The State of Small Business in Barbados

National Survey of the Small Business Sector (Barbados)

2.4.2 Business Experience and Education of MSME Owners

In relation to business experience, MSME owners reported a substantial level of tenure in their current enterprises. On average, owners had been involved in their businesses for approximately 11.5 years, with a median of 9 years. Experience ranged from newly established enterprises to businesses with over 50 years of operation. Differences by sex were again evident. Male owners reported longer tenure on average, with a mean of 13.4 years and a median of 10 years in their current business. Female owners, while still demonstrating significant experience, reported a lower average of 9.6 years, with a median of 8 years. These differences suggest that male-owned enterprises, on average, may be more established, while female-owned enterprises tend to be relatively younger. The 2025 results indicate a modest decline in average years of experience compared with 2016, though MSME ownership remains characterised by substantial accumulated business experience.

Figure 2.5 Age of Firm by Gender and Ownership

Gender differences are more pronounced in 2025 than in 2016. Male owners report longer experience (mean 13.4 years) compared with female owners (mean 9.6 years), whereas in 2016 the gap between males and females was relatively small. Among newer firms established between 2020 and 2025, female only or female-dominant ownership is most prevelant, accounting for about 58% of firms in this cohort. Overall, older firms (those beyond 5-10 years)

80%

3.6% 38.1%

54.8%

58.9%

60%

40%

3.3%

15.7%

58.3%

20% Percentage (%)

37.7%

29.6%

0%

2020-2025

2015-2019

1977-2014

Year Established

Female-only or female-dominant Equal male and female owners Male-only or male dominant

The 2025 survey results indicate that MSME owners generally possess a strong educational profile, with very few relying solely on secondary schooling or lower. Overall, only 3% of MSME owners report having secondary education or below, while the vast majority have attained either technical/vocational training (57%) or university education (40%). are predominantly male-led or jointly owned, whereas newer firms show a marked rise in female only or female-dominant ownership (see Figure 2.5).

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Small Business Association of Barbados