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Innovator’sDILEMMAWhen companiesresist change
GETFUNDEDKnowYourFinanceOptions
MEET
FREE
Nigel R Khan
Demystifying the Stock Exchange. What’s in it for SMEs?
Branding 8 Tips for creatingeffective brands
Jamaican, Bajan & Trini Entreps.
PLUS:
Issue 2/2012entrepreneurspirit.org
ISSN 2227-1791
From home office to thriving chain of
bookstores this bookseller shares his secrets for
success.
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Stereo ElectronicsAuthorized dealers ofBose resedential systems
Veltronics SSS LtdAuthorized dealers ofBose professional systems
3issue . 2012 . entrepreneur spirit caribbean .
20DEMYSTIFYING
THE STOCK EXCHANGET&T Stock
Exchange CEO explains the benefits for
SMEs.
50CAFE MARRAKESH
Is what happens when a Zimbabwean
anthropologist and a Trini CSR join forces in
catering.
42JAMAICANS
MUSIC.COM GOES MOGUL
From a pet project to
over 2 million followers
Alex Morrissey’s has made
regional history with his
Jamaicansmusic.com
website.
44EDUFOCAL JAMAICA
By fusing education
with online gaming 21
year old Gordon Swaby
is making learning and
exam preparation, fun and
interactive for students.
46SIPS OF SUCCESS
Barbados’ only mobile
smoothie bar serves up
delight and fun.
30COVER STORY
The Bookseller:
Profile of a successful
entrepreneur. Nigel R Khan on how he built a
leading chain of bookstores.
52TROPI MULCH
The makings of the
Caribbean’s first
premium brand of
mulch.
48LA ROSA COUTUREHigh end small batch
garment production for
regional designers.
4 EDITOR’S OUTLOOK
6 CONTRIBUTORS
8 TEAM ESC 10 NOTES TO EDITORS
12 BOOKSHELF
24 ASK A PRO
42 WI ENTREPRENEURS
14 BRANDING8 Tips for building an effec-
tive brand. By Acacia De Verteuil
16 INNOVATOR’S DILEMMA
When great companies
reject change. By Balraj Kistow
18 GOT FUNDINGAssessing funding is very
possible but you must un-
derstand your options. By Andy Salandy
26 TRAITS OF SUCCESSFUL
ENTREPRENEURS& how you too can acquire
them. By Stacy R Phillips
28 BALANCING ACTThe importance of balancing
family and business.
By Kimberly Gay
38 DOTTING YOUR DIGITAL Is
Advice on maintaining an ef-
fective online brand
presence. By Janessa Mckell
40 WEB SECURITYTips for keeping hackers out
of your personal
information.
By Shawn Mohammed
54 PEOPLECritical to an Entrepreneur’s
competitive advantage.
By Shane Ram
56 MARKET RESEARCHHow to ensure customer satis-
faction and retention. By Kheron Arthur
Contents
52
46
44
42
50
48
Installed seamlessly into any decor, sound never looked so good.
Stereo Electronics, the authorized dealers for BOSE Sound Systems in Trinidad and Tobago not only provide superior sound, service and equipment but our highly trained professionals can seamlessly outfit your home or office with any Bose system.
To order or learn more call or email us at (868) 628 -2931, 657 4719/ veltronics.ltd@gmail.comOr visit our store at #13 Western Main Road St. James, Port of Spain or Cross Crossing Mall, San Fernando
Stereo ElectronicsAuthorized dealers ofBose resedential systems
Veltronics SSS LtdAuthorized dealers ofBose professional systems
Inspiring innovation . Provoking growth
. entrepreneur spirit caribbean . issue 2 . 2012 4
Over the last few months
we received your words
of encouragement, emails
of congratulations and letters of
endorsement all of which have
fuelled our efforts. We take this op-
portunity to express our heartfelt
appreciation and commitment to
inspire you and provide information
to aid your growth. We would also
like to express our appreciation
to the six issue one entrepre-
neurs and wish them continued
success and also send a special
thank you to the cover feature
entrepreneur Michael Evelyn
and his family. Together Michael
and his family truly embody the
essence of family in business.
For this issue our writers were
charged with the mission to help
you discover your Entrepreneur
Spirit and to embrace the idea
that the growth we desire in busi-
ness is limited only by the extent
of our own efforts. With this in
mind we turned our attention to
the importance of our family lives,
the dilemmas our innovators face
and the fact that funding isn’t an
insurmountable challenge once
you realize the numerous options.
We also went in searched of the
spirit of innovation and discovered
inspiring businesses in Barbados,
Jamaica and Trinidad and Tobago,
all of whom proved that entrepre-
neurship is alive and thriving in the
Caribbean. Special attention was
given to Caribbean stock markets,
which are not traditionally seen as
trading grounds for entrepreneurs.
However, recent developments in
Jamaica and Trinidad and Tobago
have created a tremendous oppor-
tunity for SMEs. Inside this issue Mr.
Wain Iton, Chief Executive Officer
of the Trinidad and Tobago Stock
Exchange elaborates on these new
provisions as well as the benefits of
private companies going public.
Entrepreneur Spirit Caribbean
would never be complete without
our staple dose of inspiration.
Nigel R Khan, an established
bookseller, motivator and this
issue’s cover feature personifies
the word perseverance. He shares
his life’s work, his challenges and
how he has been able to develop
a leading chain of bookstores in
the English speaking Caribbean.
“Potential can be maximized if we are willing to go beyond our fears to overcome the norms and opinions of society, to hurdle the fabricated barriers of prejudice and to defy the naysayers.”
-Dr. Myles Munroe.
EDITOR IN CHIEF / FOUNDING EDITOR:
It is our hope that our contribu-
tions in this publication continue
to be a source of inspiration and
education toward greatness in
Caribbean businesses. We also
encourage you to patronize the
featured entrepreneurs, all fourteen
of them thus far and support their
respective journeys. Some say “buy
local” we say “buy Caribbean”.
Cover Photography by Ki.ne.sis Studios
Discover Your Entrepreneur Spirit
Editors’ Outlook
Andy Salandy
asalandy@entrepreneurspirit.org
5issue . 2012 . entrepreneur spirit caribbean .
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. entrepreneur spirit caribbean . issue 2 . 2012 6
Shane Ram
Shane is a Human Resource and Business Consultant, Coach and Author. He is an expert in strategic management, business management,
human resource management, leadership development, organizational change, coaching, and ebusiness. With experience in the Energy, Telecommunications, Banking and Technology industries Shane has worked in the UK, South Pacific, Central and South America as well as several Caribbean nations
Kurtis Hinds
Based in Barbados Kurtis is a trained media practitioner with over 14 years experience. Having worked with top media houses in Barbados
he branched out on his own 4 years ago and is now one part of the dynamic A-Team Productions Unit and while the fictional A Team’s job was to save the world, Kurtis’ plan is to take it over. His motto: Problems are great opportunities waiting to be discovered.
Acacia De Verteuil
Acacia is a certified marketing professional from the Chartered Institute of Marketing. An avid socialite and philanthropist she is a member of the Limin’
Professionalz: The Syndicate and founder of Victory Artistry a company specialising in Carnival aesthetics and Caribbean fashion.
Kheron Arthur
Graduate of the Arthur Lok Jack Graduate School of Business in Trinidad, Kheron holds a Master of Science
in Marketing as well as a Bachelor’s degree in Agribusiness management from the University of the West Indies, St Augustine. He brings to ESC his own brand of flair and enthusiasm for business innovation and creativity.
Shawn Mohammed
Shawn is a Director and Head of Systems at Kirton Communications Group Limited. He is an IT professional with ten years
of successful, progressive experience in number of different network environments.
Balra j Kistow
Balraj is a lecturer at the Arthur Lok Jack Graduate School of Business. He teaches courses in Caribbean and International
Business Management, Financial Management and Accounting in the International Master of Business Administration (IMBA) programme. He holds an MSc. in Management Studies from The University of the West Indies, a BSc. Management Studies, and is pursuing the Doctor of Business Administration.
Janessa Mckell
Janessa is a designer and brand enthusiast who conceptualizes and applies communicative themes and aesthetics within all of her advertising
or branding projects. She has been a Graphic Designer since 2002 and has worked as a Senior Designer as well as Design Manager for numerous large and small organizations. She now sits at the helm of her own 6 year old brand management consultancy, greenInk Ltd.
Kimberly Gay
Kimberly holds a Master of Science in Industrial Innovation Entrepreneurship and Management from the University of Trinidad and Tobago
and she is also certified in Incubation by the Entrepreneurship Institute of India. Kimberly has a special passion for entrepreneurial development that is evident in her holistic approach and care for start up businesses.
Contributors
. entrepreneur spirit caribbean . issue 2 . 2012 8
PUBLISHER
MAS Financial and Corporate Services Ltd.
FOUNDING EDITORS
Andy Salandy
Stacy Phillips
EDITOR IN CHIEF
Andy Salandy
CREATIVE DIRECTOR/ DESIGNER:
Stacy R Phillips
EDITORS/ PROOF
Stefan Simmons
Bernard Joseph
PHOTOGRAPHY
Kinesis Studios
Randy Richards
Andrew Browne
Nigel Thompson
CONTRIBUTORS /WRITERS
Safiya Noel, Crystal Gay, Kheron Arthur, Venishea
Paynter, Janessa Mckell, Andy Salandy, Stacy R
Phillips, Shane Ram, Kurtis Hinds, Roger Kirton,
Shawn Mohammed, Kimberly Gay, Balraj Kistow,
Maurice Xavier, Acacia De Verteuil.
CONTACT INFO
For all queries, marketing and advertising
email: Info@entrepreneurspirit.org
or call 1-868-221-0321.
Andy Salandy (Editor in Chief / Founding Editor)
A Chartered Accountant by profession, Andy has over 10 years
experience in banking, financial services, energy, tourism &
hospitality, construction and project management. A member
of the Association of Chartered Certified Accountants and
the Institute of Chartered Accountants of Trinidad and
Tobago, Andy is also a financial consultant for several regional
organizations in the areas of small and micro enterprise
development, strategic planning and anti-money laundering.
Stacy R Phillips (Creative Director / Founding Editor)
A Mass Communications Specialist with over 14 years
experience, Stacy is a graduate of the Barbados Community
College & the University of the West Indies, with degrees in
Mass Communications and Linguistics. Currently a practising
visual communicator, her career has spanned management,
journalism, advertising, publishing, strategic branding,
marketing and television production. She has also managed
several SMEs both in Trinidad and Barbados and spearheaded
advertising and philanthropic campaigns for large regional
corporations.
Ki.ne.sis Studios (Photography)
Kinesis Studios is a provider of photography and video
services, primarily to the business community. Although the
company is in its infancy stage, it is managed by directors
well versed in running small to medium businesses such as the
largely successful Yaisa Tangwell Photography. With a staff
of 5 and a fast growing client base, Kinesis Studios is quickly
becoming the next big commercial photo and video studio in
Trinidad and Tobago. (In photo Keevan Chang On) Like them
on facebook @ www.facebook.com/Kinesisstudios
Randy Richards (Photography)
A graduate of the University of Technology Jamaica with a
BSC in computing and IT, Randy is a versatile creative having
been involved in many activities from professional dancing,
singing, playing guitar in bands, skateboarding and riding
freestyle bmx. Pursing photography for the last three years,
he specializes in commercial, fashion, portraiture, wedding
and event photography. You can find Randy on Facebook:
www.fb.com/randyrichardsphotography.com
Andrew Browne (Photography)
A freelance photographer, Andrew’s passion for photography
developed a few years ago when he was given an old Nikon
990 to use while on vacation. Since then he’s done work with
several media houses in Barbados and has developed an
eye for portraiture and event photography. His images aim
to capture emotion, share a story and inspire response. Find
Andrew on Facebook: www.fb.com/andrewbrownephotos
ESC DISCLAIMER
The copyright of ENTREPRENEUR SPIRIT CARIBBEAN
MAGAZINE belongs solely to MAS Financial &
Corporate Services Ltd. While every reasonable
effort has been made to ensure the accuracy of
all material published, Entrepreneur Spirit
Caribbean cannot be held responsible for any
errors or omission in the aforementioned content.
Entrepreneur Spirit Caribbean is published by
MAS Financial & Corporate Services Ltd., #50
Swami Avenue, Barataria, Trinidad & Tobago. No part
of this publication may be reproduced in any form
by any means, electronic, or mechanical, including
photocopying and recording for public or private use,
or by any information storage or retrieval system,
without the prior written permission of the publisher.
Copyright © 2012 by MAS Financial & Corporate
Services Ltd. All rights reserved.
Team ESC
9issue . 2012 . entrepreneur spirit caribbean .
. entrepreneur spirit caribbean . issue 2 . 2012 10
AWARE OF POSSIBILITIESI want to take the time to say that
I have found your magazine to be
extremely helpful and motivational.
While reading your various arti-
cles on business entrepreneurship
I became aware of the possibilities
before me. I have no background/
qualifications in business but would
like to educate myself in the topic.
In your article, you mentioned of
opening a business with love and
passion in mind. I am only 20 years
of age and know that I have my
whole life to learn but on the other
hand, I do not want to waste any
time.
Brenda Trinidad
VERY IMPRESSEDHi, I saw your magazine in a
dentist office and I was very im-
pressed. How may I subscribe for it
on a regular basis.
Mark
Trinidad
FOLLOW US
On Twitter
@ESC_Magazine
On Facebook:
facebook.com/ESCmag
Find us online @
entrepreneurspirit.org
we’d love to hear from
you. :)
Send your notes
to info@
entrepreneurspirit.org
AN E KEEPERGreat initiative! Whenever I see
the word “Entrepreneur” being used
I am never quite sure whether that
covers us professionals. I am a cor-
porate lawyer with my own firm in
St. Lucia… I looked through the mag
from cover to cover and think you
have an e-keeper!.
Natalie
St. Lucia
A MUST READ I purchased some books at Nigel
R Khan book stores and received
a copy of your magazine. I was not
able to put it down since I started
reading . Your magazine is a must
read for entrepreneurs like myself I
particularly enjoyed the testimonials
from the 6 W.I. entrepreneurs ‘ very
inspiring” Your magazine is a valu-
able tool. I look forward to issue #2.
Lionel
Trinidad
CONGRATULATIONSCongratulations on your very im-
pressive ESC initiative.
Dr. Springer
Barbados
GOODGood. Look forward to reading
other issues.
Morton
United Kingdom
GREAT MAGAZINE
Great magazine - would be inter-
ested in having St. Lucian creative
entrepreneurs featured.
Finola
St. Lucia
GOOD GOINGGood going, any initiative that
supports entrepreneurs and an
entrepreneurial spirit ought to be
supported. Entrepreneur Spirit
Caribbean does just that. Keep up
the good work!
Judith
Trinidad
WELL DONEAn excellent-looking magazine
that is informative and innovative.
Well done.
Deborah
United Kingdom
GOOD ADVICEThis was a very well put-together
magazine. I enjoyed the articles and
garnered some good advice. I wish
you continued success!
Gillian
Trinidad
Notes to Editors
Notes on ESC Issue #1
11issue . 2012 . entrepreneur spirit caribbean .
. entrepreneur spirit caribbean . issue 2 . 2012 12
Decoding the Mind, Business & Success
BLINK by Malcolm Gladwell
Decisions, decisions, decisions…
Some decisions are easy... “Should
I ride a roller coaster without a
harness?” Some decisions are
harder… “Should I accept this pro-
posal from this supplier or the
other?” Either way, all decisions
require some measure of thought.
How we think as individuals de-
termines how fast we decide and
if those decisions are the correct
ones, and someone may make
snap decisions, based on nothing
more than ‘their gut’. This is a
simple example of what Malcolm
Gladwell discusses in “Blink”.
He shows that there is actual
science and fact to back up the
legitimacy of making snap deci-
sions, and illustrates that, done
correctly the snap decision can
always be the correct one. The
human brain in all its wonder, actu-
ally knows which decision is right
long before our conscious mind.
BUYOLOGY by Martin Lindstrom
In Lindstrom’s 2008 offering the
acclaimed marketing guru explores
the field of neuro marketing in an
effort to understand why we buy and
how our brain responds to market-
ing stimuli. Shattering preconceived
notions to questions such as “What
motivates us to buy?” and “Which
gimmicks influences us the most?”
He shares a series of cutting-edge
experiments, which provided many
interesting conclusions such as;
• Sex does not sell but distracts
attention from products.
• Warning labels on ciga-
rettes actually stimulate
a smoker’s cravings.
• Successful brands func-
tion like religion.
• Traditional advertisements
no longer creates viewer
recall of a product.
• Subliminal advertising can
be highly effective, etc.
TIPPING POINT by Malcolm Gladwell
Tipping Point is an exciting
exploration of why some ideas, be-
haviors or products start epidem-
ics and other don’t. It also looks
at ways to deliberately start posi-
tive epidemics of our own.
Using a number of real world
examples Gladwell illustrates three
main principles of social epidemics.
(1) The Law of Few. Here he attrib-
utes the success of social epidemic to
the efforts of three types of people
the connectors, the mavens and the
salesmen. (2) The Stickiness Factor.
This relates to the impact that some-
thing has. He elaborates that simple
changes in presentation of an idea
can make it more sticky in the minds
of the receivers. (3) The Power of
Context. Here he purports that social
epidemics are sensitive to context,
time and place in which they occur.
All books in our bookshelf are available from
branches of Nigel R Khan Bookselllers. See opposite
advertisement for more info on NRKB.
3 BOOKS THAT MAKE YOU THINK AGAIN
Bookshelf
13issue . 2012 . entrepreneur spirit caribbean . Ellerslie PlazaEllerslie PlazaThe Falls West MallThe Falls West Mall Long Circular MallLong Circular Mall Ellerslie PlazaEllerslie Plaza Price PlazaPrice PlazaPrice PlazaPrice PlazaThe Falls West MallThe Falls West Mall Long Circular MallLong Circular Mall Grand BazaarGrand BazaarGrand BazaarGrand Bazaar
Pricesmart Compound, La RomainePricesmart Compound, La RomainePricesmart Compound, La RomainePricesmart Compound, La Romaine Gulf CityGulf City Lowlands Mall,TobagoLowlands Mall,TobagoTrincity MallTrincity MallGulf CityGulf City Lowlands Mall,TobagoLowlands Mall,TobagoHenry St.Henry St.Henry St.Henry St. Warehouse, MarabellaWarehouse, MarabellaWarehouse, MarabellaWarehouse, MarabellaTrincity MallTrincity Mall
. entrepreneur spirit caribbean . issue 2 . 2012 14
8 Tips for creating an effective Brand
By Acacia De Verteuil
Branding
Branding is the key identifying factor of any product or service. The strength of your brand is dependent on several factors both internal and external to your organization. We have briefly explored some of these below:
1
3 4 5
6
7 8
2
Consistency Brand name
and design should articulate a single consistent message. It is important that even the smallest of companies develop and maintain brand standards. Brand standards are a set of design rules for your logo, slogan, graphics color etc and tie together and keep consistent the look and feel of all your marketing materials. It also aids in maintaining your brand’s individuality.
Color Choice of color can go
a long way to establishing a strong brand. Studies have proven that all colors have a emotional impact on the customer. It is important that this is understood in branding to ensure you are sending the right message to your market
AppropriateBrand activity must be congruent to the overall vision and objective of the company. It must fall in line with brand guidelines, target market and product or service concepts.
Sensory AppealPaying special attention to and creating new and innovative opportunities for consumers to interact with the product or service can greatly boast your brand’s appeal.
Dynamic Though brands should not change with the season, they must change with the times. An old logo may seem safe, however in order to expand and to maintain relevance, brands must be able to seamlessly transform or progress to appeal to the ever evolving market and its players.
Memorable Whatever the brand, it must stand out! It must be
unforgettable. Your message should be clear in your logo and tag line. It must radiate and be easily identifiable and must answer the customer’s question of “what is in it for me?”
Personality A brand should have a personality, if it were a person what type of person would it be and what type of people would it attract. Consumers make emotional connections to the products they buy. Personality is shown by colors, type of packaging, scents, textures, fonts, taste a various elements that go into creating the concept of the brand.
Brand Naming A brand’s name must be
appropriate to the company. It must appeal to the target market and capture the personality of the product or service being branded.
15issue . 2012 . entrepreneur spirit caribbean .
ki ne sisstudios• •
Tel No: (868) 222-5963Email: info@kinesisstudios.com
Website: www.kinesisstudios.com
PHOTO + VIDEO
. entrepreneur spirit caribbean . issue 2 . 2012 16
The Innovator’s Dilemma
Kodak, one of the
leading names in
photography, filed
for Chapter 11 bankruptcy
protection on January 19th
2012 in New York. George
Eastman, a high school
drop out, from upstate New
York, founded the company
in 1880 and began making
photographic plates. By
1888, the Kodak name had
been trademarked, and the
company had introduced
the hand-held camera as
well as the roll-up film,
where it became the
dominant producer.
Along the way they created
famous cameras such as the
Brownie, (launched in 1900
and sold for $1), and the
Instamatic in 1963. A Kodak
camera was used on the
Apollo 11 mission in 1969 and was
also used by the astronauts to film
the lunar soil from only inches away,
according to NASA. Its films have
been used on 80 movies that have
won Best Picture Oscars, accord-
ing to the company. The name is so
synonymous with photography that
it is common-place to refer to great
photo ops as being a
“Kodak moment”.
MISSED OPPORTUNITY
The Kodak company has dubious
distinction, especially among
business school students, as being
the classic example of what can
happen to companies who do not
embrace change and fail to seize in-
novative opportunities. In 1975, one
of Kodak’s engineers, Steve Sasson,
worked on a project for 11 months
to create the first digital camera.
They continued to work extensively
on digital and patented numer-
ous technologies, many of which
are built into the digital cameras
of today. Their fatal error of judg-
ment was that the company feared
that the digital cameras would can-
nibalize its major film business and
management, and according to
one past Kodak executive they
“ensured that digital stayed in
the closet”. The company even-
tually showcased it first digital
camera, the DC40, in 1995,
years before others would get
into the digital game. However,
they were so steeped in films
and the cannibalization of films
that they did not capitalise on
their first mover advantage.
Other companies such as Nikon,
Sony and Canon quickly filled
the niche, and by the time
Kodak finally decided to rev up
its digital effort in 2001 with
its Easy Share line, it was seen
as a lagging new comer to the
market. By then its rivals were
busy innovating over the years
with enhanced features such as
face detection, smile detection,
and in-camera red-eye fixes.
Kodak, while putting out compe-
tent products, was always fol-
lowing feature trends, never leading
them. Here was a company who
was digitally light years ahead of the
competition and now struggling to
even stay on par with the market.
THE DILEMMA
The path of Kodak can be largely
explained by what Harvard Business
School scholar Clayton Christensen
calls the innovator’s dilemma. In his
book “The Innovator’s Dilemma:
When New Technologies Cause
Great Firms to Fail” he put
forward three major findings:
WHEN GREAT COMPANIES FAIL TO EMBRACE AND UTILIZE CHANGE AND CHANGING TECHNOLOGIES.
By Balraj Kistow
Guest Column
17issue . 2012 . entrepreneur spirit caribbean .
WHEN GREAT COMPANIES FAIL TO EMBRACE AND UTILIZE CHANGE AND CHANGING TECHNOLOGIES.
(1) Sustaining technologies are dif-
ferent than disruptive technologies.
(2) The pace of progress
often precedes the market’s
awareness of the need
(3) Structures of compa-
nies color the choices and in-
vestments they make
Sustaining technology is defined
as the incremental improve-
ment of established technologies.
Disruptive technology is a new
concept of value. Christensen con-
tends that managers faced with
disruptive technologies fail their
companies when they let organi-
sational forces overpower them.
PRINCIPLES OF DISRUPTIVE
TECHNOLOGY
Christensen proposes
Five Principles of Disruptive
Technologies, which can be
related to the Kodak situation:
1. Companies depend on custom-
ers and investors for resources.
Customers drive internal deci-
sion-making because companies
are resource-dependent. For
Kodak its bread and butter cus-
tomers were in films. They saw
anything that disrupted its films
business as being bad, as execu-
tives were more likely rewarded
on their performance in film.
2. Small markets don’t solve the
growth needs of large companies.
Large companies are not inter-
ested in small emerging markets,
and they wait too long to enter.
Digital technology was in its em-
bryonic stages in 1995. The market
was untested and did not promise
the growth needs that execu-
tives were supposed to meet.
3. Markets that don’t exist cannot
be analysed. It is difficult to
measure new-market poten-
tial and companies steeped in the
known may write of these poten-
tials as being unwarranted risk.
4. An organisation’s capabilities
define its disabilities. An organi-
sation is defined by its resources
(people), processes, and values
(RPV). New organisations spawn
new processes aligned to new
requirements. When integrated
into the larger organisation, these
processes are subsumed. New
resources, especially people,
plugged into old processes and
values, do not constitute a
change-capable organisation.
5. Technology supply may not
equal market demand. The weak-
nesses of disruptive technologies
are their strengths. These are not
technological issues, but marketing
to new needs. Like Kodak, many es-
tablished companies do not foresee
the market demand for the new
disruptive technology and ignore
it until it is too late. Microsoft’s
decline in sales for its core operating
system could be partially blamed on
the company’s slow move toward
the growing “tablet PC” market.
MANAGING DISRUPTIVE
TECHNOLOGY
How can companies manage dis-
ruptive technology so that they do
not follow the path of Kodak, DEC
and Sears? Christensen suggests
that companies should embed the
disruptive technology in a new and
different organisation. In this way
they are better able to avoid the
processes and values of the parent
body but have access to the re-
sources of the parent. Small entrant
firms also enjoy protection because
they are doing things that do not
make sense to the industry leaders.
As markets for disruptive tech-
nology are unknowable, managers
should plan to learn and discover,
not plan to execute. In this situa-
tion failures are more apt to occur.
Companies should use trial and
error to ensure that when failure
occurs it is early and inexpen-
sive. At the same time they should
look for small wins and celebrate
such. Having innovation in a small
unit makes these wins more sig-
nificant than in the larger unit. The
disruptive technology should be
aimed at new markets. Innovators
need to find a customer need, a
niche, develop the marketing, and
create a new distribution model.
The lesson of Kodak is relevant
not only to companies but also to
individuals. Many times we see
the need for change but we are so
comfortable in our own space that
we ignore reality until it is too late.
According to Thomas Friedman,
“in the flat world of today what can
be done will be done. The only
question is would it be done by
you or would it be done to you.”
“Innovators need to find a customer need, a niche, develop the marketing, and create a new distribution model.”
. entrepreneur spirit caribbean . issue 2 . 2012 18
Got Funding!
Are you in business or
about to start, but you
don’t have the finances
required to make your dreams a
reality? Fear not, there are many
safe avenues to get the funding
you need to realize your vision.
LACK OF FUNDING
Many of the most innovative
business ideas are never started
due to the lack of funding while
others may commence with
limited funds but the increased
risk of failure as cash challenges
become the norm. Contrary to
popular belief and fortunately
for Caribbean people there are
several legitimate avenues for
an Entrepreneur to obtain the
necessary funding for his busi-
ness plans. From commercial
banks and credit unions; gov-
ernment entrepreneurial initia-
tives; venture capitalist and even
your very own family and friends
can be providers of finance.
OPTIONS
The most common and first option
explored by business owners is
usually to obtain either an overdraft,
commercial loan or some facility
from their banker. The require-
ments for commercial banks are
quite rigid but very necessary to
not only safeguard the finances of
their depositors but to also ensure
that the intent for this facility will
achieve the positive result for your
business. It is important as a bor-
rower that you ensure you are com-
mitting to the right type of facility
to suit your need. For example to
purchase a vehicle or machinery
with funds obtained from a bank
overdraft is a definite mistake.
Bank overdrafts are short term high
interest financing and are better
suited for bridging the gap between
product or service delivery and
actual receipt of income. The rule of
thumb with overdrafts is to ensure
that the intent of its use will result
in cash inflows to the business in
the short term operating cycle.
COMMERCIAL LOANS
Commercial loans can be quite
beneficial to businesses as they
allow the business to receive a lump
sum of cash at the onset with the
ability to repay periodically smaller
amounts over a long term. It gives
the business the opportunity to
manage its debts whilst having the
funding necessary to acquire the
resources for success. These are
usually difficult to obtain from com-
mercial banks as the risk of default
is high because of the long term
repayment horizon. Remember
commercial banks grant loans with
the funds we deposit and it’s the
interest charged on these loans
that enable them to pay us inter-
est on our deposits. It is for this
reason loans are seldom granted
to persons who are unable to dem-
onstrate the following key criteria;
(a) The ability to repay;
(b) the ability to secure or provide
collateral of at least 70% of the
amount to be borrowed;
(c) that the business owner has in-
vested at least 30% of the finance
required from his personal funds.
The ability to repay is obviously
essential. This is evidenced by many
factors that include a feasible and
carefully structured business plan,
a sustainable activity, evidence of
KNOWING AND EXPLORING SOME AVENUES FOR ACQUIRING FUNDING
By Andy Salandy
Finance
19issue . 2012 . entrepreneur spirit caribbean .
knowledge and capability of persons
involved and existing debt service
commitments. The bank will also
like to know that should you default
for any particular reason that they
have some measure of recourse
hence the need for collateral that
can be liquidated to recoup the
amounts outstanding. It is lastly very
important that business owners un-
derstand that it is crucial that they
invest not only their time but also
their finances into a business. You
cannot reasonably expect a finan-
cial institution to seriously consider
your business plan and loan ap-
plication when your business plan’s
financial requirement is for example
$100,000 and your loan applica-
tion is $100,000. What you are ef-
fectively saying is that you want the
bank to bear all the risk associated
with your business venture. The first
sign of an Entrepreneur’s commit-
ment to their business is his or her
financial investment. This is why it is
advised that at least 30% of the re-
quired capital for any venture should
be invested by the ownership.
GOVERNMENT INITIATIVES
Whether it’s the Jamaica
Business Development Corporation
in Jamaica; The National
Entrepreneurship Development
Company (NEDCO) in Trinidad and
Tobago; INVEST SVG in St. Vincent
and the Grenadines or BIM Ventures
in Barbados Caribbean Governments
have embraced the call for
the support of Entrepreneurs.
Understanding that financing can
be difficult to access, one of the
chief mechanisms used by central
governments has been the provi-
sion of low interest loans or grants
for start-ups and business expan-
sions. These initiatives are tailored
to the nationals of their particular
territories and the requirements for
access are usually very simplistic as
compared to many other options.
VENTURE CAPITALIST & FAMILY
Another option for sourcing fi-
nancing that isn’t commonly used
in the Caribbean is venture capital-
ist and structured investor agree-
ments with family and friends. While
these types of arrangements are
less formal they do at times require
a higher rate of return to the inves-
tor. Despite this an Entrepreneur
has more flexibility in these types of
relationships in the negotiation of
the terms. I personally endorse the
use of these types of agreements
as they are creative business deals
and offer both parties the opportu-
nity to agree to terms to suit both
their individual risk and return ap-
petite while the Entrepreneur gains
access to the required finance.
GOING PUBLIC
Recently, entrepreneurs in Trinidad
and Tobago joined their Jamaican
counterparts when the SME Stock
Exchange was launched. Many
people view the stock exchange
as a trading ground for large com-
panies only. However, in 2009
Jamaica established its junior stock
exchange and within two years
saw eleven companies coming to
market. Arguably this is one of the
healthiest avenues for a business to
obtain financing as cash is raised
through the sale of the company’s
equity. This means that the inher-
ent business risk isn’t increased by
financial risk as it would have been
had finance been obtained through
a commercial loan. The process for
listing is challenging as one has to
create a prospectus to get potential
shareholders interested which is to
be followed by an initial public offer-
ing or IPO for its shares. Be warned
that stock exchange listing carries
with it legislative and regulatory
responsibilities and the company
must establish a good corporate
governance structure as there
is now a responsibility to public
holders of equity. Some may see this
as a drawback but I will disagree as
this mechanism will not only ensure
equity holders’ interest is consid-
ered but also aid in ensuring the
company is operated in a manner
that increases its ability to succeed.
These are merely a few of the
many options and variations avail-
able and I encourage you to find
the option that is best suited
to your specific situation.
“The first sign of an Entrepreneur’s commitment to their business is his or her financial investment. This is why it is advised that at least 30% of the required capital for any venture should be invested by the ownership.”
. entrepreneur spirit caribbean . issue 2 . 2012 20
21issue . 2012 . entrepreneur spirit caribbean .
Stock X Change The
FactorTrinidad and Tobago Stock Exchange CEO Wain Iton explains how Caribbean
entrepreneurs can raise finance on the stock market.
Accessing finance has always been a difficulty ex-
pressed by Caribbean entrepreneurs. Over the years
various government initiatives have emerged to aid
this challenge while lending agencies have crafted innovative
and competitive facilities specifically suited to the various
needs of the business community. With the launch of the
junior stock market in Jamaica and the SME stock market in
Trinidad and Tobago the region is now fortunate to witness
the establishment and growth of what is being heralded as
steps in the right direction for the Caribbean financial system.
Entrepreneur Spirit Caribbean had the opportunity to chat
with Trinidad and Tobago Stock Exchange, Chief Executive
Officer Wain Iton at his Port of Spain office. Iton not only
played a pivotal role in the establishment of the SME stock
market in Trinidad and Tobago but he is also very familiar
with the Jamaican junior market that was established in 2009.
StorybyAndySalandy•PhotographybyKi.ne.sisStudios
Special Feature
. entrepreneur spirit caribbean . issue 2 . 2012 22
Special Feature
five years being listed and a 50%
holiday for the five years following.
In 2009 when the market was ini-
tially established there weren’t any
immediate takers but in 2010 with
the introduction of the incentives
we saw some serious activity with at
least twelve companies being listed”
JA MODEL INFLUENCES T&T
In 2011, Trinidad and Tobago’s
Finance Minister, Winston Dookeran
cited the success of the Jamaican
junior market and indicated that
a similar model would be enacted
in Trinidad and Tobago. He made
these announcements as part of
his 2012 budget presentation that
included the requisite amendments
to the country’s Corporation Tax
Act Chapter (75). This was after
representations from the TTSE led
by Iton who was very familiar with
According to Iton, “The
stock markets provide
capital for entrepreneurs
who are serious about business
and prepared to undertake the
responsibilities of public listing.
Whether for expansion or new busi-
ness the market is here to fund.” In
the current environment, there are
limited capital raising activities in
our regional markets, while at the
same time, the banking system
in Trinidad and Tobago is holding
nearly $3 billion in liquidity. The
SME market is one initiative we
believe will provide an avenue for
people to invest that money.”
THE JAMAICAN EXPERIENCE
The concept of a junior stock
market first came to the Caribbean
in Jamaica. The principal objec-
tive was to attract new capital and
encourage new enterprises. The
hope was that the junior market
companies would act as a vehicle
through which investors will come
to the market, thereby businesses
get their much needed finance
and the stock market would see
increased activity. Iton continued,
“The junior market in Jamaica was
distinguished by a special fiscal in-
centive by the government. At that
time, Don Wehby, a private sector
manager joined the government as a
Senator and a Minister in the Finance
Ministry. He was pivotal in piloting
the incentive through cabinet. These
incentives gave what we called
small and medium sized companies
(companies with capital between
50 million to 500 Million Jamaican
dollars), the opportunity to raise
capital, get listed on the stock ex-
change and enjoy the benefits.”
“The Jamaican junior market incen-
tives provided for a complete tax
holiday for companies in their first
the Jamaican model, having been
General Manager of the Jamaican
Stock Exchange from 1987 to 2004.
With the Jamaican model as the
template, Trinidad and Tobago
varied the structure through the
amendment to their Corporation Tax
Act. These included the parameters
for qualifying companies, which
must have a capital base of TT$5
million to TT$50 million. Capital
base refers to the company’s share
capital, reserves and retained earn-
ings. The Act also mandated that
at the end of the initial public of-
fering and before companies can
access the benefits there must be
at least 25 shareholders that own a
minimum of 30 per cent of the share
capital in issue. The Trinidad and
Tobago Corporation Tax amend-
ment provided for fiscal incentives
similar to Jamaica. Companies ac-
cessing the benefits would enjoy
a new Corporation Tax rate of
10%, which is a significant reduc-
tion from the standard 25%. This
rate will be available for the com-
pany’s first 5 years of listing.
GOING PUBLIC, WHAT TO EXPECT
Iton acknowledged that there is
always the perception that when
private companies go public the
owners lose control. To this he
responded “It is a myth that a
company has to sell a significant
portion of its shares. In fact 30%
is the requirement , leaving a 70%
holding for the original owners ,
thus allowing for significant control.”
He continued “Companies must
understand the benefits of public
listing and the associated responsi-
bilities. Given the nature of private
enterprises the greater challenge
for these companies seeking listing
will be adopting corporate govern-
ance practices that would bring
23issue . 2012 . entrepreneur spirit caribbean .
about public confidence” Some of
these governance issues include
the inclusion of independent direc-
tors, regular board meetings, audit
committees, and transparency.
Additionally there is the require-
ment that quarterly unaudited and
annual audited financial statements
must be publicly disclosed after 45
and 90 days respectively. A prac-
tice few private enterprises may be
familiar with. The associated cost of
going public can also be significant
as these include the relevant fees
for issue, legal and consulting fees,
brokers’ commissions and printing.
“Generally the benefits of listing
are endless,” Iton stated as he re-
called a Jamaican company who
after its first year listed on the
junior market did a comprehen-
sive review of their position. Not
only did the company have long
term funds for operations, but was
able to acquire income generat-
ing assets, and was satisfied that
equity financing provided more
favourable conditions than debt
financing - something which was
very familiar to that company. In
addition, when debt financing was
a viable option, better terms were
secured. They also stated the tre-
mendous financial benefit of the
tax holiday stating “The perceived
negatives such as loss of privacy,
additional operating costs and
dilution of ownership, have been
minimal and are far out-weighed by
the positives. In fact, while there has
been some dilution of ownership,
the additional value created, has
meant that the value of our owner-
ship interest is far more than it was
prior to listing.” Consideration was
also given to their non-financial
benefits in that of improved public
perception; increased long term
prospects; and with the inclusion
of independent directors they
found that the evaluation process
resulted in better decision making.
(1) Selection of broker/dealer, legal
counsel and financial accountants
and advisors.
(2) Selection of directors including
at least two independents.
(3) Preparation of business plan,
feasibility studies and technical
reports.
(4) Preparation of Prospectus
/ Memorandum
(5) Printing and issuance of
prospectus for listing.
(6) Filing application for listing
with stock exchange provided
that minimum requirements
have been achieved.
(7) Filing listing agreement
with stock exchange.
(8) Pre-sale meetings and
pricing of shares.
(9) Clearance for filing of
final prospectus.
(10) Public sale and distribution
of shares.
(11) Filing of final listing docu-
mentation with Stock exchange
(12) Posting of shares on
stock exchange.
12 STEPS TOWARDS STOCK MARKET LISTING
Stock market listing is not a single
event but a comprehensive process
that companies must
undertake when seeking to go
public.
. entrepreneur spirit caribbean . issue 2 . 2012 24
Can my Company go Public?
Can my company
go public?
What are the effects
of going public?
Why do companies go public?
How much capital shouldI raise?
Advantagesof going
public?
Who decides
the price of shares
issued?
Any company can go public Readiness to go public depends on:
1. Real growth in combination with good earning potential.
2. An outstanding management team.
3. A need to obtain funds.
Additionally, if the company is at the developmental stage where manufacturing marketing and technological viability has been achieved but it has not yet shown a profit, it may be the right time to make a public offering.
1. Public disclosure: the corporation is obligated to provide timely, continuous reporting of corporate information as required by regulatory agencies.
2. Directors’ roles are broadened by the responsibility to the public as they have to act in the best interest of all shareholders.
3. Significant company changes must be publicized.
4. Financial reporting required quarterly and annually.
The main reason for going public is to raise funds to increase working capital, retire indebtedness or to finance future growth and expansion.
This is dependent on how much capital the company needs and the percentage of ownership that the owners want to relinquish to the public.
1. Company’s debt/equity ratio and net worth will improve and future financing alternatives will be enhanced.
2. It improves liquidity.3. Share options become available
to management and employees.4. Valuation of the company
through the market for listed shares.
5. Improved corporate image and opportunities for business as a result of public ownership.
6. Provides a cost effective way to transferring ownership to successive generations of owners.
The issue price of the shares results from an agreement between the management and the broker/investment dealer who manages the issuing of the shares. The major factor though, is the marketplace. Other factors to be considered are the economic climate, projected growth, past earnings, and the types of securities i.e., whether they are common or preference shares.
When should
I take my company
public?
Deciding when to go public is a crucial point. In order to get the price you need, there must be investor’s interest and suitable industry and financial conditions. Working together with advisors, it can be determined when the conditions are right to make a public offer.
Featured Pro: Wain Iton, CEO of the Trinidad and Tobago Stock Exchange.
Learn from the experts, just Ask A Pro. Our network of professionals are willing to share their knowledge and experience. Email info@entrepreneurspirit.org
NEED SOME SOLID ADVICE?
Ask A Pro
25issue . 2012 . entrepreneur spirit caribbean .
Some see the glass half empty, Others see the glass half full,
Entrepreneurs see
endless possibilities!
What do You See?
Discover your...
w w w . e n t r e p r e n e u r s p i r i t . o r g
Dedicated to inspiring and educating, Entrepreneur
Spirit Caribbean is also here to promote the best
efforts and business interest of all Caribbean SMEs.
ESC offers a free to distribute platform for regional
readers to learn and know regional businesses and
entrepreneurs. If there is a business feature you would
like us to consider, email your interest, contact info
and relevant details to info@entrepreneurspirit.org.
“Inspiring innovation, Provoking Growth”
. entrepreneur spirit caribbean . issue 2 . 2012 26
Key Traits of Successful Entrepreneurs
One day while travel-
ling through Canada,
I came across a pam-
phlet, which spoke about the
characteristics of successful
entrepreneurs. Being an avid
lover of design my first reaction
was wow that’s a cool brochure
because of its unique presenta-
tion. My second thought was
not as immediately liberating
but left me pondering. “Do
I possess the characteristics
needed to be a successful entre-
preneur? This question opened
up a profound level of intro-
spection for me but one I think
every entrepreneur should ask
themselves. As a result I began
to look closely at and compare
successful entrepreneurs. I also
searched for commonality in
traits not just among success-
ful international entrepreneurs
but also amongst the many
successful entrepreneurs we
have right here in the Caribbean.
Being an entrepreneur represents
the quest to reach personal and
financial dreams while maintain-
ing autonomy. An entrepreneur
is not driven by mere job security
alone but by a hunger for control
over his or her career, life and ul-
timately future. That in itself is a
basic indicator of an entrepre-
neurial spirit but it’s just the tip
of the iceberg. A solid entrepre-
neurial spirit is built on a variety
of things such as talent, attitudes,
mind sets and of course vision.
Examining some of the most pre-
dominant qualities of successful en-
trepreneurs against a careful honest
analysis of our own personalities can
reveal much. It can be helpful in ena-
bling us to discover the strengths
we do have while encouraging us to
develop the traits we need. We all
have the ability to develop any of
these traits and just like any success-
ful enterprise it requires your ability
to stick to it despite the odds. You
can use these few traits listed here
(as they are many more) as a simple
insight and compass into the direc-
tion you may need to go to reach
your entrepreneurial goals.
7 COMMON TRAITS OF SUCCESSFUL ENTREPRENEURS
1. Passionate & Determined
It is very uncommon, when
reading about any success-
ful entrepreneur, that you will
hear them say they absolutely
hate what they do. Actually
it is quite the opposite and
some entrepreneurs are in-
sanely passionate about their
field of interest. This passion
is also what helps to fuel their
drive to keep on going. They
also require the acute resolve
and willpower found in perse-
verance in order to reach their
goals and achieve success.
2. Highly Confident
All entrepreneurs have fears,
it’s only natural but that
doesn’t mean they can’t be
confident about their business
or their ability. An entrepre-
neur without a healthy dose
of confidence will ultimately
struggle to succeed. Many
successful entrepreneurs may
even come across as egotisti-
cal and arrogant but when
you look behind the smoke
you realize that their confi-
dence is but a pivotal cog in
EXAMINING SOME OF THE MOST PREDOMINANT QUALITIES OF SUCCESSFUL ENTREPRENEURS.
By Stacy R Phillips
Starting Points
27issue . 2012 . entrepreneur spirit caribbean .
their entire mechanism.
3. Energetic & Opportunistic
Without those two traits,
things could easily get
mundane and tiresome.
Successful entrepreneurs find
ways to keep their energy
levels up in order to do the
many things they are re-
quired. Many times they may
be viewed as busy bodies as
they tussle too and fro man-
aging hectic schedules. Also,
successful entrepreneurs
don’t wait for opportunity
to knock they go knocking
on prospective doors and
create opportunities. They are
proactive not “post-active”.
4. Adaptable & Optimistic
Business is dynamic and
challenges, obstacles and
setbacks are all a part of
the game. Human nature
may cause you to be sad-
dened by challenges and
setbacks but your mentality
and reaction toward them
will determine how far you
go. Successful entrepreneurs
must be able to adapt to
the changing nature of busi-
ness and they must maintain
their optimism by refocusing
and reminding themselves
of their goals and vision.
5. Problem Solver
Successful Entrepreneurs
are those who have found
a unique way to solve a
problem or answer a need
whether it be a product,
service or business chal-
lenge. They see challenges
and problems as great op-
portunities and many believe
that the solution in always
embedded in the problem.
6. High Risk Tolerance
Being an entrepreneur can
yield great rewards but with
that potentiality comes great
risk. Successful entrepreneurs
do not run from risk or resort
to comfort zones but they
take calculated and instinctual
steps beyond the norms in
order to achieve their goals.
They also soberly accept that
failure is always a possibility
but never means game over.
7. Avid learner
Successful entrepreneurs
are always finding ways to
develop themselves and
their knowledge base. They
understand that as things
evolve and grow so must
they. They also tend to sur-
round themselves with people
who either know more than
they do or who know things
outside of their purview.
“Like anyone else, entrepreneurs have a huge variety of flaws… we’re all best concentrating on our strengths and finding people who can compensate for our weaknesses, rather than trying to do everything.” -Monevator.com.
1. The Visionary E.g. Steve Jobs.
These are entrepreneurs driven
by a desire to change the world
and the capacity to imagine how
to do so. Jobs boasted the at-
tention to detail of a reigning
monarch, as well as a genius for
design and consumers’ desires.
Key Strengths: Imagination,
egotism, seeing the big picture,
attracting brilliant followers.
2. The Adventurer. E.g.: Richard
Branson. If Branson had been born
600 years ago, he’d have been a
tussle-haired knight with a winning
smile, eager for his next campaign.
It’s the excitement of execution
that gets his blood going. Key
Strengths: Bravery, energy, tenac-
ity, ‘work hard / play hard’ culture.
3. The System-iser. E.g.: Henry
Ford. Some people are brilliant
at process. Henry Ford was an
obvious example having pretty
much invented the modern pro-
duction line. Process is what
turns brilliant prototypes into
consistent profits. Key Strengths:
Strategy and logic, attention to
detail, employee management.
4. The Specialist E.g.: Bill Gates,
Some people have a calling,
a field they were born to do.
(Gates) needed personal comput-
ers to unlock his brilliance. The
world is full of specialists who
turn their love and aptitude for a
certain field, product or service
into something we all rely on.
Key Strengths: Dedication, mo-
tivation, knowing themselves.
This excerpt was taken from “Types of Entrepreneurs?” by the Investor, with permission from monevator.com. Visit monevator.com/types-of-entrepreneurs for the full article.
CHARACTERISTICS OF 4 FAMOUS
INTERNATIONAL ENTREPRENEURS
. entrepreneur spirit caribbean . issue 2 . 2012 28
THE IMPORTANCE OF BALANCING FAMILY AND BUSINESS LIFE
By Kimberly Gay
The Balancing Act
Many Caribbean businesses
are started as a means
towards an improved
standard of living for their
owners and their family. Despite
the fact that family was at the
core of the decision its role
is often either severely over-
looked or its potential greatly
underestimated in the pursuit of
success. Family businesses can
be a force to be reckoned with
once constructed with carefully
defined roles and a balanced
approach to business and life.
ENTREPRENEURIAL COUPLES
Entrepreneurial couples possess
a unique strength that few other
business relationships may ever
possess, which is a life partner
and deep commitment that exists
beyond the boardroom. However,
this advantage requires manage-
ment and a mutual understand-
ing that they share two separate
relationships which should not be
allowed to negatively affect each
other. The key lies in making expec-
tations clear and setting appropriate
boundaries. One must also recog-
nize the nature of the relationship
and not only respect it but also
cater to it. For couples that enjoy
doing everything together working
as business partners can be effort-
less and serve to enhance their re-
lationship. On the other hand, some
couples may find that being busi-
ness partners may be a bit too much
togetherness and they may prefer to
be able to say, “Honey guess what
happened to me in work today?”
Understanding how your partner
thinks and operates is essential to
the effectiveness of roles and func-
tions within the business. By clearly
defining roles and responsibilities
this creates a sense of individual
ownership and worth in the busi-
ness. Couples should be warned
against only spending time to-
gether on business matters and even
though it is understood that start-
ups require the sacrifice of longer
hours to get operations going , a
plan should be carefully devised to
ensure that time can be spent both
individually and collectively as busi-
ness partners and as life partners.
FAMILY BUSINESSES
Family businesses provide a so-
lution to a major challenge expe-
rienced by many entrepreneurial
efforts, which is business continu-
ity and succession planning. Quite
often the existence and future of a
company is hooked entirely on its
founder and there is rarely someone
else within the business that is able
to continue the company’s plans
in the founder’s absence. Business
continuity is a process. It is more
than just transference of physical
assets it encompasses transference
of knowledge, skills, values, leader-
ship and vision. The process is ex-
tremely important to develop and
maintain customers’ loyalty as they
will need assurance that the compa-
ny’s goods or services will be avail-
able unabated by any unfortunate
circumstance of key persons. Ideally
a family business affords an entre-
preneur a ready resource for busi-
ness continuity through a spouse
and children given their vested inter-
est and emotional connection to the
vision as opposed to a third party
who may just see the organization as
a place of employment or a means
towards their own personal gain.
FINDING BALANCE
Conversely not all entrepreneurs
have the benefit of their family’s
Personal Best
29issue . 2012 . entrepreneur spirit caribbean .
direct involvement in the daily op-
erations of their enterprise. As a
result entrepreneurs are faced with
the challenge of growing their enter-
prise as well as their families while
understanding that both require his
involvement, time and attention in
different ways. Every enterprise re-
quires the full devotion of its master.
However, an entrepreneur must be
ever cognizant of the fact that his
family may not be able to always ap-
preciate the attention the business
requires. He must take the time to
paint a vivid picture to his family and
give assurance of their importance
to the overall vision. Failure to do so
can sometimes lead to frustration
and a sense of disenchantment for
a spouse and children who long to
spend more time with their loved
one. This frustration can also conflict
with the entrepreneur who views
long hard hours of work simply as
efforts toward securing his family’s
future. One must realize that as dif-
ficult as it might be entrepreneurs
need to ensure family time is al-
located on a regular basis. Children
need their parents not a manager
and spouses need a companion.
It is said that a house is not a
home; likewise, making a living
for one’s family is not the same
as providing and enjoying it with
your family. Take time to celebrate
your spouse’s and children’s ac-
complishments just as you would
appreciate when they celebrate
your successes. Spending time
with one’s family away from work-
related activities allows the family
an opportunity to share love and
provide affirmation. The role of the
entrepreneur’s family is extremely
crucial to his success as they provide
motivation in times of great chal-
lenges and disappointment.
Family can be your greatest
champions and frontline cheerlead-
ers, reminding you that your dream
is worth pursuing. They continue to
cheer you on in success and more
importantly lift you up when you
find yourself in doubt and bewilder-
ment. Whether it’s a situation of
family in business or a balancing
act between family life and busi-
ness, the entrepreneur’s role is
undoubtedly crucial as a visionary
and an anchor, providing stabil-
ity for family through business.
“One must realize that as difficult as it might be entrepreneurs need to ensure family time is allocated on a regular basis. Children need their parents not a manager and spouses need a companion.”
. entrepreneur spirit caribbean . issue 2 . 2012 30
THERE ARE THOSE ENTREPRENEURS WHO ARE ABLE TO TURN PASSIONS INTO SUCCESSFUL AND SUSTAINABLE BUSINESSES AND NIGEL R KHAN IS A PERFECT EXAMPLE.
The
Bookseller
Story by Stacy R Phillips . Photography by Kin.es.sis Studios
31issue . 2012 . entrepreneur spirit caribbean .
. entrepreneur spirit caribbean . issue 2 . 2012 32
With a deep and rever-
ent respect for books
and for reading, Nigel
R Khan has taken the simplicity
of what he does (bookselling)
and turned it into an iconic eight-
year-old brand with 11 branches
throughout Trinidad and Tobago.
Driven by his vision, to not only
sell books but to inspire and to
motivate, Nigel believes he has
found his purpose through book-
selling and he views his role as not
just a bookseller but also someone
who can encourage and positively
impact lives. A person with deter-
mination and focus, Nigel opened
his first store post 911, at a time
when economies were shaky and
many people thought a new book-
store was a bad idea. Also, as if a
confirmation to his many detractors
as well as a source of panic for his
father, Nigel’s first store opened in
a mall complex which was new and
still under construction. For many
this was the absolutely worst loca-
tion for opening a brand new enter-
prise but little they did know that
this mall would eventually turn out
to be the thriving mall it is today.
“If you listen to negativity it
can overwhelm you and discour-
age you and you could fall back.
I didn’t listen, I had a plan and I
wanted to stick to it no matter
what.” Quoting from one of his
many readings, Nigel views “FEAR”
as nothing more than False Evidence
Appearing Real. “There is no evi-
dence to say you are not going to
do well, none. Even now I get afraid
of running a business, investing
and expanding. I have asked myself
why are you doing this, are you
crazy but it is just False Evidence
Appearing Real (fear). Once you
put that knowledge out there it is
going to have a ripple effect.”
To Nigel’s credit, this ripple effect
translated into his first store selling
out after only three days of being
opened. Crowds of people patron-
ized the store; school libraries
ordered large quantities of stock
off the shelves and by the end of
the first day his store resembled a
flower shop as many people had
left flowers with good wishes.
“My first store was a gift from
karma. People say the good you do
and the reputation you build can
take you a long way. Many people
over the years who had always
wished me good made it a point to
show up and purchase. On the day I
opened there was a crowd waiting,
we were all shocked. It was all syn-
chronicity. Up to this day I am still
in awe how everything happened.
Its not one thing or one event but
a multiplicity of events that came
“For me the first secret of success is organizing. Make a plan, have a clear vision and listen to your gut instinct.”
together and brought about what
Nigel R Khan Booksellers is today.”
Even the enchantment of a suc-
cessful grand opening can quickly
fade when the reality of opera-
tions step in. Nigel was merrily
running his way promoting and
selling, when he suddenly realized
he exhausted his operational cash.
Cover Story
33issue . 2012 . entrepreneur spirit caribbean .
Avid reader: Nigel relaxes with his latest book.
“I was like what, the bills due
already, after that I was introduced
to Mr. Overdraft and that’s when
you realize how you need to manage
your business. A business is alive,
it’s an animal and when you put this
in, you will get this out. Everything
is closely related. I used all the
capital I had, bought stock and
filled the shelves. Only after did I
realize there was something called
overtrading and organisational
cash. My initial idea was to simply
get all the books on the shelf and
I forgot about the money needed
to pay bills and keep the business
afloat. I had to accelerate my cash
flow with sales and learn how to
estimate and guesstimate propor-
tionately. By doing budgets I learnt
how to keep the right ins and outs
without over extending. Keeping
it narrow and keeping my margins
thin. Sometimes you do get angry
and have conversations with yourself
where you will need to say, ‘listen
you need to do this, hold it down or
cut that out.’ Sometimes because
of your passion it’s easy to be pulled
out on a whim but you are forced
to and need to learn to temper
your passion. Sometimes you just
need to know that some things
“PEOPLE SAY THE GOOD YOU DO
AND THE REPUTATION YOU BUILD
CAN TAKE YOU A LONG WAY.”
. entrepreneur spirit caribbean . issue 2 . 2012 34
can wait or aren’t needed immedi-
ately; discretion must be used.”
An excellent storyteller, life enthu-
siast and realist, Nigel is a delight-
ful mix of colorful stories and gems
of encouragement and definitely
always good for a laugh but his
entrance into the world of entrepre-
neurship wasn’t as friendly as one
might think. After a family incident,
which saw him walk away from
fifteen years managing a Trinidadian
chain of bookstores, Nigel was left
to ponder his next step in life.
For him, it wasn’t immediately
obvious that bookselling was the
way to go but through introspection
and encouragement from friends
he quickly regained his footing.
“I went to my favorite place in
the world, the Mount Plaisir Estate
Hotel in the village of Grande Riviere
on Trinidad’s northern mountain
range. While there I asked myself
who are you, and what do you like
to do? The answer was simple, I
am Nigel R Khan and I sell books,
I’m a bookseller. It was my moment
of clarity. I knew I wanted to sell
books. I also asked myself what is
the purpose of opening a business
and I realized the purpose of selling
a book is noble, its education and
its developing and growing people
and providing a portal. That was
exactly what I wanted to do.”
After his revelation Nigel’s next
step was to mobilize his forces.
The NRKB store which is known
today started in his guest bedroom,
which he set up as an office, and
every morning he would get up
from his bed, dress and step into
the room and into a business frame.
He called publishers, worked on
drawings and began to plan.
“For me the first secret of
success is organizing. Make a
plan, have a clear vision and
listen to your gut instinct.”
Nigel credits many of his friends
for encouraging him into his own
business. “My friends were always
telling me they loved my home en-
vironment as I always kept it very
inviting and through the stores I
wanted to share with others what
my friends experienced at my
home. The layout of the store is
built around my living room, the
right music, the right fragrance and
the right energy. Getting the right
people is also important. When we
hire we take a few months to find
out if they fit into our culture. We
want that when customers come
into the stores they can relax and
are not hassled. Readers are very
particular, they would come in the
display, the music, the store and
the service must be right or they
will walk right out without even
“A business is alive, it’s an animal and when you put this in, you will get this out. Everything is closely related.“
On the ground. Nigel at his South Trinidad branch.
Cover Story
35issue . 2012 . entrepreneur spirit caribbean .
browsing a single book. I need to
have it right. You will never find our
staff asking, “Can we help you?”,
they will say “Hi, if you need me I am
here”. They will never stalk you, its
uncomfortable. Our philosophy is
come in, relax, if a book falls don’t
worry we will get it. They may even
ask you if you tried the coffee.”
“Many people thought I was crazy
to offer coffee and sofas but
everything about my store,
including our philosophy “The future
of bookselling”, is not about taking
someone’s money and sending
them through the door. It’s about
nurturing, inspiring and getting a
product built around books. Other
stores don’t encourage reading in
the bookstore, but that is crazy. We
encourage reading, we want you
there and we want you to read.
“Decide what you want, sit, have
coffee and relax. We don’t want
your money now we want your sub-
scription for life. Sometimes people
say you are as boring as a book but
we have turned that around. We
are as exciting and as interesting
as a book and my aim is to keep
bookselling interesting. Every night
before I go to bed I am up thinking
about how to maintain the interest
of our stores and ensure that when
we open the next day there will
be people who want our product
and will come into our stores.”
Nigel’s vision to inspire and
motivate has also transferred
to the many activities spon-
sored by his company such as:
THE GIFT OF READING FOUNDATION:
“THERE’S NO EVIDENCE TO SAY YOU ARE NOT GOING TO DO WELL, NONE. EVEN NOW I GET AFRAID OF RUNNING A BUSINESS…BUT ITS JUST FALSE EVIDENCE APPEARING REAL (Fear).”
Caught between work and leisure. Nigel at his head office branch.
. entrepreneur spirit caribbean . issue 2 . 2012 36
Created to rekindle children’s love in reading espe-
cially boys. The Gift of Reading Foundation sponsors
reading events, gives books to libraries and hopes to
target and inspire people with multiple intelligences
as well as to encourage reading among boys.
GUIDED READING PROGRAMS:
Based on various reading levels, the Guided Reading
Program gives children the freedom of tactile pleas-
ure. The child is left alone with a series of books, if a
book is too hard the child will move to next one and
when something grabs their interest they will take
it up. Slowly the children are baited with the book
and guided up a reading list based within their in-
terest line. The guided reading program is in part-
nership by the program’s developer Scholastic,
the largest US publisher of children books.
THE NRKB BOOK MOBILE
NRKB’s book mobile travels out to schools in areas
without easy access to bookstores. The van turns into
an exciting caravan with the aim of getting children
excited about reading. At the end of the caravan a
portion of the books are donated to the school library.
THE HAROON KHAN WHEELCHAIR FOUNDATION
Created three years ago after Nigel’s father suffered
a stroke. Nigel’s motivation for the foundation came
after he noticed how
several people were
unable to afford wheel-
chairs for their loved
ones. Named after his
father, the foundation
seeks to provide wheel-
chairs for those who
cannot afford them.
For more information
interested person can
contact Kerry Ann
Bishop at 658-0792.
Pray, believe in yourself.
Sometimes your back will be against the wall...
if you don’t have strong convictions you
are in trouble.
Nigel’s advice to Entrepreneurs
Above: One of the many NRKB store tiles featuring inspirational quotes.
Cover Story
37issue . 2012 . entrepreneur spirit caribbean .
“I BELIEVE
WE ALL
HAVE A
PURPOSE
A REASON
IN LIFE,
MINE IS
TO INSPIRE!”
. entrepreneur spirit caribbean . issue 2 . 2012 38
Dotting Your Digital is
For persons schooled in
the Caribbean, there will
be faint memories of
penmanship class and having
to practice our ‘cursives’. In
business these days, we have
to apply that same steady
hand to ensure that our online
efforts are neat, joined-up
and all on the same line.
REPETITION MAKES PERFECT
So, in case you weren’t
aware, the opening analogy
was meant to introduce the
concept of brand consistency,
but digitally. Much like staying
on the line in our penmanship
book, we have to make sure
our businesses have consistent
image everywhere that we are
found. For some that are more
techno-able than others, it’s
easier to recognize the different
areas that we might be lacking in
this regard. I won’t leave you guess-
ing though. Let’s start with email...
let’s start with repetition. Letting
your tag line, logo, sales message
or contact details be seen in numer-
ous places can be effective for the
simple fact that visual repetition
works. Don’t feel bad about employ-
ing one of the first things that we
learnt to do on a computer - copy
and (<--- fill in the blank). Copy
or re-type the information from the
bottom of your letterhead and make
it your email’s signature, make sure
that this same information is on
your stationery, other print material
and in your Facebook or Linkedin’s
profile information. Look for other
places where your company has
an online profile or presence so
that you can personalize them as
well as make them consistent.
MISS DIGITAL IS WATCHING
Back in primary school days, the
teacher would often stand over us as
we stroked our t’s and curley qued
our q’s. Believe it or not, whether
it’s Google’s integrated applica-
tions, Facebook’s never-deleted
data or your browser’s cookies
(those things that ensure you don’t
feel like you just re-started
your machine every time you
open the browser), they’re all
watching you, and saving data
about you or on your behalf.
Once upon a time that used to
scare me, but blehh...it doesn’t
anymore. The thing is, I feel
as though they’re doing me a
favor by helping me keep my
online activities synchronized.
I just have to always remember
that they (the abstracts in the
vast endless sea called in inter-
net) are in fact watching me.
With that being said, please be
careful what you type before
you hit [Enter] as you may never,
ever, ever get it back. Emails
nowadays are never deleted
or deliberately saved by their
recipients, so opt for phone
or in-person conversations
when in doubt over whether
you want physical records of the
things you will say as this affects
your brand AND your business, and
ultimately your reputation which
more importantly can underscore
your bottom-line. Be careful what
you say too , Be polite...ethical.
MY PEN IS LEAKING
Did somebody say leak? Ugh,
what a mess...A bad leak can nega-
tively affect your brand’s reputa-
tion. Do allow good leakages from
your company. I’ll explain. If you had
ultimate control over what informa-
tion was going to be spread about
you, what would that information
KEEPING YOUR DIGITAL BRAND PRESENCE CONSISTENT
By Janessa Mckell
Technology
39issue . 2012 . entrepreneur spirit caribbean .
be? As much as you can control this. As it is we’re
already losing so much control over our information,
especially with Google being able to search and find
everything. Always be ready with well formulated in-
formation about your company that you can distribute
to those eager to learn more, or for your business as-
sociates, fans or best clients to forward to their clients,
friends or business associates. Think of it like a press
kit, always handy for the sake of distribution. You
wouldn’t want to hurriedly piece together a descrip-
tion of your business for some interested person and
then press SEND only to realise it had bad grammar,
bad spelling and a host of other non-relevant, boring
or invaluable information. Be prepared for leaks or
if necessary, let a copywriter put it together for you.
For those new to the idea of press kits, press kits are
basically a package of promotional material provided
to members of the press or other relevant persons
in order to effectively brief them about a product,
service or any other necessary matter or person.
FULL STOP
In conclusion, be deliberate about having consist-
ency throughout your online and offline presence.
This builds your business through creating an image
of stability. This also assists with building your cred-
ibility, since every time you change an image, typeface
or tag-line, it seems as if your business starts afresh.
Customers trust longevity. On an average, a consumer
will have to be exposed to at least three brand impres-
sions to recognize and take notice of your brand. In
order to facilitate this, you should ensure that every-
thing sent out from your company has the same look
and feel, so that it continues to repeat itself enough
to be remembered. Being online should not be a hap-
hazard process, but should be an extension of planned
efforts offline. Every now and again, look through
all your marketing material (website, brochures, call-
cards, email signature, Facebook profile, and the
list goes on) and audit them to ensure that they’re
all on the same line and are connecting the dots.
No computers were harmed during the production of this article
. entrepreneur spirit caribbean . issue 2 . 2012 40
By Shawn Mohammed
Technology
Basic Website Security
With advances in
automated hacking
programs, every
website is a target. You don’t
have to be a large bank or
online retailer to be the target
of a cyber-hacking attempts.
Failing to protect your website
and its contents makes you
very vulnerable to intrusion,
and your users exposed to
vicious malware and trojans.
Personal data (names, ad-
dresses and credit card infor-
mation) can be exposed by
hackers, identities stolen, and
confidential business docu-
ments placed in the public
domain. Below are some tips
to help diminish the pos-
sibility of your website being
hacked. However if this does
occur immediately contact
your web hosting company.
PROTECTING YOUR WEBSITE FROM HACKERS
1. Choose STRONG Passwords.
A good password contains
at least 8 characters with
a mixture of letters (upper
and lowercase), numbers,
and special characters. Also
change your password regu-
larly.
2. Keep your software up to
date. Make sure that the soft-
ware you have installed such
as WordPress, SMF, PhpBB,
or any other are always up
to date. Subscribe to update
notifications from the creators
of these software or create a
Google Alert to notify of the
same.
3. Use encrypted services.
Consider using encrypted
services over non-encrypted
ones. For example use SFTP
instead of FTP. If you have a
webmail application, host it on
an SSL-enabled port. Use SSL
encryption for anything that
requires the transmission of
personal information.
4. Place index.htm files in all
your directories. Placing a
blank “index.htm” or “index.
html” in every directory on
your web site prevents thieves
from viewing other files
located in the same directory.
5. Use secure 3rd party scripts
and add-ons. Think before
uploading/installing widgets,
plug-ins, and other modules
onto your website. Third party
scripts or any other code you
install are written by unknown
developers under unknown
circumstances. Be sure to
research any code you want
to install that you didn’t write
yourself.
6. Make your own backups. Back
up all your data regularly.
Don’t rely on your web host to
keep a backup for you. Make
backups of your website and
save them on an external hard
drive or similar device.
7. Choose a reliable web hosting
company. The best line of
defence against a potential
hack attack on your website
is to make sure you have a
reliable web hosting pro-
vider. Ask for security audit
reports for their data-center.
7 TIPS FOR SECURING YOUR VALUABLE ONLINE DATA
41issue . 2012 . entrepreneur spirit caribbean .
www.entrepreneurspirit.org
ESC MAGAZINE ONLINE
ADDED VALUE • ADDED VISIBILITY • ADDED REACH
. entrepreneur spirit caribbean . issue 2 . 2012 42
WHAT IS JAMAICANSMUSIC.COM? Jamaicansmusic.com is a website dedicated to cataloguing and recording the history of Jamaican music and the artists who have made this music popular. From mento artist to dancehall artists; our aim is to try as best to create an encompassing database of Jamaican music and Jamaican music artists. Features of the site include a brief history of the different Jamaican music forms, sample audio tracks, videos, artists’ bios and our very special Jamaican music store.
HOW DID JAMAICANSMUSIC.COM BEGIN? Jamaicansmusic.com began as me trying to build websites. It was my little pet project. While studying industrial design at the Art Institute in Fort Lauderdale I wanted to find a way to feel more at home so I created a website with the intentions that anytime I needed to listen to Jamaican music I’d just go to my website. Soon after I noticed traffic to the site and people began emailing me saying what a great site and asking me to add to it. It just grew from there.
AT WHAT POINT DID THE SITE BECOME A BUSINESS VENTURE? Not right away. At first I was like this is a lot of work. Then I created the free membership to make it easier for people to add things themselves. Eventually I started
Jamaicansmusic.com
Jamaica
Alex Morrissey is quite the young entrepreneur with a Facebook following of 2 million, his three year old website retails and promotes the dancehall and reggae music of over 800 artists. This 23 year old’s operation has grown from a pet project in his dorm room to one employing 4 staff writers and 8 full time DJs for the site’s 24-hour radio station.
W.I Entrepreneurs
43issue . 2012 . entrepreneur spirit caribbean .
to look into how to make money from the site and advertising was the easiest way and now our main way. A year later I began focusing on how to make it into a business and I started to look at similar websites and make sure my site had everything they had and more.
HOW DID YOU GET LICENSED TO SELL MUSIC? We partnered with Universal Records out of New York as they already have the distribution rights for many of the songs. We get all the rights through them as well as a percentage of the sales.
WHAT IS THE TRAFFIC TO THE SITE LIKE? Jamaicansmusic.com has three hundred and fifty thousand (350,000) unique visitors every month with top countries including Indonesia, France, Japan, Argentina and the UK. Our Facebook page has over two million followers originating mostly from Indonesia, Mexico, Colombia, Argentina, Canada, United States and the UK.
WHAT CHALLENGES HAVE YOU FACED IN LAUNCHING YOUR BUSINESS? I believed I concentrated too much on trying to get the site popular in Jamaica and I think it was the wrong approach. If you look at other businesses in Jamaica and the Caribbean as well as other trends, things seem to get popular after other people from outside the Caribbean take interest. It was only after Indonesia and these other places took interest then others were like “oh hey check this out”.
WHAT’S NEXT FOR JAMAICANSMUSIC.COM? Very soon we will be launching a music database from the 1950’s to current. We are also launching a yearly music scholarship to help those who can’t afford it, to study music, drama or dance. The scholarship will be available for Jamaican nationals of STORY BY STACY R PHILLIPS
PHOTOGRAPHY BY KI.NE.SIS STUDIOS
any age. We will also be rolling out a mobile version of the site, which will be compressed and drive more mobile users to the site.
ARE THEY ANY OTHER BUSINESSES OR PROJECTS YOU ARE WORKING ON CURRENTLY? Last year I started another business with my business partner Jacquie Juceam. The company is called Social Sector and we do social media services and consulting for pretty much any brand or person. So far our clients are Digicel, current 100-meter world champion Yohan Blake, ATL motors and Victoria Mutual Building Society (VMBS)Bank.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? Nothing is impossible. I didn’t think I would reach this far so fast. When you believe in something try it. If you fail maybe it is not the right time, try it again and you just need to have that passion and don’t do anything that you don’t enjoy. It is only because I love music that I stayed up all hours of the night to make this work.
See Facebook.com/jamaicanmusic for more.
“When you type in Jamaican music ours is the first site that comes up. Its funny because when I started friends said with hundreds of other Jamaican music websites out there it was impossible for us to get to #1 but now we are!”
. entrepreneur spirit caribbean . issue 2 . 2012 44
Edufocal
WHAT IS EDUFOCAL? Edufocal is an online social learning tool for students at the GSAT (Primary) and CSEC (Secondary) school Level. Edufocal is in a sense akin to the video game Pokémon. Students pay a subscription of 200JMD (approx. 2.31 USD) per month or 2000JMD (approx. 23.11 USD) per year either by credit card online or by purchasing codes from over 3000 locations in Jamaica where phone cards are accessible.
HOW DOES EDUFOCAL WORK? After registering, students begin at level one and as they progress the questions become harder. Answers earn students experience points, which enable them to advance through the levels. If a student reaches level 65 he/she becomes an “Expert Student” and have the option to create questions for other students. These questions will be revised by our team and posted once approved.
The “Expert Student” feature is an attempt to mimic peer tutoring in schools. As other students begin to use these questions and improve, Expert Students receive what are called Credit Points. These Credit Points are the virtual currencies for Edufocal. Expert Students can either accumulate their credit points to buy a variety of items such as iPads or smartphones from the Edufocal online store or they can use credit points to earn cash. We also have a leader board feature where students are consistently ranked and those who are ranked #1 are awarded prizes and scholarships.
HOW ARE TEACHERS INVOLVED WITH EDUFOCAL? The teachers are the ones who create questions for Educfocal and as a result they are paid a commission which is based on three factors.
(1) How often they submit questions. (2) How well students are doing on
questions submitted. (3) How each teacher is rated by students.
These all determine how much a teacher is paid at the end of the month.
WHAT MOTIVATED THE EDUFOCAL PROGRAM? I consider myself someone who has foresight and at sixteen I wrote something I called my life wireframe which contained a series of things I wanted to do. One of those things was to create a company before I left college. One night a cousin messaged me about an idea he said I inspired. The idea spoke about game mechanics and teachers being a part of it. After looking it over I realized it was a viable business idea and I immediately began to develop and push the idea. Our unofficial mantra is “challenging the status quo.”
WHAT’S YOUR BACKGROUND PRIOR TO EDUFOCAL? My background is basically writing and
Jamaica
Challenging the status quo, 21-year-old Gordon Swaby has a solid vision behind his two-year-old Company. Innovating the way students learn Gordon’s Edufocal program is a fun educational tool for primary and secondary students preparing for exams. Gordon is building a legacy that he hopes will be felt and remembered not only in Jamaica but also throughout the Caribbean.
W.I Entrepreneurs
45issue . 2012 . entrepreneur spirit caribbean .
website design & development. I used to write for the Jamaica Gleaner’s Youth Link and I also used to have a popular site called Advanced Gamers that I eventually merged with my current Edufocal developer and shareholder Shane Shipston. Shane is an amazing Canadian developer, we have never met in person but we have worked together on various projects over the last ten years.
CAN EDUFOCAL BE USED IN OTHER COUNTRIES? Definitely. The roll out plan for Edufocal is Jamaica, the Caribbean then the rest of the world. It is country specific regarding the scholarships, codes and Jamaican specific giveaways , which students in other countries would not be able to access but it can still be used for its main educational value.
AS AN ENTREPRENEUR WHAT CHALLENGES HAVE YOU FACED THUS FAR? Not being taken seriously because I am young. I constantly have to prove myself because people think you are young and inexperienced and therefore you are not able to do what is required but that is far from true.
Also, the greatest disappointment for me is that the people I thought I could depend on disappointed me greatly while surprisingly the people I thought were acquaintances were the people who helped me the most. You are always depending on people, no man is an island and no man stands alone. At the end of the day we need to understand that if something is your idea then you are the one who has the greatest amount of excitement and interest in it and no one else will because it is secondary to them. At the end of the day you have to push through.
WHAT ARE YOUR FUTURE PLANS FOR EDUFOCAL? I am currently putting together a board of directors because a good board gives advice, guidance and accountability to a company. Also I am building the company to be sustainable even without me and I am putting my succession plan in place. It is a legacy I want to leave and in the next 5 years I want us to be listed as a public company on the Jamaican junior stock market.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? You can do it while you are young; as people get older they become more risk adverse. Also, have good mentorship and a solid foundation so when you are having your down days those mentors can encourage you to push on and strive for the best.
Go to facebook.com/EduFocal for more. STORY BY STACY R PHILLIPS
INTERVIEW & PHOTOGRAPHY BY RANDY RICHARDS
“Because I am young I constantly have to prove myself because people think...you are not able to do what is required but that is far from true.
. entrepreneur spirit caribbean . issue 2 . 2012 46
SIPS Smoothie Bar
WHAT MOTIVATED YOU TO OPEN A MOBILE SMOOTHIE BAR? Launching the smoothie bar evolved out of a perceived gap in the market for real fruit smoothies rather than those made from fruit concentrates. We began in 2008 but our mobile unit didn’t launch until early 2010.
WHAT WAS IT LIKE GETTING YOUR IDEA OFF THE GROUND? For six months we tested and refined the concept at outdoor festivals and events gaining customer feedback. At the end of this period we set up in a fixed location and operated from there while we tested the mobile concept as we operated from a stationary van.
WHEN DID YOU MAKE THE DECISION TO GO MOBILE? When the hunt for a “brick and mortar” location was proving too difficult we decided that an unorthodox approach was what we needed. We simulated the conditions of a vehicle, tested the operation, found that it was truly possible and decided to launch the first mobile unit.
WHAT WAS THE RESPONSE LIKE AFTER GOING MOBILE? Though there was an extensive amount of sensitization that was necessary, brand loyalty grew quickly as the word spread. The response has always been good. When we started going out to the boardwalk in Bridgetown people immediately started to respond positively. Then we started going to various offices around the country.
Barbados
A novel twist to an established idea successfully propelled two young Barbadian Entrepreneurs into being owners of Barbados’ leading smoothie bar. 27-year-old business management graduate Corey Mc Clean and his business partner 25-year-old Christian Thorne are the powerhouse team behind SIPS, a mobile smoothie bar.
Above: A delicious treat prepared for us.
Below: As appears in photo, Christian & Corey.
“Be less scared about sharing your ideas with people, chances are no one is going to do what you are talking about.”Christian
W.I Entrepreneurs
47issue . 2012 . entrepreneur spirit caribbean .
WHAT IS AN AVERAGE DAY FOR SIPS LIKE? The average day starts about 5 a.m. we get the van ready and at 7 a.m. we post our schedules on Blackberry bbm and Facebook before hitting the road from 8am where we go office to office until 4:30 p.m. Then we station one of the vans on the Boardwalk in Hastings until 7pm. The fascinating thing about being mobile is that in-between breaks the vans are able to stop at various places to restock ice, ice cream or supermarket supplies if they run low from over active sales.
WHAT WAS THE INSPIRATION BEHIND THE BRAND’S IMAGE? The brand is designed to evoke perceptions of quality, attention to detail and fun.
AS ENTREPRENEURS, WHAT ARE THE BIGGEST CHALLENGES YOU’VE FACED IN SETTING UP AND RUNNING YOUR OPERATION? Initially one of the biggest challenges was setting the brand apart from what people were accustomed to and had grown tired of in terms of product quality and service. Another challenge was the occasional mechanical trouble with the vehicles. We had to educate ourselves in order to be able to repair the vehicle within a realistic cost range and we learned how to balance vehicle repairs against the amount of money made from sales.
WHAT TYPE OF PRODUCTS DOES SIPS OFFER? We sell a selection of smoothies, milkshakes and health shakes. Our smoothies are made with real fruit, our milkshakes with lots of ice cream and toppings, and our heath shakes are made with various cereals and grains. We also sell real fruit juices like
mango, golden apple (aka Pomsite) lemonade etc.
WHAT MAKES SIPS UNIQUE? Characterized by vibrant colors and upbeat music from our vans, Sips offers great tasting speciality drinks in a fun and engaging environment. Also we can get anywhere we want whenever we want. We go everywhere and we try to create a closer connection with people while maintaining a high quality. Also, the mobility and the relationships we build with our customers. We are friends with a lot of our customers as opposed to this just being a job so that’s why we have a lot of repeats. We place an emphasis on the social interaction between customers and ourselves and the brand with the intention of making it more than just a transaction between “faceless and nameless” persons.
WHAT ADVICE WOULD YOU GIVE TO ENTREPRENEURS?
Christian: Couple all your ideas
with the potential pitfalls of intro-
ducing your set group of ideas to
the market. Balance the pros and
cons before you do anything and
talk to a lot of people. Be less
scared about sharing your ideas
with people, chances are no one is
going to do what you are talking
about. Work very hard, don’t listen
to the negative things people may
say and just do what you need to
do, and more to get the job done.
Corey: Ensure that you explore
and examine all possible compo-
nents of your product and know
your market (locally and interna-
tionally) inside out. Fully develop
your concept and then pare it
down to the bare minimum and
take it to market as quickly as pos-
sible. Make incremental improve-
ments over time and adjust your
plan based on market response.
See facebook.com/sipssmoothiebar for more.
***Above: SIPS of life. Beach goers enjoying refreshing treats in Hastings Barbados.
STORY BY KURTIS HINDS PHOTOGRAPHY BY ANDREW BROWNE &
***SIPS SMOOTHIE BAR.
. entrepreneur spirit caribbean . issue 2 . 2012 48
WHAT LED TO LA ROSA COUTURE? Prior to being owned by my husband and I, the factory was owned by a British designer who acquired the operation from the previous owners who managed a company called Dingolay & Co. I worked for both companies eventually becoming the Factory Manager for apparel operation. After the owners decided to sell the company and move back to the UK, I was offered the opportunity to purchase the factory. As the company was up for sale, I saw that the only place for me to go was upward and through the help of
Barbados
La Rosa Couture For Rozana Moseley, over a decade of experience in garment manufacturing culminated into the reality of her owning her own high-end apparel manufacturing company. After purchasing the factory at which she had worked as an employee for many years, Rozana now manages the business with her husband Ryan, an entrepreneurship and business development advisor.
the Caribbean Business Enterprise Trust Inc. (CBET) and the Barbados Entrepreneurs’ Venture Capital Fund, we were awarded the necessary financing to purchase the business and commence the new company.
EXPLAIN THE ROLE OF BIM VENTURES? BIM Ventures (Barbados Entrepreneurs’ Venture Capital Fund) is a partnership between Caribbean Business Enterprise Trust Inc., the government and the private sector of Barbados. For companies to be
eligible there must be a Barbadian who is heading the project. BIM Ventures funds the project 100% with shared ownership between the venture fund and the entrepreneur and after a seven-year period the entrepreneur can seek to purchase BIM ventures’ shares. BIM Ventures also assigns a shepherd who acts as a counsellor, assisting with various aspects of business development.
WHAT IS LA ROSA COUTURE’S TARGET MARKET? We focus on catering to the needs of the local and regional designers. Most existing garment manufacturers are usually into mass production, but we cater to small batches production. Moreover, for years we have heard designers pine that they need a Caribbean apparel manufacturing facility, which produces high-end clothing comparable with international standards. We exist to fill that void.
The Barbados Manufacturing
Association, through its Executive
Director, has assisted us greatly
by referring their clients to us. We
W.I Entrepreneurs
49issue . 2012 . entrepreneur spirit caribbean .
also cater to the local hospitality
industry and luxury tourism indus-
try by providing a wide range of
uniforms for staff. Our company
has made and is still making strides
with various other clients such as
boutique owners who are looking
to create their own clothing lines
as well as Barbadian and regional
designers. We have done samples
for a leading Trinidadian fashion
designer who offered exciting
reviews regarding the standard of
our work as compared to ones she
acquired in New York. We also work
closely with a very talented and
young and upcoming Bajan-Trini de-
signer Janelle Forde of J.Angelique
Clothing who owns a boutique and
is also a contestant on the popular
TV series “Mission Catwalk”.
WHAT CAN LA ROSA COUTURE OFFER THE REGION? The Caribbean’s fashion sector has a great deal of potential. However, in order for the fashion sector to succeed, there is a need to have a complete value chain that connects designers and clients, locally and globally. La Rosa is already playing a key role in that value chain process
and has a great deal of potential to play an even bigger part.
WHAT SERVICES DOES LA ROSA OFFER? We create sports-wear, kits for sports teams, resort and swimwear, casual wear, formal wear, uniforms for the hospitality sector, executive work wear and bags. These products can be designed and graded to cater to any size. We possess the capacity and resources to take an idea from a drawing on paper, pattern or existing garment, make modifications or design adjustments and produce the styles for international retail and fashion line launches.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS?
Ryan: Pursue something that
you love rather than something
that you see and think you can get
done. If it’s not your passion then
with the slightest challenge you may
call it quits. However, if it is your
passion you will move heaven and
earth to get it done. Also, people
need to take the time to research
the background of an industry.
Moreover, Caribbean entrepreneurs
have relied for too long on govern-
ment handouts and the current
recession has negatively impacted
many businesses due to the lack
of financial support. Emphasis
must be placed on innovation and
finding inexpensive ways to get
their businesses more visible.
Rozana: You must love what you
are doing. The transition to business
ownership was easy because it was
something that I love. Also, com-
panies should value their staff and
seek to provide an enabling environ-
ment, which promotes camaraderie
and commitment among the team.
See facebook.com/pages/La-Rosa-Couture-Inc/274690115887467 for more.
Left: Hive of activity: Seamstresses at work in the factory. Above: Rozana goes over designs with a worker.
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY ANDREW BROWNE.
“Companies should value their staff and seek to provide an enabling environment, which promotes camaraderie and commitment among the team...”
. entrepreneur spirit caribbean . issue 2 . 2012 50
HOW DID CAFÉ MARRAKESH COME ABOUT? After deciding to get into our own business we weren’t sure at first what to do then realized that there wasn’t any place to go for a decent lunch salad or healthy lunch at an affordable price. Seeing a gap in the market we thought it was a business that could work so we decided to give it a go.
WHAT WAS IT LIKE GETTING THE BUSINESS OFF THE GROUND? Initially we started off with a delivery service from home,
which we launched purely on US$84 of Facebook advertising. In three days we had more orders than we could handle and in the three weeks that followed the orders were too much to handle from our home so we starting looking for a suitable location. Seeing an ad in the newspaper about a new mall we checked it out and it was perfect for us. It also provided us with an in house market, as there were hair salons, spas and stores with an already established clientele passing through.
WHY THE NAME CAFÉ MARRAKESH? It was purely a design consideration. Terri is an avid designer and loves interior design. She wanted to do something different which was unique to the market. She wanted something cozy and after some research we decided on a Moroccan theme while I created the logo, menu and all the graphic design work.
WHAT MAKES CAFÉ MARRAKESH UNIQUE? The fact that Terri and I are here. We know a lot of our customers by name and we see the
Trinidad & Tobago
Café Marrakesh A delicious secret for many, Café Marrakesh is nestled in the Simplicity Shopping mall, on Murray Street in the capital city of Trinidad and Tobago. Owned by husband and wife team Bret Bulling and Terri Grice, Café Marrakesh offers a cozy lunchtime getaway with an incredibly tasty and health conscious menu. So how did a Zimbabwean anthropologist and a Trinidadian customer service specialist end up in the culinary industry? As Bret explains, it was simply through identifying a need.
W.I Entrepreneurs
51issue . 2012 . entrepreneur spirit caribbean .
same people day in and day out and get to know them personally. It makes Cafe Marrakesh quite unique. Also, because of the decor and who we have behind the counter customers feel at home and because of that people are very forgiving if we make the odd mistake.
BIGGEST CHALLENGES? Finding suppliers for the kinds of meals we want to provide as well as fluctuating produce prices which can sometimes go up as much as five dollars more at any given
Fun Facts about Café Marrakesh
People’s 1st Reaction:
Wow, this is amazing!
People’s #1 Regret:
That due to work or other
reasons they are unable to visit
the café as often. They usually
come back and apologize to Bret
and Teri for being away so long.
Signature Dish:
Moroccan Salad. A cold salad
topped with hot roast pota-
toes, lamb and feta cheese.
Signature Smoothie:
The Immune Booster. Packed
with immune boosting blue-
berries, banana and milk.
Customer Service:
Bret and Terri know many of
their customers’ orders by heart.
Age of operation:
2 years
Bret & Teri:
They have 2 kids. Bret, an ex
diplomat was born in Zimbabwe
and is an Anthropologist by
training, he is also a marketing
specialist and graphic artist. Teri
is half English half Trinidadian
but at heart she is Trini to the
bone. A former customer service
professional she is now dedi-
cated to making Café Marrakesh
a home from home for all her
customers. She is also a fine
artist and loves interior design.
time. However, the way we dealt with that is by trying to shave off as many extra operational costs as possible. For instance we don’t buy plastic bags and many customers will collect their bags and bring it to us this also helps the environment. We always look to keep cost down without affecting the quality of food or the quality of the service.
WHAT ARE THE PLANS FOR CAFÉ MARRAKESH? We have thought about expanding but the food market is really saturated at the moment especially as it seems to be an easier income earner option in this economic downturn. There is a huge amount of competition and in terms of having a physical outlet, location is key. The entrepreneurial side of us wants to scale up and take it places but we may actually try something different. This operation is special because of its character and replicating it could be a risk, which could make it into a faceless chain. So we will hang on and wait till the right opportunity comes up before we attempt to replicate.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS Learn as many skills as you can before you start your own business. You don’t have to go to university to do so and you can find many tools to teach yourself the basic skills and understanding before you set out.
Go to cafemarrakesh.wordpress.com for more.
Above: Choose your dressing. Above Right: Winding down after a hard day Bret and Terri take a break in the dinning area of the cafe. Left #1: Jacket potato stuffed with smoked salmon, topped with cheese & grapes with a side of fresh salad. Left #2: Hard at work behind the counter. Left #3: Immune Booster smoothie.
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY KI.NE.SIS STUDIOS.
“This operation is special because of its character and replicating it could be a risk, which could make it into a faceless chain. So we will... wait till the right opportunity comes up before we attempt to replicate...”
. entrepreneur spirit caribbean . issue 2 . 2012 52
environment. Then through growing my own food and doing landscaping at home I found mulch very expensive to buy, especially in the quantities I needed. One day a colleague and I were in a gardening store when we saw a small chipper shredder, it was at that moment my colleague looked at me and said, “Lionel you have all the raw material home to make mulch so why aren’t
you doing it?” Those words hit me like a sledgehammer. I knew it was true.
WHAT WAS YOUR PROCESS IN GETTING STARTED? After the experience in the store I immediately started to do research, examined wood shavings, looked at the coloring process, looked at what
Trinidad & Tobago
TropiMulch An environmentalist by calling and a teacher and research chemist by trade, owning and developing the Caribbean’s first premium brand of Mulch was only natural for Tropi Mulch Managing Director Lionel Seucharan and now Tropi Mulch is quickly attracting the attention of regional distributors.
W.I Entrepreneurs
WHAT IS MULCH? Used in agriculture and gardening, mulch is a protective cover placed over soil to retain moisture, reduce erosion, provide soil nutrients, retard weed growth, inhibit certain plant disease, beautify, and also minimize the need for watering especially during the dry seasons. Tropic Mulch uses raw wood discarded from woodwork shops to create mulch. This wood is usually burnt as garbage which also creates air pollution.
WHAT PROMPTED YOU TO GET INTO PRODUCING MULCH? I have always been interested in the environment and finding ways I could do my part to help the
53issue . 2012 . entrepreneur spirit caribbean .
local and regional competition there was and tried to work out the viability of the venture. I kept researching for close to a year and even got valuable information from a large producer of Mulch in the USA. It was just the push needed to realize this was doable. I then rented equipment, did samples, gave to friends with gardens and listened to feedback.
AT WHAT POINT DID YOU SEE A MARKET FOR YOUR PRODUCT? I found where there was a need. Trinidadian mulch had a hard time competing with international mulch because not much thought went into the local process of creating mulch. I also noticed that both regional and foreign makers didn’t say much on their labels about the contents of the bag or even how to use it. Many people use mulch incorrectly and there are usually no instructions on the bags to guide them. As a result when the mulch doesn’t t work many
customers cry faulty product. There is functionality and a science behind Mulch. I also hope to make Mulch affordable by offering no more than 13.50 USD per bag retail.
WHAT WERE SOME OF THE CHALLENGES YOU FACED?
(1) Mulch production is very labor intensive and one of our challenges is to find effective methods of simplifying production. We are currently testing and perfecting processes.
(2) The second challenge was what I call an attempt at corporate assassination. A large Trinidadian company took interest in my product. They offered to purchase my mulch and distribute throughout their outlets. I was asked to prepare samples and a presentation for their agricultural department for the final sign off. Weeks passed and no one called, nor was I able to reach anyone by phone. One day I paid them a visit only to be told I did not know what I was doing and they even said they would not be interested in my product now or ever. I was crushed but said thank you and left. I seriously began to doubt myself until a Dominican agriculturist, who’s also a friend of mine, advised me and helped me get the mulch tested and verified. That was what I needed to prove what I knew and reinvigorate my journey.
WHAT WAS THE INITIAL RESPONSE TO THE PRODUCT LIKE? Dismal! When I started I could not afford colorant so many plant shop owners refused to even look at the product even when I offered to leave free samples. Now after two years we are up to one thousand bags a month with nine distributors, several landscapers and we are also currently lining up distribution in Barbados and other Caribbean nations.
WHAT’S IN THE FUTURE FOR TROPI MULCH? Making the process green. We are looking into using biodegradable bags, converting our machinery from diesel to bio oil as
well as using solar dryers to dry our dyed product before packaging.
Also as part of our corporate responsibility we hope to partner with stakeholders in the green revolution to increase environmental awareness. We have had discussions with various Trinbagonian environmental organizations and we have also been able to reach out to the next generation of entrepreneurs in schools.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? Once you believe it, conceive it and make it happen. Sometimes launching into something scares you and sends you back into the hole but be confident and determined and believe in yourself.
Go to facebook.com/Tropimulch for more.
“Many people use mulch incorrectly and there are usually no instructions ... to guide them. As a result when the mulch doesn’t work many customers cry faulty product. There is a functionality and a science behind mulch..”
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY KI.NE.SIS STUDIOS.
. entrepreneur spirit caribbean . issue 2 . 2012 54
PEOPLE
Many entrepreneurs
repeat the mantra
that ‘People are
your most important asset’
but most don’t really un-
derstand why and how to
manage and optimise their
people. Most entrepreneurs
do not employ HR profes-
sionals in their organisa-
tions and when they do
they are often relegated
to an administrative role.
All entrepreneurs should
be seeking a competitive
advantage but many do not
understand the concept and
more so how their human
resources contribute to their
competitive advantage.
Continuous innovation, ef-
ficiency of use of assets and
customer service are key
to competitive advantage.
LIP SERVICE VS CUSTOMER SERVICE
Entrepreneurs also give lip
service to the importance of cus-
tomer service to achieving a com-
petitive advantage. Great custom-
er service is absolutely essential
to achieving a competitive advan-
tage and people are the primary
deliverer of customer service. This
is another reason why the human
resources, and more so the right
human resources are critical to com-
petitive advantage and profitability.
INNOVATION
Innovation is also critical to creating
and sustaining a competitive advan-
tage. Despite the advent of artificial
intelligence etc, only people can in-
novate. Continuous innovation helps
a company not only to mitigate the
challenges thrown up by the business
environment but also to make the best
use of new opportunities. This goes a
long way in keeping the organization
ahead of its competition and also keeps
it fit to fight new entrants but innovation
is not a one-off phenomenon;
rather, it’s a continuously evolving
process and needs a favorable en-
vironment to initiate and prosper.
ESSENTIAL INGREDIENTS
Human Resource is an essential in-
gredient for any organization, big or
small and is a must for the success
of a start-up. For any start-up, clear
defined policies and procedures are
required to govern the workplace
and hence it’s advisable for the
entrepreneurs to have a good un-
derstanding on different aspects of
the HR function. Defining smart HR
policies can make the organization
more efficient and prevent common
business problems. Usually, HR
practices are the last thing on the
agenda of start-ups, but it is often
realized that organizations using
best HR practices from the begin-
ning have a higher productivity and
stronger market performance, rela-
tive to their competitors. People are
the assets that companies absolutely
and categorically can’t do without.
THE RIGHT BALANCE
During the first phase of busi-
ness entrepreneurs experience
major challenges in managing the
workforce. HRM within growing
SMEs shifts from an operational
focus on people to a more strate-
gic focus. Throughout the process
of evolution, entrepreneurs need
to find the right balance of HR
ABSOLUTELY CRITICAL TO THE ENTREPRENEURIAL COMPETITIVE ADVANTAGE
By Shane Ram
Human Capital
55issue . 2012 . entrepreneur spirit caribbean .
Thought Not!
Why then trust your Accounts to anyone but a Chartered
Accountant
Chartered Accountants are highly trained
professionals that are of immeasurable value
to the development of any business.
Tel: 868.623.8000 . Email: icatt@tstt.net.tt
Fax : 868.627.7087 . Web: www.icatt.org
Would you trust your BUSINESS to
just any professional in a suit?
practices, formalization, delegation and training.
Thus, HR plays a pivotal role in the success of any
entrepreneur but as an entrepreneur you also need
to know HR practices inside out - everything from
answering employee questions to determining the
benefits package you offer to your employees.
Entrepreneurs need to invest in manpower plan-
ning in order to match the structure of the organi-
zation and manpower as it saves them from facing
serious challenges like HR Compliance and Legal
issues. Whether it’s a small or a big organization, HR
Compliance is very important at the initial stage.
Entrepreneurs who rely only on formula-based
thinking, traditional rule of thumb and reactive be-
havior will hinder their progress. Human resource
management practices are critical for encouraging
entrepreneurial behaviors. Now the bigger question –
which of these particular practices: recruitment, se-
lection, training, development, performance manage-
ment, job design, evaluations or rewards- are most
conducive to fostering the entrepreneurial spirit?
“Organizations using best HR practices from the beginning have a higher productivity and stronger market performance, relative to their competitors. People are the assets companies absolutely and categorically can’t do without.”
. entrepreneur spirit caribbean . issue 2 . 2012 56
Necessity of Market Research
Caribbean businesses
often under estimate
the enormous potential
to be gained through market
research. I know that some of
you may be thinking that all
you need to do is make your
product or service available
and customers will purchase
it regardless of price, loca-
tion or quality. Unless you are
Apple Inc. with products such
as the ipad, iphone and ipod,
this is not always the case.
Most fortune 500 companies
such as Wal-Mart, Toyota and
Coca Cola have conducted
extensive market research that
has enabled them to get an
understanding of their custom-
ers. Questions such as who are
your customers? What do they
want from your product? And
where are they located can all be
answered from careful market
research thereby enabling you to
develop a product your customer
wants and increasing the opportu-
nity for sale.
IDENTIFYING GAPS
Structured market research can
also assist in identifying gaps and
opportunities that may exist within
your chosen industry. Car manufac-
turers, Hyundai and Kia, conducted
extensive market research in 2008
towards discovering the factors that
will attract customers by focusing
on what they wanted in a time of
recession. The result showed factors
such as reasonably priced vehicles
of world class manufacturing quality
with excellent warranties. The use of
this information enabled the change
in both automotive brands that we
now see today where Hyundai’s
sales soared to 5.74 million vehicles
worldwide during 2010, placing 4th
behind Toyota, GM and Volkswagen.
BUILDING CUSTOMER LOYALITY
Building revenue and customer
loyalty is all about knowing your
customers buying habits, needs,
preferences and using that
information to develop products
and services that will be of value
to your potential customer.
The first step is gathering this
information from the popula-
tion of your potential customers.
There are many research tech-
niques that can be use to achieve
this namely surveys, focus groups,
observations, and field trials.
Surveys. These are question-
naires that are used to gather
information on consumers’ at-
titudes and behaviour. The larger
the population the more reliable
your results will be as a representa-
tive of your average customer.
Focus Groups. This form of re-
search involves studying behaviours
or responses by having an organ-
ised group of participants discuss
a particular topic or product within
a controlled environment. These
sessions are usually conducted at
neutral locations, using videotap-
ing techniques or tape recorders to
record the discussion session. An
example of this was done by Malta
Carib of Carib Breweries, Trinidad
and Tobago before they launched
Xtra- Malt onto the market. In order
to capture consumer information on
existing and potential Malta prod-
ucts, focus groups were formed
throughout Trinidad comprising
mainly Malta drinkers. At these focus
groups, participants were led into
structured discussions by a mod-
erator dealing with experiences
and sampling of Malta products.
ENSURING CUSTOMER SATISFACTION THROUGH MARKET RESEARCH
By Kheron Arthur
Marketing
57issue . 2012 . entrepreneur spirit caribbean .
Observation / Field Trials
A good way to understand and
gather research data on how well
consumers would respond to your
product is by placing it in selected
stores to test customer response
under real-life selling condi-
tions. The information gained can
help you with regards to product
modifications, price adjustments
or package improvements. Also
it helps you the entrepreneur to
strike up good relationships with
the store owners and customers.
The execution of market research
is as important as selecting the ap-
propriate method to obtain the in-
formation you desire. Few Caribbean
business possess internal marketing
specialist with the capabilities and
resources to deliver market research
and analysis. Fortunately there are
several organisations within the
region that offer these services that
then affords you the opportunity
improve your products and service.
THE HARD TRUTH
Market research can be costly, in
relation to time, money and re-
sources but Caribbean companies
must understand it is only with
market research that they can
have the value added advantage
on the market. Market research
works in tandem with your market-
ing and advertising arsenal, which
should all be viewed as a matter
of corporate security. Efficiently
done market research and your
overall marketing strategy can
ensure you sales revenues are
maintained and increased and can
even positively boost your posi-
tion in the eyes of the consumer.
Market research is cumulative
and provides long-term ben-
efits to a business. If you truly
aspire for greatness in your busi-
ness, then it is time to dive into
some market research towards
understanding your customer
and knowing what you can
do to win their satisfaction.
“Research is about people. To better understand them, we can look and listen. Watch how they behave in a shop, analyze what they are saying on Twitter, read what they write on their blogs and newspapers. ..”
-Emmanuel Bellity, CEO, Opismart.
59issue . 2012 . entrepreneur spirit caribbean .
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