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BEST WAYS TO AVOID YOUTH UNEMPLOYMENT

With the youth unemployment rates in Nigeria increasing by 2% from 36.5% in 2020, it is important to learn skills that will help you excel in this competitive labor market. While steps to combat this problem are being taken by the government, as an aspiring member of the workforce some strategies and skills are required to navigate this situation.

Members of the workforce and business owners of private corporations can also lend a hand to combat this prevalent problem.

Here are some strategies to combat youth unemployment;

Entrepreneurship:

Entrepreneurs are essential in the creation of wealth and advancement of economic growth, employment, and innovation. With certain financial planning companies that assist in creating plans that will generate capital for small businesses, it is possible to start your own business if you start the work, therefore, creating employment opportunities for you and other youths.

Build multi-sector partnerships:

A partnership of small businesses with academic institutions and several other small businesses can help combat youth unemployment. This can be achieved through the help of networking companies that will help connect your business with the right businesses and institutions.

Understand the talent value chain:

It is very important to have a clear understanding of the talent value chain in any industry you are interested in going into. The transition from education to employment is a make or break juncture in every individual’s life and the determining factor is the talent every individual possesses. Build your talent, know the value of it and take advantage of your knowledge of the monetary value of it.

Consider apprenticeships:

To build talent and create opportunities for yourself, the focus should be on building skills and knowledge. It also gives you the chance of getting retained after your apprenticeship or getting a positive reference under your belt during your transition from education to the labor force.

Look for jobs in an industry that is actively growing:

If there are few opportunities in an industry, you would find it to be very competitive. You may need a great deal of luck to succeed in it or might get frustrated if you get rejected often, you could also lose time in the early part of your career to a pursuit that does not pay off.

Work part-time while pursuing your passions:

It is important to have additional streams of income to support yourself and your dreams when building a career. It will not only help you live a desirable lifestyle but will also provide capital.

Invest:

Every dollar spent on skill acquisition is a dollar spent on your product (yourself), use FPT to find areas you might excel in and training to improve your overall skill (the best way to prevent unemployment is to improve your skill constantly).

Find the balance between passion and growing industries:

It is important to work in places you are passionate about because it promotes productivity but it is also important to find a balance and incorporate the idea of establishing yourself in less competitive industries and find ways to contribute your talents in them while living your dream.

Leverage ICT

We live in a digitally dependent society today and it is very important to acquire skills in this area because it will give you an advantage over other aspiring candidates during a job interview.

All of these skills and strategies are relevant to individuals and corporations and should be taken into great consideration.

 

 

entrepreneurship

10 things every starting entrepreneur should know

 

What skills do you require to start your own business? Entrepreneurship is on the rise. There are more than 400 million entrepreneurs all over the world, so, building a unique and relevant business is very important.

Here are the factors to consider when pursuing an entrepreneurial venture;

Setting priorities is important:

As much as you would like to, you cannot do everything, it is very important to DELEGATE and focus your time and energy on important areas that require constant attention.

The areas that receive your attention generally do better than most which may mean some hard choices and sacrifice will have to be made.

There is rarely any work-life balance:

Most successful entrepreneurs spend a disproportionate part of their life working on their company, it is important to realize that there are no structured work hours and most times you will need to put in extra hours.

A successful business venture solves market needs:

Ideas are beautiful and important but business is more than an idea, you can come up with ideas all day long but if it does not satisfy a large enough need of people then it doesn’t do any good.

Actions trump ideas:

Anyone can think of an idea but only the brave execute their ideas, stop thinking and start working.

Take small steps towards your goals:

Contrary to popular belief, entrepreneurs are conservative and don’t typically jump face-first into the race towards their goals. It’s important to take small steps towards achieving your goals, taking pauses to learn how those small steps benefited you and building that lesson into the second small step and so on and forth.

Do not micro-manage:

A company that is micro-managed will never grow more than one person, you will create a bottleneck and that will cause you not to get the best ideas out of your employees once they understand that the company is set up to revolve only around you and your expectations.

Be resourceful:

There are obstacles in every business venture but only a successful entrepreneur is resourceful enough to turn an obstacle into an asset. You must find creative ways to turn every obstacle into an asset.

Know the demographics that require your services:

It is important to know the demographics and needs of your services and tailor those products to fill their needs, this will help you market your products when the time comes.

You need a smart advisory board:

The board will provide you with new perspectives, ideas, and honest feedback.

Create checklists:

Checklists will help you make sure you don’t overlook anything and help you set goals, decide on appropriate strategies to help you accomplish those goals and assist in budget planning.

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