Thank you for pointing that out. Here is the revised response:
AT any one time, there are only about 500,000 formal sector jobs available in PNG and most of those are taken. The usual process of going to school, getting a job and climbing up the corporate ladder sadly will never be an option for the majority of our people.
The sooner we recognise this, the sooner we will be able to give our children realistic advice for their future.
In 2014, I created a program within the National Development Bank called the Young Enterprise Scheme or YES. It was aimed at engaging Grade 12 school leavers.
They had 8 months to complete a financial education short course run by the SME Corporation, prepare a business plan, invest between K50 and K1000 of their own money, register a business with IPA, open up a bank account, run their business over a 6 month period, before a final assessment determined whether or not they would be eligible to obtain a loan from NDB.
Some of those youth who participated in that program today are very successful business owners today.
The premise behind the YES program was to provide an alternative for our young people after school-knowing full well that 80% of them will have no further advancement opportunities after graduating high school.
My vision was for the program to be rolled out nationwide, but sadly it was limited to the first batch in Port Moresby.
If you can help your child start a business in high school or earlier, you are setting them up for life.
What can we as parents and guardians do today to encourage our kids to set up businesses for themselves?
DES YANINEN is President of the PNG MSME Council and has been an outspoken advocate for SME development in PNG for over a decade. He is CEO of Pacifund, a financial services firm that helps SMEs secure bank loans or investment funding. Contact him on email des@pacifund.com.
