MORRISONExcerpt from State of the Nation Debate contribution by Senator Deika Morrison on February 3.
Research has established a linkage between rising growth rates and greater development in nations whose institutions, policies and culture promote entrepreneurship.
I have often said that we would be well advised to look at our neighbours to the north the United States where the economy is primarily dependent on small firms. In the United States, small firms are defined as those with less than 10 employees. These firms total approximately 23 million. These small firms represent 99.7 per cent of all employer firms; they pay 44.3 per cent of the total U.S. private payroll and generate 60 to 80 per cent of net new jobs annually.
In Jamaica, small and micro enterprises defined, as businesses which employ less than 10 persons have remained a major source of employment. In 2004, data from the Employed Labour Force by Employment Status showed that the Own Account category accounted for 34.2 per cent or 360,700 persons.
The Ministry of Education, Youth and Culture is examining mentorship programmes for high and secondary school and other programmes to infuse entrepreneurial training from the earliest stages possible. The HEART Trust/NTA has a unit devoted to honing entrepreneurship skills. Since 1999, HEART Trust/NTA Entrepreneurial Skills Development Unit teaches entrepreneurship through structured learning exercises and has trained more than 260 persons. A major benefit of this course is that students become engaged in entrepreneurial efforts.
Our tertiary institutions offer courses in entrepreneurship but none has a specified certificate or degree in that area. This should be rectified and more attention should be paid to offering individuals a chance to learn, as their major course of study, how to own and operate a business.
