Business Activities of Young People as Factor of Economic Development

In the research the authors relied on available investigations and theories that reaffirm direct interrelation between entrepreneurship and economic development. Traditionally entrepreneurship was considered as a field of activities for grown-up and experienced people, which was fixed in legislation of Russia stating that only people over 18 can run business. However, current trends show that younger generation is quite optimistic about starting their business, not afraid of risk and prefers start-ups but not long-term carriers in employment and thus demonstrates high entrepreneurial activities. The present legislation of the Russian Federation permits to run business from the age of 14, however investigations in the field have not paid adequate attention to the age category 14–17 yet. Within the frames of the research the authors conducted survey among young people of this age group in order to find out their motivation to running business. To work out the questionnaire the data obtained in the earlier research by the Global Entrepreneurship Monitor (GEM) were used, which helped formulate questions, carry out monitoring and compare findings with business activities of other age groups. According to the authors, the information about high business activities of younger generation is connected with changes in social orientation and access to education resources promoting entrepreneurial initiatives. To provide further development of entrepreneurship in Russia it is necessary to take into account specific features of young business people aged 14-17 in elaboration of support programs aimed at shaping required skills and knowledge for effective business. Creation of favorable environment for younger entrepreneurship can become a key factor for economic development of the country.