Milford Williams, Gleaner Writer
Jacqueline Coke-Lloyd, executive director of the Jamaica Employers Federation. - WINSTON SILL/FREELANCE PHOTOGRAPHER
THE JAMAICA Employers Federation (JEF) has called on Government agencies to act efficiently in supporting the development of young entrepreneurs as they aim to bring their business ideas to reality.
"Government agencies must move ahead or keep abreast of our competitors if young entrepreneurs are to succeed in the global environment," said Jacqueline Coke-Lloyd, executive director of the JEF.
This call came ahead of the official launch of the Young Entrepreneurs Association (YEA), an initiative of the JEF. Prime Minister P.J. Patterson will officially launch the new association in a ceremony scheduled for Wednesday January 25, 2006 in the ballroom of the Jamaica Pegasus Hotel.
The JEF says the YEA is intended to provide an opportunity for its members to focus on issues of concern to them and to work together to ensure the successful growth and development of their respective businesses.
Some of these concerns include issues surrounding company start up, business continuity and legislative framework within which firms operate.
"Government agencies which facilitate private sector development must ensure that as changes are made in legislation, they must be ahead of our world-wide competitors," said Mrs. Coke-Lloyd.
She said that one weak area is the length of time taken to process some transactions, and if young businesses are to develop government agencies must work to correct this.
Among the challenges that young entrepreneurs face is the perception that established businesses hold about them. "Some believe that because they are young, they do not know much about operating businesses and therefore are irresponsible," said Mrs. Coke-Lloyd.
ACCESSING LOANS
Other problems faced by young entrepreneurs include meeting the qualifications for accessing loans and lack of adequate collateral. In addition, she says young entrepreneurs also face difficulties in finding affordable and suitable business space.
"Finding the right persons to work with in the initial stages is a strong concern. The key is for them to discover multi-skilled persons," said Coke-Lloyd.
The YEA has already named its president as Andrew Pearman of the Anbell Group and its secretary as Aswad Morgan of the Morgan Group of Companies. Gaudio Aquart, chief executive officer of Nirvana Day Spa also joins the executive.
