In the movie The Social Network, which is meant to be the story of the origins of Facebook and its founder Mark Zuckerberg, there is a scene in which Napster founder, Sean Parker introduces himself to a Co-ed as an Entrepreneur who then asks him, "well, then, what was your latest preneur?"

"Well, I founded an Internet company that let's folks download and share music for free"… "Kind of like Napster."

"No, exactly like Napster."

In my last article I discussed the need for us as a nation to develop an entrepreneurial sector with the necessary infrastructure and ancillary services to ensure its sustainability and profitability. I also went on to challenge us as individuals to imbibe the entrepreneurial spirit so that our economy will become less dependent on the Government for growth, employment and foreign exchange.

Since my last article, a loyal reader asked me a very intriguing question: "What was MY entrepreneurial venture?".

This question has been on my mind since and it certainly is a reminder that I should practise what I preach... and I will.

So I have set myself a personal goal to become more entrepreneurial in 2012 and to start some venture, no matter how small, by the end of the year.

As I develop my "personal project" I would share the trials and travails with you as I try to birth my own "preneur".

So what is YOUR "preneur"?...

The interesting thing about a young society like ours (remember Trinidad and Tobago is only 50 years old, half the population is actually older than the country itself) is that we are evolving towards maturity as a nation.

Our economy continues to be heavily dependent on one industry, the energy sector, which provides considerable foreign exchange but relatively little towards employment.

And the government continues to be the primary facilitator of economic growth and stimulus.

But if we are to become a developed nation, in the fullest definition of the word, then we need to foster an entrepreneurial sector that allows Micro, Small and Medium Size Enterprises (MSMEs) to thrive and develop over time. At present, MSMEs provide approximately 70 per cent of the jobs in the Caricom region if you exclude Government employees.

This in and of itself highlights the importance of this grouping. However, the failure rate of MSMEs is quite high with more than half of them failing within three years.

These two facts capture the challenge ahead for entrepreneurs, start-up ventures, and small businesses: They can provide our economies with meaningful diversification BUT we have to find a way to allow them to succeed and be sustainable in the long run.

Over the next few issues we are going to explore some of the facilities available to entrepreneurs and MSMEs in terms of tools, financing and guidance. Moreover, our examination of entrepreneurship has to be both at the macro-level in terms of the country's facilities, systems and institutions and at the micro-level in terms of the characteristics and mentality of the entrepreneur. We will try to extract learnings from those countries that have produced an exemplary entrepreneurial class and will try to get into the mind and behaviours of individuals who have been outstanding examples.

In my mind, our ability as a nation to develop the entrepreneurial sector is critical to our evolution into developed nation status and ultimately to becoming a competitive and sustainable economic force here in the Caribbean for generations to come.

According to Wikipedia, entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods".

This may result in new organisations or may be part of revitalising mature organisations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses.

An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.

The underlying theme of entrepreneurship is that there has to be a drive to profitably create, build and deliver a good or service by identifying an opportunity and being willing to take a managed risk.

In order for this sector to be successful and viable there has to be a mechanism that allows for risk-taking in a managed way and that would allow the entrepreneur to "start over" if his venture fails.

Also, opportunities must be allowed to flourish and the ease of execution and doing business must improve.

As it stands right now, we are behind the curve on both fronts.

But it is not too late for our regulatory systems, sources of capital and government services to be overhauled to reduce the unnecessary red tape and hurdles that would hold back entrepreneurship.

But beyond this we also have to overhaul our minds.

Years ago our grandparents were taught to get a job with the government and stay there for life.

In turn our parents were taught to get their passes and job and stay with that company for life.

My generation was taught to get a degree and become a professional, doctor and lawyer first and if not that an accountant or engineer and if not that any degree will do, then get a job with bpTT or a bank and you good to go.

But this also has to change, we need a creative vibrant generation of fearless entrepreneurs who want to build businesses and develop and their own new ventures.

This has to be our new mentality.

So I challenge you all: Let us inspire the next generation. And let us create a new wave of innovation, creativity and entrepreneurship.

Let us each at least think of a "personal project", something small that represents an entrepreneurial venture.

Feel free to send me your thoughts and challenges.

Let us use our talents and abilities to develop our OWN "preneurs" so that when next we are asked the title's question we can proudly answer.

Jason Julien is a financial analyst and can be contacted at: ask.living.rich@gmail.com

DISCLAIMER: THE VIEWS AND OPINIONS EXPRESSED HERE ARE SOLELY THE VIEWS OF THE WRITER AND DO NOT NECESSARILY REFLECT THE VIEWS AND OPINIONS OF THE PUBLISHER OR ANY OTHER COMPANY OR INSTITUTION AFFILIATED WITH THE WRITER IN ANY WAY.