With entrepreneurship education in high schools lagging behind Gen Z’s growing desires to start their own businesses, we have partnered with BIGthink! to further assist young people in developing their entrepreneurial skills and experience – creating the Young Business Hustler Competition.
But before we tell you all about our Young Business Hustler Competition and why it’s such an incredible opportunity for young people, we want to take you back a step and firstly put the focus on why entrepreneurship education is so important…
Syllabuses across Australia are heavily geared to preparing students for existing jobs rather than preparing the next generation of entrepreneurs.
A 2014 survey by Millennial Branding found that 72% of US high school students and 64% of college students wished to start their own business someday. This figure contrasts to the most recent Australian Census data, showing that just 5% of business owners nationally are aged between 20-34.
Given the rate of technological change and the critical role of small businesses in the economy, we see fostering the entrepreneurial skills of passionate, motivated young people such as those participating in the Duke of Ed Awards as hugely important.
Encouraging entrepreneurship in young people is also particularly important in order to face challenges related to high youth unemployment rates.
“Grow The Global Economy: Entrepreneurship Education For All Youth” is a report published by The Network for Teaching Entrepreneurship that examines youth unemployment and the disparity between skills being taught in schools and the skills young people need in order to thrive in the fast-paced, technologically-advanced economy we live in.
“Young people of means are also going to need new skills to succeed in the new world of business. Those who have assumed that a degree leads quickly to a job have been thwarted by the current economic conditions, in which entry-level jobs have been drying up.
Thinking like an entrepreneur will be the key to nimbly assessing market conditions and seeking out opportunity rather than a reliable ladder to the top.”
At Duke of Ed Vic we recognise that a vibrant entrepreneurial ecosystem is a key solution to youth unemployment and believe all young Australians should be empowered to create their own opportunities rather than wait for these opportunities to find them!
Young Business Hustler 2015 is a new competition for young entrepreneurs. Candidates will pitch their existing business or business idea to a panel of expert entrepreneurs, with two winners selected to receive 12 months of mentoring in the BIGthink! Baby Booster Program valued at $12,870 each.
We encourage you to please inform your students about Young Business Hustler – it’s an incredible opportunity for young people to kick-start their career!
Resources to share with your students: