Entrepreneurship is often cited as one of Sri Lanka’s economic pillars. Encouraging more youth to become entrepreneurs is viewed by many as being vital to help the nation emerge from the economic crisis and set itself on the path to reach its full potential.

Director of Sun Match Company Gowri Rajan is optimistic about youth entrepreneurship and how it can bring in a much needed wave of enterprises to Sri Lanka.

“Today’s youth notice opportunities that we don’t see,” she said in a recent interview, adding that young people identify consumer needs and seek to fulfil them.

In assessing industries or sectors that are most promising for entrepreneurs, she believes that pursuing any type of business is possible.

She noted: “Often, people think youth entrepreneurship is IT related because they use digitalisation as an enabler. But they can pick any avenue as long as they’re passionate about it – be it agriculture, industry or manufacturing to name some.”

Today’s youth are tech savvy and Rajan observed that “they are creative, innovative and very up-to-date with technology.”

On the other hand, she asserted that many need to improve their ability to see things through “till the objective is achieved,” noting that “I sometimes feel they have the tendency to shift [their] interest.”

She elaborated: “It’s not only about your entrepreneurial journey. Entrepreneurship should be mixed with management skills because people often embark on entrepreneurial journeys but lack the skill set to continue. Education is important so that it disciplines your mind – which is important for the sustainability of an enterprise.”

“An ideal entrepreneur is someone who sets up a structure that can continue even after the third or fourth generations,” she averred, continuing: “And for that, education and good management are important; not merely good ideas.”

She emphasised the importance of education, training and mentoring in Sri Lanka: “We have some incubators and accelerators now but need more entrepreneurial education, covering aspects such as technology management, and research and development.”

The Director of Sun Match Company continued: “An entrepreneur should also be able to switch from an entrepreneurial mode and mindset to a managerial role where he or she can lead the company. This is one area that any entrepreneur would find challenging – letting go of the company and also being involved in the business to build capacity for the future.”

Education is the pathway to encouraging and supporting youth entrepreneurship, according to Rajan, who calls on corporates and business chambers to get involved in mentoring and nurturing young entrepreneurs.

With young people comprising a quarter of Sri Lanka’s population, the potential for youth entrepreneurship is immense. However, the country still hasn’t developed a supportive ecosystem for entrepreneurship to thrive.

Rajan acknowledged that although there is a need to develop this ecosystem, this is a challenge due to the economic crisis, which has shrunk the economy, dismantled supply chains, increased costs and raised taxes.

While establishing a perfect ecosystem might not be possible, she recommends setting up a dedicated ministry for entrepreneurship. This, she says, could connect with budding entrepreneurs at the provincial level to “pick up capable and talented youth, use their ideas and find ways of financing [them].”

She noted: “We need to have a mechanism where good ideas can be captured, provided with infrastructure, and checked for viability and commerciality. What’s important is assisting entrepreneurs in securing their first order and connecting them to the supply chain.”

And finally, Rajan summed up with a message for budding entrepreneurs looking to take that first step towards running a business: “Hold on to your dreams no matter what because nothing in life is impossible as long as you set your mind to it.”