Barbados Business Model

An entrepreneur is someone who develops, organizes and manages a business venture along with taking the risks that come with it. Entrepreneurship has rapidly become a trend in the Caribbean, with Barbados striving to be the main hub, according to the Barbados Entrepreneurship Foundation. The region’s economic growth is directly related to the transformation and success of entrepreneurs; as the expansion and innovation of entrepreneurs creates many opportunities in the economy. Due to funding made easier for people aspiring to start their own business, there is a rising number of entrepreneurs now than in the past. Technology has been the main change in recent years, as everything is easily accessible now as you can communicate and share information

Green, Barbados is one of the most economically developed countries in the Caribbean. With high incomes in a world standard basis, Barbados has the best personal environment for entrepreneurs to develop and succeed. The Barbadian economy was historically dependant on the sugar cane industry. In the late 1950’s it was thought that the economy could not continue to depend on sugar growth, therefore a tourism board was created to promote and develop the tourism and service sector. Barbados has since made a transition from an agricultural-based economy to a services-based economy. Since the mid 1990’s there has been a steady growth of self-employed persons in the private sector. Entrepreneurship mainly stemmed from the agricultural sector. The money earned from this helped a limited number of Barbadians start their own business ventures. Much of the entrepreneurship operations were then basic retail type stores working from within the surroundings of the household. In recent times, in an effort to increase the contribution of entrepreneurship, many deficiencies were identified, such as duplication of resources geared towards business development, lack of transparency and responsibility was common within Ministries and rash decision making and policy development which lead to a delay in taking advantage of opportunities identified. Now, entrepreneurs take their businesses international from early on, as they don’t see their home country

With a rising population, in order to increase standard of living economic growth must be sustainable. The government has developed local and regional entrepreneurship through policies and programs, as well as easier access to venture capital. The government initiates start up funds, education and training and availability to resources. Entrepreneurship subjects are also taught in universities and colleges. In relation to Barbados, entrepreneurship competitions are held through the Barbados Entrepreneurship Foundation. Entrepreneurs need a high tolerance for risks, as they have to be prepared to start over if they don’t succeed. Tenacity is very important as starting a business is not easy and a lot of work. Successful entrepreneurs are not always driven by money, but usually passion for their product or service. This makes work more enjoyable, and problems easier and cheaper to solve. Self-confidence is important, one you conduct enough research and believe in the task at hand, then the risk becomes easier to handle.

A lot of economic thought has focused on the role of the entrepreneur in the economic systems for generations in Barbados. Now entrepreneurship is the driving force for the economy, as it is a vital asset to its growth and development. Not only does being an entrepreneurship create a sense of freedom and independence for the person, but it also benefits the country and its people in numerous