Thursday, November 19 2009

Last week’s induction into the Chamber of Industry and Commerce’s Business Hall of Fame of three pioneers in industry in Trinidad and Tobago - the late William H. Scott; Arthur Lok Jack and Ken Gordon - was both a public recognition of their work and an incentive to other Trinidad and Tobago businessmen to assist in the development of their country through initiative and commitment.

They and eight earlier Business Hall of Famers have demonstrated that while a substantial portion of Trinidad and Tobago’s economic strides had been due to its relative abundance of crude oil and natural gas, nonetheless hard work, the development and implementation of new ideas and leadership styles had been crucial factors in inspiring others and in pointing the country forward.

William Scott was inducted, as an article in the November 13 issue of Newsday pointed out, for his “honesty, work ethic and success in several different areas of business.” Lok Jack’s contribution to the Trinidad and Tobago and regional business landscape in the crucial roles as founder of Associated Brands Industries Limited, his chairmanship of both Guardian Holdings Limited and the Neal and Massy Holdings Group and his philanthrophic work in setting up the Arthur Lok Jack School of Business were factors which led to his induction. Gordon’s recognition by the Chamber was indisputably his vital part in the growth and development of the media in the region.

All three by their achievements in the world of business have been able to inspire others not only to start their own venture but that innovation and risk taking are part of their landscape. In the process, their business houses have made significant strides that would otherwise not have been possible. Chamber president Angella Persad in addressing the induction ceremony and dinner held at the Hilton Trinidad advanced that large cash-rich companies, in pursuit of opportunities for growth, along with Government should fund or invest in innovation.

“As a business community,” Persad noted, “we must use the economic downturn as fertile ground for opportunities. We must be resourceful enough to exploit the innovation that creates opportunities and have the discipline to launch, grow and sustain new businesses. This is the time to invest in real innovation that will create jobs and drive, through economic growth.”

In addition, the Chamber head clearly recognising the distinctive role which education can play in a nation’s growth and advancement urged the government to establish enabling infrastructure through developing an educational system which would nurture creative minds.

We often take for granted the contribution which has been made to the growth of the country, not simply by large businesses but by small and medium businesses as well and that many of today’s large companies with regional spread began as virtual one-door enterprises.

Today, it still takes grit, determination and know-how to survive in this environment. In the meantime, Persad’s advice to new entrepreneurs on the move to seek to emulate the Business Hall of Fame pioneers, particularly during this current economic downturn, should be seen as crucial to their and the nation’s development.