Category : Entrepreneurship

Business Start-Up Entrepreneurship

Take Control of your life- Start a Business

Think Big Work Smart,Hustle Hard: Business Start-Up Series
Job security is a word that is quickly becoming obsolete, in the past person could have boasted of their job security and having a secure future. In today’s world of uncertainty, depending on others to provide some sort of job security for you may be one of the biggest mistakes you can make. Individuals will need to be able to create their own job stability and own opportunities for having a secure future. One of the ways this can be done is through entrepreneurship. Individuals can start their own business and take control of their lives and not depend on others.
There are some frightening statistics that shows that a huge percentage of businesses fail within their first year of operation. This is one of the reasons that many persons decide to not venture into entrepreneurship and starting their own business. One of the reasons for this failure is a lack of knowledge as it relates to Business Start-Up. The internet has become an information hub for entrepreneurs thinking of starting a business. The internet has also made it very easy for entrepreneurs to start and grow business.
In an effort to help with this problem, I have decided to start a Business Start-Up series. Here entrepreneurs and aspiring entrepreneurs can ensure that they are well knowledgeable as to what it takes to start a business, starting from deciding what type of entrepreneur you are to the actual business launch. This business Start-Up series is presented on www.kimroncorion.com and individuals can subscribe to the Business Start-Up series Newsletter to receive important and timely business start-up information.

It’s important to note that knowledge by itself is not power, the correct application of knowledge is power. And the knowledge that one will gain through this business start-up series, if properly applied can be very powerful.
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Developing an Entrepreneurship Policy in the Caribbean

Many Caribbean countries have been plagued with many problems over the years. These problems range from crime and violence to high levels of unemployment especially youth unemployment among others. In these countries a phenomenon that has been on the rise is that of self-employment. Though this trend seems to indicate that entrepreneurship is being fostered in those countries, it can be said that persons who get into this type of business is out of need; a need to feed themselves and their families and not necessarily because they saw an opportunity and decided to take advantage of it. Nevertheless, if this is nurtured and the correct policies exist then this can be the engine to power the economies and alleviate much of the problems being faced.
To reduce poverty and hunger, eradicate extreme poverty, create dignified and decent work,
and raise the standard of living of all our people, we must achieve higher levels of business
development and sustainable economic growth with equity (OAS, 2009)
 According to Kuratko and Hodgetts 2007, Entrepreneurship is a dynamic process of vision, change, and creation. It requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks–in  terms of time, equity, or career; the ability to formulate an effective venture team; the creative  skill to marshal the needed resources; the fundamental skill of building a solid business plan; and, finally, the vision to recognize opportunity where others see chaos, contradiction, and confusion.
In the Caribbean, whereas many persons have already accepted that the only way they will move forward is through becoming entrepreneurs. There is a problem that is faced by many in that there isn’t an entrepreneurship policy that helps guides and propels an entrepreneurial model through our economies in many of the Caribbean countries. Though this has not limited or hindered many of the most successful entrepreneurs throughout the Caribbean, it is believed that if one such policy was to be developed, countries such as Grenada could have less dependence on the outside world and more locals would be willing to take more risk to help build their economy.
It is believed that the main issue affecting many entrepreneurs and the development of entrepreneurship in most Caribbean countries is that of the lack of a policy that guides the entrepreneurial process. Although many countries have a ministry that deals with small business or international business among others, there isn’t in many cases a ministry that guides the development of entrepreneurship. According to Lundström and Stevenson, there are six areas that can be focused on to develop an entrepreneurial policy and they are:
1. Entrepreneurship promotion
2. Entrepreneurship education
3. Reducing administrative, legislative and regulatory barriers to entry and exit;
4. Business support for start-ups
5. Business and start up financing; and
6. Target group measures
Developing such a policy can help alleviate some of the problems that are inhibiting entrepreneurship in many countries such as, Lack of access to funding and lack of technical support. One of the biggest problems that this can address is lack of education about the importance of entrepreneurship and how it can help improve economies and people also, another problem this can address is that of a lack of training.
In many situations persons grow up in a culture where entrepreneurship is not something that is seen as important and mainly persons who grow up in business families are the ones to get involve in business however such a policy can help curb this problem and help build better societies.

In conclusion there is a serious need for a policy in the Caribbean centered on entrepreneurship in order to help foster this phenomenon and propel economic growth and development. Entrepreneurship, as identified by many scholars and business persons in the Caribbean, is a very important avenue for economic growth, it helps alleviate unemployment and help create wealth, and more emphasis needs to be placed on it.
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Grenada Unemployment Situation: What we need to stop doing and start promoting



As of June 30th many employees of RBTT Bank will be out of a Job. Very soon the employees of First Caribbean Bank in Carriacou will be facing the same fate. I can count a number of organizations that have laid off a huge percentage of their workers in the past 2 years in Grenada; things are looking bleaker every day.

Unemployment is very high, and in my calculations it is in the 40% range; even though officially it’s much lower than that. How easy would it be to find a Job in an economy that’s currently “laying off” people to cut cost and deal with the new adjustment programmes being implemented by the government? My guess is, not very easy.

If finding employment is getting more difficult every day and more positions are being made redundant in both the private and public sector, shouldn’t there be some sort of alternative? Why is it that people are still going out job hunting? I believe that the answer to this is that Grenada has developed a culture of job seekers. Our schools have trained us all to be employees, to develop the employee mindset. This employee mindset is what is helping damage our economy.

A new culture needs to be bred within our society; a culture of entrepreneurship, a culture where people are not only seeking jobs, but also job creators. With more and more people entering the labour force, and less and less jobs being created, this will lead to serious problems for the country: economic instability and political and social unrest.

Something needs to be done to help foster this culture of entrepreneurship.  Persons need to know that they do not have to go looking for jobs. Instead, they can create their own! The Government need to finds ways to provide incentives for entrepreneurship by providing support, training and tools for entrepreneurs. Also entrepreneurship needs to be a subject taught in school. Business management and accounting and other subjects offered in our schools are taught from the perspective of a prospective employee and not from the standpoint of entrepreneurs. Products of this school system end up being successful managerial capitalists. However there is a need for real capitalists, those who will see an opportunity and take a calculated risk to combine factors of productions and create their own path in life.
While unemployment may be high in this time, and many people are home wondering what they will do. There are many opportunities out there that persons can make use of:

  1. Freelance Opportunities- Sites such as Freelancer.com which is the world’s largest freelancing, outsourcing, and crowdsourcing marketplace for small business. With over 11 million users, you can hire a freelancer to do your contract work at a fraction of the cost. If you have a skill or talent, you can register on the site as a freelance worker and bid for projects. For example, if you are a graphic designer, you can go on the site, register and bid for many of the thousands of freelance projects available and generate an income from this.
  2. Fiverr.com- This is similar to freelancer.com where you can register freely and do freelance work for people and get paid to work.
  3. Network Marketing- This is another big avenue that is steadily growing. Persons can join a networking marketing business and build an enterprise from there for a very low cost. Some popular network marketing opportunities available are Syntek Global and Oregano Gold. Take a look at some at some of these opportunities and see if it’s something that can work for you.
While these opportunities may not work for everyone, they are worth looking into. It can be the start you are looking for as an aspiring entrepreneur. Entrepreneurship is what will be able to save our economy and it’s about time we begin to give it the attention it needs.  It is time for students be given the option of creating their own jobs as opposed to leaving school and searching for Jobs.  

Finally amidst everything, to be successful as an entrepreneur, one needs to Think Big, Work Smart and Hustle Hard.
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6 Online Resources to Make your Life Easier as an Entrepreneur

In today’s entrepreneurial landscape, the entrepreneurs that will succeed are those that can find a way to do complex task in a simple, cost effective and time saving manner. With the introduction of new technology and with the advent of the dot com era, it has never been easier to start a business. For aspiring entrepreneurs and for entrepreneurs having problems with their business, here are some effective online tools that will make your life much easier. This will also make the entrepreneurial journey much more fun.
1. Freelancer.com
Freelancer.com is the world’s largest crowdsourcing and freelance marketplace that connects more than 10.7 million talented professionals from around the world. With thousands of jobs being posted and worked on every day, Freelancer remains the place where the world gets work done. If you need to get something done in your business and you do not have the finances to hire a new team member, then Freelancer is a great option to get someone to do the job and in a very inexpensive way.
2. Micromentor.org
Micromentor is a free business mentor service for entrepreneurs and a rewarding volunteer opportunity for business professionals. Their mission is to help small businesses grow faster, generate more revenue, and employ more people. They make it easy to find a mentor, be a mentor, and build a business. If you need someone to help you with your business, how about getting an experience and successful person to mentor you for free.
3. Lynda.com
Many entrepreneurs may not have had the chance to go to a business school. But with Lynda.com, you can learn anything with easy-to-follow video tutorials help you learn software, business, creative skills and more. If you are lacking a skill to take your business to the next level, Lynda.com is a good source for learning that skill.
4. Kickstarter.com
Kickstarter is a crowd funding platform that help persons bring creative projects to life. It’s a good option for raising money for a project you may want to undertake in your business, or if you want to start something meaningful.
5. Paypal.com
PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as checks and money orders.
6. There are other resources such as social media sites (Facebook, Google+, Twitter Pintrest etc), Fiverr.com, Alison.com and others, what are your favorites?
Taken from http://www.huffingtonpost.com/nelson-kimron-corion/6-online-resources-to-mak_b_5115574.html?ncid=txtlnkusaolp00000592
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5 Business ideas Grenadians can start with very little start-up money

I have been thinking and this is what i came up with, these are five businesses that can start with very little money
1-    Consultant– Do you have expertise in something that you can use to help others. Then you could consider becoming a consultant.  However, you will definitely need to have expertise in something. This doesn’t mean having a degree. If you have been working in the marketing field for a number of years, then you can become a marketing consultant, helping businesses develop and launch their marketing campaigns.
2-    Bookkeeper– many small businesses in Grenada do not keep proper records, especially financial records. Many of these small businesses later go on to financial institutions to seek loans and other financial services. The financial institutions will then ask for their records which most of them normally don’t have. There is a great opportunity for someone involve in accounting, to approach these small businesses and offer to keep their books for them, and convert this into a legitimate business.
3-    Day Care– If you love children and love taking care of children as you would take care of your own, then this is a great opportunity for you. Lately many parents are becoming busier and need somewhere to put their babies and younger kids. Becoming a baby sitter or having a day care can be an opportunity to be exploited.
4-    Gift Basket Service– I believe this is a great opportunity. I am always looking for a gift for family, friends and loved ones and it always seems so difficult to find it. If someone can develop a business putting together gift baskets, then this will make a lot of person’s lives much easier.
5-    Social Media Consultant– Social Media has no doubt presented businesses with a unique marketing opportunity. However some of the generation x business owners may not be as savvy as generation Y. So if social media comes naturally to you, you may just have an opportunity to become a social media consultant.  If you can help existing businesses integrate social media into their other marketing campaigns, you should have no trouble making a go of it.

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Entrepreneurship IMPORTANT

CEBO- A Move in the Right Direction for Grenada

The CARICOM Secretariat in collaboration with the Ministry of Youth, Sports, and Religious Affairs, has organized a partnership for the programme which is receiving support of the U.S. Agency for International Development (USAID) and the Government of Spain. The programme seeks to give technical support to Member States to strengthen youth entrepreneurship by introducing the CEBO Programme” (Now Grenada, 2014).
CEBO- Creativity for Employment and Business Opportunities
This is something I could definitely support. For too long I have been advocating for entrepreneurship as an avenue for Employment and Wealth Creation. The participants of this meeting which included,
1.      Non-government organisations with an interest in youth entrepreneurship including National Youth Business Trusts
2.      Small and medium enterprise development organisations
3.      Small business associations
4.      Chambers of Commerce
5.      Banks and other financial institutions
are the players needed to help develop an entrepreneurial policy in Grenada thus leading to a culture of entrepreneurship. Far too long we have relied on traditional measures to help generate employment only to find that these measures are temporary fixes to what seems like permanent flaws.
There have been many programmes in the past that included training of young people to try to get them involved in business and entrepreneurship. However, it is high time we realize that teaching young people skills for starting and running a business is not enough to get them interested in entrepreneurship. There must be a burning desire to do something, to make a difference. They need to be resilient, focused, goal oriented, determined, in addition must have good interpersonal and persuasive skills, and be willing to think outside the box, or maybe think inside a new box if needs be. 
Entrepreneurship is not for everybody, and like Jeff Bezos said, “One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you” (Bezos, 2014).
I believe that this can be the flagship programme to help create that culture of entrepreneurship in Grenada and the rest of the Caribbean region, but please don’t only focus on creating business plans and developing business ideas and learning about ROI and other skills for starting and operating a business. One must also focus on passion and determination and some of the other soft skills that are important for entrepreneurial success, some of these can’t really be taught,  however,  with the right guidance once it’s within an individual it will come out…Hats off for this programme and Cheers to its success.

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Entrepreneurship

Myths About starting a Business

There are certain Myth about starting a business that we must try to avoid as stated by Tim Berry is his book Hurdle: The book on Business Planning

1- The myth of ” being your own boss” You are not your own boss when it comes to starting a business, or when you own a business, your customers are your bosses, your bank is your boss, your fixed cost is your boss.

2- The Myth of being “Independent“, owning a business dont make you independent- Not needing money makes you independent, as long as you need money you are not independent.

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