BASSETERRE St. Kitts, October 12th 2011 - The culture of entrepreneurship has to be fostered that empowers local people to want to try their hands in business says Industry and Commerce Minister, D r the Hon Timothy Harris. Dr Harris was responding to a point made by St Christopher 8 M. P Hon Eugene Hamilton on the need for a Venture Capital Fund, said such a suggestion hand merit since start up capital was a major constraints on ordinary people in St. Kitts and Nevis engaging as owners and investors in business.
Dr Harris said with the public sector undergoing freeze in employment, voluntary attrition now more than ever the country needs to incentivize the small and medium sized sector to create jobs, income and growth in the economy.
Dr Harris said that in fostering this culture of entrepreneurship the society needs to be the more supportive of local entrepreneurs and local business people need to feel the moral and patriotic support of the country. We need to appreciate that failure is part of entrepreneurial risks and when local people fail and we must give them a chance to lean and to try their hand in business again.
Dr Harris said we have to “hail and support our successful business people. And where necessary locals may have to pool to accomplish more”.
Senior Minister said the country had to set up supportive institutions to harness finances managerial and marketing support for local business.
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