Entrepreneurship issues in regulatory, legal barriers for SMEs
View(s):The Advocata Institute recently launched a study on removing barriers to micro and small entrepreneurs (MSEs) through regulatory and legislative reform. The economic contributions of MSEs are seen as one of the major driving forces pushing economic growth. However, regulations that govern these businesses can be a deterrent, the institute said in a media release.
In order to gain a deeper understanding of the issues faced by Sri Lanka’s small businesses, Advocata said it’s launching a story competition within this study.
“We invite individuals to submit their 600-800 word story, be it personal or about someone they know, on the barriers faced by MSEs today. The stories should also detail changes to the current system entrepreneurs think are needed, in order to overcome these challenges. Stories are accepted in Sinhala, Tamil, or English. The individual whose story wins first place will receive Rs. 100,000; second place will receive Rs. 50,000 and third place Rs. 25,000. In addition to this, all shortlisted entries will receive valuable consolation prizes. The judges for this competition include Achala Samaradiwakara, Rukmankan Sivaloganathan, and Anushka Wijesinghe,” it said.
Small businesses make up over 90 per cent of the total businesses in Sri Lanka. Not only do they employ close to 45 per cent of total employment, they also contribute tremendously to the economy. A recent survey carried out by the Advocata Institute found that some of the main barriers to entrepreneurship are sourcing finance, sourcing raw materials, and low sales. Out of the businesses that had not been registered, 36 per cent reported that they had tried to register but had failed due to the complex procedures that were involved.
Advocata said that stories for the competition can be submitted through email to info@advocata.org, with the subject ‘My Entrepreneurship Story, Name’. Stories can also be submitted by sharing a public post on Facebook, Instagram or Twitter with the hashtag #MystoryLK, or by sending a direct message to @advocatainstitute on Facebook or @advocatalk Instagram.Advocata is an independent policy think tank based in Colombo.