10 Fears hinder growth

Fears that can hold you back from making decisions that promote business growth

We all feel fear at some point in our life as humans. Fear is a normal feeling that can be brought on by a range of events and has a big influence on how we make decisions. Fear can be especially sneaky when it comes to the expansion of a business since it can keep us from taking the calculated risks and courageous decisions that are frequently necessary for success. In this article, we'll look at 10 common worries that can prevent you from taking actions that will help your business flourish.

Anjana Reddy: The Young Entrepreneur Who Made it Big in the Fashion Industry

Anjana Reddy, a former national-level badminton player, found her true calling in the fashion industry. She is the Founder of Universal Sportsbiz Ltd, which is now an Rs. 100-crore business. Reddy is a young entrepreneur in India who is experimenting with designs, and creating celebrity fashion labels, Wrogn and Imara, with Virat Kohli and Shraddha Kapoor as the face of the brands.

I had the pleasure of meeting Anjana Reddy and listening to her motivational talk a few years back. Recently, she was the keynote speaker at the forum of Young, Bold, and Daring – the spirit of young entrepreneurs for a country enriched. The forum aimed to create awareness about opportunities available for young entrepreneurs, especially women who venture into enterprises. It also discussed the challenges faced by entrepreneurs and how to overcome them.

Difficulties on accessing facilities in SME development in Sri Lanka.

 Background.

More than 50 million SMEs exist currently and over the last five decades, the SME sector has grown dynamically by contributing 40% of the country’s exports and creating millions of jobs annually.

In Sri Lankan context, Small and Medium Enterprises (SMEs) play an important role in economies in terms of their contribution to national output, employment and share of firms operating in countries and also SMEs are the backbone of the economy, which is accounting over 52% of total GDP in our economy, therefore key players in engendering regional development and inclusive growth, i.e. ensuring that the benefits of growth go to all cohorts of society. In addition SMEs provide 45% of national employment and 75% of the total enterprises in the economy. The notable one in the below figure is the SMEs are owned by the women is about 22-39%.  So these enterprises present a wealth of opportunity for domestic economic growth.

Entrepreneur development post Covid 19.

A new non-profit organization, Entrepreneur Support Lab or ENSULA, has been formed to provide technical assistance to small and medium entrepreneurs. This is an initiation by CEO and Chairman of The Advanced Design Studio Mr. Wijesinghe Dissanayake, Assistant Director of the National Human Resource Development Council of Sri Lanka Mr. Sivaguru Thanigaseelan, and Director of the Institute for Health and Social Behavior (USA) Dr. Thulitha Wickrama. The goal of the organization is to provide technical assistance to S & M entrepreneurs in formation, functioning, and management of business activities. Through the assistance provided this organization wishes to help them succeed both in Sri Lanka and abroad.  

Construction Industry employment and Covid-19

Overview of the Construction Industry

Sri  Lankan  construction  industry development  has  closely followed  the  economic  developments of the  past  decade.  The  economic conditions  of the day determined the developmental trend in the construction  industry.  The  construction sector has benefited from the recent growth in   infrastructure projects  resulting from the rapid  urban  development policies.  

Within the last eleven year, the country saw an unprecedented development of high-end residential apartments, commercial space, hotels and resorts, and infrastructure; a record growth in the construction sector. Just as the construction industry has benefited the most from the developmental policies, the economy has in turn benefited from the construction industry n terms of employment and finances. With the growth in the construction industry in recent years, its financial and employment contribution to the economy has been large. The contribution by the construction industry to the GDP and employment generation is about 8%. Gross Domestic Capital Formation has contributed about 42%.

Leadership and economic security: The President is an example

Today we are witnessing a new risk experience a global pandemic which one gets to experience in a lifetime. Sri Lanka has experienced many natural and man-made disasters and has successfully recovered most. Therefore, the lessons and experiences gained during the disasters will certainly help them recover from these risks to some extend; however the coronavirus infection which is spreading today is new risk which has affected not only the developing countries, but many developed countries as well.

In this context, the economic and human losses of many countries have been a major challenge globally, and as IMF warns  will be a too larger damage to recover from due to the Corona virus disease 2019 ( COVID_19). Due to the whole of government and whole of the society approach that Sri Lanka too we have been able to successfully contain the disease to a certain extent. The immediate, measure we took is an example for other countries i.e immediate lockdown, initiating quarantine, relief measures to solve the economic problems . As the WHO Chief has alluded, Sri Lanka was one of the first countries to take pro-active steps against the coronavirus, well before it was declared a pandemic by the WHO.  This is an indication of  great leadership of our country in this disaster situation.

Empowering Communities: Seelan's Initiative to Tackle Poverty through Child Nutrition Programs

The persistent challenges faced by many parts of Batticaloa, marked by economic decline, underscore the urgent need for comprehensive solutions. Poverty and unemployment continue to afflict our people, demanding more than just temporary relief — a concerted effort to uplift them from these challenging circumstances. In collaboration with the community, Seelan has taken a proactive step by initiating a nutrition program to provide sustainable support to needy school children.

The impact of this initiative became tangible as a quantity of Nestamold Palma was distributed under the ongoing nutrition program. The beneficiaries included the Kannapuram Narayanan Preschool children, Kilakkin Oli Preschool, Malayarkatu, and Palamurugan Preschool Thikodai. By addressing the nutritional needs of these young minds, Seelan strives to break the cycle of poverty and open doors to a brighter future.