6 Effective Entrepreneurial solutions to unemployment

Entrepreneurship and self-employment are among the two of the most important pillars of any growing economy. They are even more significant in the context of growth of unemployment, displacement of traditional jobs and new opportunities in doing business. There is a growing need for employment generation more than ever. With a growth in job receivers, there has been almost zero growth in the number of new jobs leading to a never ending competition. The need of the hour is to tackle unemployment and close the skills mismatch that needs to be shared, replicated and scaled to solve the unemployment-skills equation. Once this is done, the path becomes simpler. The need is to equip the people with the requisite knowledge. The rest is up to them.

The 6 entrepreneurial solutions to unemployment are:

1. Create multiple segment partnerships

They help to leverage every partner’s expertise in favour of the other in a complementary manner. This is an absolute necessity in finding solutions to employment and solutions. These partnerships are very complex and can get you in troubles but they are mostly complex keeping in mind the widest range of interests. It can be cheaper with overall greater benefits.

2. Develop successful approaches

Enterprises matching mass interest with private interest are mostly effective in the long term. They have a great impact on communities they cater and can be successful in the long term for the business sustains for a longer period of time while being connected to a core business sector. Research and feedback are two of the most important things. They must be analysed and the objectives must be defined in the initial stages of an enterprise.

3. Be relevant to the context

As per Keith Davis, business environment includes ‘all conditions, events and influences that surround and affect business.’ Entrepreneurs must target the specific needs of the audience as it is critical in achieving sustainable results.

4. Committed leadership

Management and leadership are vital to sustain entrepreneurship, engage partners, gain greater leverage within the organisation and motivate employees. Leader need to evolve continuously and give in all they have and need to be committed to their jobs. They need to have self-awareness and a keen sense of strategy-both in short term and long term.

5. Futuristic design

The entrepreneurs must work keeping the future in mind. They need to use a pro-active and long term approach as it holds the key for entrepreneurial success in today’s scenario for economic and technological disruptions.

6. Leverage information communication technology

The business landscape now thrives on technology. For IT to produce results, it needs to be used effectively. Capitalising on things like these can produce unimaginable results and have enhanced impact.