The Business Startup Center (BSC) has commenced a three-day entrepreneurship business development and management skills training for 74 young people from seven counties.
Counties to benefit from the training which has been scheduled for November 22-24, 2021 are Lofa, Nimba, Sinoe, Grand Gedeh, Grand Bassa, Grand Cape Mount and Montserrado.
The training which is expected to be held in Monrovia in partnership with the Ministry of Commerce and Industry (MOCI) with support from UNDP is geared towards encouraging competition in the Livelihood & Employment Creation Business Plan.
The beneficiaries between the ages of 18–40 were selected through a competitive evaluation process from among 300 applicants who submitted business ideas for the Livelihood and Employment Creation Business Plan Competition.
Through this program, the young entrepreneurs will develop business ideas and compete for seed capital up to US$3,000 they can use to grow an emerging business, launch a new business or pursue innovations that allow them to scale up.
It is aimed at helping them use innovative ways of fine-tuning their business plans to attract funding and maximize the commercialization of their products. Participants will also receive mentorship on how to start new business ventures after acquiring entrepreneurial skills.
Within a period of two weeks, an evaluation panel will receive all the submitted business plans and give each participant an opportunity to defend their plans while the BSC will provide training in business planning, financial planning, marketing, customer service and pitching ideas for success.
The beneficiaries will receive support in developing their business plans and use them to expand existing ideas on market opportunities, sales forecasting, customer service, and finance. In preparation for the competition, the BSC will assist participants in drafting their business plans.
The winners will receive seed funding either to use as startup capital for a new business or to improve an existing one. Up to 50 successful entrepreneurs are expected to benefit from this grant.
The business plan competition is part of activities of the Livelihood and Employment Creation project supported by UNDP to support income-generation opportunities especially for the poor and vulnerable, which include the youth, women, and people with disabilities, among others.