The recent statistics issued by the Central Bank of Sri Lanka (2019) declare that Sri Lanka is making rapid progress towards becoming one of the fastest-growing economies in South Asia, while managing inflation (3.3%) and unemployment (4.3%) through various strategies. The business climate within Sri Lanka is becoming favorable to foreign investors since Sri Lanka is the only country in the world that owns Free Trade Agreements with both India and Pakistan. The government of Sri Lanka is responsible to set up high Economic Development Zones, Industrial and Technical Zones to attract investors boosting up the economy of the country with Foreign Exchange and investments.
Even though the economic development rate in Sri Lanka builds up a healthy background for the businesses, the “Sri Lanka Start-up Report 2019” issued by Sri Lanka Association of Software and Service Companies (SLASSCOM) states that even though the rate of start-ups in Sri Lanka commenced each year indicates a high rate, less amount of them achieve the sustainability and success surviving through the difficulties and the challenges they come up with.
Start-ups can be defined as grass-root but Innovative businesses that generate new products, ideas and services creating a high growth, high impact in the business environment. According to the business critics, less diversity inclusion is the biggest cause which leads to the failure of number of start-up. A start-up’s biggest value is the entrepreneurial mindset which eventually increases the opportunities which push the business up through the ladder of success. If all the entrepreneurs which were recruited, represent the same culture and the same field, the success of the start-up becomes doubtful since there is a less diversity among the mind-sets of the entrepreneurs as employers.
Hiring foreign volunteers as the Global Entrepreneurs, AIESEC imports and recruits Innovative young employers from different fields representing diverse cultural backgrounds, offering them the opportunities to work with local entrepreneurs adding diversity to the start-ups. Since these foreign entrepreneurs hold different mind-sets different to the local entrepreneurs, the start-up becomes rich with innovative ideas increasing the value and the competitive level of the start-up with the foreign exposure.
Before hiring the foreign entrepreneurs, AIESEC brings them through interviews to figure out their skills and the strength which they hold in different fields. Recruiting Entrepreneurs representing different fields is essential for the success of a start-up because the employers should be skillful enough to survive through the competition finding the best solutions. Employers of the start-up need knowledge in Information Technology, Human Resources Management, Finance etc. to cope up with the different problems they face in the business environment. Since AIESEC is hiring Global Entrepreneurs representing diverse cultures and different fields to work with local entrepreneurs, the sustainability of the start-up remains in a high position.
Hiring Global Entrepreneurs also enriches the start-up with International Recognition. With foreign exposure the start-ups build up broader networks between countries achieving the establishment in the cooperate field. Further, International Recognition can boost up the demand for the start-up with a surprising rate, adding more opportunities to the cooperate sector of the Country.
If Sri Lanka is looking forward to achieving sustainability increasing the economic growth, start-ups are one of the most practical ways to address the highly competitive job market, reducing unemployment by hiring young, skillful, qualified individuals across the borders recruiting the as the Global Entrepreneurs in the local start-ups. The technological advancement and rapidly increasing competition between start-ups can combat the economic issues in Sri Lanka including inflation and unemployment bringing both the start-up and the country to Sustainability.