Revival and the future of Moldova only through the initiative of young people

The business environment is an important engine in the proper functioning and evolution of the economy of a state. At the level of all developed countries, the initiative to launch a business is widely promoted among all generations, but especially among young people.

Analyzing global trends, it can be said that many training, consultancy and funding programs have been launched to stimulate young people’s desire to start a business. But what are the measures taken by the Moldovan authorities in this context and how effective are they?

The socio-economic situation in the Republic of Moldova is closely correlated with the desire to launch a business. The high tax burden, the lack of predictability of tax laws, distrust in state institutions and the high level of corruption are just a few of the factors that make young people become or not entrepreneurs, or even more, remain or leave the country. Thus, the massive migration of young people into the country becomes an increasingly alarming phenomenon.

Even if there are many obstacles, young Moldovans are characterized by ambition and self-determination. According to the survey in the field of culture and entrepreneurship education among young Moldovans, it can be noticed that young people from R.M. would prefer to a greater extent be entrepreneurs against being employed by completion of studies (57%) and the majority would like to start their own business in the next 2 years (52%). These answers underline the importance of encouraging entrepreneurship as a valuable and respected career choice. Also, young people who consider the path of entrepreneurship need continuous entrepreneurship education through specific courses, as well as exposure to success stories and entrepreneurial practice, including in the university environment. Availability of start-up capital is one of the main obstacles for young people wishing to become entrepreneurs, a problem that can be solved by developing and launching funding programs that give young people the opportunity to start a business.

The entrepreneurial initiative of young people and their willingness to orient their work in the business environment is also reflected in the recent results of the START UP for YOUTH program launched by ODIMM in 2019. Thus, there were 943 young people willing to launch or develop a business. The most quantified regions were Chisinau, ATU Gagauzia, Singerei, Orhei, Ungheni, Rascani, Stefan-Voda and Calarasi. The average age of applicants is 27 years and the areas of interest of young people that predominate in ODIMM’s statistics are: agriculture, manufacturing, services, leisure activities, information technologies, professional activities.

“I think that young people are the main catalyst for a healthy and sustainable economic growth in a country. The fact that there is still an initiative among them, gives us hope. More attention should be paid to entrepreneurial culture and financial education of young people.Linking high school and university curricula to labor market realities and needs would make young people find a niche in which to work and be effective in the field. The technical details, which relate to the capital needed to start a business, the preparation of the necessary documents for registering a business, and the rest of the steps to be followed, must be made more accessible to all young people. The high level of bureaucracy should be reduced by digitization. One measure that I believe is necessary is to create a direct communication link between successful entrepreneurs and potential young entrepreneurs in order to see in practice what business management means. Encouraging private initiative, especially from young people, should become a major objective in the political decision-makers’ agenda. The revival of the Moldovan economy can only take place through dedicated and ambitious young people who will be able to secure the future of the country”, said Alexei Repede, AOAMP president.

In conclusion, it can be said that stopping the phenomenon of migration can be done by encouraging young people to become entrepreneurs. Funding programs need to become viable and real as access potential. Studies show that there is an initiative among young people, which is gratifying. The need to improve financial and entrepreneurial education is increasingly emerging and the actions that are being taken in this direction must encompass the whole country, so that both, urban and rural youth can understand what a business is and how it is managed.

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