More young Lao entrepreneurs needed
More young Lao entrepreneurs needed
Most young Lao people want to be employees rather than start their own business.
There is a lack of young people who are thinking about running their own business operations as most of them are still choosing to work for the government or companies as their career paths.
Two years ago the Young Entrepreneurs Association of Laos comprised more than 100 business member units and this year it increased to 300 units but not as quickly as hoped, the association President, Ms Valy Vetsaphong to ld Vientiane Times yesterday.
“More than 90 percent of members are Small and Medium Enterprises (SME) and the numbers of new young entrepreneurs interested in joining the association are micro-businesses”, she said.
The association plans to encourage more members in the country to join to help strengthen development of the sector to compete in the region.
“Some young business operators aren't interested in joining the association as they don't yet understand the importance of the association and how it will benefit them as members,” she added.
Young entrepreneurs of Laos are currently struggling with a number of different issues in their business operations due to most of them having low skills in running a business, limited access to information and knowledge development and aren't sure how to create connections within the region's business sector.
The high interest rates of bank loans and lack of government collaboration are also major issues facing young Lao entrepreneurs.
However, the government has plans to increase the SME sector in Laos by an average of 15 percent a year according to the Department of SME Promotion.
To strengthen Lao entrepreneurs and allow them to network and contribute to social development, the association will try to encourage members to meet with the banks and government authorities to discuss access to funding and business promotion policy, said Ms Valy.
Next month the association is organising a workshop as an opportunity for entrepreneurs to meet with banks and government officials to discuss these issues before the country integrates with the ASEAN Economic Community (AEC).
“Entrepreneurs will have more understanding about how to access funding and how people have to prepare before doing business with AEC as well as what is needed in good business operation,” said Ms Valy.
To integrate Lao young entr epreneurs at international level, she urged them to adjust their business management to high standards, to seek out knowledge for themselves, learn from other experienced business people and implement new business practices and systems.
vientiane times
