Yaneek Page is widely regarded as one of Jamaica’s most promising and dynamic young entrepreneurs.
She is a pioneer in litigant support services and enterprise-wide risk management in the Caribbean, having founded Future Services International Limited, the first company in the region to specialize in legal funding and helping companies manage enterprise risks. Future Services International Limited/Yaneek Page was a regional winner in the prestigious NCB Nation Builder Awards (2011), in the category “Women in Business”. Read More
If starting a business is one of your resolutions for 2017, you certainly won’t be alone. In a country that is known for ambitious risk-takers who are eager to take control of their financial future, it should come as no surprise that nearly one half of all adults have the desire to be their own boss.
In fact, unlike the USA, which has been seeing a steady decline in entrepreneurship activity in recent years, Jamaica has one of the highest levels of business start-ups in our hemisphere, and the Companies Office of Jamaica has been reporting consistent increases in new business registrations over the past several years.
The fact that so many Jamaicans have a strong conviction to start, business is great news. However, the not so good news is that most Jamaicans who do start businesses are largely unprepared and end up failing within the first few years. While failing is sometimes inevitable and even necessary for the best business ideas to come to fruition, there are some basic resolutions that when put into practice can catapult entrepreneurs up the learning curve and drastically improve their chances of succeeding with great business ideas.
It is said that experience can be a cruel teacher because it gives you the most difficult tests first and then valuable life lessons after.
In some cases, this aptly describes entrepreneurship and justice.
Many people go into business unconcerned about justice until they are faced with fierce legal battles or fall prey to injustice that threatens their goals, profitability, market position or overall viability.
To make matters worse, there is little literature, research or data that forewarns unsuspecting entrepreneurs of the practical ways they and their businesses may be affected by the state of justice where they operate.
One report that gives modest insight into the implications of justice and enterprise is the World Bank’s annual Doing Business Report, now in its 14th year, which seeks to investigate regulations that enhance and constrain business activity in over 190 countries around the world, including Jamaica.
Each year, the countries studied are ranked on areas that the World Bank believes will significantly affect the life of a business. For 2016, those areas are: starting a business; dealing with construction permits; getting electricity; registering property; getting credit; protecting minority investors; paying taxes; trading cross-border; enforcing contracts; and resolving insolvency.
The measure that most closely captures the relationship between justice and enterprise is ‘enforcing contracts’ a term mentioned 455 times in the most recent 356-page report.