Sri Lanka was sliding down in Global Entrepreneurship Index During the period from 2015 to 2018 Sri Lanka’s value in Global Entrepreneur index (GEI) has been declined by 30%. It was declined down from 31.1% in 2015 to 21.8 in 2018. Currently Sri Lanka was ranked 90th among 137 countries which is comparatively the lowest rank in the region. GEI calculates value through 16 main categories in which Sri Lanka has only been able to score marks in one category that is Innovation (95%).
Besides Sri Lanka had scored very low marks in the categories, Technology Adoption (5%), Risk Acceptance (7%), Networking (7%), Cultural Support (12%) and Risk Capital (13%). Need of Entrepreneurship for Sri Lanka Over the years a huge number of graduates are coming out of universities. It is well observed that majority of them are suffering from unemployment as the Sri Lankan economy has failed to generate job opportunities to cater their demand. This has further led into severe issues like migration of skilled labor along with many economic and social crisis. Clearly this is due to the absence of an entrepreneurship-based economy whereas economy is stagnated without booming with new business opportunities.
GEI provides a clear replica over the current conditions in Sri Lanka which demands a clear government involvement in policy making. It is critical that the upcoming government will be taking steps to create a favorable atmosphere for entrepreneurship whereas if this condition prevailed in the long run it will be challenging for the country. Government should have to intervenes in the process of creating policies to promote entrepreneurship.
Entrepreneurship needs to be established in the mindset of the people rather than its just being a concept limited to text books. Education system must change in a way in which it would support to develop skills, creativity and attitudes among students rather than being only exams focused. Besides it is necessary that the government will be giving hands for the upcoming innovators, small scale business and medium scale business owners through financial aids, low interest rates, tax reductions, guidance and consultancy services. This could be few suggestions in the huge process that is needed to be carefully designed.
by Aseni Herath
Photo source : Internet