[LIFT Magazine]
Business seems to be valued over studying by a growing number of
Cambodian youths. They say that doing business is more beneficial and
they can be their own boss, unlike a job taken because it is relevant to
a studied subject. Hence, we see some university graduates turning
their attention to business instead. However, due to their young ages,
they tend to encounter challenges.
Economic analyst Kang
Chandararot said most young entrepreneurs run businesses which are
supported by their parents and relatives, adding that they usually face
problems because they lack industry knowledge and experience.
“It
is good that there is financial backing from parents at the beginning
but when there is competition from local and international rivals, they
have to evolve to attract investors, which will be their challenge,”
said Kang Chandararot.
“At the start when there is no strong
competition, they should study the market and find ways to strengthen
and expand their businesses so they can compete.”
Doing business frequently requires youths to problem-solve.
Chang
Bunleang, 26, is the owner of Phnom Penh-based Brown Coffee, and
advises young entrepreneurs to be clear on the kind of business they
want to do and to spend efficiently.
“Do not spend too much,
especially compared to your competitors. Also, do a business which is
your interest because if it is not, you will stop doing it in the
future.”
Chang Bunleang has been running Brown Coffee for nearly two and a half years and gets financial backing from his family.
To
address the difficulties that youths have in business and to strengthen
their business savvy, AIESEC holds a yearly business planning
competition. Chan Pisey, AISEC’s national vice president for
communications in Cambodia, said The 1000 Global Leaders Program is a
competitive business program which reduces unemployment by developing
and training university students and fresh graduates in business skills
and knowledge.
“We train them to have an entrepreneurial
perspective and a business mindset. They can apply what they have
learned in the business plan they submit for competition,” she said.
The program has been running since 2010 and to date, has seen more than 500 participants, she added.
One
obstacle for participants is their lack of self-confidence and fear of
expressing themselves, said Chan Pisey. She advised youths who think
that academic study is sufficient, to broaden their education by joining
extra-curricular activities.
Former president of Junior Chamber
International Cambodia and co-owner of TNC and Pizza World in Phnom
Penh Chy Sila said there was a need for businesses to differentiate
themselves in order to be successful, instead of jumping on the
bandwagon.
“If we have one different business, there will not be much competition and we have more success,” he said.
He added that young entrepreneurs should focus their businesses, instead of selling many different goods.
“Young
businessmen have to try hard with their business, stay with it and do
everything for it. They now have a lot of opportunities to learn about
business from experts. Those who know how to speak English will be able
to communicate well on behalf of their business.”
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