Amid a high youth unemployment rate in Canada, several teenagers in London, Ont., are bypassing traditional job applications and venturing into entrepreneurship by launching their own businesses.
A youth-led vendors market recently featured over a dozen young, small business owners exhibiting their products.
Organizer Yusef Moustapha highlighted the lack of opportunities for youth entrepreneurs in the past and emphasized the significance of creating platforms like this market to support young business ventures.
A 17-year-old entrepreneur, who runs a business selling life-sized coloring pages with his siblings, emphasized the valuable skills young individuals can acquire through entrepreneurship, especially in a challenging job market.
He expressed the difficulties his friends face in the competitive job market, where thousands of applications are submitted, making it tough to secure employment.
Youth unemployment for individuals aged 15 to 24 increased to 13.3% as of December, up by half a percentage point. Despite this rise, the figure had decreased from 14.7% reported in September, marking a 15-year high outside the COVID-19 pandemic.
At the age of 10, Erica Walcott started her handcrafted loom company in 2020 during the COVID-19 pandemic lockdowns. Using social media platforms like Instagram and Etsy, she has been promoting her shop successfully.
Running a business has enabled Walcott to learn essential skills such as customer service, financial management, advertising, and marketing. She allocates a portion of her earnings from each sale towards her business and personal expenses.
Despite the rewarding experience, Erica acknowledged the challenges of finding markets and navigating the complexities of the business world and sales.
Her mother, Julien Walcott, pointed out the financial burdens associated with participating in markets, including vendor and insurance fees, as well as the additional costs of equipment, storage, and travel.
According to Julien, these expenses can be significant for young entrepreneurs with small businesses that may not generate consistent revenue.