When the market system was popularized by the great economists of the 1900s and applied by the visionary entrepreneurs and business thinkers in the last decades, we have seen a proliferation of numerous business types, products and strategies. A wave of corporate and non-profit organization initiatives saw the dawn of the sullen manufacturing-based industrial economy gifted by the late 1800s. Companies and other organizations, big and small, have gone towards the inner worth of their business, not just by selling what they produce but also how to keep their buyers wanting more of their produce. The relational aspect of the market has been the new concept ever since. And came to fore is the value of the participants of the marketplace that are going younger and younger.
Youth Entrepreneurship deals with the management of accounting techniques and the assessment of business management as well making it very essential. Despite of many challenges, the skills of youth entrepreneurs like ingenuity and resourcefulness allow them to operate and develop their businesses. However, their inexperience, minimal education and little knowledge on financial management and business get the better of them. Therefore, financial resource accessibility is clearly vital for these young entrepreneurs' success. The researcher believed that in spite of many barriers, young entrepreneurs are still ever-competitive, surviving and continually existing in the world of business entrepreneurship. The interest lies most on the topics of how the current market situation affects the business. It also aims to give readers knowledge on the fundamental aspects of youth entrepreneurship, the factors that mold it, and the issues that it faces.
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Entrepreneurship involves human attitudes and human needs, which are constantly changing. The only basic law in this marketing is change. More specifically, this law is referred to as conventional revolt. This means that once a style or a method, or a channel of distribution has been generally adopted and established, competition forces newer and better ways of doing a specific job, of handling merchandise, of displaying goods in the store, and getting the goods in the hands of the consumer (Hughes, 2009).
The entrepreneur is an institution by himself - ever presented from the day when early commerce made the merchant an important figure up to the present time. He is very much part of our daily life. He is responsible for bridging the gap between the production and consumption. With many kinds and almost an infinite number of goods the retailer makes available in the community where he operates, he contributes to the increasing consumption of goods by consumers and accelerate their standard of living. In so doing, he contributes to economic progress (Lussier & Chua, 2007).
The concept of youth entrepreneurship holds serious implications for investors. In particular, it could have considerable bearing on traditional security analysis and stock valuation procedures. Some, in fact, contend that investors should spend less time analyzing securities and more time on such matters as reducing taxes and transaction costs, eliminating unnecessary risk, and constructing a widely diversified portfolio. Make no mistake about it: Even in an efficient market, all sorts of return opportunities are available. But to proponents of efficient markets, the only way to increase returns is to invest in a portfolio of higher-risk securities (American Journal of Business, 2008).
According to a study conducted by Brown (2005), there are certain forces and conditions that help contribute to its growing importance. The increasing growth and development of specialized production, which accounts for numerous kinds of goods that enter into the channels of trade and commerce, necessarily demands the use of an efficient system of distribution. Another factor is the desire of the entrepreneurs to obtain market at their convenience and in the amounts they want. It is in the solution of these problems that entrepreneurship has become not only important but almost indispensable in our economic society (Brown, 2005).
Per Hughes (2009), youth entrepreneurship is widely known in areas where there is available knowledge in business management, skills and human capital important to make efficient utilization of business and financial capital for youth. Youth entrepreneurs' basic knowledge about business development is the driving force to continually pursue their business of choice. There is also expenditure to determine the business opportunity. In this kind of entrepreneurship, there is fund expansions and resources development to develop the new products to be sold (Salkowitz, 2010). This occurs during the first time period with no revenue to offset it. Most of them have are enthusiastic even though minimal education in business management and have limited experiences and knowledge on financial management and marketing strategies.
Always on Time
Marked to Standard
In entrepreneurship, to arrive at the decision of young entrepreneurs whether to go or not to go with this decision to move into international markets, a financial analysis must be done starting off with calculating the total investment available for the company to start it all up. The figure will includes all the necessary expenses for business processes, fixed assets, initial marketing expenditure and as well as the initial working capital needed for operation which is familiar to elderly entrepreneurs (American Journal of Business, 2008).
Epstein (2009) explains that the implementation of entrepreneurship have few small changes, rooted in that can make the difference between a life of constant struggle and more sustained success in business. In terms of importance to business development, control techniques and management accounting is critical success factors. These factors include management accounting tools for micro businesses business, risk management, budgeting and identifying opportunities which determine the relative affordability for particular development programs. Next, it is important to examine the profitability of the business to determine investment endurance. By contributing their ideas and expertise to financing and enterprising discussions, these management accounting tools helps enterprises develop and grow with the aid of additional skills, effort, innovation and developing new methods, techniques and tools designed to address the needs specifically of the business sector (Kushell, 1999).
The entrepreneurship industry should set some separate budget for measuring the effectiveness of alternative forms of use the knowledge derived to plan alternate marketing strategies and promotion of their products especially young entrepreneurs (Driskoll, 2006). With online marketing and analytics, it has become a whole lot easier in recent years to quantify key interrelationships between customer exposure - customer interest - leads and customer sales (Kourilsky et al, 2007). It is essential to invest in the advantages by analyzing and collect what is going on in your market. You can get swamped by all of online information accessible about your future competitors, suppliers, competitors, customer trends etc. The challenge is not in finding it, it's having the headspace to filter, analyze it and think about the repercussions of it for your own growth. Effective utilization of technology creates competitive advantage in entrepreneur. Information Technology expenditure tied to your company's business strategy will have the most clear cut business value, in terms of return on investment (Driskoll, 2006).
Moreover, when solutions of young and elderly entrepreneurs' business strategy are woven together, companies and corporations are finding that business benefits are often broader and deeper than expected. Incentives and development are also important in the proper management of financial resources and strategies. Performance based incentives may also apply to strategies and performance, on time delivery of projects, production & warehouse staff for efficient scheduling and working capital management, and for a whole host of other individuals and teams of the company (Brown, 2005).
DISCUSSION & ANALYSIS
Benefits of Youth Entrepreneurship
Per OECD (Blanchflower and Oswald, 1998), youth entrepreneurship:
Promotes innovation (new techniques) and therefore create jobs;
Creates a direct effect on employment as "new young entrepreneurs hire fellow youths";
Brings better and newer competition to the market as these "smaller" firms by the youth give more value (and quantity and options) to the product market;
Makes young businessmen to be more responsive to economic opportunities;
Gives "increased self-reliance and well being" to young entrepreneurs.
These potential benefits are widely accepted by economists and policy makers that programs are set by nations to augment youth involvement in business and investments.
Issues in Youth Entrepreneurship
Some youth entrepreneurs lack basic knowledge about business development. There is also lack in the expenditure to determine the business opportunity. There is also a need to expend funds and resources in development to develop the new products to be sold. This occurs during the first time period with no revenue to offset it. Most of them are illiterate, minimal education and have very little knowledge on financial management and business arithmetic. In spite of these barriers, micro businesses are still surviving and are continually existing in the world of business entrepreneurship (Kushell, 1999).
One factor concerning the commercial success of youth entrepreneurship is the utilization of modern technology, which is the avenue of current global business and marketing. The technological innovations in communications were designed initially as a communications vehicle for sending person-to-person messages or for broadcasting to wider audiences (Salkowitz, 2010). But it didn't take long for the intranet to recognize that if you could pass messages back and forth within the organization, there was no reason why you could not construct virtual way stations--electronic sites anyone on the net could visit either to pick up a posted message addressed to no one in particular or to deposit one for anyone passing in the company. As these skills gradually multiply in other companies and industries, similar coups are inevitable. Like globalization, the Web serves to push further the boundaries of operational effectiveness in competitive markets (Ulwick, 2002).
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Youth Entrepreneurship presents management accounting factors in helping management and youth entrepreneurs. The challenges the youth face, whether it be some form of illiteracy as mentioned above, or insufficient education, are however backed by their own genius. The youth are always that resourceful to get started with. Given the scarce resources, they can pan out the best decisions that they can possibly generate, with the help of their vigor and resilient spirit. The lack of education, nevertheless, is one problematic issue faced by these young businessmen. Accessibility to financial resources may help but learning is still key. With the implementation of a few small changes, rooted in deliverable inputs or resources they must need, a big difference can be achieved between a life of constant struggle and a life of sustained success.
In terms of business development, control techniques and management accounting, factors that are deemed critical must be taken into consideration. These factors include management accounting tools for micro businesses business, risk management, and budgeting and identifying opportunities which determine the relative affordability for particular development programs (Salkowitz, 2010). Next, it is also important to examine the profitability of the business to determine its investment endurance. By contributing their expertise and ideas to microenterprise discussions, these tools help youth entrepreneurs grow and develop with the aid of additional skills, effort, innovation and developing new methods, and techniques designed to address the needs specifically of the micro business sector (Kourilsky et al, 2007).
It is vital to invest and share for long-term positive outcomes that are well equilibrated by small costs adjustment facing the developing nations in the minimal to long term. Every country has a powerful enabling force that enables the use of similar and identical ideas in different corners of the world. These two business firms also moves transferable marketing into real time and forces markets into an interactive mode. Indeed, one might make the case that, since the early 1990s, the organizational technology policies, the emergence of the rapid globalization of macroeconomic environments have served to "tighten" the dynamics of countries in competitive advantage in global competition. Individually and as a system, these determinants have accounted for the pressures on firms to invest and innovate (French, 1999).
Youth Entrepreneurship and Capital Constraints
There are three evidences that youth entrepreneurs suffer capital problems during their business experience (Blanchflower and Oswald, 1998b). First, getting gifts or inheritance effectively gives individuals to be self-employed. Second, most businesses that are small start with own money of entrepreneur or family money. Third, individual youth entrepreneurs rely mostly on financing. Fourth, the biggest concern for such entrepreneurs is where to find the money.
Similar studies in the UK, US and Sweden were collated by Blanchflower and Oswald (2007). The main culprit for capital constraints has been the difficulty of finding the fund source. Other factors according to the researchers were rising house prices as in the US and the UK, and the increase in housing wealth. The study learned that half of the increase in the number of self-employed young entrepreneurs in the UK was an effect of the increase in housing equity prices. The other research obtained that a 10% increase in housing wealth also led to the 20% increase in the number of young entrepreneurs.
As per evidences gathered, it is obvious that monetary limits to the daily lives of many young people somehow propel them to the business world. However, limits also exist as they embark on such decisions. Problems on finding the capital are the lone factor that forbids these young businessmen to continue or expand their own businesses.
It is worth studying topic. It would be fruitful for the youth entrepreneurs as well as for business minded people. This research is significant as the results of this study would be applicable to the advancement of the concept of entrepreneurship in different styles of business related field and performance. It would provide additional information for understanding the factors affecting the effectiveness of youth entrepreneurship. Given the background of the research problem and the specific objectives that this paper wishes to address, we will now look into the particularities of the proposed intervention scheme as evidenced by previous literature.
This study will provide knowledge on the successful implementation of entrepreneurship and its factors. In managing successful entrepreneurship program, entrepreneurs must recognize that their strength lies in their ability to employ strategies that result in the profitability of the program and the satisfaction of clients that will be discussed in the paper. It also focuses on the validation of managing this form of programs, the youth entrepreneurs must utilize people, resources, technology and money. In doing so, recognition and utilization of these factors is equally important. The expertise to utilize these things can be earned and put to use mechanically with the use of system procedures. Planning, controlling, leading and organizing are managerial procedures to achieve effective performance required in project management and will determine the success of the program and strategies.