Entrepreneurship and self-employment of youth, topics of the second FSZM meeting

The second meeting of the Forum on (self)employment of young people in Bosnia and Herzegovina (FSZM) was held on September 19, 2018 in Sarajevo.

The first topic discussed at the meeting were conclusions reached at the regional forum held in Skopje which focused on active measures fostering youth employment. Besides representatives of the KULT Institute, 5 members of the Forum on (self)employment of young people in BiH also took part in this gathering in Skopje and contributed to drafting of regional reports.

Moreover, the topic of the second meeting of FSZM was self-employment and youth entrepreneurship development in Bosnia and Herzegovina. Representatives of the Institute KULT presented on this occasion research document about entrepreneurial learning & environment for youth entrepreneurship development in BiH.

According to the basic findings of this research document, young people in BiH mostly decide to start their own businesses out of necessity. Every second young person in FBiH wants to start own business, but there is lack of financial and professional support. Because of it one of the key conclusions of meeting was that strategic framework for entrepreneurial learning should be developed and introduced in both formal and non-formal education.

Also, lack of good business ideas, lack of knowledge, innovations and skills, poor intergeneration support, time-limited support from the non-governmental sector have been identified as significant obstacles to the success of young people in starting their own businesses. In addition, it was identified that existing business support programs are mainly intended for developing business ideas into registered businesses, but not for the growth phase which would lead to sustainable business. Representatives of the Foundation during discussion underlined that apart from access to finance in the commencement phase, maybe even bigger issues are lack of knowledge and skills, lack of sound business and innovative ideas, and lack of basic financial literacy. Furthermore, we emphasized the problem of not encouraging critical thinking among young people and poor intergenerational support when it comes to starting a business.