Institutional Support and the Challenges Facing Youth Entrepreneurs in Developing Countries: A Guyana Case Study

Abstract

Youth entrepreneurship is being promoted by policymakers in developing countries as a key strategy to combat high youth unemployment and reduce individual poverty. An amalgam of international, governmental and other groups has promulgated policies and programmes to lend support for this strategy. Yet, youth entrepreneurs face many challenges that can derail this strategy. Based on a review of research literature a youth entrepreneurship institutional support (YEIS) model is developed to enable identification and categorisation of the sources of support for youth entrepreneurs in developed and developing countries. This study investigated the challenges youth entrepreneurs from the developing country of Guyana face and a determination is made as to whether available institutional support mechanisms pinpointed in the YEIS model are helpful in overcoming such challenges. Data for this study were derived from a survey of youth entrepreneurs in the town of Linden, Guyana; agency interviews, and secondary sources.