The Oscars of business
Editorial
For twelve years the international accounting firm Ernst and Young have been running a programme to honour and celebrate the success of entrepreneurs. The programme was introduced to Guyana this year. Several of our leading businessmen were nominated for awards and two won in their categories. The programme is an admirable one and it is good that it has come to Guyana where the emphasis now is on promoting private sector investment and business initiative. Ernst and Young, the main Caribbean sponsors of the programme Republic Bank Ltd, the co-sponsors in Guyana the National Bank of Industry and Commerce Limited and Mr Christopher Ram of Ram and McRae must be congratulated on the part they played in bringing it here. The criteria used by the judges in arriving at their decisions include continued innovation in business approaches, significant growth (financial, sales, employment, exports), evidence of future planning, ability to overcome industry obstacles and challenges, human relations development, demonstrated excellence in business, sound banking and supplier relationships and responsible corporate citizenships. Several Guyanese businessmen were nominated for awards, and two won, Mr Deonarine Singh of DIDCO in the food processing and distribution category and Mr Jad Rahaman of Whitewater Adventure Tours in the tourism and hospitality category. It was a good start for Guyana and shows our businessmen can compete even in the most difficult circumstances. These business equivalents of the Oscar awards in the film industry are a tribute to the hard work they have put in and the initiative they have shown in overcoming obstacles. The private sector has been clearly identified by all the political parties as the main engine of growth. The factor we need now above all else to spur our development is entrepreneurship. This year we have seen several examples of local businessmen making good and expanding including Mr Alfro Alphonso, Mr Pritipaul Singh and Mr Nigel Johnson of Nigel's Supermarket. We need these successes to be multiplied a hundred times, we need businesses to grow and proliferate. Every new business is a provider of employment and a potential contributor to economic growth. These which use local raw materials and export also make a contribution to our balance of payments. It is more than time that we start celebrating our successful entrepreneurs. Most of them have got where they are by blood, sweat and tears. Running your own business is enormously onerous, the hours and responsibilities are open ended and the danger of failure never too far away. Risk taking is an unusual quality, when it is combined with the capacity to innovate and to plan the road is set for real development. What we need are institutions to bolster our entrepreneurs such as a stock exchange, which in its primary function can help them to raise substantial funds by way of equity capital from the public to finance new enterprises, and a development bank to enable them to borrow long at reasonable interest rates. We must congratulate both those who were nominated and those who won awards. It proves, if proof were needed, that Guyanese can do it, even against fearful odds. What is needed now is to make the conditions here more conducive to business success.
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