Now that I have done the course what am I going to do with all this information!

It finally over! Fifteen week of blogging! As the saying goes, all good thing must come to and end. I am filled with mixed emotions but through it all I have learn a great deal of information. I feel like I have accomplished something.

looking back fifteen weeks ago at my entrepreneurial perception. I have come a long way. In answering the title question. I plan to use the information learned to my advantage. I plan to undertake some sort of entrepreneurial role in the future. 

As I rap up. I sincerely thank my readers who saw it fit to browse,skim or read my blogs. I believe I will continue blogging in the near future may not be soon though. As this cup has passed. I can truly say through the sunshine and the rain I've made it. Godspeed! Shalom! As-salamu alaykum!   

Crash and Burn...

No one is perfect; there will never be a perfect business, there will always be room for improvement. Failure is a fact of life. Instead of putting our hand on your head and "bawl" see it as a First Attempt In Learning! One the other hand that doesn't some businesses fail because of mismanagement,disgruntled employees, carelessness and the lists goes on. 

No one opens a business with the intention of a failing in fact any business is primarily for profit. Hence one must plan the business with such great defence to mitigate failure. It can never be to secure from failure; threats are and will always be there for e.g natural disasters,the economy etc. Which we have very little control over.

Put God first remember the cattle upon a thousand hills are his. In preventing failure there must be a plan. If you fail to plan you plan to fail. The plan should be as a guide for the business. In my business I will put customers first, if there are employees be nice to them let them see you as a friend even though you may have to "put down your foot" at times. Ask for feedback from both employees and customers to see where adjustments can be made. Being ready to make changes in response to trends etc.

These are just a few ways to safeguard ones business with these in place a business can be successful.

  

So I’ve established my business... what now?

After a business is established one should be extremely observant to very minute details as they arise ever so often. why? Not paying attention at this stage can make or break the business. You must be willing to make adjustment(s) accordingly that will help the it. It may be a new trend, style etc. 

During the first stage while trying to get the name "out there" one must also be patient as things generally move slow. If after a six months you can foresee no form of growth it may be time to count losses go back to the "drawing board" and in some cases "jump ship" It all depends.

lets say your business is going great steady growing. That's good but you now have to maintain it. we all get tired you have to add some spice(s)  here and there to keep customers.

The last stage business go through is the decline.  Sales fall rapidly, consistently or haphazard. This happens for many reasons;technological advancements, slothful economy and the lists goes on. We have very little control over these. At this point one may divest into another niche or inject something into the business that can revive it it may be money another product. It all depends choose wisely! 

So you want to set up a business...location why?

Location has been and will always be a key factor in setting up any business. Even if your business is primarily on the "cloud". After a time there will be a need for you to widen your horizon. That's where your location comes in. If your business isn't in the "cloud" then you need to sort that out from the "get-go".

Krispy Kreme Doughnuts. I recently blogged about franchising it in SVG. Am going to give two reasons why I will set up my business in Kingstown.

• Everyone comes to town At least eighty percent of the SVG's population comes to town twice a week if so little! For decades there has been this "town" mentality as the ultimate spot for everything; ranging from the very basic necessities to social entertainment. Within recent time many effort are trying to change this but sadly I don't think it can or will ever change. Also my target will be the younger folks; the children and teens who come to school everyday.

• Accessibility to resources: Kingstown has everything a business will need  weather it be needed directly or indirectly  for example banks, customs, media headquarters , lawyers etc. Transportation cost when items are brought will be minimal.

These two simple reasons are why I will locate my business in Kingstown from inception, despite the plans to extend there are more reasons but these two shall suffice for now!    

 

Facebook, Twitter, Social Media....Can this help my small business in SVG?

Its the technological era!  More and more persons are gravitating towards this in all walks of life. The babes,teens and young adults have grown with is so its sort of second nature. The older folks despite there age are appreciating it, and are making use of the many technologies as they are introduced ever so often. 

I answer an empathetical YES! It can and will help my small business. After all it only takes a spark to get the fire going. On the other hand I think what really matters is how it will help my business.

This will be done by creating pages, tweeting, etc. It's not just creating a page on "fb". The things posted should keep persons interested directly or indirectly. The way in which the social media's must be used tactfully to spread it's awareness But that's just a tip on the iceberg. I cant give out the secret recipe :).      

Where can I get help in SVG to set up my small business?

Help! Who doesn't need it. No one is perfect despite the old saying goes "practise makes perfect" in the recesses of my mind I remember it was changed to permanent rather than perfect which is more realistic. Before we go anywhere one must know how to "set up" a small business.

Every business must have a plan; if you fail to plan - you plan to fail. A business plan is like the brain of any business.It can be considered as a blueprint for a business. It is a must for success. It must be carefully thought out and planned systematically. Now we need help. In SVG help is everywhere weather it be financially or expert advice/consultation from the following according to http://www.gov.vc/:

* The Centre for Enterprise DevelopmentInc.CED).
* The Banks
* Micro Enterprise Loan Programme.
* The National Development Foundation (NDF).
* Professionals in Finance and Business.
* Ministry of Trade.
* Other entrepreneurs and business persons.

On that note here are few foxes we should get out the way such as being confident in yourself, knowing your fears; above all dealing with them. One must try to build a support network or extend it as much as possible; a network can never be to big. With all these in place your business is on the road to success.

Small Businesses...We need more to drive the economy of St. Vincent forward

Small business will create more employable people and encourages usage of more local products. As a result more people will have a share in the economic market. Many times it is financially difficult for persons to purchase items in large quantity even if it is a basic necessary. The bigger business sell these  same items but in quantities that are far beyond the buying power of the ordinary people whose income is skewed towards the poverty line.

Small business can are the best avenue for such persons as they can retail in quantity that meet the need of such lower income persons.  They will be able to buy the cases and break it up into quarter, eights or even single to meet the lower income need.  In this situation the small business is carrying a volume of products that are ready available to its clients and are not over stocking.

Not  only with merchandise is this applicable but also with products from farmer who grows many different crops.  They can have their small stall right by their gate with their produce; clean, fresh and bagged for sale. In that way the money from these small enterprises will certainly add  to the drive in the economy.

When the small business fish vendor comes selling his fish he can stop and purchase some peppers or yam and the small farmer will go to the small shop to buy rich and sugar.  They will all be playing in the market economy and create the needed drive to keep St. Vincent forward.

Krispy Kreme Doughnuts- SVG?

I have been tasked with picking a new franchise and setting it up in SVG of course theoretically. After some thinking I came up with Krispy Kreme Doughnut but how am going to set it up is most important. Hence I plan to tackle this from various angles. First of all I know that their doughnuts are delicious; I am a living testimony.

Eating of doughnuts isn't popular for vincentions but over the years its popularity here has increased as well as awareness. While the building is in it preparation stage I will make use of all forms of social  media to increase its awareness for example Facebook pages, radio advertisements, newspaper ads, posters at school and popular places for social gathering etc.

When the building is ready for opening, on the first day there will be free tasting for most if not all  flavours.There will be weekly specials like flavour of the week etc. With regards to the coffee that wont be emphasised as much as the doughnuts as it is not of our culture to "buy tea". Over time my hope is for that to change.

With that said its location would be in Kingstown. There will be delivery services and party hosting. I am hoping to have two or three main stores based on how sales are generated, in strategic locations. As I start with the one in the city I plan to have stalls strategically located around Kingstown around peak hours which will be stocked for passers by to grab and go.

Despite all these plans to generate sales there must be preparation for the worst,  weather it be going back to the "drawing board" or "jump ship". Also one must not slight the persons hoping  to be reached in this venture e.g the younger population who are on the hustle and bustle of life. The possibility of divesting funds into another project that can compliment the doughnuts e.g. "Pâté".

   
  

If I were rich I would buy...

In SVG there are many business which are successful others not so much an few have been doing exceptionally well and I think will continue in that light. Now there is a franchise in particular that I will buy... if I were rich.

This franchise is internationally known for decades but in SVG its like our national dish. Despite hard time and rise in prices it mostly full. I don't think there is any Vincentian who have never eaten from it. ITs Kentucky Fried Chicken (KFC). Indeed they do chicken right!  It's  really delicious.

SVG's KFC is know as one of the best. I can reflect few years ago when a friend staying by me from a neighboring Caribbean island bought our KFC for the first time;  she exclaimed and exclaimed how it taste so good. For the duration of her stay she bought it every time we went to town.

The taste isn't the only reason why I'll buy it: it has a reputation that is second to none in fact it has been one of the first (if not the first) food franchise in SVG. Many persons just love KFC.

On that note it times to flip the switch. The purpose of any business is primarily for profit. because of KFC's reputation and taste it will continue to be profitable now all I have to do is smooth those bumps and  rough edges to gain more profit. I believe the secret is in the name!

   

 

Ownership

Ownership can be viewed differently. However, I believed the best form of owner ship is personal. Having your own business or property gives you the opportunity to make decision that cannot be made if you are not the personal owner, You can have a progressive plan as to where you want to see your investment in five, ten or fifteen years. 

Moreover, you can employ others to help you get there. Personal ownership protects the owner from certain level of rivalry. It helps you to be assertive and creates the entrepreneurial flair that many big companies lacks today.  Persons are working cooperatively but there isn't a driving power behind the performance with that vested interest to make and demand things to happen. With our highly competitive environment and fast pace technological environment personal ownership is a must. That is what Bill Gates had initially.

Although there may be another flip side to personal owner ship. If the owner is not knowledgeable and appears to be big headed and fails to be instructed or refused instruction; this is a detriment to personal ownership.  That level of humility is a key factor in ownership of any model.

However, ownership is something to thrive for. Whether if is lands,homes, real estate or any business the returns are encouraging and worth the time, labour and energy that it requires to produce success.

An Idea is worth one million dollars!

We have a  problem! In fact this has been going on for quite a number of years and it gets worst an worst every day. The by-products derived are both good and bad. In case you didn't know what this problem is its called "hard times" but on the bright side there is a saying which says tough times don't last but tough people do! On that note its time to switch gears.

How can we solve this problem, perhaps you just did. We all have a brain so we just have to use it, unless you are in a temporary or permanent vegetative state. It simple; THINK! how hard is that? Be aware of your surroundings. Its said that  music is a universal language but I summit to you that, thinking can be classified as a universal language, if you see where am coming from. We all have ideas ever so often so why not use it. What is stopping us from using it? THINK! 

Creativity plays a pivotal role in one's idea, it is the sugar in the tea, the engine in a vehicle. Its the magic! You will be amazed at a thought can lead to. Remember its not how you start it how you end.   

How many of us are sitting down on your million dollars, your future, your bread and butter, a fortune etc. think big, think small, above all think creative.

LEADERSHIP- an important element in Entrepreneurship

What is leadership? It is the ability to lead a group of people or organisation. Now we have that out the way, how can that ability help in entrepreneurship. 

If you are not a leader you are a follower, with regards to being an entrepreneur if you are follower and I can assure you that you will be left behind. Entrepreneurs cannot be reactive they have to be proactive.

 Being a leader there are certain skills that one must posses such as being able to think strategically, managing time wisely, communicating effectively etc. you must be determine having a desire for success as a leader.

With these skills as a leader your chances of being successful are heightened.

What do I See Entrepreneurs doing for SVG?

Entrepreneurship involves  giving  back. This is done in various forms from charity ,relief, helping people and the list goes on. In SVG there are quite a few entrepreneurs who have been doing well some still struggling others not so much. But am here to tell you what they're doing!

They provide many essential services, food, shelter, clothing, transportation, technology just to name a few of course at a price.They give back! Many social activities are sponsored domestically and  by extension regionally. They give to charity: donating books to schools and assistance to the less fortunate. The most recent incident I can recall is the Christmas flood the struck many if not all  by surprise. Most if not all of our entrepreneurs did there part in helping in which ever way they can.

It will be remiss of me not to acknowledged our entrepreneurs in SVG. I must give them a thumbs up for what they have been doing and will continue to do.  

Can I See Myself As An Entrepreneur?

In answering this question one must fist ascertain Who or What is an entrepreneur perhaps what are the qualities exhibited of an entrepreneur.

According to dictionary.com, an entrepreneur is, "a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk".  

Now back to the question: can I see myself as an entrepreneur.YES! The answer is yes I can see myself as an entrepreneur in fact I am an entrepreneur.I have been engaged in numerous business ventures few were successful some not successful as anticipated and one in particular which has been "holding the forth". But thats all part of being an entrepreneur.

I see shining lights at the end of the tunnel. I see my business now as a mold and am shaping that mold ever so often. I can see many shapes and new molds to come from this mold. I will thrive for greatness and I know that God is in my vessel thus I shall smile at the storms.

Entrepreneur has been running in my veins, I was born an entrepreneur an will forever be an Entrepreneur.