#6 Effective Entrepreneurial Solutions to Unemployment
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Entrepreneurship and self-employment are a significant source of jobs and economic growth and are even more important in the context of the growth in unemployment, the displacement of many traditional jobs and new opportunities of doing business.
We need to find solutions to tackle unemployment and close the skills mismatch which needs to be shared, replicated and scaled to solve the employment and skills equation. Traditional education systems can be restructured to adequately nurture talent for the needs of the market and the process of learning must continue during employment.
Entrepreneurship or business ownership is a significant source of employment and economic growth. This gains greater significance in the context of newly developing business models, the displacement of traditional jobs and new opportunities of doing business. The divide between education and employment, complex labour markets, along with changes in demographic patterns, migration and urbanization, are factors to match supply of talent with demand for it.
To achieve entrepreneurship success here are some guidelines:
Create Multiple Segment Partnerships
Such partnerships generally leverage the expertise of each partner in a complementary manner. This is an absolute necessity in making scalable solutions to employment and skills. For e.g. a single business creates partnership with one enterprise for its own talent needs, partnerships between multiple businesses across any industry results in an overall increase in the talent pool, mostly cheaper with greater overall benefits. Such partnerships are complex to implement but mostly effective keeping in mind the widest range of interests.
Develop Successful Approaches
Enterprises matching mass interest with private interest are mostly sustainable in the long term. Many of the business-led initiatives actually have a positive impact on communities they cater to and are likely to be sustainable for the business sustains for a long period of time if they are connected to a core business sector.
Test first, scale second. Research and feedback on the model involving pilot activities must be undertaken analysed and communicated, objectives should be defined in the initial stages of an enterprise.
Be relevant to the Context
According to Keith Davis, business environment refers to “aggregate of all conditions, events and influences that surround and affect business.” Entrepreneurs should customize interventions as per local culture and socio-economic conditions and should consider specific needs of the target audience as it is critical to achieving sustainable results.
Management and its leadership support are most vital to sustain entrepreneurship, engage partners, gain greater leverage within the organization and motivate employees. Leaders also need to constantly evolve, with introspection, self-awareness, and a keen sense of strategy–both in the short and long term.
Sustainable design, pro-active and long-term approach, skill development and intervention hold the key for entrepreneurial success in today’s scenario of economic and technological disruptions.
Leverage Information Communication Technology
The business landscape now thrives on technology. When used effectively, IT can enable growth for businesses, restructure processes and develop the efficiency of the work force. Capitalising on information and communication technology offering a number of advantages help implement jobs and skills initiatives. It can enable enhanced impact.