Welcome to the BEDC corner; here, you will get a chance to meet the dedicated members of our team and Board. We will share our thoughts on entrepreneurship and what it means to provide support and help you build your dreams.
This month we feature Ondreyah Rochester, MSME Officer.
- What excites you about entrepreneurship?
Entrepreneurship is exciting as it aids creativity and innovation, as entrepreneurs often have the freedom to create and innovate in ways that may not be possible in traditional jobs. They get to come up with new ideas and turn them into reality, which can be incredibly fulfilling and exciting. My job allows me to hear people’s dreams and ideas and give them the proper advice and guidance to see their ideas come to fruition.
Entrepreneurship is also exciting as it encourages independence and control, as starting your own business means that you have control over your work and your schedule. You can decide what you want to do when you want to do it, and how you want to do it. This level of independence can be very exciting for people who crave control over their lives. Most people over-calculate the risk as entrepreneurship does come with risk, but the potential for financial rewards can be a big difference.
- What advice would you give to someone who is trying to become an entrepreneur?
Identifying a clear and viable business idea is crucial, taking the time to research and evaluate factors such as market demand, competition, and potential profitability. A thorough understanding of your offering and target audience is essential, as is a well-developed business plan, which is often overlooked but vital for securing funding and guiding your venture. Building a solid team with the necessary skills and expertise is critical to business success, as is providing excellent customer service to ensure customer satisfaction. As a new business owner, you’ll be a jack of all trades, so staying organized is important, managing your time effectively and setting priorities to ensure your business thrives.
- What is your role at BEDC?
At BEDC, I am a Micro Small Medium Enterprise Officer, which allows me the privilege of talking to potential and current entrepreneurs by providing technical guidance and advice. I am also responsible for Somerset Economic Zone, and this year I had the privilege of creating the first annual Small Business Expo, which was very successful.
In my role, I assist with developing and implementing methods to ensure the efficient delivery of innovative programs and initiatives which stimulate the development of new business products and business expansion. As well as provide technical advice and guidance regarding MSME management and operations to both the public and clients on topics such as financial statement preparation & analysis; cash flow forecasting; strategic planning; organisational development; marketing; customer service; computerization; and human resource management. Lastly, my favorite task is assisting with any initiatives involving the youth, as it is essential to let them know that entrepreneurship is a viable career path.
- What is the best part about being a member of the BEDC team?
The best part of being a member of BEDC is that we all cohesively work together to ensure that entrepreneurs have the correct resources to assist with business growth. Also, the majority of the staff own or have owned businesses which ignites great conversation between us, and we learn things from one another very often.
- What role does entrepreneurship play in the future of Bermuda?
Entrepreneurship is a vital asset to Bermuda, enabling people to carry out their dreams. The role of entrepreneurship in economic development is substantial. After all, entrepreneurs don’t just build businesses and grow their personal wealth; they also impact the economy by creating new jobs and opportunities, driving innovation, and developing new markets, products, and services.
- What trends have you noticed emerging within Bermuda’s Entrepreneurial Landscape?
New technologies, evolving customer demands, societal shifts, and the COVID-19 pandemic are rapidly changing the business landscape. These factors paved the way for location-independent companies, niche markets and disruptive industries. Innovation has become vital in keeping your business relevant as people are now willing to spend more money on convenience. Customers are more open to using their cards online instead of using cash or transferring funds for payment. What used to seem like the norm has now become outdated with the new shift of the world.