Young People Urged to Develop Small Businesses

Minister of State for Industry, Technology, Energy and Commerce, Senator Kern Spencer, has urged young persons to develop an interest in establishing small businesses, as this was an area of economic growth and development.
“As the young people of today, we are going to have to start to change our mindset; go through the formal education system yes, and understand the theory, but when it comes to the practical, I think we have to start thinking about opening our own businesses,” Senator Spencer said, as he addressed the Small Business Development Agency’s-organized business information expo and trade today (Oct. 27) at the Dunrobin Plaza in Kingston.
The small business sector, he noted, was an avenue in which the country could spur economic growth. “This is an area in Jamaica that we have to carve out as a niche and we will see the real economic development and benefits that we all strive for,” he stated.
Senator Spencer further added that the government was committed to providing funding for budding young entrepreneurs, “as funding is one of the major challenges that small entrepreneurs face is the whole issue of credit at reasonable interest rates”.
He further encouraged young entrepreneurs to utilise the $1 billion fund that has been established by the government to assist the small business sector.
Andrea Graham, Chief Executive Officer of the Small Business Development Agency, noted that while it was important to establish small businesses, young entrepreneurs must plan not only on the type of venture they wanted to operate, but also how they would sustain it.
“We have brilliant ideas in this country but we cannot just go into business. Those days of ‘just doing a thing’ are over. We have to plan, and we have to be structured when it comes to whatever it is that we are doing when it comes to starting our own businesses,” she pointed out.
Miss Graham also implored the government to provide more support for the development of the small business sector. “The small business sector is the engine of growth for every economy worldwide. It is so important that government gives the support that it really needs.there needs to greater trust between small business people and the government.we need each other to survive,” she stated.