Fast Facts
Youth entrepreneurship around the world
One in four young people around the world are entrepreneurs or self-employed.
Source:
Global Entrepreneurship Monitor (GEM) 2015 APS Global Individual Level Survey Data. Young meaning: 15-24 years of age.
Accessing finance is a major challenge for youth-led firms.
Youth-led companies are less likely to have a bank account.
Owning a business bank account
70%
of entrepeneurs until age of 34
84%
of entrepeneurs as of 35+ age
More youth led companies need a financial loan (82%) than non-youth-led companies (60%).
82%
of youth-led companies need a loan
60%
of non-youth-led companies need a loan
Source: ITC. Based on SME Competitiveness Survey data gathered in 15 countries (Argentina, Benin, Botswana, Burkina Faso, Cambodia, Ghana, Hungary, Kenya, Morocco, Saint Lucia, Gambia, Philippines, Togo, Ukraine and Zambia).
Recommendation:
Improved youth skills and innovation as well as financial support promote the export capacity of small businesses.
Note:
Youth in this edition of the magazine is defined as per the African Youth Charter in which “youth” means “every person between the ages of 15 and 35 years.
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