Role of Entrepreneurship During Covid 19 to Reduce Youth Unemployment

Abstract

Entrepreneurship is important for creating wealth and job opportunities. Youth are considered under the adult population and their unemployment is generally 2-3 times higher than the general unemployment rate. In the coming decade reducing Youth Unemployment will be one of the most important goal of nations. In the Millennium Development Programme, United Nations has adopted Goal number 8 for reducing unemployment. About 201 million are unemployed out of 1billion youth as per the estimates of the International Labour Organization (ILO). The purpose of the study is to examine the impact of entrepreneurship as a viable solution to tackle the problem of youth unemployment during Covid 19 in Odisha and its effect on country’s economy. Review of relevant international and national literature are done to draw major conclusions and also to meet the objective to reduce unemployment with the help of entrepreneurship. In business start-ups, youth face specific issues due to their limited experience. The entrepreneurial framework of a country also offers incentive to young entrepreneurs. By proposing a viable model, the study brings out that youth entrepreneurship as a viable option to reduce youth unemployment. Covid-19 era brought some catalyzing changes in the enterprises. Important transformational strategies were taken by retailing and non-retailing businesses. Techniques of operating business from home, the impact on profitability, stress induced by the pandemic, and maintaining a good physical and mental health, the issue of domesticity while running a business, the scarcity of resources, the need for achievement, and personal benefit were some of the focused areas of entrepreneurs. During Covid-19 the challenges were a step further as the trend in unemployment, new work-from-home model, enable the motivation to start a new business and get an opportunity to excel in that time of crisis.