Promoting entrepreneurship is vital amidst the growing unemployment. It helps reduce poverty, improve financial conditions and provide more opportunities for other aspects of life. But according to multiple sources including the BBC and CNN, unemployment is on the rise in many countries including the United Kingdom, leading to concerns. Though many countries including China, India and high-income countries have seen lower-than-expected unemployment because of rising employment opportunities, unemployment is still rising in many other countries, including many developing and less developed countries. Consequently, millions of people in many countries do not earn money and fail to contribute to their own well-being and society, even after having university degrees. But it remains unclear how much unemployment will be addressed.
Rising unemployment is not surprising at all. There are limited opportunities for a higher number of people willing to enter into jobs each year in many countries — even if millions of jobs are created every year all over the world — no matter whether they are developed, developing or less developed countries. Economic, political and other reasons including economic downturns, wars, technological advancements, shifts in labor market dynamics, declines in public and private investment and skill mismatches lead to unemployment and its rise in many countries. But promoting entrepreneurship more will remarkably resolve the problem of unemployment and its rise, as providing government and other jobs is difficult for all. Entrepreneurship provides income opportunities not only for entrepreneurs but also for others.
To promote entrepreneurship, the role of governments is vital. Pertinently saying, the governments of different countries set the stage through policies and regulations that promote entrepreneurs. Among the others, the government also provides financial support through a variety of options including providing loan opportunities to entrepreneurial initiatives, provides resources and promotes innovation. Without these roles of the governments, it is difficult to promote entrepreneurial initiatives in any country and improve the financial conditions of many. But the government’s efforts alone are not enough at all to address the high number of unemployment all over the world. The contribution of government, private and other organizations including universities and research organizations is vital and will help promote entrepreneurship globally more.

Photo credit: https://edition.cnn.com/.
Private organizations and others provide access to funding needed for initiating a business or other entrepreneurial initiatives, mentorship and infrastructure in different countries that facilitate the development of entrepreneurship and are helpful for entrepreneurs to scale their initiatives. They also play a vital role in providing expertise and fostering partnerships between businesses and institutions and promoting innovation networks that are helpful for entrepreneurial initiatives. Though the role of government is more important in promoting entrepreneurship, simply relying on government initiatives can consequently lead to limited success in increasing the scope of entrepreneurs all over the world. But among the government organizations, private companies and others, the role of the government is more important and helpful for entrepreneurship.
Though entrepreneurship is promoted in different countries by the government, private and others which helps provide income opportunities for many, there are various flaws in the initiatives of different stakeholders including the government —especially in effectively promoting entrepreneurship. There is a lack of financial support to the entrepreneurs, difficulties in their accessing loans and other limitations including the lower amount of loans than the amount that is needed for entrepreneurial initiatives. Pertinently saying, flawed policies, inadequate infrastructure, limited access to capital and regulatory hurdles not only stifle innovation and growth in different countries but also put hindrances to the development of entrepreneurs. Â
Addressing the barriers is vital to promoting entrepreneurship. But the role of the government and others is needed. While creating a supportive regulatory environment and offering training programs are vital and helpful, putting emphasis on providing funding for entrepreneurship is crucial. Venture capital, incubators and mentorship services are needed and will be helpful. But collateral-free loan opportunities need to be provided more. Along with new initiatives, the existing entrepreneurial initiatives also need to be encouraged.