There has been much talk in recent times about the increasing rate of unemployment in this country, and while I admit that this is a cause for concern, the reality that we must all come to terms with is that there are few places in the world which are not faced with similar circumstances.
As I wrote this article, two days into the debate on the Annual Estimates of Revenue and Expenditure in the House of Assembly, the issue was raised on both sides of the political divide, with Members of Parliament expressing concern about the rate in Barbados, which currently stands at around 10.2 per cent.
But while the Government speaks about it in optimistic terms, comparing that rate to even some of our neighbours in the region, for the Opposition the outlook is a little more grim. To be honest, we must take both positions to heart.
However, I have to reject outright those arguments which suggest that all is lost and that Barbados is on a fast downward spiral. There are countries, even within this region – including The Bahamas, St. Lucia, Jamaica and Grenada – not to mention those further afield, who are experiencing unemployment in the double digits as well, but who are still making ends meet at the end of the day.
The widespread belief by most everyone is that as the economy continues to slump and employment figures face even more grim outlooks, the natural reaction would be to go the way of entrepreneurship. But does unemployment really spark entrepreneurship? The answer seems to be in the affirmative. Whether it is the United States, the United Kingdom or here in Barbados, it appears that when unemployment rises, so does entrepreneurial spirit.
I am of the firm belief that entrepreneurship and small business development – and I want to make it clear that I am making a distinction between the two – are important to the development of the national economy. Given the fact that not every Barbadian will be able to get a job in the public sector, or for that matter in the private sector, those who remain jobless and have an inkling for business should consider starting small and micro enterprises.
Certainly, neither business development nor the management of such businesses is for everyone, but if more businesses are created it would certainly help to reduce the level of unemployment in this country. The more micro and small businesses that develop and flourish, the greater the number of persons who would become self employed, and who will in turn be able to employ other Barbadians to help with the support of our families.
If then I can go back to the reason why I make the distinction between entrepreneurship and small business development, it is because by definition entrepreneurship speaks of innovation and risk-taking, and even though taking any idea and making it into a business is a risk, it does not make that person an entrepreneur.
So if we really want to promote entrepreneurship, we have to encourage people to think outside of the box and come up with new and brilliant ideas not yet tried and tested, but which have the potential to create commerce, create employment and boost the economy. By those actions, I think we will begin to move closer towards the dream of making Barbados the number one entrepreneurial hub of the world by 2020.
(Source http://www.barbadosadvocate.com/newsitem.asp?more=columnists&NewsID=23407)
