By Sueann Wickham
The Black Entrepreneurs Association (BEA) is revising its strategic approach to place a renewed and targeted focus on the socioeconomic transformation of black-owned businesses in Guyana. Representatives from the BEA shared exclusive details with the Guyana Standard on this front.
“We are revisiting our strategy,” a BEA spokesperson said, emphasizing the need to align their efforts with the evolving needs of black entrepreneurs in Guyana. To guide their next steps, the association is conducting a comprehensive membership and community needs assessment. This evaluation will shape their approach to financial management, capital acquisition, and networking opportunities for black business owners.
Furthermore, the BEA said it is committed to supporting black entrepreneurs through various initiatives, including business registration and compliance workshops, financial management training, and mentorship programmes. “Our focus is on equitable participation in the local economy and access to capacity building,” the BEA stated. These efforts aim to equip black-owned businesses with the tools and resources they need to thrive in a competitive market.
It should be noted that a data-driven approach is central to the BEA’s strategy. “The association takes a data-driven approach to decision-making. To accurately understand the needs of our community, we conduct surveys, interviews, workshops, and other forms of membership engagement,” the BEA explained. By gathering feedback from their members, the association said it can create actionable plans to address the unique challenges facing black entrepreneurs.
“The board is actually developing a second needs assessment survey for its members, which will then be expanded to the larger black entrepreneurial community.
“An action plan will be developed based on the feedback received,” the BEA said. This process will help the BEA remain responsive to the community’s needs, refining its efforts as new challenges and opportunities arise.
In the short term, the BEA plans to conduct workshops focusing on business registration and compliance, financial management, marketing, and access to capital. These workshops will offer practical, hands-on guidance for entrepreneurs looking to start or grow their businesses.
Looking ahead, the BEA’s long-term goal is to foster the development and empowerment of black-owned businesses in Guyana, creating opportunities for socioeconomic transformation. This vision reflects the BEA’s commitment to fostering sustainable growth and ensuring that black entrepreneurs have a strong foundation for success.
However, the path to success is not without its challenges. One of the most significant hurdles facing black entrepreneurs in Guyana is access to capital. The BEA noted that a “real and/or perceived lack of access to capital to scale businesses” remains a major concern. Despite this challenge, the association is committed to helping its members navigate the complexities of securing funding.
It is important to note that the BEA supports its members by connecting them with service providers, facilitating capacity-building sessions, and seeking potential investors. “The association represents the interests of its members, pairs businesses with service providers, facilitates capacity-building sessions, seeks potential investors, and conducts pitch development sessions and competitions,” the BEA explained. These efforts aim to bridge the gap between black entrepreneurs and the resources they need to scale their businesses.
When asked whether the challenges faced by black entrepreneurs in Guyana differ from those in other regions, the BEA acknowledged that “the fundamental challenges are the same.” However, it also recognized that the local context adds unique difficulties, particularly concerning access to capital and networking opportunities.
Despite these obstacles, the BEA said it remains optimistic about the future of black entrepreneurship in Guyana. “The current landscape is a mixed bag. Some businesses are succeeding and thriving, some are on the cusp of success, while others are not performing as well as we would like. The landscape needs to be extended,” the BEA observed. This mixed landscape reflects the varying degrees of success among black entrepreneurs and underscores the need for ongoing support and advocacy.
In advising young black entrepreneurs just starting out, the BEA emphasized the importance of taking action and learning from others. “Make a start, get your business registered. Learn from the knowledge, successes, and failures of those who came before you. Be meticulous in the accounting of business transactions and draw a clear line between personal and business finances,” the BEA advised. The association also encouraged entrepreneurs to join and network within the BEA to access support and resources.
As the BEA continues to refine its strategy and focus on socioeconomic transformation, it aims to remain a vital resource for black business owners across Guyana.
For decades, the blacks have been hollering marginalization and racism, and they cannot find jobs.
Where did they get the money to open businesses? The government should be looking into the source of these funds.
And if there is an organization of Indian businesses, it will be racism.
They say Black lives matter but in one city, residents who say White lives matter are accused of racism!