BASSETERRE, St. Kitts – TWELVE eager and promising entrepreneurs are currently undergoing an intensive three-week Business Boot Camp as part of the Sugar Industry Diversification Foundation’s (SIDF) Small Entrepreneur and Enterprise Development (SEED) project.
The pilot project is geared towards the promotion of small business enterprises within the Federation of St. Kitts and Nevis and is being administered in two stages.
The first is the Boot Camp or Development Stage which commenced on November 19, 2012 and the second has been dubbed the incubation stage. During the latter, participants would be required to get their businesses up and running.
Delcia Bradley-King, Corporate Affairs Manager for the SIDF, explained to this publication that the participants are being exposed to a wealth of information and are being fitted with the tools necessary for the establishment of successful businesses.
She noted that among the topics being addressed are Marketing, Writing a Business Plan, Accounting Basics, the Legal aspect of setting up a Business and Insurance.
And the facilitators – most of whom are prominent enterprising individuals – include Adrian Scantlebury, Betty-Ann Gilbert, Analdo Bailey, Peter Jenkins, Leon Natta and Ladesa James.
According to one of the programme coordinators – Denzil Crooke – a tremendous amount of excitement emanated from the participants regarding specific topics, including Personal Development and Developing a Marketing Plan and the Different Aspects of Marketing.
He noted that one of the fundamental highlights of the boot camp has been the idea of identifying the needs of customers as a premise for meeting said needs.
As part of the Boot Camp, the potential entrepreneurs will be required to construct and present a business toolkit that comprises three components, including a Business Plan and a Marketing Plan.
And as explained by Bradley-King, the toolkits would be reviewed and their selection for funding would depend largely on their strength.
Dwight Kelly of Haynes Smith Village – one of the programme’s participants, told this publication of his business idea, one which relates to the construction industry. He said he has observed several realities within the industry that his idea could remedy.
He said the SIDF’s SEED programme is “very important” to small enterprise development and gave it his seal of approval.
“I think the Boot Camp is very important for small business entrepreneurs who really want to get into business; and what it brings is basically a detailed way in which one can get it done and get it done properly.
“On a scale of one to 10, I would give this programme a 10-plus. I have seen construction workers, contractors, builders, plumbers within the construction industry and I think management is one of the greatest downfalls. We find contractors would do a beautiful job but, after they finish the job, they don’t make any money. This gives all the tools necessary to have a successful business.”
Successful candidates would receive a loan anywhere from $5 000 to $100 000 at a zero percent interest rate, and it is mandated that all would receive guidance from business management structure.
According to SIDF's Chief Executive Officer Terrence Crossman, the 12 participants were selected from among 60 applicants. He however informed that once the pilot stage is completed, an increased number of persons would be selected to undergo the process.
The Chairman said the programme is expected to be piloted on Nevis in 2013.
