Background
Entrepreneurship has long been a driving force behind economic growth. It is an engine that drives innovation. inspires, creates jobs, and it stimulates competition. In Nepal, among the youth, there is growing restlessness. Education and information access helps them realize their potential. It has inspired me to adopt a more active approach. However, the country has made special efforts to develop entrepreneurship. Challenges have to be faced, such as youth migration.
In the Last three years only, about 25 lakhs Nepalis have left the country for work and education. Only last year, 9 lakh people have flown out of Kathmandu Airport. 1,12,593 students are in their final year of education. He had received a certificate from the Ministry. Currently, about 25% of Nepalis between the ages of 20 and 35 it is believed to be abroad. Youth migration is a challenge for policymakers, institutions, and the government has been pressured to take action. . A conducive environment for entrepreneurship creating is becoming increasingly important. For cities like Lalitpur, entrepreneurship promoting and supporting startups is just not to improve the local economy, but to improve the national it is also important to contribute to development.
In this article, what is entrepreneurship, what is entrepreneurship?, why entrepreneurship is important for the economy. Importantly, the difference between entrepreneurship and startups. Status of startups in Nepal and Lalitpur, and cities like Lalitpur have fostered entrepreneurship. That they can encourage growth it has been discussed.
Meaning of entrepreneurship
Entrepreneurs solve problems on their own there are people like that. They are business people. They discover the avatar, gather resources. They do, they also include a team. and to launch an innovative product or service, they take enormous risks for their own good. Don’t be afraid, turn ideas into reality. They love a challenge. Neighborhood open a small shop, start a local business. To start or grow a fast-growing technology startup. To do so, the students worked diligently. Those who want to learn and grow are the ones who keep the promise.
Similarly, in the current post-comedy times, successful entrepreneurs naturally and respectfully, the determination to be able to face the challenges that arise. They show that they are up to the challenge of achieving their goals. They lead by inspiring even when faced with adversity. Asked to determine the DNA of entrepreneurship, an interesting and popular question is. One, people collect paper, plastic from their homes. What do you do about organic waste? If people classify waste, so ways to make money by collecting and selling. If you look for that person, he will make money from the problem. It can be a shame. Entrepreneurship is more than just starting a business. No. Creating business value, inspiring and leading innovation, it’s about addressing social challenges. The country’s economy is wildly dependent on remittances. And by 2023 it was 26.6% of GDP. Meanwhile, youth unemployment in the EU stands at 25%. 6. Despite this disappointment, entrepreneurship continues to drive economic, a path to diversity and sustainable development seeks to provide. New areas such as technology and promoting manufacturing/production in traditional, creative industries such as agriculture and tourism, by incorporating innovation, entrepreneurs can sensitive economy, even in the form of shocks can create.
Small and medium enterprises (SMEs) have always, important contributors to Nepal’s economy. It accounts for more than 90% of trade and 22% ofrepresent more than GDP and almost EU employs 17 million people. This opens up entrepreneurial opportunities, shows, which creates jobs, young talent. To sustain and energize innovation within the country, this sector can foster entrepreneurship and competitiveness. Encourages so that good products, at market prices for services and consumers, if it leads to a shortage, the state will have to pay for public infrastructure. And tax revenue that can be reinvested in services increases.
The impact of entrepreneurship goes beyond just financial benefits are not limited. Socially motivated in Nepal, startups are creating clean energy, clean air, clean water, accessibility, waste management, and financial inclusion, addressing pressing issues such as. These entrepreneurs are working to create jobs for marginalized communities. It also helps improve the quality of life. Promoting economic development and social progress, doing so, entrepreneurship will make Nepal a self-reliant and the ability to transform into a prosperous nation. Dependence on foreign labor and remittances, reducing and encouraging sustainable development has the capacity.
The difference between entrepreneurship and startup. The words “startup” and “entrepreneurship” are often are used together. But their emphasis and there is a difference in perspective. Entrepreneurship is comprehensive guide to starting and managing a business. It is a verb that can be used to describe anything from a small local shop to a large, covers the entire business process from start to finish. It encourages risk-taking, innovation, and market, involves the process of adapting to demand does.
On the other hand, startups are usually young and high-growth companies are those that have distinctive, innovative solutions to market needs, based on design to meet demand through. Yes. These are often technology-driven. Startups are developing technologies or innovative business models. Capture your market share quickly by using. All entrepreneurs start a startup. They don’t, but all startups are run by entrepreneurs. They are inspired.
Himalayan Java, established in June 1999, is an example of traditional entrepreneurship. It started as the only coffee shop in Kathmandu, a chain of outlets/shops across Nepal. This entrepreneurial effort has created a niche for itself in the local market. Focus on value proposition by meeting demand did it. If the coffee shop had expanded many branches, also its growth is stable and an established market focused on the model.
In contrast, digital wallets online, launched in 2017 as a payment service, Khalti is also an example of a startup. Khalti Seva is a technology-driven company that operates in Nepal. The special needs of cashless transactions, it expanded rapidly, addressing. Traditional banking with an innovative approach, the system has been challenged. Users, bill payments, ticket bookings, and mobile, enabling online purchases through the app. Using pocket technology to solve a wide range of problems, solving and its rapid growth trend, it reveals the startup nature.
Where Himalayan Java has stable growth and market, comprehensive with a focus on customization, representing entrepreneurship, Khalti Seva reflects high-growth and innovative spirit, which is a characteristic of a startup.
The Power of Change – Startups
In Nepal, where economic and infrastructure development lags behind, startups are about innovation and social, they are emerging as catalysts for change. These agile companies are emerging in financial technology, healthcare, important sectors such as services and education. Traditional businesses, along with filling in the gaps, are challenging the landscape. For example, financial technology startups like eSewa is revolutionizing financial transactions. This will provide access to banking services for people who do not have access to banks, improving financial inclusion. Health service startups are transforming medicine into digital medicine. Providing services essential to remote populations are helping to reach service information.
Startups are inherently scalable. Allows the effect to spread quickly. That is, to create jobs and these are effective in contributing to GDP. They look perfect. Their agility is something large and established company to a certain extent behind the scenes of the changes coming to the market enables rapid adaptation. Also, startups also play a key role in social change. It plays a role in business development. With environmental protection, social equality, etc., addressing pressing issues and inequalities by connecting, they are doing it.
Startups contribute to economic growth in Nepal. Important in inspiring social innovation, play a role. Innovative solutions, presenting and demonstrating adaptability, they are redefining the market. This will create inclusive and if they are helping to build a sustainable future, proving the power of entrepreneurship in national development they are doing it.
Origin of Startups in Nepal: Development and current status
In the early 2000s, newborns, Nepal’s startup ecosystem, which is seen as has undergone significant changes. Initially, startup ecosystems with limited resources, it has gained momentum in the last two decades. In particular, the inter-annual variability of 0.2% in 2000, net penetration to exceed 64.75% by 2024 has increased. This has been achieved through technological development. Connecting with global trends and local innovation, it has also enabled practice.
In the early 2000s, Nepal, building a community to support startups, it was beginning to be recognized. Entrepreneurs for Nepal, like Nepal Entrepreneurs’ Hub, organizations should instill a spirit of entrepreneurship in youth. Interactive program to generate and Techstars Startup Weekend offers competitions, started to do. After the 2072 earthquake in the country, since then, the technology sector has been developing products like Tootle and Pathao. Urban transportation using startups, attracting attention by making a revolutionary transformation.
Similarly, Kheti and SmartKrishi in the agricultural sector, enterprises like these can help increase agricultural productivity. Involving digital solutions in transformation, they have helped. Today, in the fields of technology, tourism, agriculture, and education, Nepalese startups showing active engagement, the landscape has become vibrant. E-commerce and financial technology have grown significantly, making Daraz and Sastodeal (currently in hibernation), platforms are modernizing the retail market has created.
Private capital and entrepreneurship, government policies supporting growth, especially the advent of a national startup policy has created a more conducive environment for. A growing number of young people are now interested in entrepreneurship. Development as a professional career, they have started watching.
Startup ecosystem in Nepal: The importance of the system
A new business idea in Nepal, investing to shape market-ready products, various obstacles during the transition process we have to face it. But now startup support, the system has also been managed in which bootcamps, incubators, accelerators, availability and engagement mechanisms, entrepreneurship growth is improving dynamically, it makes you feel.
Startup bootcamps in Nepal help entrepreneurs to quickly confirm your planning ideas and to master the necessary professional skills. These bootcamps help participants to become stronger in the practical realities of business, plays an important role in being successful. They provide them with the necessary equipment.
Incubators provide startups with office space, guidance, and early-stage capital, long-term support by providing access, they provide an environment. This support enables young people to establish a strong foundation for businesses. Helping the three expand into the market. It works to reach a successful destination.
Startup Policy Implementation and Impact in Nepal
The government initially introduced innovative those who have ideas but do not have the source of investment. Policy on providing capital to entrepreneurs 2071/72. It was announced in the budget. The announcement of this policy was implemented only after a decade. This idea has been around for a decade. Industry, commerce during seed planting and the late former Minister of the Ministry of Supplies formed under the leadership of Nabindra Raj Joshi. Acting as a member of the committee the opportunity was there. Similarly, FNCCI startups and innovation of (2022-23) also as co-chair of the committee. Sending the final policy draft to the ministry I was a member of the team. Nepal Government’s 2080 Startup the policy creates a favorable environment for entrepreneurship. To create an environment that is legal, institutional, and prioritizing the creation of infrastructure structures. It is based on current industrial regulations. And to update the law, new rules. To make (if necessary), business incubation centers, accelerator programs, resource persons, trainers, and capacity development. Making programs easier to access included.
The policy aims to increase production and employment growth. Promotion of startup-based entrepreneurship for to do, through research at regional and international levels. Aim to incorporate established best practices. This policy covers three levels of government, collaboration between educational institutions and the private sector. Promoting and supporting innovative enterprises does. Ministry of Industry, Commerce and Supplies 2080. Startup Enterprise Loan Operation on Magh 11. Startup Enterprises After Approval of Procedure 2080. The path was paved for the loan program. According to the procedure, 21 days’ notice is required. It was published in the daily Gorkhapatra. Total 1,658 projects have received startup venture loans had submitted proposals for. Of these, 335 if they were on the eligible list, the project 183 projects were selected as startups after the presentation. It was recommended for a business loan.
The Nepal government has announced a budget for 2024 for startups. Rs. 1 billion commitment to support. It will incubate 10,000 new enterprises. and the goal of creating 100,000 jobs. Nepal’s startup policy is vibrant. A platform for the development of a startup ecosystem is a fundamental step. Initial results show in today’s situation, which is showing hope, the government institutions, private investors, and ecosystems. Startups can benefit from the continued support of organizations. Play an important role in unleashing your full potential. It is certain. The policy is maturing and startups. It adapts to the needs of the community. Entrepreneurial activity and innovation across the country. It is expected to be motivating.
Startup promotion in Lalitpur : Status and the way forward
Lalitpur Metropolitan City is one of the largest cities in Nepal. To develop as a major innovation center is in good shape. Especially IT and technology. There’s already enough here for startups. There are companies. Tangent Waves マ Nepal Entrepreneurs’ Hub past economic. Startup bootcamp organizedin the year. Lalitpur Metropolitan City has been involved in initiatives such as. Using your current infrastructure, a. Startups to promote vibrant entrepreneurship. It can further promote the ecosystem.
For the transformation of Lalitpur : Recommended strategies
For the development of entrepreneurship hubs. Close collaboration with existing IT companies. Places to do, incubators, and innovation. Collaboration through the establishment of laboratories and. Promote coordination. Simplifying administrative processes. Business registration and taxes for startups. Providing incentives through policy. By organizing startup competitions. To national and international investors. Attracting local entrepreneurial talent. To showcase identity and innovative businesses. It’s over.
In collaboration with educational institutions. Entrepreneurship studies course. Promoting future entrepreneurs by including. To do. New through mentoring programs. Entrepreneurs with experience in various industries. Startup awareness by engaging professionals. To expand. To facilitate market access. Potential customers for startups, to connect with suppliers, and investors. Help them so that they can. So that operations can be expanded.
Lalitpur Chamber of Commerce and Industry’s Role
Entrepreneurship, innovation and economic development. is the driving force, especially in a country like Nepal. For, where job creation and sustainable growth. Needed. Supportive for startups. If the ecosystem can be promoted, Lalitpur. Entrepreneurship Development Centers in districts like. There is an opportunity to be established systematically. Mentoring, incubation programs and friendly. By investing in policies, Lalitpur can achieve its full potential. If we can unlock the potential, Nepal’s economy will. It can play an important role in building the future.
The Lalitpur Chamber of Commerce and Industry has. Supportive policies to implement the points. Can advocate for, for networking. It can provide a good platform. Startups in the district need the necessary support and. To ensure visibility. Can collaborate on proposed strategies. These targeted efforts will help other districts of Nepal. Compared to Lalitpur Metropolitan City, innovation. and to present it as a center of entrepreneurship. It can become a standard.
