Guyanese entrepreneurs are being encouraged to find the right business partners and pool their individual $3 million loans from the Guyana Development Bank to pursue larger ventures.
Chairman of the Private Sector Commission (PSC), Captain Gerald Gouveia Jnr., says partnerships could give entrepreneurs access to a larger pool of financing while combining the skills, resources and manpower needed to build competitive businesses.
He stressed, however, that access to financing is only part of the equation, cautioning that choosing the right partner could ultimately determine whether a business succeeds or fails. During a recent appearance on the Starting Point podcast, Gouveia said entrepreneurs should ensure that their business partners not only share their vision but also bring complementary strengths.
“Your strengths and my strengths do not need to be the same. We need to be the yin and yang for each other,” he said.
The businessman also cautioned against choosing a business partner simply because of a longstanding friendship. He said entrepreneurs should instead consider how the person fits into the business plan.
Overall, Gouveia said partnerships can help businesses overcome capital constraints by pooling resources. “But ultimately, the people controlling how these financial assets are implemented is what makes all the difference.”