THE Georgetown Chamber of Commerce and Industry (GCCI) yesterday hosted, at Duke Lodge in Kingston, Georgetown, a one-day entrepreneurship workshop aimed at providing participants with an understanding of fundamental aspects of entrepreneurship, and to equip them with some practical methods used by entrepreneurs.

GCCI President Mr. Lance Hinds, in his opening remarks, urged that persons recognise the importance of these workshops, and noted that the position of the GCCI and the future of the economy depend on the potential of businesses, as both hinge 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 would assist in social and economic improvement.

In 2014, the rate of growth and development of the local economy is still seen as declining compared to other regional economies. There is, therefore, a lot of work to be done to improve the situation.

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 discussed and improved.

The GCCI believes that the role of entrepreneurship is to transform the economy and to put out new products and ideas. Hinds opined that this would bring success and build better businesses. He noted 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; but he urged that they should think positively while attempting this, as failure should not be an option in achieving success in business.

The GCCI, Hinds asserted, is committed to finding ideas and to working towards a better private sector. He said the workshop was one such initiative to assist young entrepreneurs and to provide clarity on the principles of entrepreneurship and guidelines to how young entrepreneurs should perform.

He iterated 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 said.

He concluded that the importance of global marketing and brain-sharing to come up with new ideas to improve businesses 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.