THE Taiwan Technical Mission (TTM) in collaboration with Bank of Saint Lucia (BOSL) recently conducted a two-day business training workshop for local women entrepreneurs.
The workshop was held from 9:00 a.m. to 12:00 noon from Tuesday to Wednesday, September 19-20, 2023, at the Youth Economy Agency (YEA) office on Chaussee Road, Castries, and targeted twenty-two entrepreneurs in the north of the island.
Topics discussed included book-keeping, how to write a business plan, and catered to those in business who need cash to keep afloat, capital, purchase equipment, or wish to expand.
Facilitator Ms. Gabrielle Louisy went to great lengths on both days to explain to the participants the elements of a business plan, marketing plan, management and operations, and financial projections — all of which make them more knowledgeable about running successful businesses.
On day two of the workshop, two officials from Bank of Saint Lucia (BOSL) were on hand to explain to participants the processes they need to follow to set up business and personal accounts and also inform them about the various loan facilities and other benefits being offered to businesses.
All of the participants own and operate their own businesses, and many of them have participated in previous workshops and/or courses sponsored by Taiwan ICDF, including the Jennès Programme, while others came from the Youth Economy Agency (YEA).
Chief of the Taiwan Technical Mission (TTM) in Saint Lucia, Mr. Daniel Lee, congratulated the workshop participants during the closing ceremony, telling them that being knowledgeable about how the world of business works is crucial to becoming and remaining successful.
“As all of you would know, having a vast knowledge of how the business world works gives you a big advantage,” Lee told the participants at Wednesday afternoon’s closing ceremony where certificates were presented. “This is why the Government of the Republic of China (Taiwan) continues to collaborate with the Government of Saint Lucia to equip entrepreneurs with the information they need to own and operate successful businesses.”
He added: “It is my sincere hope that as you continue to succeed in business that you also continue to keep learning, growing and networking. That’s the only way you will remain relevant and competitive. There are no shortcuts.”
Meanwhile, the workshop facilitator shared that empowering people with the right business information is one of the surefire ways to ensure their success in business. She noted that, among other things, basic record-keeping and how to prepare businesses plans are essentials of running a successful business.
“(Some entrepreneurs) often think that they can get away with, say, not filing taxes or probably not keeping records,” Louisy explained. “Also, most persons don’t budget, but go with ad hoc ideas in their heads and think that’s okay. But you definitely need to keep records and have a plan to know where you’re going to be able to evaluate.”
Louisy said that with more women trading in their stay-at-home status and preferring to become employed, the sharing of business information becomes even more crucial.
“It instills some level of confidence in women, especially those from single-parent households. It can also help them motivate their children and be their role models,” she stated.
One of the participants, Pervika Morille, who owns Lavish Beauty Clinic, was grateful for the opportunity to be part of the workshop, noting that young entrepreneurs need all the assistance they can get.
“This workshop was very informative,” she said. “Given that we’re new business-owners, the fundamentals of owning a business: how do you go about preparing yourself as a business-owner, how do you operate on a daily basis pertaining to book-keeping, also how to prepare a proper business plan when you look at loan and grant funding, are all important. These are all things that a lot of us needed. You wouldn’t know these things right off the bat unless you’re trained.”
