THE ROLE OF ENTREPRENEURSHİP İN ECONOMİC DEVELOPMENT AND PROBLEMS OF UNİVERSİTY YOUTH İN THE FİELD OF ENTREPRENEURSHİP
Authors: Mustafa Paksoy, Ayan Ahmedova Mustafa Paksoy, Ayan Ahmedova 
Published: March 2024

Economic development refers to the sustained, concerted actions of policymakers and communities aimed at improving the economic well-being and quality of life for a region's inhabitants. It encompasses various aspects such as increasing income levels, reducing poverty, creating job opportunities, and enhancing infrastructure and institutional capacity. Key components of economic development strategies often include fostering entrepreneurship and innovation, attracting investments, improving education and healthcare systems, and promoting sustainable development practices. Additionally, economic development efforts frequently focus on addressing inequalities and promoting inclusive growth to ensure that benefits are shared equitably across society. Successful economic development requires collaboration among government agencies, private sector entities, civil society organizations, and local communities. It involves setting clear goals, implementing targeted policies and programs, and continuously monitoring and evaluating progress. Moreover, economic development initiatives must be tailored to the specific needs and circumstances of each region, taking into account factors such as natural resources, demographic trends, and global economic dynamics.
Entrepreneurship plays a critical role in economic development, driving innovation, job creation and sustainable growth. Entrepreneurs not only form new companies, but also develop and implement new ideas, technologies and management methods, which contribute to increased efficiency and competitiveness. Their activities help expand markets, stimulate competition and create favorable conditions for economic recovery. Entrepreneurship is also a key source of new jobs. The creation of enterprises leads to an increase in the need for labor, which in turn helps to reduce unemployment and increase the level of employment in society. Small and medium enterprises, often started by entrepreneurs, are particularly important in this context as they are catalysts for the growth and development of local economies. Moreover, entrepreneurship contributes to the distribution of wealth and social mobility. Self-employed entrepreneurs can act as drivers of social change by supporting community and charitable initiatives. Thus, they influence not only the economic landscape, but also social and cultural aspects, contributing to the diversity and development of society as a whole. However, despite the importance of entrepreneurship, young people, especially university students, face a number of challenges when trying to get involved in this field. One of the main problems is the lack of information and understanding of the processes of creating and running a business. University curricula do not always cover entrepreneurship sufficiently, which can create a barrier for students wanting to start their own business. Financial constraints also play a role in limiting entrepreneurial opportunities for university youth. Young entrepreneurs often find it difficult to obtain financing for their projects, as banks and investors may view them as high-risk clients. Additionally, students may lack the experience and professional skills necessary to successfully manage a business. Lack of practical experience and skills in marketing, human resources and finance can be a barrier in the path of young entrepreneurs. To solve these problems, it is necessary to make changes to university curricula, including teaching entrepreneurial skills, as well as creating special programs and support measures for students who want to engage in entrepreneurship. Networking with successful entrepreneurs, providing access to financial resources and creating infrastructure for start-ups can also help promote entrepreneurship among university youth. Overall, youth entrepreneurship development is an important factor for sustainable economic growth. Supporting and stimulating young entrepreneurs can lead to the emergence of innovative projects, new jobs and enrichment of society as a whole.
Keywords: economic development, entrepreneurship, university, student entrepreneurship