Business
95% of micro startups supported by govt and NGOs fall by the way side within 5 years: expert
By Sanath Nanayakkare
95% of microbusinesses supported through the Government and NGO mechanisms tend to become no longer active or successful within 5 years, according to an experienced mentor of entrepreneurship.
Dr. Premasiri Gamage, Management guru and personality trainer specialized in rural entrepreneurship development and micro finance revealed this during an interview with Independent Television network (ITN) yesterday.
“15% of these micro businesses are constantly moving in a roundabout without making any progress and seeking further support from the Government or NGOs, and therefore, the joint efforts by these two institutions have actually helped create a minimal 5% of successful micro businesses in any given 5-year time periods,” he said.
“Some of them are very good niche ideas that could be the start of multi-million rupee businesses, but they fail to produce their potential mainly because these entrepreneurs solely depend on themselves without outsourcing certain tasks or partnering with a strong network. It is not easy managing even a micro business holistically on one’s own in today’s competitive environment and one would need insights and direction from those who have the expertise. But here in Sri Lanka, many people believe that partnerships are untrustworthy because money can change everything. But as a sole proprietor, one alone is responsible for the success or failure of the business. But in a partnership, there will be complementary strengths, talents, personalities, and experiences of the prospective partners. Many Sri Lankan parents urge their adult children who are passionate about starting a business to do so on their own without the contribution of no-one. This has frightened our youth and they are naturally discouraged from entering a partnership and eventually they don’t enter the entrepreneurial world at all. We have to get rid of this misconception. How many businesspeople have prospered in the world on his or her own? Almost none. There are many people behind the big companies’ success other than their founders. Alibaba CEO, Jack Ma hired passionate entrepreneurs to build a solid foundation on which to base the company’s growth. Bill Gates trusted in the ability of those whom he hired to come up with answers to problems. Mark Zukerberg had partners that were important elements of his company and were leading a lot of key efforts for the company. So, it’s a Sri Lankan myth that a business has to be a sole proprietorship because there can be many disadvantages to it,” he said.
“Another Sri Lankan myth is that for one to enter the entrepreneurial world, one must have entrepreneurial DNA. That is not necessarily so. If one has the passion for business, entrepreneurship can be acquired. There are specialized entrepreneurship mentors in Sri Lanka who can give the knowledge to design a curriculum to learn and practice entrepreneurship. A lot of academics and professionals are ready to share that knowledge with interested young people at school level or with those who are looking to be financially independent without any age barrier. If the Minister of Education and the Secretary to the Ministry of Education are willing to partner with us, we will muster the support of the universities to initiate entrepreneurship education programmes islandwide. The key eligibility of being an entrepreneur is; not having a dependent-mindset and having the capacity to take responsibility for one’s own life without seeking giveaways from the Government,” he said.
Dr. Premasiri Gamage said that they have organized an entrepreneurship education programme for the youth in Bulathsinhala at Bulathsinhala Pradeshiya Sabah Auditorium from 8: 30 am-1: 30 pm on January 19.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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