Embrace 21st century business practices: GCCI President urges entrepreneurs

(www.guyanachronicle.com) THE Georgetown Chamber of Commerce and Industry (GCCI) yesterday hosted a one-day entrepreneurship workshop at Duke Lodge, Kingston, Georgetown.The aim of the workshop is to provide participants with an understanding of fundamental aspects of entrepreneurship and some practical methods used by entrepreneurs.
In his remarks, GCCI President Mr. Lance Hinds urged that persons recognise the importance of these workshops.
He noted that the position of the GCCI and the future of the economy depend on the potential of businesses, as it hinges on better growth and diversification of the private sector.
Hinds posited that it is the only way the economy would deliver positive revenue creation which will assist in social and economic improvement.
In 2014, the rates of growth and development of the local economy is still seen as less, when compared to other regional economies. There is therefore a lot of work to be done for further improvement.
The GCCI President encouraged participants to embrace 21st century business practices rather than be tied to the traditional practices of decades ago.
He stressed that local businesses must focus on getting out to the price- driven international market, instead of staying in the local market.
Hinds underscored that the GCCI has established a framework, within which initiatives for private sector expansion are being improved and discussed.
The GCCI believes that the role of entrepreneurship in the transformation of the economy is to put out new products and ideas.
Hinds opined that this will bring success and build better businesses, noting that success in a business would not happen through a miracle; a lot of hard work must be done to ensure the development of good businesses.
He also encouraged persons who may have potential ideas for businesses to give it a try, as failure should not be an option in achieving success in business. Moreover, they should think positively while attempting this.
The GCCI,Hinds asserted, is committed to finding ideas and to working towards a better private sector and the workshop was one such initiative to assist young entrepreneurs and to provide clarity on the principles of entrepreneurship and guidelines to how they perform.
He reiterated that it is not an easy task to start a business from scratch,it requires hard work and dedication, because “What you put in is what you get out.”
He concluded that the importance of global marketing and brain- sharing to come up with new ideas to improve would prove very beneficial.
Presentations were done by Director of Scotia Bank Dr Rosh Khan; Manager of Scotia Bank Carmichael Street branch, Mr. Nigel Samaroo; Director of Videomega Productions Ms Cathy Hughes; Marketing specialist of Republic Bank Mr. Jewsuan Edmonson; and Programme Director of The Lok Jack Graduate School of Business, Mr. Balraj Kistow.
The workshop was well attended and included interactive sessions, as experts shared new developments and best practices in the field of entrepreneurship.
The event was sponsored by Scotiabank and Republic Bank Guyana Limited.