“Journey of a thousand miles begin with one small step.”
There’s never been a better moment in recent times to be a Sri Lankan entrepreneur.
The renewed call for entrepreneurship – from local apparel to food and traditional industries, from technology to food, has never been greater than it is right now.
And it’s not only because the Government has undertaken special initiatives to uplift local industries.
It’s because somehow, in the post-COVID-19 world, there is something awakened in our Sri Lankan psyche that affirmed what we should have known all along.
That buying local empowers not just our entrepreneurs but all of us.
That buying local works at multiple levels – from injecting revenue back into our own system to enabling better and fresher products to be made available to all of us.
From an entrepreneur perspective, buying Sri Lankan has everything to do with the way we shape the worldview of Sri Lankan produce.
There’s a flip side too for every Sri Lankan entrepreneur –
As Sri Lankan entrepreneurs, we must be able to initiate and manage a constantly evolving level of customer expectations in a way that would enhance and empower everything we do.
In other words, are we able to deliver what we promise? Can we exceed quality expectations and work on ways to improve what we are currently offering?
Within the current context, some of the Sri Lankan products available in the market are of incredible quality and appearance. Definitely up to global standards. While quality is vital, sustaining the same levels maybe challenging.
Some thoughts we as Sri Lankan entrepreneurs must dwell on are –
Long term viability of our projects –
Some entrepreneurial ventures look great on paper.
They may have even worked well in other markets.
But they may not carry much promise here in Sri Lanka. They may not command enough of a market to be viable.
If you are a Sri Lankan entrepreneur, you must be able to gain insights from the market to know what will work and what wouldn’t.
Can your business be sustained in the long term?
If not, don’t bother.
Spending time and effort on a short term vanity project is not good for anyone.
Neither the entrepreneur nor the customers.
Which is why you need to have a sustainable long term plan in place.
Ask any successful entrepreneur and he/she will tell you that what works is what can last. What meets a constant need felt by the customer.
You might have the best entrepreneurial expectations but if they cannot be sustained, they are not worth it.
In the end, every entrepreneurial endeavor must make business sense.
If it doesn’t, it is not workable. Every Sri Lankan entrepreneur must know that.
Do you have a business plan in place –
Without a business plan, you are shooting in the dark. You don’t know where you are going. You could be making mistakes.
If you haven’t thought of direction for your business – where you want to see it grow and where you want it to go, you haven’t done your homework.
You must have goals, objectives and strategies in place. Without it, you cannot possibly think of going anywhere as an entrepreneur. It forms the bedrock on which your business is built.
Let’s support and expand Sri Lankan entrepreneurship – that’s what we are here to do.
At vyapara.lk, we bring you a wealth of knowledge that empowers you to get your entrepreneurial journey right.
Check out our great articles. Each of our articles are focused on encouraging and inspiring you as the Sri Lankan entrepreneur on a journey of building and expanding your business.