Developing Bahamian entrepreneurship within the Bahamas Financial Service Sector
What steps are necessary to ensure Bahamian engagement and investment in such a critical component of the economy? Is this necessary for sustained growth within the sector?
Entrepreneurship according to Wikipedia the free encyclopedia is defined as the act of being an entrepreneur, this word entrepreneur is a very strong word in that it is what all leading men in business once where. Simply innovators, path blazers and trend setters. These new innovations are then put into businesses to create “economic goods”.
Entrepreneurship is clearly seen to be a vital element within in the world’s economy and is needed for the economy to keep “rolling”. So why u may ask is the Bahamas not producing as much entrepreneurs as we possibly could, when our “next door neighbors” the United States of America seems to have a “knack” for it. Paul Reynolds, entrepreneurship scholar and creator of the global entrepreneurship monitor stated according to Wikipedia the free encyclopedia that "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over their course of their careers."
These American men clearly see the potential economic relief that entrepreneurship provides. With statistics like these we can clearly assume that one of the United States government’s main goals is to develop a culture of entrepreneurial thinking. The Bahamas can also become an entrepreneur producing “power” in the world today if we jus take the initiative and the steps needed to produce innovative entrepreneurs.
Some steps that the Bahamas can take to ensure engagement and investment in such a critical component of the economy is to...