An entrepreneur has no choice but to depend on the hard work of others alongside their own tiresome efforts. So there is always the question 'Who do I need on my team?' burning in the mind of the business owner.
This would be my business' hierarchy if I started my own business. Essentially you need 5 persons.
The Owner: manager and ultimate decision-maker of all. This person should be in charge of all matters to a certain degree and in the same breath be knowledgeable of all aspects of the business to prevent persons in leadership positions abusing their privileges and other works from performing poorly.
The Personal Assistant to the owner: a person who does as the name suggests but works in support of the business more so than the owner.
The Manager: supervisor who manages staff and day to day relations of the entire business. Managerial functions are common is most places, I would use that as a template for further specifications.
The Labourer: general staff that are expendable but better if they are diligent and/or extremely useful. A business should always be able to maintain a certain level of flexibility, aside from business plans expendable persons are necessary components because of this.
The Financier: someone in control of finances. I am not a financial mind I would need someone trustworthy and dependable for this position. Their control would be monitored by both the Personal Assistant and the Manager and then if necessary the Owner to prevent possible theft and/or any other foreseeable fiscal problem.
All these positions would rely on each other for the business to function to the best of its ability so team work and communication would have to be stressed.
If I can think of anything that could possibly be closer to ideal I'll tell you but this is pretty much it.
Friday 26 April 2013
Ideas and Proper Communication
In class myself and a few other group members got assigned a 'creative' presentation on the entrepreneurial themes that we could get from watching a movie focused on entrepreneurs. We chose the movie Hustle & Flow and prepared a short skit that had a unique idea. We all felt confident that the idea would get across but by the end of the presentation it seemed (well, based on our audience's response) that they way in which we communicated the ideas weren't clear enough for most. That's when I realised that no matter how good the idea, no matter the preparation that goes into the completion of something, proper or improper communication can change the game.
The best presentation was promised a prize, which meant we were all doing our best to get the top spot. The team that ended up winning was the one that stuck to the simplest idea. Concepts were easy to pick up and I guess that's what made it better. So despite my hard work going to waste I learnt less is more, simple is sometimes best and proper communication is a card best kept in your pocket.
The best presentation was promised a prize, which meant we were all doing our best to get the top spot. The team that ended up winning was the one that stuck to the simplest idea. Concepts were easy to pick up and I guess that's what made it better. So despite my hard work going to waste I learnt less is more, simple is sometimes best and proper communication is a card best kept in your pocket.
Attributes of Successful Entrepreneurs
So we got an outline in class of the top 20 attributes of successful entrepreneurs. The list goes as follows:
1. resourceful, 2. purposeful, 3. focused, 4. risk-taking, 5. problem-solving, 6. salesmanship oriented, 7. visionary, 8. optimistic, 9. leadership-oriented, 10. ambitious, 11. innovative, 12. integrity-based, 13. adaptable, 14. communicative, 15. self motivated, 16. strategic, 17. team-oriented, 18. determined, 19. curious and 20. balanced.
I agree with most of the above being necessary attributes but would insist on re-ordering them if it is that the list is assembled in terms of importance. My number one would have to be visionary.
If I were to ask myself what makes the common man different from the entrepreneur it would have to be that one man had incite, an imagined concept that he ran with and the other didn't join the race. Ask yourself what good is a blind man in a fight? And what is the world of business if not a battlefield?
On to my number two, ambitious. Ambition can also be a separating factor between ordinary men and great men. With ambition comes determination, comes a desired purpose. When you give yourself a goal you have something to work towards. If you're ambitious the goal can be far out of your reach but you'd overextend yourself and plot and plan and work hard until you could achieve it. That mentality is only useful in business. Being weak and flaky can achieve nothing in comparison to being passionate and fuelled by ambition.
Number three would be innovative/adaptable. I join the two because I strongly believe they cannot be apart in business, specifically for young businesses. Innovation can drive a product far beyond ordinary standards and make it more attractive to its target audience. In the same breath business innovation should be led by a certain amount of adaptability. Your innovative tactics cannot be the same as your competitors, they need to be bigger or quite simply better. Globalization leads to a great mosh pit of ideas converging on the internet, your tactics may be ones many have seen before and have at that point been overplayed. A true test of a stable business or a strong business mind is the ability to adapt to suit your market/target audience.
Four pushes focused back just a notch down the line. Focus is a critical element of any task that any person expects to successfully begin or complete. A paper cannot be written if you cannot align your thoughts. A talk cannot happen if you do not know what the conversation should achieve.
I didn't see any reason to separate the rest of the numbered attributes because I believe they closely link themselves with the others. Vision is birthed from a certain level of curiosity. A person can be pushed to become resourceful if they have enough ambition and ambition drives determination. In order to be communicative and team-oriented you would need focus. A common goal that all team members to latch on to, that all persons of the team can be held accountable to. And so on.
Success hinges on willingness to achieve great things. To all entrepreneurs out there or persons still at the drawing board take a look at these qualities and strive for them if you find yourself lacking.
1. resourceful, 2. purposeful, 3. focused, 4. risk-taking, 5. problem-solving, 6. salesmanship oriented, 7. visionary, 8. optimistic, 9. leadership-oriented, 10. ambitious, 11. innovative, 12. integrity-based, 13. adaptable, 14. communicative, 15. self motivated, 16. strategic, 17. team-oriented, 18. determined, 19. curious and 20. balanced.
I agree with most of the above being necessary attributes but would insist on re-ordering them if it is that the list is assembled in terms of importance. My number one would have to be visionary.If I were to ask myself what makes the common man different from the entrepreneur it would have to be that one man had incite, an imagined concept that he ran with and the other didn't join the race. Ask yourself what good is a blind man in a fight? And what is the world of business if not a battlefield?
On to my number two, ambitious. Ambition can also be a separating factor between ordinary men and great men. With ambition comes determination, comes a desired purpose. When you give yourself a goal you have something to work towards. If you're ambitious the goal can be far out of your reach but you'd overextend yourself and plot and plan and work hard until you could achieve it. That mentality is only useful in business. Being weak and flaky can achieve nothing in comparison to being passionate and fuelled by ambition.
Number three would be innovative/adaptable. I join the two because I strongly believe they cannot be apart in business, specifically for young businesses. Innovation can drive a product far beyond ordinary standards and make it more attractive to its target audience. In the same breath business innovation should be led by a certain amount of adaptability. Your innovative tactics cannot be the same as your competitors, they need to be bigger or quite simply better. Globalization leads to a great mosh pit of ideas converging on the internet, your tactics may be ones many have seen before and have at that point been overplayed. A true test of a stable business or a strong business mind is the ability to adapt to suit your market/target audience.
Four pushes focused back just a notch down the line. Focus is a critical element of any task that any person expects to successfully begin or complete. A paper cannot be written if you cannot align your thoughts. A talk cannot happen if you do not know what the conversation should achieve.
I didn't see any reason to separate the rest of the numbered attributes because I believe they closely link themselves with the others. Vision is birthed from a certain level of curiosity. A person can be pushed to become resourceful if they have enough ambition and ambition drives determination. In order to be communicative and team-oriented you would need focus. A common goal that all team members to latch on to, that all persons of the team can be held accountable to. And so on.
Success hinges on willingness to achieve great things. To all entrepreneurs out there or persons still at the drawing board take a look at these qualities and strive for them if you find yourself lacking.
Each one Reach one Ladder of Business
There are some business persons who after having made it forget all those little things that used to matter. Like the fact that some people in the heated pursuit of their dreams live hand to mouth for lengthy stretches of time. Then there are some who don't.
I was watching Conan O'Brien last night and he has this segment that introduces young, up and coming comedians to his studio audience and the wider television following of his show. And I couldn't help but think this was Conan's effort to invest in his field. An effort that makes him one of an impassioned yet smart few who realise that those small time investments pay off.
I had spoke about establishing connections before and this strikes me as that and a devious little marketing tool wrapped up in one package. In the event that these persons do go on to 'do big things' and 'make a name for themselves' after their feature on the show they would always remember Conan's effort as an integral part of their rise to stardom, which secures Conan as a business contact. Also, because the comedians that feature in that segment are always changing and because they are all 'up and coming' they can take it upon themselves to raise awareness of their stint on the show and in doing so bring a whole new set of persons to Conan's show.
I am happy to see it in areas that are known for small time ventures, like the arts or other such neglected industries. But this scheme is also employed by bigger businesses for strategic reasons like tax benefits. In Jamaica telecommunications giant Digicel is known for its community outreach program. It will sponsor several small time events for inner city communities, for children's homes and establishments of that nature all in an effort to push their brand and service. The same goes for Scotiabank, Courts and other big name business conglomerates.
So here's my word of advice, if you're an up and coming business person do your best to position yourself in the way of schemes like these. Rely on these stable contacts to introduce you to where you want to be, to your target audience and then go to work on making sure they never forget your name. Be an opportunist!!
I was watching Conan O'Brien last night and he has this segment that introduces young, up and coming comedians to his studio audience and the wider television following of his show. And I couldn't help but think this was Conan's effort to invest in his field. An effort that makes him one of an impassioned yet smart few who realise that those small time investments pay off.I had spoke about establishing connections before and this strikes me as that and a devious little marketing tool wrapped up in one package. In the event that these persons do go on to 'do big things' and 'make a name for themselves' after their feature on the show they would always remember Conan's effort as an integral part of their rise to stardom, which secures Conan as a business contact. Also, because the comedians that feature in that segment are always changing and because they are all 'up and coming' they can take it upon themselves to raise awareness of their stint on the show and in doing so bring a whole new set of persons to Conan's show.
I am happy to see it in areas that are known for small time ventures, like the arts or other such neglected industries. But this scheme is also employed by bigger businesses for strategic reasons like tax benefits. In Jamaica telecommunications giant Digicel is known for its community outreach program. It will sponsor several small time events for inner city communities, for children's homes and establishments of that nature all in an effort to push their brand and service. The same goes for Scotiabank, Courts and other big name business conglomerates.So here's my word of advice, if you're an up and coming business person do your best to position yourself in the way of schemes like these. Rely on these stable contacts to introduce you to where you want to be, to your target audience and then go to work on making sure they never forget your name. Be an opportunist!!
Thursday 25 April 2013
The Importance of Timely Marketting
Myself and a few other members of the Springvale Enterprise were at a Culinary Event earlier this month. The aim of the night was to do a push promotion minus actual sales of the products. Which, I will admit, didn't entirely make sense to me. The event was at the Pegasus. Furthermore the ticket price was JA$3500. I have always thought that you should capitalise on any chance to sell your product. So it only seemed right to bring products to sell to persons who were willing to pay JA$3500 for one event. After all our product is sold at just about JA$300 a pop, it should have been an easy sell to that crowd. But since with every event in life you learn a few new tricks, I thought I'd share what I learnt there.
Time and Place is key!
The event had several prominent members of Jamaica's Culinary Field in one place. All eager to provide samples of their respective products, exchange business cards and mingle. Making it the perfect environ for connections to be made. Better yet for an up and coming brand like Springvale.
Successful business ventures will thrive on marketing strategies. However every business cannot be all about immediate sales and profits. Some marketing schemes should be centred around building connections. For start-up businesses this is a tip that should not be taken lightly.
Your product or service is new on the market, young in comparison to several others who have had more time to build a communications network, stable customer backing and other necessary elements. Which means you will need to build yourself a communications network, stable customer backing. This takes time but it always worthwhile and should be a very pressing concern for all new business owners.
For all you know several doors can open from one conversation at such an event.
Spend money, Make money!
Sometimes business rewards come fast on the heels of persons who understand that money has to be spent to make a profit. There are always aspects of your business that you should be prepared to splurge on. Advertising most often always falls in that bracket and this event was one such time.
Fun fact: In these scenarios compliments can take you far. So can a smile and a cheery persona. Do your best to prepare all of these for a quaint pitch of your product or service to be all the more effective in its delivery.
Time and Place is key!The event had several prominent members of Jamaica's Culinary Field in one place. All eager to provide samples of their respective products, exchange business cards and mingle. Making it the perfect environ for connections to be made. Better yet for an up and coming brand like Springvale.
Successful business ventures will thrive on marketing strategies. However every business cannot be all about immediate sales and profits. Some marketing schemes should be centred around building connections. For start-up businesses this is a tip that should not be taken lightly.
Your product or service is new on the market, young in comparison to several others who have had more time to build a communications network, stable customer backing and other necessary elements. Which means you will need to build yourself a communications network, stable customer backing. This takes time but it always worthwhile and should be a very pressing concern for all new business owners.
For all you know several doors can open from one conversation at such an event.
Spend money, Make money!
Sometimes business rewards come fast on the heels of persons who understand that money has to be spent to make a profit. There are always aspects of your business that you should be prepared to splurge on. Advertising most often always falls in that bracket and this event was one such time.
Fun fact: In these scenarios compliments can take you far. So can a smile and a cheery persona. Do your best to prepare all of these for a quaint pitch of your product or service to be all the more effective in its delivery.
Our Observer Feature
I remember gushing about my brand new business affiliation and its products. Well this is more gushing. Today we were featured in the Jamaica Observer as a nominee for the Jamaica Food Awards!! I'm happy to see a brand I am standing behind get such a warm review. I'm especially happy that more word about our product is hitting the 'ear ways '.
Take a gander at the article: http://www.jamaicaobserver.com/magazines/food/New-Food-Items---Week-4_14130784. It features two other business ventures that have recieved the same honour.
Until next time, visit our website (www.springvaleproducts.com) if you're interested in taking a peak before you hit the supermarket in earnest search of our delicious treats.
Take a gander at the article: http://www.jamaicaobserver.com/magazines/food/New-Food-Items---Week-4_14130784. It features two other business ventures that have recieved the same honour.
Until next time, visit our website (www.springvaleproducts.com) if you're interested in taking a peak before you hit the supermarket in earnest search of our delicious treats.
Tuesday 23 April 2013
Hustle & Flow Movie Review
I'm doing an entrepreneurial class because I'm clearly looking at all available angles here. So we were told to assemble a group and the first assignment was to do a movie review of an entrepreneurial themed movie. My group picked Hustle & Flow and I'm not sure about how many people have watched Hustle & Flow but it's a remarkable movie about a man who dares to reach for a dream. And I wanted to share that assignment and hope that something special can be communicated.
Here it is:
The movie entitled “Hustle and Flow” is a movie that possesses several entrepreneurial themes. But it is more than that. We understand the movie to be much deeper than what initially meets the eye. “[Hustle and Flow]...is not just about a pimp trying to become a rapper, but the saga of a man trying to make a better way of life.” (Words of Terrance Howard in an interview). It is then, the story about a pimp with a dream.
The main character DJay (Terrance Howard) is pimp and a drug dealer from Memphis, Tennessee. His love for music is reignited when he obtains a mini-piano from a druggie outside a strip-club in exchange for a small amount of drugs. The rest of the movie chronicles his journey towards a better life. One in which he intends to use music, his rejuvenated passion, focus and motivation to pave a new path for himself and those around him. He re-unites with a childhood friend ‘Key’ (Anthony Anderson), who is now a sound technician. The pair, along with a Caucasian sound mixer named Shelby (Dj Qualls), begin to make music together. In doing so they show the audience that networking and being team oriented are very important aspects of being a successful entrepreneur.
The movie uses DJay’s businesses to establish a unique family-based support system for his dream but in doing so does not fail to highlight the realistic support structure of any given entrepreneurial endeavor - that is the summed up in the three “F’s” of a business model. Nola (Taryn Manning) is a prostitute that DJay ‘pimps out’, her role in his life is not unlike that of a dutiful Friend who also doubles as financial backing. Paula Jai Parker or the character Lexus, a stripper that DJay manages, does her part to signify the role of the Fool when she shows how little she thinks of his dream and its possible success. DJay’s Family is fully embodied by the soft spoken but ever encouraging character that is Shug (Taraji Penda Henson). Shug’s character goes beyond the importance of money, to show the audience the significance of emotional encouragement behind all the other very physical factors that are a large part of building a business.
Djay is also a known drug dealer; a skill that comes in handy when he is offered the opportunity to have an audience with rapper, ‘Skinny Black’ (Chris ‘Ludacris’ Bridges). In these scenes we can see where communication is key, we can see resourcefulness and sheer determination presenting itself. It must also be noted that all the jobs that are associated with Djay all share one common attribute and that is a high level of risk-taking.
The title of the movie itself is significant. Hustle -“all day, every day”, a continuous effort that is symbolic of a take no prisoners approach to development. Flow - “wisdom and patience” which is seen as a counterpoint of hustle and is also symbolic of strategy. It is therefore evident that the movie highlights many entrepreneurial themes. As even its title shows one has to be adaptable, strategic, team-oriented purposeful and most importantly determined and self motivated.
In conclusion, our opinion of “Hustle and Flow” is that it is a very good example of an entrepreneurial activity as it highlights very significant and important aspects, concepts and themes of entrepreneurship. Whether it be legal or illegal it also teaches individuals to go into business for themselves not entirely for the money but for the passion, the love of the craft or service, for the dream.
Monday 22 April 2013
A Global Entrepreneur - Hyun-suk Yang
Hyun-suk Yang is a singer, song writer turned multi-million
dollar music executive and owner of the most profitable entertainment agency in
his home country, South Korea. To put him in a familiar present day context, he
is the founder and CEO of the record label behind the wildly popular Gangnam
Style artist Psy. Hyun-suk Yang stands today as one of the most influential men
in the Asian music market, but every man has his humble beginnings.
Aside from his birth date (2nd, December 1969)
there is very little known about Hyun-suk Yang’s early life. That is until he
burst on the entertainment scene in 1991 as part of the three-man boy band Seo
Taiji and Boys with the overnight sensation of their first single ‘I Know’ (Nan
Arao).
The group was comprised of former heavy metal rock vocalist
Seo Taiji and two backup singers/dancers Lee Joono and Hyun-suk Yang. The grup,
now widely acknowledged as pioneers of the modern Korean Pop and Rap music
movement, introduced the public to an entirely new sound profile. An assortment
of rough raps alongside smooth vocals over midi system mixes with heavy metal
undertones. The blend quickly became addictive, launching the boys into super
stardom.
After five years together the group disbanded, each member
going on to pursue a solo career. The band left behind a legacy of musical
experimentation and diversity; a contribution that largely affected emerging
acts and the face of Korean Pop and Rap music thereafter.
Hyun-suk Yang waited two years after the disbanding to
establish his own entertainment agency: YG Entertainment. YG comes from
Hyun-suk Yang’s alias Yang Goon. The agency started with a few artists, Hyun-suk
Yang himself included, but grew to facilitate a slew of young, talented persons
all with a distinct impact on their nation today.
Standing Behind a Product
I'm joining a new project that I am very excited about, so much so that I am practically itching to spread the word.I am now working with Springvale, a 100% Jamaican company that is branching out in the food industry. Our first endeavour is a line of vinaigrettes.
For those who don't know a vinaigrette is a mixture of various types of oils and vinegar most commonly used as a dressing of sorts for salads. But we at Springvale are making ours with a delectably healthy twist.
Delectable Element:
Our vinaigrettes are flavoured, with authentic Jamaican favourites like Guava, Sorrel and June Plum. So there is no heavy vinegar flavour weighing down the light affair of a salad. Instead persons can enjoy the sweetness of our Guava Vinaigrette, the mellow vibes of our savoury Sorrel Vinaigrette and the tang of the June Plum.
Healthy Element:We pack our tasty treats with vitamins and antioxidants. The preservative is the all natural vinegar, which gives our product a general shelf life of about 5 months.
How to:
1. Our Vinaigrettes can be used traditionally as a dressing for salads; 2. or used as a glaze for cooked meat; 3. or before the cooking even begins and the meat is being washed i.e. usually with vinegar or some such alternative.
Where can you find us?
Currently we're in all Hi-Lo and MegaMart stores. You can find us in whichever isle stocks or fattier, unhealthy, foreign counterparts.
So here's to hoping you'll give us a try and enjoy us so much you'll always want us in your homes. Until then, here's a link to our Facebook page: https://www.facebook.com/pages/Spring-Vale-Enterprises/486505688032058. While you're at it tweet us at: @SpringValeEnt
Monday 15 April 2013
Jamaica's Stock Exchange and the common man
I took an educational trip to the Jamaica Stock Exchange last week. I have always been interested in learning more about stock trading because all those who I have asked have only recommended it highly and as a purely money making venture. Better yet, the most memorable comment I heard was "trading stocks ensures I can buy Wendy's". Which for me translated into if this can afford me the luxury of a $1000 burger then it's surely a great investment. After my trip I am not so sure about how lucrative the stock exchange really is for the common man on a tight budget. However I do see the extent to which it pays off for those who have a few thousand to risk in the stock's poker-like game of chance. Or for those willing to even consider the purchase of a $1000 burger.It turns out the Jamaica Stock Exchange has regular tutorial sessions geared towards educating persons on stock trading and an entire team of marketing personnel dedicated to this task. My visit brought me to a Ms. Charlette Nugent, a polite woman who for all her efforts was able to get me to understand a few simple ideas behind the active trading of stocks.
Nugent Tip 1:
Trading is most easily and efficiently done through a certified broker/brokerage company. There are several in Jamaica, from Barita Investments to Mayberry. The alternative is trading directly between persons. This method however presents several additional costs that make a brokerage more attractive to persons on pricing alone. Costs like lawyers for the legal transfer of property and the tax associated with the transaction.
Nugent Tip 2:
Trading stocks is like bartering at a market downtown for produce you aim to resell. Your goal then is to get stocks as low as possible so they can be sold for as high as possible.
Nugent Tip 3:
Stocks are easily affected by fiscal decisions of an economy. Every profit made is taxed and commission for your broker is subtracted. It is important that this is understood by any interested party before they consider risking their money.
Nugent Tip 4:
Profits are generated by returns on shares (shares being the unit of measurement for this method of trade). There are two main types of shares: ordinary and preference shares. Ordinary shares are open to the masses and associated with the benefits of a dividend payment but said payment is based on the overall success of the company. Preference shares are more restricted, gifted to only a few persons. Dividend payments also apply but they are more stable. In the sense that these payments are not entirely based on company successes but on a fixed return figure.
Separate and apart from Ms. Nugent's quick tips she was able to disclose information on the role of the Stock Exchange in the lives of small enterprises or businesses. The Stock Exchange has a market specifically geared towards smaller companies, called the Junior Market. All it takes is the willingness to approach the Stock Exchange for capital and an examination by the brokerage's board to determine the value of the company. After which small companies can enjoy incentives that range from five year tax cuts to half off ten year tax packages.
That is basically what I was able to understand. I am sure that there are some areas that are not as eloquently expressed as they could have been but I am no stock expert. For those interested parties Ms. Nugent advised me that the Stock Exchange gives free advice and welcomes persons to take the tutorial and learn all they can.
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