The Tribune

By YOURI KEMP

Tribune Business Reporter

kemp@tribunemedia.net

A Bahamian lender has called for a “smarter approach to entrepreneurship" that avoids seeing money as the only solution to overcoming obstacles to business development.

Robert Pantry, Simplified Lending's founder and chief executive, told a Bahamas Business Outlook conference panel discussion that “opportunities are out there waiting to be uncovered" yet they may be missed if entrepreneurs become too preoccupied with securing financing.

"Do not always be too quick to think money is the solution," Mr Pantry said. “We are seeing many entrepreneurs springing up because their backs are against the wall. And then, and only then, do the opportunities become crystal clear.

“Entrepreneurs who only think they need money to make your business work,waste precious time looking for money, instead of focusing on creative ways to gaining market share.”

Rather than believing money can solve every situation, Mr Pantry urged new and aspiring entrepreneurs to think about how they can solve problems without it. He told them to ask themselves what they can do without if they needed funding.

"It may take a few days or weeks, and/or talking to your staff to come up with some of the answers," Mr Pantry said. "Sleep on it. It will come to you. Replace the need of money with collaboration.”

As an example, he pointed to the Government’s public-private partnerships (PPPs) as a solution to public infrastructure requirements that mobilise private capital without the Public Treasury necessarily having to supply one cent.

Besides ending a laser-like focus on financing, Mr Pantry also urged entrepreneurs to “throw away the old playbook" by looking at how to get into business even if they cannot start their own. He said persons can acquire or take over an existing business, or us existing clients to start a new service aimed at their changing preferences.

Mr Pantry reiterated that it was important to manage cash flow, and said: “During challenging economic times it’s very important to ensure that in order to outlast last your competitors to allow you to stick around to become profitable, you have to be able to manage your cash flow. Breaking even during these times is not a bad thing.”

Jillian Bethel, chief executive officer of IslandBit242, said entrepreneurs must “go out and get exposure to become successful while “recognising the barriers” to achieving their goals.

Christine Robertson, chief executive of Volkswagen Bahamas, added: “There's a silver lining behind every dark cloud. I find in general there seem to be opportunities in the tech industry, and there's also opportunities in food delivery. We find that with the pandemic that’s on the uptick."