Business and Entrepreneurship

 

Storm Gonsalves
Business and Entrepreneurship

Business and Entrepreneurship

Background

The investment in infrastructure, numerous projects and the construction boom in St. Vincent and the Grenadines have charted the way for the development of business and entrepreneurship. Business and Entrepreneurship entails risk, and most times require an influx of capital to commence, thereafter businesses require management to remain a going concern. The chairperson for this Sector understands the intricacies involved in the starting and running the day-to-day operations of the business. Thus, this committee is positioned to educate and empower the youth and create an ecosystem favourable for business and entrepreneurship. 

Vision Statement

To empower the youth of SVG with comprehensive business acumen, foster an innovation-driven ecosystem that supports entrepreneurship and pave the way for a sustainable economic future powered by renewable energy, robust financial infrastructure, and the vibrant sectors of tourism, agriculture, and fisheries. 

Mission Statement

Dedicated to the enhancement and empowerment of the youth in Business and Entrepreneurship by instilling sound business practices and promoting efficient methods by which the youth can build confidence and cultivate unique skills towards the establishment of a dynamic entrepreneurial environment in SVG. 

OBJECTIVES

1. Develop and recommend educational programs and competitions that inculcate business skills.
2. Explore the simplification of the administrative and legal processes for starting and maintaining businesses, thereby making entrepreneurship more accessible to the youth.
3. Advocate and support the adoption of renewable energy in the business sector to reduce carbon footprints and operational costs.
4. Launch initiatives that promote the agriculture, fisheries, and tourism sectors, provide support to existing youth-led businesses in these areas, and identify and solve industry-specific challenges.
5. Collaborate with financial institutions to explore the integration of modern payment systems, explore the possibility of streamlining the process for opening and managing bank accounts, and encourage the adoption of digital technologies and platforms for fundraising and business management.
6.  Encourage and facilitate investments in more businesses that promote the wealth creation of our country.
7.  Encourage and facilitate the optimal use of institutions or facilities such as the AIA and the new Kingstown Port for trade and other purposes in growing small businesses. 

Scope of Service:

The specific objectives are as follows:

Conduct, in consultation with all relevant stakeholders (CED, Chamber of Commerce, Invest SVG etc..) a Business and Entrepreneurship Sector readiness assessment for the development of the Business and Entrepreneurship sector in line with regional and international best practices and frameworks, determine the most sustainable and effective approach for the implementation of recommendations to drive the sector within St. Vincent and the Grenadines.

1. The assessment should include an evaluation of the hard skills required in business, current mentorship programs, administrative costs of starting and operating a business.
2. The assessment should assess the usage of renewable energy and social responsibility in business and recommend strategies for environment preservation.
3. The assessment should explore areas for new business opportunities, while bridging the gap for funding and receiving payments and the starting of low input high output businesses