The project objective is to study European best practices of youth entrepreneurship development and to implement them in Russia. The major challenge that young people face is that they live in a world dictating individual work and self-education: everybody has to establish his/her own position that makes sense and build his/her own trajectory of life. Our information environment doesn’t promote this tendency. Since such important integral strengths as goal-setting, personal identity, self-management, time-management, and responsibility-taking cannot be developed themselves, young people have to be placed into certain states facilitating development of these qualities. Entrepreneurship appears to be such a field where young people face the necessity of cultivating these abilities. It is the youth entrepreneurship that ensures development of clear goal-setting, self-management, leadership, clear understanding of ideas to be implemented.By teaching fundamentals of entrepreneurship to young people, a significant contribution can be made into the youth unemployment control. Youth business can be competitive thanks to talented people and innovative ideas. In this case, young people should be given an opportunity to acquire knowledge and skills enabling them to play an active social role and to achieve personal fulfillment. To succeed in this focus area, it is necessary to apply not only our own experience but best practices of solving similar problems in other countries.Implementation of our project will allow studying European best practices of rise and development of small and medium businesses, identifying patterns of development of European entrepreneurship, and adapting current best practices in Magnitogorsk and other regions of the Russian Federation.