IFISE Magazine - August 2017 FED Report

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FED REPORT August 2017 1. Lack of True Spirit of Entrepreneurship Majority of the entrepreneurs in Bhutan lack the true spirit of entrepreneurship. The idea of businesses are more driven by the desire to accumulate profits. Business ideas are short-sighted without long term visions. The idea of customer care is lacking in most of the entrepreneurs. There are no proper marketing strategies in place in most of the business units. 2. Access to Finance Like in many countries of the region, access to finance remains to be a major challenge. Banks in Bhutan only provide collateral based loans that too at a very high interest rates. There are some venues of getting small grants through government and NGO schemes but they cater to only few selected entrepreneurs. 3. Lack of Proper Training Institutions on Entrepreneurship At present there no training institute in Bhutan that offers related trainings on entrepreneurship development. The only few trainings that are rendered are facilitated by the Ministry of Labour & Human Resources. There is no in-house expertise to also conduct the trainings. C. ENVISAGED INTERVENTIONS Following are the envisaged interventions given the current challenges and situations in Bhutan: • There is need to come-up with entrepreneurship-friendly funding mechanisms by the Banks in Bhutan to fund business plans that have capacity to generate employment and improve the economy of Bhutan. • The government of Bhutan under the Ministry of Economic Affairs need to institute a separate Department of Entrepreneurship Development. The Department should then be mandated with the particular job of conducting training to the entrepreneurs of Bhutan also carry out research and market studies to help and guide the entrepreneurs. • The government of Bhutan could create a separate revolving fund to fund aspiring and talented Bhutanese entrepreneurs to fund projects without having to secure mortgage requirements. 16
FED REPORT August 2017 • The government of Bhutan should facilitate and support the establishment of few private training institutions to fulfil the requirement of training gap with regard to entrepreneurship development. • The government of Bhutan could establish business hubs and centres to cater to the needs of Bhutanese entrepreneurs in terms of technology support and access to foreign markets. 17
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IFISE Magazine - August 2017 FED Report

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