Barbados continues to grapple with the challenge to sustain its cost of living in harsh economic times. One avenue which is a historical fact is the significant contribution which Small Medium Enterprises (SMEs) contribute to economies, especially those which are successful. BU hopes bloggers will post submissions, ideas, feedback about how we can fan the flame of entrepreneurship to the Entrepreneur Corner.
Thanks to Moneybrain for this idea.
Exciting time for entrepreneurs
With proper support systems, sector can boost economy
BARBADIAN PAUL POUNDER, Professor of Entrepreneurship, and director of graduate programmes, Department of Business and Management Studies, St George’s University, Grenada explores what is needed for entrepreneurship to flourish in Barbados.
1.What role do you think entrepreneurship can play in Barbados’ post COVID-19 pandemic economy?
Entrepreneurship is the lifeblood of any economy. The role of the entrepreneur is to be creative and innovative, explore new ideas, discover, evaluate and exploit commercial opportunities. Entrepreneurs are ingenious people who create new ventures and grow them into well established businesses. Post COVID-19, entrepreneurship can help in creating new jobs, innovative products and services and increased wealth for future investment within Barbados.
With greater focus on promoting the entrepreneurial sector, entrepreneurship can help in intensifying vibrant competition. Further, with the help of technology, they can spur productivity and thus contribute to higher levels of sustainable growth and development. In addition, the COVID-19 crisis has taught us that big businesses need to be entrepreneurial as well in order to generate innovative thinking and leverage scale-up opportunities to strategically navigate the crosswinds of the crisis, with such an approach bringing a new orientation to the identification of meaningful growth opportunities.
2. What are the key ingredients needed for entrepreneurs to flourish?
The promotion of policies and initiatives that support job creation through entrepreneurship is key for entrepreneurs to flourish. As a country, Barbados is making strides in structural reforms, however, critical issues confronting the nation post COVID-19 suggest that new innovative development pathways are required to boost entrepreneurial and economic growth. In essence, the Government must make the formation of entrepreneurial activity a priority area. From where I sit, entrepreneurs want more specialist training and education directed specifically at entrepreneurial skills. Further, there continues to be a need for greater access to financing, investment in technology, research and development, stronger networking among potential entrepreneurs and their experienced counterparts, and technical advice and support to improve productivity.
The onus is, however, on the entrepreneur to advocate for what they want to start their business or grow their venture. The challenge of Government is to develop policies that work and recognise that topdown interventions may not be the best route to effect positive change within the entrepreneurial ecosystem. There is a need for an open participatory process that provides ownership within the entrepreneurial sectors and support for the interventions.
3. From your research and observations, how is Barbados catering to entrepreneurs when compared to other countries in the Caribbean?
Researching entrepreneurship is multifaceted in the sense that it encompasses examining the political, economic, social, technological and institutional factors responsible for the success and failure of any entrepreneurial activity. A recent study I coauthored entitled Entrepreneurship And Small Island Economies, highlighted that there are significant differences across small island developing states in the orientation of total entrepreneurial activity and established business ownership that suggest that other contextual issues like culture, the education system, and entrepreneurial support elements influence entrepreneurial behaviour across islands and regions.
Barbados has several business support mechanisms (schemes, policies, programmes, initiatives) and services (Governmental, nongovernmental organisations and donors) available to entrepreneurs; however, the challenge is that there are gaps and inconsistencies. Thus, there is a need for a commitment to remove any obstacles to accessing the support mechanisms as they are hindering the entrepreneurs from thriving and reaching their full potential.
4. Do you see evidence that more people in the Caribbean are seeking to become entrepreneurs?
Yes, as we look around more people are pursuing entrepreneurial activity post COVID-19. A quick observation shows a higher than usual level of entrepreneurial activity contributing to street vibrancy as persons sell their goods in highly travelled areas. In addition, more home-based and online ventures exist as people seek to gain financial stability.
We need to distinguish between opportunity entrepreneurs,who seize identified opportunities, and necessity entrepreneurs, who start businesses due to unemployment or supplemental income. As a possible pathway to spurring entrepreneurial activity, this informal sector requires collaboration between government, local entrepreneurs, and the surrounding community in order to sustain a meaningful contribution to the country’s total economic output.
5. Are we likely to see more social entrepreneurship?
Social entrepreneurship in the world and to some extent Barbados has gained significant attention in recent years, with more and more entrepreneurs starting ventures and modifying existing business to address social and environmental challenges. The likeliness of increases in social entrepreneurship is tied to the need for a significant shift in the way businesses operate, emphasising the potential of combining profit-making with social impact. Social entrepreneurship is essential for addressing the country’s social and environmental issues, fostering inclusive growth, and creating sustainable solutions.
Several opportunities exist for social entrepreneurial activity to take place, especially in the areas of the green economy and the blue economy. For instance, entrepreneurs can take the lead on environmental stewardship and pursue energyefficient technologies, reduce waste and pollution, and conserve natural resources among other best practices. With the possibility of streamlining social entrepreneurship to formulate public private partnerships to promote sustainable development. The future of Barbados’ entrepreneurial activity is exciting!
Source: Nation
Standing tall after being floored by job loss
by JOHN BOYCE johnboyce@nationnews.com
SOMEWHERE IN THE BACK of his mind he was convinced that despite how committed one is as an employee, when it was time to cut staff there were no guarantees.
Yet, Omar Niles was one who could not help but give any company in which he was an employee his undivided attention as his principal mission was always to realise growth and achieve success.
But Omar also knew that he wanted to be his own boss, though he had not conclusively decided what the business model would have been.
He, however, prepared himself for the opportunity by pursuing a bachelor’s degree in computer science and management at the University of the West Indies.
While Omar concretised his plans to become an entrepreneur, he spent several years working in accounts and preparing audits, which he credited with inculcating in him the necessary business acumen to take his plans forward.
Sometime after, as the company in which he was employed started to transition, he became a casualty. That parting of ways only served to give his entrepreneurship dream further impetus as his only revenue stream had been severed.
“Not having a monthly income to depend on made it a very trying time . . . I had to take charge of my life the best way I could in the circumstances,” the 47-year-old father of one told the DAILY NATION.
Omar added that he appreciates the overarching fear and uncertainty that could encompass a person’s world when they become unemployed, because he felt it.
Citing examples of the implications of the fear and the repercussions of not having, he said that they were traumatic enough to cause one to harbour thoughts of dejection.
The job, though, had served Omar well because it had taught him invaluable lessons while giving him insights into the world of business.
As he explored the possibilities for his own business venture, Omar, who described himself as a “foodie at heart”, recalled attending a Crop Over event in an open air setting and seeing people eating “awkwardly” as there were no tables or chairs and the plates seemed cumbersome.
So, as he browsed the Internet, he saw the concept for a pizza cone and he immediately fed into the idea as he put his toppings on what would eventually grow into a longterm business venture.
“I reached out to different organisations and borrowed money at different times, taking small bite-size loans to achieve one purpose at a time,” the businessman said.
As Omar seeks to expand in the new year, he said that he is currently embracing the Christmas season and is giving thanks for its purpose which is to celebrate the birth of Jesus Christ.
In describing himself as Godfearing and not overly religious, nor aspiring to be so, Omar further explained that he sees Christmas as a time for reflection and introspection as one charts the way forward.
“I want to have a relationship with God and Him with me as I put Him first. I try to attend church all year round and not just at Christmas, or I attend online.”
He reiterated that it’s a time to give thanks and spend time with friends and family, while stressing that it reminds him, as he shares with those closest to him, of the purpose for his long, hard days at work.
Though he is not one given to New Year’s resolutions, Omar said that he tries to set a pathway for his future endeavours and achieve goals.
“I love my son, so for me it’s a big deal to be around him to encourage and teach him to do positive things,” he said.
He added that he pulls strength from being in the company of positive thinkers as there is no room in his personal space for negativity.
In contrasting that with a changing Barbadian society in which some are becoming more flagrant in their disregard for law and order, Omar said it’s scary, but that he has not given up hope.
He attributes some of the deviant behaviour to the glamour of the more developed societies, saying that he believed Barbadian youth are aspiring to achieve what they perceived to be success stories in the lives of their role models.
The businessman spoke of there being significantly more scope for the development of people’s God-given gifts, emphasising the importance of highlighting positive achievements.
Source: Nation
Jobs vs entrepreneurship
“For as he thinketh in his heart, so is he. If you believe that you will build a thriving business in your heart, you will.” – Proverbs 23:7 Nearly five decades ago, I chose to resign from my traditional job at the University of the West Indies. I first ventured into Caribbean entrepreneurship through a corporate entity before selling it 23 years later. That company still operates today.
Since then, I practiced as an individual entrepreneur for 24 years, which has taken me well into formal retirement. Yet, I hardly consider myself tired—I am healthy, active and fully engaged in what feels like the final quarter of my life.
For over three decades, I have been writing about entrepreneurship. I have researched it, advocated for it, dissected its challenges, and offered solutions like Shepherding and Equity Growth Funds. I have championed entrepreneurship as a tool for economic stability.
It fills me with pride to see my son Bevan independently follow in my footsteps over the last three decades. He began as an individual entrepreneur, later developing two complementary entrepreneurial corporate ventures that are thriving today. His success is testimony to the wisdom of Proverbs 23:7—”For as he thinketh in his heart, so is he.”
Yet, much of my advocacy has fallen on deaf ears. Traditional employment is firmly ingrained in our education systems and social structures. Its predictable pay cheque, benefits, and clear career trajectory reinforce its appeal. But I ask again, as we watch waves of government layoffs and the shifting sands of workfrom-home culture in the United States and beyond—Is entrepreneurship more secure than a traditional job?
Many people are conditioned to believe a stable job is the safest path in life. A job in government, teaching, banking, law, healthcare, or technology is often seen as a gateway to financial security. However, these careers are vulnerable. Economic downturns, corporate restructuring, and government layoffs can upend careers overnight, leaving employees scrambling.
Entrepreneurship, by contrast, offers something traditional jobs cannot—control over your destiny. It frees you from dependence on a single employer and, when done right, creates multiple revenue streams. A successful entrepreneurial endeavour can provide stability and longevity beyond what any single job can guarantee. In today’s economy, where job security is increasingly uncertain, entrepreneurship is proving to be a viable alternative and, in many cases, a more resilient choice.
That’s not to say the entrepreneurial journey is easy. Risks abound—income can fluctuate, and businesses can fail. But these risks are not insurmountable. The key to success lies in Shepherding—combining life coaching and business mentoring—alongside a homegrown Equity Growth Fund, which can mobilise national private sector savings with an appropriate government policy incentive.
I believe these three components—entrepreneurship, shepherding and an equity fund— are inseparable. Together, they are essential for developing dormant ideas into viable enterprises. When guided by a mentor who has walked the path before and supported by equity funding, it significantly reduces the likelihood of failure and accelerates business growth.
For years, I have advocated this trio as a recipe for economic resilience. Yet, despite clear evidence, many still hesitate to embrace it. Now, as the traditional job market becomes increasingly unpredictable, I am hopeful more people will recognise what I have been saying. Entrepreneurship, supported by the right systems, is not just a risk but an opportunity. And in today’s world, it may well be the most secure and rewarding path forward.
Dr Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www. nothingbeatsbusiness.com.
Source: BT
Entrepreneurship:
A stimulant for sustainable Caribbean economic growth“Commit to the LORD whatever you do, and he will establish your plans.” – Proverbs 16:3
From decades of observing and commenting on economic development, one undeniable truth stands out— entrepreneurship has matured into a vital force. No longer just a buzzword or an emerging trend, it is now a fundamental driver of sustainable Caribbean economic growth.
Our region is blessed with brilliant leaders in various fields.
Policymakers, civil servants, and captains of industry have shaped our economies. Innovators, disruptors, entrepreneurs, and intrapreneurs have crafted a dynamic business landscape.
We possess enviable natural assets, from fertile land and warm weather to abundant marine resources, providing a strong foundation for economic success. Yet, despite these advantages, our economies have struggled to achieve the rapid, sustained progress seen in other parts of the world.
Take Singapore, for example—a country whose transformation over recent decades is remarkable. Fueled by strategic policies and a commitment to entrepreneurship, its economic progress is the world’s envy. I recall vividly my visit to Singapore in 1993, which left a lasting impression. The country’s deliberate approach to fostering entrepreneurship through targeted support, regulatory efficiency, and a commitment to human capital development became a model that inspired me to write this very column series.
Over time, these observations inspired me to develop “The Robust 3M Shepherding Model,” designed to help Caribbean entrepreneurs navigate the often-turbulent path to success. This model focuses on three critical areas: Mindset, Methods, and Money.
Mindset: Shifting perspectives toward resilience and innovation is essential for entrepreneurial success.
Methods: Practical business frameworks, mentorship, and processes provide tools for stability and growth.
Money: Securing strategic investments and financial support enables entrepreneurs to scale and sustain their ventures.
My son, Bevan, recently made an observation that struck me deeply. He said, “What you have been promoting for over thirty years has now come of age.” Indeed, the moment has arrived for the Caribbean to fully embrace entrepreneurial change, not as an alternative but as the primary path forward.
The traditional drivers of employment—such as government and established private sector industries—are no longer equipped to create the employment levels required for our economies to thrive. Future job creation will depend on entrepreneurs and small enterprises leveraging innovation and technology.
Signs of the shift are already visible. Across the region, startups in fintech and agribusiness ventures are driving sustainability. Creative industries are carving global niches, showcasing the Caribbean’s talent on the world stage.
To harness this potential fully, we must take deliberate action. Governments must craft policies encouraging entrepreneurship, removing bureaucratic barriers, and facilitating access to capital. The private sector must step forward as partners, investing in intrapreneurship and mentoring emerging businesses. Educational institutions must prioritise entrepreneurial training, equipping young people with the skills to think creatively and act boldly.
The Caribbean has every ingredient for success. Our talent, resources, and global examples of thriving entrepreneurial ecosystems provide a clear path forward. Now is the time to act with purpose and urgency. When the Caribbean wins, we all win.
Dr Basil Springer GCM is a corporate governance adviser. His email address is basilgf@ marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com.
Source: BT
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