EDITORIAL
As we celebrate our 52nd anniversary of Independence, some of us have heavy hearts due to the economic situation of our cherished country and the retrenchments which occurred as a result of this.
However, every cloud has its silver lining!
We have heard this old saying many times, but the silver lining is the opportunity to become entrepreneurs and create our own wealth, the opportunity to become as our national anthem advocates, “firm craftsmen of our fate”, not only in plenty, but also in time of need!
It has become painfully clear that government can no longer be the employer of first resort as it was for many decades. Therefore, we are sending out a plea to all those who have been made redundant, as well as school leavers and graduates, to look for self-generated opportunities.
Throughout the history of economic slowdowns, most recessions lasted an average of 10 months, followed by growth cycles that last an average of 50 months. Therefore businesses that are formed today are well positioned to take advantage of the anticipated next period of growth. There could be no better time to start a company than right now!
In addition there a few market conditions prevailing that are presently in the favour of would be entrepreneurs. As land prices have beenin a downward spiral for a while, there is no better time to get into the real estate market or even construction. In addition, there are qualified persons who have been laid off and therefore you can find great resources at affordable rates to work for or with you.
Companies looking to cut costs will be seeking out different suppliers. If you can come in with greater value, you have a good chance at winning new business.
Now that the corporation tax has been decreased, business ownership offers a variety of tax benefits that aren’t available to employees. Family and friends who have disposable income and can’t invest in debentures or savings bonds may be willing, if you have a solid business plan, to provide you with capital to start your business.
In addition there are multiple entities in Barbados which seek to meet the needs of entrepreneurs and will work closely with them to effectively manage with limited resources. Such entities include, but are not limited to: The Barbados Entrepreneurship Foundation, the Enterprise Growth Fund ltd., the
Industrial Credit Fund (ICF) set up by the Central Bank of Barbados, FundAccess, BIDC and most interestingly, Carilend which provides peer to peer lending in the region.
Given the above, there are several incentives to become an entrepreneur. However, the best reason of all is this one: you have lost your job and you need to do something! Therefore the only real challenge is to decide what business is right for you. We must hold our heads up and to quote our national anthem once more “Upward and onward we shall go!”
Happy Independence to all!