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The advent of Small Business Week, organized by the Georgetown Chamber of Commerce and Industry (GCCI), has provided a platform for local small businesses in Guyana to showcase their creativity and entrepreneurial strengths. However, it has also shed light on the lack of support from the government for micro and small businesses, which continues to hinder their growth.

Despite this, there are potential business opportunities outside of the oil and gas sector that can greatly benefit small businesses in sectors such as accommodation, entertainment, crafts, and fashion. These industries have seen some external interest and have the potential to be lucrative.

Two recent events, the Small Business Week organized by GCCI and the Guyana Manufacturing & Services Association (GMSA) annual dinner, have raised important issues regarding the growth of the small business sector. It has been observed that regardless of which political party has held office in Guyana, the government has always exerted a certain level of control over the private sector. The Small Business Bureau (SBB) is a prominent control structure that administers the small business sector using state-crafted mechanisms. However, many small business owners are dissatisfied with the support provided by the SBB and find its procedures cumbersome.

At the GMSA gala dinner, the association’s president, Ramsay Ali, called for a “seat” at the table occupied by the SBB. This suggests that the GMSA, with its experience in the private sector, can offer valuable insights on how the SBB should function in the current business environment. While Ali made it clear that he was not implying mismanagement by the SBB, he implied that the bureau could benefit from adopting private sector practices.

In order to strengthen the local micro and small business sector, opportunities must be created to highlight these businesses. Young entrepreneurs in Guyana display ingenuity, creativity, and initiative, and they seek avenues for growth and expansion. However, they are often frustrated by the slow and bureaucratic procedures associated with seeking support from state agencies. These emerging small business owners are signaling that state agencies need to adapt to their entrepreneurial spirit and streamline their operations.

It is essential for the state to play a role in supporting the growth of the small business sector. This includes providing funding through fair and efficient loan and grant arrangements, as well as creating favorable trading spaces, financing high-cost facilities, and offering marketing support. Additionally, training in entrepreneurship and related disciplines, along with infrastructure support, can contribute to the success of small businesses.

The idea of giving the GMSA a seat at the table of the SBB is worthwhile. The GMSA can provide valuable insights into the operations of the SBB, drawing from its own experience as a Business Support Organization. With its commitment to the growth of the private sector, including small businesses, there is no reason to deny the GMSA a role in the SBB. However, it remains to be seen if the government, with its inclination for control, will embrace this idea.

In this situation, AI legalese decoder can be helpful in navigating and understanding the legal terms and language used by the Small Business Bureau and other state institutions. It can simplify complex terminology, identify key information, and provide clarity for small business owners seeking support. By utilizing AI legalese decoder, entrepreneurs can better understand the procedures and requirements set by the state agencies, enabling them to navigate the process more effectively and efficiently.

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