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The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
The Barbadian Entrepreneurship Context, A Youth Perspective
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The Barbadian Entrepreneurship Context, A Youth Perspective

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A review of Barbadian Entrepreneurial Culture, looking at the difference between a small business owner and an entrepreneur and the development of Barbados and how it has influenced the …

A review of Barbadian Entrepreneurial Culture, looking at the difference between a small business owner and an entrepreneur and the development of Barbados and how it has influenced the entrepreneurial mindset

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  • 1. 1 The Barbadian Entrepreneurship Context, A Youth Perspective By Keeley Holder July 20th , 2013 1. Entrepreneurship vs. Small Business The topic of entrepreneurship is one of the most popular of our time and defining it can be as complex as one wishes, or as simple as one desires.1 Even as it remains an ill-defined, multi-dimensional concept2 , in the context of this proposal, the following definition of entrepreneurship is most fitting: “Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks—in terms of time, equity, or career; the ability to formulate an effective venture team; the creative skill to marshal the needed resources; the fundamental skill of building a solid business plan; and, finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.”3 In terms of classification, "entrepreneur" and "small business owner" are often used interchangeably, especially by policy makers, even though they are not synonymous4 . While they may have much in common, particularly the fact that small businesses are certainly an outstanding vehicle for individuals to channel their entrepreneurial ambitions5 , there are significant differences between the entrepreneurial venture and the small business. Typically, a small business owner views their business as a job e.g. shopkeepers and people in professional occupations.6 Entrepreneurs on the other hand view and build their business as an asset that will generate income on its own. Indeed in Barbados’ case, former lecturer and author on entrepreneurship at the UWI, Cave Hill campus (and current Minister of Foreign Affairs and Foreign Trade), Maxine McClean has indicated that many of the small businesses in Barbados are “lifestyle businesses” which allow self-employed persons to generate an income stream that is greater than if they were employed traditionally to do the same job. In contrast, there are considerably fewer high growth and sure profit; innovative businesses that swiftly create substantial wealth and net 1 Source: Therese Baptiste-Cornelis & Jonathan Lashley – Entrepreneurship and its Resulting Complexities in the Caribbean (2010) 2 Source: Sander Wennekers & Roy Thurik – Linking Entrepreneurship and Economic Growth, Small Business Economics 13: 27–55 (1999) 3 Source: Donald Kuratko – Entrepreneurship: Theory, Process and Practice (2008) 4 Source: Peter Drucker – Innovation and Entrepreneurship (1993); 5 Source: Martin Carree & Roy Thurik – The Impact of Entrepreneurship on Economic Growth (2002) 6 Source: Martin Carree & Roy Thurik – Understanding the Role of Entrepreneurship for Economic Development (2005)
  • 2. 2 positive employment in Barbados that would typically exemplify the actions of entrepreneurs.7 Nevertheless, a small business owner and an entrepreneur are not mutually exclusive individuals. A small business owner can undoubtedly become an entrepreneur by mastering the process and skills necessary to grow their small business such that they develop a competitive advantage which results in wealth creation instead of merely income generation. 2. Employment & Entrepreneurship There is growing scientific evidence that entrepreneurial activities matter for employment, productivity and ultimately economic growth.8 For example, in the United States, entrepreneurship has been the primary engine of job creation in its economy over the last several decades. From 1980-2005, companies less than five (5) years old were responsible for nearly all net job growth in America. In fact, without start-ups, net job creation for the American economy would be negative in all but a handful of years. However, while these are impressive statistics, they do not convey the whole story of job creation – the turmoil and churn of new firm creation, young firm survival or failure, job creation and destruction and the scale growth of some firms. Because not every startup sticks around, the jobs that many firms create at birth will subsequently disappear, so part of their positive contribution to jobs in one year will turn to subtraction in the next few years. Undeniably, no economy could long survive if every year’s new jobs were simply eliminated within such a short period. In taking a closer look at these statistics, it is revealed that it is really those young companies aged one to five (1yr-5yrs), that accounted for roughly two-thirds of new job creation, averaging nearly four (4) new jobs per firm per year in 2007.9 Consequently, while there are no similar statistics for Barbados, the experience by Barbadian business consultants and enterprising individuals is that a similar case exists for Barbados. Therefore, these figures present a powerful case for business incubators that take companies past that critical first year of existence. 3. Barbados’ Economic Development & Entrepreneurship From the mid-1980s to the present day, there has been a marked increase in the attention paid to the link between entrepreneurship and economic growth. However, in Barbados and the Caribbean, small business has generally been seen as a “social good” that should be maintained to provide employment and henceforth contribute to efforts of poverty alleviation. Needless to say, this has negatively affected the image of entrepreneurship where it is often considered a ‘last resort’ career option. 7 Source: Maxine McClean – Personal Communication (2013) 8 Source: Jean-Philippe Cotis, OECD – Entrepreneurship As An Engine For Growth: Evidence and Policy Challenges (2007) 9 Source: John Haltiwanger et. al., Kauffman Foundation – Jobs Created from Business Startups in the United States (2009)
  • 3. 3 This view has often been supported by international development agencies, where the main thrust of enterprise development strategies have been directed towards poverty alleviation and the provision of employment. However, such an approach incurs a cost in terms of foregone economic growth due to a lack of concentration on small business as a “vehicle for entrepreneurship”. Sadly, the commensurate economic growth, competitiveness and job creation results have not been seen in Barbados or the rest of the Caribbean. Additionally, the promotion of personal development and the resolution of social issues attributed to entrepreneurship have not prevailed. At the crux of this problem are two facts: 1. The type of entrepreneurship being promoted and supported is one where small business is synonymous with entrepreneurship and promoted as a social good, and 2. The structural and cultural barriers inherited from a conservative colonial culture have emphasised business in the commerce/non-traded sectors rather than industry (production and value added). 10 Nevertheless, in recent times there has been a renewed interest by Barbadian and Caribbean policymakers in entrepreneurship as an engine for economic growth and employment as the Worldbank reported that that in high income OECD (Organisation for Economic Cooperation and Development) Countries, 95% of all firms are small- and medium-size enterprises and they employ 60% – 70% of the workforce.11 This revelation and others like it are shifting policymakers’ view of small business as a social good to that of a “vehicle for entrepreneurship” and sustainable economic growth. 3.1. Economic Development Phases & Entrepreneurship If entrepreneurship is to be an effective agent for economic growth in Barbados, it is imperative to understand where Barbados is positioned in terms of its phase of economic growth and stage of entrepreneurship. For example, in seeking to implement entrepreneurship strategies and policies for economic growth, selecting those best practices that have worked in high income OECD countries may not yield the same results if those countries are at a different stage in their economic development from Barbados. With regard to Barbados’ phase of economic growth, figure 1 below shows the Global Competiveness Index (GCI) three (3) phases of economic development of nations that have been characterised based on twelve (12) pillars of competitiveness12 . It also identifies Barbados, according to Professor Andrew Downes, as being in transition from the second stage of economic development known as the efficiency phase, to the third stage called the innovation phase. 10 Source: Jonathan Lashley – The Entrepreneurship Challenge in a Time of Change (2007) 11 Source: Meghana Ayyagari et. al., Worldbank – SMEs Across the Globe, A New Database (2003) 12 Source: Michael Porter & Klaus Schwab, World Economic Forum – Global Competitiveness Report 2008-2009
  • 4. 4 Figure 1: Barbados’ Positioning in the 3 Phases of Economic Development While the GCI has ranked Barbados as being the most competitive of the Caribbean nations, and in the top 50 most competitive nations in the world since 200613 , what should be of grave concern to Barbadian policymakers is the fact that the report also indicates the following:  The hardest transition is perhaps from technology importing, efficiency-based development to innovation-based development. This requires a direct government role in fostering a high rate of innovation, through public as well as private investments in research and development, higher education, and improved capital markets and regulatory systems that support the start-up of high-technology enterprises.  Many of the failures in economic development in recent years have been hypothesised to involve countries getting stuck at critical junctures of economic transition: Between Factor-Driven and Efficiency-Driven OR between Efficiency- Driven and Innovation-Driven stages. The shift from one phase of development to the next often requires new ways of organising governments, markets, and enterprises, so it is not altogether surprising therefore that many countries fail at making the appropriate transitions, or even fail to recognise that such a transition is needed. Ironically, old strategies become the new weaknesses.14 Because entrepreneurship is an ill-defined concept, there is a need to explain how entrepreneurship influences economic growth and this is done by using intermediate 13 Source: Andrew Downes, SALISES – A Caribbean Perspective on the Global Competitiveness Index and Report (2009) 14 Source: Klaus Schwab et. al. , WEF – Global Competitiveness Report 2001-2002 BARBADOS 12 PILLARS OF COMPETITIVENESS 3 PHASES OF ECONOMIC DEV.
  • 5. 5 variables or linkages (such as innovation and entry and exit of firms i.e. competitiveness). Hence, from an entrepreneurial perspective, each type of economy can be defined by specific intermediate variables/linkages. In factor-driven economies it is expected that there will be high levels of new business activity with more necessity-driven small businesses because fewer employment opportunities ‘push’ individuals into entrepreneurship especially after exogenous shocks. Meanwhile, even as the proportion of new business activity is at a high level in innovation- driven economies, the proportion of opportunity-driven entrepreneurs, operating on ‘pull motives’ such as the desire for independence, income, challenge, status and recognition is expected to be much greater than either factor-driven or efficiency-driven economies.15,16 In contrast, efficiency-driven economies such as where Barbados has been classified as emerging from, something unusual occurs. It has been proposed that as the economy becomes more stable and moves to more standardised products and processes, entrepreneurial opportunities are initially reduced, leading to an era of low levels of small businesses and entrepreneurial ventures. However, as the economy develops at a low rate of growth and higher levels of education coincide with changes in consumer tastes and rapid information diffusion through the use of ICTs among other things, there is greater incentive for opportunity-driven entrepreneurs to discover and exploit entrepreneurial opportunities. As the economy develops to the innovation-driven stage, the role of the entrepreneur as the persona causa of economic imbalance and the disruptor or the status quo becomes important. In this case entrepreneurs are proactive, highly innovative and inventive, and can use their higher levels of education to create their own endogenous entrepreneurial opportunities. This all culminates to move the economy into an era of creative destruction marked by high levels of economic growth.17 Figure 2 below shows a graphical representation of the empirical link between the number of entrepreneurs in an economy and the level of economic development. It also draws on the assumption that within an economy, a certain percentage of small business owners/self- employed persons will be entrepreneurs, and state that as the level of economic development increases, the two groups will converge, so that more small business owners/self-employed persons will demonstrate the characteristics of the entrepreneur.18 However in this case, the stages of economic development correlate to three distinct entrepreneurial types, (Stage I = Austrian entrepreneur; Stage II = Chicago entrepreneur; Stage III = German/Schumpeterian entrepreneur). These types are influenced by the socio- economic environment that brings to bear different demands and roles for the entrepreneur as an agent of economic growth at each stage of development. 15 Source: Niels Bosma and Jonathan Levie, Global Entrepreneurship Monitor – 2009 Global Report, pg 10-11 16 Source: Siri Terjesena and Jose´ Amoro´s, IDB – Female Entrepreneurship in Latin America and the Caribbean: Characteristics, Drivers and Relationship to Economic Development (2010) 17 Source: Jonathan Lashley – The Entrepreneurship Challenge in a Time of Change (2007) 18 Source: Sander Wennekers & Roy Thurik – Linking Entrepreneurship and Economic Growth, Small Business Economics 13: 27–55 (1999)
  • 6. 6 Figure 2: Stages of Entrepreneurship and Economic Development Although it is not thought possible to neatly locate an individual economy within the three stages, Dr. Jonathan Lashley of the Sir Arthur Lewis Institute of the UWI has indicated that the Barbadian economy is more representative of the environment for the stage II (Chicago) entrepreneur, where opportunities are exogenous, the economy is relatively stable, and there is little incentive to participate in entrepreneurial activities. However, he has also indicated that it is difficult to neatly categorise the economy in this manner as elements of the environment for a stage III (German) entrepreneur are also seen in the existence of a support infrastructure to support enterprise development.19 These conclusions coincide with Professor Downes analysis that Barbados is in transition between the second and third stage of economic development and they cohesively demonstrate the mutually reinforcing linkages between entrepreneurship and economic growth. Thus, these findings provide an essential context within which any national effort to stimulate entrepreneurship, must factor in. 4. Factors that Influence Entrepreneurship at the Individual Level The whole process of entrepreneurship concerns ‘the nexus of two phenomena: (a) the presence of lucrative opportunities and (b) the presence of enterprising individuals’. This explains why several factors, both intrinsic and external to the entrepreneur, affect the entrepreneur’s ability to discover and take advantage of profitable opportunities. 4.1. Entrepreneurial Opportunities The decision to take advantage of entrepreneurial opportunities is a function of (a) the nature of the opportunity and (b) the nature of the individual. Making maximum use of the 19 Source: Jonathan Lashley – The Entrepreneurship Challenge in a Time of Change (2007)
  • 7. 7 opportunity is conditional on the entrepreneur placing an expected value on entrepreneurial profit at a level large enough to compensate for the opportunity cost of alternatives. This explains why a performance advantage over other businesses is not a sufficient measure of entrepreneurial performance, because it may be insufficient to compensate for the opportunity cost of other alternatives, of time, of capital and of bearing uncertainty. In particular skilful entrepreneurs will take up entrepreneurial opportunities where the (a) expected demand is large, (b) profit margins are high, (c) the technology life cycle is young, (d) competition density is moderate (profit and learning opportunities exist), (e) the cost of capital is low, and (f) learning is available from other entrants.20 This is especially instructive when designing any national effort to stimulate entrepreneurship because it must have value to the entrepreneur, if he/she is to consider it favourably. 4.2. Enterprising Individuals Personal traits and behavioural characteristics lie at the root of entrepreneurship. However, a lack of understanding of the required traits and behaviours of the Barbadian entrepreneur, have been inhibiting entrepreneurship’s contribution to economic growth in Barbados.21 Of particular importance is the significant but complicated link between culture and entrepreneurship. Six (6) cultural features that are supportive of entrepreneurship have been identified: 1. Open-mindedness to other cultures 2. Curiosity, creativity and experimentation 3. Perseverance 4. Valuation of wealth and savings 5. Acceptance of risk and failure 6. Competitiveness22 However, in the Barbadian culture, the weight of each of these attributes varies and hence the new Barbadian entrepreneur will have to have conquered such cultural features in order to reap long-term success. Secondly, while a standard entrepreneurial profile is hard to compile, this author believes that they are twelve (12) key attributes that entrepreneurs in the Barbadian context must have or be capable of acquiring: 1. Leadership and desire to disturb the status quo. The entrepreneur must be a leader of change, whether it is of people or markets. Leaders do not focus on doing things the right way, but rather on doing the right things to get the desired results. Entrepreneurial leaders create inspiring visions, are powerful communicator, ask for advice instead of favours, know how to lead themselves, are good at leading as well as following, at “walking the walk” and at accepting responsibility. 20 Source: Shane & Venkataraman – The Promise of Entrepreneurship as a Field of Research (2000) 21 Source: Jonathan Lashley – The Entrepreneurship Challenge in a Time of Change (2007) 22 Source: Sander Wennekers & Roy Thurik – Linking Entrepreneurship and Economic Growth, Small Business Economics 13: 27–55 (1999)
  • 8. 8 2. Take calculated risks. Skilful entrepreneurs do not take crazy or foolish risks, but they must take risks after appropriate research. They must have a strong ability to combine existing concepts and information into new ideas that help them to understand and solve problems in ways that create value. 3. High self efficacy and confidence, but “knowing what you don’t know”. Entrepreneurs need to believe in their ideas to get others on board, but most importantly they must know their weak spots. This helps them view challenging problems as tasks to be mastered, anticipate problems before they arise, develop deeper interest and form a stronger sense of commitment to the activities in which they participate in, be willing to consider conflicting perspectives with objectivity, and be able to recover quickly from setbacks and disappointments. 4. Strong work ethic, decisiveness and follow through. With a prevailing belief among young enterprising Barbadians that owning a business means less work than having a job, then entrepreneurs will need to possess a strong work ethic. Likewise entrepreneurs must be able to prioritise, be decisive, take action and follow through on decisions. 5. Reinvent yourself as often as necessary. Entrepreneurs must have a strong locus of internal control that allows them to turn their failures into learning opportunities and reinvent themselves especially in a culture that is not awfully accepting of failure. They must have the ability to act in the face of scepticism of others and look at their situation from an entirely different angle and switch gears. When entrepreneurs respond to adversity by getting in touch with their existing strengths, this creates a positive cycle of success and confidence and feelings of accomplishment and fulfilment. 6. A commitment to purpose with passion. It is easy to lose momentum for a business that is not really in your heart. Entrepreneurs must enjoy what they do so that that passion for excellence can see them through the tough times. With passion, entrepreneurs do not just sit around waiting for things to happen to them, they are pro-active and they make things happen. 7. Know how to partner with others who have expertise or a skill-sets needed. Entrepreneurs must know how to strategically leverage the knowledge of others around them, network, and create great teams to get the job done well. Entrepreneurs understand that successful businesses are built by many people and not a single individual. 8. Ability to engender trust, confidence and respect to develop credibility. Entrepreneurs must have empathy and integrity if they are to create an atmosphere of trust and respect. In striving for success, entrepreneurs never lose sight of the individual and this is now they are able to create and nurture a team of disparate partners. 9. Have patience and tolerance for uncertainty. Entrepreneurs must have the tenacity and patience to keep working through initial hiccups, and be tolerant of the uncertainty inherent in any new venture. 10.Be flexible and adaptable. The ability to ‘roll with the punches’ is crucial for an entrepreneur. Owning a business does not follow a predictable nine to five work week, so entrepreneurs must have the ability to show ingenuity and flexibility as their business progresses, often not according to plan. 11.Strong negotiating skills and ability to develop win/win results. Entrepreneurs must have clarity and consistency of thought to articulate their position to others. They must be able to understand the other party’s position and serve them with solutions that they value. 12.Be laser focussed and single-minded. Entrepreneurs avoid being ‘the jack of all trades and the master of none’. In this era of modern business, skilful entrepreneurs have a set of highly developed specialised skills (e.g. agriculture) grounded in a solid
  • 9. 9 set of broad-related skills (e.g. business, tourism, health). Harnessing their short- term concentration allows entrepreneurs to be single minded in acquiring this combination of skills. Of course, mere possession of competencies is not enough; they must be honed through training, experience and guidance. On the flip side, the dark side of entrepreneurship can frequently evoke profound psychological responses: elation and depression can succeed each other so rapidly as to induce emotional whiplash. In addition, entrepreneurs often suffer from intense and enduring anxiety. These emotions, and their dreaded companion, fear, can shrink human experience and any expansive sense of possibility. Entrepreneurship can also cause people to become distrustful, disagreeable, less tolerant, more competitive, rigid, demanding, short-tempered and hyper-critical. It takes extraordinary character and resilience to live with that every day and remain unaffected.23 4.2.1. The Young Enterprising Barbadian Three (3) separate analyses of young Barbadian small business owners (including clients of the Youth Entrepreneurship Scheme (YES), non-YES clients and Barbados Youth Business Trust (BYBT) clients) published in the last decade revealed the following24 :  The mean age was between 27-28 years with an age range of 18-41 for YES clients and an age range of 16-38 for BYBT clients, with only 25% between the age of 16- 24. Irrefutably, the 2003 study of YES revealed that “older clients have benefitted to a greater extent than younger clients and show a greater acceptance of their role in their business.” These findings suggest that Barbadians are more involved in entrepreneurial activities in their mid-life than in their youth and support both of the agencies’ decisions to be flexible with regard to age.  More than 64% of businesses and (76% of YES clients) were operated as sole proprietorships with only 16% operated as partnerships suggesting that young Barbadians also have challenges working together because of (a) lack of trust and or (b) limited understanding what it requires to form strategic partnerships. Effective activities that foster trust, improve group dynamics skills and help youth to understand how to build smart partnerships will be necessary to their development.  More than 80% of YES clients employ 2 or less persons and the mean number of persons that these young small business owners employed was less than 3. Thus, these young small business owners have not been significant generators of employment. Skills building particularly in capitalising on competitive and unfair advantages will help move youth towards being entrepreneurial individuals.  50% YES clients earned a monthly income of BBD $2000 or less and 75% of BYBT clients earned a monthly income of BBD $2130 or less while 50% young 23 Source: Meg Cadoux Hirshberg, INC Magazine – Entrepreneurship Changes You, and Not Always for the Better (2013) 24 Sources: Jonathan Lashley – Microfinance in the Caribbean, Experiences & Best Practice (2002); Jonathan Lashley & Maxine McClean – Youth Entrepreneurship Scheme Socio-Economic Impact Assessment (2004); Jonathan Lashley - The Entrepreneurship Challenge in a Time of Change (2007)
  • 10. 10 entrepreneurs interviewed earned a monthly income of BBD $5000 or less. If these figures provided are truthful, then it suggests that most of these young firms are low income earning “social good” small businesses and not entrepreneurial ventures and there is a crucial need to make that transition.  Approximately 55% of the businesses of both YES and BYBT clients were service businesses while less than 5% were agricultural businesses. Additionally BYBT had a large class of light manufacturing clients. This supports the view that the framework for agriculture entrepreneurship is weak and is restricting youth entrepreneurship even as there is considerable youth interest.  Less than 40% of young enterprising individuals had prepared personal development plans (PDPs). Whether formally written or informal thought through, a personal development plan helps entrepreneurs to grow by stripping away accretions and misperceptions about whom they really are. A PDP also prevent entrepreneurs from wallowing in their existing weaknesses which can lead to feelings of anger, petulance, despair, or other sour traits, especially when they are repeated beaten down by disappointments. Communicating this powerfully and designing activities to get greater youth adoption of PDPs will be essential.  Less than 28% of BYBT, YES and non-YES clients were members of business and social organisations. Furthermore 53% and as much as 79% of young entrepreneurs had no knowledge or poor knowledge of the support infrastructure for enterprise development such as the BYBT, Small Business Association (SBA), Barbados Investment Development Corporation (BIDC), Enterprise Growth Fund Limited (EGFL) and Fund Access. These tendencies have been seen to be due to (a) distrust and irrelevance at one extreme to (b) complete lack of awareness at the other.  69% of young entrepreneurs have no other source of income, indicating a reasonably strong desire to work for themselves. Interviews with an officer and trainers of the YES indicate that these statistics are still relevant and are definitely reflective of the current set of youth entrepreneurs. Additionally, with regard to entrepreneurial training, less than 25% of YES clients completed the training course. BYBT seminars similarly tend to have less than 25 persons in attendance at most sessions.25 What is most disconcerting however is that a large percentage of young entrepreneurs that approach the YES believe that entrepreneurship will allow them to put in little effort and make large sums of money in a short period of time.26 This author believes that this erroneous mindset has been specifically enhanced by the explosion of multi-level marketing (MLM) in Barbados in the last fifteen (15) years or so. These business models have been seriously damaging to the entrepreneurial mindset of the population because they: 1. Promote a false sense of autonomy by making participants ‘independent distributors’; 2. Encourage little effort instead of lots of work, since participants just have to work for a ‘few’ hours every day; 25 Source: Richard Blades, BYBT Mentor – Personal Communication (2013) 26 Source: Paul Leach, YES – Personal Communication (2013)
  • 11. 11 3. Provide a business model that appeals to people’s sense of ‘fairness’ while ignoring the reality of unfairness in business, by implying equal opportunity for success if only persons would follow fixed training materials and meet and share their stories regularly; 4. Showcase entrepreneurial success without ‘risk’ since participants can work from home, avoid costly overheads and buy into a programme with a ‘proven’ track record, all for a very small fee; 5. Promote the belief that success only needs to be reached once and not continuously by showcasing successful participants who have retired early and receive very large incomes each month, often in the millions; 6. Perpetuate the erroneous belief that entrepreneurship is easy and anyone can be successful at it; 7. Collectively, they provide a simplistic but impractical model for widespread business success that feeds false hope and ‘get-rich-quick’ thinking. In conclusion, a new national entrepreneurial mindset is needed to overcome the ‘little effort, lots of money” mentality and replace it with the “work hard, stay focussed and be innovative” mindset if the Barbadian economy is to successfully transition into an innovation-driven economy.

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