Planning to start A business in Nepal?

KATHMANDU, April 16: They say starting a business is always a good idea. However, treading on the path of entrepreneurship is no cake walk.

Five entrepreneurs share with us the challenges one needs to be prepared to face when starting a business in Nepal, and also give out precious piece of advice for would-be entrepreneurs.

Pratik Poudel
Quest for Progress Pvt Ltd

In my view, the market should be structured in such a way that there will be more employers than employees. Unfortunately, the current market such that it hasn't been able to provide employment opportunities even to qualified individuals. I had a keen interest in agriculture and decided to start a business in the same field. However, there are hindrances everywhere, and starting a business of your own is no cake walk. First of all, the government bureaucracy—there are so many formalities to be fulfilled before getting the permission to start a business. Rules and regulations are bound to be there, but many of these formalities are very confusing, and the government officials aren't very helping either. And then there are people in business, like suppliers, who talk more and do very little. Securing a loan in banks and cooperatives is a daunting task, too.

My advice for aspiring entrepreneurs: Be prepared to face the challenges.

Abdus Miya
Founder, Open Space Nepal

Entrepreneurship is utterly important in the context of Nepal. Nepal is a country highly dependent on aid. The problem with dependence on aid is that the donors often have their vested interest and thereby certain influences on the agenda. The beauty of entrepreneurship is that it does not depend on aid and entrepreneurs enjoy higher economic freedom. However, for startups, ours is a difficult economy I’d say. Nepal is a country with high political instability, because of which market becomes unpredictable and investors hesitate to invest. But of course, one should not stop trying because of that, one should be capable of turning challenges into opportunities.

My advice for aspiring entrepreneurs: Do a proper market research and build a good network with people who will help you enhance your business.

Pradeep Man Shakya
Proprietor, Juju Wears

Starting a business in Nepal is pretty hard, despite the fact that entrepreneurship is the most important catalyst for its development. In fact, for any country to be economically developed, it needs to invest its time and effort on entrepreneurship because it creates economic wealth for the nation. But, since the government isn’t very helpful and there’s lack of sophisticated technology, it is hard for any business to maintain the international standard. As a businessperson in Nepal, one must face these challenges and learn to work with it. Sadly, I don’t see any other way out of it right now.
My advice for aspiring entrepreneurs: First find your interest and do a proper study before starting out. That combination works the best.

Deependra Chaulagain
Director of Operations, Samriddhi Foundation

Entrepreneurship is extremely crucial for Nepal because it has failed to achieve significant economic development and growth till date and has remained one of the poorest nations in the world. Entrepreneurship is the force that can unleash our potential, create jobs and wealth for the nation. However, although entrepreneurship is that important in Nepal, sadly business is a difficult venture out here. ‘Doing Business Report’ which measures the ease of doing business in countries around the world, puts Nepal in 104th position. Now that’s pretty low.
My advice for aspiring entrepreneurs: Conduct extensive research in your chosen field and be prepared for the red-tape, delay and increased cost in the bureaucratic processes. Seeking advice from well-established entrepreneurs would also be wise as they know better. Also start small, don’t put too much at stake. Know what your potential consumers want, and think wisely before investing time and money on anything.

Punit Jajodia
Cofounder, Parewa Labs

I set up business in Nepal because I was driven by my belief that if I started a business, I’d be contributing to the society and nation at large by providing opportunities to four more people. But starting a business in Nepal is difficult. Starting a business in the IT sector is even more difficult. Hours of load shedding, general strikes and bandhs are major problems that make it extra difficult to meet deadlines. However, we should not be dissuaded because where there’s problem, there’s opportunity. And that’s the reason why we decided to face the problems.
My advice for aspiring entrepreneurs: There’s no right time to start a business—the sooner you start, the better. When you’re younger, you don’t have family problems, you have more energy and enthusiasm and you have more time to invest. Besides that, if you really want to start a business, you need to have a good network of people. Also, never shy away from sharing your ideas with people, because no one will be able to do it your way.