The Teas ("ty's") of Business

In business, life most things in life there must be some element of governance. Nowadays, many are jumping onto the bandwagon of entrepreneurship with the mindset that they want to be their own boss. What needs to be asked is, have we counted the true cost of the elements that are needed for business? Have we looked at key ingredients that if not present, the business is doomed to failure.

This short, interactive article will look at not the teas, but the ty's of business. We will highlight them and briefly illustrate how they can be useful in business. The list can be extended as you deem fit, however this is the starting point to just quicken your thinking into considering which of these apply to your business and how you may adapt them to move your business forward. You will be able to identify your own "blend" of business.

Responsibility

Authority

Loyalty

Dependability

Accountability

There, I have hyperlinked them for you. On this occasion, you are going to look them up individually rather than me tell you their meaning. Why?

It's because if you're serious about business, you would want to be aware of the ingredients that go in and make your blend that's suitable for you, your staff, and your customers. Ponder on the next image and see:

• The various elements that affect your business
• How can you manage them with all that's going on?
• What are some of the decisions that you'll have to make and how will the affect the big / small picture of your business?
• Do you affect only the local situation where you are, or do your decisions have an international impact? Think in terms of all the "publics" you will serve. 
• Are you setting any trends / just following leads within the market?

Business is dynamic, interesting, exciting, risky, sometimes stressful, gratifying, and despite the myriad of emotions and experiences - good and bad that it presents, more people want to get into business.

For instance; I want to publicly thank those who created these images that I have used in this article. My imagination would not have allowed me to convey this message as clearly without these images that they developed and never knew that they would be of use for me. Their decision though having an initial local thought has international impact. I also liked learning about their services when I followed their links, since it sort of blends with what I do.

Think locally / Act globally is more than a cliche. It is a MUST. I hope to enjoy your "ty" [pun intended]. Wishing you the best!

Business Incubator Opportunities compliments BIDC

BIDC Accepting Applications For Incubator

Friday, February 20th, 2015

The Barbados Investment and Development Corporation is accepting new registrants for its Incubator facility.

Game-changing entrepreneurs who are desirous of accessing on-site business advice and support services for the purpose of getting their business ideas off and running in a cost-effective and nurturing environment are being urged to apply. Companies applying for placement in the Incubator must be three years old or less and must be registered or incorporated. Owners should have a business plan and be willing to accept mentorship and guidance.

The BIDC incubator facility is where start-up businesses are moulded into economically viable enterprises with the capacity to create employment and stimulate economic growth.  Facilities can accommodate businesses involved in services or light manufacturing. The incubator provides business counselling and a range of services to startup and growing companies to aid their development and sustainability.  In addition, Incubatees are offered:

• Affordable workspaces
• Access to business intelligence
• Local telephone, fax machine and photocopying services
• Computer and printer services with internet access
• Fully equipped conference room and training room
• Shared lunch rooms
• Mail box/ Business Address
• Building security
• Parking facilities

There are valuable benefits to be gained from being resident in the Incubator. There is the internal dynamics that are derived from businesses working together in a shared physical space with certain common services, the joint and cross-disciplinary learning that takes place, and the opportunity to form business networks and to make contacts which are vital to the launch of successful ventures.

Ryan Nurse
Business Development Officer

Barbados Investment & Development Corporation
P.O Box 1250, "Pelican House", Princess Alice Highway
Bridgetown, Barbados, BB11000 | www.bidc.com

T 246 426-2300 Ext. 8731 | C  246 836-3873

F  246 426-4635 | E rnurse@bidc.org

The Business of Begging

BEGGING is fast becoming an epidemic. Quite recently, I was begged many times in one day and it got me thinking about what's really happening within our society. Are things really that bad? I'm sure that we have varying opinions.

Images of countless incidences of begging throughout my lifetime in various countries flooded my head. Some categories of beggars stood out.

• The sympathetic beggar - always with a hard luck story. His / her situation can be a real tear jerker. They can really pull at the emotional strings like the most skilfull of puppeteers. 
• The brand name beggar - met this one overseas. I noticed that he was dressed better than I was in terms of clothing - no mixed brands (E.g. Nike etc.) Everything was uniform throughout. They speak really well. 
• The classic beggar - cigarette in the corner of the mouth and drink in hand. 
• The vagrant beggar - those with whom we are most familiar. Homeless seeking their next meal. 
• The list can go on. 

I've heard stories of beggars lending people money in some significant sums to purchase cars and homes. So now that I've been enlightened that begging's a business, it opens a whole new dimension for me. 

Effective immediately, people begging me would need to provide the following:

1. A proposal outlining why they're begging and how the money that they beg for will be utilized. 
2. A proforma invoice, which shows the amount for which they're begging
3. A tax clearance certificate so that I can see they're contributing their share of taxes. 

Personally I don't believe that I'm being overly harsh since in many instances they have more money than I do. Daily I have to hustle and even though earning my keep am not always paid for it; especially in these current times. Yet, I can't play dead and give up, but must try to find replacement money which does not involve begging. 

While growing up in the era that I did; we were taught not to beg and the consequences that will follow if we disobeyed. Yet nowadays, lots of people including those gainfully employed are doing it quite unashamedly. 

There, I have gotten my thoughts off my chest without resulting in bad behaviour. Stop begging for if there are any vacancies and start asking for work. There are still ways that you can earn an honest dollar. 

The personal side of the entrepreneurship lifestyle

As an entrepreneur, everyone expects that you'll always be the strong one - striving for success, achieving set budgets, having a surplus of profits that contribute to a really great lifestyle.

You get letters from various people who want you to contribute to their causes, customers / clients who believe that you have enough money so they will pay you in the next batch. The governments of the day who burden you with staggering taxes, prohibiting you from properly paying themselves, but contributing to their planned schemes and projects where the money's wasted and nothing seems to be accomplished. They don't see the hustle, the sleepless nights, the inability to afford the basics; the fact that your personal quality of life is nowhere near where they or yourself expected.

When I get to see the inner information pertaining to entrepreneurs, the pictures are not pretty. In many cases, they try to conceal the true situation even from their families and loved ones. So who knows the entrepreneur?  It often comprises of themselves and their banker.

Entrepreneurs often face these situations:

• No salary / wage
• No benefits 
• No vacations 
• No specialty team of advisors 
• No group huddle of others in similar relationships to discuss how to deal with the challenges
• No reserve funds 
• No proper organizational structure 

Additionally, technical assistance that's available often has a lot of requirements to be fulfilled to qualify for the assistance. Another area requiring lots of information before assistance is grants. 

Will they ever be a system that allows the entrepreneurs to do what they do best - work, while the other activities get completed by professionals in the requisite fields? 

The next time someone offers you the opportunity to be an entrepreneur, think long and hard. The investment of time and resources can be enormous, and not obvious at first neither. 

Despite the drawbacks, there can be benefits such as:

• Control of your time if you're organized. 
• Networking opportunities, where you can work with the more desirous of your contacts. 
• Projects developed can be better controlled by you using the timeframes as you allocate based on your scheduling. 
• Serving multiple markets reduces and removes the element of boredom as there's always something to learn.
• On going education, where you learn elements of the business that you would be never exposed to if you worked in a job. 
• If you get to make money, you get first pick at spending, then the government gets theirs. Way different than when you're an employee. [NB. Employees are taxed heavier than corporations in some jurisdictions] 

Entrepreneurship is not all that it's cracked up to be, unless it is done well. You have to be prepared to make some investment of time / money / other resources along the way. If you're good at it, the personal side of the entrepreneurship lifestyle may be worth it for you. 

Distant Memories - More Distant Solutions

During the past week was particularly memorable. Why? It's because so many people I had conversations with or overheard snippets of their conversations cried out in unison though they never met each other. Their cries were of anguish and frustration; where those who once provided hope were now wallowing in hopelessness, looking for a glimmer.

The government of the day seems to impose taxes, trying to seemingly right macro-economic challenges with micro-economic solutions. Their decisions based on rims and remy hair extensions which they believe the populous wasted their money buying. The decisions of politicians based on the own sphere of influence from the "masses" they serve.

Sad to say that in our day of the educated, not even a new theory can be developed to address the situation of the family and the economy. Economist looking woefully to Keynes and others who's economic models did not have the variables present in our current climates.

Despite everyone being faced with various situations, the cry is the same in unison. Will there be any ease any time soon?

I've heard stories of people who once had means to purchase whatever they wanted, create employment, and develop opportunities; now are hopeless. Uncertain of their next step and if they can take it, as their means of doing so once, have been eroded.

Death seems to be offering the welcome mat of peace. Yet, even dead men are taxed in their graves. Though dead they experience the long arm of the law.

The mounting pressures of being unable to provide the basics for one's self and family. There is no longer any surplus to assist a neighbour. The ability to address extras like medical expenses, both anticipated and unexpected is challenging. Those who once made surefooted decisions now second guess themselves.

Generally, it is thought that there is nothing new under the sun, yet solutions do not seem imminent. So the question that's begging to be asked is - Will our memories be distant or would the solutions be even more far off?

What SMEs need...

There's a lot of talk about SMEs and entrepreneurship, and over the past 15 years it has intensified. Governments especially like to speak about it, since it's an avenue where they can speak about employment boosts. The thing is, they are so detached from the realities involved in setting up and running a business, they just don't get it!

What is needed is a thought process of what is needed to create an environment for SMEs. When entrepreneurs are undercapitalized and under resourced; how can they be facilitated to ensure that their business sees the light of day and has the opportunity to grow and thrive. It is not going to happen by the constant introduction of taxes, excessive regulations, and environments that are so expensive even foreign investors with their willingness to invest funds have to cringe at the costs of doing business.

There was some thought of introducing standards, but are they aiding or hampering creativity so necessary for business? Actually, when considering the various introduction of regulations, are they thought of by business people or technocrats who only have a theoretical understanding of business but are truly unfamiliar with the business environment? A pulse for the business environment is not going to happen by reading the newspaper or indeed many other articles since those in business seldom document as they are too busy trying to eke out a livelihood.

The bulk of businesses follow paradigms often touted but seldom tested. These cliches often result in the following:

• Businesses being undercapitalized and yet still expected to guarantee the results of their business plans 
• Miracles are expected with limited working capital
• Breakdowns in systems due to shortcuts being taken due to inadequate funds leads to the business hemorrhaging financially as the necessary controls are then often lacking
• Those responsible for directing the company then spend too much time putting out fires rather than directing the business to capitalize on opportunities within the markets
• Though they make the sacrifice of obtaining uniforms for the staff, they see the provision of business cards as an expense thereby missing out on marketing opportunities that can never be offered by "the executives"

When will the business climate change to include a fighting chance for homegrown businesses? Opportunities for growth need to include:

• Tax concessions for the generation of employment 
• A supportive environment that encourages expansion outside of the local boundaries of the country
• Incentives for bringing in foreign exchange and the ability to manage such in collaboration with your financial institutions 
• The establishment of mentorship programs that extend beyond the youth as those who are older displaced workers have been getting into businesses to support themselves financially
• The created environment needs to be such that businesses developed can succeed beyond the lifetime of their creators
• There needs to be a push in intellectual property usage so that businesses can move into the realm of residual income rather than be totally reliant on active income 
• Caribbean businesses need to not be ashamed of making profit rather than the subsistence levels that everyone seems to hover around

These are just a few, and there are more once you get your thought patterns mobilized. There are many good resource people who are more than willing to help the country realize these objectives. Of course, they will need to be adequate remunerated as well in a timely fashion. The taxes will come, but you have to create opportunities to make money so that they can in turn pay taxes without feeling sacrificial on all the occasions. 

Richard Blades is a business development specialist. He has helped businesses develop, grow, and thrive over the years. He lives in Barbados. 

Youth and Experience in Business

I grew up in an era, that when you were applying for a job and you had experience, the employer would day they are looking for someone with more qualifications. If you had the qualifications, they would feedback that they were looking for someone with more experience. Having chosen a course of study that was laced with practicality within the program and reinforced with multiple internships, when I then went for a job and the employer was cornered unable to use the previous excuses; it was then that they would say to me that I was too young.

This is the dilemma that many youth face today. It is also faced by those who may need to make career adjustments later in life. The banter back and forth by employers makes one just wonder; why they don't start their own business - be their own boss.

Young people come up with brilliant ideas and business concepts which they want to use to transform the world. Those who are older are risk averse wanting to play it safe despite their experience and their capabilities to really make it big. They are often timid; unless someone's bank rolling them with large sums of funds, they tend to err on the side of caution.

There was more than once a young person with well thought out business plans and proven research that are told they are too young to realize this. It was thought that they lacked the discipline. Alternately, those older are questions as to why they waited until so late before making this move. So what's the real deal with the youth and experience? How come they are programs geared at developing the youth for business and those catering for those older are generally about how to secure their jobs?

There are some things that are needed for getting into business regardless of your age or your experience. They are as follows:

• Organization - the business has to be well thought out complete with plans that are written in a sequential manner that address all the elements internally and externally that will impact the business. 
• Management - the management must be sound. Even if they lack the experience in the field, they must demonstrate that they know how to find any expertise that's needed to enable the business to function effectively and efficiently. 
• Operations - must be well laid out and it must be shown that they will be managed adequately from all points within the sourcing, supply, processing and final delivery of a finished product / service.  
• Finance - identifying where you'll get the money and how you'll use it in the business' development is key regardless of if you're getting funding from a bank, private investment avenues or other financial assistance
• Marketing - getting and staying in the market is key. The strategies that you employ will be key. Getting your product / service into the market. Deciding which markets to enter. How you will establish and maintain the presence of the brand. The pricing strategies employed and many other factors will all be considered under marketing. 
• Mentorship and business advice - where guidance is provided to these young businesses in a structured manner. It isn't necessary for them to repeat mistakes that can be harmful to the businesses as there will be plenty of opportunity to make new unthought of mistakes within the dynamic business environments that are present and going towards the future. 
• Cashflow -  many are unaware that their businesses can be profitable and they can still close. Cashflow is necessary to understand the ebbs and flows of business and the impact of your decisions / actions upon the business. 

This information that was provided outlines what is needed at the basic level. Additional information can be provided through making contact with us via our website. You can fill out a survey which tells us about yourself. Navigating the youth and experience jostle used against many can be challenging today to say the least. Once you understand how it works, make it work for you and your business.