BizWorld Jamaica

Forbes Magazine list Jamaica as number 70 , one place up from last year , as the one of the Best Countries for Business.

Why is Jamaica on the list?

The Jamaican economy is heavily dependent on services, which now account for more than 60% of GDP. The country continues to derive most of its foreign exchange from tourism, remittances, and bauxite/alumina. Remittances account for nearly 15% of GDP and exports of bauxite and alumina make up about 10%. The bauxite/alumina sector was most affected by the global downturn while the tourism industry was resilient, experiencing an increase of 4% in tourist arrivals. Tourism revenues account for roughly 10% of GDP, and both arrivals and revenues grew in 2010, up 4% and 6% respectively. The Economic growth faces many challenges: high crime and corruption, large-scale unemployment and underemployment, and a debt-to-GDP ratio of more than 120%. Jamaica's onerous public debt burden - the fourth highest in the world on a per capita basis - is the result of government bailouts to ailing sectors of the economy, most notably to the financial sector in the mid-to-late 1990s. In early 2010, the Jamaican government created the Jamaica Debt Exchange (JDX) in order to retire high-priced domestic bonds and significantly reduce annual debt servicing. The Government of Jamaica signed a $1.27 billion, 27-month Standby Agreement with the International Monetary Fund for balance of payment support in February 2010. Other multilaterals have also provided millions of dollars in loans and grants. Despite the improvement, debt servicing costs still hinder the government's ability to spend on infrastructure and social programs, particularly as job losses rise in a shrinking economy. The GOLDING administration faces the difficult prospect of having to achieve fiscal discipline in order to maintain debt payments, while simultaneously attacking a serious crime problem that is hampering economic growth. High unemployment exacerbates the crime problem, including gang violence that is fueled by the drug trade.

Source;Forbes.com

Founder, Chief Executive Officer and Publisher at Miller Publishing Limited, Roshane O. Miller is one of the Caribbean's most innovative and dynamic forces in publishing today. The 22 year old read for a degree in International Relations with Minors in Education and Human Resource Development at the University of the West Indies, Mona. Though having a love for diplomacy, since age nine he knew that he would be in publishing.

Miller boasts success as the President and Editor-in-Chief of the Jamaica College Magazine Committee and Griffin Magazine, the past Editor-In-Chief and now Consultant at ON Deck Magazine, based in Massachusetts, U.S.A. He has also been a freelance editor on many projects in Jamaica, across the region and in the United States.

Young Adult Fiction is his forte and he has researched this area, having had consultations with high school students across Jamaica and studying diversity in expression across many islands in the region and many places across the United States and United Kingdom.

He is a writer and is currenlty working on a seven title series. The first title having three parts. He also has a background in art, having worked as the Manager / Curator of TEN Gallery in Maine U.S.A, and theatre, now serving as the General Secretary of the Jamaica Junior Theatre Company.

Miller has gained awards for his work with youth in the areas of Culture and Development and has also earned awards, more specifically, in Literature, Language and Communication.

He has been featured by the youth publications of The Gleaner and the Jamaica Observer, as well as Television Jamaica's Smile Jamaica. The young dynamo has also caught radio attention, having done interviews with Unbridled Editor based in Michigan, U.S.A and Hot 102 here in Jamaica.

His love for publishing has sprouted a blog to help writers get published, aptly called 'Becoming an Author'. He has also, through Miller Publishing, launched a seminar series of the same name. It was hosted in Kingston at the Petroleum Corporation of Jamaica on September 10.

He has an open door policy and writers who need advice should feel free to make contact at millerpublish@gmail.com.

He enjoys CNN, MSNBC, JK Rowling, Anne Rice and Anime!

Dare to think differently - Innovate and evolve!

- Roshane O. Miller

CEM did an Q & A with this talented and innovated young man, Roshane O. Miller

CEM: Tell us about your business? When did you start the business?

RM: Miller Publishing Limited is an innovative publishing house at the heart of Kingston. We publish, train, market, distribute and manage an array of multimedia projects including magazines. We started operations in January 2011. We may be contacted by email at millerpublish@gmail.com or our website at www.millerpublishing.weebly.com.

CEM:What were you doing before this, and is this your first business?

RM:I have worked extensively in publishing for many years, primarily aiding in concept development, editing and marketing. Additional to this I managed an art gallery in Maine, U.S.A and have a background in banking, having worked with the National Commercial Bank here in Jamaica. I also served as the Director of a private institution in Mandeville, Jamaica. I have taught English Language, English Literature, Principles of Business and Social Studies at the Caribbean Secondary Education Certificate level and Law, Sociology, Communications Studies, Caribbean Studies and Literatures in English at the Caribbean Advanced Proficiency Examination level.

CEM:How many persons do you have working for you?

RM:Miller Publishing Limited has a core team of consultants and project officers. Approximately, five persons. We increase our numbers when projects demand such action.

CEM:Where did you get the startup money?

RM:Start-up funding for the company came out-of-pocket, that is to say it was self-funded.

CEM:Do you think the government has enough aid or resources for small businesses and young entrepreneurs?

RM:The government through its Ministries and Agencies should do more to aid micro and small enterprises. There are currently not many government programs to aid budding entrepreneurs.

Publishing, and the sectors directly related, support the advancement of the Jamaican people and the economy.

CEM: Is there a need for your type of business in Jamaica?. Why?

RM:Publishing in Jamaica and the region is small when compared to other countries and regions of the world. There are no other young adult fiction publishers in Jamaica and fiction on a whole does not attract much attention from local publishers.

Jamaica has many talend writers, who feel that they have no avenue to express themselves and this is where Miller Puishing Limited comes in.

We publish, train, market and distribute. Even self-published authors can benefit from our existense, as we offer services that assist after the production of the book.

CEM: Who are your main competitors? And how is your business different

RM: Our business is different from others domicile in Jamaica as we offer services at the pre and post production stages.

We offer training, with a focus on different styles and techniques. We also offer assistance in developing concepts. Additional to this we offer marketing and distribution packages to individuals who have published with us and those who have published with others or are self-published.

CEM:What are your marketing strategies?

RM: We have primarily utilized social media channels such as Twitter (@MillerPublish and @TheMillerSchool) and Facebook (Miller Publishing Limited:

The publisher also has a blog which helps writers along the journey of becoming an author. It may be viewed here:- www.becominganauthor.wordpress.com.

We have done radio, television and print media interviews.

Below are links to articles and interviews that may help readers better understand the company.

Smile Jamaica Interview

Style & Vibes Magazine Interview

Unbridled Editor Podcast Interview (Online Radio)

CorveDacosta.com

TEENage Observer Interview

CEM:How has your experience in running the business been different from what you expected?

RM:Our expectations have been realized. Though people are interested, the state of the economy has left many timid and growth has been slow.

We expect to see slow but steady growth. We are committed to innovation and always offer our clients exceptional service.

CEM:How can your business benefit young people? What training do you have available and where will it help?

RM:We currently have three major modes of training.

We have open mic sessions once a month to help persons gain critique and develop their work. The first session was held on August 26, 2011 at Nell's Cafe, 7 Grosvenor Terrace in Manor Park, St. Andrew.

We also have seminars twice per year, so that writers will gain insight into the world of publishing. Our last seminar was held on September 10, 2011. We had presentations by Kellie Magnus, Publishing Director, Book Industry Association of Jamaica and Damian Shaw, Personal and Corporate Image Consultant; he was the Image Consultant for the recently concluded Miss Jamaica World 2011. Communications Specialist and Project Manager Yolanda Paul also made a presentation.

The publisher's blog is also quite informative and instructive. Writers at any stage of the publishing process should give it a read.

CEM:Do you consider yourself a mentor? What advice would you give to someone who wants to start a similar business?

RM:A mentor, not exactly. I, however, do not shy away from helping others. I think that knowledge should be shared.

My advice to anyone who wants to start a business, similar or not, do extensive research. Understand your area of business and find innovative ways to be diferent.

CEM:Where do you see this business in 5 year?

RM:In five years Miller Publishing Limited should be even more diverse and innovative. We are currently not limited by geographical borders and by then we should also have other bases of operation.

CEM:What are some of the upcoming projects?

RM:Currently, we are working closely with primary and secondary institutions to provide school magazines. There is an amazing discount. We want graduates and students to have something to remember the golden days of school.

Additionally, the first writing project is now underway! We want five talented writers to be a part of the process. If you are interested and would like to be published please make contact.

We are also in the process of putting together a team of writers and contributors to assist with a magazine for writers.

If persons are interested we invite them to contact us via email at millerpublish@gmail.com.

CEM: Any current promotions?

RM:Currently, we have a weekly competition on Facebook. For the month of October our focus is poetry and in November we focus on prose.

The competition takes place on Fridays from 6pm to 12 midnight. 

Several years ago, people started highlighting the green movement as a popular trend among the small businesses. Though it isn’t easy to go green when the economy was going blue, yet according to the financial experts the US economy will look brighter as they hope that most business organizations will be more focused on long-term sustainability. Presently, it is being studied that business practices that are environmentally responsible are becoming a top priority for most business organizations in 2011 as most of them are beginning to realize the multiple benefits and the competitive advantages that come with going green. However, being a ‘green business’ now and in the near future demands more transparency over the green practices and lesser tolerance of fussy green marketing. Here’s a look at the most famous green business trends that you can expect in 2011. Go green to save the environment and also set up a debt advice and fiscally sound business that’ll help you save your dollars during this financial frenzy.

Charting the success and progress of a company: If you study the business practices of the big companies like Microsoft and Walmart, you’ll come to know that they are busy creating separate teams that entirely focus on environment stability and they also employ executives to monitor the effective functioning of this team. As such ‘go green’ practices are adopted by the big shot companies and this is simply raising the bar of every other company, whether small or large. Seeing the bigger companies adopt green business practices, their smaller counterparts will also weave environment sustainability within their business budgets. They will create full-blown environment friendly plans to benchmark their progress.

LEDs will get more play within the green business organizations: As per some reports suggested by the New York Times, the price of some LED (light emitting diodes) light bulbs dropped to less than $20 in 2010 and they are expected to decrease further in 2011. As lighting is one of the biggest energy-costs for most businesses, an increasingly large number of them will start replacing the older lights with LEDs, which use at least 75% lesser energy than the traditional lights. Moreover, there are many utilities that are introducing a number of rebates in order to make the advance costs of LED lights appetizing.

Eco-managing the suppliers of the business: If your consumers find out that your products are sourced in highly environment unfriendly ways, it will not take much time for them to unravel your green image. Dig in deep into the green business practices that are adopted by your suppliers and set higher standards for them to better monitor their practices.

Green business marketing will get smarter: With the popularity of the green business trends, more companies are becoming savvy enough to let their customers known about their environment sustainability initiatives. You must converse with your customers in creative ways and get involved in public awareness campaigns. People should know why and how the green business practices make a difference in the way they run their organization. Companies will devote particular sections of their websites explaining their carbon-saving and resource-saving initiatives.

Is there a myth that going green can cost your business more money?

Well, yes there are many business organizations that think about the profit in terms of short term cash flow. The challenge is set when the small businesses think in terms of long-term growth. If you do it right by adopting the right techniques at the right time, you can save enough dollars in the long run. Make sure you assess each purchase to determine whether or not going green is more cost-effective for your business organization.

What’s the cost of not going green and faking it?

The harsh reality of the green market trends in 2011 is that not going green will cost you as a service provider and will also cost your customers in the long run. As the customers are becoming aware of the green services and products, you may even lose on customer retention if you do not go green. Nothing can be worse than faking it and duping your clients. They can see through the token attempts of adopting green business practices and they will smartly pass you by if they detect that you’re not entirely committed to going green.

Environmentalism is not for the wackos any longer. Consumers, across America are trying to lead more environment friendly ways to stay frugal and save energy. If you’re someone thinking of starting a new business, go green to stay an edge over others. Stay satisfied as you get to make your own contribution in making the world a better place to live in.

Samantha Spuckler is a  writer for various finance related Communities including Debt Consolidation Care. She is a financial writer by profession and has specialization in dealing with financial problems and its solutions.  She is well equipped to write articles on debt consolidation, savings, planning, frugality, debt settlement etc.

Build Brand Awareness

The first step is to use traditional media or word-of-mouth advertising to drive awareness and traffic to your Twitter, Facebook, YouTube, Linkedin or Myspace pages, says Jamie Turner, author of How to Make Money with Social Media.

Unless you already have a recognizable brand like Nike or Apple, your brand needs to develop social media magnetism before you can look to make any money. You also need to create circular momentum across many platforms when designing your social media campaign, says Turner.

 By providing multiple channels for users to talk with you, you let customers choose the channel that they are most comfortable with, he adds; and by doing that you increase the likelihood that they'll connect with your brand in any number of ways.

Advice from young entrepreneurs, from successful millionaires

You've got to be passionate about what you are doing. I think people that look for great ideas to make money aren't nearly as successful as those who say, 'Okay, what do I really love to do? What am I excited about?' "  Michael Dell, Founder and CEO, Dell Computers

"Stop just thinking about it, and make it happen. When you’re young is the best time to start your own business, as you do not have the responsibilities you will have when you're older. The worst that can happen if you fail now is that you have firsthand experience to make your next venture a success." Catherine Cook ,Founder, myyearbook.com  

"It is never too early to start. I started when I was 14. There was a lot of great information on the Internet. Just do the research and find a way to do what you want to do." Sean Belnick ,Founder, BizChair.com

"Understand the power of selling, not just things, but yourself and your ideas. Study business. Study those who have come before you, and find people with the same dreams and aspirations as you." Jermaine Griggs,Founder, Hear and Play Music Group

"People who say it takes money to make money are using the worst excuse ever. . . Create massive value for others by providing a solution where no other exists." Matt Mickiewicz ,Founder, Sitepoint, 99designs and Flippa

Find a solid support team who believe in your idea. "If someone starts to doubt your company and what you’re doing, you need to get rid of them." Juliette Brindak ,Cofounder/CEO, MissOandFriends.com

"Education helped polish the inherent entrepreneurs within us. Always be on the lookout for new venture opportunities from the voids and challenges you experience in your life. Success is finding solutions in challenges that help others; money is secondary." David Hauser & Siamak Taghaddos ,Co-founders / CEOs Grasshopper Group

"The main reason people struggle financially is because they have spent years in school but learned nothing about money. The result is that people learn to work for money... but never learn to have money work for them."

This bold statement on the back cover of Rich Dad Poor Dad was very intriguing. I had heard a lot about Robert Kiyosaki's bestselling book, which promised to reveal what rich people taught their children about money that poor and middle-class people did not. I was eager to find out if the publicity hype surrounding it was warranted, so it was one of the first books that I read in my search for ways to become financially successful

I have spoken to hundreds of persons who are, just like I was many years ago, financially distressed and desperate for solutions to their money problems. Unfortunately, too many of them are looking for quick fixes to their financial woes. The question often asked is, "How can I make some more money fast?"

When I inform advice seekers that the most effective way of curing what ails them financially is to educate themselves about money and apply the lessons they learn, sometimes they fail to see how this will help them to address their immediate concerns. They don't realise the tremendous value that will return to them if they invest a little time and money in their own financial training.

It's what you know, not what you earn

Kiyosaki helped me to understand why many people are not able to get ahead financially, thinking that having more money will solve their problems. "Few realise," he explained, "that it's their lack of financial education that is the problem." Kiyosaki pointed out that "one of the reasons that the rich get richer, the poor get poorer, and the middle class struggles in debt, is because the subject of money is taught at home, not in school."

Parents who know nothing about money can only pass on their bad financial habits and poor money mindsets to their children. Our school system concentrates on teaching students how to work for money, but not how to make money work for them. Struggling with money is a way of life for even highly educated professionals, because they have never learned the basic financial skills that are necessary for success.

As a child, Kiyosaki was searching for the secrets of financial success and was lucky to be mentored by his best friend's father. Most wealthy people, he discovered, taught their children important lessons about money that help them to carry on their fortunes. In Rich Dad Poor Dad, he shared many of those principles and introduced ground-breaking ideas that gave me a completely new outlook on money.

Kiyosaki's father, the 'poor dad', had a Ph.D., while his mentor, his 'rich dad', had not even finished eighth grade. Over the years, he observed their opposing viewpoints about money and eventually saw how their thoughts impacted their financial status in different ways.

Financial education is priceless

'Poor dad' said that money didn't matter and encouraged him to "study hard so you can find a good company to work for." On the other hand, 'rich dad' declared that money was power and inspired him to "study hard so you can find a good company to buy." Kiyosaki realised that his poor dad suffered financially "not because of the amount of money he earned, which was significant, but because of his thoughts and actions."

Lesson number one that Kiyosaki revealed was that the poor and middle class work for money, while the rich have money work for them. 'Rich dad' taught him that most people are motivated to work hard as employees because there are afraid of not having any money. Then when they get paid, greed pushes them to buy more and more things with it.

This fear and greed combination, he explained, is what traps most people in a 'rat race' where they "get up, go to work, pay bills" in an endless cycle. 'Rich dad' showed him that if he stopped working just for a wage and instead worked to learn, his brain would uncover many methods of earning money on his own. "The moment you see one opportunity, you will see them for the rest of your life."

I acquired many priceless insights from Kiyosaki's stories about his two dads, and was inspired by his powerful declaration, "Money comes and goes, but if you have the education about how money works, you gain power over it and can begin building wealth." I resolved after reading this book to make it my business to learn as much as possible about money.

Next week, we will look at some more important lessons from Kiyosaki's Rich Dad Poor Dad.

----------------------------------------

(c) Cherryl Hanson Simpson

Cherryl is a financial consultant and money coach, and founder of Financially S.M.A.R.T. Services. She is currently writing her first book "The 3 Ms of Money." See more of her work at www.financiallysmartadvice.com

Becoming financially successful involves more than just doing the right things with the money you currently earn. For many persons, the salary they receive from their regular jobs can just barely cover their basic necessities. The reality is that if you want to achieve a healthy financial status, you need to focus on earning extra income.

This realisation came home to me several years ago as I struggled to turn around my finances from a negative position to a positive one. After recognising the importance of budgeting, saving, managing debt and setting goals, it became quite obvious that I needed to make more money in order to accomplish these basic money management strategies.

It would be impossible for me to meet all my bills, save for an emergency fund, pay off my debts, and put aside money for future goals without another source of income. However, figuring out how to create more money was a challenge. I had a full-time job and family responsibilities, so my free time was limited. I also had no idea of what else I could do to increase my income.

found the answer to this financial dilemma as I continued to uncover the wealth of information about money that was contained in books and CDs. As I read and listened to the stories of persons who had built big bank balances, I realised that most of them had one thing in common - they had found success in selling products or services.

The Secret of Selling

Many of these affluent people had initially sacrificed their leisure time, spending numerous hours crafting their skills or developing their ideas into viable products and services. By strategically and enthusiastically marketing their offerings to the public they were able to create a consistent flow of income and eventually created long-lasting wealth.

My research indicated that persons and businesses that excel at selling make the most money. No successful corporation can exist without sales; no money can realistically, honestly and sustainably be created without the exchange of products and services that are demanded by consumers.

Therefore, if I wanted to become an income creator, I needed to think, act and perform just like a profitable business. I had to learn the secret of successful selling.

For many people, the thought of selling conjures up images of annoying insurance agents or unwelcome travelling merchants who push offerings that no one really wants. Selling could mean exposing yourself to rejection from persons who would hurtfully decline your requests, or worse, ignore your feeble attempts at getting them to pay attention to you.

This underlying impression of sales causes many people to avoid the prospect of selling anything to anybody like the plague. Unfortunately, it is also the fundamental reason they are unable to earn the extra income that they require. Unless you learn how to sell something, you will find it very difficult to become truly financially successful.

From Failure to Success in Selling

One essential resource that has been described by best-selling author and sales coach, Dale Carnegie, as “the most helpful and inspiring book in salesmanship that I have ever read,” is How I Raised Myself from Failure to Success in Selling by Frank Bettger. This book is a must-read item if you want to discover the secret of selling.

Whether you wish to develop a career in sales or you just need to find out how to create some extra income part-time, Bettger’s timeless masterpiece will help you to get the right framework for selling success. In simple language and with relevant stories, he describes how he changed from failing in retailing to becoming a sensational sales superstar.

Bettger goes through the process of how he discovered the principles that helped him to exponentially multiply his income, and how you can replicate his success. The first key, he reveals, is to act enthusiastically about whatever you are selling. When salespeople have enthusiasm, “they get customers excited, and we get business.”

One of the challenges that hinders people from selling effectively is their fear of approaching people. If you have this problem, Bettger advises you to join a public speaking course where you’re required to speak at every meeting. “When you lose your fear of speaking to an audience,” he confirms, “you lose your fear of talking to individuals, no matter how big and important they are.”

Another principle that’s vital for success in sales and life is efficiency in carrying out multiple tasks. Bettger recommends that you should set aside a fixed time each week to organise the things you have to accomplish in their order of importance. “The whole secret of freedom from anxiety over not having enough time lies not in working more hours, but in the proper planning of hours.”

Bettger outlines in great detail everything he did to make a fortune from selling. His book inspired me to focus more on sales as a route to financial prosperity, and can help you to learn essential strategies to increase your income.

------------------------------------------

(c) Cherryl Hanson Simpson

Cherryl is a financial consultant and money coach, and founder of Financially S.M.A.R.T. Services. She is currently writing her first book "The 3 Ms of Money." See more of her work at www.financiallysmartadvice.com

Reducing overheads is often the bestsolution for businesses looking to survive tough economic conditions.  One way of doing so is to switch fromoccupying premises to running a business from a virtual office - an option thatan increasing number of Jamaican companies are taking.

The concept, which offers fulloffice support, including reception, telephony and meeting facilities, is anaffordable and practical alternative to the traditional approach, which oftenproves prohibitive to an up-and-coming business.

Portmore entrepreneur, Andre’O’Connor, Chief Executive Officer of Interak, is one of the Jamaica’s marketleaders in Virtual Office Solutions.  Interakwas launched last year, and offers a host of services that Mr. O’Connorbelieves will level the playing field for small businesses, and give thefreedom to focus on their products or services, without the added burden ofhuge overheads.

This means that the small business entrepreneur,who wants to create a better company image, and successfully compete with thebigger boys, can have the trappings of a real professional office, at anegligible cost.

Employing your own receptionist cancost in the region of JA$50,000 per month, which can be a lot of money to a newbusiness.  Interak’s currentInternational Plan is incredibly affordable in comparison, as it will cost thesmall business only US$120.00 or approximately JA$10,500.00 per month.   

However, the Virtual Receptionist isonly one service offered under this plan. It also includes UNLIMITED international calls to the US, Canada and theUK, a International number (US, Canada or UK), a local business landline, twoextensions, fax to email, voicemail to email, a business address, meeting roomaccess, 24/7 automated attendant, three-page website, and conferencebridging.  Companies find these offeringsquite appealing, as it gives them a clear advantage over their counterparts whochoose to traditional physical office space.

“The service is much more than justphone answering. We have a real high-end reception service that isprofessional, and can drastically improve your company’s image.  It's just like having your own receptionist,but without the high cost”, Mr. O’Connor explained. 

In Jamaica, there are many personswho operate their businesses from home, but in our current climate, it is notvery prudent to allow the general public access to your home.  As such, it is always better for a newbusiness to have a proper business address. Interak makes this possible, without having to rent an office andcontend with the cost of all the furniture, utilities, stationery, toiletries,etc.

In addition to these virtualservices, there is still a need for meeting rooms, so Interak offers this inmost of their Plans, at no additional cost. You don't have to physically rentspace, just book rooms when you need them.

Companies that do not require areceptionist opt for other packages that range between US$40 to US$87.00.  These include the services of an automatedattendant that forward messages to their email, so they never miss a call.  These services are perfect for persons whohave their own businesses, but are still working in full time jobs. 

Larger businesses looking todownsize are also shifting to these virtual office services.  It significantly reduces the expense, whilstmaintaining professional quality.  It's asolution for companies needing to reduce overheads, and it offers strugglingbusinesses the option of tearing up their leases, if they determine that theydon't need the expensive physical space anymore.  So they choose the more cost-effectivevirtual office concept.

With a PC and a smart phone in hand,you are in business.  It is amazing howeasily a business can transform into a virtual office.

O’Connor said that the response totheir services has been tremendous, and envisions that this business model willexpand globally in the next couple of years as more people recognise its advantages.

Of course, this offers endless jobopportunities to Virtual Receptionists, who can operate from home and make agood income in the process.  This is a temptingalternative to an uncomfortable commute and stressful workplace.  All they need is to be certified and experienced in telephone handling/customer service, and have access to aPC/Laptop with high-speed internet connection.

For additional information contact:  www.interaknow.com, sales@interaknow.com,(876)614-3991.

In this challenging economy, the terms ‘downsizing’ and ‘outsourcing’ have become a regular part of the workplace vocabulary, and many employees are obliged to look for entrepreneurial ventures to replace their job income. As more students leave the classroom to join the workforce, they find that there are few ready-made jobs awaiting them, so creating a self-generated income source might be their only option.

I believe that practically everyone has the ability to improve their finances by utilising their talents and taking advantage of opportunities, and I always encourage persons to use their creativity to earn part-time income. However, becoming a full-time entrepreneur involves much more than just acting on an idea and sourcing funds to start a business.

It can be debated whether entrepreneurs are born with a natural business instinct, or if persons can be taught to become entrepreneurial. While I believe that there is a little bit of both nature and nurture in each successful business person, there are certain personalities and mindsets that are non-negotiable in order for an entrepreneur to succeed.

At a recent trade exposition, I met two highly creative persons who underlined the vast differences between a true entrepreneur and a dedicated employee. The first, a thirteen year-old high school student, told me of his forays into supplying his friends with high-end phones and computers. By the time we had finished speaking, he had identified the solution for a particular technology need that I had expressed, and had cleverly arranged for my business to source the application.

The other person, a talented marketer, recounted his initiation into business after 15 years of being a star employee. The venture collapsed after a short time and he had sworn off pursuing any more entrepreneurial ideas. He was now in search of the ideal job which would allow him to regain the big spending budgets, status and lifestyle of his past.

Based on the characteristics and mindsets that were revealed in our conversations, it was clear that while they would both be very successful, one would definitely become an entrepreneur and the other should remain employed.

Let’s look at some traits and thoughts that can help you to determine if you are suited for the rigours of entrepreneurship, or if you would be better off sticking to your day job:

Security vs Freedom

While many persons may express discontentment with their jobs, most employees value the perceived security that comes with a regular pay cheque. The thought of not having a fixed salary would leave them worried and despondent. On the other hand, entrepreneurs place higher value on the freedom that comes from being their own bosses. The ability to be masters of their own destiny an irresistible attraction that cannot be bettered by a mere pay slip.

Guarantees vs Risk

Salary perks and health benefits are assurances that are highly desired by most employees. Although they might have to take calculated risks in the course of their jobs, they are more comfortable with these decisions as the financial loss would not be their own. Dictionary.com defines an entrepreneur as “a person who organises and manages any enterprise, especially a business, usually with considerable initiative and risk.” Entrepreneurs willingly accept risk and the possibility of loss as the price they pay for success.

Routine vs Change

There is something very comfortable in routine and predictability for most employees. There is usually a lot of resistance from staff members whenever an organisation is going through change, as it brings uncertainty. Entrepreneurs behave in the opposite way, as they are always looking to shake things up and change around the status quo. In fact, many entrepreneurs end up attempting several business projects in their lifetime, as they are always pursuing ‘the next big idea.’

Dependence vs Self-reliance

Employees like to know that they can depend on their organisations to provide for them. Most employees would prefer if someone in charge made the big decisions and outlined clear paths for their performance. However, the ability to depend on their own ingenuity and initiative is an important survival trait for entrepreneurs. They always trust that their decisions and actions will prove right in the end.

Structure vs Innovation

Organised environments and clarity of direction are important for the wellbeing of most employees. If they lack the facilities to exercise their skills in a functional manner, they would flounder like fish out of water. On the other hand, entrepreneurs can effectively work in less than ideal conditions, as they can use their innovation to create new structures and operating procedures to make their visions become reality.

We need both dedicated employees and adventurous entrepreneurs to have successful workplaces. Without employees, entrepreneurs would not be able to actualise their dreams; without entrepreneurs, there would be no jobs!

................................................

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com.

Unless you’ve been living as a recluse for the last few years, or you’ve chosen to ignore the technological advancement of the Internet, chances are that you have heard of the concept of social networking. The way that the world communicates in the 21st century has been completely transformed by this phenomenon.

Social networking is a web-based structure that allows persons who have common interests to interact freely online; sharing comments, ideas and stories. Some of the more popular networks include Facebook, Twitter, YouTube, LinkedIn and MySpace. Research indicates that avid social networkers will spend several hours per day communicating with their online friends.

While these online networks are largely used for entertainment and social interaction, the model offers tremendous potential for businesses as well. Recently, AMK Communications hosted the Caribbean SME Business Technology Exposition (CARIBIZTECH) which showcased several experts and presentations about the importance of social networking in the work environment.

Social networking in the Caribbean

DJ Newson, CEO of Newson Consultants, a firm which creates corporate social network strategies, emphasised that Caribbean businesses could not afford to ignore the power of the Internet as a key sales and marketing tool. He explained that social media could help companies to generate public exposure, increase traffic to their websites, and build new business partnerships.

To highlight the wide reach of social networks in our geographical area, Newson pointed to recent studies that showed that the Caribbean, with a total population of about 41 million people, had some 3.9 million Facebook users. This figure represented approximately 9.4 per cent penetration, he revealed, which meant that there were a significant number of people that could be accessed via this medium.

Newson underscored that word-of-mouth marketing - satisfied customers talking positively about a company - was an invaluable method of promoting a business. The very nature of social networking could allow businesses which participate in the process to gain credibility, influence buying situations, facilitate customer-to-customer interactions, solicit feedback, and encourage the selling and promotion of its products.

Getting started in social networking

With over 500 million users, Facebook is the king of all the networks; and it offers the most options for a business to create a meaningful online social presence. Here are some tips for networking newbies to get involved in this opportunity:

1. Start a personal account.

It’s free to sign up with Facebook and you can determine how much personal information you wish to share with the public and which details should remain private. If your primary reason for using Facebook is for business, ensure that you maintain a professional profile.

2. Search for friends and colleagues.

Follow the simple instructions to link your email address books with the site. Facebook’s search tools will find all your contacts that already have Facebook accounts and will allow you to send out friend requests. You’ll be amazed at how many people from your past you will discover in a short time, but you can always refuse to link with specific persons.

3. Create a business presence.

After putting your personal details, you can then create a Facebook fan page or a group to showcase your business. You can invite your Facebook friends to ‘like’ your page or group, which in turn gets reflected on their personal pages. This can encourage persons you don’t know to discover more about your company. Use a search engine such as Google to find a tutorial on the benefits of setting up these group pages.

 

4. Send out business updates

You can publish details about your products or services in the update box on your business page. However, due to the social nature of this arena, do not place basic advertising information with excessive links back to your website. This could be interpreted as ’spam’ and will definitely turn away people from your page. You should create updates that are entertaining and interesting to encourage people to read and follow your posts.

5. Offer exciting marketing promotions

Everybody loves getting something for free, and Facebook users are no different. You can create a buzz about your products and services by offering special discounts and deals for your followers, announcing new offerings first on Facebook, asking for feedback and ideas, and developing online contests where persons can win simple prizes.

 

6. Connect your business website

You can use the Facebook tools to put a link to your fan page on your business website, if you have one. This is a simple way for your website viewers to experience your up-to-date posts and participate in the social interaction that Facebook delivers. They will also see a trendy side to your business that might encourage long-term loyalty.

If you have a small business, you can easily create a presence on Facebook or any other social media by yourself. However, depending on your product offerings and your marketing strategy, it might be useful to hire a part-time worker to post updates or tweets. If necessary, contract a consultant who can help you to make the most of social networking.

.......................................

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com.