the path to growth & development: the role of supporting...
TRANSCRIPT
The Path to Growth & Development: The Role of Supporting Institutions
PSOJ JMMB Annual Economic Forum July 3, 2014
Lisa Lake Branson Centre of Entrepreneurship - Caribbean
Where we are good • Seeing opportunities – 51% stated they see good opportunities to start businesses
• above the average of 42% for efficiency driven economies
• Believing in ourselves – 71% stated they are quite capable of starting their own
business • Not afraid to fail…or don’t think we will – % of working population with + perceived opportunities who
indicated that fair of failure would deter them = 27% • Think entrepreneurship is “sexy” – 82% often saw stories in the media re successful
entrepreneurs
Source:(Global(Entrepreneurship(Monitor(2013(Jamaica(Report((
Where we need to help 1. High rate of business discontinuance – Most cited reason (34.6%) is “business is not
profitable” – Personal reasons (26.5%) – Problems getting finance (13.6%)
ACCESS TO KNOWLEDGE: Proper business modeling/planning and sense checking some of the (perhaps unrealistic) assumptions
ACCESS TO FINANCE: Prepare bankable business plan, unbiased exposure to options available – debt, equity, etc. ACCESS TO MARKET & NETWORK: Shine media spotlight on the talent
Source:(Global(Entrepreneurship(Monitor(2013(Jamaica(Report((
What(the(Branson(Centre(does….(
Where we need to help
2. Motivated more by necessity than opportunity - Little innovation - Likely to stay small (in size and geographic reach)
- 92% had <5 employees, 35% had none - 39% had no customers living outside Jamaica
ACCESS TO KNOWLEDGE: Stress market research, promote differentiation, think outside the box…and also outside the island.
ACCESS TO MARKET: Provide exposure to international markets
Source:(Global(Entrepreneurship(Monitor(2013(Jamaica(Report((
What(the(Branson(Centre(does….(
Where we need to help 3. Not feeling happy – Jamaica registered lowest score of subjective well-
being across Latin America & Caribbean
ACCESS TO NETWORK: Create and foster supportive networks – both of peers and of “veteran” entrepreneurs through mentors – for the inevitable ups and downs of entrepreneurship
BE AN ADVOCATE: Lobby on behalf of the entrepreneur for changes in the business environment
Source:(Global(Entrepreneurship(Monitor(2013(Jamaica(Report((
What(the(Branson(Centre(does….(
Source:(Branson(Centre(of(Entrepreneurship(–(Caribbean(Quarterly(Impact(Surveys(
Thank&you!&The(Branson(Centre(of(Entrepreneurship(–(Caribbean(
[email protected](+1((876)(632(P5134(