While nearly half of youth express an interest in entrepreneurship, only 4.7% of youth in the EU were actively trying to start a business between 2014 and 2018. Many NEETs in the EU remain excluded from the labour market. Entrepreneurship must be part of the solution. A broad literature review has shown that entrepreneurs are not born, they are bred. Although specific, relatively stable personality traits can be associated with entrepreneurial intentions to start a business and with entrepreneurial success, most entrepreneurial competencies can be enhanced through education, training, coaching and mentoring, and through experience. The following Thinking Space Papers present tool and programmes on how to support NEETs to create their own business, survive (in a crisis) and thrive.
Thinking Space Paper No.2: Effectuation principles supporting young underserved entrepreneurs
Not all entrepreneurs can tap into large funds, which does not mean that they cannot be successful. Young entrepreneurs can start small with who they are, what and whom they know and then focus on downsizing the risk. This paper provides an overview of tools and methodologies that can be applied in the three business creation phases orientation, planning and testing, as well as in sustaining a growing of the created enterprise. The effectuation tools are linked to topics addressed in business planning and lean start-up. These tools should be helpful when supporting NEETs aiming to start a business, as the approach targets using the means which the young entrepreneurs have already available.