The Tribune

By IAN FERGUSON

Research shows that countries which provide support to entrepreneurial ventures among their local population often experience unprecedented, sustained growth and development. Entrepreneurial activity helps create new jobs, fosters innovation and drives market competition, which ultimately benefits consumers. Entrepreneurship in island communities becomes particularly critical for sustaining and promoting growth.

Some of the clear benefits of entrepreneurship in a local community and economy include:

* More jobs are created

* The standard of living is raised

* It provides economic independence

* It encourages capital investment

* It drives market innovation, and

* It brings the community together

We focus this week’s column on sharing business ideas, specifically in tourism and hospitality, which will complement the blue (ocean-based), green (environmental) and orange (cultural) economies.

Blue Economy

* Bonefishing adventures

* Reef-fishing adventures

* Glass bottom boat sightseeing tours

* Exploring blue holes

* Snorkelling adventures

* Underwater cave exploration

* Jet ski rentals

* Power boat adventures

* Banana boat adventures

* Umbrellas and chairs on secluded beaches

* Lake and ocean kayaking

* Water bicycles

* Mangrove planting (Mission for Mangroves)

* Coral restoration activities (Coral Vita et al)

* Surfing

* Swimming pigs

* Dolphin encounters

* Seal lion encounters

* Safe swimming with sharks

Green Economy

* Jeep tours

* ATV adventures

* Bicycle rentals and tours

* Scooter rentals and tours

* City and country tours

* Island settlement tours

* Birding tours

* Nature hikes

* Crabbing adventures

* Wild boar hunting

* Historic tours

* Cultural tours

* Museum and expo tours

* Historic church tours

* Culinary tours

* Beer Hop Tours

* Farm visits (farm to table experiences)

* Local cooking tours and tutorials

* Local market shopping

Orange Economy

* Local artist concerts

* Street performers

* Local handicrafts using Bahamian raw materials (coconut, sand, salt, fish scales, conch shell, drift wood, tree bark, leaves)

* Design consulting

* Creative content production

* Innovative hubs

* Everything virtual including tours, museums, etc

Most business ideas on this list are not new to The Bahamas, but can certainly reap great benefits for entrepreneurs who put in the work and seek support offered by the many agencies supporting micro, small and medium-sized (MSME) businesses including the Tourism Development Corporation, the Small Business Development Centre (SBDC), the Bahamas Development Bank, the Bahamas Entrepreneurial Venture Fund and the Bahamas Agricultural and Industrial Corporation (BAIC).

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organisations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.