Initiating Business Ventures Amid Economic Crisis Encouraged
Currently, there is an economic crisis due to COVID-19. However, this crisis is being seen as the perfect time to explore new business ventures, according to leading business tycoons. They believe the current market settings are ripe for new entrepreneurs to emerge and thrive.
Tertiary Education Institutions and the Business Market
The Secretary-General of The Fiji Commerce and Employers Federation (FCEF), Kameli Batiweti, believes that tertiary education institutions play a crucial role in preparing students for the business market. By educating them on how to operate in the business world, the potential for success of new ventures significantly increases.
Change in Job Market
With the significant impact of COVID-19 on the job market, a large number of individuals are left jobless. This, however, opens up opportunities for individuals to take the leap and establish their businesses.
Establishing Business in Fiji
Attesting to this claim, AGP Lawyers and Consultants Director Aiyaz Sayed-Khaiyum has mentioned that Fiji’s constitution protects the rights of people to engage in business. Additionally, the country’s resources, such as the availability of fertile lands, make it a perfect spot for starting small and medium-sized businesses.
Positivity in Crisis
Batiweti accentuates the need to perceive positive aspects in this crisis. Post-COVID, the world will never be the same again. Therefore, it is important to pivot, make adjustments, and see the crisis as a challenge and an opportunity. With the right mindset and resilience, individuals can successfully establish their businesses.
Support from Government
Moreover, the government also offers support to small-scale repositories and businesses. Sayed-Khaiyum mentions that schemes like Small Business Grants and the Young Entrepreneurship Scheme provide financial assistance to businesses, which substantially lightens their financial burdens.
Embracing Innovations
In this digital age, embracing technology and innovations is crucial for the success of businesses. Batiweti stresses the importance of innovation for business survival and growth. Hence, budding entrepreneurs should be open to experimentation and not fear failure.
Need for Planning
Sayed-Khaiyum adds the importance of proper planning before jumping into a business venture. Detailed business plans are essential, whether one plans for a single agricultural plot or intends to open up a chain of restaurants. This enables entrepreneurs to foresee potential challenges and plan accordingly.
Risk and Reward
As Batiweti nicely puts it, “Risk is part of the reward in business”. It’s the willingness to take these risks that can potentially lead to immense rewards. With the right mindset and an appetite for risk-taking, together with proper planning and a supportive environment, anyone can turn the crisis into a lucrative opportunity.
Source: https://www.fijitimes.com.fj/time-to-start-business/