Initiatives in Developing Entrepreneurs

Most people think it is difficult to start a business. Especially if they don’t have the money to start up. Now a new government initiative is aiming to make it easier for young entrepreneurs to start their business. The Ministry of Culture, Youth and Sports (MCYS) will launch a micro financing scheme to help youths in starting a small business. It was also suggested that the receivers of this facility must attend entrepreneurship courses. It is hoped that introducing this scheme, youths will be able to start up their business, drive the nation’s economy and reduce poverty.

Microfinancing is not new. There are some debate on the efficacy of Microfinancing and Microcredit. I personally believe that this initiative will be very useful. Especially if the participants are given guidance. Giving people money is not the solution. Its giving them financial literacy.

I hope the Ministry of Culture, Youth and sports have or are going to contact existing organisations that are already training the public in entrepreneurship. My personal favourites are the Sinaut Entrepreneurial Development Centre, iCentre and LiveWIRE.

There is also another article on guiding SME’s through financing and mentorship. The article featured an officer from BIBD mentioning about their SME Microfinancing Scheme as well as Pg Redzuan from LiveWIRE describing how entrepreneurs need educational support as well as moral support from their friends and family.



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