A VIABLE CAREER OPTION

for university and sixth form students. The competition aims to give students the opportunity to put into practice their knowledge towards developing a business enterprise and attracting financing for their business venture.

I am quite pleased that you are here with us this morning for the launch of our 2nd business plan competition. When VCIP introduced the competition last year, it was the first time that such a competition was being held in Trinidad & Tobago and perhaps within CARICOM.

This competition is being held since VCIP recognizes that enterprise development and entrepreneurial success at the national level requires a multi-pronged approach. An approach that is cognizant of the fact that research and development, innovation and creativity, access to capital, risk taking and entrepreneurship are all inextricably linked.

Over the past thirty years or so entrepreneurial activity has driven economic development globally. In fact it has been the primary driver of economic development in the United States and other developed economies.

Because of the significance of micro, small and medium sized businesses to social and economic development, it is envisaged that there will be increasing emphasis on entrepreneurship.

Entrepreneurial development is the basis of business starts.

It is this relationship that has driven many tertiary educational institutions to develop and implement entrepreneurship development programs. An examination of the curricular of many leading business schools in the United States and Europe reveals that over the years they have implemented an increasing number of entrepreneurship programs.

There are varying views on whether entrepreneurship is innate or can be developed. And, if it can be developed, what are the essential characteristics of entrepreneurship and by extension entrepreneurial development. The creation of entrepreneurial development programs has been centered on the issue of the identification of entrepreneurial characteristics and the resultant attempt to address how these characteristics can be further enhanced to stimulate entrepreneurial activities.

Notwithstanding the varying views on whether entrepreneurship is innate or not, all studies point to the relevance of an entrepreneurial culture and attitude. It is very clear that entrepreneurship, although definable, cuts across sex, age, education and ethnicity. So that entrepreneurial activity is not, and I stress is not the domain of a select group.

In fact globally entrepreneurship is now an activity engaged by an increasing number of females and the young. I wish to beg the question "How many teachers would facilitate a primary or secondary school student who engages in business activity in a structured way within the school system. What about the boy, girl, young man or woman who creates low cost paper clips from cardboard or wire, or a brown cotton hand painted pencil case which he/she sells to other students. Would the student be seen as one who has lost focus vis-?-vis his purpose for being in school or would the activity be encouraged in a manner which fosters enterprise development within the academic system? Meaningful entrepreneurship will only occur when we bridge the gap between academia and enterprise.

But how do we develop an entrepreneurial culture and entrepreneurial attitudes?

Family and community relations and role models are important ingredients in the process.

Other important developments include the identification and promotion of entrepreneurial figures, the assigning of laudatory and exemplary stature to these entrepreneurs, especially where success translates not only to personal benefit re wealth creation but also provides a benefit to communities and to the country.

On this note I wish to commend Mr. Arthur Lok Jack, of Associated Brands Limited for his contribution of TT$20MM to UWI – IOB. I join him in urging other business leaders to follow suit.

VCIP believes that competitions like this one can support a national or regional entrepreneurship program. As indicated earlier access to capital is an important factor in the effort to support, motivate and recognize those willing to take risk in the pursuit of a business opportunity; our entrepreneurs.

The creation of a winning business plan is one step in the process to access capital. By exposing students to the concepts of business finance, marketing, production and operations management, strategic use of technology et al., they are more likely to see their dreams translate into viable businesses.

In the past, a major challenge for entrepreneurs was the transition from entrepreneur to manager; VCIP believes that by bringing business enterprise in the hallways of the education system we are embarking on a process where the manager becomes an entrepreneur at an early stage. By so doing we would have contributed in promoting both an entrepreneurial attitude and culture.

To you the students in attendance, let me state that entrepreneurship can be viewed as a viable career option. Regional economies and educational institutions have, in the past been attuned to education only for employment. It’s time to change the status quo. Progress in any society or organization is attained by the presence of individuals willing to be creative, innovative, to take risks and to think outside the box. Anything else stifles ingenuity and leaves us with a society stuck in the rut.

In closing, I take the opportunity to commend the teachers and principals willing to support their students in initiatives like this one. What you are doing may be, beyond the call of duty but you are, by your actions making a contribution to the transformation process in our country.