The Business Startup Center (BSC) in partnership with the Ministry of Commerce and Industry (MOCI), with support from UNDP, will commence a three-day entrepreneurship business development and management skills training in Monrovia for seventy-four young people from seven counties who are gearing up to compete in the Livelihood & Employment Creation Business Plan Competition.
According to a press release, 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$3,000.00 they can use to either grow an emerging business, launch a new business, or pursue innovations that allow them to scale up.
The training which has been scheduled for 22-24 November 2021 targets young people selected from Lofa, Nimba, Sinoe, Grand Gedeh, Grand Bassa, Grand Cape Mount and Montserrado Counties.
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.
The Business Startup Center (BSC) will train them 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.
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. 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.