The economic crisis has spawned an outpouring of entrepreneurial spirit as Bermudians search for innovative ways to earn cash, according to experts.Lucrecia Ming, of the Bermuda Small Business Development Corporation (BSBDC), said: “There are a lot more small businesses starting up, mainly out of necessity. The entrepreneurs don’t have a job and need to make money so they can survive, so there’s a different focus.”The BSBDC encourages entrepreneurs by offering financial and technical support, plus mentorship and advocacy.Ms Ming is not surprised new businesses have sprung up despite the challenging climate.“If you have 20 construction firms that have downsized, the people that work in those are not going to give up on life, they’ve got to feed their families and pay their mortgages. So they’re starting businesses with what they know. I’m proud that Bermudians are very good at doing that.”Ms Ming said Government and the banks have been showing “great support” for entrepreneurs.“Small business is what’s keeping the economy going,” she said. “I think we will have a hard time but I know Bermuda will get through this.”Erica Smith, of the Economic Empowerment Zone Agency, said entrepreneurs have come with ideas ranging from a new gym in the east end to a money shop offering a wire service and a printer cartridge recycling company both in north Hamilton (see panel).Ms Smith’s role is to oversee Bermuda’s first-ever economic empowerment zone which spans around 25 blocks in north east Hamilton. More are planned for the east and west ends. Businesses and property owners within the zone benefit from incentives and concessions including preferential loan rates.“We know that small businesses drive the economy, at least here in Bermuda, and I have been amazed at the entrepreneurial spirit that still exists,” said Ms Smith.“Lucrecia’s right; we call them necessity entrepreneurs when people are forced to find a way to fend for themselves and bring in income. There’s no shortage of ideas and we’re trying to make sure their business is as robust as possible.”She said while entrepreneurs are driven by necessity, they are often opening businesses in areas they have a liking and enthusiasm for which makes them better at it.“When people are doing things they like, the day’s a lot shorter,” she pointed out.“I think the majority of people I see are people who have a passion for something and want to start a business. Others have focused on trying to fill a gap in the market such as provision of day care for children or seniors.”The BSBDC is hosting a breakfast seminar called Money Matters on Wednesday at the EF Gordon Memorial Hall at the Bermuda Industrial Union building in Union Street, Hamilton.The ticket price is $50, and topics include how to obtain bank financing, alternative forms of financing and using a company’s share capital to raise funds. For more information, visit www.bsbdc.bm.