Millennial entrepreneurship should be high on our educational and political agenda as a means to boost competitiveness and employment and economic development. Millennial entrepreneurs have the potential to build new economic growth and jobs. Our growth strategy should include training and development, mentoring, and investment of financial resources.
When we don’t decrease millennial and minority unemployment it threatens our economic and political stability. Millennial and minority entrepreneurship can be part of the economic solution. Education and training are critical to developing the entrepreneurial mindset and specific skills for business start-up and development. But education and training cannot be disconnected from the wider entrepreneurship ecosystem.
“Entrepreneurship education and training cannot be disconnected from the wider entrepreneur ecosystem”.
Evidence shows that the rate of students who start up their own company increases three-fold after participation in an entrepreneurship program at school or in the community.
Combining digital skills in entrepreneurship presents a critical opportunity for the next generation. Ways should be sought to capitalize upon the digital/technology readiness of today’s youth and young adults. Young people need the training, confidence, and support to enable them to exploit new technologies to grow and start new businesses.
In its efforts to scale entrepreneurship training it should include:
1. Promotion of an education and training environment in which all millennials are able to develop the appropriate mindset and skills for entrepreneurship.
2. Career guidance on entrepreneurship supporting the transition from education to start-up and scaling a business.
3. Establishing quality outreach programs involving training and mentoring services, specifically through good practice and education.
4. Enhancing the policy dialogue between education, business, and banking communities to close the gap between training and access to finance.
5. Connecting policy by involving public, private, and civic institutions in the entrepreneur ecosystem.