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
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