“Necessity is the mother of invention”

Over the past few years, marked shifts in our society and economy have taken place on multiple levels. On one hand, we have seen thousands of Bermudians lose their jobs because of downsizing, outsourcing and any other given reason from employers. For many, this was a life-changing moment.

With funds running on low to zero, many have chosen to take a leap of faith and invest their time and money into starting their own businesses. These entities provide goods and/or services such as, but not limited to:

• Baked goods

• Accounting services

• Computer repair

• Business consulting and professional services

• Event planning

• Event and Interior Design

• Social media marketing

• Graphic design

Basically, almost anything and everything under the sun can be provided by these budding enterprises. Some of the important lessons that must be learnt by any new business owners are:

• How to manage client relationships and understanding the fragility of these relationships in the era of The People’s List and 24/7 access

• How to effectively use modern marketing tools like social media

• How to develop a product mix that can sustain a business for the long term and how to adjust the product mix to reflect changing consumer tastes ... can anybody say Simmons sherbet

• How to effectively network and maintain professional relationships

• How to stay on the good side of one’s obligations as an employer

• How to manage people to execute one’s vision

Teamwork

Owing to the law of numbers, it is inevitable that there will be several new businesses opening that will offer the same goods and/or services. However, what is necessary for these new business owners to understand is that it is not necessary to look at other businesses as competition. There is great opportunity for related businesses to become industry partners sharing resources and contacts with each other.

For example, two different businesses offering baked goods could network and purchase staple ingredients such as sugar, flour and baking soda in bulk to save on their supply costs.

This is how big businesses work together on a daily basis. So there is no reason why smaller businesses should not follow suit.

Be strategic

As a country, we must adopt a more strategic mindset, which will ultimately enfranchise the lives of the many who have been disenfranchised over multiple generations. Bermudian business owners must be self-motivated to truly “think outside the box”.

While there are certain opportunities in retail, eateries and baked goods distribution, there are also a myriad of opportunities in other ventures that will play a pivotal role in economic recalibration:

• Medical and legal transcription

• Senior care support

• Insurance and banking opportunities

• Retirement planning services

Many who have attained university degrees or technical qualifications must be willing to retool and pace themselves for the long haul of starting their own businesses.

Simply put, grassroots Bermudians must be encouraged to “think bigger, think larger, think globally”.

Bermuda and Bermudians will be better off with more local entrepreneurs charting paths from their own bakeries to their own boardrooms.