Businesses must diversify services, says businessman

BUSINESS owners should diversify into more than one product or service to sustain themselves, a local businessman in Kokopo, East New Britain, says.
Jack Walom said Papua New Guinean entrepreneurs and those in the workforce need to have alternative sources of income aside from their main businesses or jobs.
Walom said this would allow families to provide for themselves and not to rely on extended families as was the traditional Melanesian practice.
He said Papua New Guineans could venture into businesses that were currently dominated by foreigners such as retail and service industry.
Walom said as more Papua New Guineans got into businesses, this would lift the standard of living and the benefits would flow into communities.
He urged those in rural areas to have a business or money making mentality to be creative and to seek assistance to learn how to manage their own businesses.
Walom said there would always be risks involved but sound and disciplined management and learning from mistakes would ensure success.
He encouraged youths to be creative and to start small businesses to earn a living.