Bermuda's small businesses are the engine room of the Island's economic growth but they must be prepared to change with the times and consumer tastes if they are to continue to succeed.

And it is important for small business owners to take time off to reassess their business practices, attend trade fairs and workshops because each of these will serve them well in the long term.

Michelle Khaldun, former general manager of the Bermuda Small Business Development Corporation, also called for a venture capital fund to be formed to provide new businesses with the capital they needed to succeed during her speech at the 2nd annual BSBDC banquet at the Princess Hotel on Saturday.

Mrs. Khaldun said it was important that small business owners were celebrated for having the strength to dream and carry their dreams through to reality.

But it was also important for these organisations to get the help they needed to stay competitive in a changing world.

Mrs. Khaldun said international business was likely to continue to lead the economy for the foreseeable future, but added that international business could only function with the support of small businesses.

Hairdressers, carpenters, dry cleaners, lawyers and restaurateurs, she said played an integral role for the international business community and this should not be forgotten.

"We need (small businesses) to run (the economy) efficiently,'' she added.

Their earnings in turn helped people pay their mortgages and educate their children, she said.

While organisations like the BSBDC, the Chamber of Commerce and the banks played an important role in ensuring that small businesses remain viable, Mrs.

Khaldun said the entrepreneur must also work at success.

And this comes in the form of networking, "webbing' the internet and finding out who can offer assistance and outside expertise.

However, she warned:"Take some time away. Create lobby groups to get your needs met. We are still too fragmented in small business.'' Mrs. Khaldun also called for a venture capital fund in order for them to reposition themselves for the 21st Century.

But a venture capital fund alone would not obviate the need for sound planning because Bermuda was no longer in the privileged position "where it succeeds in spite of itself''.

Furthermore, Ms Khaldun said that while planning is important those plans needed to be flexible as well.

"No-one will give you money for a rinky dink plan,'' she said. "You must own that plan. You must work it.'' The BSBDC presented awards for longevity to Louise Jackson of the Jackson School of Dance, Ted Powell of the Spot Restaurant, Vorhees and Ivan Place of Place's Place and veteran barber Henry York of Sam Brown's barbershop.