Does Entrepreneurship reduce unemployment?

“Since the strength of an economy is measured by its physical and human resources endowment and how productively these resources are deployed to produce goods and services, the task of promoting entrepreneurship at all levels becomes paramount. This is especially so in a country where the unemployed people tend to rely on government and paid jobs rather than on their initiatives.” (Murtala S. Sagagi Ph.D.)

With the decreasing number of Jobs and increasing rate of unemployment, Entrepreneurship is the Way Forward; there are streams of Business Ideas waiting to be tapped by the Youths.

Youth unemployment rates are soaring worldwide. That rate recently reached a record 24.2% in the U.S. as of May 2011, and much higher numbers in other countries where economic growth and opportunity have long failed to keep pace with the growing number of young people entering the labor force. However, youth unemployment rates don’t have to translate into catastrophe for that generation and those it sustains. A period of technological advances has created a global, “new media” generation that is not only aware of the challenges facing the world, but deeply curious about the opportunities entrepreneurship offers to tackle them.

Entrepreneurs using Technology:

On April 2010, a panel of SMB experts and small business owners came together to discuss what entrepreneurs can do today to help them prepare for long term, sustainable growth for the future.

At the table was:

• Neil Tanner, Vice-President, Small Business, Midmarket Solutions & Partners (SMS&P), Microsoft Canada
• Greg Taylor, Co-Founder, Steam Whistle Brewing
• Niki Brinton, Owner, Cupid’s Gourmet Cupcakes
• Peter Lawler, Senior Vice President, Business Development Bank of Canada (BDC)

Some top advice that was discussed by the panelist was:

• Neil Tanner – Microsoft: “Use technology to keep your business costs down. Example: use Instant Messaging services instead of phones which can reduce your long distance phone bill.”
• Greg Taylor – Steam Whistle Brewing: “Explore cloud computing – it saves you money and can grow with you as you need it.”
• Niki Brinton, Cupid’s Gourmet Cupcakes: “Use technology – get things off of paper and onto the computer so you can save time and teach others your systems. Example: Using spreadsheets to track supplies and orders instead of pen and paper.”
• Peter Lawler, Business Development Bank of Canada (BDC): “Be prepared – many entrepreneurs have a strong technical background but no management experience.”

These are simple advice given by some of the most successful individuals in the market.

Entrepreneurship with E-Commerce Technology:

With access to the World Wide Web, and a slumbering economy, electronic commerce has become more attractive than ever to the unemployed youth. TABS understands this and designed training programs to equip the Virgin Islanders with the basic entrepreneurial and computer applications skills, and tools necessary to run effective online businesses. The objective of these programs is to encourage self-employment through the introduction of the e-commerce business model.

These programs entail important features of Introduction to Computers and Windows as well as Microsoft Word to provide the participants with the necessary basics of computer know how. It provides intermediary level understanding about bookkeeping and publishing software to enhance the participants’ knowledge and success in starting and running an online business. It integrates important dynamics of E-Commerce, Online Business Management System, and Business Modeling Process to provide the enriched knowledge base needed for any business endeavor.

These are unique programs with unmatched learning features which have only been introduced by BIZVI Training™, a subsidiary of TABS Worldwide Inc., in the Virgin Islands region.