Supporting Youth in Entrepreneurship in Cyprus | The Better Entrepreneurship Policy Tool

Junior Achievement Cyprus prepared a brief summary of our results in regards to Supporting Youth in Entrepreneurship by using the Better Entrepreneurship Policy Tool. There were 13 participants from Academia & Research (2), Public Administrations (4), Business Support Organizations (6), and Civil Society Organizations (1).

Group type:

Supporting youth in entrepreneurship

Country:

Cyprus

Region/City:

Nicosia

Fostering an inclusive entrepreneurial culture

Increasing awareness about the potential of entrepreneurship as an alternative to dependent employment is the first step to opening up entrepreneurship to all. This module covers promotion methods such as targeted awareness campaigns, education and the use of role models.

Strengthening the design and delivery of youth entrepreneurship support

The successful delivery of inclusive entrepreneurship schemes often depends on effective partnerships across public actors, and with non-government organisations. It is also important to engage with the targeted entrepreneurs that stand to benefit from public support measures. This module covers different approaches to designing and delivering inclusive entrepreneurship programmes and outreach methods.

Building a supportive regulatory environment for young entrepreneurs

Lengthy and costly administrative procedures can be a barrier to business creation. This is especially true for those from under-represented and disadvantaged groups who have greater difficulty navigating the institutional environment and understanding regulatory obligations. This module covers actions to improve the regulatory environment, including simplifying administrative requirements for business creation as well as other regulatory incentives for entrepreneurship such as temporary relief from social security contributions and measure to address challenges such as childcare and eldercare.

Building entrepreneurship skills and capacities for inclusive entrepreneurship

Evidence suggests that businesses that access professional business support and guidance are more likely to be sustainable than those who do not. Business support is particularly important for entrepreneurs from under-represented and disadvantaged groups since they typically have lower levels of human and social capital. This module covers public policy approaches to supporting the acquisition of entrepreneurship skills, including entrepreneurship training, coaching and mentoring, and business consultancy and advisory services.

Facilitating access to business finance for young entrepreneurs

Accessing start-up finance poses a major challenge to all entrepreneurs, but entrepreneurs from under-represented and disadvantaged groups face even greater barriers as they typically have lower levels of savings and collateral, and can face discrimination in financial markets. This module covers both demand and supply issues. Its scope includes public instruments such as grants, credit guarantees, microfinance and non-bank financing instruments, as well as schemes that improve financial literacy.

Expanding networks for young entrepreneurs

Entrepreneurship networks can have a profound impact on the development of individual entrepreneurial intentions and play a major role in the ability of individuals to identify business opportunities and access resources (e.g. finance, entrepreneurship skills). Public policy can support the development of entrepreneurial networks with targeted initiatives that link entrepreneurs from under-represented and disadvantaged groups with each other, and with mainstream business organisations and support programmes. This module covers different approaches to building entrepreneurial networks for the key target groups and key success factors.