Course paper. Topic: features and development of youthentrepreneurship

1.1 The concept and essence of youth entrepreneurship
What is entrepreneurship?
The definition of what is entrepreneurship is given in Article 1 of the Law of Turkmenistan on entrepreneurship according to which,
Entrepreneurship is an initiative, independent activity of citizens aimed at making a profit or income, carried out on their own behalf, at their own risk and under their own property responsibility.
An entrepreneur is an enterprising person. It is necessary to emphasize the most important thing in this business, it is a risk, because the start does not guarantee its success. Many successful entrepreneurs start their businesses small, some with large-scale projects at once. In both cases, one similarity is the idea.
Ask yourself the usual question to see if you are ready to become an entrepreneur. Let's say you were given one million manats, what will you spend this money on?
According to world statistics, many of the people who win a big lottery or acquire a huge inheritance spend all their money on buying expensive housing, cars and a luxurious life in an average of five years, and some still remain in debt.
The main problem of a novice entrepreneur is fear, the first thing you need is to overcome it, not to let your feelings interfere. There is a simple truth, working for yourself can achieve a lot. Another important role is played by personal qualities of a person such as resourcefulness, initiative.
How to become an entrepreneur?
If you still decide to test yourself and your strength in entrepreneurship, the first thing that is required of you is a business idea, and for this you need to conduct,
- analysis of the consumer market,
- find out what products or services are missing in the market.
It is better to start a business with minimal investment. Also, in order to provide your business with a long-term perspective in the future, start a business in the real sector of the economy as a material production.
Turkmenistan is a country with a dynamically developing economy, the country has a huge potential to focus on import substitution, taking into account all the factors and features of the country.
How do I formalize this activity?
Registration of entrepreneurial activity in Turkmenistan consists of three main stages.
1. Take a short course of study at the school of entrepreneurs, the Union of Industrialists and Entrepreneurs of Turkmenistan.
2. Registration with the tax authority at the place of residence and obtaining a patent with types of activity.
3. Registration with the pension fund at the place of residence.
Individuals, citizens of Turkmenistan, as well as citizens of a foreign State can register business activities. All this requires only a passport.
After registration, an individual receives the status of an entrepreneur, and his business is considered legal. But this is not the end of the matter, sometimes novice businessmen do not even suspect that it is necessary to perform periodic mandatory actions such as,
- Submit tax returns in certain accounting periods at the place of registration to the tax authorities and pay taxes. You can read more about what taxes, fees and duties are paid by an entrepreneur here.
- Submit reports in certain reporting periods at the place of residence to pension funds and make mandatory pension payments.
Basic laws regulating business activities;
- The Law of Turkmenistan on Entrepreneurial Activity
- The Law of Turkmenistan on State support for small and medium-sized businesses
- The Law of Turkmenistan on the Free Enterprise Economic Zone
- The Law of Turkmenistan on Trade Activities.
- Tax Code of Turkmenistan
Such a phenomenon as entrepreneurship, which is an economic activity aimed at systematically obtaining profits from the production and / or sale of goods, rendering services (for this purpose, property, intangible assets, labor of both the entrepreneur himself and those attracted from outside can be used), has long been the core of the market economy. In recent years, the development of small and medium-sized businesses in Turkmenistan has noticeably intensified. The gradual overcoming of the economic crisis has increased the need to create a new generation of entrepreneurs, young, dynamic, modern people who can play an active role in business, the economy and in the development of society as a whole.
There are a number of definitions of youth entrepreneurship. For example, according to T. A. Benderskaya, a young entrepreneur is an individual entrepreneur under the age of 27, and in the case of carrying out activities that are among the priority areas of support and development of smallbusinesses, under the age of 30.
This type of economic activity as youth entrepreneurship is quite specific, since representatives of this type of entrepreneurship differ in a number of certain personal qualities and a peculiar approach to doing business. This is evidenced by the fact that young entrepreneurs want to do business that is currently close to European and global standards, not only because of the desire to get material profit and their own benefit. They strive for such a public status that their business will be respected and prestigious. Also, young entrepreneurs have a certain psychology: business is not for the sake of money, butfor the sake of self-realization and prestige.
Diagramm 1.1 – Information about economic situation of Turkmenistan

It is worth noting that young entrepreneurs have certain personal qualities, on the basis of which the opinion is formed that it is young people who represent the basis on which a constantly developing economy should rely. Examples of such qualities are:
a) high mobility,
b) availability of up-to-date knowledge from all spheres of life,
c) rapid adaptation to the new conditionsof the economic sphere of life,
d) innovativeness in thinking, etc.
Unlike middle-and older-generation entrepreneurs, young people are actually less dependent on social connections and more tolerant of the difficulties that arise in the course of their entrepreneurial activities. They also value a certain kind of freedom, which is the ability to exercise independence in making important decisions, in creativity, and in theabsence of"dependence on the owner".
Currently, much attention is paid to the study, development and improvement of youth entrepreneurship as one of thedriving forces of economic development.
First, the number of representatives of such a social group as young people who carry out their activities in this particular direction is increasing. This is evidenced by the data of annual surveys and sociological studies, which show that the percentage of young people who want to develop their own business is several times higher than the share of those who have already created their own business. According to the Institute for Integrated Strategic Studies (ICSI), among young people, 78% of respondents consider starting a small business an excellent way to self-actualize, 60% prefer their own business, hoping to get a higher level of income compared to self-employment. This increase also demonstrates that young people are increasingly interested inentrepreneurship and the economy as a whole.
Secondly, youth entrepreneurship is a tool for overcoming such a large-scale problem as youth unemployment, which has recently become acute. After all, in many Turkmen regions, a large number of young people are not required in the state economy.
Evidence is provided by data obtained in recent years that between 46% and 63% of employees who were laid off during the economic crisis are young professionals who have not reached the age of 30. In this case, own entrepreneurship is an alternative optionfor youth representatives to participate in the economy.
Third, youth entrepreneurship contributes to the improvement of the economy by increasing tax revenues to the budget (the state is particularly interested in this issue).
It is important to note that small businesses are more adaptive, are able to quickly respond to changes in the dynamic external environment, and also actively contribute to the development of the innovative potential of the economy and the introductionof innovative technologies.
Thus, based on the above, we can draw a number of conclusions.
First, youth entrepreneurship is an activity carried out by citizens under the age of 30, as well as legal entities whose average age of full-time employees, as well as the age of the head, does not exceed 30 years, aimed at obtaining certain benefits. Secondly, the essence of youth entrepreneurship lies in the fact that, due to its specific principles of development and functioning, it is the basis and one of the pillars of the economy as a whole. And, thirdly, young people are the most active and creative part of society, which is able to participate most effectively in the economic life of the country and region through entrepreneurial activities, easily perceive everything new and with a greater degree of readinessto take on emerging risks.
In 2018, Turkmenistan entered the world's TOP 3 countries in terms of economic growth. It ranks 4th in the world in terms of natural gas reserves, and 10th in terms of its production. The country's external debt is less than 5% of GDP, and exports are 2.2 times larger than imports. The republic is famous for its carpets, rice, free public services and strict state control over the economy and social life. The main branches of the economy are oil and gas production, agriculture, and metallurgy.
The Republic of Turkmenistan is a country that ranks 10th in the world in terms of natural gas production. It is famous for its carpets and free utilities. Turkmenistan has access to the Caspian Sea. 69% of its territory is occupied by plains, 5% - lowlands, 12% - deserts. Kopetdag, Bolshoy Balkhan, Paropamiza, and Kugitangtau mountain ranges run along the southern and southwestern outskirts of the countryБалхан, Паропамиза, Кугитангтау.
In 2015, the private American company SpaceX launched the first national Turkmen satellite TurkmenAlem
The economy of Turkmenistan is based on the extraction of natural gas and other minerals, and agriculture, which is based on cotton growing. There are 9 large power plants operating in the republic, and the chemical, textile and shipbuilding industries are developing.

Industry	Features	Share of GDP, %
Agriculture	Cultivation of cotton, wheat, rice, melons, vegetables and fruits	10
Extractive industry	Oil and gas, sulfur and lead, mirabilite, iodine, bromine	32
Raw materials for the chemical industry	Production of stone, Glauber, table salt, potash	5
Cotton industry	Production of cotton fiber, yarn, kovrov	11
Metallurgical industry	Production of construction rolled products (rebar, corners and channels)	7
Energy	10 state owned power plants operate in the country	5
Tourism	Medical tourism in the Avaza tourist zone	1