The New Year 2022 has just begun, and Nepal should make a resolution to give a boost to tomorrow's young homegrown entrepreneurs. Approximately 10,689,842 people in Nepal are under the age of 30, according to the 2021 Census (40.3 per cent). Nepal is poised to flourish because it is young, active and eager to engage in the global economy. It is also a democracy.

There are several investment options available here. A critical role in the country's long-term economic growth is played by entrepreneurship. As suggested, Nepal's future cannot be predicated only by international assistance and remittances. If we want to continue ahead on the course of sustainable economic development, we must create an atmosphere conducive to new entrepreneurship and innovation.

Entrepreneurship is vital because it produces jobs, while it also has a significant influence on the lives of young people in general.

Nepal's young and enthusiastic populace is leaving the country daily to pursue new opportunities. If all of Nepal's residents are involved in entrepreneurship, the country's need of foreign aid would reduce significantly.

According to the most recent World Bank ranking, Nepal ranks 110th out of 190 nations regarding the ease of doing business. Legal assistance, a suitable atmosphere, a large young population, and an abundance of resources are some of Nepal's benefits for boosting entrepreneurship.

In terms of commercialising the agriculture sector, Nepal offers tremendous potential. Because of increased government assistance for the farming sector, businesses will reap tremendous benefits. In addition, tourism shows great potential although it has been hit hard by the coronavirus pandemic.

Nepal's geographical conditions are conducive to developing the tourist industry.

In Nepal, the information technology industry is seeing significant growth.

Information technology offers substantial potential for generating growth, investment and considerable profits in the entrepreneurship industry. Nepal is a newcomer to information technology entrepreneurship, but it has a more promising future in terms of employment opportunities.

It has lower running costs, is more accessible, and has a limited influence on occurrences like the COVID-19 pandemic.

There are several issues facing society that need new and inventive solutions (fintech, agri-tech, ed-tech, biotech, reg-tech, climate-tech). Because most young people are focussed on studying or working overseas, individuals who opt to remain in the country and develop their entrepreneurial skills have fewer competitors.

Beyond these business prospects in Nepal, we still have many challenges to solve, opening even more doors for entrepreneurs to pursue their dreams. Even though Nepal faces several obstacles, I believe that this should not discourage the spirit of entrepreneurship.

We do this because embracing challenges and taking risks are fundamental to the very essence of the entrepreneurial spirit itself.

Entrepreneurs must have a vision that others do not currently recognise.

People may feel that their ideas are hypotheses and impose a high level of uncertainty, but that is what entrepreneurship is all about: putting everything on the line for a view you believe in. As a result, we will see several prospects for entrepreneurial growth in Nepal if we look at it carefully. There is a crisis – a shortage of electricity, water, fuel, communication and inflation. But remember that a crisis may be a window of opportunity for an entrepreneur. Many company concepts may be established here with first-mover advantages since we are still a developing nation and technology is still in its infancy. Because of the high unemployment rate, you may put together a group of determined adolescents anxious to keep their jobs. Even though the world has progressed, many challenges still need new and imaginative answers.

Because there are fewer development activities in the nation, people with money have fewer sectors to invest in. Consequently, several investors are eager to support if an entrepreneur can provide a compelling concept and a viable business plan.

There are various reasons why entrepreneurship is vital, ranging from advocating social change to pushing innovation. Most people consider entrepreneurs to be national assets, who should be developed, driven and rewarded to the maximum degree feasible.

However, this is not always true. It is indeed true that some of the most industrialised countries are global leaders thanks to their citizens' innovative and entrepreneurial spirit.

Exceptional entrepreneurs can transform how we live and work on a local and national scale. If they are successful, their ideas may raise living standards.

In addition to generating income via entrepreneurial endeavours, they may also provide employment and contribute to the economy's growth.

Entrepreneurs also contribute to the advancement of change via innovation, in which new and better goods allow the development of new markets. However, excessive entrepreneurship (i.e., a high level of self-employment) may harm economic growth.

Entrepreneurial endeavours contribute to the creation of new wealth. Existing enterprises may find themselves restricted to their current markets and at a point of diminishing returns.

Entrepreneurs' introduction of new and better goods, services or technology allows for the development of new markets and new riches. Increasing employment and income growth lead to higher national income via increased tax revenues and government expenditure. The government may use this cash to invest in poorly run industries and human capital.

Finally, if it results in the layoff of a few current players, the government may mitigate the impact by allocating excess resources to retrain employees.

This is an excerpt from the upcoming book, 'Why Nepal Fails' by the writer

A version of this article appears in the print on January 3, 2022, of The Himalayan Times.