Entrepreneurship the new mantra?
View(s):It was a glorious Thursday morning with the wind sweeping across the neighbour’s garden and leaves from nearby trees dropping gently to the ground.
This was the same picture in our garden with one exception: it seems the margosa tree ‘refused’ to shed its leaves despite the strong wind. It looked forlorn with an empty bench, normally filled on a Thursday morning when the trio gathered for their weekly chat. However this week Serapina and Mabel Rasthiyadu had gone to their villages and Kussi Amma Sera had retired to the kitchen to prepare breakfast. Aldoris, the choon- paan karaya, was also missing with his mobile bakery tuk-tuk.
I planned to do a column on entrepreneurship, a talking point in political circles and called my jolly-mood economist friend, Sammiya (short for Samson), to get his input.
“Hi Sammiya, how are you doing?” I said. “Fine fine… what’s cooking?” he asked, regularly asking this question as it fitted with my column about happenings in the ‘kitchen cabinet’.
“Well I am writing about entrepreneurship as it has suddenly become the rave among politicians, trying to provide an avenue for youngsters to enhance their skills and transform into innovative businesspersons, and thereby secure their vote,” I said.
“These politicians will do anything to secure a vote and I don’t think they are interested in the people or the country. It’s just their future that they think of – gaining power, prestige and wealth,” he said.
“I was somewhat disappointed by Education Minister Susil Premajayantha’s statement that entrepreneurship would soon be introduced as a subject in schools. I had in fact planned to write this focus on entrepreneurship some weeks back and propose teaching entrepreneurship in schools but the minister beat me to this proposal he made on Sunday,” I said.
“There are other politicians who have also been talking of nurturing a nation of entrepreneurs,” he said. “Yes their rallying cry in reaching out to the youth of this country is a good tactic to engage the youth in and secure their support,” I said, and, after wishing Sammiya a pleasant day, I ended the call.
The traditional definition of an entrepreneur refers to someone who starts or owns a business. “Whether it’s in farming, retail and manufacturing or in the service sector, entrepreneurs are businesspeople who find their success by taking risks. In their pursuits, they often become disruptors in established industries,” according to one explanation in Wikipedia.
Today’s entrepreneur has become a disruptor, launching a new trade or service with innovative and creative ideas like for example the huge information technology (IT) sector that is rapidly churning out tech entrepreneurs. One example is the massive success of PickMe, the ride-hailing app that made a huge contribution during the COVID-19 pandemic by delivering food to the doorstep. Apps like PickMe and Uber have hired thousands of drivers and delivery persons who work independently in providing a platform for hiring a vehicle or delivering food; the drivers and delivery persons are also independent entrepreneurs.
Nurturing entrepreneurs, as now proposed by the education minister (though I had thought about it a long time ago) is a must in a generation that is growing up dabbling in new and innovative products or trying their hand as a new generation of investors keen to put their creative and innovative skills to the test. The IT sector, which is aiming to reach US$5 billion in coming years in export services (currently it is around $1-1.5 billion in annual earnings), is one of the industries or service sectors that have improved tremendously using new technology, chatbots and artificial intelligence in its applications. Online trade is a massive business.
Over many decades, the usual professions promoted or eyed by students (in fact mostly guided by their parents) were doctors, lawyers, accountants or teachers; in recent times there has been a surge in those learning to be accountants with reduced entry-level educational requirements. In the good old days, getting into business, soon after leaving school, was considered infra dig or beneath one’s dignity. It was the earlier four professions in the midst of a university education that were inculcated in the youth.
Today’s businessperson or entrepreneur as it is commonly called is a totally different ballgame and many are envious when people succeed in business particularly as business professionals in large conglomerates or venturing out on their own as a tech entrepreneur and other businesses.
According to the education minister, ‘entrepreneurship circles’ are to be created in 3,000 schools in the first phase with the aim of creating entrepreneurs from the school level. Under this new transformative education system, students will be provided an opportunity to discuss with their parents and given the ability to choose their career direction at the age of 14, ie. Grade 9.
Accordingly, students who complete their Ordinary Level education have more opportunities in studying entrepreneurship. Also, through this transformative education system, career guidance is going to be provided from Grade 6. In the first round, entrepreneurship circles will be established in 3,000 schools conducting Advanced Level studies and knowledge and training related to this subject will be provided, the minister has said.
Leader of the National People’s Power (NPP) Anura Kumara Dissanayake has also been talking about new businesses and providing the youth with new economic opportunities for small and medium businesses.
“We will create a new set of small and medium-scale businesses. Instead of getting a government job, the youth can think about how to become an entrepreneur. But, they don’t have the first essential thing to become an entrepreneur, which is the capital,” Dissanayake was quoted as saying, adding that a new development bank (if they win the polls), will provide initial capital without collateral. That seems a tall order, how do you provide a loan without collateral? What happens if a business fails and the loan recipient is unable to pay the loan?
Small businesses, essentially Micro, Small and Medium Enterprises (MSMEs), have been struggling since the pandemic followed by the economic crisis and many have crashed. It has led to the formation of a new lobby group named the Ceylon Federation of MSMEs. According to an ILO study, the pandemic and the economic crisis severely affected more than 80 per cent of small businesses.
Winding up the column while sipping Kussi Amma Sera’s second mug of tea, I was left reflecting on the challenges Sri Lanka faces in not only resurrecting small businesses but in nurturing a new breed of entrepreneurs willing to take risks, use new technology and today’s new-fangled gadgets to succeed, as the nation’s next engine of growth.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!