What are the best jobs for teens and young adults these days? Given the skyrocketing unemployment rates for young workers ages 16-24, the best career option for young adults may be self-employment…becoming a young business entrepreneur!
According to a new report by the U.S. Congress Joint Economic Committee, entitled “Understanding the Economy: Unemployment Among Young Workers,” one in five young workers was unemployed in April 2010, a significant increase from prior to the recession when one in eight young workers was jobless.
The 19.6 percent unemployment rate for young workers ages 16-24 in April 2010 is the highest unemployment rate for this age group since the Bureau of Labor Statistics began tracking unemployment data in 1947.
The report also shows that:
- Young workers make up a disproportionate share of the unemployed. While 16-24 year olds comprise 13 percent of the labor force, they account for 26 percent of the unemployed.
- The youngest workers, those ages 16-17, experience the highest rates of unemployment. The unemployment rate for 16-17 year olds was 29 percent in April 2010.
- Education reduces the likelihood of being unemployed. College graduates experience the lowest unemployment rate, 8.0 percent in April 2010, and those without a high school diploma the highest at 33 percent.
- The benefits of a college degree are not uniform among 16-24 year olds. The unemployment rate for black college graduates was 15.8 percent in April 2010, nearly double the 8.0 percent unemployment rate for all college graduates.
- The recession will have long-lasting effects on younger workers. At a hearing before the Joint Economic Commission in April, witnesses testified that recent college graduates are likely to see reduced earnings even 10 or 15 years from now.
Reading this report confirmed something for me that I’ve been thinking about for a while: I need to equip my children to be entrepreneurs.
Long-term self-employment may not be for everyone. But I’m beginning to think more and more that everyone needs to learn how to make it on their own if they need to.
Learning how to be your own boss and run a profitable small business will give you great skills you can use in your main job, and it can provide for you in the event that you lose your main job. And with the Internet, starting a business has never been easier.
Last fall, I discovered an inspiring documentary video called The YES Movie. “YES” stands for Young Entrepreneurs Society…and the movie is about 35 young entrepreneurs who took a dream, an idea, and made it a reality, from start to profit. I absolutely love this video and recommend it for anyone, at any age, who is contemplating starting their own business, either full or part-time. It is available on DVD, and the run time is 80 minutes. Click here to read my The Y.E.S. Movie review.
Am I right about equipping teens and young adults to be entrepreneurs today? Please share your comments.
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