In the present global economic situation, where vast amounts of monies are chasing very few viable opportunities, country’s traditional export and tourism revenues are drastically down and declining, driving Governments to seek to diversify and find new niche markets. Some experts are promoting think tanks, business incubators and entrepreneurship as a solution to increase foreign revenues and create jobs.In every aspect of society, risk taking has been rewarded as a natural course of events. Soldiers and other security personnel being awarded medals and promotions, sport and culture personality winning endorsement contracts and others, who perform above the call of duty, are given bonuses in some form or another. These rewards are primarily used to motivate others, hence the lavish presentation ceremonies, to be creative, innovative and analytical.
The education system coupled with parental encouragement is where one learns and practices thinking and risk taking. Redesigning and updating the national curriculum to emphasize both academic and technical thinking, while promoting parental guidance to support calculated and meaningful risk taking, will produce a confident person. A population that is less dependent on social handouts and more creative, innovative and analytical, hence more productive.
Noting that the individual psyche is motivated by a hierarchy of needs; money for basic food, medicine, shelter, clothing, then money for enjoyment, and finally money for the future, a person will need a hand up, not a hand out, to reach in a position to give a hand up. Hence, only persons who have experience can guide. Business incubation is already a national policy in most countries under various names, it is designed to foster ideas into products and it fails chiefly due to staffing errors. A person who has decided to open a business may need help, firstly in understanding the difference in the terms Business and Management, assistance in preparing a strategic business plan and a prospectus for funding, but ultimately, to deal with those intangible negativities which an employee never has to face. Teaching and cultivating risk taking must be done throughout every aspect of life.
No one can or should be a career entrepreneur. A soldier, sport-person or entertainer only needs one success for fame and fortune. Penetrating a new market requires years of work, understanding the market’s culture, gathering and analyzing competitive intelligence, designing and pricing the ideal product (good or service) for that particular market, establishing production lines to match projected demands, setup and contracting the best distribution channel, and constantly listening and communicating to that market. Ten years after, some writer may refer to you as an entrepreneur or risk-taker and give you an award.
To diversify an economy and penetrate viable niche markets hence, increasing foreign revenue generation and creating jobs at home, long-term, a country must become a ‘think tank’, medium-term, business owners must be in the frontline of ‘business incubators’, short-term, reward entrepreneurs (risk-takers) now.
Rationale
T.A.J & Associates Company Limited uses this occasion to comment on topics that have been covered, both academically and by the mainstream media, to add its opinion and point out investment opportunity, not to invoke any social action.
