TAKE?RESPONSIBILITY for the failure of your businesses.
That was the advice of Barbados International Business Association executive director Henderson Holmes to young entrepreneurs.
He made this call while addressing the annual awards ceremony of the Barbados Youth Business Trust at their Harbour Road, St Michael offices.
“It is your business. Take responsibility for it or you will learn nothing,” he said.
Holmes noted that Barbadian society was intolerant of failure and related his failed business attempts.
“You’re shunned by financial institutions and you may be laughed at by your friends and sometimes even your family.
“In stark contrast, if I were in North America with a record of three business failures, I would’ve been on the priority lists for financing and other business assistance. If I approached them not having failed in business, they would consider me a real risk.”
He noted that contrary to what society would have entrepreneurs believe, “a business failure or two does not make you a failure”.
“What would make you a failure, however, is not learning from those experiences where things did not go right.”
He added that research showed many businesses with good potential go under because few people were good entrepreneurs and good managers at the same time.
“A business is started by an entrepreneur, someone who has passion and ideas, or someone who spots a new business opportunity and is prepared to take the risks involved to turn it into a business venture.
“However, getting the business off the ground is only the beginning; then there is the day-to-day management that requires a different set of skills,” he said. (NB)
