How do Big and Small Businesses React to the Government?
Ulzii said that the main reason for the bankruptcy of her company was the more than 20 percent annual interest of her bank loan. First, she used the value of her real estate, a two-room apartment, for a 30 million tugrik loan that was dedicated to her business plan for a dry dog and cat pet food enterprise. She rented a very expensive facility located out of town and all the food’s labels and plastic bags were made in China, because she couldn’t find any bag industry in Ulaanbaatar.
She admits that she didn’t have any information or financial knowledge, and no feasibility study had been conducted for her project before she started the business. She was just a pet seller and noticed that pet owners were regularly asking about food. That was when her new business idea was born. Her business failed because they did not conceive of any advertisements or marketing to consumers, and because after conducting her whole manufacturing process through China, their budget was finished. Also, the large dry food maker operated at only 20 percent capacity.
One year later they still have their equipment and have recently submitted a new business proposal to the government. This time they have more experience and a more calculated plan. They determined the reasons for the failure of their business and Ulzii said, “No marketing, no money.” If their project is approved by the government, they will advertise their dry food through the endorsement of happy police dogs.
She decided to run her own business when her husband, who was working as a home appliance salesman at a top company said, ”My salary doesn’t cover enough to buy two meals a day, and if I always have lunch outside, I don’t take home any salary.” Ulzii and her family are considered a middle income household with an 800 thousand tugrik annual income.
The dry dog and cat food plan was a means to improve their financial situation. They wanted to keep their family’s elders from running to the bank for a pension loan every Tsagaan Sar. And when their little brother and sister, both students, asked for pocket money, they wanted to be able to help them. They wanted to stop living from paycheck to paycheck and see riches portrayed in the new Hollywood film, “The Wolf of Wall Street”. Unfortunately, their dream failed, but life is rich and new chances always arise.
In Mongolia, we only have a chance at survival in this ”wolf” banking economy. The wolf earns food only by himself, without the help of others. It has no mercy for...
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