How Does Entrepreneurship Solve the Problem of Unemployment in the Society?

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Unemployment is always a problem of dysfunctional public and private sectors. We lack job places not because there are too many people. Practically, there is enough of work to engage everyone in the society. But if there are not enough businesses to address the existing problems and cater to human needs, the unemployment emerges. Advanced education and developed entrepreneurship create fertile ground for emerging businesses. They curb unemployment creating workplaces for people to fill.

Therefore, entrepreneurship allows people to launch startups and hire others. On the other hand, going through business studies at high school or college, young people are more capable to escape unemployment themselves. Studying entrepreneurship is about fostering analytical thinking, creativity, and problem-solving skills. Using these skills, young people can better find their place in the variety of jobs existing at the moment. Unemployment also happens as people get unable to analyze the markets, their offers, and demands.

It may look like not so many young people strive to become entrepreneurs. In fact, there are much more of them who want to launch their own business. These people either have no access to quality business education or cannot reach for a help of more seasoned business leaders. Students in developing markets, like China or Mexico, are most willing to make a career in business. Therefore, we have a great potential for creating more jobs in countries where unemployed people need them most.