An assessment of European Union initiatives in fostering youth entrepreneurship

Abstract

The primary focus of this study is to analyse EU initiatives and efforts to support young people's entrepreneurship in Malta. Fostering youth entrepreneurship has recently emerged as one of the main agendas of the EU policy due to the immense capacity of entrepreneurs to produce job opportunities and sustainable development. While the field of entrepreneurship is vastly studied, a substantial part of youth entrepreneurship remains underexplored. Based on the study analyses, the literature offers insight into the importance of entrepreneurship in the economy. Furthermore, along with identifying the characteristics of young entrepreneurs in Europe, key emphasis was placed on the challenges encountered and the motivations behind entrepreneurial endeavours. Moreover, the educational aspect in shaping an entrepreneurial mindset was analysed together with the notion stating that youth entrepreneurship may be a remedy for youth unemployment in Europe. A case study approach was conducted to examine young entrepreneurs’ experience of using EU funds to identify specific difficulties they potentially face during the application process. This case study utilises both qualitative and quantitative methods and purposive sampling to conduct structured interviews with the key organisations involved with EU projects in Malta and to gather insights from twenty young entrepreneurs who had participated in EU programs and obtained financing. Emerging concepts from this research are: characteristics of youth entrepreneurship, motives, and barriers for young entrepreneurs in Europe, and EU funds fostering youth entrepreneurship with their accessibility, promotion, and application process in Malta. Conclusions and suggestions have been made based on the research's findings, which may improve the usefulness of EU initiatives in Malta.