Growth & Jobs | Knowledge critical to gaining wealth - expert
At least one business expert is advising young entrepreneurs to make sure that their focus is on gaining knowledge and not entirely on making money as this is a sure way of gaining wealth.
Deandra Chung-Jones, president of the Young Entrepreneurs Association (YEA), noted that if business people focus solely on making money instead of garnering basic knowledge and skill sets relevant to the industry, "they are in trouble".
"Just be in the know. Access to information generates wealth; it's not money that brings wealth. If you are not harmed with the information to better equip yourself, then you are in trouble," she said in an interview with The Gleaner.
"For example, we recently got approved for the DBJ (Development Bank of Jamaica) grant to work with the organisation. So, they provide a thing that's called the voucher for technical assistance. So, in summary, they will help to stand 70 per cent of the fees for your marketing plans, patent and other materials that are needed to start a business."
Jones added, "If you don't know these things, then you won't be able to access some of these opportunities that are out there."
Jones, who is also the managing director of Complete Accident Support Limited, said the environment is ripe for entrepreneurship as there continues to be an expansion in the field and a burst of creative ideas. There were some concerns, however.
"One of the concerns is that young persons have to recognise that time is very important. It's a process, and you're not just going to get up one day and start making money. You must have the right mindset and the right people around you to guide, and that's what the YEA is all about," she said.
"A lot of times they also join these associations thinking what can I get from it. So they expect a bunch of things that will come only in the long term. You have to be in it for the long haul."