INTRODUCTION

I believe that one of the more important players in the free market is the entrepreneur. In the free market the skills and risks, which the entrepreneur is willing to take, can be fully exploited by both producers and consumers to their advantage. Entrepreneurship manifests itself in many ways. Entrepreneurs start businesses, develop new procedures for the production and distribution of goods, act as middlemen between markets and are a source of information. The entrepreneur is also characterized by alertness for opportunities that have been ignored or unseen by others. These opportunities are almost always accompanied by some profit. The benefits which society gains from the actions of entrepreneurs are generally three-fold. First, the entrepreneur, by learning from past mistakes, often develops better ways of utilizing resources. This means greater efficiency and often cheaper manufacturing methods which are introduced into the production process, thus saving resources and providing relatively cheaper goods to the consumer. Secondly, new resources are discovered. For example, in the last one hundred years man has seen electricity provided by coal, then water and now, by nuclear power plants and solar cells. Finally, it is through innovation, chance and alertness that much of our current technology has been produced. It is no mistake that the freest nations of the world have enjoyed supremacy in the field of technology,
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whether it is medical, biological, chemical, etc. Again, it must be said that these three benefits are available through the presence of those who are alert, who are risk takers and who are able to link markets for a profit. Within a free market order, entrepreneurs have to take risks because the last word lies with the potential buyers, the consumers. This involves an element of risk for the entrepreneur and in return for the risk he demands a reward - this is the profit margin. Profits serve the dual purpose of rewarding the successful entrepreneur (that is, the person who caters best to the wants of the public) and providing capital to develop the business. This may take the form of investment in updated plant for increased efficiency and lower prices, it may involve expansion into new products and new markets, it may involve the takeover of less thriving firms in order to put their resources to more productive use. Entrepreneurship is the ability to see what others who came before missed, to make connections between things that others had not, to get all other factors to work together to create that which had not existed before. It is this insight, this creativity that makes the other factors productive. In our Caribbean society, we are blessed with entrepreneurs who have used their creativity and innovation to make things better and thus, use their achievement to contribute to the growth and development of the economy.

This research paper will focus on five (5) such entrepreneurs, namely, Gordon Butch Stewart, Lascelles Chin, Gassan Azan, Michael Lee Chin and Ralph Bizzy Williams. All have contributed enormously to the growth and development of the Caribbean economy, more so, the Jamaican economy.

Our first entrepreneur is Gordon Butch Stewart. Gordon Butch Stewart is one of the most prominent entrepreneurs in Jamaica. He is the owner of the Sandals/Beaches hotel chains, chairman of Air Jamaica and the Jamaica Observer, and one of the most powerful local voices in tourism. The 62-year-old Jamaican does not, as a profiler once observed, come from the business school of central casting. A classic anti-business hero, he grew up on a beach, acquiring the nickname Butch ('it meant you were scruffy, bouncy, rough') but very little by way of a formal education, and launched his business career with $3,200 selling air conditioning. Other businesses followed, in engineering, cars and office equipment, and in 1981 he bought his first hotel. With no experience Stewart lost 'big money' in the first few years. But by 1994 he had the funds to buy the ailing national airline, a business whose dire state could be inferred from the fact that one of the first things Stewart had to do was rebrand it 'the on-time airline. Not quite a decade later, with 20 hotels and flights to 30 destinations, he is Jamaica's largest private employer, biggest foreign currency earner, and probably far and away its richest man. But his personal manner offers few clues as to how he has done it. He likes to talk about the beauty of Jamaica, its friendliness, and the colourful extras he offers customers - non-stop in-flight champagne, fashion shows performed in the aisles by air hostesses, seated aerobics sessions for passengers before they land, and so on. Air Jamaica is a pride and joy for our country. Not many islands have a national airline and it is by far the biggest ambassador Jamaica has. Few businessmen's fortunes can be so closely tied up with the reputation of their country. Butch Stewart's great business skill is selling things. To sell hotel rooms he must sell Jamaica - and to sell Jamaica he sells himself. Tourism is the most important export sector in the region. It helps to diversify the Caribbean economy, stimulate entrepreneurship, catalyze investment, create sustainable jobs and helps social development in local communities. As owner of the Sandals/Beaches hotel chains, and chairman of Air Jamaica, Butch Stewart has contributed significantly to Jamaicas economic growth as tourism is our most important foreign exchange earner and the lead productive sector in terms of foreign exchange earnings.

Air Jamaica serves 23 destinations in the Caribbean, the United States and the United Kingdom, with a fleet of 20 aircraft and boasts a most modern fleet. It was recently named the 'Best Airline to the Caribbean' at the World Travel Awards for the fifth consecutive year. It won the Five-Star diamond award from the American Academy of Hospitality Sciences and was voted World's Best Honeymoon airline Award by Modern Bride magazine. Sandals Resorts was founded by Gordon "Butch" Stewart in 1981 and has become the Caribbean's leading chain of luxury all-inclusive resorts for couples only. There are now ten resorts: six in Jamaica, two in St. Lucia, one in Antiqua, and most recently Sandals Royal Bahamian Resort and Spa on New Providence in The Bahamas. Beaches Resorts is Sandals' newest chain of all-inclusive resorts, welcoming everyone-singles, couples, and families. There are two Beaches Resorts in the Caribbean: Beaches Negril and Beaches Turks & Caicos Resort and Spa. Another Beaches Resort is planned for Jamaica, as well as one in Barbados. The Sandals 'all-inclusive' concept includes accommodations, round-trip airport transfers, baggage handling, tips, gratuities, meals, anytime snacks, premiumbrand drinks, and an array of land and water sports, nightly entertainment, and local taxes. Stewart and his all-inclusive resorts have an incredibly loyal following with repeat guests and travel agents (including a high 90% year-round occupancy rate). The hotel and airline industries have contributed enormously to the growth of tourism in Jamaica. Stewart has contributed to the development of education, especially in the rural communities and, through the continuous growth of his hotel chain, he has increased the level of employment in the islands hotel industry. His innovative skill and creativity have boosted the reputation of Jamaica as the ideal tourist location and vacation hideaway. However, Stewart is not satisfied and he has been re-imagining his brands. Beginning January 2005, both the Sandals and Beaches brands will launch initiatives that include differentiating the properties within the brands themselves and introducing new amenities and services such as Butler Service influencing the next generation of savvy travelers to consider the premium allinclusive experience when making their vacation plans. The first endeavor begins with distinguishing the Sandals and Beaches Brands into two collections The Classic Collection and the Signature Collection. The Classic Collection characterizes everything that loyal guests have come to love about Sandals and Beaches, including elegantly appointed rooms and suites, exceptional service and hospitality, world-class gourmet dining, premium brand

drinks, legendary Kids Kamps, and unlimited use of every land and water sport imaginable. "Innovation is how we intend to keep our place as the industry's all-inclusive leader," said Gordon Butch Stewart, "A generation of travelers have come to know and expect the amenities Sandals introduced to the all-inclusive arena more than two decades ago - such as four-poster beds, premium liquor, swim-up pool bars and hair dryers in the room - as standard operating procedure. Now we take the long view again, to consider the possibilities and the opportunities to keep our Sandals and Beaches brands at the forefront for new generations to enjoy." Gordon 'Butch' Stewart, was honoured for entrepreneurship by the Minority Business Development Agency of the United States Department of Commerce and he received the Master Entrepreneur Award in 1999.

Our second entrepreneur is Lascelles Chin. Lascelles Chin is another prominent Jamaican entrepreneur. Chin has been one of the most resilient and successful businessmen as witnessed by his numerous achievements over the past four decades. He is a former President of the Jamaica Exporters Association, presiding over the most exciting periods in the growth of Jamaicas export market. The Hon. Lascelles Chin received the highest civilian Jamaican recognition, the Order of Jamaica, in 2001 for his contribution to the development of business and his philanthropy. However, Lascelles Chin considers the appreciation expressed by consumers for making living more affordable, as one of the greatest honours. In 1988, Lascelles Chin founded Lasco, initially to package skimmed milk powder. His company has grown from a packager and distributor of a single product to a vast corporate entity which provides hundreds of pharmaceutical, food, household and personal care products to Jamaica, the Caribbean, Latin America, North America and England. Among his many accolades, Lascelles Chin has been named the Jamaica Business Leader of the Year 2001, one of the top nominees in the Ernst and young Caribbean Entrepreneurship Awards, and has been cited by the Jamaica Exporters Association and the Jamaica chamber of Commerce as an outstanding entrepreneur. The turning point in the company came eight years ago when the CEO, Lascelles Chin, was determined to find nutritious, tasty and affordable products for the Caribbean population. His extensive research led him to Protein Technologies Incorporated, a subsidiary of the prestigious Dupont Group. Lasco pioneered a range of products which utilized soy protein isolate and delivered to the consumer a highly nutritious product at an incredible low price. The popularity of this product has made Lasco the Number One customer in the world for soy protein isolate from Protein Technologies Incorporated. Additionally the American Soybean Association has hailed the Lasco Food Drink line as the tastiest soy product in the world. Bolstered by this success, Lasco continues its global search for the most affordable, best quality products and have branded corned beef from Argentina, mackerel from Chile, ketchup from the Eastern Caribbean and vitamins from an outstanding US supplier, whole milk from Ireland, and Corn Flakes from Germany.

Lasco Distributors formed an important alliance with Johnson & Johnson (Jamaica) Limited on April 2, 2001. As a result of that arrangement, Lasco Distributors handles the distribution of all Johnson & Johnson products while Lasco Pharmaceutical Division is responsible for Lifescan, Contact Lens and Pharmacy sales. In both Public Relations and Advertising, LASCO aims to maintain a consistently appealing and ethical image, while emphasizing key messages of quality and affordability. Slogans such as LASCO Makes Living Affordable and Nutrition Never Tasted So Good are themes which have reached the consumer in such a way that has made LASCO synonymous with affordability and nutrition. Lasco's advertising programme has utilized some of Jamaica's finest talent in music, drama and dance, and outstanding spokespersons including the 1994 Scripps Howard International Spelling Bee Champion, Jody Ann Maxwell and 1996 Olympic Gold and Silver Medalist - Deon Hemmings. Lasco's show reel, press clippings and promotional material demonstrate the extent of these projects and the wide publicity received. In order to reinforce the message of health and nutrition delivered by Lasco's products, Lasco has sponsored Jamaica's 2000 Olympic team, the Jamaica National Netball Team as well as several other sporting teams and events. Lasco supplies products to members of the team and has received repeated endorsements from them on the effectiveness of the products. The Lasco Group of Companies takes very seriously its responsibility to work with communities in recognition of the support of Jamaican consumers for Lasco products, the importance of paying tribute to those who have contributed to Jamaica's development and the need to assist the less fortunate in the society. To this end, the Lasco Group has contributed in cash and kind to national, educational, social and sporting events. The Group is particularly proud of its campaigns to bring national recognition to key professionals in the society including the members of the Jamaica Constabulary Force, the Jamaica Teachers Association, the Nurses Association of Jamaica and the Pharmaceutical Society of Jamaica. Through its association with these professionals, LASCO has become the proud sponsor of the Salute to Teachers Teacher of the Year Programme, Police Officer of the Year, Nurse of the Year and Pharmacist of the Year awards. As a result, significantly more persons are becoming appreciative of these professions. There has also been an increase in the level of interest shown by the Jamaican youth in these fields, as possible career choices. LASCO has been steadily involved in the fight against the HIV / AIDS epidemic during recent years. In December 2002, LASCO Pharmaceutical Division in

partnership with the international pharmaceutical company CIPLA, donated over J$5 million worth of drugs to the Ministry of Healths HIV/AIDS treatment and support programme to assist in treating HIV positive pregnant mothers and their children. LASCO also supplies HIV/AIDS drugs at the lowest price in Jamaica. It is by maintaining this close knit relationship with Jamaicans that LASCO can remain a household name in Jamaica.

Our third entrepreneur is Gassan Azan, an outstanding Jamaican Entrepreneur and retail mogul. Gassan Azan is the owner of Bashco chain of discount stores, and managing director of MegaMart superstore. He was educated at Munro College, St. Elizabeth, Canterbury in England, and later pursued business studies at Boston University and the University of Miami, United States. The number of workers in the Bashco chain totals 450 and the 12 stores in the Bashco chain now operate under a combined 130,000 square feet of shop floor and storeroom space. The Bashco bargain basement store, which Azan began operating in the early 1990s, has spread from Kingston where five are now located, to several other parishes -- making it the largest branch network of similar stores in Jamaica. The other locations are May Pen, Mandeville, Montego Bay, Ocho Rios and Sav-laMar, where two stores are located. Azans chain of Bashco discount stores and Megamart Variety Stores have provided numerous job opportunities and increased standard of living for Jamaicans across the country. Azan is also the operator of MegaMart variety store located in Portmore, St Catherine, and Upper Waterloo Road in Kingston. Establishment of the first Megamart store has created 250 jobs in Portmore, St. Catherine. The company is expected to possibly establish another store in central Jamaica and then look to expanding within the rest of the Caribbean region. In addition to over 450 full time employees, Megamart provides direct and indirect employment for hundreds of local farmers and producers of goods and services. There is no question that Megamart has changed the nature of shopping in Jamaica, bringing the services of the grocery, meat mart, clothing, shoes, dry goods, tyre centre, pharmacy and a wide range of consumer services under one roof. Mr. Azan was honoured earlier this year with a Job Creation Award from the Private Sector Organisation of Jamaica. He was also nominated as a Business Observer Business Leader in 2000. Azan plans to take his MegaMart store public sometime next year. This is to amass funds for the opening of a third MegaMart store in the island.

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Our fourth entrepreneur is Michael Lee Chin. Mr. Michael Lee-Chin, Chairman of AIC and National Commercial Bank Jamaica Limited was awarded the degree of Doctor of Laws, Honoris Causa, by the Chancellor of McMaster University in Toronto, Ontario, Canada under the authority of the Senate of the University. Mr. Lee-Chin also earned his first degree in engineering from McMaster University. Born in Jamaica to a single mother and modest means, Michael Lee-Chin emigrated to Canada in the 1970s to study civil engineering at McMaster. He worked as a financial advisor for ten years before purchasing Burlington-based Advantage Investment Counsel, which he built into the 11th biggest mutual fund company in Canada. Lee-Chin guided AIC from less than $1 million in assets when he purchased the company to $14 billion today. Lee-Chin has expressed his aspiration to improve education and reduce crime in Jamaica. He wishes to change Jamaica by increasing wealth in the country to make things more valuable while making the country less attractive to crime and to do so through through NCB. AIC, the parent of NCB, purposefully reinvests all of its profits earned in Jamaica back into Jamaica because this will help create jobs and motivate people of Jamaica. He is an entirely self-made man, the son of a supermarket clerk and a salesman and he is now using much of his wealth to try to improve working and living conditions in his home country of Jamaica. He is starting educational initiatives to make post-secondary education available to more Jamaican young people. The bank has supported families and businesses that needed help after devastating floods hit parts of Jamaica last year. Michael Lee-Chin has announced a generous scholarship programme for tertiary education which will provide some 200 scholarships over two years tenable at the University of the West Indies, the University of Technology and the Edna Manley College of the Visual and Performing Arts at a cost of $22 million. This scholarship programme is part of the bank's overall $150 million five-year Jamaica Education Initiative which was launched last year. Mr. Lee-Chin's emphasis is on the development of intellectual capital at the highest levels and if his example is followed by other financial institutions and large commercial firms, perhaps the present subsidy of 80% of the cost of a 11

tertiary education being provided to students by Government could be substantially reduced or eliminated. Lee Chin, through NCB, continues to value highly its role in the promotion of economic growth, education and national development of Jamaica.

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Our final entrepreneur is Ralph S. DeC Williams, nicknamed Bizzy. He is Chairman and CEO of Williams Industries Limited. He is an honours graduate of the University of the West Indies with a BSc. in Electrical Engineering. He is the founder, chairman and CEO of Williams Industries Inc., which includes several companies in St. Lucia, St. Kitts, Jamaica and his native Barbados. Many of these are industry leaders in manufacturing, property development, real estate, farming, tourism, yacht charter, equipment rental, hardware and lumber distribution, car hire, well drilling electrical contracting and water desalination. Thirty years ago Bizzys love of car-racing led him to start his first company building race cars, then in the early eighties his interest in sailing prompted him to build his own catamaran and, like a true entrepreneur, sail it himself from Miami to the Caribbean, with a trampoline between the hulls and no engine. Recognising the potential for catamaran cruises in the region, he spawned what is today a multi-million dollar Caribbean business. Ralph "Bizzy" Williams believes in giving back to his people who helped create his success, and thus promotes share ownership as an incentive to employees. He also believes in making a contribution to his country. His latest projects include a desalination plant to ease Barbados perennial water shortage. The new water desalination plant will provide fresh, potable drinking water to onesixth of the island's 264,000 people. The 30,000 cubic meter per day (7.9 million gallons per day) plant utilizes reverse osmosis (RO) membrane technology. In conjunction with the new desalination facility, a water education centre was also established which will serve as a venue for school children, island visitors and the general public to learn about water, its history on the island, and the role of water desalination. Williams is currently researching a project to construct the islands first waste management plant that will convert garbage into electricity. Mr. Williams was one of six award recipients at the Ernst & Young inaugural World Entrepreneur of the Year Awards programme which took place in Monte Carlo on May 19, 2001. As the Caribbean representative he took the WEOY Award for Multiple Enterprise Creation.

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CONCLUSION
Entrepreneurs are vital to economic growth and, consequently, to higher living standards. Thus, the government and other leaders who create economic policies should strive to encourage the innovation and risk taking of entrepreneurs. Enforcing property rights through contract, patent and copyright laws; encouraging competition through free trade, deregulation and promoting a healthy economic climate through the Central Bank anti-inflation initiatives are all examples of policies that empower entrepreneurs to be creative and take risks. The accomplishments of entrepreneurs in our modern world have been possible because of a climate of individual freedom that is so rare in human history. The society that does not honor entrepreneurial accomplishment will find fewer able people engaged in wealth creation. History has shown time and again that economies that appreciate the benefits created by entrepreneurs flourish, while those that devise laws and regulations aimed at seizing the entrepreneurs' rewards flounder. As can be seen from this research, entrepreneurs play a vital role in our economic development as key contributors to technological innovation and new job growth. Further, entrepreneurs help build communities in ways such as providing jobs, conducting business locally, creating and participating in entrepreneurial networks, investing in community projects, and giving to local charities. Realizing both the economic and social impact of entrepreneurship, the government should aim to implement aggressive strategies aimed at cultivating and nurturing our entrepreneurs.

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BIBLIOGRAPHY
McPherse Thompson

Megamart seeks funds for expansion Jamaica Gleaner July 18, 2003 Private sector needs to be more supportive Jamaica Gleaner July 18, 2003 www.ey.com/global/content.nsf/Caribbean December 02, 2004 www.waterindustry.org/New%20Projects December 05, 2004 www.lascojamaica.com/site/corp-activities.htm December 07, 2004 www.gss.net/mef/presidents_messageJune_2003 December 05, 2004 www.dallasfed.org/educate/everyday/ev3.html December 08, 2004 www.ded.mo.gov/business/researchandplanning December 07, 2004

Leonardo Blair

Internet Internet Internet Internet Internet Internet

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