As I talk to youth and young adults in my community (an age group that now ranges from 15 – 39), I notice a trend – many are unemployed or underemployed after graduation and face a somewhat bleak future with an economy that seems to be closing more doors than it opens. It seems there is no shortage of people working 2 or even three jobs just to make ends meet.

This paints a gloomy picture of job futures for new graduates saddled with heavy debt. The youth unemployment rate currently sits around 13.6%. Many youth have returned to school for additional education but is that truly the answer in a bleak job market?

The high youth unemployment rate is not limited to Canada. At the recent G20 Young Entrepreneurs Alliance Summit (G20 YEA) in Sydney, Australia, each of the G20 countries reported similar findings.

There is an answer. Youth entrepreneurship is the key to economic growth. For every business venture launched, there is a potential for job creation. Entrepreneurs account for 98% of SME in Canada. With over 50% of current business owners set to retire in the next 10 – 20 years, it is vital that our youth step in to replace these outgoing business owners.

Entrepreneurs are also innovative and will create the jobs of the future that currently do not exist. We innovate and create; we take nothing and make it into something. There are jobs just waiting to be created out there.

So how do we create more entrepreneurs?

When talking to other G20 YEA delegates, many were adamant that early training and education is the key to developing an entrepreneurial environment. We need to cultivate entrepreneurism from an early age by integrating it into our education system. We need to support and promote liberal thinking. By teaching our youth to dream and think creatively, we are empowering them to create a future with unlimited possibilities.

We also need assistance from all levels of government. There are numerous programs and grants available for entrepreneurs and SMEs but only a handful of people know these programs exist due to a lack of information. Our economic development centres and related business support services must train their staff to be knowledgeable and up to date on various programs. A general database available to all at no cost would also assist would be and current entrepreneurs to thrive. And, we need to open our inter-provincial borders by reducing the cost of air travel within Canada and setting a standard of regulations across the country.

Entrepreneurs are the key to job creation, innovation and a stable economy. It’s time to encourage youth to realize entrepreneurship is a viable career option. Check out what your local community is doing.

Originally posted at http://www.rebeccapalmer.ca/young-entrepreneurs-key-economic-growth/ and reprinted with permission.