Scarcity of Entrepreneurship Disciplines in Sri Lanka:

 A Major Impediment to Economic Growth

The engine of economic development and growth is entrepreneurship. It promotes innovation, brings about new goods and services, and produces new jobs. More opportunities to improve the world as a place to live are produced through entrepreneurship. However, the lack of entrepreneurship disciplines in Sri Lanka is a significant barrier to the nation’s economic progress.

What are entrepreneurship disciplines?

The body of knowledge and abilities required by entrepreneurs to launch and operate prosperous enterprises is known as the entrepreneurial discipline. Planning a business, marketing, finances, management, business administration, the economy, and sociology are some of the subjects covered by these disciplines.

Why are entrepreneurship disciplines scarce in Sri Lanka?

The dearth of entrepreneurship disciplines in Sri Lanka is caused by several issues. The absence of entrepreneurship education in schools and universities is one contributing reason. Most schools and colleges in Sri Lanka don’t provide entrepreneurship courses. Therefore, students are not exposed to the information and abilities required to launch and manage their firms.

The absence of role models is another issue in Sri Lanka’s shortage of entrepreneurship disciplines. In Sri Lanka, there aren’t many successful business people. This is because of several things, including a dearth of entrepreneurship education and the high likelihood of failure when beginning a new business. As a result, when pursuing a career in entrepreneurship, young people in Sri Lanka do not have many role models to look up to.

Most people are content with their jobs, in large numbers.  They almost feel content with what they already have and think poorly of entrepreneurship. People lack creativity. This incident may cause significant problems in Sri Lankan entrepreneurship fields.

In Sri Lanka, the lack of entrepreneurial education has several detrimental effects. It first stifles economic development and innovation. Furthermore, it raises unemployment rates, particularly for young people and it lowers Sri Lanka’s competitiveness in the international market.

What can be done to address the scarcity of entrepreneurship disciplines in Sri Lanka?

There are several things that can be done to address the scarcity of entrepreneurship disciplines in Sri Lanka. One important step is to introduce entrepreneurship education at the school and university levels. This will give students the knowledge and skills they need to start and proceed with their businesses. Another important step is to create more role models for young entrepreneurs.

This can be done by highlighting the success stories of Sri Lankan entrepreneurs and by providing them with support and mentorship.

The government of Sri Lanka can also play a role in promoting entrepreneurship. The government can provide financial incentives to entrepreneurs, reduce the regulatory burden on small businesses, and create an environment that is more conducive to risk-taking.

The importance of entrepreneurship education

Entrepreneurship education is essential for entrepreneurs to acquire the knowledge and skills necessary to start and run successful businesses. Through this education, students can learn about various topics, including Business Planning, Marketing, Finance, Management, Leadership, and Innovation.

A key skill that all firms value is the ability to see issues and find solutions that lead to novel experiences and unexpected outcomes. Doubts about society and the wider world are sparked by curiosity.  These kinds of questions and issues are therefore resolved by incorporating creativity. Education in entrepreneurship aids in carrying out this duty.

Entrepreneurship education can also help students to develop an entrepreneurial mindset, which is characterized by creativity, risk-taking, and perseverance. An entrepreneurial mindset allows the young generation to think differently. When learning to think like an entrepreneur, students will start to develop creative solutions to complex problems. As a result of this process, it helps to build talented entrepreneurs.

The role of role models

Entrepreneurial stories, such as the remarkable and breathtaking story about Steve Jobs, are often adopted as effective teaching material to promote individuals’ entrepreneurial mindset in entrepreneurship education. Young people need role models to inspire them to pursue careers in entrepreneurship. Young individuals are more inclined to believe that they can realize their business objectives when they observe successful entrepreneurs who have overcome obstacles and achieved their goals.

By showcasing the success stories of Sri Lankan businesspeople, the government of Sri Lanka may help develop more role models for future entrepreneurs. Young entrepreneurs can be supported and mentored by the government, which can aid in their success.

The role of government

The government of Sri Lanka can play a role in promoting entrepreneurship by providing financial incentives to entrepreneurs, reducing the regulatory burden on small businesses, and creating an environment that is more conducive to risk-taking.

For example, the government could provide tax breaks to startups or offer grants to entrepreneurs who are developing innovative products or services. The government could also reduce the number of regulations that small businesses must comply with. Sri Lankan entrepreneurs are facing various political and economic crises in the current movement. The Sri Lankan government must be involved in this subject to ensure the development of the country.

The lack of entrepreneurship disciplines in Sri Lanka must be addressed if the nation is to thrive economically. Sri Lanka can develop a more dynamic and creative economy by making investments in entrepreneurship education, fostering more role models, and offering assistance to entrepreneurs. The lack of entrepreneurship disciplines in Sri Lanka can be addressed, leading to a more innovative and affluent society for all.

Here are some specific recommendations for addressing the scarcity of entrepreneurship disciplines in Sri Lanka, introduce entrepreneurship education at all levels of the education system, from elementary school to university,  create a more supportive environment for entrepreneurs, including providing access to finance, mentorship, and training programs, highlight the success stories of Sri Lankan entrepreneurs to inspire young people to pursue a career in entrepreneurship, reduce the regulatory burden on small businesses and create an environment that is more conducive to risk-taking. By taking these steps, Sri Lanka can create a more vibrant and innovative economy that is driven by entrepreneurs, which will ultimately benefit all Sri Lankans.

Sanjitha Nimsara
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