Innovator’s DILEMMA When companies resist change GET FUNDED Know Your Finance Options MEET FREE Nigel R Khan Demystifying the Stock Exchange. What’s in it for SMEs? Branding 8 Tips for creating effective brands Jamaican, Bajan & Trini Entreps. PLUS: Issue 2/2012 entrepreneurspirit.org ISSN 2227-1791 From home office to thriving chain of bookstores this bookseller shares his secrets for success.
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Innovator’sDILEMMAWhen companiesresist change
GETFUNDEDKnowYourFinanceOptions
MEET
FREE
Nigel R Khan
Demystifying the Stock Exchange. What’s in it for SMEs?
Branding 8 Tips for creatingeffective brands
Jamaican, Bajan & Trini Entreps.
PLUS:
Issue 2/2012entrepreneurspirit.org
ISSN 2227-1791
From home office to thriving chain of
bookstores this bookseller shares his secrets for
success.
Installed seamlessly into any decor, sound never looked so good.
Stereo Electronics, the authorized dealers for BOSE Sound Systems in Trinidad and Tobago not only provide superior sound, service and equipment but our highly trained professionals can seamlessly outfit your home or office with any Bose system.
To order or learn more call or email us at (868) 628 -2931, 657 4719/ [email protected] visit our store at #13 Western Main Road St. James, Port of Spain or Cross Crossing Mall, San Fernando
Stereo ElectronicsAuthorized dealers ofBose resedential systems
Veltronics SSS LtdAuthorized dealers ofBose professional systems
3issue . 2012 . entrepreneur spirit caribbean .
20DEMYSTIFYING
THE STOCK EXCHANGET&T Stock
Exchange CEO explains the benefits for
SMEs.
50CAFE MARRAKESH
Is what happens when a Zimbabwean
anthropologist and a Trini CSR join forces in
catering.
42JAMAICANS
MUSIC.COM GOES MOGUL
From a pet project to
over 2 million followers
Alex Morrissey’s has made
regional history with his
Jamaicansmusic.com
website.
44EDUFOCAL JAMAICA
By fusing education
with online gaming 21
year old Gordon Swaby
is making learning and
exam preparation, fun and
interactive for students.
46SIPS OF SUCCESS
Barbados’ only mobile
smoothie bar serves up
delight and fun.
30COVER STORY
The Bookseller:
Profile of a successful
entrepreneur. Nigel R Khan on how he built a
leading chain of bookstores.
52TROPI MULCH
The makings of the
Caribbean’s first
premium brand of
mulch.
48LA ROSA COUTUREHigh end small batch
garment production for
regional designers.
4 EDITOR’S OUTLOOK
6 CONTRIBUTORS
8 TEAM ESC 10 NOTES TO EDITORS
12 BOOKSHELF
24 ASK A PRO
42 WI ENTREPRENEURS
14 BRANDING8 Tips for building an effec-
tive brand. By Acacia De Verteuil
16 INNOVATOR’S DILEMMA
When great companies
reject change. By Balraj Kistow
18 GOT FUNDINGAssessing funding is very
possible but you must un-
derstand your options. By Andy Salandy
26 TRAITS OF SUCCESSFUL
ENTREPRENEURS& how you too can acquire
them. By Stacy R Phillips
28 BALANCING ACTThe importance of balancing
family and business.
By Kimberly Gay
38 DOTTING YOUR DIGITAL Is
Advice on maintaining an ef-
fective online brand
presence. By Janessa Mckell
40 WEB SECURITYTips for keeping hackers out
of your personal
information.
By Shawn Mohammed
54 PEOPLECritical to an Entrepreneur’s
competitive advantage.
By Shane Ram
56 MARKET RESEARCHHow to ensure customer satis-
faction and retention. By Kheron Arthur
Contents
52
46
44
42
50
48
Installed seamlessly into any decor, sound never looked so good.
Stereo Electronics, the authorized dealers for BOSE Sound Systems in Trinidad and Tobago not only provide superior sound, service and equipment but our highly trained professionals can seamlessly outfit your home or office with any Bose system.
To order or learn more call or email us at (868) 628 -2931, 657 4719/ [email protected] visit our store at #13 Western Main Road St. James, Port of Spain or Cross Crossing Mall, San Fernando
Stereo ElectronicsAuthorized dealers ofBose resedential systems
Veltronics SSS LtdAuthorized dealers ofBose professional systems
“Potential can be maximized if we are willing to go beyond our fears to overcome the norms and opinions of society, to hurdle the fabricated barriers of prejudice and to defy the naysayers.”
Special conditions applySubject to normal lending criteriaThe cost of borrowing will be made available upon application
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• Trinidad East & Central/Tobago Sharon Maharaj ext. 5768• Trinidad South Judy Kalloo ext. 6405• Trinidad North Patrick Kelly or Karen Chang ext. 2321 and 2351 respectively
Shane is a Human Resource and Business Consultant, Coach and Author. He is an expert in strategic management, business management,
human resource management, leadership development, organizational change, coaching, and ebusiness. With experience in the Energy, Telecommunications, Banking and Technology industries Shane has worked in the UK, South Pacific, Central and South America as well as several Caribbean nations
Kurtis Hinds
Based in Barbados Kurtis is a trained media practitioner with over 14 years experience. Having worked with top media houses in Barbados
he branched out on his own 4 years ago and is now one part of the dynamic A-Team Productions Unit and while the fictional A Team’s job was to save the world, Kurtis’ plan is to take it over. His motto: Problems are great opportunities waiting to be discovered.
Acacia De Verteuil
Acacia is a certified marketing professional from the Chartered Institute of Marketing. An avid socialite and philanthropist she is a member of the Limin’
Professionalz: The Syndicate and founder of Victory Artistry a company specialising in Carnival aesthetics and Caribbean fashion.
Kheron Arthur
Graduate of the Arthur Lok Jack Graduate School of Business in Trinidad, Kheron holds a Master of Science
in Marketing as well as a Bachelor’s degree in Agribusiness management from the University of the West Indies, St Augustine. He brings to ESC his own brand of flair and enthusiasm for business innovation and creativity.
Shawn Mohammed
Shawn is a Director and Head of Systems at Kirton Communications Group Limited. He is an IT professional with ten years
of successful, progressive experience in number of different network environments.
Balra j Kistow
Balraj is a lecturer at the Arthur Lok Jack Graduate School of Business. He teaches courses in Caribbean and International
Business Management, Financial Management and Accounting in the International Master of Business Administration (IMBA) programme. He holds an MSc. in Management Studies from The University of the West Indies, a BSc. Management Studies, and is pursuing the Doctor of Business Administration.
Janessa Mckell
Janessa is a designer and brand enthusiast who conceptualizes and applies communicative themes and aesthetics within all of her advertising
or branding projects. She has been a Graphic Designer since 2002 and has worked as a Senior Designer as well as Design Manager for numerous large and small organizations. She now sits at the helm of her own 6 year old brand management consultancy, greenInk Ltd.
Kimberly Gay
Kimberly holds a Master of Science in Industrial Innovation Entrepreneurship and Management from the University of Trinidad and Tobago
and she is also certified in Incubation by the Entrepreneurship Institute of India. Kimberly has a special passion for entrepreneurial development that is evident in her holistic approach and care for start up businesses.
Branding is the key identifying factor of any product or service. The strength of your brand is dependent on several factors both internal and external to your organization. We have briefly explored some of these below:
1
3 4 5
6
7 8
2
Consistency Brand name
and design should articulate a single consistent message. It is important that even the smallest of companies develop and maintain brand standards. Brand standards are a set of design rules for your logo, slogan, graphics color etc and tie together and keep consistent the look and feel of all your marketing materials. It also aids in maintaining your brand’s individuality.
Color Choice of color can go
a long way to establishing a strong brand. Studies have proven that all colors have a emotional impact on the customer. It is important that this is understood in branding to ensure you are sending the right message to your market
AppropriateBrand activity must be congruent to the overall vision and objective of the company. It must fall in line with brand guidelines, target market and product or service concepts.
Sensory AppealPaying special attention to and creating new and innovative opportunities for consumers to interact with the product or service can greatly boast your brand’s appeal.
Dynamic Though brands should not change with the season, they must change with the times. An old logo may seem safe, however in order to expand and to maintain relevance, brands must be able to seamlessly transform or progress to appeal to the ever evolving market and its players.
Memorable Whatever the brand, it must stand out! It must be
unforgettable. Your message should be clear in your logo and tag line. It must radiate and be easily identifiable and must answer the customer’s question of “what is in it for me?”
Personality A brand should have a personality, if it were a person what type of person would it be and what type of people would it attract. Consumers make emotional connections to the products they buy. Personality is shown by colors, type of packaging, scents, textures, fonts, taste a various elements that go into creating the concept of the brand.
Brand Naming A brand’s name must be
appropriate to the company. It must appeal to the target market and capture the personality of the product or service being branded.
KNOWING AND EXPLORING SOME AVENUES FOR ACQUIRING FUNDING
By Andy Salandy
Finance
19issue . 2012 . entrepreneur spirit caribbean .
knowledge and capability of persons
involved and existing debt service
commitments. The bank will also
like to know that should you default
for any particular reason that they
have some measure of recourse
hence the need for collateral that
can be liquidated to recoup the
amounts outstanding. It is lastly very
important that business owners un-
derstand that it is crucial that they
invest not only their time but also
their finances into a business. You
cannot reasonably expect a finan-
cial institution to seriously consider
your business plan and loan ap-
plication when your business plan’s
financial requirement is for example
$100,000 and your loan applica-
tion is $100,000. What you are ef-
fectively saying is that you want the
bank to bear all the risk associated
with your business venture. The first
sign of an Entrepreneur’s commit-
ment to their business is his or her
financial investment. This is why it is
advised that at least 30% of the re-
quired capital for any venture should
be invested by the ownership.
GOVERNMENT INITIATIVES
Whether it’s the Jamaica
Business Development Corporation
in Jamaica; The National
Entrepreneurship Development
Company (NEDCO) in Trinidad and
Tobago; INVEST SVG in St. Vincent
and the Grenadines or BIM Ventures
in Barbados Caribbean Governments
have embraced the call for
the support of Entrepreneurs.
Understanding that financing can
be difficult to access, one of the
chief mechanisms used by central
governments has been the provi-
sion of low interest loans or grants
for start-ups and business expan-
sions. These initiatives are tailored
to the nationals of their particular
territories and the requirements for
access are usually very simplistic as
compared to many other options.
VENTURE CAPITALIST & FAMILY
Another option for sourcing fi-
nancing that isn’t commonly used
in the Caribbean is venture capital-
ist and structured investor agree-
ments with family and friends. While
these types of arrangements are
less formal they do at times require
a higher rate of return to the inves-
tor. Despite this an Entrepreneur
has more flexibility in these types of
relationships in the negotiation of
the terms. I personally endorse the
use of these types of agreements
as they are creative business deals
and offer both parties the opportu-
nity to agree to terms to suit both
their individual risk and return ap-
petite while the Entrepreneur gains
access to the required finance.
GOING PUBLIC
Recently, entrepreneurs in Trinidad
and Tobago joined their Jamaican
counterparts when the SME Stock
Exchange was launched. Many
people view the stock exchange
as a trading ground for large com-
panies only. However, in 2009
Jamaica established its junior stock
exchange and within two years
saw eleven companies coming to
market. Arguably this is one of the
healthiest avenues for a business to
obtain financing as cash is raised
through the sale of the company’s
equity. This means that the inher-
ent business risk isn’t increased by
financial risk as it would have been
had finance been obtained through
a commercial loan. The process for
listing is challenging as one has to
create a prospectus to get potential
shareholders interested which is to
be followed by an initial public offer-
ing or IPO for its shares. Be warned
that stock exchange listing carries
with it legislative and regulatory
responsibilities and the company
must establish a good corporate
governance structure as there
is now a responsibility to public
holders of equity. Some may see this
as a drawback but I will disagree as
this mechanism will not only ensure
equity holders’ interest is consid-
ered but also aid in ensuring the
company is operated in a manner
that increases its ability to succeed.
These are merely a few of the
many options and variations avail-
able and I encourage you to find
the option that is best suited
to your specific situation.
“The first sign of an Entrepreneur’s commitment to their business is his or her financial investment. This is why it is advised that at least 30% of the required capital for any venture should be invested by the ownership.”
Any company can go public Readiness to go public depends on:
1. Real growth in combination with good earning potential.
2. An outstanding management team.
3. A need to obtain funds.
Additionally, if the company is at the developmental stage where manufacturing marketing and technological viability has been achieved but it has not yet shown a profit, it may be the right time to make a public offering.
1. Public disclosure: the corporation is obligated to provide timely, continuous reporting of corporate information as required by regulatory agencies.
2. Directors’ roles are broadened by the responsibility to the public as they have to act in the best interest of all shareholders.
3. Significant company changes must be publicized.
4. Financial reporting required quarterly and annually.
The main reason for going public is to raise funds to increase working capital, retire indebtedness or to finance future growth and expansion.
This is dependent on how much capital the company needs and the percentage of ownership that the owners want to relinquish to the public.
1. Company’s debt/equity ratio and net worth will improve and future financing alternatives will be enhanced.
2. It improves liquidity.3. Share options become available
to management and employees.4. Valuation of the company
through the market for listed shares.
5. Improved corporate image and opportunities for business as a result of public ownership.
6. Provides a cost effective way to transferring ownership to successive generations of owners.
The issue price of the shares results from an agreement between the management and the broker/investment dealer who manages the issuing of the shares. The major factor though, is the marketplace. Other factors to be considered are the economic climate, projected growth, past earnings, and the types of securities i.e., whether they are common or preference shares.
When should
I take my company
public?
Deciding when to go public is a crucial point. In order to get the price you need, there must be investor’s interest and suitable industry and financial conditions. Working together with advisors, it can be determined when the conditions are right to make a public offer.
Featured Pro: Wain Iton, CEO of the Trinidad and Tobago Stock Exchange.
Learn from the experts, just Ask A Pro. Our network of professionals are willing to share their knowledge and experience. Email [email protected]
NEED SOME SOLID ADVICE?
Ask A Pro
25issue . 2012 . entrepreneur spirit caribbean .
Some see the glass half empty, Others see the glass half full,
Entrepreneurs see
endless possibilities!
What do You See?
Discover your...
w w w . e n t r e p r e n e u r s p i r i t . o r g
Dedicated to inspiring and educating, Entrepreneur
Spirit Caribbean is also here to promote the best
efforts and business interest of all Caribbean SMEs.
ESC offers a free to distribute platform for regional
readers to learn and know regional businesses and
entrepreneurs. If there is a business feature you would
like us to consider, email your interest, contact info
EXAMINING SOME OF THE MOST PREDOMINANT QUALITIES OF SUCCESSFUL ENTREPRENEURS.
By Stacy R Phillips
Starting Points
27issue . 2012 . entrepreneur spirit caribbean .
their entire mechanism.
3. Energetic & Opportunistic
Without those two traits,
things could easily get
mundane and tiresome.
Successful entrepreneurs find
ways to keep their energy
levels up in order to do the
many things they are re-
quired. Many times they may
be viewed as busy bodies as
they tussle too and fro man-
aging hectic schedules. Also,
successful entrepreneurs
don’t wait for opportunity
to knock they go knocking
on prospective doors and
create opportunities. They are
proactive not “post-active”.
4. Adaptable & Optimistic
Business is dynamic and
challenges, obstacles and
setbacks are all a part of
the game. Human nature
may cause you to be sad-
dened by challenges and
setbacks but your mentality
and reaction toward them
will determine how far you
go. Successful entrepreneurs
must be able to adapt to
the changing nature of busi-
ness and they must maintain
their optimism by refocusing
and reminding themselves
of their goals and vision.
5. Problem Solver
Successful Entrepreneurs
are those who have found
a unique way to solve a
problem or answer a need
whether it be a product,
service or business chal-
lenge. They see challenges
and problems as great op-
portunities and many believe
that the solution in always
embedded in the problem.
6. High Risk Tolerance
Being an entrepreneur can
yield great rewards but with
that potentiality comes great
risk. Successful entrepreneurs
do not run from risk or resort
to comfort zones but they
take calculated and instinctual
steps beyond the norms in
order to achieve their goals.
They also soberly accept that
failure is always a possibility
but never means game over.
7. Avid learner
Successful entrepreneurs
are always finding ways to
develop themselves and
their knowledge base. They
understand that as things
evolve and grow so must
they. They also tend to sur-
round themselves with people
who either know more than
they do or who know things
outside of their purview.
“Like anyone else, entrepreneurs have a huge variety of flaws… we’re all best concentrating on our strengths and finding people who can compensate for our weaknesses, rather than trying to do everything.” -Monevator.com.
1. The Visionary E.g. Steve Jobs.
These are entrepreneurs driven
by a desire to change the world
and the capacity to imagine how
to do so. Jobs boasted the at-
tention to detail of a reigning
monarch, as well as a genius for
design and consumers’ desires.
Key Strengths: Imagination,
egotism, seeing the big picture,
attracting brilliant followers.
2. The Adventurer. E.g.: Richard
Branson. If Branson had been born
600 years ago, he’d have been a
tussle-haired knight with a winning
smile, eager for his next campaign.
It’s the excitement of execution
that gets his blood going. Key
Strengths: Bravery, energy, tenac-
ity, ‘work hard / play hard’ culture.
3. The System-iser. E.g.: Henry
Ford. Some people are brilliant
at process. Henry Ford was an
obvious example having pretty
much invented the modern pro-
duction line. Process is what
turns brilliant prototypes into
consistent profits. Key Strengths:
Strategy and logic, attention to
detail, employee management.
4. The Specialist E.g.: Bill Gates,
Some people have a calling,
a field they were born to do.
(Gates) needed personal comput-
ers to unlock his brilliance. The
world is full of specialists who
turn their love and aptitude for a
certain field, product or service
into something we all rely on.
Key Strengths: Dedication, mo-
tivation, knowing themselves.
This excerpt was taken from “Types of Entrepreneurs?” by the Investor, with permission from monevator.com. Visit monevator.com/types-of-entrepreneurs for the full article.
THE IMPORTANCE OF BALANCING FAMILY AND BUSINESS LIFE
By Kimberly Gay
The Balancing Act
Many Caribbean businesses
are started as a means
towards an improved
standard of living for their
owners and their family. Despite
the fact that family was at the
core of the decision its role
is often either severely over-
looked or its potential greatly
underestimated in the pursuit of
success. Family businesses can
be a force to be reckoned with
once constructed with carefully
defined roles and a balanced
approach to business and life.
ENTREPRENEURIAL COUPLES
Entrepreneurial couples possess
a unique strength that few other
business relationships may ever
possess, which is a life partner
and deep commitment that exists
beyond the boardroom. However,
this advantage requires manage-
ment and a mutual understand-
ing that they share two separate
relationships which should not be
allowed to negatively affect each
other. The key lies in making expec-
tations clear and setting appropriate
boundaries. One must also recog-
nize the nature of the relationship
and not only respect it but also
cater to it. For couples that enjoy
doing everything together working
as business partners can be effort-
less and serve to enhance their re-
lationship. On the other hand, some
couples may find that being busi-
ness partners may be a bit too much
togetherness and they may prefer to
be able to say, “Honey guess what
happened to me in work today?”
Understanding how your partner
thinks and operates is essential to
the effectiveness of roles and func-
tions within the business. By clearly
defining roles and responsibilities
this creates a sense of individual
ownership and worth in the busi-
ness. Couples should be warned
against only spending time to-
gether on business matters and even
though it is understood that start-
ups require the sacrifice of longer
hours to get operations going , a
plan should be carefully devised to
ensure that time can be spent both
individually and collectively as busi-
ness partners and as life partners.
FAMILY BUSINESSES
Family businesses provide a so-
lution to a major challenge expe-
rienced by many entrepreneurial
efforts, which is business continu-
ity and succession planning. Quite
often the existence and future of a
company is hooked entirely on its
founder and there is rarely someone
else within the business that is able
to continue the company’s plans
in the founder’s absence. Business
continuity is a process. It is more
than just transference of physical
assets it encompasses transference
of knowledge, skills, values, leader-
ship and vision. The process is ex-
tremely important to develop and
maintain customers’ loyalty as they
will need assurance that the compa-
ny’s goods or services will be avail-
able unabated by any unfortunate
circumstance of key persons. Ideally
a family business affords an entre-
preneur a ready resource for busi-
ness continuity through a spouse
and children given their vested inter-
est and emotional connection to the
vision as opposed to a third party
who may just see the organization as
a place of employment or a means
towards their own personal gain.
FINDING BALANCE
Conversely not all entrepreneurs
have the benefit of their family’s
Personal Best
29issue . 2012 . entrepreneur spirit caribbean .
direct involvement in the daily op-
erations of their enterprise. As a
result entrepreneurs are faced with
the challenge of growing their enter-
prise as well as their families while
understanding that both require his
involvement, time and attention in
different ways. Every enterprise re-
quires the full devotion of its master.
However, an entrepreneur must be
ever cognizant of the fact that his
family may not be able to always ap-
preciate the attention the business
requires. He must take the time to
paint a vivid picture to his family and
give assurance of their importance
to the overall vision. Failure to do so
can sometimes lead to frustration
and a sense of disenchantment for
a spouse and children who long to
spend more time with their loved
one. This frustration can also conflict
with the entrepreneur who views
long hard hours of work simply as
efforts toward securing his family’s
future. One must realize that as dif-
ficult as it might be entrepreneurs
need to ensure family time is al-
located on a regular basis. Children
need their parents not a manager
and spouses need a companion.
It is said that a house is not a
home; likewise, making a living
for one’s family is not the same
as providing and enjoying it with
your family. Take time to celebrate
your spouse’s and children’s ac-
complishments just as you would
appreciate when they celebrate
your successes. Spending time
with one’s family away from work-
related activities allows the family
an opportunity to share love and
provide affirmation. The role of the
entrepreneur’s family is extremely
crucial to his success as they provide
motivation in times of great chal-
lenges and disappointment.
Family can be your greatest
champions and frontline cheerlead-
ers, reminding you that your dream
is worth pursuing. They continue to
cheer you on in success and more
importantly lift you up when you
find yourself in doubt and bewilder-
ment. Whether it’s a situation of
family in business or a balancing
act between family life and busi-
ness, the entrepreneur’s role is
undoubtedly crucial as a visionary
and an anchor, providing stabil-
ity for family through business.
“One must realize that as difficult as it might be entrepreneurs need to ensure family time is allocated on a regular basis. Children need their parents not a manager and spouses need a companion.”
“A business is alive, it’s an animal and when you put this in, you will get this out. Everything is closely related.“
On the ground. Nigel at his South Trinidad branch.
Cover Story
35issue . 2012 . entrepreneur spirit caribbean .
browsing a single book. I need to
have it right. You will never find our
staff asking, “Can we help you?”,
they will say “Hi, if you need me I am
here”. They will never stalk you, its
uncomfortable. Our philosophy is
come in, relax, if a book falls don’t
worry we will get it. They may even
ask you if you tried the coffee.”
“Many people thought I was crazy
to offer coffee and sofas but
everything about my store,
including our philosophy “The future
of bookselling”, is not about taking
someone’s money and sending
them through the door. It’s about
nurturing, inspiring and getting a
product built around books. Other
stores don’t encourage reading in
the bookstore, but that is crazy. We
encourage reading, we want you
there and we want you to read.
“Decide what you want, sit, have
coffee and relax. We don’t want
your money now we want your sub-
scription for life. Sometimes people
say you are as boring as a book but
we have turned that around. We
are as exciting and as interesting
as a book and my aim is to keep
bookselling interesting. Every night
before I go to bed I am up thinking
about how to maintain the interest
of our stores and ensure that when
we open the next day there will
be people who want our product
and will come into our stores.”
Nigel’s vision to inspire and
motivate has also transferred
to the many activities spon-
sored by his company such as:
THE GIFT OF READING FOUNDATION:
“THERE’S NO EVIDENCE TO SAY YOU ARE NOT GOING TO DO WELL, NONE. EVEN NOW I GET AFRAID OF RUNNING A BUSINESS…BUT ITS JUST FALSE EVIDENCE APPEARING REAL (Fear).”
Caught between work and leisure. Nigel at his head office branch.
WHAT IS JAMAICANSMUSIC.COM? Jamaicansmusic.com is a website dedicated to cataloguing and recording the history of Jamaican music and the artists who have made this music popular. From mento artist to dancehall artists; our aim is to try as best to create an encompassing database of Jamaican music and Jamaican music artists. Features of the site include a brief history of the different Jamaican music forms, sample audio tracks, videos, artists’ bios and our very special Jamaican music store.
HOW DID JAMAICANSMUSIC.COM BEGIN? Jamaicansmusic.com began as me trying to build websites. It was my little pet project. While studying industrial design at the Art Institute in Fort Lauderdale I wanted to find a way to feel more at home so I created a website with the intentions that anytime I needed to listen to Jamaican music I’d just go to my website. Soon after I noticed traffic to the site and people began emailing me saying what a great site and asking me to add to it. It just grew from there.
AT WHAT POINT DID THE SITE BECOME A BUSINESS VENTURE? Not right away. At first I was like this is a lot of work. Then I created the free membership to make it easier for people to add things themselves. Eventually I started
Jamaicansmusic.com
Jamaica
Alex Morrissey is quite the young entrepreneur with a Facebook following of 2 million, his three year old website retails and promotes the dancehall and reggae music of over 800 artists. This 23 year old’s operation has grown from a pet project in his dorm room to one employing 4 staff writers and 8 full time DJs for the site’s 24-hour radio station.
W.I Entrepreneurs
43issue . 2012 . entrepreneur spirit caribbean .
to look into how to make money from the site and advertising was the easiest way and now our main way. A year later I began focusing on how to make it into a business and I started to look at similar websites and make sure my site had everything they had and more.
HOW DID YOU GET LICENSED TO SELL MUSIC? We partnered with Universal Records out of New York as they already have the distribution rights for many of the songs. We get all the rights through them as well as a percentage of the sales.
WHAT IS THE TRAFFIC TO THE SITE LIKE? Jamaicansmusic.com has three hundred and fifty thousand (350,000) unique visitors every month with top countries including Indonesia, France, Japan, Argentina and the UK. Our Facebook page has over two million followers originating mostly from Indonesia, Mexico, Colombia, Argentina, Canada, United States and the UK.
WHAT CHALLENGES HAVE YOU FACED IN LAUNCHING YOUR BUSINESS? I believed I concentrated too much on trying to get the site popular in Jamaica and I think it was the wrong approach. If you look at other businesses in Jamaica and the Caribbean as well as other trends, things seem to get popular after other people from outside the Caribbean take interest. It was only after Indonesia and these other places took interest then others were like “oh hey check this out”.
WHAT’S NEXT FOR JAMAICANSMUSIC.COM? Very soon we will be launching a music database from the 1950’s to current. We are also launching a yearly music scholarship to help those who can’t afford it, to study music, drama or dance. The scholarship will be available for Jamaican nationals of STORY BY STACY R PHILLIPS
PHOTOGRAPHY BY KI.NE.SIS STUDIOS
any age. We will also be rolling out a mobile version of the site, which will be compressed and drive more mobile users to the site.
ARE THEY ANY OTHER BUSINESSES OR PROJECTS YOU ARE WORKING ON CURRENTLY? Last year I started another business with my business partner Jacquie Juceam. The company is called Social Sector and we do social media services and consulting for pretty much any brand or person. So far our clients are Digicel, current 100-meter world champion Yohan Blake, ATL motors and Victoria Mutual Building Society (VMBS)Bank.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? Nothing is impossible. I didn’t think I would reach this far so fast. When you believe in something try it. If you fail maybe it is not the right time, try it again and you just need to have that passion and don’t do anything that you don’t enjoy. It is only because I love music that I stayed up all hours of the night to make this work.
See Facebook.com/jamaicanmusic for more.
“When you type in Jamaican music ours is the first site that comes up. Its funny because when I started friends said with hundreds of other Jamaican music websites out there it was impossible for us to get to #1 but now we are!”
WHAT IS EDUFOCAL? Edufocal is an online social learning tool for students at the GSAT (Primary) and CSEC (Secondary) school Level. Edufocal is in a sense akin to the video game Pokémon. Students pay a subscription of 200JMD (approx. 2.31 USD) per month or 2000JMD (approx. 23.11 USD) per year either by credit card online or by purchasing codes from over 3000 locations in Jamaica where phone cards are accessible.
HOW DOES EDUFOCAL WORK? After registering, students begin at level one and as they progress the questions become harder. Answers earn students experience points, which enable them to advance through the levels. If a student reaches level 65 he/she becomes an “Expert Student” and have the option to create questions for other students. These questions will be revised by our team and posted once approved.
The “Expert Student” feature is an attempt to mimic peer tutoring in schools. As other students begin to use these questions and improve, Expert Students receive what are called Credit Points. These Credit Points are the virtual currencies for Edufocal. Expert Students can either accumulate their credit points to buy a variety of items such as iPads or smartphones from the Edufocal online store or they can use credit points to earn cash. We also have a leader board feature where students are consistently ranked and those who are ranked #1 are awarded prizes and scholarships.
HOW ARE TEACHERS INVOLVED WITH EDUFOCAL? The teachers are the ones who create questions for Educfocal and as a result they are paid a commission which is based on three factors.
(1) How often they submit questions. (2) How well students are doing on
questions submitted. (3) How each teacher is rated by students.
These all determine how much a teacher is paid at the end of the month.
WHAT MOTIVATED THE EDUFOCAL PROGRAM? I consider myself someone who has foresight and at sixteen I wrote something I called my life wireframe which contained a series of things I wanted to do. One of those things was to create a company before I left college. One night a cousin messaged me about an idea he said I inspired. The idea spoke about game mechanics and teachers being a part of it. After looking it over I realized it was a viable business idea and I immediately began to develop and push the idea. Our unofficial mantra is “challenging the status quo.”
WHAT’S YOUR BACKGROUND PRIOR TO EDUFOCAL? My background is basically writing and
Jamaica
Challenging the status quo, 21-year-old Gordon Swaby has a solid vision behind his two-year-old Company. Innovating the way students learn Gordon’s Edufocal program is a fun educational tool for primary and secondary students preparing for exams. Gordon is building a legacy that he hopes will be felt and remembered not only in Jamaica but also throughout the Caribbean.
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45issue . 2012 . entrepreneur spirit caribbean .
website design & development. I used to write for the Jamaica Gleaner’s Youth Link and I also used to have a popular site called Advanced Gamers that I eventually merged with my current Edufocal developer and shareholder Shane Shipston. Shane is an amazing Canadian developer, we have never met in person but we have worked together on various projects over the last ten years.
CAN EDUFOCAL BE USED IN OTHER COUNTRIES? Definitely. The roll out plan for Edufocal is Jamaica, the Caribbean then the rest of the world. It is country specific regarding the scholarships, codes and Jamaican specific giveaways , which students in other countries would not be able to access but it can still be used for its main educational value.
AS AN ENTREPRENEUR WHAT CHALLENGES HAVE YOU FACED THUS FAR? Not being taken seriously because I am young. I constantly have to prove myself because people think you are young and inexperienced and therefore you are not able to do what is required but that is far from true.
Also, the greatest disappointment for me is that the people I thought I could depend on disappointed me greatly while surprisingly the people I thought were acquaintances were the people who helped me the most. You are always depending on people, no man is an island and no man stands alone. At the end of the day we need to understand that if something is your idea then you are the one who has the greatest amount of excitement and interest in it and no one else will because it is secondary to them. At the end of the day you have to push through.
WHAT ARE YOUR FUTURE PLANS FOR EDUFOCAL? I am currently putting together a board of directors because a good board gives advice, guidance and accountability to a company. Also I am building the company to be sustainable even without me and I am putting my succession plan in place. It is a legacy I want to leave and in the next 5 years I want us to be listed as a public company on the Jamaican junior stock market.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? You can do it while you are young; as people get older they become more risk adverse. Also, have good mentorship and a solid foundation so when you are having your down days those mentors can encourage you to push on and strive for the best.
Go to facebook.com/EduFocal for more. STORY BY STACY R PHILLIPS
INTERVIEW & PHOTOGRAPHY BY RANDY RICHARDS
“Because I am young I constantly have to prove myself because people think...you are not able to do what is required but that is far from true.
WHAT MOTIVATED YOU TO OPEN A MOBILE SMOOTHIE BAR? Launching the smoothie bar evolved out of a perceived gap in the market for real fruit smoothies rather than those made from fruit concentrates. We began in 2008 but our mobile unit didn’t launch until early 2010.
WHAT WAS IT LIKE GETTING YOUR IDEA OFF THE GROUND? For six months we tested and refined the concept at outdoor festivals and events gaining customer feedback. At the end of this period we set up in a fixed location and operated from there while we tested the mobile concept as we operated from a stationary van.
WHEN DID YOU MAKE THE DECISION TO GO MOBILE? When the hunt for a “brick and mortar” location was proving too difficult we decided that an unorthodox approach was what we needed. We simulated the conditions of a vehicle, tested the operation, found that it was truly possible and decided to launch the first mobile unit.
WHAT WAS THE RESPONSE LIKE AFTER GOING MOBILE? Though there was an extensive amount of sensitization that was necessary, brand loyalty grew quickly as the word spread. The response has always been good. When we started going out to the boardwalk in Bridgetown people immediately started to respond positively. Then we started going to various offices around the country.
Barbados
A novel twist to an established idea successfully propelled two young Barbadian Entrepreneurs into being owners of Barbados’ leading smoothie bar. 27-year-old business management graduate Corey Mc Clean and his business partner 25-year-old Christian Thorne are the powerhouse team behind SIPS, a mobile smoothie bar.
Above: A delicious treat prepared for us.
Below: As appears in photo, Christian & Corey.
“Be less scared about sharing your ideas with people, chances are no one is going to do what you are talking about.”Christian
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47issue . 2012 . entrepreneur spirit caribbean .
WHAT IS AN AVERAGE DAY FOR SIPS LIKE? The average day starts about 5 a.m. we get the van ready and at 7 a.m. we post our schedules on Blackberry bbm and Facebook before hitting the road from 8am where we go office to office until 4:30 p.m. Then we station one of the vans on the Boardwalk in Hastings until 7pm. The fascinating thing about being mobile is that in-between breaks the vans are able to stop at various places to restock ice, ice cream or supermarket supplies if they run low from over active sales.
WHAT WAS THE INSPIRATION BEHIND THE BRAND’S IMAGE? The brand is designed to evoke perceptions of quality, attention to detail and fun.
AS ENTREPRENEURS, WHAT ARE THE BIGGEST CHALLENGES YOU’VE FACED IN SETTING UP AND RUNNING YOUR OPERATION? Initially one of the biggest challenges was setting the brand apart from what people were accustomed to and had grown tired of in terms of product quality and service. Another challenge was the occasional mechanical trouble with the vehicles. We had to educate ourselves in order to be able to repair the vehicle within a realistic cost range and we learned how to balance vehicle repairs against the amount of money made from sales.
WHAT TYPE OF PRODUCTS DOES SIPS OFFER? We sell a selection of smoothies, milkshakes and health shakes. Our smoothies are made with real fruit, our milkshakes with lots of ice cream and toppings, and our heath shakes are made with various cereals and grains. We also sell real fruit juices like
mango, golden apple (aka Pomsite) lemonade etc.
WHAT MAKES SIPS UNIQUE? Characterized by vibrant colors and upbeat music from our vans, Sips offers great tasting speciality drinks in a fun and engaging environment. Also we can get anywhere we want whenever we want. We go everywhere and we try to create a closer connection with people while maintaining a high quality. Also, the mobility and the relationships we build with our customers. We are friends with a lot of our customers as opposed to this just being a job so that’s why we have a lot of repeats. We place an emphasis on the social interaction between customers and ourselves and the brand with the intention of making it more than just a transaction between “faceless and nameless” persons.
WHAT ADVICE WOULD YOU GIVE TO ENTREPRENEURS?
Christian: Couple all your ideas
with the potential pitfalls of intro-
ducing your set group of ideas to
the market. Balance the pros and
cons before you do anything and
talk to a lot of people. Be less
scared about sharing your ideas
with people, chances are no one is
going to do what you are talking
about. Work very hard, don’t listen
to the negative things people may
say and just do what you need to
do, and more to get the job done.
Corey: Ensure that you explore
and examine all possible compo-
nents of your product and know
your market (locally and interna-
tionally) inside out. Fully develop
your concept and then pare it
down to the bare minimum and
take it to market as quickly as pos-
sible. Make incremental improve-
ments over time and adjust your
plan based on market response.
See facebook.com/sipssmoothiebar for more.
***Above: SIPS of life. Beach goers enjoying refreshing treats in Hastings Barbados.
STORY BY KURTIS HINDS PHOTOGRAPHY BY ANDREW BROWNE &
WHAT LED TO LA ROSA COUTURE? Prior to being owned by my husband and I, the factory was owned by a British designer who acquired the operation from the previous owners who managed a company called Dingolay & Co. I worked for both companies eventually becoming the Factory Manager for apparel operation. After the owners decided to sell the company and move back to the UK, I was offered the opportunity to purchase the factory. As the company was up for sale, I saw that the only place for me to go was upward and through the help of
Barbados
La Rosa Couture For Rozana Moseley, over a decade of experience in garment manufacturing culminated into the reality of her owning her own high-end apparel manufacturing company. After purchasing the factory at which she had worked as an employee for many years, Rozana now manages the business with her husband Ryan, an entrepreneurship and business development advisor.
the Caribbean Business Enterprise Trust Inc. (CBET) and the Barbados Entrepreneurs’ Venture Capital Fund, we were awarded the necessary financing to purchase the business and commence the new company.
EXPLAIN THE ROLE OF BIM VENTURES? BIM Ventures (Barbados Entrepreneurs’ Venture Capital Fund) is a partnership between Caribbean Business Enterprise Trust Inc., the government and the private sector of Barbados. For companies to be
eligible there must be a Barbadian who is heading the project. BIM Ventures funds the project 100% with shared ownership between the venture fund and the entrepreneur and after a seven-year period the entrepreneur can seek to purchase BIM ventures’ shares. BIM Ventures also assigns a shepherd who acts as a counsellor, assisting with various aspects of business development.
WHAT IS LA ROSA COUTURE’S TARGET MARKET? We focus on catering to the needs of the local and regional designers. Most existing garment manufacturers are usually into mass production, but we cater to small batches production. Moreover, for years we have heard designers pine that they need a Caribbean apparel manufacturing facility, which produces high-end clothing comparable with international standards. We exist to fill that void.
The Barbados Manufacturing
Association, through its Executive
Director, has assisted us greatly
by referring their clients to us. We
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49issue . 2012 . entrepreneur spirit caribbean .
also cater to the local hospitality
industry and luxury tourism indus-
try by providing a wide range of
uniforms for staff. Our company
has made and is still making strides
with various other clients such as
boutique owners who are looking
to create their own clothing lines
as well as Barbadian and regional
designers. We have done samples
for a leading Trinidadian fashion
designer who offered exciting
reviews regarding the standard of
our work as compared to ones she
acquired in New York. We also work
closely with a very talented and
young and upcoming Bajan-Trini de-
signer Janelle Forde of J.Angelique
Clothing who owns a boutique and
is also a contestant on the popular
TV series “Mission Catwalk”.
WHAT CAN LA ROSA COUTURE OFFER THE REGION? The Caribbean’s fashion sector has a great deal of potential. However, in order for the fashion sector to succeed, there is a need to have a complete value chain that connects designers and clients, locally and globally. La Rosa is already playing a key role in that value chain process
and has a great deal of potential to play an even bigger part.
WHAT SERVICES DOES LA ROSA OFFER? We create sports-wear, kits for sports teams, resort and swimwear, casual wear, formal wear, uniforms for the hospitality sector, executive work wear and bags. These products can be designed and graded to cater to any size. We possess the capacity and resources to take an idea from a drawing on paper, pattern or existing garment, make modifications or design adjustments and produce the styles for international retail and fashion line launches.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS?
Ryan: Pursue something that
you love rather than something
that you see and think you can get
done. If it’s not your passion then
with the slightest challenge you may
call it quits. However, if it is your
passion you will move heaven and
earth to get it done. Also, people
need to take the time to research
the background of an industry.
Moreover, Caribbean entrepreneurs
have relied for too long on govern-
ment handouts and the current
recession has negatively impacted
many businesses due to the lack
of financial support. Emphasis
must be placed on innovation and
finding inexpensive ways to get
their businesses more visible.
Rozana: You must love what you
are doing. The transition to business
ownership was easy because it was
something that I love. Also, com-
panies should value their staff and
seek to provide an enabling environ-
ment, which promotes camaraderie
and commitment among the team.
See facebook.com/pages/La-Rosa-Couture-Inc/274690115887467 for more.
Left: Hive of activity: Seamstresses at work in the factory. Above: Rozana goes over designs with a worker.
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY ANDREW BROWNE.
“Companies should value their staff and seek to provide an enabling environment, which promotes camaraderie and commitment among the team...”
HOW DID CAFÉ MARRAKESH COME ABOUT? After deciding to get into our own business we weren’t sure at first what to do then realized that there wasn’t any place to go for a decent lunch salad or healthy lunch at an affordable price. Seeing a gap in the market we thought it was a business that could work so we decided to give it a go.
WHAT WAS IT LIKE GETTING THE BUSINESS OFF THE GROUND? Initially we started off with a delivery service from home,
which we launched purely on US$84 of Facebook advertising. In three days we had more orders than we could handle and in the three weeks that followed the orders were too much to handle from our home so we starting looking for a suitable location. Seeing an ad in the newspaper about a new mall we checked it out and it was perfect for us. It also provided us with an in house market, as there were hair salons, spas and stores with an already established clientele passing through.
WHY THE NAME CAFÉ MARRAKESH? It was purely a design consideration. Terri is an avid designer and loves interior design. She wanted to do something different which was unique to the market. She wanted something cozy and after some research we decided on a Moroccan theme while I created the logo, menu and all the graphic design work.
WHAT MAKES CAFÉ MARRAKESH UNIQUE? The fact that Terri and I are here. We know a lot of our customers by name and we see the
Trinidad & Tobago
Café Marrakesh A delicious secret for many, Café Marrakesh is nestled in the Simplicity Shopping mall, on Murray Street in the capital city of Trinidad and Tobago. Owned by husband and wife team Bret Bulling and Terri Grice, Café Marrakesh offers a cozy lunchtime getaway with an incredibly tasty and health conscious menu. So how did a Zimbabwean anthropologist and a Trinidadian customer service specialist end up in the culinary industry? As Bret explains, it was simply through identifying a need.
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51issue . 2012 . entrepreneur spirit caribbean .
same people day in and day out and get to know them personally. It makes Cafe Marrakesh quite unique. Also, because of the decor and who we have behind the counter customers feel at home and because of that people are very forgiving if we make the odd mistake.
BIGGEST CHALLENGES? Finding suppliers for the kinds of meals we want to provide as well as fluctuating produce prices which can sometimes go up as much as five dollars more at any given
Fun Facts about Café Marrakesh
People’s 1st Reaction:
Wow, this is amazing!
People’s #1 Regret:
That due to work or other
reasons they are unable to visit
the café as often. They usually
come back and apologize to Bret
and Teri for being away so long.
Signature Dish:
Moroccan Salad. A cold salad
topped with hot roast pota-
toes, lamb and feta cheese.
Signature Smoothie:
The Immune Booster. Packed
with immune boosting blue-
berries, banana and milk.
Customer Service:
Bret and Terri know many of
their customers’ orders by heart.
Age of operation:
2 years
Bret & Teri:
They have 2 kids. Bret, an ex
diplomat was born in Zimbabwe
and is an Anthropologist by
training, he is also a marketing
specialist and graphic artist. Teri
is half English half Trinidadian
but at heart she is Trini to the
bone. A former customer service
professional she is now dedi-
cated to making Café Marrakesh
a home from home for all her
customers. She is also a fine
artist and loves interior design.
time. However, the way we dealt with that is by trying to shave off as many extra operational costs as possible. For instance we don’t buy plastic bags and many customers will collect their bags and bring it to us this also helps the environment. We always look to keep cost down without affecting the quality of food or the quality of the service.
WHAT ARE THE PLANS FOR CAFÉ MARRAKESH? We have thought about expanding but the food market is really saturated at the moment especially as it seems to be an easier income earner option in this economic downturn. There is a huge amount of competition and in terms of having a physical outlet, location is key. The entrepreneurial side of us wants to scale up and take it places but we may actually try something different. This operation is special because of its character and replicating it could be a risk, which could make it into a faceless chain. So we will hang on and wait till the right opportunity comes up before we attempt to replicate.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS Learn as many skills as you can before you start your own business. You don’t have to go to university to do so and you can find many tools to teach yourself the basic skills and understanding before you set out.
Go to cafemarrakesh.wordpress.com for more.
Above: Choose your dressing. Above Right: Winding down after a hard day Bret and Terri take a break in the dinning area of the cafe. Left #1: Jacket potato stuffed with smoked salmon, topped with cheese & grapes with a side of fresh salad. Left #2: Hard at work behind the counter. Left #3: Immune Booster smoothie.
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY KI.NE.SIS STUDIOS.
“This operation is special because of its character and replicating it could be a risk, which could make it into a faceless chain. So we will... wait till the right opportunity comes up before we attempt to replicate...”
environment. Then through growing my own food and doing landscaping at home I found mulch very expensive to buy, especially in the quantities I needed. One day a colleague and I were in a gardening store when we saw a small chipper shredder, it was at that moment my colleague looked at me and said, “Lionel you have all the raw material home to make mulch so why aren’t
you doing it?” Those words hit me like a sledgehammer. I knew it was true.
WHAT WAS YOUR PROCESS IN GETTING STARTED? After the experience in the store I immediately started to do research, examined wood shavings, looked at the coloring process, looked at what
Trinidad & Tobago
TropiMulch An environmentalist by calling and a teacher and research chemist by trade, owning and developing the Caribbean’s first premium brand of Mulch was only natural for Tropi Mulch Managing Director Lionel Seucharan and now Tropi Mulch is quickly attracting the attention of regional distributors.
W.I Entrepreneurs
WHAT IS MULCH? Used in agriculture and gardening, mulch is a protective cover placed over soil to retain moisture, reduce erosion, provide soil nutrients, retard weed growth, inhibit certain plant disease, beautify, and also minimize the need for watering especially during the dry seasons. Tropic Mulch uses raw wood discarded from woodwork shops to create mulch. This wood is usually burnt as garbage which also creates air pollution.
WHAT PROMPTED YOU TO GET INTO PRODUCING MULCH? I have always been interested in the environment and finding ways I could do my part to help the
53issue . 2012 . entrepreneur spirit caribbean .
local and regional competition there was and tried to work out the viability of the venture. I kept researching for close to a year and even got valuable information from a large producer of Mulch in the USA. It was just the push needed to realize this was doable. I then rented equipment, did samples, gave to friends with gardens and listened to feedback.
AT WHAT POINT DID YOU SEE A MARKET FOR YOUR PRODUCT? I found where there was a need. Trinidadian mulch had a hard time competing with international mulch because not much thought went into the local process of creating mulch. I also noticed that both regional and foreign makers didn’t say much on their labels about the contents of the bag or even how to use it. Many people use mulch incorrectly and there are usually no instructions on the bags to guide them. As a result when the mulch doesn’t t work many
customers cry faulty product. There is functionality and a science behind Mulch. I also hope to make Mulch affordable by offering no more than 13.50 USD per bag retail.
WHAT WERE SOME OF THE CHALLENGES YOU FACED?
(1) Mulch production is very labor intensive and one of our challenges is to find effective methods of simplifying production. We are currently testing and perfecting processes.
(2) The second challenge was what I call an attempt at corporate assassination. A large Trinidadian company took interest in my product. They offered to purchase my mulch and distribute throughout their outlets. I was asked to prepare samples and a presentation for their agricultural department for the final sign off. Weeks passed and no one called, nor was I able to reach anyone by phone. One day I paid them a visit only to be told I did not know what I was doing and they even said they would not be interested in my product now or ever. I was crushed but said thank you and left. I seriously began to doubt myself until a Dominican agriculturist, who’s also a friend of mine, advised me and helped me get the mulch tested and verified. That was what I needed to prove what I knew and reinvigorate my journey.
WHAT WAS THE INITIAL RESPONSE TO THE PRODUCT LIKE? Dismal! When I started I could not afford colorant so many plant shop owners refused to even look at the product even when I offered to leave free samples. Now after two years we are up to one thousand bags a month with nine distributors, several landscapers and we are also currently lining up distribution in Barbados and other Caribbean nations.
WHAT’S IN THE FUTURE FOR TROPI MULCH? Making the process green. We are looking into using biodegradable bags, converting our machinery from diesel to bio oil as
well as using solar dryers to dry our dyed product before packaging.
Also as part of our corporate responsibility we hope to partner with stakeholders in the green revolution to increase environmental awareness. We have had discussions with various Trinbagonian environmental organizations and we have also been able to reach out to the next generation of entrepreneurs in schools.
WHAT ADVICE WOULD YOU GIVE ENTREPRENEURS? Once you believe it, conceive it and make it happen. Sometimes launching into something scares you and sends you back into the hole but be confident and determined and believe in yourself.
Go to facebook.com/Tropimulch for more.
“Many people use mulch incorrectly and there are usually no instructions ... to guide them. As a result when the mulch doesn’t work many customers cry faulty product. There is a functionality and a science behind mulch..”
STORY BY STACY R PHILLIPSPHOTOGRAPHY BY KI.NE.SIS STUDIOS.
ment, job design, evaluations or rewards- are most
conducive to fostering the entrepreneurial spirit?
“Organizations using best HR practices from the beginning have a higher productivity and stronger market performance, relative to their competitors. People are the assets companies absolutely and categorically can’t do without.”
ENSURING CUSTOMER SATISFACTION THROUGH MARKET RESEARCH
By Kheron Arthur
Marketing
57issue . 2012 . entrepreneur spirit caribbean .
Observation / Field Trials
A good way to understand and
gather research data on how well
consumers would respond to your
product is by placing it in selected
stores to test customer response
under real-life selling condi-
tions. The information gained can
help you with regards to product
modifications, price adjustments
or package improvements. Also
it helps you the entrepreneur to
strike up good relationships with
the store owners and customers.
The execution of market research
is as important as selecting the ap-
propriate method to obtain the in-
formation you desire. Few Caribbean
business possess internal marketing
specialist with the capabilities and
resources to deliver market research
and analysis. Fortunately there are
several organisations within the
region that offer these services that
then affords you the opportunity
improve your products and service.
THE HARD TRUTH
Market research can be costly, in
relation to time, money and re-
sources but Caribbean companies
must understand it is only with
market research that they can
have the value added advantage
on the market. Market research
works in tandem with your market-
ing and advertising arsenal, which
should all be viewed as a matter
of corporate security. Efficiently
done market research and your
overall marketing strategy can
ensure you sales revenues are
maintained and increased and can
even positively boost your posi-
tion in the eyes of the consumer.
Market research is cumulative
and provides long-term ben-
efits to a business. If you truly
aspire for greatness in your busi-
ness, then it is time to dive into
some market research towards
understanding your customer
and knowing what you can
do to win their satisfaction.
“Research is about people. To better understand them, we can look and listen. Watch how they behave in a shop, analyze what they are saying on Twitter, read what they write on their blogs and newspapers. ..”