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”.

Dr Jason Marshall presented the GEM 2013 results for Barbados.
Dr Jason Marshall presented the GEM 2013 results for Barbados.

“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.

2 Responses to Entrepreneurs competent but holding back

  1. Abraham Millington
    Abraham Millington November 14, 2014 at 6:08 am

    The biggest business has vulnerabilities and areas that they might not cater to with the same standard. I don’t think it’s fair to try to put fear in people with small businesses because of monopoly and your talk of competition. I think the difference between the mentality of Asian community specifically Chinese and most others is that the culture sees the majority of parents even if they migrate to other countries trying to push the strengths within their children not focusing only on book work or legal language, medical courses etc. Undue pressure and insensitive comparisons to other children or siblings about strengths and weaknesses are more than enough years to break most driving forces to make early steps in maximizing their gifting.

    The impotence or low in entrepreneurship reflects little or no parental boosting across the island, and if so not aggressively enough. You’ll find children rich or poor who boast of parents “believing in them or their parents to like a hawk defend their strengths” be more mentally prepared. A survey tactfully carried out from primary school and early secondary school level that inquires of how much children per class who believe really have parents “believing in them or ready to go all out or comfortable” with the fact Johnny is artistic or skilful in building things whilst Mary is eloquent and or seem interested in sciences, and agrering both pushed can excel is sound. The entrepreneurial drive is up against a root of an unequipped societal void of early guardian guidance being more than those with proper backing.

    They are big businesses in China yet though sometimes to the extreme parents push their children, to be entrepreneurs in China or in migrating see themselves as just as able to overtime with consistency leading to stability then branching out.

    Another view is that everybody isn’t going to have a million dollar business, according to mentality/intellect and accessibility a person, to their level they will grow.

    If millionaires band together and they with a few thousands squabble then the millionaires will continue to profit from disunity of the lower standing. There is power in the people from district level, shop service etc before it gets to mega businesses. Enough long talk. . .

  2. Arther Lashley November 14, 2014 at 8:02 am

    There is NO FEAR of FAILURE in Barbados “would be entreprenures” thinking.
    WHAT there IS:


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