Young Cambodians See Entrepreneurship as a Way to a Better Future
Cambodia is a country with a turbulent history and currently ruling a suppressive regime, but they did manage to find a way to improve their economy. They did it through entrepreneurship. Truth be told, mostly young Cambodians engage in this kind of venture, but the government helps with a variety of projects as well. Consequently, social organizations joined in on the fun, and there is no lack of coaching too.
Young people in Cambodia face many adversities when it comes to their employment. The absence of experience, skills, and money often leads to working on low-quality and low-paid jobs. But the country took measures to ensure economic growth by empowering young people to become entrepreneurs.
The up and Coming Region
Some research showed that South East Asia is one of the best regions in the world for entrepreneurs. Development of the internet and technology, alongside the young population, make this area adequate for entrepreneurial ventures. Also, we have to consider the urbanization of this region and the emerging middle class.
Cambodia wasn’t included in these surveys, but experts consider that it can’t be that far away from its neighbors. At least the actions that this Southeastern Asian country took in the previous decade show that they plan to develop this branch.
Where Does Cambodia Stand?
The Entrepreneur Association of Cambodia was established roughly ten years ago. In the past decade, they did a lot to support young people to start their businesses. Besides that, the Ministry of Education, Youth, and Sports organized several entrepreneurship programs.
During these events that usually last several months, young entrepreneurs can learn a plethora of valuable skills. For example, how to develop and promote their businesses or how to create sustainable business models.
Also, in the past years, the government launched several hubs, most of them in the capital Phnom Penh. Young business owners can use these incubators as a place to work but also meet with like-minded individuals, maybe future business partners.
The supporting and developing of entrepreneurship is part of Cambodia’s plan for the economic development of the country. Besides achieving economic growth, they also plan on creating a connection between the private sector and civil society.
It’s not just the Cambodian government that wants to improve this business area. The social enterprises also got on board. So young businessmen and those who plan to pursue this path can attend a start-up camp. However, participation in these events is expensive, and not everybody can afford it.
All in all, these efforts were fruitful, and many entrepreneurs represent an excellent example to those who might think about following in their footsteps. Most Cambodian entrepreneurs are developing businesses that are primarily set to help and make life easier for people in their country.
Businesswomen Are Paving Their Path
They are rare, but female entrepreneurs in Cambodia do exist, and they bravely pave their path toward success. Still, they run into problems on that road. Unfortunately, they don’t have the same access to the loans that can help them expand their businesses.
According to some beliefs, the major setback in their careers is the fact that Cambodian females are less open, and they lack leadership skills. And both of these trades are important in building one’s own business from the ground.
However, there are several initiatives and organizations that empower female entrepreneurs. Organizations like Women in Business Cambodia are there to help young women to create a network and connect with other businesswomen from their country.
It’s Still Just the Beginning
Cambodia’s economic methods for growth include the development of entrepreneurship, and the country has made actions toward that goal. Cambodian young entrepreneurs have a variety of options to improve their skills or learn new trades that can help them in developing their own businesses.
The good side is, many of them are not afraid to make this leap. It is even better that entrepreneurs are giving their best and trying hard to develop the start-up scene and help future businesspeople from their country.
Similar to neighboring countries, the internet and technology are developing in Cambodia too. Young people are staying in touch with tech trends, and they’re learning fast. All that enables them to endure in their intentions of creating and developing their own business.
However, there are a lot of things that have to be done if Cambodia is to become an excellent environment for entrepreneurs. Even though they did take considerable steps in the right direction, it is still an area that needs to be developed in the long term.