Oguz han engineering and technology university of turkmenistan innovation economics faculty department of innovation economics

Diagram 1.1 – Information about economic situation of Turkmenistan

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 the absence of "dependence on the owner".
Currently, much attention is paid to the study, development and improvement of youth entrepreneurship as one of the driving 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 in entrepreneurship 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 option for 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 introduction of 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 readiness to 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.