June 11, 2004

Small business a big force soon

Very soon small business enterprises are going to become the cornerstone of this country’s economy.
So says Dr. Jerrol Thompson, Minister of Telecommunications, Science Technology and Industry.{{more}}
In his address to the launching of the Small Business Guide to Effective Restaurant Management, Dr. Thompson said that as the economy becomes more service oriented it is imperative small business people become more successful.
He said a study conducted by the Central Development Bank in 2002 among 900 small business enterprises, identified that apart from financial resources the management operation of these businesses needs to be upgraded.
The Minister said it is high time that entrepreneurs understand that “small business is serious business” and continue looking at the opportunities that St.Vincent and the Grenadines has to offer.
Dr. Thompson used the opportunity to disclose that his Ministry is in the advanced stages of establishing legislation in relation to the Caribbean Single Market and Economy and the Free Trade Area of the Americas.
Felix Lewis, Manager of SEDU delivering remarks said the launching of the Small Business Guide is one in a series of activities for the year that the organisation will be staging to make more its services to the Services Sector.
Lewis said the time has come for people to understand the implication the Caribbean Single Market will be having on the economy.
“This has serious implications for us being able to compete. We must be on the level of our counterparts in the region in order to survive competition,” said Lewis, while explaining that will help to do that.
SEDU has produced the booklet as part of its programme to provide guidance to micro and small entrepreneurs. The guide outlines a set of simple practices that can be implemented by entrepreneurs/managers in the restaurant sector.