Micro and medium-sized businesses must conduct more market research or run the risk of going out of business.
Permanent Secretary in the Ministry of Small Business, Entrepreneurship and Commerce Esworth Reid, said many Caribbean micro, small and medium-sized enterprises failed in the first two to four years or sooner.
This, he said, was due “to complacency, lack of engagement in meaningful market research and in research and development which otherwise would have helped them to be competitive in a global market place”.
Reid made the comments recently during the closing ceremony of the Caribbean Tech Entrepreneurship Programme (CTEP) Cohort 2 at Accra Beach Hotel. (TG)
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