With the Australian economy in critical need of diversification, Sydney-based direct marketing firm LMS Thinking, encourage more businesses to follow suit and focus on developing the country’s young entrepreneurs.
A recent article in the Sydney Morning Herald tackled the growing issues faced by the Australian economy and suggested encouraging entrepreneurship among the younger generation could be the solution, an opinion that Sydney-based direct marketing firm LMS Thinking shares.
There are currently three critical trends holding the Australian economy back, the first being the high rates of youth unemployment which is currently double the rate of national unemployment. With the level of youth unemployment set to steadily rise over the coming years, there is a massive demand for new businesses and job opportunities for the younger generation.
Many worry that this high level of youth unemployment has a serious risk of damaging the economy’s future. Previous research has found that those who experience unemployment at an early age are likely to find themselves out of work again in later life. Those struggling to find work often lose faith in their ability to find a career and more often than not, settle for lower paid and uninspiring job roles, saturating the market with young minds not reaching their full potential.
Another common trend affecting the economy is the disbanding work force. It’s estimated that in six years around 50% of the country’s workers will be technically self-employed, working in either consultant or freelance roles. This lack of enterprises employing workers means far fewer job opportunities are available for younger people who lack the knowledge to become self-employed themselves.
The final worrying trend is the desperate need for diversification within the economy, the current main players contributing 80% are the mining and accountancy industries. A strong economy needs variety and the small business sector has the potential to provide this, not only to create more job opportunities, but to help develop and grow local communities into vibrant and innovative hubs. Many entrepreneurs starting new businesses look to employ fresh young minds not only to inspire but to give them the chances that they themselves had. Therefore, it is now more important than ever to present entrepreneurship as a viable career option for young people.
Many are now calling for the Government to step up and incorporate entrepreneurship programmes through all levels of education. Learning the skills needed to become an entrepreneur will both inspire young people and help them realise their potential. Many younger individuals may not realise that thanks to the now vast supply of online tools it’s more affordable than ever to start a business, not only locally but globally.
Teaching young people in school entrepreneurship could aid them within not just the business world, by learning time management techniques and problem solving are universal skills that could transfer to many other aspects of their education.
There is also a call for industry to take action. With many young people struggling after leaving school many are eager for the country’s Government and industries to provide resources to support potential entrepreneurs. LMS Thinking are one of the businesses who recognize the great need for entrepreneurship training and support.
LMS Thinking offers a Business Development Program to young people to encourage them to start their own business. The program teaches the necessary skills needed to start and develop a successful business ranging from management, sales and marketing techniques, communication and customer service. By allowing young people to experience training in a business setting, LMS Thinking believe young people will be thoroughly prepared for entrepreneurship.
LMS Thinking is a Sydney-based direct sales and marketing company. With further offices in London and New York, LMS Thinking provide a wide range of clients with successful sales strategies and unique marketing techniques to help improve customer loyalty and brand awareness.