Valrie Grant is an Entrepreneur, Managing Director of GeoTechVision and Chairperson of the Small Business Council
By now, we have established that entrepreneurship drives economic change and innovation and that entrepreneurs are crucial to building prosperous societies that deliver opportunity to all citizens.
Through their innovative offerings of new product and services, entrepreneurs reduce dependence on obsolete systems and technologies and thus contribute to improved quality of life and economic freedom. Creating widespread awareness of the importance of developing an entrepreneurial ecosystem is therefore a critical culture-change imperative. An important component in the creation of that vibrant entrepreneurial ecosystem is the recognition that the business community, corporate executives and in general entrepreneurs need to support and contribute to the development of other entrepreneurs.
For me, doing business has always meant more than just offering a solution to clients and getting a job done right. Giving back has been a key component of our company’s culture, and we are definitely not alone. Many companies are giving back and making huge contributions to the growth and development of other businesses.
Embracing the pay-it-forward culture, entrepreneurs and community leaders can help other entrepreneurs to grow and make a meaningful contribution. Paying it forward creates a cycle of caring for one another that benefits everyone.
There are several ways for entrepreneurs to pay it forward and support other entrepreneurs. Working with women entrepreneurs over the past months here in Guyana I have had the opportunity to see first-hand how women entrepreneurs are working smarter by supporting each other.
Participants from the Infodev/World Bank Women Innovators Network in the Caribbean (WINC) Accelerator Programme for Guyana have gotten to know each other and now help each other in the following ways:
- Passing along opportunities. When a member of the group sees an opportunity that may not be a good fit for her but rather someone else, she drops them a note or give them a call to let them know about it. They are realising that the more they are willing to help one another, the better it has been for their respective businesses.
- These women are looking for opportunities to work together for mutual benefit.
- They are promoting each other’s businesses and journeys through referrals and social media.
This is just one example of how a group of women have found it valuable to support each other.
Another way entrepreneurs can help other entrepreneurs is through mentorship. Would you not want to help a fellow entrepreneur who may be going through something that you may have already encountered? I feel grateful for the many experiences that shaped my entrepreneurial journey and believe that if I can help an entrepreneur by guiding them to their own success more quickly, it is my responsibility as a fellow entrepreneur to do so. Strong entrepreneurs genuinely want to see each other succeed.
Many entrepreneurs will tell you that access to finance is one of their biggest challenges. Despite the importance of small businesses to a country’s economy, entrepreneurs have traditionally had difficulty in obtaining formal credit or equity financing. Instead of sitting and waiting for a change why don’t we begin by helping each other? A. Cecile Watson and I have come together to tackle the access to capital challenge faced by many entrepreneurs using FundRiseHER which is a crowdfunded grant programme to empower growth-oriented women entrepreneurs to make a bigger impact on growing our Caribbean economies. We can all participate by giving and/or sharing this exciting, game changing initiative. Our women entrepreneurs will only get the needed funding if you pitch in and make your contribution, small or large …and if you share it with your network and encourage them to also contribute! FundRiseHER is all about entrepreneurs supporting other entrepreneurs thus promoting future entrepreneurs’ success and paying it forward. Paying it forward really means we get to share our gifts and help inspire and advance future generations of entrepreneurs.
Visit www.fundriseher.com to learn more about how you can participate. The call for grants is now open so serious women entrepreneurs should apply today!
With Women’s Entrepreneurship Day just around the corner on November 19, it is certainly an ideal time to encourage women in business by supporting this and other initiatives. To borrow from Winston Churchill, “We make a living by what we get, but we make a life by what we give.”
Let’s make an active choice to support entrepreneurs and thus foster their growth and development in order to fuel economic development.
If you have a question related to this article or just a general question on entrepreneurship, write to us at guyanabusinesswise@gmail.com. Your question may be answered directly or in our next column.
