The plan aims to bolster youth entrepreneurship by focusing on key metrics that evaluate the effectiveness of support efforts. For instance, tracking the "Number of Youths Trained" allows assessment of outreach success and training impact, with a target of training 500 youths annually. Another vital metric, the "Business Registration Rate," measures how many trained participants move to establish their businesses, aiming for a 50% registration rate. These metrics are crucial as they provide tangible benchmarks to evaluate progress and suggest improvements in training programs.
Moreover, creating new employment opportunities and ensuring business sustainability reflects the success of the entrepreneurial initiatives. With a benchmark of two new jobs per startup and a 70% sustainability rate, these metrics underscore the importance of not just starting businesses, but also ensuring they thrive and contribute to job creation. Funding secured by startups, with a benchmark of $10,000 per startup, highlights the necessity for financial backing in transforming ideas into viable businesses.
Top 5 metrics for Support Youth Entrepreneurship
1. Number of Youths Trained
The total number of youth participants who have completed the training programme
What good looks like for this metric: 500 youths annually
How to improve this metric:- Increase outreach efforts in low-income areas
- Partner with local community centres
- Utilise social media for recruitment
- Provide online training options
- Collaborate with schools and universities
2. Business Registration Rate
Percentage of trained youths who successfully register a business
What good looks like for this metric: 50% of trained youths
How to improve this metric:- Simplify the registration process
- Guide participants through registration steps
- Provide incentives for registration
- Host workshops on business planning
- Establish partnerships with registration bodies
3. Employment Opportunities Created
Number of new jobs generated as a result of the startups
What good looks like for this metric: 2 new jobs per startup
How to improve this metric:- Encourage scalable business models
- Provide mentorship for business growth
- Facilitate networking events
- Support access to funding opportunities
- Promote collaboration among startups
4. Business Sustainability Rate
Percentage of businesses still operational after their first year
What good looks like for this metric: 70% sustainability rate
How to improve this metric:- Offer follow-up coaching sessions
- Provide financial management workshops
- Connect with local business networks
- Regularly assess and adapt business strategies
- Encourage continuous learning and innovation
5. Funding Secured by Startups
Amount of financial support secured by startups through grants, loans, or investments
What good looks like for this metric: $10,000 per startup
How to improve this metric:- Assist in grant application processes
- Create pitch training sessions
- Connect startups with potential investors
- Host startup demo days
- Guide on developing detailed business plans
How to track Support Youth Entrepreneurship metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
