Young entrepreneur Undrakhgerel Otgonbaatar, a lawyer by trade and resident of Ulaanbaatar, had a dream of making her mark in Mongolia's cashmere production sector. With a vision to create a family business that produces high-quality cashmere garments, she founded Tergun Cashmere LLC in 2019. Lacking business management experience, Undrakhgerel turned to YBI member Youth Business Mongolia-Development Solutions for support and guidance to transform her dream into reality. To strengthen her business skills and knowledge, she participated in Youth Business Mongolia-Development Solutions' business training programmes. These provided her with essential skills and insights required to thrive in the competitive cashmere production sector.
With a passion for entrepreneurship and a supportive husband, Undrakhgerel embarked on her journey to grow Tergun Cashmere LLC into a family business. Together, they attended various Development Solutions activities and workshops, effectively equipping them with the skills and knowledge to tackle the challenges ahead. As part of the programme, Undrakhgerel was paired with a mentor, Mrs. Oyunchuluun, who provided ongoing guidance and support. The mentorship proved to be invaluable in honing Undrakhgerel's strategic decision-making abilities and refining her business plans. She managed to secure financial support, allowing her to increase working capital by 50 percent and fixed assets by 40 percent. It also provided the necessary boost to expand her operations and offer a wider range of high-quality cashmere garments.
Undrakhgerel's determination to compete in the global market led her to successfully complete the two-month business accelerator programme run by Development Solutions. She has now expanded her knowledge and skills for exporting her cashmere products to international markets. Undrakhgerel's journey is a brilliant example of the importance of skill development, mentorship, and access to financial resources in fostering youth entrepreneurship and creating lasting impact. Through her efforts, Tergun Cashmere LLC has not only grown as a family business but has also contributed to the local economy by creating two new job opportunities.