Welcome to the BEDC corner; here, you will get a chance to meet the dedicated members of our team and Board. We will share our thoughts on entrepreneurship and what it means to provide support and help you build your dreams.
This month we feature Jache Adams, Chairman of the Board.
- What excites you about entrepreneurship?
There are 2 main things that excite me about entrepreneurship, the creativity and independence it encourages.
I love watching Bermudians produce innovative solutions to common problems or discover ways to make a proven business model even better.
It excites me to see a new product or service and think to myself “why didn’t I think of that”.
Also, despite entrepreneurs working around the clock, and having to make countless sacrifices, there is a certain freedom that comes with going for it and putting your destiny in your own hands.
It genuinely excites me and it is that spirit that I’d love to see thrive in Bermuda.
- What advice would you give to someone who is trying to become an entrepreneur?
A common mistake entrepreneurs make is taking on debt or investing in an idea without a thorough business plan. I would encourage those considering entrepreneurship to first prepare a business plan that clearly explains the nature of your business, considers and plans for all of the possible risks, has realistic financial projections with detailed assumptions, has a strong market analysis, and demonstrates a sound marketing and growth strategy.
A strong business plan is critical in ensuring entrepreneurs focus on the specific steps necessary for their business to succeed and allows them to fully understand the task at hand.
- What is your role at BEDC?
I have been on the BEDC Board for over 6 years and am now the Chairman.
- What is the best part about being a member of the BEDC team?
The best part of being a member of the BEDC team, for me, is the comradery that exists amongst the team. Each individual comes with different skillsets and valuable experience and it is a pleasure to know that with that breadth of knowledge that exists around the table we all want the same thing, which is to see local entrepreneurship succeed in Bermuda, and therefore are all committed to working together towards that goal.
I also appreciate the fact that we truly enjoy what we do and when that is the case it never feels like work.
- What role does entrepreneurship play in the future of Bermuda?
Entrepreneurship will continue to mature in Bermuda which in turn promotes innovation and provides opportunities for many businesses to expand beyond the island, both of which will contribute significantly in the growth and diversification of our economy.
- What trends have you noticed emerging within Bermuda’s Entrepreneurial Landscape?
As a result of the COVID-19 pandemic the unemployment rate in Bermuda increased but the trend that I have noticed is that many Bermudians were able to turn their unfortunate situation into a positive one as they’ve now been able to take start a business they have been putting off for years. Now, as time has gone one, many Bermudians are beginning to see the fruits of their business ideas and are visualizing entrepreneurship not only as a viable and sustainable way of living but also as a tangible pathway to success.