Resource shortage stifles youth entrepreneurship

A lack of resources and financial support significantly affects entrepreneurs, especially young ones. Without proper funding, it is nearly impossible to acquire the essential tools and resources needed to grow a business. Often, even if one has the money, finding and accessing the right resources remains a challenge.

Every new business idea, whether for a product or service, requires cash to take off. While it may take years for a new venture to turn profitable, this doesn't mean it is destined to fail. Entrepreneurs need sufficient capital for hiring employees, renting office space, acquiring equipment, marketing, and handling other expenses. Resources like land, raw materials, and skilled labour are also critical for success.

Moreover, obtaining bank loans is a common way to secure funds. However, the eligibility criteria can be complex, making it harder for new entrepreneurs to access financial aid. Without such support, even the best business ideas often fail to materialise.

Although you may have the best business idea, it is quite difficult to stabilise a new business due to a lack of resources and funds. Therefore, to foster entrepreneurship, it is essential for banks, government organisations, and private institutions to make funding and resources more accessible. This will create opportunities for aspiring entrepreneurs to turn their dreams into reality and contribute to the economy.

Alfi Shaharin Ridita

Student

Department of Accounting and Finance

North South University

[email protected]