Entrepreneurs can help create 10m jobs for youths across the G20 countries, only if barriers to entrepreneurship were removed, a new study from Accenture suggests.
The study, The promise of digital entrepreneurs: creating 10 million youth jobs in the G20 countries , also reveals 74pc of entrepreneurs plan to recruit youths this year. Many entrepreneurs, however, believe a shortage of candidates with relevant skills is hindering job creation and growth.
- The G20 member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Sixty-two per cent of entrepreneurs list skills shortages among their top 3 recruiting concerns.
A skills shortage is not the only challenge entrepreneurs face when it comes to creating jobs for youths: scaling, securing funding, sustaining innovation and growing internationally are also factors.
The study quizzed more than 1,000 entrepreneurs and 85pc of them responded they believe they have a critical role to play in the creation of jobs for young people.
Many entrepreneurs also believe more could be done to foster an environment of youth job creation in their country.
Only 26pc consider the actions taken by their government to support youth job creation as relevant and efficient, and 54pc cite a lack of incentives as a barrier to taking on more young people.
Bruno Berthon, managing director, Cross-Industry Strategy Lead, Accenture Strategy, said while digital technologies are enabling and accelerating entrepreneurship, in many cases the legislative and regulatory environment is struggling to keep pace.
“Countries that are able to foster and support entrepreneurs will be better positioned to create jobs, restore growth and enhance the overall quality of life for their citizens,” Berthon said.
Another finding from the study is that entrepreneurs whose companies are more innovation and export oriented are more likely to create new jobs.
More specifically, 91pc of the entrepreneurs who run innovation-centric businesses are more confident of creating jobs than those running firms in which innovation is not considered important (61pc).
Job growth image via Shutterstock