The Role of Youth Entrepreneurship in Economic Growth and Social Inclusion in India

Abstract

In recent years, there has been a growing interest in youth entrepreneurship, largely driven by the escalating levels of unemployment among young people and the recognition of entrepreneurship as a viable pathway to create employment opportunities. This trend has also been seen as a strategy to combat social exclusion by integrating young individuals into the economic mainstream. As economies around the world strive to recover from various challenges, youth entrepreneurship has emerged as a critical element in enhancing economic competitiveness, fostering innovation, and promoting regional development. The importance of nurturing entrepreneurial skills among the youth cannot be overstated, as young entrepreneurs bring fresh ideas, innovative solutions, and a dynamic approach to business that can significantly contribute to economic growth. Many countries have increasingly recognized this potential and are investing in programs and initiatives aimed at encouraging young people to start their own businesses. These efforts are not only about job creation but also about empowering the youth to take control of their economic destinies, thereby reducing dependency on traditional employment sectors that may no longer offer the same stability or growth opportunities. To better understand the dynamics of youth entrepreneurship, a comprehensive study was conducted in Bhubaneswar and Cuttack, the twin cities of Orissa, India. The research involved surveying and interviewing young entrepreneurs using a structured questionnaire designed to delve into various aspects of their entrepreneurial journey. The study aimed to identify the key factors that inspire young individuals to embark on the entrepreneurial path, such as access to resources, mentorship, market opportunities, and the socio-economic environment. Moreover, the research sought to uncover the challenges and barriers that young entrepreneurs face when starting and running their businesses. These constraints could range from financial difficulties, lack of access to capital, bureaucratic hurdles, insufficient training or experience, and limited market access. By identifying these obstacles, the study aimed to provide insights into how they can be mitigated or overcome, thus creating a more conducive environment for youth entrepreneurship. In addition to exploring the challenges, the study also examined the prospects and motivational factors that drive young people to pursue entrepreneurship. These factors could include the desire for independence, the pursuit of personal and professional fulfillment, the aspiration to make a social impact, or the potential for financial success. Understanding these motivations is crucial for designing effective support systems and policies that encourage more young people to consider entrepreneurship as a viable career option.