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 William Spriggs, Director of Economic & Cooperative Development.
- What excites you about entrepreneurship?
The sheer will and desire to create a value proposition from nothing. The ability to focus ones thought, backed by purposeful action, into developing a product and/or service that someone will happily pay a premium for is timeless.
- What advice would you give to someone who is trying to become an entrepreneur?
Try and learn a lot about business on someone else’s dime. If you happen to be working for a large or small concern, become sensitive to how that business works. Who are the customers? Why do they return to provide repeat business? Which team members are high producers, and which are not? What management style does the CEO demonstrate to motivate staff? Is this style effective? And so on – these, plus other key questions start to sensitize you to see yourself as big boss of a profitable enterprise one day.
- What is your role at BEDC?
Director of Economic & Cooperative Development (ECD) – our unit plans and actions economic development projects/programs for entrepreneur and community empowerment and on the cooperative (coop) side, we’re currently educating the public about the benefits of coops as well as building the framework for coop businesses to develop.
- What is the best part about being a member of the BEDC team?
I think we have a fantastic work culture that links well with members strengths to enable a steady level of quality customer service.
- What role does entrepreneurship play in the future of Bermuda?
Only the life blood.
- What trends have you noticed emerging within Bermuda’s Entrepreneurial Landscape?
A couple – HEALTHCARE: Ageing population, rising premiums, big gaps between full major medical and basic coverage, big/small health care provider mergers/acquisitions – all speaking to the ground shifting. Translated = opportunities. COOP BUSINESS: Coops are about the language of WE instead of the traditional ME, so it takes some time for a mindset shift; this business structure isn’t for everyone. It’s only a matter of time before coops start to take a foothold, born out of straightforward entrepreneurial desires to create businesses with a core purpose to create social value and economic benefits for its MEMBERS (coop speak). Socially minded youth will play big parts as some of the early champions.