Business

Lack of skills a hindrance for aspiring entrepreneurs

June 28, 2022 12:30 pm

The lack of skills and knowledge to successfully manage a business has been stopping most Fijians from venturing into the Micro, Small, and Medium Enterprise sectors.

Launching the Fiji Enterprise Engine yesterday, Acting Prime Minister, Aiyaz Sayed-Khaiyum stresses this will equip Fijian entrepreneurs with the right skill set to establish and run a business.

Sayed-Khaiyum says the inability to make a financial plan and manage cash flows are among the numerous challenges facing aspiring entrepreneurs.

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“Because of their inability to plan their finances, more so because of the inability to access that knowledge to be able to plan their finances. F.E.E today makes a huge stride in that aspect and creates this culture where people are able to ensure they have a particular level of acumen, expertise and skillset for them to be able to do well in a business.”

International Labour Organization Pacific Director, Martin Karimli says MSMEs are a critical part of any government machinery.

“Indeed small matters, as self-employed people and MSMEs account for almost two-thirds of jobs globally.”

The program which is supported by Australia’s Market Development Facility has grown beyond Fiji and the Pacific.

Since its inception in 2019, graduates have gone on to establish successful businesses and provide coaching and mentoring to those hoping to venture into the sector.