Seventy-five small business owners from the Soufriere Constituency have participated in a two-day workshop on the development of Micro, Small & Medium Enterprises.
The workshop was organized by the Ministry of Commerce and Small Business Development and forms part of the ministry’s series of training sessions across the island.
The closing ceremony for the workshop took place on Tuesday afternoon.
Executive Director of Dominica Employment and Small Business Support Agency, Alexander Stephenson said the workshop was aimed at equipping individuals with creative knowledge, skills and capabilities necessary to start and manage small businesses using best management practices.
He said that those who took part in the workshop participated in a three-hour stimulation activity which informed them of the steps which have to be taken for the formalization of businesses.
“Business formalization is a very important step with far impacting positive outcomes and your businesses will impact positively on government’s small business policy,” he stated.
Facilitator of the workshop Natasha Yeeloy-Labad said during the sessions, close attention was placed on the pitfalls of business.
“We looked at what are the pitfalls, what are some of the challenges, what are the flaws in thinking that there are so many businesses that have gone before us to experience failure,” she explained.
Labad noted that the participants were also taught to be vigilant while operating their small businesses.
“It is part of the focus of this training to tell the participants that often times that be aware that what you don’t want to see in the front door can sometimes find its way of creeping in under the bed,” she said.
She added that the time value of money was also addressed during the two-day session.
“We started to look at how you can succeed looking at some of the financial principles like the time value of money and we all know now that a dollar today is worth more than a dollar of tomorrow,” she stated.
Labad added that she also incorporated the income allocation system as well as the cash flow management system in order to give the participants a better understanding of where their businesses are heading.
What rum shops are you talking about? When last were you in Soufriere? Stop the trashing? If you don’t know nothing about the village, don’t say anything. To the people of Soufriere, it’s not how you start is how you finish. Start small and it will grow. Better days must come!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
“Business formalization is a very important step with far impacting positive outcomes and your businesses will impact positively on government’s small business policy,” he stated. Sweetheart, it should be the other way around. If you want businesses to succeed you need to help the government to shape and formulate policy which will be favourable for private sector investments. In other words, the government’s small business policy need to have a positive impact on businesses!
I guess all rum shop was closed for a day?
I wonder if the Mayor of Lap wet get the ( $ 100,000.00) One hundred Thousand she ask for to open her small business. woyyyyyyyyyyyyyyyyyyyyy
Which mayor? If you have some tea let’s all sip it.
Sounds good. Put what you learned to good practice. Too many businesses get shut don within one to two years because of poor management.
Nice, great initiative.
So all these businesses don’t employ people? Ask this because if they do unemployment in this constituency has to be close to zero. Yet all over the country mucho young people just idle
Well if these small business’s get off the ground I really hope they do better than some of the big business’s. Just today we have had a truly horrific experience with a big business man.
Seventy-five small business owners ???? HAHAHAHAHA
Really ? i didnt know that Soufriere , Scottshead and Pointe Michel had than many small businesses
What are these businesses?
I was saying the same thing.
And I recognize 2 women in the pic: 1 sells fish at the Fisheries Complex in Roseau (lady in yellow top in second row) and the other is a masseur from Giraudel (lady in the grey top with black coat in the second row)
I am sure if you desist in gossip and not being smart, you would have recognise the amount of persons who are self employed at Soufriere, Scotts Head, Gallion, Pointe Michel. You need to get something to do. Pointe Michel alone has about 10 bar owners … add the Shopowners… Hair dressers I can go on and on and you will definetely come up with a lot more than 24. Get educated… a Bus driver is self employed too. You get something to do to become a business owner. Go cut grass .. People sewing too. you have builders too – Mason Carpenters …….. and the list goes on. Go Educate yourself.
Go do some homework and come on DNO and publish the various businesses and the numbers. I waiting.
Wow your name says it all (BONDA). Bonda (Noun) meaning backside, buttocks, a$$.
Are you saying there isn’t 75 persons in Soufriere , Scottshead and Pointe Michel who are shop owners, bar owners, supermarket/mini mart owners, fishermen, bus operators, contractors, tour operators, heavy equipment owners, truckers, small scale farmers, coal makers etc.
When does the ignorance stop?
Bonda
that’s exactly my curiosity .
But what happening dere so nah ,
If i didnt know i would just say let me leave LA and come down , i must find employment with one of these 75 businesses in my area, as de population up there, cannot fulfill the demand for all these employees.
””’A dollar today is worth more than a dollar tomorrow”” ein ? in Dominica ?
you mean the same dollar i have to buy ONE grapefruit today , if i leave it for tomorrow it will buy me TWO grapefruits instead ?????
so if i leave de ONE dollar for five days then i should be able to buy TEN grapefruits with de same dollar ?? Ok I suppose this is only in Dominica ein . Oh yes , such valuable business advice .
mi un kool kyionay .I’ll voice my opinion on this one ,is only my opinion wee ,these consultants heading the workshop must be paid,yes ? so now the next info to hit the headlines will be,” Million dollars spent on assisting the people from Soufierre and Scotts Head with start up…
Contd .
Head with start up of 75 businesses .
but if that million dollars today is worth more than a million dollars tomorrow why not just spend it then , and not invest it ? that’s my point . I wasn’t getting it wrong.
its just not the same as saying” a bird in the hand is worth two in the bush” . is it ?
Shops, bars, restaurants, snackettes, bus drivers to name a few….. some people are so bent on being negative!
to name a few ( HAHAHAHAHA ) – Shops, bars, restaurants and snackettes ???? Am from that area and you are funny – made my day