"We should encourage everyone to recognise and unlock oppor-tunities," said Hamilton, speaking on the occasion of the first anniversary of the establishment of the Scotiabank Chair in Entrepreneurship and Development at the Technology Innovation Centre, UTech, on Thursday.
An estimated 70-85 per cent of all businesses in the Caribbean are micro and small enterprises, said Hamilton, but there are no adequate data to determine how such enterprises enhance economic development.
public-policy role
"Analysts have concluded that neither scholars nor policymakers are presently equipped to understand the public-policy role for entrepreneurship," she said.
In light of new policy focus on MSMEs and the assumption that they will stimulate employment and growth, it is necessary to clarify the distinction between entrepreneurs and owners of MSMEs, she said.
It also becomes imperative to focus on the medium and small enterprises in Jamaica, which range from a high of 98 per cent to a low of 95.5 per cent of total business owners and provide between 36.3 per cent and 40.7 per cent of total employment in Jamaica, added Hamilton, holder of the Scotiabank Chair.
The sector has its deficiencies, however, with areas like training and education among entrepreneurs needing attention.
"Studies reveal 87 per cent of employers had never passed an examination and those with a degree or diploma was 2.3 per cent," she said.
The way ahead, proposed Hamilton, should focus on social entrepreneurship that addresses illusive social objectives, such as poverty eradication and crime prevention.
catalyst
"What is required is a policy that equips all sections of society to respond positively and creatively to the challenges and opportunities," said Hamilton who is also president of a group called the MSME Alliance.
Women are a catalyst to foster social entrepreneurship, Hamilton said.
"It is important to focus on women entrepreneurs, as they matter," said the academic.
"Studies show that they have higher returns on income than men and are more focused on social entrepreneurship and giving back to the community."
Hamilton says studies will be done on intellectual property-rights protection and enforcement.
She said in the past year, the Scotiabank Chair had embarked on a number of projects, such as the Enterprise-wide Risk Management and Financing programme, and the Fostering Entrepreneurship Among Women training programme for female entrepreneurs conducted in collaboration with the University of Miami/Students in Free Enterprises Jamaica Project.
Professor Hamilton, in con-clusion, said that there was no dearth of entrepreneurial oppor-tunities and potential in Jamaica.
"We need not dream about ways to create opportunities for growth and wealth creation in these troubled times. We need to simply activate it through effective policies and programmes."
amitabh.sharma@gleanerjm.com