Fear a major stumbling block for entrepreneurs

THE fear of failure is stifling many entrepreneurs in Barbados.

This view was espoused by President of the Barbados Chamber of Commerce and Industry (BCCI), Eddie Abed, during the press launch of the Business is an Adventure leadership conference, which is being held on the island next month. Virgin Group founder and philanthropist Sir Richard Branson will be the featured speaker at the event.

The businessman observed, “What we have found time and time again is that many young people and those who have good ideas and feel that they can’t make a difference, are afraid to step out of the crease because of fear of failure.”

“The Richard Bransons of this world and many other successful entrepreneurs have probably failed 90 times out of 100 before they started to succeed. Here there is a taboo. There is almost a shame of failure. We need to be able to inspire those out there with good ideas to try. And if you fail that is part of what it is, part of the learning process. The reality is if you don’t have people trying, many good ideas never come to the light of day,” he explained.

Abed, also pointed out that persons should feel a sense of excitement to hear directly from Sir Richard Branson and the expert panel with diverse backgrounds whom he predicts will bring a level of optimism during the conference.

“It is a little gloomy, but the reality is eventually there will be a brightening of the skies, one has to be ready for that. Because we do have very good individuals and ideas in this country and we have to be able to roll the pitch that they can understand that the bowling will eventually change and they can start looking to play their shot,” he said.

The outspoken president also noted that apart from the doom and gloom that has existed in the business climate for some time, there seems to be “malaise” in the country, which he said he hopes the conference can shake-off the level of apathy which he says seems to be pervasive.

“And to get people to understand that they can make a difference, that they can do incremental things to start moving in the right direction. I am hoping that will become contagious, that others will become part of that process,” he stated. (JH)