Amid a high unemployment rate among young Canadians, several teenagers in London, Ont., are shunning traditional job applications in favor of launching their own businesses. Over a dozen young entrepreneurs participated in a youth-led vendors market recently to exhibit their products. The organizer, Yusef Moustapha, highlighted the lack of opportunities for youth in the entrepreneurship realm and the need to support their journey.
One of the participants, a 17-year-old entrepreneur, emphasized the valuable skills young individuals can acquire through entrepreneurship, especially given the challenging job market. Statistics show a rise in youth unemployment, with the rate for those aged 15 to 24 increasing to 13.3% in December. This figure, although lower than the peak in September, remains a concern.
Erica Walcott, who started her handcrafted loom company at the age of 10, shared her journey of leveraging social media platforms to promote her business. She emphasized the lessons learned in customer service, financial management, and marketing through her entrepreneurial endeavor.
However, Erica acknowledged the difficulties in finding markets and navigating the business landscape. Her mother, Julien Walcott, highlighted the financial challenges faced by young entrepreneurs due to vendor fees, insurance costs, and other expenses associated with selling at markets.
Another young entrepreneur, Luna Ngo, discussed the benefits and challenges of running her relaxation products company. Luna emphasized the need to actively engage with customers and manage expenses effectively to sustain the business.
Despite the hurdles, Sabrynah Guitar, 16, expressed her determination to gain entrepreneurial experience alongside her schoolwork, aiming to establish her own coffee shop in the future. The organizer, Yusef Moustapha, plans to host more youth-led markets to provide networking opportunities and foster independence among young entrepreneurs.