Over 50 Linden entrepreneurs yesterday benefitted from a one-day training seminar where they heard of the significance of ‘bootstrapping,’ among several issues relevant to the success of their businesses.
The activity was the initiative of the Linden Chamber of Industry, Commerce and Development (LCICD) and was supported by the Georgetown Chamber of Commerce and Industry (GCCI) as well as the Private Sector Commission (PSC). “Bootstrapping clears away the clutters and makes you focus single-mindedly on the customer, which is what any smart entrepreneur needs to do anyway,” Chairman of the PSC Ronald Webster told the businesspersons as he delivered the feature address at the opening ceremony.
The greater part of his presentation zeroed in on the financial aspects of business successes and failures, including what he described as one of the most outstanding causes of business failure. “Do not lend family money. They think you are doing well because you have a business and lending them money can break your business,” Webster stressed.
He told the gathering that microfinance is not just about micro-credit to the poor but rather it is an economic development tool – the objective of which is to assist the poor to work their way out of poverty. It was noted that micro finances covers a wide range of services including credit, saving, insurance, remittance and non-financial services such as counseling and training.
Vice Chairman of the LCICD Nolan Walton told Stabroek News that the decision for the training was birthed following the 35 days of protest in Linden and the subsequent signing of agreements. “… We recognise that there is an opportunity for development but we also recognised that people might not be aware of what they need to do,” he said. Walton explained that financial management popped up as a key factor in the success of a business and the dire need for education in this regard was raised hence yesterday’s seminar.
The involvement of the GCCI and the PSC during the protest period was in a positive way, Walton said. “Some people feel that they were there for a negative reason but we at the level of the chamber recognised that they were there for a good reason,” he said. Walton stressed that the development of the economy hinges greatly on the private sector as opposed to the public sector even as he alluded to the impact the collaboration of the two would have on the development of Guyana’s economy.
Walton said that the seminar was the first in a series to be conducted by the chambers. The next is scheduled for the latter part of January 2013 and that topic is yet to be determined.
Facilitators for the seminar were IPED’s Hilton Lord, who lectured on Micro Credit Loans; the Bank of Nova Scotia Assistant Manager for Small Business Ameena Yearwood who did Business Plan Writing; and Republic Bank Limited Marketing Specialist and SME Lending Jewsuan Edmonson who did Getting Ready for Business. Among other officials present at yesterday’s seminar were Business Development Executive, Ramesh Dookhoo, Gerry Gouveia, RBL’s Linden Branch manager Randolph Sears and GCCI’s Clinton Urling.
