Former St Lucia Prime Minister is advising Barbadian entrepreneurs to give urgency to starting small and growing a world-class business.
Allen Chastanet, St Lucia’s Opposition Leader and a businessman, was speaking Tuesday night as he delivered the tenth Leo Leacock Memorial Lecture at the University of the West Indies (UWI). The talk formed part of the 21st annual Small Business Association’s (SBA) Week of Activities “Tourism and your market are offering Barbadians a huge opportunity for export,” he said, adding that domestic culture linked to an export market has led to products such as Mount Gay Rum, Tortuga Rum Cake and Carona beer.
The Tortuga Rum Cake was created in the Cayman Islands from a family recipe that had been handed down through generations. Today, Tortuga rum cakes are available globally under franchise, Chastanet said, adding that “every big business starts small”.
He argued that given the small economies, small businesses could not compete through mass production.
“The only way is to do it as a gourmet product,” he said.
Linkages
Chastanet said small businesses needed to be better funded and needed the support of government in areas such as accountancy and marketing.
He also noted that Caribbean countries faced challenges such as the ease of doing business and the cost of doing business.
He said local culture could be linked to sectors such as tourism.
“We don’t think of linkages,” he said, asking: “Who is going around to see that all the hotels have Barbadian products?”
One link in need of being explored is agroprocessing and the tourism sector, he added.
After lauding Julien Alfred, the first woman to win an Olympic gold medal for St Lucia, and noting that “Jamaica is recognised as a factory of athletics”, he suggested that the West Indies could be a brand whereby the world would compete against Caribbean athletes as a team.
Referencing the University of the West Indies and West Indies cricket, Chastanet suggested that a West Indies football team could be another consideration to create an event with a regional brand.
The development of small businesses should be addressed “with a sense of urgency”, he said, adding there were opportunities to “lift people out of poverty.” (HH)
