ENTREPRENEURSHIP AS AN ALTERNATIVE TO YOUTHS SEEKING FOR JOB.
An entrepreneur is any individual who possesses a business, firm or venture. He is accountable for its development, risks and rewards associated with it. He is a person with ability to see and evaluate business opportunities, to gather necessary resources, to take advantage of them and initiate appropriate action to ensure success.
Entrepreneurship is the ability to create and build a vision from practically nothing. Fundamentally, it is a human creative act; it is the application of energy to initiate building an enterprise or organization, rather than just watching and analyzing. It is the ability to sense an opportunity when others see chaos, contradiction and confusion (Schumpeter 1950).It may mean reviving an existing business for capitalizing on fresh activities.
Scholar Robert .B. Reich provided the following essential qualities of an entrepreneur; Leadership, Management ability and, team building. This is applied by Larry, Mengi and Bill gates. Entrepreneurship can be an alternative for youths looking for job in the following ways:
Owning a business, firm or venture. This gives independence and opportunity for entrepreneurs to strive for their economic prosperity. It gives opportunity to get control of their own (their own bosses). For example Larry Page (1976) and Sergey Brin who are the founders of Google, the most profitable internet business and Henry Ford(1863) was an American industrialist, the founder of the Ford Motor Company.
Individual youths reap high profits through creativity and innovations. Individuals take all the challenges. It is therefore a best way to accumulate wealth. For instance Joe Dudley, an American businessman and hair care entrepreneur. President and CEO for Dudley Products Inc., a manufacturer and distributor of hair and skin care products for the African American community. Also Mark Elliot Zuckerberg(May1984),a Harvard dropout who turned became world’s youngest billionaire in the year 2008 as the founder of the social networking site Facebook. He has been awarded ‘The Time Person of The Year 2010′.
Entrepreneurship makes youths to work to their full potential. Launching a business to youths is a tool of self- actualization and self-expression, creativity, and skills. For example Reginald Mengi, an avid philanthropist, the founder and Executive Chairman of the IPP Group, one of the largest East African industrial groups consisting a Financial Consulting firm, soft drink bottling partnership with Coca Cola, detergent and toothpaste manufacturer and IPP Media.
Entrepreneurs establish business closely associated with their interests. Furthermore, there is no particular age for retirement of entrepreneurs. It therefore offers a chance to pursue their interests. An example is Bill Gates Oct1955 (wealth $59 billion), one of the world’s alive richest men and the founder and present Chairman of Microsoft who revolutionized the computer world with his entrepreneurship and business tactics.
The youth through entrepreneurship introduce new technologies for which they create jobs and employment for others too; for example Dell Company found by Michael Dell in 1984. They therefore mobilize capital resources; they develop new markets, and discover new sources of materials to enjoy comparative advantage in terms of supply, cost and quality. Also Steve Paul Jobs, born February 24, 1955 was the co-founder and CEO of Apple Inc, NeXT and PIXAR.
To sum up, educators have to create a wide variety of programs and activities to provide youths and students with the experiences that nurture the spirit of entrepreneurship everywhere, for instance institutions like RUCO, SUA, UDOM, UDSM, IUCO, MUCE, among others teaching development studies (to produce job creators and not job seekers).People should consider alternatives of running their own businesses rather than doing jobs for others.