agriculture, small business and entrepreneurship

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In a Nutshell

In a NutshellIn a Nutshell

This series seeks to stimulate interest, inform and educate on issues and topics of importance to sustainable agricultural development in the

Caribbean. A common thread in almost all strategies for improving the situation in agriculture and rural areas is that of developing an entrepreneurial and small business culture. This issue focuses on 'entrepreneurship' and its role in growth and development of agriculture, rural communities and national economies. Therefore an understanding of the concept, its relationship to national growth and the role of public policy is essential. The internet holds substantial literature on the topic. The main references for this issue are: 1. http://www.be.wvu.edu/divecon/econ/sobel/Entr/Papers/Hall&S

obel.pdf "Public Policy and Entrepreneurship" Joshua Hall & Russell Sobel. 2006

2. http://citeseer.ist.psu.edu/virtanen97role.html "The role of different theories in explaining entrepreneurship", Markku Virtanen;

3. http://www3.babson.edu/ESHIP/research-publications/gem.cfm; Babson College, "Global Entrepreneurship Monitor (GEM)";

4. http://www.cambridge.org/uk/catalogue/catalogue.asp?isbn=0521828139 "The Economics of Self-Employment and Entrepreneurship" Simon C. Parker;

5. http://www.sbaer.uca.edu/research/icsb/1999/47.pdf; " Secular trends in self-employment" Sander Wennekers, Niels Bosma and André van Stel;

6. http://www.dartmouth.edu/~blnchflr/papers/Comment%20on%20Blanchflower%20SEPR%20Final%20Aug%202004.pdf; "Is Self-employment Good or Bad? Comment on David Blanchflower" Magnus Henrekson, 2004;

7. How Small Businesses Contribute to US Economic Expansion, Derek Leebaert http://usinfo.state.gov/journals/ites/0106/ijee/leebaert.htm

8. http://www.ilocarib.org.tt/oldwww/infsources/small_enterprise/sme_caribbean/index.html "Small enterprise development in the Caribbean"

9. http://www.youthbusiness.bb/cms/files/stories/articles/. 10. http://www.entre-ed.org/_entre/index.htm "Entrepreneurship

Education Concepts" Consortium for Entrepreneurship Education.

We hope that this information will contribute to the enabling and

empowering process that drives individuals and institutions into action.

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often the beginnings often the beginnings often the beginnings often the beginnings

of large busiof large busiof large busiof large businessnessnessness

The International Labour Organisation (ILO) noted that there is no universal definition of "micro", "small" or "medium" sized businesses. But micro and small enterprise (MSEs) are a distinctly vibrant sector in the Caribbean. Between 70% and 85% of enterprises in the Caribbean are MSEs, employing less than twenty-five persons. Women comprise between 35% and 50% of these. Most MSEs are in the food and agro-processing, marine and fishing, wood work and furniture, light engineering and electronics, garments and handicrafts, tourism and service related activities and the emerging technologies sectors. MSEs create and expand employment opportunities, develop entrepreneurial skills, utilize local raw materials and enhance market opportunities. They represent the most realistic vehicle for meeting the employment and poverty challenge in many Caribbean countries. Worldwide, self-employment through MSEs is on the rise, due partly to the increasing variety of demand for specialised goods and services and a growing appreciation of self-employment as a career option. Leebaert (7) concluded that small businesses act as a shock absorber for fluctuations in employment. They also are more receptive to creating opportunities for women and minorities, and activities in distressed areas. They tend to be more economically innovative than larger companies and responsive to changing consumer demand. Building, running, and growing a small business is part of a virtuous cycle of creativity and increasing prosperity that can be applied by dedicated and thoughtful people anywhere. There are no secrets and frequently money is less important than a combination of imagination and effort.


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‘Economic growth is bound to slow unless there is an adequate supply of entrepreneurs looking

out for new ideas, and willing to take the risk of introducing them.’ Sir William Arthur Lewis, The

Theory of Economic Growth 1955, p. 182

All entrepreneurs have the desire to discover and exploit profit opportunities. They have a certain responsibility to themselves. But they also have a responsibility to their customers, suppliers and associates. The character of individual determines the entrepreneurial attitude (behaviour) of the firm or business regardless of size. Individuals start Individuals start Individuals start Individuals start bubububusinesssinesssinesssiness!!!! Typically, they are either: � pulled into entrepreneurial activity -improvement-opportunity, driven by the desire for independence and to increase incomes, instead of simply just being an employee;

or

� pushed into entrepreneurship -necessity-motivated, because they have no other means of making a living and maintaining their current income.

Entrepreneurs are either: � early stage, i.e., those involved in owning and managing,

alone or with others, a budding business (less than 42 months in operation);

or

� established, i.e., those involved in owning and managing, alone or with others, a business that has successfully survived in the market for more than 42 months, the critical period within which a business is more likely to fail.

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The word entrepreneur originates from the French: "entre" - to enter and "prende" - to take. There is no universally accepted definition and 'Entrepreneur' is subject to a wide range of interpretations, from individuals of very high aptitude who pioneer change, to anyone wanting to work for him/her-self. Richard Cantillon (1730), the first to use the word academically, described an entrepreneur as having a willingness to bear the personal financial risk of a business venture. Joseph Schumpeter (1950), described an entrepreneur as a person who is willing and able to convert a new idea or invention into a successful innovation, sometimes using new technologies to introduce new product market combinations or innovations. Entrepreneurship theories range from economic, psychological, sociological, anthropological, managerial or ecological perspectives. The concepts also differ based on � entrepreneur - individual actor in the market, � entrepreneurial - behaviour in the market, � entrepreneurship - combines the actor (entrepreneur) and

the behaviour (entrepreneurial), � entrepreneurial process - combines the times dimension

and behaviour in the market.

Global Entrepreneurship Monitor (GEM - 3) sees entrepreneurship as a process and considers people in entrepreneurial activity from the very early 'gestation' phase, to the established phase and possibly discontinuation of the business. Despite the lack of consensus in theory and definition, there is clear evidence that entrepreneurship is an ever-present feature of human nature.


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"The traditional admonition of one generation to the next 'Get a Job' has been replaced with the more complex and

bewildering mandate, 'Go out and create a job for yourself.' "A review of 'Job Shift', by William Bridges by Cathy Ashmore,

The Consortium for Entrepreneurship Education, Columbus, OH"

Entrepreneurs, the self-employed and ordinary business people are similar, but not identical. � Ordinary business people mainly perform traditional management functions, such as, planning, organization and coordination.

� Being self-employed may or may not be entrepreneurial as explained by Henrekson (2004) below. At an earlier time, self-employment was the primary way by which individuals offered/sold their labour in a market economy. Today, it is of growing economic importance.

� Entrepreneurs are a subset of 'the self-employed'. Motives: Motives: Motives: Motives: EntrepreneurialEntrepreneurialEntrepreneurialEntrepreneurial NonNonNonNon---- Entrepreneurial Entrepreneurial Entrepreneurial Entrepreneurial First First First First BestBestBestBest

Pursue a business opportunity most suitable pursued in a new firm

1. Seeking independence, a certain lifestyle etc. 2. Local service production; working in networks in temporary projects.

1. Necessity entrepreneurship. 2. Inferior management by current employers bars efficient intrapreneurship;

1. Safety valve to circumvent excessive labour market regulations. 2. Means to achieve flexibility hindered by other regulations

Second Second Second Second BestBestBestBest

3. Mechanism to escape effect of discrimination or lack of social capital for marginal groups;

Rent Rent Rent Rent SeekingSeekingSeekingSeeking

Set up a business to exploit subsidies and tax breaks rather than create value for customers

1. Transform consumption expenditure into deductible business costs. 2. Fraud, where revenue is partly unreported etc.

2 Entrepreneurial Activity Entrepreneurial Activity Entrepreneurial Activity Entrepreneurial Activity ---- ---- ----

---- ---- ---- entries and exits of business are part of the process entries and exits of business are part of the process entries and exits of business are part of the process entries and exits of business are part of the process


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� What is What is What is What is intrapreneurship?intrapreneurship?intrapreneurship?intrapreneurship? It occurs where entrepreneurship is pursued efficiently within an existing institution, firm, organisation. (see Henrekson, #6)

� What is Rent seeking? What is Rent seeking? What is Rent seeking? What is Rent seeking? It occurs when an individual, organization or firm seeks to make money by manipulating the economic and/or legal environment rather than by trade and production of wealth. (http://en.wikipedia.org/wiki/Rent-seeking)

GEM suggests that entrepreneurial activity is significantly higher in low- to middle-income countries than in the high-income countries. In richer, high-income countries, larger companies and public employment may be more likely to offer health care and support for working mothers, thereby tilting women’s incentives away from start-ups and self-employment. Cities, especially, tend to generate more improvement-driven, opportunity entrepreneurs because opportunities are expected to be more abundant. Also, individuals may have more alternatives to make a living due to the social and economic benefits of close proximity to many customers, suppliers and competitors.

GEM also observed the natural tendency to focus on the process of starting a business rather than what happens when entrepreneurs discontinue, sell, or quit their business. Non-profitability and the inability to raise further financing, are major factors in business discontinuation. It concluded that business discontinuation or rapid turnover of business experiments', often called 'failures' is an important part of the entrepreneurial process of opportunity recognition and pursuit. It is also a natural and normal feature of dynamic economies where entries and exits of businesses are closely correlated. A thriving economy depends on the ability of individual entrepreneurs to try their own ideas, without approval from anyone else, and then let the profit and loss mechanisms of the marketplace answer this question once the product is developed. Smart professors, business leaders and government officials cannot possibly pre-evaluate business ideas and pick those that will be most successful from those that will fail.


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"Creativity is thinking new things and innovation is doing new things. While thinking is good, transforming this idea into something real (product or service) is important." [Theodore Levitt professor at Harvard Business School]

In the beginning In the beginning In the beginning In the beginning there was an idea! there was an idea! there was an idea! there was an idea! Entrepreneurs need an idea to start a business. They also need 'entrepreneurial insight', i.e., seeing something about an industry or a market that others miss or fail to understand. Ideas and insight come from creative minds, a stepping stone to innovation.

How to generate an idHow to generate an idHow to generate an idHow to generate an idea?ea?ea?ea?

Sajjad Hamid, Small Business Consultant in Trinidad, suggests the following:

▪ Attitude - a positive attitude frees the mind to think. If you think you are not, you will not be creative;

▪ Adapt It - sometimes a product born in one culture can be adapted to another, such as the 'caribbeanising' of the US hamburger to Trinidadian culture;

▪ MiM: Missing in Market - a product or service that you and others would like is not present. This 'latent demand' provides an untapped opportunity for the entrepreneur;

▪ From Trash to Cash - If something is discarded, it does not mean it is no good. Bad can mean good. Discarded oil drums meant the only musical instrument (steel pan) invented in the 20th century!

▪ Take and Run- taking someone’s idea might not be the honourable thing to do. But if they are sitting on it and bringing no value to society why let it go to waste? Take it before someone does.

Entrepreneurship Means Change! Entrepreneurship Means Change! Entrepreneurship Means Change! Entrepreneurship Means Change!

3 Being Enterprising Being Enterprising Being Enterprising Being Enterprising ---- ---- ----

---- ---- ---- from idea to business from idea to business from idea to business from idea to business


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"Business ... has just two functions and only two: marketing and innovation...that make money.

Everything else is a cost. ...... Innovation is the specific tool of entrepreneurs... by which they exploit

change as an opportunity for a different business or ... service..." [Innovation and Entrepreneurship, Peter F. Drucker]

AAAAnd the ideand the ideand the ideand the idea turnturnturnturned into ed into ed into ed into a a a a business! business! business! business! New ideas and insights are essential, but are not enough to start business. Entrepreneurship is about finding and capitalising on opportunities to start business, driven by marketing and innovation. Running your own business is a tremendous responsibility. Nothing is sure in the business world. How to get started? How to get started? How to get started? How to get started?

Critical steps are:

1. Identify an opportunity: Keep your ears and eyes open; ask lots of questions and look for unmet needs that can be met through a new product/service.

2. Market Research: Determine if the opportunity is real by reading all you can in this area and talk to potential customers and others in the same field.

3. Develop a business plan: Write things down to help refine your thinking and focus efforts on critical elements, especially, market research, business operations and financial planning.

4. Secure Financing: Some possible sources include savings, family, friends, lending institutions and venture capitalists. Remember all come with a cost!

55555555........ Establish legal status and obtain licenses: options include - sole proprietorship, partnership, limited partnership and corporation.

Entrepreneurs Entrepreneurs Entrepreneurs Entrepreneurs make things happenmake things happenmake things happenmake things happen! ! ! !


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The number and rate of 'early stage entrepreneurs' is a good measure of a country's entrepreneurial landscape. It shows the percentage of the population who are willing and able to undertake an entrepreneurial venture. Cultural, institutional, economic and demographic aspects play a major role in the willingness and ability of individuals to become entrepreneurs. An individual's perception of entrepreneurship is also an important driver of national entrepreneurial capacity. It affects both the supply of and demand for entrepreneurs. The supply or “pool” of potential entrepreneurs is affected by both willingness and perceived ability to become an entrepreneur. Education levels, availability and quality of entrepreneurship training programs can determine how individuals perceive their ability or skill levels. The demand, or the “space for” entrepreneurship, is affected both by the existence of opportunities and by how entrepreneurs perceive such opportunities to start a business. The quantity and quality of perceived opportunities may be enhanced by national conditions - economic growth, culture and entrepreneurship policy, etc. Government entrepreneurship policies can have a huge impact on individuals' perceptions of ability and opportunities for business. Some government actions that can have positive effects include improving access to capital, facilitating business education, promoting entrepreneurship, reducing regulatory burdens and protecting intellectual property. These are critical components of a framework for entrepreneurship.

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The rise in state venture capital programs, targeted small business subsidies and other forms of aid to those interested in starting new businesses is evidence that policy-makers understand the importance of entrepreneurship. An increasing amount of economic evidence, however, indicates that an ad hoc programmatic approach to promoting entrepreneurship is not effective.

"The efforts of Caribbean Governments to stem the unemployment problem ..... are ever increasing. However

there is still a considerable gap to be closed, because at the root, it is more than simply stemming the issue of un-

employment. Rather it is about the nurturing of a spirit of innovation, of developing and implementing the

infrastructure and framework to do so and believing in the genuine work ethic and enterprise."

Michelle Daniel, Head of Small Business, Caribbean Development Bank

Great opportunities also exist for governments at all levels to tap into the under-utilized potential of women and youth.

Entrepreneurship has been gaining respect as a viable career choice for youth and women. The policies towards

creating an enabling environment are also becoming more viable in many countries. The aim is not to create

subsistence businesses, but to nurture and socialize a new breed of entrepreneurs who can create competitiveness,

wealth and jobs, to grow and sustain regional economies.” Marcia Brandon, Executive Director,

Barbados Youth Business Trust (BYBT)


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"When women and youth are empowered,

decently employed and encouraged to take full economic participation and their abilities to

start and grow businesses are strengthened, all stakeholders will see the tremendous benefits.

Marcia Brandon, Executive Director, BYBT

Women’s entrepreneurship matters!Women’s entrepreneurship matters!Women’s entrepreneurship matters!Women’s entrepreneurship matters! Women are an important component of the world economy, its productivity growth and its struggle against poverty. According to GEM, women are creating and running businesses across a wide range of countries, under varying circumstances. Increasingly, they are essential to economic activity in many countries and are key contributors to economic growth. This is especially so for low and middle-income countries in Latin America and the Caribbean (LAC). Women entrepreneurs are motivated by both opportunity and necessity. Their need to balance family obligations and have a career is an important driver in necessity entrepreneurship.

KKKKKKKKrrrrrrrreeeeeeeeddddddddiiiiiiii ffffffffaaaaaaaannnnnnnnmmmmmmmm Haitian women make up over 52% of the total population and 60% of the rural population. They are generally fully involved in production and marketing of agricultural produce and commercial activities. In 1994 the Inter-American Institute for Cooperation on Agriculture (IICA), with financial support of the Funds of the United Nations for Population (FNUAP) initiated the Kredifanm project to improve the lives of Haiti’s poor through credit for women. But Kredifanm is more than credit. It empowers rural women through an integrated package of training in group dynamics, simple accounting tools, credit and savings management, group organization, marketing, family planning, female health issues and human rights. Kredifanm has evolved from a mere project into a movement driven by the women themselves. It is, in effect, the bank for poor women in Haiti.

(http://www.iica.int)

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Youth Youth Youth Youth

entrepreneurship matters!entrepreneurship matters!entrepreneurship matters!entrepreneurship matters! In some Caribbean islands, youth make up 40-60% of the unemployed. This is a real waste and presents the business world with a real challenge and opportunity to help reduce youth unemployment. Youth entrepreneurship development is focused on building a culture of entrepreneurship among a nation’s youth by encouraging, nurturing and socializing young men and women into recognizing entrepreneurship as a viable career choice and assisting them with the necessary tools to start and grow sustainable business ventures. Today the focus on youth entrepreneurship development in the Caribbean is the strongest it has been.

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In 1994 the alarming increase in youth unemployment led the Government of Barbados and the OAS to sponsor a youth symposium to gather information on the needs of the youth. In October 1996 a group of Barbadian social entrepreneurs addressed the youth unemployment challenge by launching the Barbados Youth Business Trust (BYBT), focused on helping young unemployed and underemployed persons 18-35 years, with good business ideas to start their own businesses. It also aims to sensitise young people into viewing entrepreneurship as an alternate career choice. BYBT’s niche is on developing the entire human being and linking business, Government and academia in support of youth entrepreneurship. (http://www.youthbusiness.bb)


1122

The Consortium for Entrepreneurship Education state that entrepreneurs are not “born”, rather they “become” through the experiences of their lives. (Albert Shapiro, The Ohio State University). Through effective entrepreneurship education, people can access the skills and knowledge needed to start and grow a new business. Vocational programs provide millions of young people with access to the skills and knowledge they need for all types of work, including agriculture. But in the world of work, nothing stays the same. Entrepreneurship education as a part of the vocational curriculum is an excellent vehicle for teaching students about change...change that occurs naturally or change that is caused by invention.

Entrepreneurship education is not textbook education. Entrepreneurship education: � prepares people, especially youth, to be responsible,

enterprising individuals who become entrepreneurs or entrepreneurial thinkers and who contribute to economic development and sustainable communities.

� immerses students in real life learning experiences where they have an opportunity to take risks, manage the results and learn from the outcomes.

� encourages creative thinking and promoting a strong sense of self-worth and accountability. Not just about teaching someone to run a business.

Entrepreneurship education contributes to new business start-ups. Communities who embrace entrepreneurship education also find that students perform better in school, resulting in an improved overall school performance. A wise vocational teacher knows that students need to be taught how to understand their options, to analyse opportunities available to them and to be encouraged to look for entrepreneurial opportunities for themselves.

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Entrepreneurship is central to growthEntrepreneurship is central to growthEntrepreneurship is central to growthEntrepreneurship is central to growth, poverty reduction , poverty reduction , poverty reduction , poverty reduction and and and and development.development.development.development.

GEM notes that entrepreneurial activity occurs in an economic system that must provide the 'oxygen' of resources, incentives, markets and supporting institutions to the growth of new firms. They offer ten key Entrepreneurial Framework ConditionsEntrepreneurial Framework ConditionsEntrepreneurial Framework ConditionsEntrepreneurial Framework Conditions as follows: 1. Financial Support: including grants, subsidies, loans and equity

for new and growing firms;

2. Government Policies: the extent to which new and growing firms are prioritised in policy and regulation for new and growing firms.

3. Government Programmes: existence of direct programmes to assist new and growing firms at all levels of government.

4. Education and Training: extent to which training in creating or managing small, new and growing business is incorporated in the educational and training system.

5. Research and Development Transfer: the extent to which national R&D will lead to new commercial opportunities and whether or not these are available to new, small and growing firms;

6. Commercial, Professional Infrastructure: accounting, legal services and institutions that allow or promote the emergence of new, small and growing firms;

7. Internal Market Openness: extent to which markets change dramatically from year to year and new firms are free to enter existing markets;

8. Access to Physical Resources: communication, utilities, transportation, land or space, at prices that do not discriminate against new, small and growing firms;

9. Cultural, Social Norms: extent to which they encourage or do not discourage individual actions that may lead to new ways of doing business or economic activities - culture of entrepreneurship and status or respect for entrepreneurs.

10. Intellectual Property (IP) Rights Protection: extent to which the IP of new and growing firms is protected and enforced under the law.

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In a Nutshell

Issue #14 April 2008

ISSN-1991-2323 CaRC/TT/01/08

Research, Preparation and Layout

Diana Francis Regional Specialist

Trade Policy and Negotiations Programme IICA Caribbean Region

Printing CTP Services & Supplies

This issue is printed with financing from the

Technical Centre for Agricultural and Rural Cooperation

For more information, please contact:

INTER-AMERICAN INSTITUTE FOR COOPERATION ON AGRICULTURE

OFFICE IN TRINIDAD AND TOBAGO #3 Herbert Street, Newtown, P.O.Box, 1318

Port of Spain, Trinidad and Tobago Tel: (868) 628-4403; 4079; 4079

agriculture, small business and entrepreneurship

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