Due in particular to the deteriorated economic situation and the financial and economic crisis, unemployment rates in general have increased significantly, but the group that suffered most were young people. The realities of job searching, economic mobility and career lifecycle approaches in a multi-cultural globalizing world are still relatively new fields of work. Research has shown the limitations of existing practical approaches which tend to focus solely on generic linguistic or cultural skills and are not related to the needs of the present employment market. This publication gives an overview on related topics and approaches on career training and entrepreneurship education in universities. Readers learn about the situation of young people through the lenses of the institutional economy and innovative approaches to overcome youth unemployment are presented.