In recent years, financial crisis across the globe has resulted in closing of several companies and this was the reason for most of the teens to start their own ventures and create jobs for many unemployed individuals.
Across the world, there are several early stage entrepreneurs of which 165 million are young entrepreneurs. The unemployment rate across the globe in 2012 is 12.2% and the ratio of unemployment between youth to adult is 1:3.
There are several factors that motives most of the individuals to turn in to young entrepreneurs. When surveyed 36% said they initiated own business to turn their dreams into reality, 19% said they established business to fill gap in the market, 20% said they are best suited to become an entrepreneur and 41% said they like to be their own boss.
When asked about role of school in setting up a business, over 70% reported that classes are not adequate enough to start a business and 30% said it has helped them in establishing a business.