Rise of Youth Entrepreneurships
Potential of Young Entrepreneurs in Nepal
In the terms of business and success, yes, experience and field knowledge over a long period of time is considered as the most important element. But nowadays, young entrepreneurs seems to have more potential to achieve success in there field. Today’s entrepreneurs have more knowledge about technological advantages which gives a wider scope of their business connections. In addition, at young age they have more abilities to get knowledge and information which is one of the most important to get success. Since the market is dynamic, young entrepreneurs are more beneficial as they have more compatibilities to adapt in new models and frames.
In the context of Nepal, there are some legal and social barriers in the path of young and underage entrepreneurs due to which Nepali youths have to be dependent on the other’s hand. But in the past months, the number of barriers are reduced due to introduction of different online tools and techniques which also sometimes provide alternatives for the businesses. So, the number of young entrepreneurs seems to rise rapidly with good success rate.
Is Land Of Nepal Really Supporting Entrepreneurs So Far?
Of course, Nepal is a small country with a wide variation of geographical and social diversities which gives a number of junction to be passed by the business and startups. The lack of transportations and legal formalities are one of the major obstructions for young entrepreneurs in Nepal. Even though, it is not a lifetime issue for any potential business strategies and great entrepreneurs. In the group of successful business, Nepal’s market and its variance is one of the considerable success hands. Although there is number of difficulties for new startups there is a wide variation in Nepali market which supports all kind of goods and services to rise up and gives chance to be successful in Nepali market.
Challenges Faced by Young Entrepreneurs in Nepal
- Lack of access to finance and venture capital
- Limited mentorship and support networks
- Regulatory hurdles and bureaucratic processes
- Infrastructure and logistical constraints
- Social and cultural barriers
Young entrepreneurs are more likely to face these form among which lack of finance, networks and legal policies are the major obstructions to initiate their idea in the real world. But in the past months, the young minds seems to be great in facing these challenges with their extraordinary alternatives and plans. These obstacles are again included on the plan of the prerequisites of business or startups to fix their goals.
Scope of Business in Nepali Market
As we mentioned before, Nepali market has wide variation of business fields which can get success if played with right strategies. In the present, Nepal is importing lots of goods in all sector whether its digital services or its regular goods and products. Here, the significant of business and startups arrives which reshape the path of Nepal to be independent. In the past years, imports are significantly reduced due to accessible businesses among which many of the new ideas are initiated by young entrepreneurs. So, market of Nepal has wide scope of business only we need to apply to the business is prospective of our goals and find its solution.
Outstanding Solutions by Young Entrepreneurs of Nepal for the Obstacles
- Collaboration between government, private sector, and youth
- Policy recommendations to further support youth entrepreneurship
- Finding incubators and accelerators providing mentorship and guidance
- Organizing networking events and entrepreneurial communities
Above mentioned solutions are some of the major outstanding solutions which was found to be successful for the relevant problem which was initiated by young entrepreneurs few month ago. Nowadays, social media has great significance in the growth of motivation to initiate ideas of young entrepreneurs. It also plays vital role in the motivation of young minds to be consistent as they are less patient.
Finally, Some Tips For New & Young Entrepreneurs In 2023
- At first, you need to clarify yourself that your ideas are great and research for it relevancy in the market. After your research you need to be optimistic for your ideas and always expect and work for positive results.
- After your plannings, this is the time when you need to collect different resources and networks to make your idea happen. Major elements in this section are financial resources determination, sponsorships, market estimations, raw data of relevant fields, etc.
- The evaluation of market should be done thoroughly after the collection of all required resources and implication of your ideas is done only after predefining the success rate of your idea in the market.
- After evaluation, apply your ideas and use the available resources to bring your plans in the real market followed by the implication of your strategies.
- All done? Now your busy schedule is on the way and you need to distribute your time in fields like surveys, cash flow, profits, market potential, etc. which will determine your business ideas relevancy in the market of Nepal.
- After a specific time based on your product, you need to have walkthrough your all data which must show positive cash flow after that specific time and in case it still shows negative cash flow you may lookup for reasons and continue it as you can but if the minus sign continues you should drop your idea back with a lot of experience.
- Remember, if you fail in your business plan, there are lot of reasons behind that and it is not sure that your idea was wrong. Sometimes, wrong evaluation, strategies, obstructions, etc. also resists your ideas to be successful. So, look for similar business doing well and try to apply their strategies to improve your performance.