Business

95% of micro startups supported by govt and NGOs fall by the way side within 5 years: expert

Published

3 years ago

2023/01/12

Sahan Weerasooriya

Dr. Premasiri Gamage

By Sanath Nanayakkare

95% of microbusinesses supported through the Government and NGO mechanisms tend to become no longer active or successful within 5 years, according to an experienced mentor of entrepreneurship.

Dr. Premasiri Gamage, Management guru and personality trainer specialized in rural entrepreneurship development and micro finance revealed this during an interview with Independent Television network (ITN) yesterday.

“15% of these micro businesses are constantly moving in a roundabout without making any progress and seeking further support from the Government or NGOs, and therefore, the joint efforts by these two institutions have actually helped create a minimal 5% of successful micro businesses in any given 5-year time periods,” he said.

“Some of them are very good niche ideas that could be the start of multi-million rupee businesses, but they fail to produce their potential mainly because these entrepreneurs solely depend on themselves without outsourcing certain tasks or partnering with a strong network. It is not easy managing even a micro business holistically on one’s own in today’s competitive environment and one would need insights and direction from those who have the expertise. But here in Sri Lanka, many people believe that partnerships are untrustworthy because money can change everything. But as a sole proprietor, one alone is responsible for the success or failure of the business. But in a partnership, there will be complementary strengths, talents, personalities, and experiences of the prospective partners. Many Sri Lankan parents urge their adult children who are passionate about starting a business to do so on their own without the contribution of no-one. This has frightened our youth and they are naturally discouraged from entering a partnership and eventually they don’t enter the entrepreneurial world at all. We have to get rid of this misconception. How many businesspeople have prospered in the world on his or her own? Almost none. There are many people behind the big companies’ success other than their founders. Alibaba CEO, Jack Ma hired passionate entrepreneurs to build a solid foundation on which to base the company’s growth. Bill Gates trusted in the ability of those whom he hired to come up with answers to problems. Mark Zukerberg had partners that were important elements of his company and were leading a lot of key efforts for the company. So, it’s a Sri Lankan myth that a business has to be a sole proprietorship because there can be many disadvantages to it,” he said.

“Another Sri Lankan myth is that for one to enter the entrepreneurial world, one must have entrepreneurial DNA. That is not necessarily so. If one has the passion for business, entrepreneurship can be acquired. There are specialized entrepreneurship mentors in Sri Lanka who can give the knowledge to design a curriculum to learn and practice entrepreneurship. A lot of academics and professionals are ready to share that knowledge with interested young people at school level or with those who are looking to be financially independent without any age barrier. If the Minister of Education and the Secretary to the Ministry of Education are willing to partner with us, we will muster the support of the universities to initiate entrepreneurship education programmes islandwide. The key eligibility of being an entrepreneur is; not having a dependent-mindset and having the capacity to take responsibility for one’s own life without seeking giveaways from the Government,” he said.

Dr. Premasiri Gamage said that they have organized an entrepreneurship education programme for the youth in Bulathsinhala at Bulathsinhala Pradeshiya Sabah Auditorium from 8: 30 am-1: 30 pm on January 19.

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Business

Low-floor buses launched to boost accessible public transport for differently-abled

Published

21 hours ago

2026/04/26

Thilina Walpola

A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).

The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.

Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.

Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.

The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.

Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.

He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.

Business

Nestlé Lanka Announces Change in Leadership

Published

21 hours ago

2026/04/26

Thilina Walpola

Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.

Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”

Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.

“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”

Business

Majestic Cineplex Returns Bigger Better and More Immersive

Published

21 hours ago

2026/04/26

Thilina Walpola

Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.

For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.

The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.

Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.

Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”