THE CARIBBEAN’S PERFECT BUSINESS COMPANION
Issue 1 – January 2012
4 RULES to Riches PG 11
From Halotherapy to Interior Design six W.I. Entrepreneurs tell us how they do it. PG 34
Master your Financial Life Pg 53 DESIGN FOR
BETTER BUSINESS pg 50
MEET
MICHAEL EVELYN
REGIONAL BOSS OF BOSE PG 22
Fund working capital needs No matter what type of business you run, you need a secure cash flow to succeed. Cash flow may fluctuate but you still need to keep your operations running. You may need to: • Purchase inventory to capitalise on seasonal increases in demand • Bridge the gap between receivables and payables • Temporarily cover operating expenses We provide working capital financing to supplement your cash flow so you can seize opportunities while keeping your business running smoothly.
Special conditions apply Subject to normal lending criteria The cost of borrowing will be made available upon application ® Registered trademark of Royal Bank of Canada. Used under licence
Ask about our Revolving Facilities Loans: • Drawdown as many times as you want up to the authorised amount • Only repay what is used • Choose between flexible or more structured repayment schedules Call one of our Vice Presidents - Business Banking at 625-7288 • Trinidad East & Central/Tobago • Trinidad South • Trinidad North
Patrick Kelly ext. 5768 Judy Kalloo ext. 2351 Karen Chang ext. 2321
IN THIS ISSUE
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17
22
34
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DEPARTMENTS EDITOR’S OUTLOOK 5 ASK A PRO 9 STARTING POINTS 11 14 17 TECHNOLOGY 12 13 BOOK SHELF 20 ADVERTORIAL 28 44 FINANCIAL FINESSE 30 53 LEGAL COUNSEL 33 W.I. ENTREPENEURS 34 36 38 40 42 BUSINESS MATTERS 46 DESIGN FOR BETTER BUSINESS 50
14 COUNT THE COST Safiya Noel on the cost of starting up.
34 DESIGNING EXCELLENCE Courage, determination, brawn and design.
17 STIMULATING DEVELOPMENT through entrepeneurship Andy Salandy talks breaking Economic dependencies
36 CHEBEL Cheryl Sue Wing shares spa secrets
22 BOSS OF SOUND Meet Mike the proclaimed BOSE boss of sound.
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22 VALIDATING YOUR MARKETING Kheron Arthur lays it out for you.
PUBLISHER: MAS Financial and Corporate Services Ltd. EDITOR IN CHIEF: Andy Salandy CREATIVE DIRECTOR/ SUB-EDITOR: Stacy R Phillips DESIGN CONSULTANT: Richard Mark Rawlins EDITORS/ PROOF: Stefan Simmons Avelin Rodulfo GRAPHIC ARTIST: Janelle Jacelon PHOTOGRAPHY: Nigel Thompson Aaron Richards CONTRIBUTING WRITERS: Safiya Noel Crystal Gay Kheron Arthur Richard Mark Rawlins Venishea Paynter Michelle Patterson Andy Salandy Stacy R Phillips SPECIAL THANKS: Pudgy Productions Ltd, Nolan Nexar, Marilyn Morrison PRINT BROKERS: Communications Alternative Ltd PRINTED BY: Script J Ltd CONTACT INFO: For all queries, marketing and advertising contact: Info@entreprenuerspirit.org
ESC DISCLAIMER The copyright of ENTREPRENEUR SPIRT CARIBBEAN MAGAZINE belongs solely to MAS Financial & Corporate Services Ltd. While every reasonable effort has been made to ensure the accuracy of all material published, Entrepreneur Spirit Caribbean cannot be held responsible for any errors or omission in the aforementioned content. Entrepreneur Spirit Caribbean is published by MAS Financial & Corporate Services Ltd., #50 Swami Avenue, Barataria, Trinidad & Tobago. No part of this publication may be reproduced or transmitted in any form by any means, electronic, or mechanical, including photocopying and recording for public or private use, or by any information storage or retrieval system, without the prior written permission of the publisher. Copyright Š 2012 by MAS Financial & Corporate Services Ltd All rights reserved
EDITOR’S OUTLOOK
ENTREPRENEUR SPIRIT CARIBBEAN, the Perfect Business Companion
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ntrepreneur Spirit Caribbean was first conceptualized in 2007 with the idea to offer budding Caribbean entrepreneurs a free and functional guide to start ups. Three years later in 2009 and after much research, I shared this idea with Andy who understanding the idea’s potential took up the challenge and added his wealth of business experience. Fast forward to 2012 and like many new ventures with limited resources we faced our fair share of trials and unexpected challenges along the way. Nevertheless, in the spirit of the development we desired for others, we remained resolute in our goal to see the vision of Entrepreneur Spirit Caribbean take its first step. ANDY SALANDY
STACY PHILLIPS
“Entrepreneur Spirit Caribbean aims to inspire, educate and inform our readers while promoting Caribbean Entrepreneurs in an attractive package which is free of charge.” Together, our desire for Entrepreneur Spirit Caribbean is built on the goal to offer the Caribbean community a free, high quality and easy to access product that would inspire, educate and promote Caribbean entrepreneurs and likewise their businesses. Our team of writers, consultants, designers and editors are ecstatic to introduce to you a publication that seeks to inspire by showcasing the success stories of established entrepreneurs, with hopes to ignite that realization that anyone can possess the potential to successfully establish their very own business. To educate and inform by providing relevant and Caribbean specific information on key aspects of various business disciplines and topics such as startups, corporate law, finance, taxation, marketing, business administration and many others, all of which are essential for successful development or expansion of sustainable
enterprises. To promote, by offering the small and medium sized business community alternative advertising and promotional avenues for their specific needs whilst achieving demographic and statistical media presence comparable to those enjoyed by larger established corporations. What is even better is we are able to offer all of this in an attractive package, which is free of charge to our readers. In summary our primary aim is to deliver a publication of lasting value which is geared towards supporting Caribbean entrepreneurs with the information necessary to keep them relevant, increase their visibility and ultimately be a catalyst for Caribbean growth and development. Whatever your dreams for business, we assure you that Entrepreneur Spirit Caribbean will be the perfect business companion for inspiring innovation and provoking growth. CREATIVE DIRECTOR/ SUB-EDITOR: Stacy R Phillips sphillips@entrepreneurspirit.org
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CONTRIBUTORS
ESTEAM Andy Salandy - Editor in Chief– A Chartered Accountant by profession, Andy has over ten years experience in banking, financial services, energy, tourism & hospitality, construction and project management. A member of the Association of Chartered Certified Accountants and the Institute of Chartered Accountants of Trinidad and Tobago, Andy is also a financial consultant for several regional organizations in the areas of small and micro enterprise development, strategic planning and antimoney laundering.
Stacy Phillips – Creative DirectorThis Barbadian Communications Practitioner has over fourteen years in media with extensive experience in broadcasting and print. A graduate of the Barbados Community College & the University of the West Indies, she holds degrees in Mass Communications and Linguistics. Currently an aspiring designer, her career has spanned journalism, advertising, publishing and marketing as well as audio and video production. She has managed several small SMEs both in Trinidad and Tobago and Barbados. She has also managed several advertising and philanthropic campaigns for large regional corporations.
Safiya Noel - Financial Consultant– Safiya, an entrepreneur in her own right has held several positions such as Auditor and Chief Financial Officer in both the private and public sectors in Trinidad and Tobago. She is a fellow-member of the Association of Chartered Certified Accountants and a financial consultant to small and micro enterprises as well as a finance lecturer for a Trinidad based business school.
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Kimberly Gay - Business Development Consultant-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.
Venishea Paynter – Attorney at law – Called to the Trinidad and Tobago bar in 2001, Venishea heads the legal arm of ES TEAM. Her areas of specialty include civil litigation, corporate/commercial law and most recently banking and investment law. She is currently pursuing a Masters in Business Administration with a specialty in financial management.
Kheron Arthur - Marketing Consultant – Graduate of the Arthur Lok Jack School of Business in Trinidad, Kheron is the holder of a Master of Science in Marketing and has a Bachelor’s Degree in Agribusiness management from the University of the West Indies. He brings to ES TEAM his own brand of flare and enthusiasm for business innovation and creativity.
Crystel Gay - Business Development Consultant– Holder of a Master of Science in Industrial Innovation Entrepreneurship and Management from the University of Trinidad and Tobago, Crystel specializes in industrial relations and development of the human capital.
Richard Mark Rawlins – Design Consultant, is a graduate of York University, and George Brown College of Applied Arts and Technology Toronto Canada. He is an actively working contemporary artist and graphic designer living and working in Trinidad and Tobago. He is the publisher of the online magazine Draconian Switch (www.artzpub.com), a co-founder of Trinidad and Tobago’s Erotic Art week exhibition, and collaborator in Trindad’s Alice Yard contemporary art-space initiative, as well as the Creative Manager of a Trinidadian Advertising Agency.
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Installed seamlessly into any decor, sound never looked so good.
Stereo Electronics Ltd, the authorized dealers for BOSE Sound Systems in the Caribbean will not only provide quality equipment but also professional service by our BOSE trained team of technicians who will seamlessly outfit your public or private spaces. To order or learn more, email us at veltronics.ltd@gmail.com or visit our stores: PORT OF SPAIN #13 Western Main Road, St. James, Trinidad Tel: 1-868-628-2931
SAN FERNANDO ST. LUCIA Cross Crossing Shopping Center,  8La Place Carenage, San Fernando, Trinidad Castries St. Lucia entrepreneur spirit jan 2012 Tel: 1-868-652-5174
ASK A PRO Featured Pro: Janessa Mc Kell, Communication Design Artist and Director of GreenInk Ltd, which designs and streamlines online and offline brand strategies. (www.dgreenink.net)
How can the Internet help my business be profitable? How do I innovate? Many people have used terms such as ‘out of the box’ and ‘custom-fit’ in relation to innovation, but what does it all mean? Is innovation a mystery? Not likely. Innovation is about finding needs and fulfilling them in ways that efficiently make use of every suitable resource. The key words in that sentence are NEEDS (what does my product actually do for my clients?), EFFICIENTLY (is there another, easier way it can be utilized by the client?), SUITABLE (can my product cross over into another industry?) and RESOURCE (is there anything I can implement to service my clients better?). For business or products, ask yourself the hard questions and then be prepared to go way past the easy answers. Searching deep into the core of what exists currently can give you new ideas with new ways of efficiently fulfilling needs.
BURNING QUESTIONS ABOUT BUSINESS, NEED SOME SOLID ADVICE? WELL JUST ASK A PRO.EMAIL YOUR QUESTIONS TO INFO@ ENTREPRENEURSPIRIT.ORG
trial to test the waters or barter services with your ‘client’. Bartering has been done for centuries, and it is as good a business tool as any, especially if you’re just starting out. It also serves to formulate good relationships and strengthen older ones. By taking this hypothesis to your potential ‘client’, you can use the feedback from them to refine not just ‘who’ your target is, but also ‘what’ you offer and align this with the true needs of your clients.
How can the Internet help my business? Where can I find clients? Well, this all depends on who your clients are. Do you know who your client is? You’ve probably lamented before that you don’t have money for market research or advertising or and the list goes on. Come on cheer up! First, develop a hypothesis, a generalization of who might most benefit from your product or service. With that hypothesis in tow, go to those persons and discuss their needs with them. You can do this, through several channels. You could go directly to your ‘client’, or find people who could connect you to your ‘client’, give your ‘client’ a free
Well, believe it or not, the Internet has many usages. The digital age is finally taking hold in the Caribbean and the Internet is being fully respected, not just as a means for entertainment or even socializing. It is a vast virtual global village where competition is even fiercer but visibility to a large market is sometimes almost effortless. Search engine optimization on platforms like Google help businesses achieve high search engine results (SERP) rankings for your FB page or website based on keywords and phrases. Specifically linked web ads based on territory or web demographics can ensure your ad reaches its market. Viral marketing
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on platforms like “Youtube” have been credited for launching many products beyond the stratosphere. E-shops and even partnerships with companies like Amazon.com can open a whole new market or make it easier for your market to source, price and purchase your goods or services. This list is not exhaustive but the Internet has many ways to assist any business, once utilized effectively and with the right guidance.
What factors should I consider before hiring staff for my SME? Here are 3 tips to consider before you hire: (1) assess your needs: do you need 1, 2 or more in the initial phase. Would this person be required full time or part-time, what level experience and education is expected, entry, intermediate or professional. (2) Try developing networks: referrals are always a good option for SME’s in attracting future staff members. Being a member of various group, associations or committee within your industry are also excellent ways to source staff members. (3) Consider compensation and employee benefits: What are you prepared to offer or can afford to offer? Consult your Chartered Accountant and a reputable lawyer on these matters. Also it is best that the compensation provided for any prospective staff member is fair and equitable. Short changing your employees in the short run may short change your company in the long run and lastly only hire if you can afford to.
ESC MAGAZINE ONLINE
www.entrepreneurspirit.org ADDED VALUE • ADDED VISIBILITY • ADDED REACH
STARTING POINTS
4 RULES TO RICHES Tested methods of saving towards a wealthier you. 1. The “You First” Rule You should always be your number one focus. Before spending that hard earned cash on clothes, restaurants, clubs etc., save. Every time you get paid, transfer money from your salary / transaction account to a separate savings account before you spend anything. This is one of the best ways to make your money work for you.
2. The “10%” rule David Bach, in his best selling book, “The Automatic Millionaire”, says if you want to get rich you should save at least 10% of your gross salary every month. If you want to get very rich you should aim for 20%. If 10% is too high a minimum to begin, start with less and see how best you can increase the figure over time.
3. The “Now” rule Zig Ziglar said “ If you do things you have to do when you have to do them, you can do the things you want to do when you want to do them” If you keep telling yourself “I’ll start saving next month” you will never see your balances grow. If you are comfortable with the amount you are saving, great but if not, stop putting it off. Get started immediately.
4. The “MIA” rule: (Make It Automatic) It’s so easy to spend money lying around in your salary account. So, the best way to save is to move your intended savings or investments out of your salary transaction account and into a savings account as soon as you get paid. Now, unless you have super human discipline, you probably won’t do this every month unless you make it automatic. A sure way to have this done is to create a standing order with your bank and have a designated amount of your salary transferred automatically to your separate savings account every month when you get paid.
51 - 59 Tumpuna Road, Arima Call - Office: 222-8522 374-8151 or 355-0995
Special thanks to RBC Royal Bank, Trinidad and Tobago Article adapted with permission from “The business of you: A step by step guide to mastering your financial life.” 11 entrepreneur spirit jan 2012
TECHNOLOGY
Must-Have Gadgets Looks like your average wifi all-in-one printer, but can your all-in-one scan 3D objects? Top Shot Pro’s scanning arm offers an impressive ability to snap six images in succession and combine them into one. Perfect for retail businesses that need to sell products online. With high quality images similar to those captured on a digital camera, it shoots from three different angles with three types of lighting. It also offers wireless printing from your ipad or other wireless devices.
With the Iphone’s growing usage in the Caribbean, having an effective hands free car kit is essential. The hands free car kit system by BURY Technologies ensures convenient, easy to reach and secure placement of your iphone. It comes equipped with convenient volume control and call answering via keys on the cradle, swivel mount for optimum display of apps, bluetooth connectivity, MP3 playback over vehicle’s system and a separate mic for perfect speech input with minimum background noise. It also offers a wide range of attachments with a portability option if you were to change vehicles. Retailed in Trinidad & Tobago by Dynatech Ltd. (868.663-4220)
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TECHNOLOGY
The Kobo, Perfect reader to go. Impressively small, incredibly lightweight and all in a trendy package, the Kobo reader is an ideal buy for the avid reader. Perfect for reading on the go its electronic paper display screen technology is like holding a digital paper in hand, with no glare issues and over 100 free books to begin your word feast.
One of the Kobo’s most endearing features for any reader is the 100 preloaded classics, which it offers. A global leader in eReading with more than 3.6 million users in over 100 countries worldwide, the Kobo wireless eReader is now available in the Caribbean and at all eleven locations of Nigel R Khan Bookseller, Trinidad and Tobago.
• Light and compact - just .4 inches thick and weighs only 8 ounces
Kobo offers one of the largest eReading catalogues in the world boasting of well over 2.3 million eBooks, magazines and newspapers. It is also a fitting alternative to its closest competitor as it looks better, has a nicer user interface and has a better range of typefaces. However, beyond the physical characteristics of the eReader, the Kobo is also a top ranked and widely respected eReading digital application for the iPad, iPhone, BlackBerry, Android, Windows and MacOS.
Available in three trendy colors Onyx, Silver and Lilac the Kobo’s features include:
• Modern and minimal - intuitive navigation pad
• Unique quilted back makes it comfortable to hold • Over 1 million free classics • 6” E Ink screen for no glare, touch screen with paper like reading • 100 free classics pre-loaded
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• Carries up to 1,000 eBooks or 10,000 with an expandable SD memory card • Long lasting battery lasts up to 2 weeks
• Wi Fi connectivity let’s you shop and update your library wirelessly • Read on your mobile, tablet or computer with Kobo’s free downloadable apps
STARTING POINTS Safiya Noel FCCA snoel@entrepreneurspirit.org
COUNT THE COST BEFORE YOU GO‌
S
tarting your own business is an enormous decision, one sometimes coloured by the illusion that a business brings freedom, riches and rest. Unfortunately, as many of you may know, this is not always the reality, at least in the short to medium term. The statistics show that a significant ma jority of new businesses fail within the first year of business. Further to that, only a few make it past their third year of operation. This startling information is not meant to discourage you from starting a business, but to encourage you to pay careful attention to how you intend to do that.
The following is a non-exhaustive list of factors that must be taken into account when making your decision:
Dollars and sense
The first and most obvious factor is whether you have sufficient funds to start and support the business. Besides the normal cost elements such as location, materials, staffing, etc, you must include an amount to cover your personal bills (particularly if the business is your only source of income) for at least nine months to a year or a realistic time estimate with contingencies for when you anticipate the business to be self sustaining in terms of positive cash flows and profit. Further, accessing the amount needed is another challenge that must be mulled over. There are many ways to access funding, all with different requirements and costs. You must choose one that is suited for you and the proposed structure of your business. If you are unsure in this area, seek professional help or advice from an Accountant or Financial Advisor.
A business has the ability to significantl y improve your standard of living, but without careful consideration and planning, it can do just the opposite. Therefore, extensive thought and deliberation must be had before committing to a business venture. As one is counseled before making the commitment in wedlock, so too one must take very seriously the decision to go into business, as it can have far-reaching and costly effects that will last for years to come.
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Also, be aware, just as a new born child, your business will require a lot of financial nurturing and care. As an unprepared mother, if you do not make the necessary arrangements in advance, your business will be the source of much frustration and loss. Regrettably, with all the calls from the national leadership for entrepreneurs to come forward, it has become increasingly difficult for entrepreneurs to access funding in the fashion and timing in which it is needed. There are more rigorous requirements and longer waiting periods for small to medium enterprises to access funding. Understandably, financial institutions must protect themselves against inherent risks with new businesses. However, serious deliberations must be had to find a middle-ground if true entrepreneurship is to be fostered and sustained regionally.
Full-time or Part-time Another very important factor to consider is whether you will be working in your business full-time or part-time. Although many people are advised to keep their full-time jobs while starting a business, you must consider whether your business can survive with part-time attention. An experienced businessman and millionaire once said, “If you work part-time in your business, then only expect part-time returns”. Essentially, he was saying you can only get out what you put in, and no more. So if you want to eventually make your business your livelihood, then you need to consider what will be required of you, and whether you can afford to do that. Obviously, you may have financial concerns as to your ability to abandon your full-time employment and dedicate all your time to your new business. If you choose to do this, be sure that you have at least
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one year’s worth of living expenses, with some extra, before you go. Also, take careful note of the great amount of time that the business will demand of you, and how that will affect any other relationships in your life, for example, spouse, kids, parents, studies, spiritual activities. Talented or not Another pertinent, and too often underestimated, factor is whether you possess the necessary skill set to satisfy the demands of your potential market. For example, if you are an excellent cook, then don’t open a computer store. Ensure that the business suits your personality, interests and passion. A job well done is a catalyst for much free marketing in the form of referrals. This is critical to the survival of any new business. But further, a passion for what you do in your business will get you through a lot of unavoidable tough times.
There are some cases where a person may be good at something that he or she is not passionate about. I dare to say, learn to do excellently what you are passionate about. This would become the ideal business for you to start. Discipline and determination To start and successfully run your own business requires a great deal of discipline in every area of your life. You will be required, from time to time, to sacrifice your own self and possessions in order to propel the business forward. A lack of self-discipline and self-motivation will almost always result in a failed business. If you need a business ‘chaperon’ to ensure that you stay on the right track, then get that person in place before you start. This person does not need to be involved in the day to day running of the business but you will have to be accountable to them in terms of your ma jor decision-making and time management. Another must have quality of an entrepreneur is a stonewall determination. If you break very easily under pressure, then probably business is not for you. There are many seasons in a business and you must be able to withstand them all in order to grow and establish a successful business. There are many strategies that can be employed through the ups and downs in business. Each strategy must be suited to origin, type and length of the season. No one strategy will work for all the season. This may require some innovation on your part or seeking external advice. Keep your records One of the most grievous ‘sins’ committed by young businesses is that of not keeping proper records of their transactions. This can result in a myriad of issues and consequences with statutory authorities, suppliers, customers, employees, financial institutions, and the list goes on. It is common that very few entrepreneurs have the time or know-how to keep proper records of the transactions of the business. These records are not limited to accounting records, but also any documents that give evidence of any dealings of your business with someone else or some other entity. Therefore, it will be worth getting someone to keep your records in proper order for you. In summary, you are ultimately responsible for ensuring the success of your business. This may require you to be the ‘chief cook and bottle-washer’ in some cases. At other times, you will have to find an expert to execute some functions. It is a very lonely road at times, however, once you have a properly thought-out and realistic plan, half the battle is already won. You will be on your way to starting and owning a successful business. All the best!
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STARTING POINTS Andy Salandy ACCA CA asalandy@entrepreneurspirit.org
STIMULATING DEVELOPMENT through Entrepreneurship For too long our people have lived by the idea that the state is responsible for our individual economic well-being.
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or decades the international community viewed the Caribbean region as a place for rest and relaxation as opposed to commerce. Today, we see that some Caribbean economies have grown to become ma jor business hubs of choice in the western hemisphere while still capitalizing on the image of rest and relaxation. Undoubtedly Trinidad and Tobago is one of the leading economies in the Caribbean region, an accomplishment credited to the value of its oil and gas reserves and the global demands for these precious resources. Some may argue that this value has contributed to stifling the impact of the global recession, which severely wounded many other territories. Nevertheless, as we embrace 2012 on the heels of a recessionary climate, prolonged economic stagnation plagued by corporate collapses, and reduced investor confidence, one must now ask what are we as a Caribbean region to do to safeguard our economic future whilst charting a sustainable course for development.
Too many of us believe that our primary to tertiary education inclusive of all vocational training must be funded by the State. Too many of us aspire to be employed in the public sector to receive remuneration and pension from the state
as it is deemed the only stable source of employment. Our plan for home ownership is to be allotted one through the State-owned Housing program. We are convinced that the annual fiscal budget must prescribe some measure of direct distribution of wealth to the average citizen. While I agree that some element of assistance is required from the state, it is this ideology that has ultimately created the dependent people that we are today. How are we to develop as a people when we place the sole responsibility for sustainable development on the state? How are we to develop if we are satisfied with handouts and myopic
We have all heard the various calls for diversification of economies by the STATE; the development of secondary sectors by the STATE; and the management of capital expenditure and restructuring of recurrent expenditure by the STATE. I don’t know about you, but I see a pattern; one which could yield some benefits but will be holistically ineffective without the matched involvement and appropriate investment of the private sector. For too long our people have lived by the idea that the state is responsible for our individual economic well-being.
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BBE fiscal planning? How are we to develop as a nation if we don’t pursue sustainable development as individuals? In 2004 the United Nations Development Program established eight (8) millennium development goals (MDG8) for realization by 2015. Acknowledging that the private sector will need to play a ma jor role in sustainable development, the UNDP initiated several studies and programs towards highlighting the need for private sector investment. In Trinidad and Tobago, like most Caribbean countries, entrepreneurial and micro enterprise activity plays a ma jor role in the sustainability of the economy. The Trinidad and Tobago Central Statistical Office (2009) reports that there are over 80,000 small and micro businesses which account for over 50% of the gross domestic product (GDP) and employs over 70% of the private sector workforce. With such influential statistics one must wonder why this sector is still called “small” or better yet “micro”. Nevertheless, it is without doubt that any prudent national plan for sustainable socioeconomic development will not only require the involvement of this sector but must also see its development. The future necessitates a careful balance of enterprise expansion and the injection of new business ventures. This has to be supported and initiated by prudent fiscal policies, strong legislation and realistic incentives from the state to stimulate business growth; encourage new ventures and fosters linkages in the increasingly competitive environment. With such an approach, together with other initiatives, the state will essentially exploit the true potential of the private sector to generate the activity and investment necessary to take us forward.
BIG, BOLD & EXECUTIVELY YOU!
It is without doubt that the vast ma jority of business enterprise and commerce were initiated by the entrepreneurial effort of the few who ventured into the face of the associated risks. Regardless of the genesis of that decision, for those who actually ventured into business, they all possess that willing purposeful desire to succeed despite the inevitable challenges and indicators that might suggest the likelihood of failure. That driving force is what brings this unique group of people together. That powerful element is what we call the spirit of entrepreneurship. Embedded in our very fabric as a people is the ability to innovate and adapt to any challenge, despite our own limitations, to ensure some measure of success is achieved. It was by the hard work, sacrifice and commitment of our Caribbean entrepreneurs that has brought us this far and it is with them we shall go forward. The time has come for the un-waving support for this elite group of people that are driven by the passion for creativity and innovation; willing to take risks after much deliberation; possess the ability to harness the resources necessary to exploit opportunities not seen by the average onlooker.
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BOOKSHELF
ESC BOOK CLUB Without a doubt entrepreneurs are busy with unbelievably tight and demanding schedules. Nevertheless, one of the main ways to grow in knowledge and understanding is by constantly reading and researching. This is a necessary habit that all entrepreneurs should program into their hectic schedule especially to avoid being obsolete. To be successful one must be a constant learner. Title: THE MAGIC OF THINKING BIG By David Joseph Schwartz Publisher Simon & Schuster (1987) “SUCCESS COMES FROM DOING THOSE THINGS AND MASTERING THOSE PRINCIPLES THAT PRODUCE SUCCESS” Published over two decades ago, Dr. David Schwartz’s book is still as relevant today as it was then. Reported as having assisted millions of people throughout the world, the advice and anecdotes in “The Magic of Thinking Big” is credited for not only improving businesses but lives as well.
Title: THE E MYTH REVISITED (why most Small businesses Don’t Work and What to Do About it.) By Michael E. Gerber Publisher HarperCollins (1995) ‘E-Myth’ refers to the Entrepreneurial Myth, which is the notion that most businesses fail because the founders are technicians who were inspired to start a business based on their skills or expertise without a true entrepreneur’s outlook. An example is one seen very often in many companies where the owner is experienced in one aspect or the main aspect of the services which the company provides but he or she is not experienced or does not understand how to set up the company, prepare its reports, market its business, handle customer service issues, manage business financials etc.
Long regarded as one of the foremost experts on motivation, Schwartz sought to motivate readers to sell better, manage better and earn more money while finding greater happiness and peace of mind. “The Magic of Thinking Big” provides useful and simple methods for getting the best out of career, life, community, marriage and even turning defeat into victory. Schwartz inspires readers to stretch beyond their fears and their hang-ups to grasp the things that they truly want. However, the book stresses that you first need to learn and understand the habit of thinking and behaving in ways that will get you there and it is our editor’s pick and top recommendation for this issue.
Michael Gerber dispels the myths surrounding starting your own business and shows how commonplace assumptions can get in the way of running a business. He walks you through the steps in the life of a business from entrepreneurial infancy, through adolescent growing pains, to the mature entrepreneurial perspective. He then shows how to apply the lessons of franchising to any business whether or not it is a franchise. Finally, Gerber draws the vital, often overlooked distinction between working on your business and working in your business. An excellent read for entrepreneurs who want to grow their business in a predictable and productive way.
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COVER STORY
THE BOSS OF SOUND 22
entrepreneur spirit jan 2012
DisC jockey, night club manager, electronic service technician, bose authorized dealer, husband and mas maker, michael evelyn, has And continues to wear many hats. A risk taker with vision and tenacity, his passion for electronics combined with his analytical mind has helped him weather even the most devastating Of business storms.  23
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COVER STORY
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M
ike” as he is called by many, has established a successful conglomerate as the regional choice for both residential and professional commercial sound solutions. He is the BOSE Authorized Dealer for the Caribbean region as well as dealer for several other audio systems. However, he didn’t attain these titles easily. To the average onlooker Mike may not look like someone who has experienced devastating business losses, made naïve business decisions in the past or one who has tried to sell hotdogs and hamburgers in a last ditch attempt to save his business, but he is such a person. Chalking it all up to experience, this passionate risk taker is a source of inspiration and a witness to the fact that an unsuccessful business venture doesn’t mean game over. A student of St Benedicts College in the 1966 and coming from a modest home and raised by his grandmother, Michael was the consummate entrepreneur from a young age having sold newspapers, crabs, fruits and other produce all in a quest to be self sufficient. According to Mike, an entrepreneurial spirit starts young especially where one is not dependent of anyone for a job and creates his or her own job opportunities. Coming from a family of electronic engineers, he was always surrounded with electronics and spent much of his youth in his uncle’s electronic workshop where he was trained. As a result, repairs and the world of electronics became second nature to him and he found it easy to solve problems and fix any appliance. In his early days as a repairman he went from house to house performing service repairs, fixing coin machines, jukeboxes and marrying the basics of electronics and mechanics together. Soon he wielded an immense talent and ability to build anything electronic from amplifiers to control systems. Whether it was designing circuits and prototypes, outfitting stores, yachts or nightclubs he was able to tackle any challenge great or small. He later branched off on his own as a service technician fixing anything with an electrical pulse. Mike even found his way onto the island’s South nightclub scene as a lighting and sound technician building light and sound systems from the ground up. He even co-owned a nightclub and also spent several years as a Disc Jockey. The Gourmet and Diet Shop, the brainchild of his wife Terresa was a fresh and vibrant idea in the 1980s and was located at the Southland Mall, San Fernando. However with being unable to meet short-term debt commitments, the bank eventually had to foreclose. The shop’s forced closure was an especially harrowing experience for their family as they had invested everything they had into the
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business. “The Bank took everything, the car, two lots of land; fixed deposits, everything” Mike recounts several economic factors that led to the demise of the company, especially the poor response from the target market. Mike believes Trinidad was not yet ready for such an enterprise. Also, the mall in which they were located suffered a ma jor flood, which resulted in several companies including theirs losing thousands of dollars in material and assets. All of this happened during what was perhaps one of the worst recorded economic periods for Trinidad and Tobago. The day the bank repossessed Mike’s car he remembers going home and telling his wife it was in the garage for repairs. “She was under so much stress already I didn’t want to add to it. It wasn’t till two weeks after when she became curious that I actually told her what happened.” Mike also recalls how the stress impacted on his health and psyche. On days while at the store he became very weary of everyone he saw holding a folder, fearful it could be a bailiff. He also believes that one of the lessons learnt from that devastating experience was the necessity of professional counsel from lawyers and accountants. Unfortunately, at that time, he didn’t have the necessary information to help him, but he believes that if he did things may have worked out differently. After losing everything and while preparing to leave Trinidad in search of a new start for the family, Mike saw an invitation
to tender in the newspaper for the installation of electronics on a yacht. He submitted his bid for the job and was successfully awarded the contract. Another tender soon followed to setup and re-engineer the electronic service centre of Courts ltd, which he did with only six of his best technicians. This opportunity turned out to be exactly what he needed to help him get back ‘on his feet’ and he has to thank, his skill set and his ever-devoted wife who has been a pillar of strength and support in his every step. Today, Dream Makers Ltd is back in business and the Evelyns have decided to try their hand at a mas band, SOBEIT- Something Overwhelming Becomes Evident In Time. is a collaboration with their partners designer Caryl Welch and veteran mas maker Maurice Chevalier. “My wife and I are a different type of people. We will try something and if it doesn’t work move on to something else but still we will try and we will take the risk. I have taken some dangerous risks because of passion and I have been able to come out of the woods.” Now more than twenty years later, Michael Evelyn still stands, “wounded but still standing” he quips. Conversations with Mike are always a mixture of product info, small anecdotes from his remarkable life and of course the expected sales pitch or two. He can rattle off series, features and every remarkable detail down to product mechanics.
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His Port of Spain, Bose showroom sits just opposite the St James Police Barracks at #13 Western Main Road St. James. To some it may go unnoticed but for many, it’s a hive of the best sound, attracting customers from all over the Caribbean for everything from the world renowned BOSE noise cancellation headphones to the BOSE Wave Music System to the best of home theater and public address systems.
MIKE’S ADVICE TO ENTREPRENEURS • Don’t be afraid. Many people see businesses fail and get frightened but you must be willing to take the risk.
A man who doesn’t mix words, Mike credits his present involvement in Bose to Trinidad and Tobago’s first Bose dealer, Raymond Banfield (deceased). “I was first introduced to BOSE in 1986” say Mike “when Raymond asked me to service some BOSE equipment, and to be honest I didn’t have a clue about the product but I was very open to the challenge.” It was accepting this particular challenge that eventually positioned him as the best candidate to take up the mantel of Bose distributor, as his ability to repair was key to contract retention. It didn’t happen overnight but as the years passed and he became known as a Bose repairman customers began requesting the product and this led to him retailing the equipment from Banfield’s Stereo Electronics. It wasn’t till the 90s when Stereo Electronics was on the verge of receivership that Mike, after consulting with Banfield and associates, offered to take over the company and continue the residential dealership. He would eventually crown that achievement with also acquiring the professional product dealership from the BOSE Corporation, which is represented by his service company Veltronics SSS LTD.
• Mix success with experiences. Sometimes you win, sometimes you loose. You can’t win all but at some point you will come out victorious. • Have something to fall back on, a skill, a service. I could close my shop not have Bose and still survive because I am a technician by trade. • Keep relevant & keep informed. I have trained myself over the years, studied on my own and have a library of current information. • As an entrepreneur you are always taking risk, some calculated and some not. Some risk you will approach with a kind of instinct, and just go head long into it. • Go into something that you know best but don’t be afraid to try other things but you must do your research.
Currently, Mike operates the Bose residential equipment dealership out of his Stereo Electronics office with his two sons Michael Jonathan and Mitch Kendall, who are both Bose trained and certified engineers. Both sons share his passion as like him they were indoctrinated into the field from an early age. With a solid customer base in Trinidad and Tobago, Evelyn has installed BOSE equipment in several locations such as hotels, places of worship, restaurants, educational institutions, stadiums, stores and homes across the Caribbean. In 2012 he plans to strengthen the global brand of BOSE in the Caribbean having recently expanded the Trinidad Bose operation to Cross Crossing Mall, San Fernando and he has also established stores in St. Lucia and Guyana with hopes to soon re-introduce Bose to Barbados.
• New business startups are always challenging, don’t always expect overnight success and don’t expect to make money in first or second or third year. • Put on your blinkers and keep focus don’t let obstacles and stop you. • Love what you do. If you do not love what you do, it will become hard work, frustrate you and you will not want to go forward.
Without a doubt Michael is a risk taker. His experiences epitomize the challenges that entrepreneurs can face but it’s also a testament to how situations can be turned around for the better. A technician at heart, he still spends long hours doing repairs as he has always enjoyed being challenged by fixing things. Whether he’s at home spending long hours fixing equipment or finding that next project, Mike is satisfied that he has had a good life with absolutely no regrets. Michael Evelyn is ideally one of the region’s veteran master technicians and quite a remarkable entrepreneur.
• Entrepreneurs need to be on their guard. You cannot let your guard down and you have to understand we are dealing with human being who can be very dishonest.
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“MY JOB IS THE EASIEST JOB IN THE WORLD BECAUSE I LOVE WHAT I DO, IT’S PART OF MY LIFE.” 27 entrepreneur spirit jan 2012
ADVERTORIAL
SUPREME SERVICE TECHNOLOGIES
Keeping your organization safe and at its best.
S
upreme Service Technologies (SST) was established in July 1998 and to better facilitate our clients we have grown, in the last decade, in the services we offer. The list of internationally recognized and respected manufacturers who have chosen SST as their representative in Trinidad & Tobago, and some instances the Caribbean region, has created a portfolio of value-driven products, systems and services designed to meet the needs of all types of customers and their facilities. SST has experience in servicing a wide range of properties including airports, banks, high-rise office buildings, hotels, factories, hospitals, multi-storey car parks as well as educational facilities. Our forward-thinking technologies include industry-leading products and customer-focused services, ranging from stand-alone systems to a fully Intelligent-building, Integrating Danger
Management, Energy Management, Fire Protection and Security Systems. SST provides hazard anal ysis surveys, audits and establishes inspection and maintenance programs for Safety, Security and Suppression Systems. We also provide documentation and reporting services keeping your company in compliance with Local and International Standards, including OSHA and NFPA. Through our scheduled servicing, you are assured of a detailed record of your Safety, security and suppression equipment inspection and maintenance activities, thereby complying with the required International Fire and Safety Standards
Among the many facilities on which Supreme Service Technologies Limited has stamped its presence is the Port of Spain International Waterfront Center in Trinidad. Constructed in 2009, SST was subcontracted to design, supply, install and commission the building management and fire alarm system for this mega development which consists of the 428 room Hyatt Regency Trinidad Hotel and Conference Center and its adjacent two twenty six storey office buildings.
Our Core services:
SST also currentl y performs system support and maintenance at the International Waterfront Center and the Piarco International Airport, Trinidad to name a few.
Fire Protection Nurse Call systems CCTV Surveillance Access Control Intruder Detection Building Management
To Find out more about what we do and how we can best serve your company see our ad for more details.
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FINANCIAL FINESSE Andy Salandy ACCA CA asalandy@entrepreneurspirit.org
CHARTERED ACCOUNTANTS… a necessity for every business
A
s a business owner, one is often expected and required to perform multiple jobs, some of which you are neither trained nor qualified to execute. This can lead to lost opportunities or even the eventual failure of your business, especially as it relates to mystical areas such finance and accounting. Most entrepreneurs represent that their greatest challenges in business stemmed from the difficulty in accessing financing. However, I personally believe that the genesis of the problem and likewise the solution reside in the same place, that is the need for improved financial management and accounting in the operation of small and micro enterprises.
It is a known fact that most small and micro enterprise business owners underestimate the importance of strong financial management and accounting. Many don’t realize the fundamental differences between assets and income; liabilities and expenses; working capital and share capital; and the varying elements of each that need to be managed together for any business to exist both now and in the foreseeable future. Many approach their business’ finances as they would their personal finances having not realized the substantial differences between the management of the two and the grave implications of mismanaging either. A typical example, and where most start ups experience difficulty, is Jack starts his construction company and is awarded
30 entrepreneur spirit jan 2012
a contract. He takes his life savings and purchases all of the equipment necessary to execute the contract because he personally does not like having loans or debts. He commences work not realizing that over 60% of the income will not be received until several months after he has completed the job. However he does not have the financing required to access labor and materials to complete the job. Too often the growth of our business community is stifled by our own best efforts. Jack is not an Accountant but has found himself making poor decisions because he simply does not know better and is guided by his personal ideologies as opposed to what is best for his business. Had he retained the services of Chartered Accountant
one option would have been to procure the equipment needed through a loan that would be repaid over the useful life of the equipment, thereby enable Jack to invest his life savings into the company as working capital to sustain operations until revenue is received. Chartered Accountants are highly trained professionals that can be of great use to developing businesses. In today’s business environment, it has become global best business practice amongst ma jor corporations to have Chartered Accountants at both the executive and non executive levels of management. Many of these very corporations have credited some of their recent success to the invaluable contributions and balance that has been brought by their finance professionals. The time has now come for small business owners to also realize the importance of obtaining appropriate financial and accounting advice from Chartered Accountants in the
operation and development of their enterprises. In the same manner that you will not allow an untrained medical practitioner to perform open heart surgery on you or your relative, likewise you should only entrust
Too often the growth of our business community is stifled by our own best efforts. your financial management and accounting to a Chartered Accountant or other appropriately trained finance Professionals. Chartered Accountants have undergone years of training and mandatory practical experience before they can be accredited as a Chartered Accountant and sanctioned to perform the duties of such. Chartered
Accountants must be members of Recognized Supervisory Bodies (RSBs). These bodies act as regulators for the profession and quality control agent all geared towards ensuring that persons are appropriately trained to perform the duties expected of a Chartered Accountant. Chartered Accountants are also required to maintain continuous professional development (CPD) annually in order to retain their qualification and ensure that they are always up to date on the recent global financial and accounting developments that will impact on your business. In essence, Chartered Accountants can be of more use to you in your business development journey than simply to prepare your tax returns for Inland Revenue and financial statements for your bank. So I encourage you to speak to the experts, ask questions before you engage services and verify their certification if you must, after all your finance is the blood of your enterprise.
Thought not! Why then would you trust your accounts to anyone other than a Chartered Accountant? Chartered Accountants are highly trained professionals that are of immeasurable value to the development of any business.
Would you trust your BUSINESS to just any professional in a suit?
Tel: 868.623.8000 . Email: icatt@tstt.net.tt Fax : 868.627.7087 . Web: www.icatt.org
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Some see the glass half empty, Others see the glass half full, Entrepreneurs see endless possibilities!
Dedicated to inspiring and educating we are also here to promote the best efforts and business interest of all Caribbean SMEs. Entrepreneur Spirit Caribbean offers a free to distribute platform for regional readers to learn and know about regional businesses and entreprenuers. If there is a business feature you would like us to consider, email your interest, contact info and all relevant details to info@entrepreneurspirit.org.
Spirit C A R I B B E A N
www.entrepreneurspirit.org “Inspiring Innovation, Provoking Growth�
LEGAL COUNSEL Venishea Paynter vpaynter@entrepreneurspirit.org
VIRTUAL CHAMBERS
T
he common complaint about the law is that it seems to have a language of its own and only those trained to understand its jargon can easily benefit from its guidance. To a certain extent this is true (otherwise Lawyers like myself might be out of a job!). However, I will take this opportunity to invite you into our Chambers as we seek to demystify key areas of this age old language. In each issue of Entrepreneur Spirit Caribbean you can look forward to our legal column where we will address some of the main areas of the law applicable to any business venture. Please note however that we will only present general guidance and not legal advice specific to the individual circumstance of our readers.
You can anticipate rel evant information on the legal options available to a Businessman who wishes to form a new company. Our focus will be on considering the pros and cons of establishing a limited liability company, a Partnership or a “Trading as” business including looking at any restrictions which may apply to the
particular business option chosen and the potential impact, from a legal perspective, on the assets of the individuals behind the venture. We will provide a short form mapping of the process to establish these entities as provided by the Companies Act Chap. 81:01 of the Laws of the Republic of Trinidad and Tobago. Additionally, we will look at the process to register trademarks relevant to the business venture and address some of the legal requirements to protect the intellectual property of the company. Of importance in this area would be the differentiation between “public” and “private” information and how a business can deal with securing some level of confidentiality of its private information in its business operations.
acceptance and consideration. We will also explain who can legally bind a company, i.e. whether Directors, Officers or even agents have the power to contractually bind a company. Also of key interest is the “rights of the wronged” as we like to call it, i.e. the various options in law and equity available to a business after there has been a breach of contract. We also propose to highlight the “costs” factor (arising out of litigation proceedings) in order to give a clearer and more realistic picture of the potential costs associated with resolution of disputes incourt. Attention will be given to legal alternatives to litigation proceedings, such as negotiation/private out of Court settlement, mediation or other forms of alternative dispute resolution.
Once we have provided the base for the establishment of the business and addressed the early concerns of protecting its intellectual and proprietary information, we propose to turn our attentions to the steps involved in the formation of a valid oral or written contract, namely offer
We look forward to sharing our knowledge in the area of law with you in the future. However I must stress that very important fact that it is imperative that you seek the advice of an Attorney at Law when entering into business.
33 entrepreneur spirit jan 2012
W.I ENTREPRENEURS
DESIGNING EXCELLENCE
I
Incorporated in 1984, Design Studios Limited is one of first registered interior design companies in Trinidad and Tobago. Born out of necessity by design experts Joanne Camacho and Marilyn Rousseau, DSL became a reality when their former employer had no alternative but to discontinue the interior design department of the company for which they worked. “The economy was really bad at that time, there were very few projects” Joanne said. Added to which the concept of interior design was relatively new to Trinidad and Tobago and was not seen as a necessity. As a team Camacho and Rousseau have acquired thirtytwo years each in interior design and finishing that no other qualified interior design company can attest to.
How did you manage TO start a company during such a rocky economy?
“The first few years of business were very rough” Marilyn stated. “Thankfully our former employer engaged us on the few projects they had at that time.” Despite this, and having accepted that they were really on their own Marilyn and Joanne started out on a journey that would see them change the interior landscape of Trinidad and Tobago. “Our strategy then was to approach everyone formally and network, however it was not until 1988 that business began to pick up albeit a little slow” Marilyn said. “We approached each potential client with all the courage, determination,
34 entrepreneur spirit jan 2012
brawn whatever you could call it” Joanne said laughing. This was only the beginning as they later went on to produce designs for insurance companies, banks, restaurants, executive offices and conference rooms for several large corporations. Over the years this duo had their fair share of challenges in building their enterprise. From working in a new industry “we had to fight for placement, as during the difficult time interior design was not seen as a necessity by decision makers” Marilyn stated. “Even when we did get a job in those days, we had to be creative with plywood, paint, local ceramic tiles and laminates” she continued. They both expressed their joy to now see
and built on time. The product is interiors of consistently good design. What are some of the business Interiors undertaken by DSL? First Citizen Bank (Corporate offices and branches), Atlantic LNG (Corporate Offices), eTeck Evolving Technologies (Corporate Head Office) Guardian General Insurance Ltd (Princes Court, Newtown Centre), Republic Bank, Talisman Energy, Trinidad Union Club, Satchmos, private residences and many others.
Top: First Citizen Bank, Boardroom. Bottom: Union Club
What makes DSL different from any other design firm?
that the profession is being accepted and respected in Trinidad and Tobago. Marilyn stated. “Even when we got a job we had to be creative with plywood, paint, local ceramic tiles and laminates” she continued. They both expressed their joy to now see that the profession is being accepted and respected in Trinidad and Tobago.
For contact information for Design Studios Ltd, see ad on pg 15.
What are the services offered by DSL?
“Our dedication and attention to detail” replies Marilyn “we ensure that the client receives our best, we are professionals that never compromise on service.” She went on to express her joys with working with contractors and consultants on some of the larger construction projects in Trinidad and Tobago. “Our research keeps us aware of current trends around the world, yet we know the look, feel and lifestyle of our own country. We have also obtained invaluable knowledge of the specialist local suppliers and contractors essential to obtaining quality interiors. We are always designing with the new generation in mind” What advice would you give to Entrepreneurs?
Space planning, ergonomically correct design solutions, expertise in the selection of high quality low maintenance materials and finishes suitable for specific applications; full creative design services, working drawings, economical design within budgetary constraints and quality control during construction, full project management. Our professional objective is to design interiors of buildings for clients, which are within established budgets aestheticall y pleasing, designed
35 entrepreneur spirit jan 2012
“You have to be prepared to work hard and sacrifice and know that there are no short cuts.”
W.I ENTREPRENEURS
CHEBEL the one stop spa
AESTHETICIAN, CHERYL SUE WING SHARES SPA SECRETS AND TALKS ABOUT HER LINE OF MINERAL SKIN CARE MAKE UP. What are the services offered by your Day Spa?
O
ne of the best-kept secrets in the east, Chebel Day Spa is that perfect escape from the daily hustle and bustle. Conveniently located at ASKOS building Eastern Main road St. Joseph, Trinidad, Chebel is the ideal place for relaxation and rejuvenation as it is a one-stop, full service day spa. The spa is owned and operated by veteran aesthetician Cheryl Sue Wing, who boasts of a solid twenty-four plus years in the hospitality industry. Certified at Shaw College of London in Applied Aesthetics and massage therapy, Cheryl is also trained in water room treatments, hot stone massage, facials, waxing, manicures, pedicures and makeup application to name a few .
What motivated you to open your own spa? I wanted to create an environment where someone can come to and relax, have their ‘me’ time and get away from the outside world. My motivation is my desire to take care of people treat them well and to make people, feel better. It was something I did from very young. Whenever there was a family function, I always ensured everyone looked his or her best. Regarding the spa, you will always have my personal commitment to deliver treatments and products geared towards a healthy lifestyle, with proven results and long-term benefits.
36 entrepreneur spirit jan 2012
Chebel is a seven room day spa inclusive of three massage rooms, a couple’s room and a sauna. Special packages are available for your every need from facials to body treatments and waxing. Facials: Facials include signature treatments for every skin type; cranberry dermabrasion (antiaging), detoxifying and de-stressing men’s facial, anti stress, eye contour treatments and professional resurfacing peeling treatments. Our Spa facials support the skin’s natural functions, promote regeneration, stimulate repair and restore balance levels. It also takes into consideration your skin type and any skin conditions you might have.
Massages: Full body massages and treatments include deep tissue, aromatherapy, indian head, hot stone, swedish and pre-natal massages while you indulge in our mango and salt body scrub, coconut and salt body scrub or the detoxifying seaweed body wrap. Our Massages are focused on
cooling after shave, facial cleansers, shaving gel and moisturizers. The products are actuall y designed to be part of your skin care regimen, with colours to match our sunny Caribbean complexions. What was it like developing your own brand of mineral make up? Enjoyable but lengthy! I spent many months with the manufacturer working on perfecting the shades and combinations. I needed to ensure that we could get it right in order to develop a product that I can stand by as being 100% mineral. The entire line is 100% mineral approved by the US food and drug association and manufactured in accordance to Good Manufacturing Procedures (GMP).
relaxing the body and reviving the spirit at the same time. True beauty is manifested from the inside out. We offer a variety of massages, which can help to restore a balanced energy flow from the body, easing muscular tension, dispensing the built up fatty tissue and softening of the skin. Other services include: Pedicures, manicures, sauna and of course consultation on skin and skin care products as well as classes in makeup application and makeup for all occasions.
What advice would you give to someone seeking to start their own business?
1. Ensure you have a proper business plan 2. Keep a lot of your plan to yourself 3. Go to people that you know will give you solid advice 4. Don’t over commit yourself to different things, focus on one
10 BENEFITS OF MINERAL MAKE UP (1) Mineral makeup contains purified minerals and is free from artificial fragrance, chemicals, oils etc. (2) Mineral Make up improves the skin’s health and tone and adds a youthful glow and natural look to the wearer (3) It is ideal for various types of skin including hypersensitive, oily, and dry skin. (4) It protects from the harmful UV rays, wind, and free radicals. (5) It is 100 % chemical free, and hypoallergenic. (6) Provides calming and soothing effect to the skin (7) Water-resistant (8) Protects and replenishes the damaged skin, reduces redness and is safe for skin with acne. (9) It does not hinder the skin’s pores, but at the same time allows the skin to breathe, as the components are natural
Why a mineral make up line? In my over twenty-four years of experience, I have worked with many different products. Many products widely known and used today contain a lot of parabens and artificial compounds that can damage your skin. My idea was to create and provide a line of mineral makeup that will compliment skin care.
5. Seek good financial advice before you do anything
(10) It is safe for a woman to go to bed with this makeup, but not recommended.
A beautiful spa with a serene environment, the Chebel Spa is opened Mondays to Saturdays from 9am to 7pm. Advance bookings are required to secure access to the facility and to ensure your preferred date and time of treatment.
In 2010 we launched our very own line of mineral makeup, which includes foundation powders, eye shadows, blush lipsticks and lip gloss and skin care products for men, which include
For more contact numbers for Chebel Day spa see ad on pg 45
37 entrepreneur spirit jan 2012
W.I ENTREPRENEURS
CARIBREEZE HALOTHERAPY, HELPING THE CARIBBEAN BREATHE EASY
F
ounded by Glynis Brewster, the CariBreeze Wellness Spa, home of the Caribbean’s first Halotherapy room, was established to provide a total wellness center in Trinidad and Tobago. A registered nurse with over thirty years experience in health care, Glynis has an unparalleled enthusiasm for seeing and helping people achieve their very best by empowering them in body, mind and spirit. As a main part of her wellness spa she has innovatively instituted Halothearpy, a non-intrusive, natural treatment for various respiratory illnesses as well as other diseases. Tell us about your company Caribreeze Wellness Spa Ltd? “Caribreeze is a wellness spa geared towards the potential health
and wellness of the client. We provide health education, coaching and dietary supplements to achieve your optimum health. Apart from Halotherapy we are also independent distributors of Herbalife and offer other products and services which positively impact holistic health” Why Halotherapy as part of your services? “I have always been interested in health. Over the years my studies and practice have focused mainly on preventative health care and from this I became interested in alternative remedies. It was while visiting the UK in 2010, a colleague told me about halo (salt) therapy so we decided to try it. My
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friend, my granddaughter and I did the session together. At first I was skeptical because I felt absolutely nothing, but it was when my friend, who is a smoker, said she was feeling a sensation at the back of her throat I also noted that my young granddaughter developed a runny nose. It wasn’t until just about two hours after my session I felt a dull sensation in my chest, soon after which I started to feel mucus in my lungs. I realized at that time the therapy had a very positive effect on my respiratory system. It was like a cleansing and my breathing was positively affected. My friend and my granddaughter also had very positive results which inspired me to immediately begin researching more about the process
and its benefits. I felt this was definitely a process needed in the Caribbean” What type of illnesses does
and make yourself comfortable. While you relax and breathe naturally the micro-climate clears and cleanses the respiratory system. Positive ions are converted to negative ions which strengthens the immune system. There are no microbes or allergens so the immune system gets a chance to rest. After this the defenses begin to work alone. Many of our problems start when the immune system breaks down and because we are exposed to so much pollution it is ever more important to clean the lungs in order to avoid developing asthma or terminal illnesses. Pulmonary Critical Care physicians have explained that while Halotherapy does not replace conventional medicine the ‘Salt therapy acts as an anti oxidant reducing inflammation in the airways’.
Local Testimonials
Jocelyn Henry, 65, Santa Cruz Trinidad, “I suffer with chronic bronchitis and got the cold in July 2011 I have been on a lot of medication since. A friend offered to take me to Caribreeze to try the treatment so I did. I immediately felt an improvement in my breathing, and my sinuses were clearing up. After the first day my body was basically rejecting mucus from my lungs, stomach and nasal passages. I can honestly say that I am breathing at least 95% better than I was before.” Ms. Regis, Laventille/ Choir member,
Halotherapy treat? “Mainly respiratory illnesses. Salt therapy has been clinically proven to bring significant relief from symptoms of various illnesses without the use of drugs. These illnesses include allergies, sinusitis, bronchitis, asthmas, common cold, COPD, cystic fibrosis, and even stress. Paediatric asthma cases in different countries have seen a high success rate using Halotherapy. After 1 or 2 years many children have been taken off large doses of inhalers and steroids. Children and adults alike respond quickly to the complimentary therapy, and whether the child is suffering from allergies, asthma or any kind of infection, salt therapy assists in reducing inflammation, opening passageways, alleviating tightness of the chest, loosening mucus and killing bacteria. Explain more of the procedures and science behind Halotherapy? Usually by referrals, clients can book their appointment at the spa between Monday to Saturday, 6am to 8pm. Once at the spa, clients are interviewed specifically about their health history and lifestyle and what are their aspirations. The procedure is very simple, you enter the salt room
Background on Salt Therapy, Halotherapy is derived from speleotherapy - the treatment in the natural salt caves, mined for rock salt. These salt deposits were formed as horizontal salt beds in ancient oceans and were later buried deeply beneath sediments as mountains eroded. Although virtually unknown in North America, Speleotherapy has been practiced in salt caves of Eastern and Central Europe for over 150 years. During the late 18th century the doctors noticed that the workers of salt mining industry never suffered from bronchial or lung diseases, which they realized was due to high salt aerosol content in the mines. In a modern version of this ancient therapy halogenerators are being used in a controlled environment to offer the benefits of the natural deposits found in rock salt. These minerals when concentrated in an enclosed area with stable air temperature, humidity and the absence of airborne pollutants, offer tremendous relief to the respiratory system. These salt particles are then small enough to penetrate deep into the lung tissue.
“I suffer with asthma and serious sinus problems, most mornings I wake up coughing. I heard of Caribreeze and I decided to try a session. During the treatment I felt relaxed but felt a light scratching at the back of my throat. After the first session I found that my breathing had improved and shortly after started experiencing a runny nose and coughing up mucus. After that I found I had no cold or sinus issues and I am singing much better as my breathing is better as well.” Selwyn Leon, 51, Painter/Builder “I do construction and painting. I had to work on a concrete project demolishing a floor one day. That night I couldn’t sleep because I was extremely stuffy and had difficulty breathing. I went to Caribreeze for my first session and was somewhat skeptical. As I sat in the room I had no clue that I was being treated. That night I slept uninterruptedly and after two days I realize that I was breathing much better. I am truly amazed and will be going back, will definitely recommend it to anyone.”
For further information on Halotherapy see Caribreeze’s ad on page 49
39 entrepreneur spirit jan 2012
W.I ENTREPRENEURS
DYNAMIC FITNESS STUDIO A TOTAL BODY EXPERIENCE.
P
ersonal Trainer Robert Charles is a confident and spirited person who takes his job of fitness very seriously. A fitness enthusiast at heart and a trainer by nature he is a colorful person with over two decades of experience. Certified as a fitness trainer from various governing bodies he is now the owner of Dynamic Fitness Studio, which was nothing but a natural progression for this fitness guru.
steps with my neighbors; but the real thrust occurred in the 1990s when I attended an aerobics exhibition held in Trinidad by two international aerobic champions. As I watched the exhibition I thought to myself “I can do this”. After which I worked more with my neighbors to help them get fit, which eventually turned into a community activity. In 1995 we hosted our first aerobic marathon in an effort to raise funds for a neighborhood Church.
and Ms. John’s encouragement pushed me to enroll for the course which I successfully completed one year later obtaining my first certification.
How did you get into fitness
That same year Ms. Judith John saw my drive and introduced me to a course that would enable me to become a certified trainer. At the time this was costly but I was able to get on board. I tried to recruit other trainers in the program in an attempt to get them up to speed, however, this didn’t work. Eventually both my enthusiasm
in how people used the end product and what they would like to achieve.”
training? “My involvement in fitness started in my neighborhood in Arima. I was always a health enthusiast from an early age and would look at fitness programs on television. I would also take empty soft drink cases and practice aerobics
40 entrepreneur spirit jan 2012
What did you do before you got into health and fitness? “I worked as an IT technician and CAD draftsman for several companies. Later I went on to programming and sales but realized I was more interested
For further information on Dynamic Fitness Studio see ad on page 47.
when they feel as if they are ‘falling off the wagon’ because results can only be seen when consistency is applied. Tell us about your work out sessions? A session can be between 40 to 60 minutes which covers a variation of cardiovascular exercises, total body and strength training. Apart from fitness training are you into any other line of business?
Before starting your own gym where else have you done fitness training? Well besides the community fitness sessions, which ran strong for just over two and a half years, I also did several stints in various gyms around the country as a freelance fitness instructor. Many of my clients were referrals as the word got around that I offered an effective-training program, which was easy to understand and digest. A few years later I implemented and managed AMOCO Trinidad’s wellness program as part of their international mandate to institute fitness and wellness programs for their employees.
As a personal trainer what specific services do you offer to clients? ‘Functional fitness’ which is my ma jor delivery and comprises of a complete program that builds on the normal requirements such as cardio and strength after addressing the individual’s personal lifestyle. The fitness assessment determines where you are in relation to where
you should be. This is combined with other variables, which forms part of a report that is given to the client. I also offer customized programs for ‘Special Populations’ which is essentially diabetes, hypertension and asthma to name a few. This is a critical area with regards to our population for there are standards and guidelines to train these clients safely as they need to know how, when and what to do when training.
“I am the Distributor for Metabolic Nutrition’s line of nutritional supplements in Trinidad and Tobago. I am also the owner of ‘Dynateck’ which deals in innovative technologies. Currentl y, Dynateck distributes Bury Technologies, a leader in car infotainment technology; which includes everything from Bluetooth systems to iPhone car accessories. Dynateck also offers ChipIT performance ECUs for diesel and gas vehicles, as well as FloodStop, a flood management system which I think is especially needed inTrinidad and Tobago.
What advice would you give to entrepreneurs?
What makes Dynamic Fitness Studio different from any other gym? Dynamic Fitness Studio is different because the focus is on the individual’s mental drive and a clear belief in the science of fitness. The fitness assessment involves getting to know the client and his or her level of fitness. After which a program is designed to suit that person’s lifestyle and goals towards fitness as well as a healthy and well-balanced diet to get them where they want to be. Each client is treated with respect and equality in a professional, safe and friendly environment. I also encourage my clients to seek my advice and help
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1. Don’t let anyone burst your bubble. You need to really make up your mind and push. 2. The rug can be pulled out from under you so you need to diverse and be agile and shift accordingly 3. Business can be cruel, at times and you will have to be more tactful in approach and tenacious in delivery. 4. Know what you are going to get involved in and learn it well. 5. Be confident about you product because if you are not you cant sell it effectively.
W.I ENTREPRENEURS
REVITALIFE
Revitalizing Life
I
f there is truth in the saying that an entrepreneur sees opportunity where others see chaos, then Damian Finley, Managing Director of Revitalife - Healthy Lifestyle Solutions is a true entrepreneur. His interest in business started at very early age while still at school. Where ever there was a need Damian saw it as an opportunity for business and always tried to provide a service, which ranged form cutting lawns in the neighborhood to catering services. It was on this foundation that Damian pursed a degree in business management and later spent six years teaching the subject after working as a salesman for some time. He cites his work
experiences as being instrumental in fueling his desire for owning a business.
Damian’s journey to self-employment started when he entered the used car industry as an importer. He had owned a vehicle for which obtaining parts regionally was very difficult. His search for parts lead him to Japan and soon he realized that several other people were having the same difficulty and from this he saw the opportunity for a business venture. Gradually, the used car industry moved from buoyant to difficult and this motivated Damian to look into other business ventures.
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His focus on health was not an entirely new territory for Damian since it was something that he and his family were very passionate about and even more so due to the passing of his borther-in -law at a very young age to cancer. This experience was the impetus that caused him and his family to take greater stock of their lives and gradually make adjustments to their lifestlyes while seeking healthier alternatives. It was through this initative that Revitalife Healthy Lifestyle Solutions was born and opened its door in August 2011. What products and services does Revitalife-Healthy Lifestyle Solutions offer?
The focus of Revitalife Healthy lifestyle Solutions is to provide all natural, organic products to cater for every aspect of our daily health care, personal care and everything that is environmentally friendly. At the moment, our programs offer weight management, detoxification procedures (ionic detox foot spa), and a growing range of cutting edge natural supplements for treating many lifestyle diseases. We also branded our own premium alkaline water, which is also popularly known as (Kangen Water). Why Alkaline Water? A lot of health issues experienced by many people today arise out of having high levels of acidity in their blood. Acidity is a ma jor health issue and is directly linked to diseases such as cancer, diabetes and heart diseases and a wide range of other health issues. Revitalife premium alkaline water helps to restore the body’s PH levels, increases oxygen levels in the blood; flushes toxins and waste out of the body; aids in weight loss and also it’s a very powerful antioxidant. A body that is healthy has the right PH level and oxygen in the blood stream as diseases are unable to strive in alkaline, oxygenated environment. Tell us about your other service, the Ionic Foot Spa The Ionic Detox Foot Spa is a safe non invasive and comfortable procedure for detoxifying one’s body. The procedure involves immersing your foot in a tub of water, a wrist band is worn during the procedure which completes a circuit between the individual and the detox machine. During the process a small electronic pulse allows for the process which basically is osmosis. Osmosis is the transfer of substances from a low concentration to and area of higher concentration through a semi permeable membrane (the soul of the feet). Toxins are moved out of the body via the more than 2000 pores at the bottom of each foot.
Top: Cleansing Units. Bottom: Storefront. Left: Damien Findley
What advice would YOU offer to other entrepreneurs? Believe in yourself and always have confidence in your ability to achieve what you want in life. Always seek advice from other professionals when starting any business venture. Attorneys and Accountants are very important professionals to partner with for advice. Success in business is not simply having a good idea, product or even the demand for the product or service. Success may be short lived. The longevity and success of business must incorporate impeccable customer service and always encourage good attitudes through out the organization. Values such as trustworthiness, patience,
43 entrepreneur spirit jan 2012
discipline and honesty should always be at the center of the organization’s value system. This in turn should translate into strong branding and business success. For 2012, Damian hopes to expand the business operation and increase visibility of Revitalife Premium Alkaline Water. A believer in advertising and promotion he understands that visibility creates an audience for what he has to offer. He also looks forward to the future with great expectations for a healthier lifestyles and a healthier environment
For further information on Revitalife see ad on page 11
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SOMETHING OVERWHELMING BECOMES EVIDENT IN TIME
SOBEIT photos by Fredric Dubray
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44 entrepreneur spirit jan 2012
“Whatever truth this holds for all humanity…We must all live in the NOW… We control the future…Yesterday is gone forever…So let us dance the dance…SOBEIT.” Seven sections of the band portray the seven continents and are tribal based highlighting a mixture of
various peoples and places. The eighth and final section, which is called “the Mystical Travellers” portrays our final destination of spiritual awakening. SOBEIT journeys to Africa, Asia, Antarctica, Australia/Oceania, Europe, North America and South America. “It is time... awaken yourself to the universal truths, forever bringing forth memories of our distant ancestral elders, and their traditions in a new golden age, in the spirit of Sobeit ” Come be part of THE SOBEIT 2012 EXPERIENCE with an all inclusive lineup…Featuring some of the Best Live Performers in the country, three (3) Fantastic BOSE Music Trucks, three (3) Top Road DJs, Live Steel Pan, Point Fortin Rhythm Section, Tassa, Air-Conditioned Truck with Bar, 2 Moving
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45 entrepreneur spirit jan 2012
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BUSINESS MATTERS Crystel Gay Ms.c cgay@entrepreneurspirit.org
Your TIME...Your MONEY
W
hen there aren’t enough hours in the day something’s got to give. It can range from your family life to the quality of the product or service you offer to a client. The question is often pondered, how is it that others get more done in their day as opposed to another? It begins with a comprehensive understanding of what time management is. The term encapsulates the daily process of reviewing time spent on specific activities, the objective of which is to exercise time control towards ensuring the best return on your investment in time.
on misconceptions are quite interesting especially when utilized in a Caribbean context where Caribbean people are known to have a history of “issues” as it relates culturally to their perception and management of timeculturally and are as follows. (i.e. as a function of business success). Mackenzie’s findings on misconceptions is quite interesting; Work is best performed under pressure – Psychological studies have proven this statement to be no more than an excuse for procrastination. One does not work well under pressure - only does the best one can under the circumstances. Pressure and challenge must not be confused.
Like any investment, poor time management has serious consequences and more so on the ability of a business to achieve its objectives. For survival, businesses must demonstrate the ability to quickly create, deploy, and implement strategies consistently. Added to this is the company’s aptitude to identify current and future customer requirement, deliver products/services in a timely manner and at a standard that satisfies the customer hence stressing the importance of operational time management.
I use a diary and have a secretary to keep me organized – One has to keep oneself organized - no one can do it for others. The trouble with the disorganized person is that he hardly has time to listen to his secretary far less to look at his diary. I do not have the time – The effective manager often gets more work done in the earlier hours of the morning than most laggards get done in the whole day. He no longer has to work against tight deadlines and under stress, which contributes to heart problems and other related health issues.
In theory, it is generally understood what time management is. However a leading author in the field, Dr. Mackenzie identified common misconceptions that people generally have about time. Mackenzie’s findings
Time management might be good for some kinds of work but my job is creative. Time management is not about
46 entrepreneur spirit jan 2012
routine: it is about self-discipline. Lack of discipline prevents one from being great instead of simply good. Time management takes away the fun and freedom of spontaneity. Is working under stress, forgetting appointments, making constant excuses considered fun? Probably a more organized schedule with time allocated for friends and family depicts a better picture of fun and freedom than an unorganized pile of work. Caribbean people culturally have been branded as poor managers of time, from late meeting starts to their inability to meet scheduled deadlines. It should be noted whilst individual issues are not unique to the Caribbean in isolation, this culture when permeating at an institutional or a national level proves difficult when interacting with different cultures. Whilst observers have linked time management issues along racial/
ethnic themes, regional entrepreneurs must be aware of these perceptions especiall y in relation to the international business markets, as this can result in a loss of productivity, loss of a potential buyer/market and ultimately a loss of “dollars and cents.” Dr. Mackenzie has provided further advice in identifying the symptoms of poor time management, these include; • • Constant rushing (e.g. between meetings or tasks) • Frequent delays (e.g. in attending meetings, meeting deadlines) • Low productivity, energy and motivation (e.g. ‘I can’t seem to get worked up about anything’) • Frustration (e.g. ‘Oh, things just don’t move ahead)
(e.g. ‘where the hell is that information I’ve asked him for?’) • Chronic vacillation between alternatives (e.g. ‘whichever option I choose it is going to put me at a big disadvantage. I don’t know which way to jump’) • Difficulty setting and achieving goals (e.g. ‘I’m not sure what is expected of me’) The effect of poor time management has lasting effects on one’s reputation as a professional and also impacts the image of your company. As entrepreneurs measures should always be taken to improve on one’s time management References 10 Common Time Management Mistakes, Avoiding Common Pitfalls How to Delegate Effectively – David Peck
• Impatience
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MARKETING MIX KHERON ARTHUR Ms.c karthur@entrepreneurspirit.org
VALIDATING YOUR NEED FOR MARKETING.
M
arketing is sometimes seen by many as an “expensive word”. One which involves what many business owners consider to be unnecessary expenditure, wasted manpower and lost time to achieve an uncertain result. In today’s world, any organization that desires to achieve its objectives, be it profit maximization or social gratification, will firstly require the un-waving interest and support of its intended customer and this is only achieved through effective marketing. Whether you like it or not, marketing is involved in all business activities from production to purchasing onward to after sales service and customer relations. Being integrative in nature, marketing encapsulates various disciplines inclusive of advertising, promotions, distribution, sales, pricing, packaging, public relations and corporate communications. In the 21st century we have witnessed the explosive growth in the use of marketing, as its principles have been embraced by not only the corporate world but also social and political organizations as means to their ultimate end result. Today there is no business, charity group or political party worldwide that hasn’t utilized some aspect of marketing in order to achieve their diverse mandates. Through the use of marketing, an organization can determine the desires and wants of its target customers and there in, design its products/services to match their prescribed desires
thereby increasing the opportunity and rate of acceptance from the potential customer. However while as a subject, marketing can be quite exhaustive. Here are some key steps that must be used should you desire to do this task on your own: MARKET RESEARCH This is the intelligence gathering and analysis of the market, customers, competitors and substitutes, products, service offerings, distribution channels and locations within an industry. Though subjective in nature, market research is derived from entrepreneurial visions gained through experience whilst observing the current environment. It is, or should be, a healthy mixture of experience and fact or imperial evidence. For example, who knew that Trinbagonians would like coffee as much as they do? Someone did and established a “Starbucks” like coffee house and now coffee houses can be seen almost everywhere. Questions such as who are my potential customers, how large is my target market, who are my competitors, how is my product different and how can I communicate my difference in a cost effective manner are all foundation questions in effective market research. The answers to these questions should be used to plan how best to package, price, promote and
48 entrepreneur spirit jan 2012
place the goods or services which are to reach your intended customer. MARKET PLANNING: Planning is an essential part of any business strategy and it is even more critical when producing a product or service that has to cater to the desires, needs and wants of potential consumers. Therefore, it is critical that extensive market planning be undertaken. This involves utilizing the market research information you gathered to structure a campaign geared towards capturing your intended customers and at the right time. Some of the most creative and innovative business opportunities have been lost simply because they lacked planning. Case in point, the Motorola’s Atrix laptop dock. It operates as an Android phone and has the charging capability to power laptops and other gadgets. Though in theory the Atrix was an ideal product. As stated by the “Business Insider” its a product that the world might not be moving toward yet, making it one of the biggest tech flops of 2011”. This is a typical example why entrepreneurs must employ the available marketing principles, which can help to ensure the success of their enterprise. Principles such as branding, product differentiation and costing can all be creatively used together to bring about a truly innovative marketing plan that will generate
the visibility, customer satisfaction and profitability of your enterprise. BRANDING Without a name, logo, symbol or slogan a product or organization becomes something intangible to customers. Here in lies the concept of branding. Entrepreneurs must be mindful of the fact that an unbranded product would just be seen as another generic product that has no distinguishable characteristics to differentiate it from other competing products or services. This results in no relationship being forged between consumer and products and in turn hampers brand awareness, brand recall and brand loyalty. In reality entrepreneurs must not only see the power of the product but they must also believe in the sustainability and
strength of their brands. The product brings revenue and profits whereas the brand brings and builds long lasting relationships and loyalty. In essence marketing and all its core functions act as an intermediary in bridging the gap between customers and entrepreneurs. It aids in helping the entrepreneur to better understand consumer’s needs through market research, further allowing the business to produce and develop appropriate products. So instead of viewing marketing, as an ‘unrewarding expense’ why not see it as a sustainable investment in your business’ future. As Brian Halligan, C.E.O of HUBSPOT puts it ‘To be successful and grow your business and revenues, you must match the way you market your products with the way your prospects learn about and shop for your products.’
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49 entrepreneur spirit jan 2012
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DESIGN FOR BUSINESS Richard Mark Rawlins rmrawlins@entrepreneurspirit.org
YOUR LOGO IS YOUR BUSINESS
I
’ve often lamented in the past to those who would listen, that our society suffers from a lack of design. Design used here as in the guiding principles of how something really should be done. That is to say correctly, or as we say in Trinidad, ‘to come correct’.
Having stated this, I began really looking at why this is so. My meanderings carried me through the implications of design for better living and more within the context of this column, design for better business. The realization hit me that people just don’t know what design is! Because of Trinidadian, Anya Ayoung Chee’s Project Runway success, we may be more in tune now with the inner workings of a Fashion Designer, but we also belong to a country that in a large part ascribes design to the creation of feather mas things that we call Carnival costumes. One reality show does not a design education make, and one frontline section in a carnival band does not a designer make. Look at our signage, party fliers, corporate logos and advertising and you will see a proliferation of rubbish that can only attest to a lack of entrenched design knowledge or understanding predicated by expediency. Expediency used here as the only explanation for an obvious lack of foundation or process in the development of any work which may
allow for a work to truly be developed to its full potential. We are always in a hurry to do things in this country it seems and part of the process of design is dialing back and taking the time to plot a course and develop a work that answers specific questions and provides solutions to a specific set of problems. Its intent based at its core. Intent takes time. Design is a straight line through the clutter; a specific start point that defines a process of communication of direct intent. But
let’s narrow the focus of the discussion, because an in-depth discussion of problems associated with bad design in the Caribbean can’t really all fit here. The biggest challenge I see currently is to do with the “logo”. It appears that everybody who seeks to register a business gets a logo “designed” way before they have even really decided on what their business is about. Also as the business grows and is managed, a good business is left with a really crappy logo. So with that in mind let’s discuss how not to get a logo for your company.
50 entrepreneur spirit jan 2012
Doing it yourself or Microsoft Clip art. Engaging Graphic Designers is a must. We break a bone we go to a Doctor, we need to lose weight for Carnival we get a Personal Trainer, we need financial guidance we call a Chartered Accountant, but when we need to design anything we call somebody who knows Photoshop, Corel Draw or we give the job to a relative that has a computer or worse, we try to design it ourselves using Microsoft Word’s clip art. I do not recommend doing any of this. Good design is not DIY. Leave the design to a professional, much as you would leave your dental work to a dentist. You should first seek a talented and experienced design professional or firm to advise and guide you. After all, the look and visual communication of your brand/ company are vital components towards its success. Everything online isn’t gold. Indeed there are free online logo makers on the net. However, these logos look unprofessional and they allow for anyone to eventually end up with the same logo as you. There is no unique thought process or lasting memorable element involved in their development. All pointless and furthermore what does this say about your business? Fill in the l etters…N_TH_ _G. Crowd sourcing is disrespectful. No one starts a business with the expectation of not getting paid. Why
would you expect someone to work for free? Crowd sourcing is the Reality TV of the business world. “Let’s have a contest for our logo among the staff and the best one will get a pile of money.” Uh… No. Four reasons why not: 1) Sifting through a bunch of designs in a competition to get a winning logo takes time. Time and resource management is crucial when setting up a business to succeed. Well spent time in engagement of a legitimate process is more valuable than the time spent hoping to find a design gem among competition entries. 2) Real designers, (the ones with talent and integrity), don’t participate because it’s insulting and demeaning to a legitimate professional. Work should be judged by qualified professionals on merit and not personal taste. Good design unlike art is about intent specific communication delivery and not open ended interpretation.
3) Design is a creative process of back and forth between client and designer it’s about engagement… crowd sourcing is about expediency… and expediency killed the creative cat. Good luck having revisions done on a logo or collateral material developed after you’ve paid off the prize money. 4) Don’t embarrass yourself. We live in an internet world. A really crappy logo will go online and get debated by users of “bookface” by people like myself and also the “marrish and the uninformed parish”. These comments, the good the bad and the ugly, can have serious implications for the goods and services you are selling. So after having had that mini tirade about the “evils of crowdsourcing”, let’s look at why all of the above are essential as well as summarize what exactly a logo is and why it’s so vitally important to your business.
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A logo is the visual representation of your business’ personal equity. It is the thing that says who you are and what you stand for, sometimes in an immediate or conceptual, recognizable way. It is meant to inspire a spirit of trust and stamp of approval, loyalty and suggested excellence in an environment of definitive un-ambiguity. It is as important as the door on a well-made house, the clothes that “maketh” the man as well as the teller in the bank. It is the signpost up ahead, visual representation of your brand. It is a big deal. It is why you must engage a qualified graphic designer to design your logo. Someone trained to understand what all the nuances of visual communication are. Someone with whom you can forge a business relationship with and work on the process of developing a visual identity that will actually benefit your business in the long haul.
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FINANCIAL FINESSE
MASTERING YOUR FINANCIAL LIFE
P
eople radiate with confidence when they are in control of their financial lives but to become master of your own financial life, your plan must cover six key factors. These factors address your finances towards a stable financial life.
the two and use you salary account for your every day needs while your savings go into a separate account. (2) Set backs, opportunities, medical expenses, loss of salary, new job opportunity
(1) Everyday transactional needs
a. We have all heard at some point that everyone should have a salary cushion. This is an account with at least 3 to 6 months salary saved in the case of unexpected events such as illness, loss of job etc. If any of these things were to happen the salary cushion would ensure that you have finances to cover your expenses for a finite period of time until you can either find a new job or recover financially.
a. We all have daily expenses; we buy lunch, use public transportation, buy petrol, groceries and have recreational expenses as well. For many their savings account and their salary account are one and the same. However, it is wiser and more beneficial if you separate
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(3) Annual/ recurring expenses – car insurance, school fees
a. You may not know when “it” will happen or what exactly “it” will be, but if you own a home, a car or a human body, some “it” happens every year so you might as well plan for “it.” b. Two categories of “Its” you should have money put aside monthly for in order to avoid having to find large sums if and when they arise are: i. Predictable expenses: House & Car insurance, school fees, medical check ups, weddings, birthdays, Christmas, Carnival or anything you know you have to or will likely spend on every year. ii. Expected Unexpecteds: Car maintenance, house expenses, medical expenses.
4) Goal related expenses: a. Where there’s a goal there’s a cost. Whether it’s a new car, home, wedding or baby there are costs, expenses and down payments required. b. Don’t get caught with your “Head in the Sand.” Many people underestimate or ignore the impact of splurging. They overspend on some early milestones such as expensive cars and overpriced apartments especially in their 20s. Then when they are ready to buy their first home or plan their wedding they simply cannot afford it. They believe money will come from somewhere when they are ready for it but it doesn’t. (5) Long term security a. Ask yourself what would my life be after retirement. You could work for 30 to 40 years, retire and then live for another 30. Are you putting things in place now that you can enjoy later or will you depend heavily on kids and relatives.
54 entrepreneur spirit jan 2012
b. If you don’t have a proper retirement and health insurance plan in place you should start tomorrow or you may find yourself dependent strictly on government pension after you retire or having to raise vast funds to pay for medical treatments if the need arises. (6) The hard stuff. a. Some of us refuse to consider that adverse events could occur that may throw us, and our loved ones into an emotional and financial tailspin. Losing a job, replacing a stolen car, a failed business, rebuilding life after a fire, an operation or death are all issues we should address and plan for. Special thanks to RBC Royal Bank, Trinidad and Tobago Article adapted with permission from “The business of you: A step by step guide to mastering your financial life.”