There will continue to be debate regarding the growth experienced by the Guyanese economy in 2007. Cricket made a significant impact in the construction and hospitality sectors and of course the positive impact of VAT collections on government revenues is a well-published fact. However, Guyana continues to suffer the “slings and arrows” of poverty, crime, inferior infrastructure and mass immigration of our best and brightest.
2008 however is a chance to start anew. For Guyanese citizens living both home and abroad, 2008 brings with it new opportunity for personal gain and national development. Many look only to government to drive national development and are reluctant to make personal or household changes that can have a much larger collective and positive effect on the economy. Every citizen, both locally and abroad can and must make an immediate and significant positive contribution to Guyana’s economy in 2008.
While the masses continue to juggle resources necessary to meet basic needs of food, clothing, housing and a quality education for their children, yet another need must be added to this list in 2008. Each household should strive to create an additional source of revenue in 2008. In the past, there was a distinct impression among the masses that farmers and small business owners were largely working class folks, while those encouraged to take up public service, managerial, and other administrative positions were perceived to be higher on the very distorted and misleading scales of society. The small farmers and small business owners of yesterday are the millionaires of today in Guyana. While public servants will always be necessary to a society, more Guyanese citizens must be encouraged to become entrepreneurs. In the US, small business ownership is aggressively encouraged by local governments and ranks very high among desired professions. Successful entrepreneurs are highly regarded.
The fact that new businesses fail at a very high rate is well known and understood by entrepreneurs but famous Entrepreneurship author and CAU professor, Dr Dennis Kimbro continues to state that each business failure brings you closer to a success. Each no brings you that closer to a yes. There should be no shame in trying and failing, real losers don’t even try, they sit on the sidelines and criticize or complain. So, today I challenge each household to start a kitchen garden, raise some chickens where city ordinances allow, start a small landscape business, a housekeeping business, a tutorial service, resell security devices, create a farm tour service for visitors, look around your community, find potential customers (willing and able to pay) and provide services to meet their needs and exceed their expectations.
Not only will these small businesses generate additional household revenues, which can be used for necessities or to be reinvested to make the business larger, but they will also allow families to engage their youth, keeping them out of trouble and away from crime. The trickle down economic benefits of such a commitment by even 20% of households in Guyana would be enormous.
For 2008, everyone should commit to making a change that will positively impact the economic development of Guyana. For those who have no interest in starting their own businesses, I implore you to make your contribution by placing a priority on buying locally made items thereby reducing expenditure on imported consumable goods. What is essentially true is that opening a bank account and saving is 10 times better than purchasing that additional pair of shoes, that cute blouse or unnecessary pair of jeans or sneakers.
The moral of the story for Guyanese development is that we as citizens must find a way to reduce unnecessary dependence on imports, we must individually and collectively “produce or perish”, we must raise the quality standards of our own manufacturing sector so that we can exponentially increase the level of exports. Small business owners must focus on returning customers. Competitively priced products and excellent service keep customers happy. A happy customer will recommend your business which means growth, jobs and wealth. From the government, we seek much needed infrastructure improvements like better roads, reliable electricity and low cost robust and redundant telecommunications. These changes will fuel the economic development that is so desperately needed .
The brilliant Harvard educated and Yale Professor of Law Amy Chua expressed another critical idea from which Guyana can learn in her book, The rise and fall of hyper powers. Ms Chua explained that all great economic powers in history were great because they encouraged immigrants, were tolerant and allowed the motivated, hardworking and creative minds to rise to the top regardless of race, creed or colour. Conversely, as soon as these nations became inward focused, biased and largely anti- immigrant, their decline began. For example, today, the United States is known as the technological centre of the world, yet 50% of the major technology companies in the US were founded or co-founded by immigrants. Guyana is in a unique position to create and benefit greatly from a system of meritocracy. We must find a way to reward the best and the brightest thereby benefiting from their energy, creativity and brilliance and slowing the rate of immigration of the economic engine of our society.
My wish in 2008 is for every household to step forward and be aggressive about taking responsibility for their family’s economic development. If each of us makes a little change in the aforementioned areas, the impact on Guyana’s economic success will be enormous. I look forward to such a Guyana, don’t you?