The myth that a son ruins his career after joining commerce and a daughter ruins her career joining nursing studies has totally flipped these days.
An acute need of better and qualified management team in every sector of a developing economy like Nepal, commerce or management education has got more concerns. Management education interfaces management knowledge, innovation, entrepreneurship and growth to the business plans that make strong foundations for the successful businesses.
Entrepreneurial ventures do get life when management capabilities come up with the business plans and are properly implemented.
Despite making small investments in research and development and other formal knowledge generating activities in the process of business plans, entrepreneurs still substantially contribute to aggregate innovation.
These entrepreneurial abilities deserve a great recognition in the time being.
Recently, a promising Nepali fintech company Khalti has won Google Business Group’s (GBG)-2017 ‘Story Search’ contest.
Along with Khalti, Eco cell Industries and Khalisisi had made it to the top nine of this global competition from Nepal. This also supports that new idea with commercial potential is transformed into entrepreneurial initiatives with well crafted and feasible business plans.
One of the solutions to anticipate and handle all forth coming hurdles in an avenue of entrepreneurship is to develop a business plan. Business plan development is process of writing down what is involved in bringing your idea to reality, dealing with the what, why, who, how, where, when, and how much of the venture. Writing a business plan forces idea generator to take a deep look at people’s ideas and how they will turn them into a business. Doing so also helps them recognize areas that need rethinking or support.
In Nepal, the need for business plan has been realized ever since the country entered the economic liberalization in the early 90s. There is lack of platform where ideas get investors and investors contribute to the entrepreneurship and economic development. However, Youth Vision-2025, ten-year strategic plan, has considered the youth employment, entrepreneurship and skill development as Pillar 2 from the government side.
In academic and individual manner, Uniglobe Center for Entrepreneur (UCE), indispensable part of Uniglobe College, is all set to host the 1st National Level Business Plan Competition of its kind on January13, 2018.
Understanding the youth motivation and efficacy, it is introducing the platform to hear the voice of future entrepreneurs and to enhance their choice on the arena of their vision. This conclave aims to foster entrepreneurial skills, confidence building and ownership that prepare them as they navigate toward adulthood and the real market scenario.
Som Raj is an MBA graduate from Uniglobe College, New Baneshwar.