Importance of Human Capital Management
Why is human capital management important in organizations ? Who do you think are the most valuable resource in an organization ? Employees. Individuals who spend maximum part of their day contributing towards the success of an organization are its most crucial resource. Employees can either make or break an organization, truly making them an […]
Pre-requisites of Participative Management
Participative management can best be described as a style of decision making that ensures that involvement of stakeholders at all levels. This operates at three levels, Problem analysis, strategy formulation and final implementation of the solution. There are certain prerequisites to be met before participative management can be put to work. Participative management first of […]
Issues Related to Human Resource Management in the Hospitality Sector
Introduction Human Resource Management is a critical and crucial component or function in any organization and more so, for organizations in the hospitality sector which thrive on the customer service and other people related services as part of its USP or Unique Selling Proposition. Indeed, it can be said that HRM is the key function […]
Role of Team Leaders and Supervisors in Employee Retention
Employee retention includes various steps taken to satisfy the employees so that they stay with the organization for a longer duration. Strong measures must be taken to retain the high potential employees who have spent a good amount of time in the organization and know it in and out. It is essential to retain the […]
Actualizing a High Trust Organization
Entities of People cannot Survive without Trust Trust is the lubricant that drives organizations, nations, and the global community. Without trust, it is impossible for any entity to perform even at the base level. Considering the fact that all entities are primarily made up of people, it is important for the individuals in any organization, […]
Year 2001 goes into the annals of history as the most significant year of contribution made to YE through creation of Youth Employment Network, an initiative and partnership between United Nations, ILO and the World Bank. YEN was the outcome of the millennium summit that resolved to create and provide decent work opportunities for the Youth across the globe. YEN provides the global platform to exchange ideas, plans and framework to improve work opportunities for the youth through a network of developmental agencies, governments, business and economic communities as well as Youth groups and NGOs.
YEN has identified Employability, Equal opportunities for young men and women, Entrepreneurship and Employment creation as the four goal posts for furthering Youth employment.
Understanding the subject of Youth Entrepreneurship begins with trying to identify and define the different types of Youth Entrepreneurships. While some of the academicians have categorised Youth Entrepreneurship into Economic, Social, Public Entrepreneurship and Intrapreneurship the list of categories is exhaustive. With recent studies and based on the differentiation in the behaviour and attitudes, roles, functions, industry and many more relevant characterisations, new categorisation of Youth Entrepreneurship has been put forth by the researchers. We shall enumerate some of the important categories as defined by the new generation scholar Clarence Danhof.
The so called mavericks that are able to think out of the box, innovative new methods, processes and create new business opportunities out of their innovative ideas are known as Innovative Entrepreneurs. Currently we can name dozens of Innovative Entrepreneurs in the world. If Bill Gates and Steve Jobs made history in the recent past, they are being fast replaced by youth entrepreneurs like Jack Dorsey - founder of twitter, Sergey Brin, Larry Page of Google, Mark Elliot Zuckerberg who founded Facebook.
Most of the entrepreneurs in the developing countries and under developed countries who bring home tried and tested technologies from the developed world and establish them in the home country come under this category.
Youth entrepreneurs who take on the business from their previous generation and manage to grow the business without taking any major risk of deviating into new areas but improving efficiencies, processes and scale of operations etc are called Fabian Entrepreneurs.
Drone Entrepreneurs are the first generation Entrepreneurs who manage the business handed down to them and continue to look at running the enterprise smoothly without taking any risks. This kind of attitude may be said to be an individual train of the Entrepreneur that leads him to manage the inherited business in a steady mode.
Entrepreneurship is an outcome of a lot of factors including values, beliefs, attitudes, innate spirit, inborn leadership, and influence of environment, family, skills and many more. Therefore categorization of Youth Entrepreneurs can also be classified into several types based on various factors. Some of the classifications have been arrived at based on the type of business, based on technology, based on geography [Rural & Urban], as per Gender, scale of operations etc. Business entrepreneurship which is one of the significant and dominant categories can be further sub divided into Business, Trading, Industrial, Corporate, Agriculture, Retail, Service and Social Entrepreneurs.
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