Keys to youth entrepreneurship: benefits, challenges, and success stories

“More than 50% of young Europeans aged 18 to 24 say they want to start their own business, but only a small percentage actually take the leap”

This data, from the Youth Business Spain 2022-2023 report, is more than just a statistic. It reflects a strong aspiration that, for many different reasons, doesn’t always become a reality.

Youth entrepreneurship is a way of creating new solutions, questioning the status quo, and building something meaningful. More and more young people are discovering a space in entrepreneurship where passion, purpose and action can come together. That said, the path is far from easy: lack of resources, uncertainty, fear of failure, and the absence of role models are just some of the barriers.

That’s why it’s crucial to have the right support—support that truly makes a difference. At Planeta Formación y Universidades, our focus is precisely that: to offer high-quality training, practical tools, and an environment where entrepreneurship is not a far-off dream, but a real, achievable option.

What is youth entrepreneurship?

Youth entrepreneurship refers to when a young person decides to bring an idea to life—whether it’s a business, a social initiative, a cultural project or a digital venture. It’s not just about starting companies, but about exploring new ways of creating and learning by doing. It’s a chance to operate in the real world and come up with practical solutions to real-life problems.

Importance of entrepreneurship in youth

To be an entrepreneur is to believe in yourself, test your limits, and grow your abilities. It’s also about building confidence, developing your own perspective, and learning to see opportunities where others don’t. Entrepreneurship encourages skills like decision-making, organization, teamwork and appreciating the value of effort—whether you end up in the business world or not.

Benefits of youth entrepreneurship

Development of personal and professional skills

Launching a project means taking action. It might involve learning how to manage finances, speak in public, use digital tools, or find solutions when the answers aren’t obvious. These are experiences that often teach more than traditional classes—and they’re incredibly useful in all areas of life.

Contribution to economic and social development

Starting a venture generates movement. It creates jobs, meets specific needs, and builds small ecosystems around it. Many of these initiatives come with a strong social focus—and it shows.

Fostering innovation and creativity among young people

Young people tend to look at the world with fresh eyes and fewer assumptions, which makes them bolder when it comes to new ideas. Think of apps that solve everyday problems or projects with global impact. Entrepreneurship allows this creativity to flourish. Hackathons, competitions, and idea incubators are just some of the platforms where these ideas take shape and grow.

Programs and support for youth entrepreneurship

Resources available for young entrepreneurs

When a young person wants to start a business, what they often need most—besides a good idea—is solid support. And not just financial, but educational too. That’s why Planeta Formación y Universidades has launched various programs to help young entrepreneurs take the leap and start their own projects.

For instance, there are scholarships in areas linked to entrepreneurship such as digital marketing, business management, programming, design, or tourism. These are available through institutions like iFP, OBS Business School, and EAE Business School, and they provide valuable support for students looking to learn and grow.

Skills needed for youth entrepreneurship

Required technical and soft skills

Being knowledgeable about a topic isn’t enough to succeed as an entrepreneur. You need more than that. On the one hand, there are technical skills—like keeping financial records, building a website, managing social media, or understanding your market. These can be learned through training, practice and curiosity.

Equally important are soft skills. Being able to clearly communicate your idea, work well in a team, or stay organized with a thousand things on your plate—these are skills that are rarely taught, but often gained through real-world experiences.

This is where two key concepts come in: leadership and business management. Leadership isn’t about bossing people around. It’s about making decisions, inspiring a team, solving conflicts, and setting a direction. As for business management, many first-time founders feel like they need to do everything themselves. But learning to lead a team—even a small one—can make all the difference. And these abilities can be trained: through workshops, mentoring, simulations, and hands-on experiences.

How to develop entrepreneurial skills from a young age

You don’t need years of experience to start. In fact, many entrepreneurial skills can be developed from adolescence. Some schools and education centres are already integrating real-life projects into their curriculums—such as launching a school co-op, coming up with solutions for local problems, or designing a basic app. Small projects with big potential.

There are also initiatives like summer camps, innovation clubs, and platforms that focus on critical thinking, creativity, and collaboration from a young age. The earlier these skills are nurtured, the more prepared a young person will be when the time comes to launch their own venture.

Challenges and barriers in youth entrepreneurship

Common barriers young entrepreneurs face

Starting a business young can be exciting—but there are also plenty of hurdles. One of the biggest is funding. Not having savings, not knowing how to ask for help or apply for a loan... all of these can put great ideas on hold—or shut them down entirely.

Then there’s the lack of experience. Not knowing where to start, how to write a business plan, build a website, or understand the legal side of things can make the journey confusing. Often, family, friends or teachers don’t have the know-how to offer practical guidance, even if the emotional support is there.

And then there’s the bureaucracy: registering as self-employed, understanding taxes, picking the right legal structure... Without clear guidance, this can be seriously demotivating.

Strategies for overcoming obstacles in the entrepreneurial journey

The good news is that more and more resources are popping up to help tackle these challenges. For example, startup incubators and accelerators: spaces that help refine ideas, teach key knowledge, and often connect young entrepreneurs with mentors and even potential investors.

Among our institutions, we have examples like the EAE Business School accelerator in Madrid and Barcelona—one of the most respected, and home to several successful startups. Or the one at OBS Business School, where students are supported in turning their future projects into real-world businesses.

And let’s not forget the power of community. Many ideas grow stronger when shared with like-minded peers. There are networks for young entrepreneurs, free events, online groups and platforms that offer mentorship and tailored training for those just starting out.

Conclusion

Starting a business as a young person isn’t just about making a living—it’s about learning, growing, and building something of your own. And this is where education plays a key role. Having an idea is great, but knowing how to execute it is what really counts. Many young people don’t move forward simply because they lack knowledge in business, marketing, finance or digital skills. Or because they don’t know how to take the first step, build a plan or connect with the right people.

That’s why programs like those at Planeta Formación y Universidades are such a valuable opportunity. We offer studies in key areas for today’s entrepreneurs—from audiovisual and design to health sciences, humanities, law, education, business, engineering, technology, science and gastronomy. And we do it with a hands-on approach, connecting you to the real world with both in-person and online options that fit your needs.

This isn’t just about getting a diploma—it’s about learning how to navigate a fast-changing world with confidence and purpose.