Mokokchung is a small town with less than 50000 people. Being such a small town, it is understandable that it faces significant economic challenges. Except for a handful of self-made entrepreneurs and businessmen who have successfully carved niche for themselves, the great majority of the businesses are struggling to keep afloat. That is why most of our businesses and services are not up to the mark when compared with other bigger towns or cities.
This stagnation stems from a combination of factors: Financial institutions are reluctant to fund start-ups which is both understandable as well as unfortunate; People with the capital are reluctant to invest here because the return on investment is slow. They would instead invest elsewhere, in places like Dimapur or Chumoukedima. With low per capita income and purchasing power, our businesses struggle to take off, perpetuating a frustrating cycle. And the cycle continues. That brings us to the question – what must we do to break the cycle?
In an ideal scenario, banks should be the lifeblood of startups. Unfortunately, banks are typically risk-averse institutions and they tend to shy away from lending to early-stage companies due to several factors. It’s a long shot but Mokokchung’s wealthy individuals should step forward and play a pivotal role in fueling economic growth by investing in promising startups. It’s a risky business no doubt and many venture capitalists end up losing money but what’s the point of wealthy people saving all their money, only to leave it behind when they eventually pass away, when they can actually invest it and change people’s life for the better, and make the world a better place when they are alive? This infusion of support could be the catalyst for transformative innovation and the emergence of homegrown Mokokchung-based success stories.
Another solution is for the people of Mokokchung to learn to collaborate. Mokokchung’s entrepreneurs should move beyond the traditional model of sole proprietorship and embrace the power of collaboration. By pooling resources, expertise, and networks, businesses can overcome the limitations of individual efforts and create larger, more sustainable enterprises. For instance, there are many restaurants in Mokokchung but why can’t some of them collaborate to open a bigger and better one? Likewise, there are many garment shops – why can’t they collaborate and benefit from the economies of scale? The idea extends to larger ventures such as hospitals, schools, and colleges, where the synergy of collaboration could result in the best facilities for the community. We know that the whole is greater than the sum of its parts; so why don’t we put it into practice?
We can exploit the advantage of being a small town where the community is close-knit. We should learn to collaborate. We should embrace the idea of business collaboration. When it comes to doing business, we should evolve from sole proprietorship to consortia. Business collaboration is the practice of working together to pool resources, create value, solve problems and achieve shared goals and objectives. If we can do this, the multiplier effect will be set in motion and our small town will become the biggest small town full of life. One where people are busy creating wealth with no time for vice.