Economic conditions are analogous to climate change and weather patterns in that they experience long-term and short-term change. Regardless of the changing climate and the vagaries of the weather, there are always economic opportunities, such as those which abound in the Caribbean.

It is generally agreed that opportunities are transformed into economic activity by investment, and investment is the result of the intervention of entrepreneurs. Entrepreneurship is a form of creative genius like a great musician or great painter. It cannot be taught in business schools nor can it be garnered merely by studying successful investors.

Our own experience has shown that entrepreneurship involves (a) vision, (b) risk-taking, and (c) organisation.

All countries, especially developing countries, like Jamaica, must place at the centre of their economic policy the nurturing, encouraging and enabling of entrepreneurship as the force of private sector-led market-driven economic development.

The vision of economic possibilities is a creative capacity talent that one has or doesn’t have. An MBA does not make an entrepreneur, as too many seem to believe. It is a unique talent of seeing economic opportunities and envisioning how they can be transformed into reality.

Vision is an essential start, but entrepreneurs are willing to take risks because they strongly believe in the profitability of the project. Most people are risk averse, yet it is risk which separates the dreamer from the entrepreneur. So many good business ideas are still-born because of the lack of fortitude and confidence.

Vision plus risk-taking has to be matched by the organisational ability to identify and mobilise the resources and, if necessary, the “sweat equity” to actually establish and operate the business. This is where government’s economic policy can make a difference; by making it as easy as possible and by fostering a predictable economic environment.

Reduced bureaucracy, low taxation, low real interest rates, venture capital availability, stable macroeconomic policies and a rules-based business environment are all part of a facilitating successful entrepreneurship.

We strongly believe that governments and international organisations need to focus on unleashing entrepreneurship.

One of the deepest reservoirs of untapped entrepreneurial talent is in the Diaspora of developing countries which have lost much of their human capital to developed countries. We like to think of these managers and technocrats as entrepreneurs without capital, but who can become innovative start-up businesses willing to export to the countries that they used to live in.

Entrepreneurs that have returned from the Diaspora have been critical to the economic success of countries that have become emerging market economies. Countries that do not tap into this rich vein of entrepreneurship remain submerged market economies.

Governments of developed countries have a moral responsibility to free up and return the human capital that they have attracted from developing countries. They must create a financial facility to enable entrepreneurs in their borders to return and establish businesses in their country of origin. This would be a development “hand up”, far more important than a financial “hand out”.