The Role Of Entrepreneurship In Transforming The Economy

Its time for leadership not politics and posturing. Recent published statements by a senior labour leader,for whom I have the highest regard, can only frustrate our plans for growing the economy and creating real jobs. Its time for integrity and openness in communications with the general public. Driving up unrealistic expectations in this economic climate […]

By Peter N. Boos

November 22, 2009

Its time for leadership not politics and posturing.

Recent published statements by a senior labour leader,for whom I have the highest regard, can only frustrate our plans for growing the economy and creating real jobs.

Its time for integrity and openness in communications with the general public. Driving up unrealistic expectations in this economic climate is irresponsible.

One of the most important initiatives we need to take now,is to unleash an effective export growth strategy through a FOCUS ON ENTREPRENEURSHIP.
We need to unleash the enormous pent up energies of latent Barbadian business men and women.
Bureaucracy must recede quickly and give way to job creation through private enterprise.
Commercial banks must come on board now with effective support strategies and funding.
They must be willing to take some risk to transform the economy so that they too can grow their portfolios in the future.
Government guarantees to private enterprises (if any)should require a huge benefit for taxpayers at some future point not just more profits for shareholders.
More jobs in small businesses and far fewer in Government(through privatisations and efficiency initiatives)are required.
Give people a stake in their own prosperity. Afford them the opportunity to become self-reliant.
Innovation and creativity must be our cry.

Mentors and finance through venture capital,angels and traditional banking sources will have a massive impact.
Government has already kick-started the process through the initial funding of The Barbados Entrepreneurs Seed and Venture Capital Funds.Congratulations to Government are in order for responding quickly to this excellent initiative from Dr.Basil Springer.
We can fast track export growth through selective importation of strategic industry skills and businesses that are already engaged in global markets in sectors we have identified as giving us many opportunities and where we have existing and exciting ‘value propositions’. Sports,Arts & Culture,Health & Wellness,Education,Green Business,ICTs etc.are just a few such sectors ripe for growth.

Lets get off the Government’s back and take some responsibility for our future.
Its time to stop putting all our problems on Government’s doorstep.
Their job is to provide the environment for enterprises to start and grow.
Government needs to get out of trying to run businesses-the results of all such attempts are well documented.
Value for Money, Effective Services and accountability and transparency is what we must demand from our Government and the Civil Service.
That is what voters should measure and reward.

Peter N. Boos

Chairman Emeritus Ernst & Young Caribbean (since 2004); Founding partner Business Barbados publication (1999) and the Barbados business web portal BusinessBarbados.com (2009); Co-Founder, Chairman and CEO Substance Abuse Foundation Inc. (1996 to date); Founding Sponsor (2009) and First Chairman (2009-2014) Barbados Entrepreneurship Foundation Inc.; Founder of the Peter Boos Foundation (2004), (supporting youth development, entrepreneurship, education, addiction treatment, environmental protection, arts & culture development, relief of poverty and support of various community and charitable causes); Founder, Patron and first chairman ASPIRE Foundation (Barbados) Inc. - 'helping charities help' to strengthen and expand the Barbados Third Sector (2014 to date).

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