Entrepreneur Spirit Caribbean: Issue 2

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.

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/ [email protected] 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

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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/ [email protected] 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

[email protected]


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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


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: [email protected]

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


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


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

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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.


ki ne sisstudios• •

Tel No: (868) 222-5963Email: [email protected]

Website: www.kinesisstudios.com

PHOTO + VIDEO


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


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.”


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


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.”


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


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


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.


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 [email protected]

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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 [email protected].

“Inspiring innovation, Provoking Growth”


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


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


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


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.”


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


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


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.”


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


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.


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


“I BELIEVE

WE ALL

HAVE A

PURPOSE

A REASON

IN LIFE,

MINE IS

TO INSPIRE!”


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


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


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


www.entrepreneurspirit.org

ESC MAGAZINE ONLINE

ADDED VALUE • ADDED VISIBILITY • ADDED REACH


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


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!”


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


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.


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


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.


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

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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...”


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.

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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...”


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


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.


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


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: [email protected]

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.”


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


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.

Discover Entrepreneur

Spirit

Your

www.entrepreneurspirit.org www.facebook.com/escmag @Esc_magazine

Entrepreneur Spirit Caribbean: Issue 2

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