Abstract:

More frequently young students find attractive the possibility to start a business rather than being employed in the company. Despite an increasing desirability of entrepreneurship (DOE), during the last years in many countries there is a general decline in labor market engagement among young people and a decrease in youth self-employment rate.

Even being highly motivated, nascent entrepreneurs are afraid of realizing their entrepreneurial aspirations for several reasons.

First, according to the 2021 GEM APS, pandemic COVID-19 has made starting a business more difficult. In fact, it has negatively affected the level of Total early-stage Entrepreneurial Activity (TEA). Second, people feel anxious about the possibility of failure and try not to take risks.

These problems are the part of the new chaotic environment, called BANI world. The acronym stands for “Brittle”, “Anxiety”, “Non-Linearity” and “Incomprehensible”, and illustrates current conditions for generating and developing a business. Living in the more unpredictable, fragile, and tumultuous times, traditional systems would not be enough to meet the social, economic, environmental needs (e.g., poverty, inequity, climate change, pollution, etc.).

Social entrepreneurship helps in dealing with these challenges to manage various market failures and achieve inclusive and sustainable economic growth.

It is necessary to promote socially oriented enterprises’ development, involving young people. According to GEM report, youth and adult have different motivations. The former more often agree with the motive “to make a difference in the world” that coincides with positive and pro-social behaviour of social entrepreneurs.

To engage in social entrepreneurship, access to market information and infrastructure, incentives are required for youth (potential entrepreneurs). Thus, it means that the concept of inclusive entrepreneurship needs to spread.

In order to foster social entrepreneurship and inclusive growth through entrepreneurship education and development among young people, it is crucial to analyze their understanding of the social entrepreneurship and inclusive entrepreneurship concepts.

The paper provides the results of the exploratory qualitative study that addresses the perception by Russian students (aged 18-24) in Economics and Business Management programme. It highlights perceived barriers affecting the development of social entrepreneurship and inclusive entrepreneurship.

Finally, the author discusses implications of the research and provides the recommendations for the further studies. It highlights that results could improve education process at universities preparing responsible entrepreneurs and future business-leaders.

Keywords:

Business, entrepreneurship, social entrepreneurship, inclusive entrepreneurship, nascent entrepreneur, higher education, education and research.