Introduction to Youth Entrepreneurship

Abstract

AbstractSouth Africa is facing its biggest crisis ever in relation to youth unemployment. Under the expanded definition of total national unemployment, which includes discouraged job seekers, the rate rose to a record of 43.2% in the first quarter of 2021 from 42.6% in the previous quarter. Underscoring the gravity of the situation, the youth’s jobless rate based on the expanded definition now stands at 74.7%, which means that only one in four school leavers who are 24 or younger have a job in South Africa. A link between youth unemployment and low economic development is evident in South Africa, and the low economic growth influences the total labour market. It is important to examine the effects that unemployment has on youth development because unemployed youths are unable to gain valuable entrepreneurial skills. Entrepreneurship is often seen as a strategy to improve youth unemployment, but by no means can it be seen as a save-it-all strategy for national social-economic development. Attempting to investigate possible support strategies for youth entrepreneurs, the SHAPE ecosystem for youth entrepreneurs was first theoretically created and then practically applied over time.