Now that I have done the course what am I going to do with all this information.......Write about future plans whether you want to do entrepreneurship or not and give reasons why

   So now the entrepreneurship course has finished; I have learned so much and I'll soon be going to the next step which is the area of work. The question is: will I become or have intentions of becoming an entrepreneur? Of-course the answer will be yes. After being introduced to entrepreneurship, I could see myself owning and running my own business. Before I have been introduced to entrepreneurship, I've already made goals that I want to accomplish. Goals such as furthering my education and acquiring my own house. There is no doubt that I will become an entrepreneur after accomplishing my goals because I wish to be my own boss, make a difference in my community and better the economy of St. Vincent by providing jobs through my business for the willing young people.
   In conclusion, I want to wish all my classmates good luck in the field of work and hope that they use the information about being an entrepreneur wisely, and I also want to thank my lecturer Mr. Maloney for introducing this course to us.

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

   Yes I did it!! I have established my business; but what now? What must I do? Entrepreneurs must know that establishing a business is not the end of it. After establishing our businesses we must ensure that they grow and become even more successful. Here are some tips that can help you grow your newly established business:

• You can offer your business as a franchise
• Expand you business
• Advertise your business
• Export your products
• License your product
• Form alliances
• Offer as many products and services as you can
• Seek out different markets

   In one of my previous blog posts, I mentioned a rickshaw business that I will like to set up, and lets say I've already established it. This is how I will lead it to further growth and success: first I will advertise my business using simple communication medias such as radio and flyers. Afterwards, I'll seek out a worthy partner to help me expand my business to other densely populated areas such as Camden Park and Georgetown. Then, finally, I'll offer different sectors to my service; which includes: romantic rides through the country side, and cruising for people who just want to sit back and relax.

   The strategies for growth that I will use for my business are:

• Advertising- This is where I promote my business to inform people that I offer a service that they can take advantage of.
• Forming an alliance- This is where I will seek out a partner to help me grow the business.
• Offer other products/services- This is where I developed different branches of my service to reach different targets.  

So you want to set up a business... Choose a location and explain why you would set up your business there

location location location. This is one of the most important factors that affects a business. In-order to decide where to set up your business for the best productivity, you must first analyze your target customers for their Geo-location, so that you can set up your business close by. The demographics of your customer is not the only factor that you will want pay attention to. There are other factors which includes:

•  Competitors- You don't want to set up your new business next to a competitor who has been in the business for years.
• The distance from other businesses- Other businesses will have their customer traffic which will benefit a new business because it won't have generate it's own.
• Costs of utilities in that area.

   So now I want to set up a rickshaw business to carry people around when they don't feel like walking. Where do you think I will set up that business? I will set it up in Kingstown, because a lot of people who shop often have a lot of bags to carry and more shopping to do, and or has to reach from one part of town to the next quickly. Since no one has implemented that idea as yet there will be no competition. Also I'll set up my business there because there are mechanic businesses in the same area that I can go to if one of the rickshaws need repairs.

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

Can Social Media help my small business in SVG? This question has two answers because it is decided based on your customer's profile. So if the target market for your business are people who are fifty five (55) and older, people who discourages technology or people who are anti-social in both the virtual and real world; social media may not be the best thing for you. Also, for a country like St.Vincent whose population is mainly farmers who are not tech savvy and are more users of traditional media instead of social media, this approach wouldn't be best. So, in-order to know if social media is best for your business you need to carefully analyze your target customers. 

  If you've analyzed your target customers and you found out that social media is good for your business, there are a few benefits that it can do for your business. Those benefits include:

• Social media can help your business get quick real time feed back form it's customers.
• Social media can help your business to find new customers.
• Social media can help increase market intelligence.
• Businesses can share files quicker and more efficient on social media.
• Social media can help your business create strong bonds with it's customers through communication.

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

Most vincentians who are planning to start a business will be going around asking for help. What if that vincentian is a newly college graduate who couldn't get a job and has decided to start a business? They would really know the struggle! Luckily, there are places in St. Vincent and the Grenadines where an entrepreneur can get help to start their business. I went out and did some research on businesses that can help entrepreneurs to start their business. The businesses that I found are:

1. Micro-Finance Co-operative Limited (COMFI)

Micro-Finance Co-operative Limited provides loans to registered small businesses provision of other financial services such as savings accounts and fixed deposits. Their mission is to be the number one service provider of business loan, advice and training in SVG. They are located on Grenville street, Kingstown. Their contacts are; telephone +1 (784) 451-2521 and email address svgcomfi@gmail.com.

2. Center for Enterprise Development (CED)

Center for Enterprise Development is a non-profit organization established by government to provide a range of business development services to the business sector. They are located on the first floor, Moussa Building, Grenville Street. Their contacts are: telephone +1 (784) 451-2235, +1 (784) 451-2236, +1 (784) 451-2237, and email address cedsvg@gmail.com.

3. Commerce & Intellectual Property Office (CIPO)

 The Commerce and Intellectual Property Office (CIPO) is a statutory agency of the Government of Saint Vincent and the Grenadines, established under the Commerce and Intellectual Property Office Act, No. 43 of 2003. CIPO serves to provide of a sound administrative and regulatory framework which supports the development of domestic commerce and the protection and maintenance of intellectual property rights. They are located on the Ground Floor, Methodist Building, Granby Street. Their contacts are: telephone +1 (784) 451 28 94, +1 (784) 456 15 16, and email address ciposvg@vincysurf.com.

4. National Development Foundation (NDF)

National Development Foundation's main purpose is to promote self-help develpoment among the less fortunate regions. The National Development Foundation serves to make the small business environment better by speaking and promoting the changes in the institutional arrangements for micro and small enterprise development in SVG. Their contacts are: telephone +1 (784) 457-2646 and email address ndfsvg@vincysurf.com.

Write on a small business that is doing well in your community

Wellington Quammie's Family Bakery, Grocery and Retail. Mr Wellington Quammie started off his business by opening a small shop fifteen (15) years ago. In his first few years, he started off by selling basic items such as flour and rice. He had stiff competition from neighboring shops: Howell and Sons and Bailey. However, after a couple years of running, both of Mr Quammie's rivals died and so did their businesses, leaving Mr Quammie's business to get all the attention in the village at the time.This caused the business to expand both physically and economically. Mr Quammie has employed many villagers over the years. Even I had a summer job there to stack boxes when I was younger. Mr Quammie went through great loss in the Easter of 2011 and the Christmas of 2013 where there were devastating floods, both of which caused about 90% damage to Mr Quammie's shop and property. Despite all of that damage, Mr Quammie's business rebounded, he partnered with his daughter's bakery and assigned his son as manager. Today the shop sells cosmetics, groceries, bread, pastries, hardware, and vehicle supplies. The business now employs over ten (10) persons and is the most popular shop in the community.

Pick a new Franchise and say how you would set it up in SVG.

The franchise that I would set up in St.Vincent and the Grenadines is Dunkin' Donuts' trade name franchise. Dunkin’ Donuts was founded in 1950 by William Rosenberg in Quincy, Massachusetts. Up to this date, Dunkin' Donuts stores is said to be found in over 32 countries, and they present 70 different types of doughnuts, along with coffee drinks and other baked goods. The Startup cost for Dunkin' Donuts is between $216.1 thousand and $1.5 million. The first step that I must do is to get in contact with the franchiser and fill out the Dunkin' Dount's franchisee application and provide the necessary proof of my citizenship and assets. If the franchiser approves of my application documents, they will send their Franchise Disclosure and Qualification Package which contains information about the franchiser and the franchise system. After going through the second and third steps which are: getting the business plan (meeting with the franchise manager and conducting the due diligence process) and doing a financial review, I can set up the franchise. Since this franchise is a food franchise, the best location to put it is in the capital city where there is dense population of people who are morning commuters who will enjoy a cup of coffee before they start work.
  Some social factors that may affect my choice of franchise are:

1. Attitude from society- This can be either negative or positive attitude, because persons in the society would have different thoughts and beliefs of how the country should grow.
2. Culture- This is a country of many different cultures and people from different cultures don't always agree with each-other on certain things and businesses. For example, people from a certain culture may discourage the selling of coffee.
3. Religion- This is similar to culture but this deals with the religious factors with the business.

Economic factors that may affect my choice of franchise are:

1. Equipment and materials- St.Vincent is a small country and it would be very challenging to get the necessary equipment for the trade name franchise.
2. Capital- This is a major factor, without it the franchise would cease to exist.
3. Human resources- Yes there are a lot of people but there isn't a lot of people with the required training to handle the equipment. 

Ownership...Which model do I think will work for me?

All entrepreneurs must know what type of ownership they want to pursue before they start their business. There are four different types of business ownerships, which include: sole proprietorship, partnership, corporation, and limited liability company, each of which have a different purpose. However, the question is, 'which one is best for me?'. To answer that question I would need to evaluate some of my characteristics which are: being independent, hardworking, working well with other hardworking people, leading any group that I am in, being proactive, and always striving to get the job done. Now with all of that being said, it is time to choose the ownership style. For me, the choice is between a sole proprietorship and partnership, but I'm mainly leaning on sole proprietorship because most times I do not like to rely on others. For instance, if I am in a group with someone and we both have separate tasks to complete, I would do my task along with my partner's task as a backup just in case my partner didn't finish his task on time or he didn't do it at all. Also, I'm not the type of person that wants to be responsible for any potential lost for anyone if I'm in a partnership. Being a sole proprietor has its advantages and its disadvantages but it is the model of ownership that best suits me.

An Idea is worth one million dollars

    

      Anyone can think of an idea, but as the old saying says, "not all ideas are new under the sun". For an entrepreneur to ensure his/her idea is new under the sun he/she must utilize the gift that God has given to everyone, the gift of creativity. Once an entrepreneur have implemented creative thinking and creativity in their business there are some factors that can be exceeded. Some of those factors are customer expectation through innovation, productivity and development.

If an entrepreneur uses creative ways to solve a problem and come up with a solution that is completely new and unique, it is called innovation. If the entrepreneur's innovative idea not just satisfies the costumer's expectations but also exceeds them, it can lead to productivity and the development of his/her business. Creative thinking enables an entrepreneur to do out of the box procedures that can be cost-effective and exceed normal productivity limit. Some of these procedures may include: utililising cheap and low-cost technology and other readily available products (for example: using a website or blog to communicate with customers in order to lower the phone bill, thus saving some extra money and increasing productivity), and finding creative ways to solve challenging problems (for example: using what others may consider as garbage to create fuel). Now through the increase of productivity and the proper management of resources, the entrepreneur's business can be further developed both physically and economically.

   In conclusion, once an entrepreneur uses creative thinking in their business and manage their resources properly; they can win the approval of their customers, increase productivity and further develop their business both physically and economically. All of which will maximize profit.

From the ashes to success Kathryn Minshew

   Kathryn Minshew, CEO and co-founder of New York-based The Muse, which is the only online career resource that offers a behind the scenes look at job opportunities with hundreds of companies. Kathryn quit her job at the Clinton Health Access Initiative to run Pretty Young Professionals (PYP), working as an unpaid CEO and editor in Chief. In the spring of 2011 she  had managed to get the attention of 9,000 users. Then, a redesign increased users to 20,000, and the other members of the founding team began to get more involved.
    Kathryn and her co-workers broke apart after an argument about who should take charge of the company. Kathryn stated that she and her co-workers divided their equity on a piece of paper without consulting a lawyer as they felt that they did not need one. She was at a standstill for three weeks trying to figure out if she should fight for the existing company or strike out and do it over.
   Minshew did  a do-over on PYP. In September 2011, she launched The Daily Muse (now called The Muse). "It was painful, but being forced to start over was a unique sort of gift, because having been through a lot together, the team comes out of it with the confidence that nothing is going to stop us." Minshew says. After being accepted  into the prestigious Y Combinator program in November, she added mobile, local and social media functionality to her platform to look more like a "billion-dollar" startup.
   At the end of 2012 the Muse website had nearly 2 million users in more than 160 countries, increasing at a rate of 30 percent every month. The Muse, now has partnerships with 60-plus companies, including Intel, Sephora, NPR, Pinterest, Twitter and foursquare.

Reference: Wang. J. 23rd January, 2013. How 5 Successful Entrepreneurs Bounced Back After Failure. Retrieved from: http://www.entrepreneur.com/article/225204 

What makes a successful Entrepreneur?

          Anyone can be an entrepreneur, whether they are male or female, young or old, or tall or short. However, not everyone can be a successful entrepreneur. I think that to be a successful entrepreneur, one must have traits such as: determination, the willingness to fail, the ability to manage finance, the readiness to take risks, and lastly the ability to build good relationships with people.
 

       Once someone has decided to become an entrepreneur, they should be determined to stick with their business through thick and thin. Determination can and will bring you success! Let's say that you own a small business that is in the eye of a bigger business but you were not aware. You went through a disaster during the first few months but never gave up, and the bigger business witnessed that you went through a storm and have emerged successfully. Maybe that is the kind of determination the bigger business wanted in a partner and they would be more inclined to partner with you thus forming an even more successful entity. That's just one example as to how determination can bring success.

       Failure just might be one of the best things that can happen to someone. I often say to myself that most people fail twice because after they have failed the first time, they tend not to focus on the positive side of that failure and end up failing again. When an entrepreneur fails he/she should know that it doesn't mean to pack up and leave, it means that they have just found another way not to do it. If you are going to start a business, do not let the fear of failure take you over because it can have negative impacts on your confidence and determination. So grab failure by its horns, toss it aside then keep moving forward.

   

       One of the most important traits an entrepreneur must possess is the ability to manage his/her finances. Whether someone becomes an entrepreneur just because they enjoy doing what they do, for the profit or both, they should know how to spend and invest their money wisely, otherwise, they will just be wasting their time and resources. Keeping a budget is very important because it gives you a spending limit and helps you to save some money but if you feel like you cannot manage your finances, I suggest that you hire a trustworthy financial advisory to help you out.



        All entrepreneurs know this, however, if you are new in the business you must know that risk taking is a huge part of being an entrepreneur. Now, when I talk about taking risks, I do not mean that you should jump on every risk out there.You should do some homework on the risk you want to jump on first. Taking risks ties into the traits of being willing to fail and determination. If an entrepreneur does not apply those traits, they will not reap any reward because they will not make any progress. I'm still a student of entrepreneurship and I have more to learn about taking risks and the other traits of an entrepreneur but I will encourage anyone who is willing to become an entrepreneur to do a little research on the risk, get a plan A and a plan B then jump on the risk.

     People people people! In order for an entrepreneur to grow his/her business they must have good relationships with people who can help them. Building good relationships with people is not only just for growth, but for building trust with your customers to gain their loyalty and respect. Just in case new competitors arise you can count on your costumer's loyalty if you have good relationships with them.

Can I see Myself as an Entrepreneur??

         Can I see myself as an entrepreneur? Of course I can! Ever since I was introduced to who an entrepreneur is and what their characteristics are, I have since then evaluated my own characteristics and saw that I have what it takes to not just become an entrepreneur, but a successful entrepreneur. Yes it is true that to be an entrepreneur you have to take risks but I believe that once you are doing a business or service that you enjoy, you would not even be too troubled about the risks you are taking. I personally love working with computers but that doesn't mean that I have to wait around to be employed by a company to do so. One of my business ideas is to create a computer hardware and software repair business in my hometown once I have the necessary resources.

I have all confidence that I will succeed in establishing my business one day. Even though it wouldn't be easy once it is established, some of the profits made will be invested back into the business so that it will grow. For those wonderful people out there wanting to become an entrepreneur, have confidence in what you want to do and take risks and invest in your ideas and make a difference in the world.