Financial Times

Dare to be Different
By Nilooka Dissanayake
"One of the greatest pains to human nature is the pain of a new idea" observed Walter Bagehot, an English writer and economist in the 18th century. Have we overcome that weakness even in this 21st century?

Unfortunately not. Which is why many new business start-ups copy others instead of thinking up something novel as their business project. And it is not only the start-ups who succumb to this weakness. Many established businesses and often large groups also go for these "me too" ideas. What eventually happens is that they spoil the market for everyone, including themselves.

Think of it. A new three-wheeler joins an already established queue. A new grocery shop opens next to an old one. Even the banks and financial institutions do it. Look at how many people are offering pawning services, fixed deposits, leasing and such like. True some of these organizations develop the market and get people to consume more. But often what happens is that the existing business gets divided among many. Everyone suffers. Just because of that new addition, new business does not get created.

Today, instead of continuing with the Developing the Small Business series, we interrupt, as we promised, to share with you some new ideas; business ideas that will help you consider business opportunities in a new light. None of the ideas are new, really. It is age-old common sense packaged to suit your palate and the palates and the tastes of the new consumers, both in Sri Lanka and abroad.

"Why don't our entrepreneurs think?" questions Dr. D.B.T. Wijeratne, Director Research and Development of the Ministry of Agriculture, Livestock, Lands and Irrigation. "Don't they ever go to shops and look at what is there and wonder whether they can at least copy from these importers? Don't they even consider their own little problems and try to come up with solutions to suit the multitude?"

Listening to Wijeratne, one wonders whether Sri Lankan entrepreneurs are sitting on a pile of gold and complaining of the lack of opportunities. "Take the humble hair oil," says Wijeratne. "Most of us are no longer happy with simple coconut oil. And every time you go for a haircut or hair massage, they use some sort of massage oil on your scalp.

Even the humblest of the barbers use an imported product. Why can't a Sri Lankan entrepreneur develop and market king coconut oil? Why not consider adding dried Nelli fruit, without any artificial additives? Nelli is known for curing all sorts of hair related problems. If we use Nelli to enrich that oil, it will be accessible to all and sundry at an affordable price. No, we prefer to buy the Indian product.

Think of Gotukola. It is known all over the world for improving memory power. If eating fresh salad or 'mallum' is difficult, why not make some product out of it for local consumption? We don't mind getting the export markets. But never for the local market which has bigger potential for especially a small business. What is wrong with our logical thinking processes?

The humble Goraka that we only use in the curries is well known for its slimming properties. Can we make some product out of it for the local market? For example, we all know the dried and salted version used in the kitchen. But, if the ripe fruit can be collected, it can be the base for a drink or cordial. Then again, we can also make it as a preparation to add to tea and herbal drinks. How many health conscious individuals will cherish this product?

There are many such ideas for our local entrepreneurs to choose from. But they need to open their eyes to this whole world of opportunities. They need to get out of this 'me too' rut and think differently." According to Wijeratne, many creams with Ayurvedic properties can easily be manufactured with local materials by adding the aqua cream base used in all the creams found in the market.

In addition to the product ideas mentioned above, the Ministry is also ready to provide technology to new and established businesses that come up with their own product ideas. Many Sri Lankan companies are already marketing, locally and overseas, products developed with such technology.

Next time you visit a supermarket, remember to check out the tetra packed drinks made of humble materials such as Beli, Iramusu, Nelli and Aloe Vera (Komarika) that is in the shelves. Can you imagine your products sitting besides those products? Then dare to be different.

We will revert back to our Business Development series from next week. You can contact us on ft@sundaytimes.wnl.lk or on 5552524. The writer is the Managing Editor of Athwela Vyaparika Sangarawa (Athwela Business Journal), the only Sinhala management monthly targeting the small and medium enterprises, Ezine Athwela Email Magazine and www.smallbusiness.lk, the bilingual small business website.

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