The paper "Becoming an Entrepreneur in the 21st Century" is a perfect example of business coursework. The rate of unemployment is increasing every year. However, various countries have different rates of employment that are caused by internal challenges. Some of the causes of unemployment include; low rate of payment, low level of education, seasonal jobs among many others. Mostly, employees are paid according to their level of education, their experience, and their level of employment. These factors make two workers with the same qualification to get different salaries. Usually, when an employee feels that they are underpaid, they will resign or even move to another organization.
Employees with degrees are paid less than those who are at masters level while those with more experience are paid much higher than those with less experience. On the other hand, some jobs are seasonal. In such cases, the workers are only employed for a certain time and after that, they are dismissed until there is a boom in the industry. Since such employees are engaged using short-term contracts possibly of about three months, such contracts need to be renewed after the time agreed on ends.
In recent years, the rate of literacy globally averages 86.3%. Evidently, men have a higher rate of literacy than females. The male’ s level of literacy scores at 90.0% while that of the females is 86.3%. Such a high rate of literacy means that most jobs have raised their minimum requirements for each employee. However, every year, learning institutions from across the world release just a few hundred thousand graduates who are supposed to join the job market. Still, the economy globally does not have enough jobs that can absorb them.
Therefore, the rate of unemployment ranges from 2.5 % up to 10.8% and has an average of about 5.6% (Boyles 41). Without a doubt, unemployment is highest in developing countries and the lowest in the developed countries. According to unemployment researchers, the increase in unemployment has been caused by the imbalance between the number of graduates and the number of jobs created at a time. In reality, the number of graduates is very high compared to the forthcoming jobs annually.
Therefore, there is a need to encourage entrepreneurship in society to solve the unemployment crisis. Entrepreneurship is defined as the process of investing finances to venture into a new or existing business idea. However, when an entrepreneur decides to work on an existing project, they have to work on improving it. On the other hand, the idea may totally be new in the market where an entrepreneur tries to solve a problem in society and still make profits. For example, an excellent entrepreneur will first do their research in the field they intend to venture into.
Subsequently, they will get into that particular venture to solve the problem and improve the lives of the people involved. Indeed, entrepreneurship has been known to create employment not only for the entrepreneur but also for other people employed in the new business. Also, it has the benefit of increasing the number of revenues in the economy and improving the lives of the individuals who are served by the firm. However, in the 21st century, entrepreneurship has been faced with various challenges that have either discouraged investors or even slowed their rate of development.
Boyles, Trish. "21st century knowledge, skills, and abilities and entrepreneurial competencies: A model for undergraduate entrepreneurship education." Journal of Entrepreneurship Education 15 (2012): 41.
Hanna, Donald, and Colin Latchem. Leadership for 21st Century Learning: Global Perspectives from International Experts. Routledge, 2013.