How Entrepreneurship Can Solve the Problem of Unemployment

Unemployment is an adverse economic state where talent heads remain un-hired due to several possible reasons. Lack of employment opportunities, unfavorable working terms and conditions, exploitation, non-professional skills, less technical, and various other clauses contribute to unemployment.

‘According to experts, unemployment is a grave apprehension that threatens socio-economic cohesion’.

Reports show that the global unemployment rate has risen to 4.0% in June 2018 with an unemployed population of 6.6 million. International unemployment is likely to be at the same level as the 2017 unemployment rate, says World Employment and Social Outlook compiled by the International Labor Organisation (ILO). 2009 is marked as the most acute economic crisis around the globe with a hiked unemployment rate of 5.9%. The condition was stabilized after 2014 when this rate dropped down to 5.5%.

The report adds that the development in curtailing vulnerable employment has slowed down in recent years. By 2019, approximately 35 million more employees are likely to join the club of 1.4 billion vulnerable employees, as counted in 2017.

In the meantime, Asia is maintaining a low unemployment rate of 4% by creating job opportunities at a faster pace. However, more than 900 million people are still on vulnerable employment.

India is a leading Asian country generating tremendous job opportunities with its entrepreneurial rise, according to the 2016-2017 Global Entrepreneurship Monitor (GEM) Report. 2017-2018 GEM Survey states that India has improved the entrepreneurship rate to 14.9% as compared to 9% in 2015 – 2016. The Indian government has initiated various programs such as Make in India, Atal Innovation Mission (AIMs), Self-employment and Talent Utilisation (SETU), Mudra Bank, Reduced corporate tax to 25% and more. This way the Government of India is encouraging the entrepreneurship while multiplying the job vacancies.

Entrepreneurship is a self-employment concept that makes an individual work and onboard others for developing the business. It is a prime source to accelerate economic growth and better social set up altogether. Good entrepreneurship let the person create a favorable and mutually benefitted environment for the business and employees, thus, reducing the factors that contribute to unwilling employment.

These guidelines may help you achieve successful entrepreneurship to resolve unemployment:

Establish a Multi-Sector Partnership

On-boarding partners from multiple market segments help in a collaboration that mutually benefits both the parties. It further enhances employment opportunities as business partners also spread their working sphere. Bringing in more talent and cost-effective partnership goals establish successful businesses.

Introduce a Thriving Approach

Focus on reaching the masses with products and services builds long term stability. A business requires deep market research and analysis to set an achievable goal to connect with their potential customers. Activities in public interest have a huge impact on the communities and connect them to the business directly. Training sessions, surveys, one-on-one marketing, and promotion let the prospective connections know more about the entrepreneur and enterprise. Staff hired for these events, temporarily but create more employment.

Remain Business and Customer-Centric

The key to success is adhering to the original business idea and expectations. An entrepreneur should have a deep knowledge of the tradition and socio-culture habits to meet the specific requirements of his/her customers. It is very critical to establish a direct connection with audiences by using a familiar approach to achieve a sustainable outcome.

Dedicated Leadership

A business stands strong on the pillars of skilled and dedicated leadership that directs the functions in the right way. Engaging partners, valuing customers, motivating employees to gain favorable outcomes are the primary responsibilities of leadership. Management and leaders, who consistently evolve, learn new concepts and techniques and remain up-breast to the ongoing trends, prove to be successful in the long run.

ICT Influence

Every business thrives on technology to excel and grow parallel. Information and communication technology have revolutionized business growth, workforce proficiency, and rebuilding process. ICT has gifted effective business communication models such as Cloud Communication. It works on the internet-based concept, used to integrate various communication methods like email, chat, voice, and video. Such services turn out to be a primary data center for business. The storage, switching, and applications are functionalized by the third party through the cloud. It helps in maintaining an archive of calls, email, and multimedia database in a secured, reliable, easy and immediate way.