In the context of employment generation the three terms- Income generation, Self-employment and Entrepreneurship are often used interchangeably.
Income generation is the initial stage in the entrepreneurial process in which one tries to generate surplus or profit. They are often taken on part- time or casual basis to supplement income.
Self-employment is the second stage in the entrepreneurial process and refers to an individual’s fulltime involvement in his own occupation.
In the Oxford Thesaurus, ‘enterprise’ is defined as “resourcefulness, initiative, drive, imagination, enthusiasm, zest, dash, ambition, energy, energy, vitality, boldness, daring, audacity, courage, get up and go…”
It is worthy noting that these attributes are generally associated with youth.
Moreover, the success of the ‘new economy’-however defined-is dependent on the promotion of a culture of entrepreneurship. It has been observed that youth have the capacity to understand it and be its pioneers. This is reflected in high youth participation in internet business start-ups (OECD, 2001; Curtain, 2000).
Youth-run enterprises (YREs) also provide valuable goods and services to society, especially the local community (OECD, 2001; Stone, et al., u.d).
In certain circumstances, young entrepreneurs may be particularly responsive to new economic opportunities and trends. This is especially important given the on-going globalisation process.
