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As the region works to recover from the economic challenges made worse by the novel coronavirus pandemic, one organisation, Jamaica Youth Business Trust (JYBT), is advocating enterprise as key to the turnaround.
“During the COVID-19 pandemic, the Jamaican economy declined by 12 per cent and 300,000 jobs were lost. The areas of the labour market hardest hit were the tourism, music, entertainment, sports, and culture sectors, which amounted to approximately 170,000 jobs, 53 per cent of the total. These statistics underscore the importance of what we do at Jamaica Youth Business Trust,” stated Olayinka Jacobs-Bonnick, general manager.
“In 2021, we partnered with Princes Trust International (PTI) to execute Explore Enterprise, a programme that engages young people ages 18-30 in their exploration of whether self-employment is a viable pathway,” she explained.
Explore Enterprise provides the opportunity for a segment of the population that does not typically have access to such training and business support to be given free expert guidance.
Fiona Burrell, a participant of Explore Enterprise, Cohort 1, shared that: “JYBT has provided insight on and given me the opportunity to understand different key factors when writing my business plan, and also providing insight on the factors when starting your own business.”
The training, which is offered virtually, provides youth ages 18-30 with the platform to develop their ideas during individual business training support with certified and experienced business experts.
Economist have long advocated that micro-, small-, and mid-sized enterprises (MSMEs) are the cornerstone of a society. Post-COVID-19 economic recovery, therefore, must include such companies, as they employ over 50 per cent of the workforce and represent 99 per cent of all companies in Jamaica.
“Entrepreneurship is an attitude that speaks to an individual’s motivation and capability, independently or within the context of an organisation, as well as their ability to spot an opportunity and pursue it to create wealth or economic success. It is advanced thinking that leads to new ideas, new products, and new services. Better production methodologies and efficient approaches to doing things also aids in economic growth; this is what we are seeking to hone.” stated Jacobs-Bonnick.
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