Entrepreneurship in Nepal: Opportunities and Challenges, In Nepal, entrepreneurship has been gaining momentum in recent years.
Nepal is a landlocked country in South Asia, with a population of about 30 million and a GDP of about $30 billion. Nepal is one of the least developed countries in the world, facing many challenges such as poverty, inequality, political instability, natural disasters, and lack of infrastructure.
However, Nepal also has many opportunities for entrepreneurship, such as a young and diverse population, a rich cultural heritage, a strategic location between India and China, and a growing demand for innovative products and services.
Entrepreneurship is the process of creating, launching, and managing a new business venture. Entrepreneurship can contribute to economic growth, social development, and environmental sustainability by creating jobs, generating income, solving problems, and empowering communities.
Entrepreneurship in Nepal
In Nepal, entrepreneurship has been gaining momentum in recent years, especially in sectors such as tourism, agriculture, education, health, technology, and social impact. Some examples of successful Nepali entrepreneurs are:
- Binod Chaudhary is the founder, and chairman of CG Corp Global, a multinational conglomerate with interests in food, hospitality, banking, education, and more. Chaudhary is the first and only billionaire from Nepal, according to Forbes.
- Anil Chitrakar, is the co-founder and president of Himalayan Climate Initiative, a social enterprise that promotes green entrepreneurship and climate action in Nepal. Chitrakar is also an engineer, author, and speaker, who has received many awards and recognition for his work.
- Shreejana Rana, the executive director of Hotel Annapurna, a leading hotel chain in Nepal. Rana is also the president of the Hotel Association Nepal, and the first woman to hold this position. Rana is a role model for women entrepreneurs in Nepal, who face many barriers and discrimination.
- Aayushi KC, the founder and CEO of Khaalisisi, a digital platform that connects waste sellers and buyers, and promotes waste management and recycling in Nepal. KC is a former UN staff, who quit her job to pursue her passion for social entrepreneurship.
- Sixit Bhatta, the founder, and CEO of Tootle, a ride-sharing app that connects commuters and bikers in Kathmandu. Bhatta is a former software engineer, who launched Tootle in 2017, and has since expanded to other cities and countries.
Entrepreneurship in Nepal faces many challenges, such as a lack of access to finance, skills, markets, infrastructure, and mentorship. Entrepreneurs also have to deal with bureaucratic hurdles, corruption, political uncertainty, and social stigma.
To overcome these challenges, entrepreneurs in Nepal need more support from the government, private sector, civil society, and the international community. Some of the possible ways to support entrepreneurship in Nepal are:
- Creating a conducive policy and regulatory environment that encourages and facilitates entrepreneurship, innovation, and competition.
- Providing financial and non-financial incentives and resources for entrepreneurs, such as grants, loans, tax breaks, subsidies, incubators, accelerators, and co-working spaces.
- Developing and strengthening the entrepreneurial ecosystem and culture, by fostering collaboration, networking, education, training, mentoring, and awareness among entrepreneurs and stakeholders.
- Promoting and showcasing the success stories and best practices of Nepali entrepreneurs, both locally and globally, to inspire and attract more entrepreneurs, investors, customers, and partners.
Entrepreneurship in Nepal has a huge potential and scope to transform the country’s economy and society and to contribute to the global sustainable development goals. Entrepreneurship in Nepal is not only a necessity, but also an opportunity, for creating a prosperous, inclusive, and resilient Nepal.
