Factors that Influence the Probability of Being an Entrepreneur among the Young Population of the City of Ibagué

Abstract

The work addresses the factors that influence the probability of being an entrepreneur among young people in the city of Ibagué, Colombia, in the context of high unemployment rates and labor informality, as well as economic challenges that affect the development of entrepreneurship. Highlighted problems include high business mortality, lack of access to financing, and low business training. The study uses a quantitative approach based on surveys conducted with young people from different social strata and educational levels, employing an ordinal logit model to analyze the data. Among the most relevant factors are education, human and social capital, work experience, and family context. The research suggests that having entrepreneurial family members increases the probability that a young person decides to undertake entrepreneurship. Additionally, those with technical studies or who have lived in Ibagué for an intermediate period (1 to 5 years) show a greater propensity to become entrepreneurs. Finally, the document highlights the importance of effective public policies to promote youth entrepreneurship, focusing on access to financing and comprehensive educational training that drives young people toward business success.