“The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty.” – Proverbs 21:5
How can we minimize the impact of the struggle that small nations will inevitably face as we attempt to kickstart our economies post “World War III”?
The answer, I propose, is to be found in a column which I wrote over six years ago entitled “Ignore Entrepreneurship at our peril!” – https://tinyurl.com/y8gbry3r. We enjoyed a relatively fair-weather business environment at that time. Today, we must regroup under post war conditions.
The political leadership in the Caribbean should seek the best national advice that it can muster to address disaster recovery management and should share ideas regionally in the interest of regional harmony and growth. The advisory teams should be small (maybe eight persons), gender balanced, and with expertise in governance, financial investment, marketing, operational efficiency, and people management. They may, of course, seek other advice reaching out to special interest groups through town hall meetings and the like.
It is not a case of restarting the economies whence we left off before the world was locked down to battle COVID-19. So much has changed which affect our daily lives and will impact the global network of trade. Loved ones have died, economies have slumped, businesses have closed, earning power has declined, inflation may threaten, spiritual beliefs have been dampened, educational systems have been disrupted, and the lockdown has induced emotional stress, sometimes beyond its elastic limit.
We must start afresh recognizing that high level economic gearing systems for each appropriate sector of the economy will drive its redevelopment. Entrepreneurial passion must be aroused, and we must instill a spirit of persistence, tenacity, determination and resolve. Remember that the biblical advice that while the soul of the sluggard craves and gets nothing, the soul of the diligent thrives in abundance.
The social partnership must establish a strong supporting startup ecosystem based on the concept of shepherding which mitigates the risk of business failure and hence secures the financial investment.
When will the tourism gear begin to spin again at the pre COVID-19 momentum? Nobody knows for sure. The vision of our leaders in planning an enabling environment for our entrepreneurs is the lynchpin to the recovery process. This plan must address the creative use of public and private sector financial resources, as outlined in the column referenced above, and mobilize the shepherding squad, who would have collectively “seen it all” in their day, to induce entrepreneurial passion, perseverance and patience, leading to profitable ventures. The combination of successful businesses, both existing and startup, will then restart the national economic growth process.
We must assemble and mobilize the shepherding squad to give both individual and group counseling to the entrepreneurs. In my experience, the synergy of the interaction within the squad and between the squad and the entrepreneur produces a mind-boggling experience. Finally, let us implement the innovative seed, equity and working capital systems, which have already been designed, and watch the economy grow.
(Dr. Basil Springer GCM is a Change-Engine Consultant. His email address is firstname.lastname@example.org. His columns may be found at www.nothingbeatsbusiness.com/basil-springer-column/ and on www.facebook.com/basilgf).