Placing Gen Z in the driving seat of change
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There is nothing more sustainable than investing in the confidence and capacities of creative and energetic youth in their formative years.
In many countries, youth lack appropriate channels to fully engage in development efforts and practices. However, young people still want to contribute to the progress of their communities. There are many occasions where they have proposed innovative solutions that have driven social progress and inspired political change as well.
According to the United Nations (UN) “provided with the necessary skills and opportunities needed to reach their potential, young people can be a driving force for supporting the development and contributing to peace and security” (United Nations, 2019). In other words, education is a key element for youth development and to achieve the Sustainable Development Goals (SDGs).
Gen Z Education
In 2013, young people worldwide confirmed the importance of a good education through the UN’s MYWorld2015 Survey. In one question, the survey asked citizens to vote for the top 6 out of 16 issues that were most important to them and their families – from better healthcare to clean water and sanitation, to freedom from discrimination.
The results from this question showed that over 5 million young people aged between 16 and 30 around the world highlighted that a good education is one of the most important things for them and their families.
In addition, almost 67% of respondents replied that a good education is an important aspect of their life.
The results of this survey were used in planning the post-2015 process, defining the Agenda 2030 and creating the Sustainable Development Goals. (UN My World Analytics 2015)
The Solution: Entrepreneurship
The chance for young men and women to enroll in a university or a higher educational institute, and receive training to have a stable job has important implications for future economic growth, development, and stability. If overlooked, youth unemployment has the potential to have significant and serious social consequences, both at the individual and macro-economic level. Meanwhile, youth unemployment can lead to social exclusion and unrest. One possible way to address youth unemployment is to support young people in creating their own businesses. Gen Z has the interest and potential to become self-employed. Gen Z-ers are more likely to prefer self-employment than adults and are more likely to believe that self-employment is feasible.
One of the most promising solutions to youth unemployment is youth entrepreneurship or self-employment. The 21st century is considered by many to be the “age of the entrepreneur,” which creates a friendly environment for young people to start their businesses. However, studies show that there is a significant gap between youth wanting to start a business or be self-employed and actually doing it. Gen Z needs lots of support from educational institutes and business community to ignite their talents and to create their own startups.
Barriers and Challenges
Traditional education systems do not prepare young people to become entrepreneurs. Scholars consider that teaching entrepreneurship means teaching a mind-set, which is more easily said than done. Young people face information asymmetry in both pre- and post-startups. Young people may simply be unaware of the potential of entrepreneurship, their entrepreneurial aptitude, or the skills needed to be an entrepreneur. This is where they need help from business community, Government and non-governmental institutes, business chambers and educational institutes. There are many barriers faced by young entrepreneurs. These include an underdeveloped entrepreneurial mindset, lack of practical experience, lack of awareness about entrepreneurship opportunities
negative social attitudes, traditional education not teaching entrepreneurship skills, lack of prior work experience and entrepreneurial resources, financial resources, limited business networks, market barriers, including bank financing.
Financing is one of the main problems for entrepreneurs because they do not have enough personal funds to build a successful business. Financiers are often biased and many decide not to fund youth-led enterprises.
Gen Z : The Key to
Sustainable Change
It is no secret that young people are at the forefront of lasting, sustainable change. According to the UN Youth Envoy, young people make up 1.8 billion of the world’s population. 1.8 billion young people have the potential to ignite change and create a better future. However, when it comes to opportunities for growth and development to access skills to lead everyone towards a better future, young people are often left out of the equation. It is high time for policy makers and educationists in Sri Lanka to address the issue seriously and make the Gen Z in to our main stream of development efforts and practices. National Project of NIBM vishwa Pasala is another effort of NIBM to take Gen Z a vibrant segment of the society to drive the changing world of work.