Entrepreneurship empowered

FOR Sri Lanka, entrepreneurship is the backbone of the economy, a fact that was acknowledged by the prime minister during a recent award ceremony to mark the most accomplished local entrepreneur.

Verbal acceptance of the fact is appreciated, but Sri Lanka still has a long way to go before the system can congratulate itself on assisting entrepreneurs constructively. Establishing the right policy framework is one method that the government can concentrate on. The Budget has explored that the possibility of creating a one stop shop for foreign direct investment but the same should be considered for entrepreneurs too.

Loan requirements and infrastructure assistance is also important. Entrepreneurs need to be appreciated and encouraged, especially those people that have been internally displaced need to be instructed in finding a means of living for themselves for it is impossible for the government to find them work. On the other hand having been businessmen in whatever capacity earlier it will be a way of life that will come more naturally to them.

Yet even the simple act of fishing has become complicated with the need for identity cards. While the security need is admitted the government also needs to concentrate on a simplified checking system and removal of high security zones so that people can return to farming their lands. For example assisting the returnees to establish tea kiosks and vending shops along the A9 road would help cater to the tourists and give them ideas for new ventures as well. War widows who have already benefited from microfinance schemes and set up their home based businesses need to be taught value addition and networked with larger companies for expansion. These are points that would do well to be emphasised to businessmen elsewhere too.   

Thinking different is crucial to entrepreneurship. Identifying a need and then moving to fulfil it is the hallmark of a successful business. One point that must be stressed is that the government should ask a few hard questions about supporting a massive public sector that not only swallows funds and has low productivity but also detracts from entrepreneurs. Unemployed graduates need to find a way to stand on their own rather than being inducted into the public cadre; loss making state owned enterprises need to be bought to book with their employees made more responsible while policy makers, especially at ministerial level need to restrict their wastage and corruption.

While the government’s extensive infrastructure projects are noteworthy, encouragement of community based development ventures is also essential to provide services that would save the government much revenue. Not only would it give the freedom for the public sector to concentrate on other tasks it would also ensure that a sustainable option is given to the people to empower themselves.

The bulk of Sri Lankan businesses are still small and medium enterprises. They need to infuse more professionalism into their business and concentrate on technology and knowledge transfers. Universities and other academia need to work closely with the smaller enterprises rather than the larger ones as not only are these more in need they are also equipped to find unique solutions to national problems. Ultimately, increasing the standard of life from the grassroots up — entrepreneurs have the capacity to build a new Sri Lanka, but they cannot do it alone.