Services Authority in order to get their license. These are one of the challenges which entrepreneurs are facing in this century. In a short duration, this company got Master Card and Visa accreditation, which was amazing. This is the thing that entrepreneurs possess while others lack. They are trained in a way that they know how to overcome the problems which come in their path as hurdles. Her company comprised three directors, in which William was also an entrepreneur. He had a lot of ideas that helped Helen’s company in a number of ways. They developed software which was for application processing. It also won awards (Blundel and Lockett, 2011). The purpose of adding Helen’s example was to show the challenges which are faced by entrepreneurs and have to be sorted out. From 2008 to 2010, they faced even more problems as they were in financial services and their clients were retailers. The way through which they progressed was not so easy. Organizations Working to Overcome the Challenges Faced By the Young Entrepreneurs Shell live wire is supporting the young entrepreneurs and provides consultancy services to the young entrepreneurs. Shell live wire provides solution for the SEO problems. It provides consultancy for the marketing problems and also encourages them the young entrepreneurs by awarding them with cash awards. Any new user can register free of cost. Shell Live Wire awarded Ben Allen as a young entrepreneur for the year 2012. This was Shell’s 30th anniversary. He won 10,000£ and a trophy for his exceptional work with his business. His business Oomph Wellness Limited is concerned with taking care of the disabled and older persons in the UK. Also, other entrepreneurs were awarded with prizes, which included winners Charlie Francis (Lick Me Im Delicious), Dana Elemara (Organic), Jide Johnson-Babatunde (Aniboxx), Jonathan May (Sponsorcraft), Jules Quinn (The TeaShed) and Sam Zawadzki (AdvancetoGO.com) (Shell-livewire.org, 2012). There are certain types of funding companies such as the Prince’s Trust etc. The Prince’s Trust is working to empower the young people. They invest in the training and education of the young ones. So, it is a useful trust in this regard. NCEE (National Centre for Entrepreneurship in Education) is putting a valuable part in this providing support for the young entrepreneurs. The former name of NCEE was NCGE (National Council for Graduate Entrepreneurship), which was set up in 2004. It is offering different courses in this regard (Hermann et al., 2010). All this educational awareness is very important. SSE, which is an abbreviated form of the School for Social Entrepreneurs, has also various courses relating to entrepreneurship, which shows that the training on the educational level is quite good and regarded as a good thing. This school also raises funds for entrepreneurs. So, a lot is being made in this regard (Blundel and Lockett, 2011). It shows that this thing is taken seriously in institutions and universities. Students are made aware of the importance and outcomes of entrepreneurship. They are learning new and advanced ways and get themselves trained in it by their university staff and highly experienced entrepreneurs (Heath, 2000). Boris Blumberg, Jason Cope, Helle Neergaard, Mary Rose and Friederike Welter are among the top researchers on internships. They researched on a large scale in this respect. Their researches showed the challenges faced by these entrepreneurs. Outcomes From all the above discussion, it is clear that the workplace has a great influence first of all. Productivity does play its part, but the first thing that hits is the environment in which they are working. Every business needs some creative and innovative steps in order to make progress. It cannot be neglected that development of the economy is becoming violent now. Skills are required in order to channel energy into the enterprise. The skills and opportunities have become as essential in the 21st century as never before (Hermann et al., 2010). Young entrepreneurs in the 21st century are facing diverse challenges. The challenges may be brought by the technology, lack of skills, unfavorable environment, lack of support and encouragement, lack of business and marketing strategy and lack of funds. Tactical skills are much important regarding the young entrepreneurs. The support from the governmental and nongovernmental organizations is vital for the young entrepreneurs. Young entrepreneurs can attain support regarding the funds, marketing, business consultancy and other problems and obstacles. As businesses are involved in social changes, so awareness of social issues has to do in an effective way. Entrepreneurs must understand this issue. It can be left as it is because it is a great matter of concern for them. This is an issue of everyone to invest in order to survive in this world. The effects on business cover the whole earth. So, this can be overcome by the people who are working in collaboration with these young entrepreneurs. They can prepare them well for future challenges. This is not just the responsibility of the enterprise but is also associated with every organization (Lowe and Marriott, 2006). The learning partnerships have an important role in understanding the enterprises. The organizations need to work together. Exchange of ideas and concepts in this regard will be successful. It will raise the standards and will make considerable achievements. They must go through periodic changes in order to get good results. Change is a key factor in it. If they are not accepting change and transitions today, the future is more at risk. Change always brings some new and innovative ways for organizations to see things in a new perspective, which in turn enhances the skills and power of enterprises. The trends of thinking have converted into critical ones in this 21st century. The challenges which are faced by young people first need their attention and responsibility, which is the basic need in order to overcome the hindrances in the way of their progress (Terjesen et al., 2011). Government and business leaders are emphasizing enterprises. The enterprises which are run by young people and young entrepreneurs are especially important. Young people are, in fact, the key to a good future. Many steps have been taken by different schools, organizations and councils as mentioned above. But some part should be made by the young entrepreneurs. The role of entrepreneurs cannot be denied in businesses. The challenges they are facing today need to be solved on an urgent basis, which will be good for these people and for the world. The economy is not of a single country but it affects globally as the world has become a global commuty (Lowe and Marriott, 2006). References Barker, T., 2012. Young enterprise: save a lost generation. [Online] Available at: http://www.young-enterprise.org.uk/news/tab:news/article:1516 [Accessed 07/12/2012]. Blundel, R. and Lockett, N., 2011. Exploring entrepreneurship, practices and perspective. 1st ed. Oxford: Oxford University Press. Lowe, R. and Marriott, S., 2006. Enterprise: entrepreneurship and innovation. Concepts, contexts and commercialization. Elsevier Butterworth-Heinemann. Morris, R., 2011. GEM endeavor 2011 high impact entrepreneurship report. [Online] Available at: http://www.gemconsortium.org/docs/295/gem-endeavor-2011-high-impact-entrepreneurship-report [Accessed 07/12/2012]. Heath, Shirley B., 2000. Making learning work: social enterprise and organizational learning . [Online] Available at: http://www.infed.org/enterprise/briceheath_making_learning_work.htm . [Accessed 08 December 2012]. Herrmann, K., Hannon, P., Cox, J. and Ternouth, P.,2010, June 10. Developing entrepreneurial graduates: putting entrepreneurship at the centre of higher education. [Online] Available at: http://www.ncee.org.uk/publication/developing_entrepreneurial_graduates.1.pdf [Accessed 07/12/2012]. Manchesterentrepreneurs.org., 2012. Edwin Broni-Mensah - Manchester entrepreneurs. [Online] Available at: http://manchesterentrepreneurs.org.uk/61 [Accessed 08 December 2012]. Oris., 2012, Dec 5. Entrepreneurial institution pit stops at the University of Essex. Available at: http://www.nacue.com/2012/12/entrepreneurial-institution-pit-stops-at-the-university-of-essex/ [Accessed 07 December 2012]. Shell-LiveWIRE.org., 2012. Shell-Livewire. [Online] Available at: http://www.shell-livewire.org/ [Accessed 08 December 2012]. Terjesen, S., Lepoutre, J., Justo, R. and Bosma, N., 2011. GEM report on social entrepreneurship – executive summary. [Online] Available at: http://www.gemconsortium.org/docs/376/gem-report-on-social-entrepreneurship-executive-summary [Accessed 08/12/2012]. Read More