Going forward, the government must continue to promote enterprise and improve the ease of doing business in The Bahamas, and by doing so, it will help solve many of the problems facing the country.
Cassius Stuart, the FNM candidate for Bamboo Town, believes keen focus must be placed on entrepreneurship for society to prosper.
"We must allow the free market to work without too many restrictions and regulations," he said.
"We need easy entry into business. That is the foundation we need to work on, and once we have that straight, we'll see a turnaround in the economy."
The principle, he felt, holds true not just for Bahamians, but also foreign investors. The government must "roll out the red carpet we have been talking about for years" and ensure valuable investors are not burdened by red tape, corruption or bureaucracy.
Stuart told Guardian Business that improving the ease of business will lead to more jobs and a robust workforce, adding that small businesses must form the sturdy backbone of the economy. At the moment, he explained that entrepreneurs must go to various places for permits and licenses, whereas these processes should be centralized and made more efficient.
"We need everything under one roof and set time limits on how long certain things should take," he added.
Certain government programs are moving in this direction, he pointed out, such as the Self-Starter initiative.
Funding is a major issue the country must continue to address when it comes to small businesses, he said. Although the public sector must continue to do its part. Stuart felt the private sector should also play a greater role in the development of enterprise to stimulate the economy.
However, fundamental to the funding and success of small businesses is proper planning - a requirement many would-be entrepreneurs underestimate.
"You don't just start a business because you have an idea," he said. "You need to make sure you lay a solid foundation before you start, such as projections and accounting for losses. Business needs proper management systems and organizational structure. That has been lacking in our country."
The candidate for Bamboo Town suggested that entrepreneurism should even be taught in schools to help with this process, opening up more possibilities to young people.
Similarly, not enough emphasis is being placed on information and technology, with the vast majority of Bahamians failing to take advantage of e-commerce and business opportunities through the Internet. Stuart said this is related to the need to improve the ease of doing business, as right now it is very difficult to set up payment structures online given the current entrepreneurial climate in The Bahamas.
"It's a multi-trillion dollar industry," he explained.
"We need a national policy to create a relationship with the relevant companies so someone in Rum Cay can create a website and sell products online. The global environment has created an even playing field for everyone in the world. We need to benefit from these and it will serve as an additional revenue stream."
A key component to e-commerce, however, will be to reduce the cost of shipping products, so if someone in Russia wanted to buy a Junkanoo product for $20, it won't cost $300 in transportation costs, he said.
"I have significant ideas on how to make that happen," Stuart added.
"There are major resources here that are untapped, and the world will want them."

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