Business plan course to boost SME entrepreneurs
Business plan course to boost SME entrepreneurs
The Lao government is set to improve the business environment by encouraging the greater participation of the SME sector as an essential factor to driving the nation's economic development.
As part of the business improvement drive, it is also focused on the improvement of the concerned regulations and the business registrations process.
Director General of the SME Promotion Department under the Ministry of Industry and Commerce Mr Somdy Inmixay spoke at the opening of the 10 day business training course, noting that Laos still has a small percentage of SME entrepreneurs when compared to its population.
“There are only 2 percent of SMEs if compared to the number of the population over the entire country,” he said, noting that Laos still has many obstacles in business operations.
“Doing any business means to take risks but we have to be well-prepared in terms of gaining business management skills to minimise the risks in business operations,” Mr Somdy said.
A business plan and the assessment of the business plan will also be key factors to reduce the risks for business operations.
“If we have already outlined a business plan, it will not only help us to become successful in business management but will also become essential proof when applying for bank loans as well,” he added.
Those business people who already own their own businesses, they should also be eager to source new innovative and creative ideas in their business operations.
“Laos has existing businesses and diversifying products that need to be improved and expanded but we still have limited ability because it is dependent on the demand of markets,” Mr Somdy said.
The SME Promotion Department also offers 50 percent of the total cost of the registration fees for participants to attend business start-up courses, learning about business analysis and business planning.
The business course, which is entitled “Start up your business and business plan,” aims to help the new generation become entrepreneurs and own their own business operations as well as to increase the number of enterprises.
Most importantly, those businesspeople who already own a business, they will be able to broaden their skills of business operation.
A total of 30 participants have registered for this course and the majority of them are young people who are already taking business management courses at various state universities and colleges in Laos.
Meanwhile many course participants already own their family businesses but they want to expand their business skills for more effective business management.
The course is being conducted at the Lao-India Entrepreneurship Development Centre (LIEDC) and shall conclude on July 17.
Since the inception of the LIEDC, more than 2,500 people have successfully been trained for business operation across the country.
More than 100 training courses have been organised and 10 percent of trainees have become successful businesspeople over the past 10 years.
First Secretary at the Embassy of India to Laos Mr Subir Dutta and Director of the Lao-India Entrepreneurship Development Centre (LIEDC) Mr Siamphone Chanthaphone and other invited guests also attended the opening of the course.
