Aldain Reid Gleaner Contributor
Jamaica has long demonstrated a distinct propensity for high levels of entrepreneurship. The most recently published 'Global Entrepreneurship Monitor Report' (GEM) has classified Jamaica as having one of the highest levels of entrepreneurial activity in the world.
The report said 17 per cent of the country's adult population were actively planning or had recently established a new business.
Jamaica's overall rate of entrepreneurial activity compares favourably with New Zealand, who in 2005 was considered among "the world's most entrepreneurial countries".
It is still early days, we should be able to translate early stage entrepreneurship into established business activity.
This is significant as the data would seem to suggest that Jamaica; although having a high incidence of early stage entrepreneurial activity, does not have a good enough record in transforming this into established business ownership.
Even as the crucial role, played by entrepreneurship in driving economic development and job creation, is increasingly understood, there has not been commensurate effort placed on looking at entrepreneurship from a youth perspective.
There are too few employers and hence too few job opportunities in the world. However it is a fact that cumbersome procedures and regulations hamper the start-up of new businesses. Jamaica has been affected by this paradigm, and as a result, has had to review, rethink and reorient its legal and institutional framework for business to make it easier for its citizens to start and run their own enterprises.
The major difficulty still seems to be the lack of access to start-up financing or seed funding. As young people often have neither business experience nor any valuable assets they are viewed as too risky investments by commercial or self-sustaining sources of finance.
The majority of business start-ups are therefore funded from informal sources such as family or personal contacts. But even these sources of financing are often unavailable to young people, particularly to those coming from disadvantaged backgrounds.
RESOURCES
Over the years there have been number of programmes initiated, mainly thorough family support, churches and non government organisations. There are various agencies are helping youth to set up and run their businesses.
The National Centre for Youth Development
The National Centre for Youth Development, the youth division of the Ministry of Information, Culture, Youth and Sports has continued to empower Jamaican youth in the areas of leadership and entrepreneurship. The Centre has initiated programmes to engage both attached and unattached youth to build their capacity to lead, to make rational decisions, and to contribute meaningfully to the country. One of the mechanisms through which this is achieved, is the provision of access to information through the establishment of Youth Information Centres across the island and the provision of officers who work with these youth in obtaining information on employment and training opportunities: These officers also facilitate the formation and strengthening of youth clubs.
The National Youth Council and Youth Clubs
The National Youth Council (NYC) supports youth clubs through the development of income generating projects for youths. Through these projects, young people earn income while sharpening their leadership skills. Jamaica has approximately 400 youth clubs which provide a source of empowerment and encouragement to a number of unattached youth. These organisations have ventured into inner city communities with their youth development programmes, and have reaped relatively good success.
The Jamaica Youth Ambassadors Programme
The Jamaica Youth Ambassadors' Programme (JAYAP) programme allows youth to become ambassadors to advocate for their peers at the national and international level. The youth ambassadors are expected to be people in whom other young people can feel proud and draw inspiration from their work The full participation of young people in decision making at all levels is encouraged. Jamaica's young people have continued to represent the country across the world.
The National Youth Service
The National Youth Service (NYS) programme was established in 1973 and was intended to re-socialise youth in the age group 17 - 29 to an alternative to crime and violence, even while providing for them opportunities to be re-engaged as positive members of society. As its mandate, the NYS continues to focus on the increasing antisocial behaviour and poor attitudes among Jamaican youth, the general lack of economic opportunities and the deficiencies in their exposure to relevant training and education.
The Young Entrepreneurs Association of Jamaica
The Young Entrepreneurs Association of Jamaica (YEA), formed in January 2006 provides a platform for young entrepreneurs across Jamaica to network and expand growth options for their business. The comprehensive approach to promoting entrepreneurship must work on three levels - individual, firm and society. Firstly, to motivate young people to become entrepreneurs, they should be made aware of the concept of 'entrepreneurship', and this should be made a sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. Secondly, for entrepreneurial ventures to develop into healthy firms, supportive framework conditions are essential. These should allow firms to develop and grow, and not unduly contract and exit. Entrepreneurial activity depends on a positive appreciation of entrepreneurs in society. Entrepreneurial success should be valued and the stigma of failure reduced.
ATTITUDE
Building an entrepreneurial society involves everyone. Attitudes towards entrepreneurial initiative, and failure, must be made more positive. To appreciate entrepreneurship, society must value and celebrate successful entrepreneurs and tolerate failure. Finally, the promotion of Entrepreneurship among our youth requires a coordinated approach because of its horizontal nature. Policy development should therefore embrace all the influential elements within the relevant policy areas, to allow them to act in a mutually reinforcing way.
To view article online, please visit http://go-jamaica.com/jobsmart/view_article_details.php?id=273
Jamaica has long demonstrated a distinct propensity for high levels of entrepreneurship. The most recently published 'Global Entrepreneurship Monitor Report' (GEM) has classified Jamaica as having one of the highest levels of entrepreneurial activity in the world.
The report said 17 per cent of the country's adult population were actively planning or had recently established a new business.
Jamaica's overall rate of entrepreneurial activity compares favourably with New Zealand, who in 2005 was considered among "the world's most entrepreneurial countries".
It is still early days, we should be able to translate early stage entrepreneurship into established business activity.
This is significant as the data would seem to suggest that Jamaica; although having a high incidence of early stage entrepreneurial activity, does not have a good enough record in transforming this into established business ownership.
Even as the crucial role, played by entrepreneurship in driving economic development and job creation, is increasingly understood, there has not been commensurate effort placed on looking at entrepreneurship from a youth perspective.
There are too few employers and hence too few job opportunities in the world. However it is a fact that cumbersome procedures and regulations hamper the start-up of new businesses. Jamaica has been affected by this paradigm, and as a result, has had to review, rethink and reorient its legal and institutional framework for business to make it easier for its citizens to start and run their own enterprises.
The major difficulty still seems to be the lack of access to start-up financing or seed funding. As young people often have neither business experience nor any valuable assets they are viewed as too risky investments by commercial or self-sustaining sources of finance.
The majority of business start-ups are therefore funded from informal sources such as family or personal contacts. But even these sources of financing are often unavailable to young people, particularly to those coming from disadvantaged backgrounds.
RESOURCES
Over the years there have been number of programmes initiated, mainly thorough family support, churches and non government organisations. There are various agencies are helping youth to set up and run their businesses.
The National Centre for Youth Development
The National Centre for Youth Development, the youth division of the Ministry of Information, Culture, Youth and Sports has continued to empower Jamaican youth in the areas of leadership and entrepreneurship. The Centre has initiated programmes to engage both attached and unattached youth to build their capacity to lead, to make rational decisions, and to contribute meaningfully to the country. One of the mechanisms through which this is achieved, is the provision of access to information through the establishment of Youth Information Centres across the island and the provision of officers who work with these youth in obtaining information on employment and training opportunities: These officers also facilitate the formation and strengthening of youth clubs.
The National Youth Council and Youth Clubs
The National Youth Council (NYC) supports youth clubs through the development of income generating projects for youths. Through these projects, young people earn income while sharpening their leadership skills. Jamaica has approximately 400 youth clubs which provide a source of empowerment and encouragement to a number of unattached youth. These organisations have ventured into inner city communities with their youth development programmes, and have reaped relatively good success.
The Jamaica Youth Ambassadors Programme
The Jamaica Youth Ambassadors' Programme (JAYAP) programme allows youth to become ambassadors to advocate for their peers at the national and international level. The youth ambassadors are expected to be people in whom other young people can feel proud and draw inspiration from their work The full participation of young people in decision making at all levels is encouraged. Jamaica's young people have continued to represent the country across the world.
The National Youth Service
The National Youth Service (NYS) programme was established in 1973 and was intended to re-socialise youth in the age group 17 - 29 to an alternative to crime and violence, even while providing for them opportunities to be re-engaged as positive members of society. As its mandate, the NYS continues to focus on the increasing antisocial behaviour and poor attitudes among Jamaican youth, the general lack of economic opportunities and the deficiencies in their exposure to relevant training and education.
The Young Entrepreneurs Association of Jamaica
The Young Entrepreneurs Association of Jamaica (YEA), formed in January 2006 provides a platform for young entrepreneurs across Jamaica to network and expand growth options for their business. The comprehensive approach to promoting entrepreneurship must work on three levels - individual, firm and society. Firstly, to motivate young people to become entrepreneurs, they should be made aware of the concept of 'entrepreneurship', and this should be made a sufficiently attractive option. They should be equipped with the right skills to turn ambitions into successful ventures. Secondly, for entrepreneurial ventures to develop into healthy firms, supportive framework conditions are essential. These should allow firms to develop and grow, and not unduly contract and exit. Entrepreneurial activity depends on a positive appreciation of entrepreneurs in society. Entrepreneurial success should be valued and the stigma of failure reduced.
ATTITUDE
Building an entrepreneurial society involves everyone. Attitudes towards entrepreneurial initiative, and failure, must be made more positive. To appreciate entrepreneurship, society must value and celebrate successful entrepreneurs and tolerate failure. Finally, the promotion of Entrepreneurship among our youth requires a coordinated approach because of its horizontal nature. Policy development should therefore embrace all the influential elements within the relevant policy areas, to allow them to act in a mutually reinforcing way.
To view article online, please visit http://go-jamaica.com/jobsmart/view_article_details.php?id=273
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