Youth keen on business
THE NUMBER OF people seeking assistance from the Barbados Youth Business Trust (BYBT) is growing, says general manager Cardelle Fergusson.
“We are not starving for people coming to us. We get more people coming to us than we are able to support sometimes. It’s not for a lack of knowledge [about the BYBT] because we have been around for 20 years and so, as such,we have been having an influx of people, especially now. A lot of people are coming to us,” she told BARBADOS BUSINESS AUTHORITY in an interview at the recent edition of BMEX.
“What is happening, with the economic climate we have people who are coming because they are desperate, not because they have a passion for entrepreneurship, and because we are trying to develop the culture and passion for entrepreneurship, it sometimes frustrates them when we give
them work to go home and do or we ask them to plan, or to provide us with a focus and how is this business going to be in the next two years, it frustrates them because they want the cash now,” she said.
The BYBT did not want to have a situation where businesses closed three months after opening because the proper foundation was not laid, added Fergusson.
To avoid this, the general manager said this was one of the reasons they use “so strongly” the business canvass because it not only helps people focus on what they need to do to get their business started but showed them who they need to connect with, the necessary resources, and who they should to partner with.
“. . . It is absolutely necessary for persons going into business to take the time to plan because sometimes you may think that wines are the best thing for you right now but juices would work better. You’re using the same raw material but juices would work better because they have a faster turn over time,” she said.
“We don’t only tell you your idea won’t work, we sit with you, we flesh out the idea and help you to determine which is the best course of action. at this time, given my resources, how do I reduce my dependence on credit, and see what resources I have in my arsenal that can help me develop this business and strengthen it?”
The BYBT supported six entrepreneurs at BMEX by providing them the opportunity to test the market, “see whether or not people are interested in what they are doing” and get feedback to help them improve their products. (GBM)