Entreprenureship critical element in economic development

Indunil HEWAGE

Entrepreneurship is one of the critical elements in the economic development of a country and most of the time, entrepreneur is defined as a person looks for innovative ideas and puts them into effect in nurturing economic growth and development.

The Chamber of Young Lankan Entrepreneurs (COYLE) is a private chamber in Sri Lanka and it's main objective is to promote trade among its members whilst enhancing international trade and relations among various countries. The Chamber of Young Lankan Entrepreneurs (COYLE) immediate past Chairman Nayana Dehigama expressed his thoughts about the COYLE contribution for the well-being of local entrepreneurs as well as the local economy.

Q: Could you give us a brief introduction about COYLE and what was the thinking behind the COYLE?

A: The Chamber of Young Lankan Entrepreneurs (COYLE) was formed as a business chamber for young Lankan entrepreneurs in 1999 with the vision to be the most influential and vibrant chamber of young business leaders in Sri Lanka. Though COYLE commenced its journey with 17 members on board, today its membership has grown to over 107 leading entrepreneurs. The members of COYLE contribute immensely to the economic progress, stability and well-being of the country while raising voice and unbiased opinion on the matters of national importance. Our main objectives are to serve as a link between the business sector and the government of Sri Lanka, to provide data to trade and industry, to express the views of the Sri Lankan business community on commercial matters and to mediate disputes arising out of trade and industry.

Q: Could you tell me about your time as the Chairman of COYLE, and what initiatives you have implemented to meet the core objectives of the organization? In addition, COYLE is an ardent opposer to the proposed Comprehensive Economic Partnership Agreement (CEPA) between Sri Lanka and India. Can you express your views on this ?

A: Our main focus is to develop the local industries as well as the economy whilst bridging the balance of payment gap of the county by way of encouraging import substitutions as well as exports .We always promote trade within the COYLE community and make efforts to save foreign exchange that is draining to foreign counties . COYLE has also strongly come forward to voice our professional opinions to whatever the problems that affect entrepreneurs and local trading activities.

We are an ardent opposer to proposed CEPA agreement between Sri Lanka and India and COYLE considers that the CEPA Agreement will bring many detrimental repercussions to our trade .It is true that there are a few benefits industrialists may receive .However, repercussions of the proposed agreement are much higher than the benefits to Sri Lanka. COYLE has held many forums, and had dialogues with industry leaders and diplomats pertaining to the proposed agreement .What we suggest is to change the several terms and conditions laid out within the agreement which are detrimental to the local industry. COYLE also managed to direct our inputs to Darusman Report as well and our suggestions were well- received by the resident UN mission in Sri Lanka.

In addition, during my tenure as the Chairman of COYLE, I organized Diplomats Evenings with a view to creating opportunities for COYLE members to interact with the foreign missions in Sri Lanka.

Q:If somebody wants to become a member of the COYLE, What factors are considered in granting membership to them?

A: To become a news member, he should be the executive shareholder of the company with over 35% stake of the company. The organization must also have a minimum annual turnover of Rs 100 million.

COYLE membership is only given by invitation .A new member should be proposed by an existing member of the Chamber. The proposer shall hold full responsibility of the acts of the individual and shall ensure all particulars submitted with the application form are true and correct. The proposed individual shall not be over 48 years of age at the time of submitting the application. The members are the owners of the COYLE and 'cannot be represented by any other official in any meeting and activities of COYLE.

In addition ,we promote the family culture within the chamber and have brought in spouses together and formed a COYLE ladies Chapter where they will focus on charity and other social activities.

Q:What do you think are the challenges faced by the entrepreneurs in Sri Lanka?

A: As of now, most of our challenges that we used to face during the last two decades have vanished. The government has offered entrepreneurs a very conducive environment.

We are very happy with the concessions offered to the local entrepreneurs from the past budget in terms of research and development , knowledge assimilation and creation segments .However, the country is lagging behind in taking steps to reduce the balance of payment gap. Investors should focus on import substitutions while making more industries for exports .

Q:What is the COYLE contribution to develop entrepreneur skills among local university students?

A: COYLE supports the entrepreneurship in Sri Lanka and have created different forums to share our success stories and knowledge among public as well as the university students. We have teamed up with three local universities to develop entrepreneurial skills among students. If we can make at least five percent of students at the end of day, I believe most of our economic problems will be vanished overnight .

What we want to show them is the rosy picture of becoming an entrepreneur and the rosy life all the entrepreneurs are leading today. We organized a unique forum named "Zero to billionaire - the truth untold by our heroes" with the participation high profile businessmen in the country. This has become a trendsetter and many organizations are coming out with similar forums.

Q: What initiatives have you implemented to assist the entrepreneurs in the liberated areas?

A: COYLE was the first to visit the Jaffna area no sooner the war was declared over. We organized several forums with the Jaffna Trade Chamber as well as related bodies to create a conducive environment for them to grow their businesses.

Q:What is the corporate social responsibility angle of COYLE?

A: COYLE is in the process of building up a bridge over the Daduru Oya to link two villages in Ibbagamuwa to fulfill a long felt need of villagers at their requests as a CSR project at a cost of over 3 million rupees. The CSR initiatives are handled by the Women's Chapter of COYLE.

Q:What is your advice to young entrepreneurs in the country?

A: Budding entrepreneurs do not need much things to start a business and all resources needed to start a business are available in the market now. What is not available in the market today is the entrepreneurship , entrepreneurial thinking and ability. What matter them is to create enthusiasm and entrepreneurial spirit in them,which is self controllable.

Entrepreneurship should be propagated within the entire organizations from top to bottom .Entrepreneurship is not only confined to people who run the business, it should be embedded among every person in the organization. Companies must adopt a sustainable growth to survive, there is nothing called stagnant companies, companies should either grow or die , these are the two states entrepreneurs need to choose and consider to sustain their businesses.