The Tribune

By Mark A. Turnquest

New entrepreneurs must get into the game by conducting comprehensive market research before they develop practical business plans. Existing small and medium-sized enterprise (SMEs) owners must stay in the game by executing their business plans in an effective and efficient manner.

It is quite evident by now that the country is effectively broke, with a 70 per cent debt-to-GDP ratio in sight. We are borrowing heavily now to borrow light in the future. Bahamians must become more entrepreneurial and not wait for the Government to set their destiny.

Only serious attention to develop the SME sector can save our nation from financial collapse. Both government and the private sector should realise by now that focusing on ‘top-down’, archaic economic strategies to improve the tourism, financial services and vonstruction Industries for almost 40 years has failed miserably, and now the cupboard is empty and the cookie jar is on the floor broken and empty.

The innovative ‘bottom up’, economic clustering strategy to improve the SME sector should be the only way to go in the future. This means focusing on arts and crafts; movie and television production; medical, health and wellness; sports tourism; e-commerce; information and communication technology (ICT); apiculture (bees agriculture); green energy production; and innovative manufacturing and agriculture (coconuts etc.) markets, mainly in the Family Islands.

All roads to economic diversification and growth should lead to the Family Islands. Bahamians must return to their forefathers’ islands and start complimentary businesses because New Providence is too crowded and economically maxed out.

However, new entrepreneurs and existing SME owners should feel excited and be optimistic, because market research is being conducted to identify the problems and opportunities of the SME sector. After the completion of the market research, a strategic plan will be formulated to develop national policies on how to grow the SME sector and diversify the economy (from the bottom up).

In addition, the SME Development Bill, which will drive the development and sustainability of the sector, is one step closer to becoming reality and will likely appear in the next Parliamentary session. The SME Act will be administered by the SME Development Agency, which will concentrate on training, networking, research, identifying opportunities, administrative support and partnering with local and international funding organisations.

Conducting comprehensive market research, developing and executing business plans in an effective and efficient, formulating clustering strategies, Family Island development, the SME Act and SME Development Act will be the main topics discussed at the Entrepreneur Empowerment Workshop that I will be hosting on Saturday, June 29, 2013. For more information contact me tel. # 3426-6748 / 427-3640 or email: markaturmquest@gmail.com