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Business persons share experiences, give advice 11/19/2009 A GROUP of dynamic, young female business owners shared their experiences on the ups and downs of getting their businesses off the ground in the Barbadian context during a panel discussion held in the courtyard of the US Embassy in Wildey Business Park yesterday morning. They were participating in a USAID-sponsored breakfast roundtable for female entrepreneurs entitled “Opportunities and Challenges for Women in Business”, held as part of activities taking place in Barbados to celebrate Global Entrepreneur ship Week 2009. The panel included Managing Director of Trinity Homes, Liz Cupples; President of the Barbados Small Business Association, Celeste Foster; Managing Director of Value Vacations, Denese Nichols; Managing Director of Cashack, Charmaine Downes; and Co-ordinator of the Student Entrepreneurial Empowerment Project. The discussion was moderated by Dr Jeannine Comma, Principal of the Cave Hill School of Business. During the discussion, it was highlighted that while many people are naturally driven to own their own business, during the economic recession many persons have been nudged or forced into the direction of entrepreneurship. They noted that while owning one’s business is fulfilling, it does not come without its share of challenges, particularly for women, who may be the head of the household and seeking to raise a family at the same time. Another challenge was the issue of start-up capital and seeking investors for a fledgling company. It was recommended that young entrepreneurs who now have to make a name for themselves in the financial world should start saving, recognising that small amounts of money can eventually accumulate to a significant amount. Entre preneurs were also encouraged to believe in their project and keep good records of their company’s operations. Nichols stated that it was critical for persons to think outside of the box, which for some may seem weird, but it is simply being unique. She stated that persons need to reinvent themselves, constantly recognising that the world is changing at a rapid pace. They must therefore be proactive and not reactive, particularly during these difficult economic times. Downes advised individuals to look outside of traditional lending institutions and seek funding from places such as the Barbados Youth Business Trust. She also urged young entrepreneurs to call on family and friends to support their business venture and be persistent. Esso’s Country Manager, Cally Boyea, remarked that while there have been a number of successful entrepreneurs in Barbados over the years, there have also been quite a few well-known businesses – mainly supermarkets – that have crumbled even though they enjoyed success across Barbados’ landscape. He suggested that what they were lacking was good succession planning for the companies. On the question of partnerships, it was stated that smaller companies providing the same service or product should seek to come together, particularly where getting into export markets is concerned. One of the panellists lamented that there is an issue of trust and persons tend to guard their success with the fear that others may take it away. Nichols noted that this is the reason why harnessing entrepreneurial spirit from a very early age is important, since they do not have the preconceived notions that adults have engraved into their psyche and are unwilling or unable to change. (JH) |
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© 2008 The Barbados Advocate | Powered by Disseminate It