Entrepreneurs competent but holding back
Potential entrepreneurs in Barbados may not have a fear of failure, but they are still shying away from going through with their business ideas, according to a recent study on entrepreneurship in Barbados.
The Global Entrepreneurship Monitor (GEM) 2013 National Report, which was launched today at the Cave Hill School of Business, found that although Barbadians believe that they “are competent enough to start a business and are not dissuaded by fear or failure, the business start-up and intention rates are relatively low”.
“This may be due to the perceived unavailability of good opportunities to start a business. These results not only suggest that additional structures and policies need to be put in place to create a more positive perception of the entrepreneurial environment, but they also point to the need for continuous programmes that train potential entrepreneurs on how to recognize business opportunities, particularly in a stagnant economy,” added the report, the results of which were presented by Dr Jason Marshall. The report added that such training programmes should place emphasis on innovation in business so as to enable the potential entrepreneur to recognize that business opportunities are not always in “plain sight” and may require innovative thought.
According to the report, Barbados still needs to create an environment that more strongly fosters business start-up activity.
“Specifically, even though entrepreneurial support structures are in place, access to financial support and bureaucratic hindrances as well as the red tape involved in business start-up, may serve to dissuade persons from commencing or continuing a business,”it said.
“As such, steps should be taken to remove these barriers and create more efficient systems which serve to quicken the business start-up process.”
The GEM project, which was first introduced in 1999, is an annual assessment of entrepreneurial activity, aspirations and attitudes of individuals across a wide range of countries.
The programme has three main objectives –– to measure differences in the level of entrepreneurial activity between countries; uncover factors leading to appropriate levels of entrepreneurship; and suggest policies that may enhance the national level of entrepreneurial activity.