Audrey Marks, Contributor
Marks
"There is no force like success, and that is why the individual makes all effort to surround himself throughout life with the evidence of it; as of the individual so should it be of the nation."
- Marcus Mosiah Garvey
THE WORDS of Marcus Garvey, one of the greatest advocates of indigenous-founded enterprises serves to offer profound inspiration.
For me, the true entrepreneurs are those who tenaciously pursue and materialise a vision for greatness.
They possess an extraordinary capacity for hard work, fuelled by a passionate interest in making Jamaica and the Caribbean a better place to live and raise their children by building solid legacies that will form foundations for the future generation.
Through my own experience as a businesswoman, I have come to understand the diverse dynamics of building a business in Jamaica.
This includes the challenges that exist and the ingredients needed for success.
LACK OF VISION
One of the key challenges lies not in the external factors hampering entrepreneurial activity, but the lack of vision, drive and determination that are needed to transform a dream (business plan) into a reality.
If we are investing in Jamaica simply for our own glory and gratification without considering the importance of leaving behind not just memories but solid enterprises, then we are guilty of not doing enough to make Jamaica's future brighter.
Over the last 30-40 years, our focus has not been on driving investment and growth. There has to be a change of policy. This kind of change will see to the building and encouragement of small to medium-size businesses.
Any country that is having a sustained growth rate cannot do so without a policy focused on building entrepreneurship.
While it is easy to see the importance of cultivating a system that supports small to medium size business development, there are too many sceptics who believe that the road to successful entrepreneurship and investment in Jamaica is a hazardous path marked by too many potholes, red lights and highway robbers.
The World Economic Forum has ranked Jamaica 14th in a number of procedures required to start a business, 12th in FDI technology transfer and the World Bank Doing Business Report for 2004 lists Jamaica as 10th in ease of regulations for doing business.
According to the publication, "Local investors are also contributing with gross fixed capital formation (that is, the nation's total Investment) growing to US$2.5 billion in 2002... with FDI quadrupling since 1995 and total investment also on the rise."
While I am confident that entrepreneurial activity performs one of the most crucial roles in creating and sustaining a vibrant and dynamic economy, it is unrealistic to believe that there are no major challenges that face potential business visionaries.
We operate in a highly cash-oriented economy, and we have yet to put in place an efficient system that makes accessing start-up capital easier.
The capital and credit problems being experienced are evident in the sourcing of funds used both at start-up and since start-up.
Most entrepreneurs started their business using their own funds, either from their personal savings, the sale of assets, from other businesses or others resort to the long-thriving practice of 'throwing partner'.
To all those up-and coming- visionaries, the harsh truth is this: It does not matter how grand, ambitious and full of potential the idea is, if you cannot find a way to have it sufficiently funded, it won't happen.
INERTIA
In addition, we talk a lot about poverty alleviation, without fully comprehending that poverty alleviation is in direct contrast to wealth creation.
When you put the bulk of your focus on poverty alleviation, there exists a depreciation of the energy, innovation, resources and ideas that are needed to create and sustain policies and systems for wealth creation.
If only we could realise that through having a nationalistic paradigm on lawful wealth creation communicated effectively to our people, we could start fostering a culture of growth and productivity as opposed to one of inertia, despondency and aggression.
The above are excerpts from a recent speech made by Ms. Marks at a recent investment forum.
