“There is no opportunity in Nepal” a common dialogue among frustrated young minds in Nepal. A never-ending queue at the Department of Passports gives a stark glance of where we stand among the socio-economical statuses and the future of entrepreneurship in Nepal. The country is losing many potential entrepreneurs each day, but the figure of remittance inflow is celebrated as a great achievement.
Despite the long history of entrepreneurship and ample government strategies to thrive entrepreneurship, the result is not good enough to rejoice. One of the indices that Nepal has to fulfill is to have GNI per capita income equal or more than $1272 to be upgraded from Least Developed Country (LDC) to developing the economy. However, the current GNI per capita income of Nepali is around $873.
Our constitution also has acknowledged public, private and Cooperative partnership-three pillar model for the development of Nepal. With the vision of upgrading Nepal as a developing country by the end of the year 2030 government has announced numerous ambitious programs, but outcomes of the government programs seem not satisfactory. Risk averting behavior, social trend and craze for the government service has been killing the infants who are likely to be entrepreneurs.
A simple difference between working for self to become a billionaire and working for other to make them billionaire is enough to evolve sensation for entrepreneurship. Nepal is a country full of problems and issue. A problem is a beginning of immense inventions. Scarcity and disaster give the lesson like nothing. Acute Indian blockage had stormed many business minds and was able to grab the opportunity in the area of alternate energy sources. A successful entrepreneur is a one who is able to find profit in between problem and opportunity. Understanding the locality, surrounding, behavior, and culture and going through the minute instances act as the germination stage for entrepreneurship.
Himalayan Dog Chews, one of the successful business run by Nepali youths in the USA. It was founded in 2003 after one of the guys noticed a dog chewing on the traditional hard cheese of Nepal and now it is regarded as one of the nutritious food for dogs in the USA.
It is not that we don’t have entrepreneurs in Nepal. Entrepreneurship culture is on the rise and many young faces have a preference to set up their own venture. Nepal consists of a huge pool of young population who are competent to participate in the global economy. Five Nepalese young entrepreneurs were included in the list of Forbes Asia”30 under 30” edition of 2017.
Commercialization of the traditional family occupation is most essential to develop entrepreneurship. Majority of the youth wish to start up their own venture but gets stacked due to lack of capital, mentorship, and team competence.
In Nepal, one of the best ways to motivate young faces toward entrepreneurship is business plan competition. Entrepreneurship competitions have a positive effect on the society’s attitude and facilitate business ideas detection & development. At the same time, business idea gains access to mentors, investors and networking opportunities.
Understanding the need and with the cause to encourage young business minds, Uniglobe Center for Entrepreneur (UCE) is organizing the Inter-College ‘First National Level Business plan competition 2018’ on January 13, 2018, with a slogan ‘Let your idea be your identity’. Countdown of the program has started and registration is open until November 17. It is an attempt to amplify the hidden business ideas. It further aims to develop the business and management skills, develop entrepreneurship culture and help the nation to achieve the cherished mission of economic development.
Roshan is an MBA graduate from Uniglobe College.
This article was published in National Daily newspaper – Republica dated November 9, 2017, and you can also ready from following links.
