Minister for the Environment, Climate Resilience, Disaster Management and Urban Renewal, Joseph Isaac has advised young entrepreneurs that in order to have a viable business they must have a clear vision and mission.
Isaac represented Prime Minister Roosevelt Skerrit at the 15th Annual Dominica Youth Business Trust (DYBT) Graduation and Awards ceremony held at the Goodwill Parish Hall recently.
The event is a flagship event of the Global Entrepreneurship Week (GEW) 2019 which was observed under the theme: “Building Resilience- Local is the new Focal.”
GEW is an initiative of the Kauffman Foundation and Enterprise UK, and is promoted by the Youth Business International (YBI) network of which the DYBT is a member.
“To have any viable business, you must have a clear vision and a mission,” he said. “A business, a home or a country must have a clear vision and mission.”
According to him, one must have a plan, preferably a written one as well as resources.
“Cash is a resource, but not only cash. You also need a team to work with…” Isaac stated.
He added, “If you see somebody who can do something well, you need to join with them; you need a network of support; you need mentors. Your network of support can be a man who has the input you need…and you need time”
He encouraged entrepreneurs not to get daunted and to have confidence in their judgement when people criticize their ideas.
Isaac explained in business terms what is referred to as PEST analysis (Political, Economical, Social and Technological).
“It’s a management method whereby an organization, like a small business, can assess whether a major external factor or factors can influence the outcome of their business in order to make it more competitive in a market place,” he stated.
He went on to say that if there is political instability, no matter how great one’s business idea is, it is going to have a risk factor to survive.
“An unstable political climate where you see things on CNN or on regional news will impact the market situation,” he stated. “Because what will happen, you will have fewer people coming to your country and therefore your market side will shrink.”
With regard to the economic side, when any government whether in Barbados, in the US or in Dominica, put the infrastructure, put the market situation, for example, when 5 five-star hotels are being built in your country, what is actually happening, “you are actually bringing an export market on your doorstep.”
He identified crime as a factor as it relates to the social aspect of PEST pointing out that crimes such as theft will affect one’s business.
Technologically, he believes that Dominica is on the way, “a leader in the region”, with its telecommunication industry which is on par with any regional country.
“You have to think big and look for the opportunities where you can use technology,” Isaac advised.
Certificates were presented to 37 young entrepreneurs, 26 females and 11 males, who attended the 3-day small business assistance facility (SBFF) training.
“These entrepreneurs have already established their business but took the opportunity to receive training to strengthen their skills, services and product offering,” she said.
Furthermore, Remie said 10 entrepreneurs – 5 males and 5 females – capitalized on the opportunity for additional training in quality, customer care and also received their certification.
She said throughout Global Entrepreneurship WeeK, the DYBT and its entrepreneurs collaborated and participated in a number of activities.
“Training of trainers in business continuity, fitness beauty, first sewing training, entrepreneurship program STEP, by DYBT entrepreneur Kimara Matthew, EXPO for a 13 member delegation from the Clinton Global initiative Action Network, the Dominica State College, OAS Supported Sales and Marketing training, DYBT Entrepreneur Natasha Green of Little Canoe Business Exposition, NDFD 5th Creole in the Streets, DEXIA Strictly Local…,” Remie revealed.
She said the Trust for the past 3 years has taken a new approach in strengthening the pool of DYBT mentors whose practical experiences and expertise can assist young and promising entrepreneurs to enhance their business acumen.