Impetus for Palau youths to turn young entrepreneurs
An innovative “Young Entrepreneurship Solutions” (YES) action plan has been launched in Palau this week. <!--more-->It is a collective effort by several agencies including the Palau Government, Ministry of Public Infrastructure, Industries, and Commerce, the Palau Small Business Development Centre and the United Nations Development Programme.
Through the theme, ‘Planting the Seed of Entrepreneurship’, the YES action plan seeks to encourage the development of a dynamic business community in the younger generation. It also plans to reduce the costs associated with youth unemployment, and in-turn minimise youth social conflict and segregation, by helping them achieve economic independence.
President Johnson Toribiong of the Republic of Palau said, “There is no short cut to success but hard work and youths should be committed to work hard, have access to capital and to work smart to be a successful Entrepreneur.”
The initiative comprises business plan training and a contest for youths in the country. These youths, who are high school graduates between the ages of 18 and 35, possess genuine aspirations to learn new business skills and strategies with the intentions to improve performances in the business community.
The project will commence training with participants engaging in 40 hours of classroom training, divided into 2-3 hours a day for 3 weeks, and will include presentations from commercial lenders such as the National Development Bank of Palau, Bank of Guam and Bank Pacific. It will also include attending monthly meetings with the Palau Chamber of Commerce.
A part of the training will be attachments for participants with businesses. The project’s first phase is scheduled to conclude in July this year.