Entrepreneurship push

Efforts are on to increase collaboration between all the players involved in the entrepreneurship landscape of this country.

So says Cardell Fergusson, General Manager, Barbados Youth Business Trust (BYBT). She made the comments while delivering opening remarks at the Business over Breakfast event held at the Accra Beach Hotel yesterday, as part of the activities for Global Entrepreneurship Week which is being held under the theme ‘Building Our Solutions Strong’.

“We are seeking to change mind-sets, build communities and create opportunities for entrepreneurs. We believe that entrepreneurs, when given the right type of support and the right exposure to the opportunities, can change the way they think about entrepreneurship and therefore generate a can-do attitude which makes it more possible to grow sustainable and stronger businesses,” she said.

The BYBT head said, “At the centre of most of the organisations who are helping businesses, is you, the entrepreneur. So if we are not supporting you, if we are not giving you what you need to grow, then we are not business support”.

Meanwhile, making a presentation on the topic, ‘Alternative Financing to Fuel Business Growth’, Business Development Officer, Gregory Fergusson, said that understanding how money works is very important for businesses to make money. His comments came as he said that outside of the traditional financing options, there are several opportunities out there for entrepreneurs to access in order to finance and grow their businesses, including family and friends, but he warns that that group of persons should not be a constant source of finance.

“You cannot keep going back ten years after to ask you family and friends to keep helping you in business. You could, but you would get a lot more no’s unless you have that godfather,” he stated.

His comments came as he said that nowadays banks and government are helping entrepreneurs more because unemployment is on the rise, and it is important that they help persons who are on the breadline find their own legitimate sources of income.

“While the unemployment is increasing, it is still in Government’s interest and the stakeholders’ interest that you have something to do, that you employ yourself. So there are always going to be programmes and projects that are there to finance and fund your initiatives and it is in your interest to find out where they are and who they are,” Fergusson stated.

However, speaking about loans from commercial banks, the Business Development Officer is suggesting that such should be “avoided as much as you can, for as long as you can” especially when starting a business. He said when such businesses take out loans, they can find it difficult to meet those regular repayments, because their revenue generation is not steady every month.

He also spoke of angel investors or angel groups, who he said lend money for a stake in the business. He noted however that this type of financing is often shied away from by entrepreneurs, because they are very afraid to share their business with others. But, he said such collaborations could benefit those businesses tremendously, as it keeps checks on the entrepreneur, forcing them to keep up to date with their obligations, as the “threat of losing their business is very real”.

Additionally, he referred to the role that accelerators and incubators can also play in the development of businesses. He said incubators are similar to angel investing, except that businesses are given a period of time to access funding and grow, before letting them out into the business environment on their own. (JRT)