Nurturing Youth Entrepreneurship to Tackle Youth Unemployment: A Case Study of Kerala

Abstract

Reducing Youth Unemployment is going to be one of the most important goals of nations in the coming decade. The International Labour Organization estimates that out of the 1 billion youth, 201 million are unemployed. The UN has adopted reducing unemployment as Goal number 8 in the Millennium Development Programme. Though the benefits of entrepreneurship in creating wealth and job opportunities are well known, the study on youth entrepreneurship is relatively recent. Youth are bracketed under the adult population, but youth unemployment is generally 2-3 times higher than the general unemployment rate. The purpose of the study is to examine the case of youth employment and its impact on a country’s economy and evolve youth entrepreneurship as a viable solution to tackle the problem. In order to accomplish the objective of the study, review of relevant international and national literature has been involved to draw major conclusions and form a concrete proposal. Youth face specific constraints in business start ups due to their limited experience. The study takes a closer look at the financial, procedural and cultural factors that affect youth entrepreneurship. The entrepreneurial framework of a country also offers incentive to young entrepreneurs. By proposing a viable model for the unique case of Kerala, the study brings out that youth entrepreneurship as a viable option to reduce youth unemployment.