Yvonne Elliott-Mattis | Entrepreneurs: Time to stand up and step out

As former president of the Small Business Association of Jamaica and an international business consultant, I have had the privilege of working closely with the SME industry for the past 25 years. I wish to share my perspective and experience to encourage entrepreneurs within this unstable and ever-changing business environment.

In my current capacity managing the business incubator at the University of Technology, Jamaica, it has afforded me the opportunity of engaging with some of the brightest minds in technological innovation, both locally and internationally, as well as with graduates from various tertiary institutions. One of the greatest lessons learnt in this position is how to help entrepreneurs dream big and stay the course in the digital world. This is indeed what is required to help highly skilled entrepreneurs make their businesses a success in a disruptive dispensation.

Having worked closely with the entrepreneurs at the Technology Innovation Centre, it became easier to sieve through the many innovative ideas and select those that were potentially viable. This is a task in and of itself as innovators are known to have multiple ideas. I recall one session in which one innovator admitted that the line of questioning during the initial interview to be on-boarded, felt like an interrogation but one which he found necessary in order to successfully embark on his business endeavour. Hence, responding positively to change is a key asset for any entrepreneur to have.

Therefore, one critical element to stay afloat, stand out and grow as an entrepreneur, especially in a crisis situation, is to carefully assess all aspects of the operations, whether it means to reorganise or expand an existing business or evaluate new opportunities. This can be done by conducting an in-depth look at the plans, processes, procedures and examine the possibilities in the context of the unique skills, competences and resources required to respond to changes in the market. Entrepreneurs need to be willing to continuously reinvent themselves to prepare for the next business opportunity or challenge in this ever-changing environment.

HAVING THE RIGHT MINDSET

The essential element here is having the right mindset. Fear has the ability to cripple an entrepreneur’s dream, so one has to be able to assess the different business opportunities and be bold enough to take crucial steps in a timely manner, even if it appears that you are venturing into the deep and all you can count on is your life jacket and proven swimming skills. This is what is called calculated risk. Therefore, entrepreneurs may not have guaranteed outcomes, but what they need to be able to do is carefully carve out various scenarios and ‘what ifs’, while putting contingency plans in place to navigate potential fallouts from business prospects.

At the Technology Innovation Centre we utilise an internationally recognised assessment tool to help our entrepreneurs evaluate risks and plan for eventualities. Growth Wheel is an assessment tool used to help entrepreneurs scrutinise different aspects of their businesses. We operate on the notion that there are no guarantees in business so we help entrepreneurs foresee potential risks and opportunities while assisting them to create unique strategies to overcome potential challenges in different aspects of their businesses.

We call this ‘Just in Time’ business advisory and technical support services and operate from the standpoint of a ‘team serving a community’. We therefore focus on building our resource team through consultation with experts from the different faculties at the University of Technology, Jamaica and our external partners, locally and within the diaspora. The Technology Innovation Centre encourages its entrepreneurs to work as a coherent group of model entrepreneurs, who share ideas and embrace the successes of each other.

It requires ongoing dialogue, conducting needs assessment and analysis of data collected to identify new challenges and conducting research, both locally and globally to develop suitable solutions to help our clients. With all that has been said, entrepreneurs need to be willing to share their ideas, hold open and honest discussions while engaging in active listening.

Yvonne Elliott-Mattis is team leader and incubator manager of Technology Innovation Centre, University of Technology, Jamaica. Send feedback to yvonne.elliottmattis@utech.edu.jm