Tony Wade against a backdrop of plants in his garden. - Claudine Housen/Staff Photographer The following is an edited excerpt of a speech given by author and businessman Tony Wade at the University of Technology in May.
Small businesses are the engines of every economy, whether in developing or developed nations. Why are small businesses so important?
Small businesses have been traditionally the breeding ground for new industries. Small firms are an important source of innovation. In some industries, the optimum size of units for efficent operation are small. These firms bring into play the division of labour by splitting processes which they are better at handling.
New entrepreneural talent enters business through small firms which provide a seed bed, from which new large companies will grow to challenge and stimulate established large companies in the economy. Small firms supply large firms with goods or services produced at a lower cost than large businesses could achieve. Small firms provide competion for ever-growing, multi-product firms, and thus help the efficient working of the economy as a whole, especially by way of networking and building partnerships.
structured partnerships
Drawing on my business experience, both in the private and public sectors in the United Kingdom, I can tell you that well-structured partnerships have been among the most effective ways of ushering in progressive change in society, while mentorship helps to engage young minds in the generations that follow. I will enlarge on these statements in due course.
In talking about enterprise - here is an amusing story that encapsulates what being enterprising it is all about. A company whose business was manufacturing shoes and looking to improve sales, dispatched two of their salesmen to a far-off country to explore the market. The first salesman, after two weeks in the country, reported to his home office that he was catching the first plane back home as everyone there goes barefooted. The second salesman called home very excited, "Send everything you can lay your hands on," he said, "for everybody here needs shoes!" In those two reports we see the negative salesman and the entrepreneurial salesman, the big difference between winners and losers.
In fact, it was enterprise in the first place that led many people of my generation to migrate to Britain during the last century, where we found to be enterprising was an absolute neccessity if we wanted to succeed.
It might be of some interest to learn that many of us first-generation blacks have, by dint of sacrifice, hard work, dedication and perseverance, helped to transform London into the world's top swinging city during the early '60s and '70s, replacing its hitherto dull and dreary image by introducing our cool colours, fashion, poetry and music with its rich mix of haunting rhythms, that made you always want to dance. While the greatest gift of them all was the gift of carnival that we gave to the nation.
workforce
There are areas, too, where we have made a huge difference in strengthening the workforce - areas not too difficult to identify, which include the Health Service, London Transport Systems and the Post Office. And we continue to make an impact on changes in education, politics, civil society, the professions, sport and business.
Us emigrants had to challenge the status quo and ring in change in a new land - it was not easy for us, nor will it be for you either - but be reminded that anything worthwhile doing is never easy, but always where there is a will there is a way - stay focused on your objectives and your dreams, and make them happen!
