MakangaFactors Influencing the Performance of Youth Owned Small Businesses Initiatives-15

.pdf
School
Walden University **We aren't endorsed by this school
Course
ECON ECONOMETRI
Subject
Sociology
Date
Nov 11, 2023
Pages
1
Uploaded by CommodoreChinchillaMaster524 on coursehero.com
4 easy access of funds by youth entrepreneurs and developing business training centers mainly for youth (OECD, 2012). On the same note countries in Europe have gone an extra mile to ensure budgetary allocation specifically meant for youth entrepreneurship as stated by Ghani and O'Connell, (2014). Youth empowerment in the developing and less developed countries takes place in different government initiatives, for example in South Africa, they use business incubation programs which has led to success of youth owned small businesses (Lose and Tengeh, 2016). In Nigeria youth empowerment is done through government initiative well- known as "seed money", providing on -the-job training, horticulture or peasant farming for those in as well as petty trade (Rosemary, 2010). In the East Africa region youth empowerment programs are aimed at leading to sustainable development that is favorable to their economic zone hence led to improved livelihoods (Civera, De Cole & Casalegno, 2019). In Kenya youth empowerment is done through specific policies by Governmental initiatives, donor funding and Non-governmental programs designed to empower the youth (Hope, 2012). The government has put in place strategies like Youth Enterprise Development Fund by MOYA in 2007 to enable youth as individual or group access fund for business startups and boosting their businesses (MOYA, 2008), Ministry of Youth Affairs and Sports strategic plan 2008-2012 which is linked to vision 2030, Youth Employment Marshal plan working in link with Youth Africa Chatter to empower the youth (GoK, 2008). 1.2 Statement of the Problem Kenya has a large youth population who are facing the challenge of unemployment. According to National Population and Housing Census (2019), Kenya's youth population was 35.7 million aged between fifteen and thirty-five years. 24.5% of the population are facing the challenge of unemployment (Njenga et. al, 2014). The youth are one of social groups in the society with a vital role to play in the national social economy. Youth face obstacles in all aspects of their lives ranging from social, economic, health, demographic and psychological problems that calls for empowerment since they represent families with dire need for means of livelihoods. This has drawn
Page1of 1
Uploaded by CommodoreChinchillaMaster524 on coursehero.com