y: Areej Shah
“In 2012, the unemployment rate of youths aged 15 to 24 was 14.3%, compared with a rate of 6.0% for workers aged 25 to 54 and workers aged 55 or older.” Stats Canada
As the job market continues to shrink, opportunities available to the younger generation have been greatly affected. More companies are focusing on hiring trained professionals rather than dedicating their resources to training new staff. As a result, Canadian youth have fallen into a vicious trap of applying to numerous jobs before actually securing full time employment. With the number of graduates increasing each year, more youth are starting to see entrepreneurship as a viable solution to unemployment.
With an aging population, Canada has taken great strides to empowering future generations by promoting youth entrepreneurship in both universities and in high school. Not-for-profits, such as Canadian Youth Business Foundation and Start up Canada, have been equipping students with business planning and management tools to help initiate a startup business movement.
While students see the value of being their own boss, some challenges restrict them from exploring the field of entrepreneurship. Ensuring secured financing is often the biggest barrier to launching a business, as minimal savings and a student loan quickly discourages students.
However, while financing becomes an issue to most students, there are several government grants and funding options available. A variety of resources include partnerships with organizations such as Shad Valley, TheFounderProject, GrowLab, MaRS and RIC Centre; each dedicated in helping youth fast track their business idea to market. The RIC Centre offers mentoring services from experienced entrepreneurs as well as entrepreneur workshops; a series that offers startups the tools to build essential components of their business.
This article is a repost of “OPPORTUNITIES ABOUND FOR YOUNG ENTREPRENEURS” by Alexander Sidhu.
Areej recently graduated from University of Toronto Mississauga with a specialist degree in Business Administration. She shares her passion for social media marketing by serving as the Communications Intern for RIC Centre. Areej aspires to launch a successful career in the emerging field of business technology management.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal and professional experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.