Entrepreneurship on a small island for decades has been dependable to a large extent on who you know rather than what you know or what you have to offer. Additionally, it is a known fact that our commerce relies on available resources, regulatory environment, and government policies. For years, different organizations have been collaborating to work towards a more sustainable ecosystem that truly stimulates entrepreneurship and promotes growth. Yet it remains a difficult task to accomplish long term improvements in a short period of time. Forbes indicates in November 2021, roughly 20% of small businesses exit within their first year of opening. After five years, half of the companies exit, and only about 30% make it to year ten. Data on the average life expectancy of small business in Aruba, was not able to be obtained prior to the publication of this article. It can be expected that there is not that big of a difference compared to global research. This is reason enough to invest focus and resources to develop a more sustainable approach. However, to achieve a sustainable business ecosystem takes time, collaboration, action, commitment, consistency and continuation, no matter which government is in command.

What the pandemic has shown us is that in the face of adversity, we are capable of rapid transformation and detach ourselves from the ‘business-as-usual’ mentality which stands in the way of innovations and efficiency, which are the key components to drive long term growth. The thing is, that human beings in general do not do well with change, and we locals are no exception. While typically, entrepreneurs are being described as the adventurous soul and risk takers, there are also the passionate type of entrepreneurs who have stepped out of their comfort zone to follow their heart and contribute to a better community, a bigger purpose, while doing what they love. What both types of entrepreneurs have in common is that doing business and being successful on a small island is not without its challenges. In a United Nations publication about Small Island Development States, it is mentioned that small islands are more vulnerable to economic shocks and natural hazards compared to other countries or regions. The Covid-19 pandemic is viable proof of what an economic shock can do to an islands’ economy and social aspect.

What is clear is that we can no longer only depend on a government to be the main driver of economic and environmental change. Local entrepreneurs and startups should be redirecting their energy in finding ways to become more resilient and stimulate a more sustainable business environment. While we should be adapting to a global mindset in terms of doing things, sustainability must start locally. Invest some time and efforts in finding collaboration opportunities and create an environment of entrepreneurial solidarity that aims to benefit the community. It is not always about making profit and material interests. It is about building bridges. There is no one-size-fits-all solution, but there are simple basic fundamentals entrepreneurs and startups can follow to pave their way into long term success.

Know the risks and opportunities

Prior to starting your business, take time to research the market and invest in a proper business plan. If you are able to write your business plan, find strategic support to evaluate your plans. Invest in yourself to learn first about doing business and what it takes to turn your dreams and goals into well- thought actual executions. Aim big, start small and move fast.

Depend on your own efforts

Doing business is a personal decision. Do not dive into entrepreneurship expecting to be supported based on relations, favors or political preferences. Do not depend on someone else to determine your success. Your success is your responsibility. Get up, work hard, try harder and repeat. 

Build an emergency reserve

Doing business includes sometimes investing more money in order to get more in return. However, it is important to find a balance in investing and building a reserve. Create a special emergency fund only accessible in certain emergency situations.

Be adaptable to change

Entrepreneurs tend to become absorbed into their own ideas, dreams and goals, making it difficult to disconnect when a business model or idea is no longer fruitful. It is not about detachment from your dreams, goals, or failure but rather being open minded and adaptable to change when and if necessary. Find a strategic sparring partner to keep yourself sharp and inspired.

Create an environment of Social Development practice

Dive into the global 17 SDGs and find ways on how your business can contribute to a better environment by applying one or more goals into your daily practice.

Entrepreneurship is for the courageous soul, where income and success are dependent on personal efforts to never give up with the continuous commitment to overcome anything and everything that may hinder future growth. It is about being able to endure stress and give up the 8 to 5 work mentality. Break the perception of living the lavish lifestyle, because it is anything but luxury. Limitations are everywhere to find. The true power of entrepreneurship on a small island lies in the ability to turn vulnerabilities into momentums, to instill change, by responding with actions and using it as an opportunity to reshape and redirect the future of our entrepreneurship in the best way possible. It is the freedom to pursue your ideals and work towards what sets your soul on fire.

In short, it all starts with oneself.