AUGUST - OCTOBER 2013
* START-UPS FAIL WHEN BUSINESS
PUSH HARDER! SO YOUR BUSINESS HAS FAILED, NOW WHAT? 8
FROM CONCEPT TO MARKET 12
SPOTLIGHT
NO BRAND IS A BIG BRAND! 14
AUGUST-OCTOBER 2013
How do Entrepreneurs come up with good business ideas?
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8
So your business has failed, now what?
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Fear Factor In Business Ownership
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From Concept to MarketHow JBDC Assists Msmes To Succeed
Staff Advisors:
$ 11
CREDITS
The Business Dialogue is a quarterly publication of the Jamaica Business Development Corporation (JBDC)
Ms. Valerie Veira, J.P. Chief Executive Officer
NHT Update: NHT and You
Mr. Harold Davis Executive Director Mr. Antonio Vouranis Chief Technical Advisor Editor-In-Chief & Content Coordinator Keneshia Nooks – JBDC Corporate Communications Unit
14 NO BRAND is a Big Brand
Assistant Content Coordinator Sancia Campbell – JBDC Corporate Communications Unit Design & Layout Krystle Brown – JBDC Visual Communications Unit
FLASHBACK 15 JBDC Workshops
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Valerie Veira C.E.O JBDC
As entrepreneurs, we get so attuned to the possibilities of success that we don’t have a vocabulary for failure, and this is an admirable quality for any aspiring business owner. As great as this may sound, the reality is that starting a new operation will have its ups and downs and while you remain positive about your progress, you should also be open-minded if things do not turn out the way you planned. Persons who generally ‘bounce back’ are those who understand how to balance optimism and pessimism – which is the ability to confront what went wrong honestly but not lose self-confidence. In order to become more resilient in business, especially after you have experienced setbacks, it is important to sit down and work out exactly what caused the breakdown and make sure you don’t repeat the same mistakes. This issue of the JBDC Business Dialogue will take you into different phases of your business – how you bring life to your ideas, how you process failed attempts at your new business venture and how you overcome the fear factor in business. To help motivate you, we will also take a look at how a young businessman started his company and the success he has experienced during his journey. In all your endeavors remember that a failed attempt is not confirmation that you are a failure, but rather evidence that you are bold enough to take major risks. In fact, experience tell us that overly optimistic people tend to blame failure on temporary factors and overlook the root causes, whilst the pessimist will give up easily and think something is intrinsically wrong with them or their approach. We say, know how to strike that balance, learn from your mistakes and push more. Find someone to consult with you and don’t forget that the JBDC is always there to help you work through your business strategies. We hope that the prescribed tips inside this issue will be helpful and motivate you as you journey to success with your business ideas. Happy reading!
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Keneshia Nooks is the Corporate Communications Manager at the Jamaica Business Development Corporation (JBDC), she has over 11 years experience in various marketing and communication techniques including advertising, media production, brand development, public relations, social marketing, market research and sponsorship. While her primary skills are in media, culture and business, she is also adept in the entertainment and music industries and has also coordinated publicity initiatives in the Caribbean, Europe and the United States for newest music sensation, OMI and Italian Reggae Singer, Alborosie.
Sancia Campbell is a PR Practitioner in the business and hospitality sectors with over 13 years experience in marketing, publicity and communications. An excellent writer and avid lifestyle blogger, Sancia enjoys reading, project management and events planning. She is currently the PR & Events Coordinator at the Jamaica Business Development Corporation (JBDC).
Paul Chin (MBA, JP) is the manager of the Financial Services Unit of the Jamaica Business Development Corporation. He has been employed in the Banking sector for over 30 years.
Keera Walters is a Business Development Officer at the Jamaica Business Development Corporation. As a business advisor, she has a coaching relationship with MSME entrepreneurs and provides training to existing and potential entrepreneurs. She also has a background in marketing, specifically brand promotion. An avid music enthusiast, she is now working on her own vocal performing talent.
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How do Entrepreneurs come up with good business ideas? By Keera Walters
If you know any entrepreneurs, you probably think this question is slightly redundant. As by their very nature, the average entrepreneur is just brimming with great business ideas, right? Not exactly. Not all of us are going to wake up one morning with that “eureka moment” after a vivid night of dreaming about our billion dollar business. Not to worry, good business ideas can be simple or complex and they are not exclusive to any type of person. In fact, generating ideas is a creative process and can be stimulated in many ways for any right, left or mid-brained individual.
Here are some things to consider if you are short on inspiration for business ideas:
1.
Brainstorming
Try a good old fashioned brainstorming session. This is where you just sit with pen and paper or keypad and screen and allow your mind to limitlessly come up with ideas. The key word here is limitlessly. As a part of the creative process, we must get past the automatic level thinking and biases that normally cause us to judge what we think is possible because this keeps our creativity locked. After you have generated as many ideas as you can, then you begin to look more closely at your list of ideas and develop some screening criteria for filtering the ideas. The criteria can be broad at first depending on the number of ideas you have come up with (if you really were limitless you should have at least 50 ideas). Refine the criteria as you go along to reduce the number of ideas until you select a final one or two to really research. This method is appropriate for anyone who is at a complete blank in terms of business ideas. The process gets your mind open and can be a good starting point for further creativity.
2.
An entrepreneurial idea is one that provides a solution to a common problem shared by enough people to make earning a profit from helping them possible.
Think of situations or problems you or those around you currently have to deal with and ask yourself, is there any way I could find a better fix for this than the options currently available?
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3.
You do not have to recreate the wheel
There is hardly a new product or service today, not even in the dizzyingly fast paced world of electronics and communications technology. What you see are improvements to existing ideas, in other words, application of that critical entrepreneurial quality, innovativeness to meet existing demand. So let’s be real, unless you are a scientist or technologist it is hardly likely you are going to be coming up with an idea that can be considered ‘’new”. Play around with things you already know or research existing products for inspiration to start your own business. Maybe you could redesign something and make it more attractive; create more value; provide more convenience…the possibilities are endless.
4.
Act now
Ideas remain ideas until they are made real. They cannot be proven to be good business ideas until implemented therefore it is critical to get going with the steps necessary to take the idea from concept to market. Most ideas, even big ones can be scaled to a level that allows for a low risk trial. If the idea is for a product, get a prototype done and starting testing it in the market. If it’s a service, start doing it! The feedback you get will help you to take what may have been an “ok idea” and turn it into a “great product” but, you must act now! Procrastination not only robs you of the energy to build momentum but can also mean the difference between the idea being implemented by you or someone else who did it first. Whether your business idea comes from a sign in the sky or from tireless research, there is an argument to be made from the moot “no idea is a bad idea”. From the entrepreneur’s position, as long as that idea can be presented in such a way that it convinces a market that it (the idea) can satisfy a need, then that idea is a good business idea. Happy idea generating!
Keeping up with my statutory obligations is simply good business. It is better to
pay on time rather than having to pay penalties due to noncompliance.
And I think of my hardworking staff. I owe it to them to pay over their contributions to the NHT and submit my company’s annual returns by March 31 every year. That is my part in helping them become home owners through the NHT. MARK BAILEY Managing Director, Universal Shocks Ltd.
Start contributing now! Contact an NHT compliance officer at: 1-888-225-5648
SCAN TO BECOME A MEMBER OF OUR
BIZCARE CLUB or go to www.nht.gov.jm/bizcare
So your business has failed! Now What? By Paul Chin
M
any first-time business owners fail on their first attempt at starting a business, and many who are determined, go on to establish very successful businesses after failing the first time around. One of the major issues with starting a new business is the stigma that comes with having failed the first time. It is however critical for entrepreneurs to pick themselves up and try again. The million dollar question then becomes, “What happens next?” Business failure can be very devastating, because many times it is not simply about losing money, it can be very emotional and personal. Many times the best way to cope is to simply “wheel and come again”. Just start again…focus on something other than failure and work even harder.
The following tips can help you back on your feet quickly:
1. Don’t be too hard on yourself
Starting a business is a big deal the first time around, but it can be even scarier after a failure. As you get ready to start a second business therefore, it is easy to let the fear of failing constantly run through your mind. It is important however that you are positive in your outlook or you may never find the courage to get back into business ownership. If you need to, seek professional help or counseling (e.g. Jamaica Business Development Corporation) or spend some time talking with an entrepreneur friend to work up the courage to start again.
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2. Figure out exactly what went wrong
The key is not to beat yourself up over the issues; as some events were probably outside of your direct control. Before you start your new business therefore; take time to identify, analyze and learn from the mistakes you may have made and the problems you had with your last venture. Critically look at what went wrong with the business did you run out of money? That should be very easy to pin-point; but look deeper still! What caused you to run out of money? Were you paying too much for raw material or for payroll? Were you not managing accounts payable and receivable well enough? Did you have too little start-up financing? Or, did you simply fail to market and bring in enough customers?
Your primary goal is to look carefully at the underlying causes of your business failure. Chances are you can learn valuable lessons from your mistakes and these can be applied to your new business. You now have valuable insight that will help you build a better business the next time around.
3. Learn more before starting again
Did you ever consider that a part of your start-up failure was due to gaps in your knowledge? Maybe you had a really good idea for a business, but you didn’t know much about finding the right target demographic, marketing,pricing, or creating your product in an affordable manner. Now is the time to brush up on those areas of knowledge before you start a new business. It may take time to fill in knowledge gaps, but it will be well worth your while if doing so will help keep your next business afloat from the start.
4. Create a new business plan
You will need to thoroughly research your options to come up with a new business plan. The good part about coming up with your new plan is that you have already been through many aspects of running a business and knowing what information you need and how to put a plan together is half the battle. In writing/ creating your next business plan, you may want to consider adding in a section that talks about the issues you had with your last business and what you learned from those issues.
5. Look carefully at your options for Funding
Financing can be an even bigger problem the second time around. Many new businesses start with an entrepreneur’s personal funds. If you don’t have any money right now, you may have no choice but to consider finding some kind of employment or using your entrepreneurial skills for other businesses for a time while you save up money for starting your own business. It is always a good idea to have some money in savings before beginning your next business venture.
If you don’t already have an emergency fund in place, now is the time to start building one. Starting a new business with no financial breathing room can be a big mistake because it puts too much pressure on you to succeed from the start. Spend some time saving up three to six months worth of expenses before you launch your new business. Even if this means putting off your new business venture for a year or more, it will be worthwhile in the long run! Finding money to start a business can be a daunting task and actually takes ‘work’. It requires careful planning and research. Ask yourself… What is the precise amount of money required to start this business? Where do I obtain suitable financing? Should I try to use several different funding methods from the outset? These are just some of the questions which will occupy your mind, as you seek to restart your business. For small businesses, these are some of the more common sources of financing: • Debt (e.g. – Loans) • Grants • Equity • Friends & Family • Internally generated funds (i.e. - generated from the business itself, once it is started) • Crowd-funding
Final Thoughts When it comes to any new business venture, you are ultimately the " secret" to your own success. Failure is never an option for many successful business owners, as their drive, determination and positive mindset allows them to view setbacks as merely an opportunity to learn and grow.
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The Fear Factor In Business Ownership By Keneshia Nooks
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It is everyone’s dream to become a business owner - the thought of creating your own product or service, determining how much you earn and of course having your own ‘dream team’! As lavish as this may sound, only a few persons have the courage to become an entrepreneur for one main reason- the fear of failure. Numerous ‘what ifs’ come into play when contemplating that business idea - What if I d on’t make it? What if no one believes in me? What if I don’t generate enough income to stay in business? And the list goes on. The truth is, all of these questions are in fact valuable to any business owner, but do they view it as a sign to back out or a challenge to take on? While many articles dwell on how to write the perfect business plan and getting funds to starting a new business, very few focus on the ‘inner conflicts’ entrepreneurs face. This article brings those ‘conflicts’ to life and confirms that fear exist for aspiring entrepreneurs. It is true, that many, if not all entrepreneurs get anxious about their business ideas and are plagued with thoughts of failure. For some, it is the fear of leaving the “sure for the uncertain”. One entrepreneur explains that the hardest decision was leaving his nine to five job, how will the bills get paid he asked? He admitted to quitting his job twice before eventually letting lose from that fear and running with his business idea. Today he runs a successful entrepreneurial advocacy business that helps entrepreneurs with start-up consultancy advice.
• Say yes to your passion
You are probably not sure what you want to do at this exact moment; perhaps it’s an idea in your head and a yearning desire to become your own boss. Say YES to that inner voice and begin to journal your thoughts as they come to your mind. Keep them in a visible place, so that you can be reminded each day and move closer to those dreams. Ideas will one day become reality, see it possible and stay true to your passions..
• Write down your goals
Numerous studies have shown that people who write down theirs goals are five times more likely to achieve them. So, what are your goals for starting a business? What business would you like to venture into? When would you like to start a business? Do you plan to leave your job and what are your timelines? How much money will you need to get it started? Set goals and work hard to achieve them. As you accomplish each one cross it from your list so you know you are making progress.
Many successful business owners will tell you that the only people who don’t fail are the ones who never take risks. In fact, many will tell you that their current business was a failure before it found success, but sticking to their dream and learning from failures determined whether they gave up or Most entrepreneurs fail to evolve beyond the “idea” stage pushed forward. Ultimately, the ball is in your court, YOU have to do what because they do not understand or envision how the business you dream of doing even though you are afraid. How can you do this?’
• Envision success
• Believe in yourself
will operate on a daily basis. This may sound a little “preemptive”, but successful entrepreneurs could see their operations in action way before the idea came to life. Successful entrepreneurs see the need for their inventions, know their potential audience, markets and distribution points and can tell the type of skill sets they are looking for in an employee. Apart from coming up with the creative side of your business plan, you must ensure that you develop the ‘business side’ as this is the engine that will drive income and profits to your business.
You have to first change your mindset about your personal goals and where you want to be in the short and long terms. It is always a good idea to make a realistic list of all the things you want to achieve, in say five years. If launching your own business is one such goal, believe that you CAN, and put the necessary steps in place to make it happen. Remember that success is not going to be handed down to you on a silver platter, so whatever you decide to do work hard, be persistent and if you fail at first attempt • BELIEVE that you can and go for a second try. Failure is not an Everyone struggles with the fear factor, and this is normal for option. any entrepreneur. Be afraid, but take risks anyway. Start acting as your own boss by making mock schedules and work plans, • creating logos, start thinking about brand names and writing As cliché as it may sound, please understand that failure was not job descriptions for potential employees. This will help to build meant for you. Everyone, at some point in their journey has your confidence and eventually move your idea into action. experienced failure and you will never be able to experience the Make the first step and be BOLD, do it afraid! thrill and freedom in having your own business if you give up. Anything that is worth having will require a hard fight. Come to When compiling this article, I came across a very interesting terms with the fact that everyone fails and move on. Most quote: “Failure is an event, never a person” (William D. Brown). successful business owners have failed; it is what you do after What this is saying to me is that even though failure will happen throughout life’s journey, it does not mean that the ‘individual’ failure that makes the difference. has failed. Therefore, if one life ‘event’ has failed, the individual should refocus, recreate and reenergize for the next life ‘event’. So, get up, get out and scare yourself with that dream!
Take the step of fear in faith
Understand that everyone fails
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$
$ The NHT and You -Contributed
I
t may have started as a hobby or perhaps after years of searching, but eventually you identified a need you could fill. Whatever the origin, you now have a business that you plan to grow overtime. However, with the rewards, there are obligations; among these, your duty to contribute to the NHT. Your contributions enable the Trust to finance housing development and provide low interest rate loans to contributors. As a self employed person you too can benefit from the NHT once you satisfy the requirements. If you are self employed, the NHT Act states that you must register with the Trust, and contribute a percentage (either 2% or 3%) of your declared income monthly. Scan the code on the bottom right (in ad) to get to the documents for registration: the Declaration of Income, the Questionnaire and the checklist of other required documents.
I won’t be a small fry forever! So my company’s bookkeeping is a priority. I don’t want a bad compliance record to stand in the way of my next big break. I make sure all payments and declarations, especially those for the NHT, are up to date. After all who knows when I will need a Tax Compliance Certificate (TCC)*? You need a TCC when: t *NQPSUJOH HPPET BOE equipment t -JTUJOH PO UIF TUPDL FYDIBOHF t "QQMZJOH GPS HPWFSONFOU DPOUSBDUT t 3FHJTUFSJOH B TFDVSJUZ mSN
t -JDFOTJOH B CFUUJOH HBNJOH BOE MPUUFSJFT CVTJOFTT t 3FHJTUFSJOH B QVCMJD QBTTFOHFS WFIJDMF XJUI UIF 5SBOTQPSU "VUIPSJUZ t "QQMZJOH GPS B RVBSSZ MJDFODF t -JDFOTJOH B DVTUPNT CSPLFSBHF
*NHT clearance is needed to get a TCC.
Start contributing now! Contact an NHT compliance officer at:
1-888-225-5648 SCAN TO BECOME A MEMBER OF OUR BIZCARE CLUB or go to
www.nht.gov.jm/bizcare
To remain compliant, contribute monthly:
•
Your contribution is due on the 1st of each month. However you have up the 14th of the next month to pay.
•
Avoid building up months in contributions arrears, which will then require a large sum to clear. If because of the nature of your business you are unable to make regular monthly payments, avoid arrears by paying in advance instead of after payments become due.
•
If you were Department contribution contribution
recently employed, visit the NHT Compliance so that an officer can assess your monthly as a self employed earner. Avoid making a without first getting an assessment done
JBDC UPCOMING TRAINING/WORKSHOPS
• Online Marketing 101 - August 15 - Create an Online presence, reach global audiences and earn foreign currency - $2,500 per person
• Line & Collection Development
- September 4-5 Learn the difference between a Line and a collection - $4,600 per person
• Fashion
Illustration $5,000 per person
Workshop
-
October
1-2
All workshops will be held at the JBDC Incubator & Resource Centre, Unit 10a, 76 Marcus Garvey Drive, Kingston 13 For further information contact: scampbell@jbdc.net or visit our website at www.jbdc.net.
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BUSINESS & INNOVATION From Concept to Market – How JBDC assists MSMEs to succeed By Sancia Campbell & Keneshia Nooks
H
Have you ever wondered about how you will take that “innovation” to the next level? How to write a business plan or how to even start the process to launch your new business venture? Well, you are not alone. Thousands of Jamaicans have been faced with the same dilemma, and thousands have benefited from the support provided by the Jamaica Business Development Corporation (JBDC) in bringing their business ideas to life. As the government agency charged with the responsibility of assisting Micro, Small and Medium Enterprises (MSMEs), the JBDC has built a solid reputation over the past twelve years in providing business support services to over 8,000 entrepreneurs and business owners from the various sectors. From business advice and consultation to business monitoring, training, financial advice, market access and product development, the Corporation which falls under the auspices of the Ministry of Industry, Investment and Commerce (MIIC), strives to continually fuel the local economy towards growth and development of the MSME business sector. Chief Executive Officer of JBDC, Valerie Veira notes that the completeness of the JBDC experience is what makes it unique for clients. “JBDC has consistently sought to identify and provide the best business development support whether through other organizations or through efforts of our own to ensure that our products and services are aligned with those required by our client group,” said Veira. In addition to business development support, the organization also provides incubation for small producers in the fashion, jewellery, craft and food sectors through its Incubator and Resource Centre (IRC) located on Marcus Garvey Drive in Kingston. The extension of the services to manufacturers includes engineering support for factories, graphic design, product packaging, development and prototyping, product assessment and industry specific research. The Centre further houses state-of-the-art meeting rooms equipped with audio visual equipment and wireless internet. During the last fiscal period (2012-2013), the IRC assisted more than 350 manufacturers with equipment and facility use, audits, technical support and graphic design services. If you have already overcome the initial start-up process, and now have a well-designed product ready for the shelf, the JBDC will help to get your product out to the various markets and watch your business blossom through the Things Jamaican retail outlet and a business monitoring programme provided through its Business Advisory Services division. “JBDC is always trying to find ways to assist our local entrepreneurs, and so we are continually introducing new features and services to benefit our entrepreneurs.” Speaking to one of the newer programmes, Ms. Veira highlighted the client monitoring programme which observes a business’s progress for one year in order to ensure effective business practices are followed. The monitoring process involves a business viability assessment as well as a series of assessments to determine the current status of the business and taking the necessary steps to formalize and regulate the business.
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Things Jamaican (TJ) on the other hand, is the retail arm of the JBDC with responsibility for marketing, promotion and sale of authentic Jamaican– made products. With six locations across the island, the retail chain offers a wide array of products including food, art, aromatherapy, sweets and condiments, fashion and fashion accessories, home accents and authentic Jamaican souvenirs. Within the last year, the TJ brand introduced 248 new products, which contributed to sales of approximately $44 million dollars in earnings for our local manufacturers. " At first when I started doing business, I was just making the goods and selling them myself. But JBDC walks you through the steps; they teach you how to price your goods and what to look for in the business. They don' t just give you advice and leave you like that. They really prepare you for the market and bring your business to reality. Government is doing a good job where that is concerned," said Jossette Richardson, an enthusiastic business owner who has worked with JBDC for over four and a half years.
INTERNATIONAL AND GOVERNMENT SUPPORT Bolstered by the support of both local agencies as well as the Government of facilitated several business development assisted particular groups of entrepreneurs and other innovations into the local market.
and international funding Jamaica, JBDC has also programmes which have to introduce new products
Through the European Union’s Private Sector Development Programme which ran from 2006-2010, JBDC effected the development of the Cluster Sector Initiative, which encouraged partnerships and collaborations of organizations working in complementary business areas. “The cluster approach emphasized that businesses do not operate in isolation but rather inside a network where there is shared interests and pooling of resources,” Veira explained. Another project which also set a growth path for micro enterprises was the Productive Integration of Micro Enterprises in Jamaica (PIMJ) project funded in partnership with the Inter-American Development Bank (IADB). Fourteen groups in the craft and agro processing sectors were selected for the programme which was aimed at improving competitiveness through training, product and business development. At the culmination of the project, the groups were able to produce new items for the market including leather belts, bags, sandals and other fashion accessories, jams and jelly, seasonings, home accents and paper products. More recently, through funding from the Development Bank of Jamaica, JBDC facilitated the Craft Biz Facility Project, an initiative which was designed to strengthen the business and technical competencies of craft producers in Jamaica. Thirty craft producers benefitted from customized training programmes in the areas of costing and pricing, marketing, record keeping and accounting. The producers also received business monitoring and handholding support in addition to market access and promotion of finished products through the Things Jamaican stores. For business development support and advice, visit www.jbdc.net.
THE
SPOTLIGHT
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Jason Dear, Managing Director, No brand Chemicals
t is a well known fact that Jamaicans love brand name products. From Fendi to Gucci in clothing and Benz to Toyota in motor cars, Jamaicans often display their love for high-end, high-cost products with expensive purchases. This love also extends to household products and cleaners. Brand names such as Gain, Harpic and Dawn tend to do well in local supermarkets and community shops; so when Jason Dear made the decision to introduce No Brand Chemicals, a small household chemical manufacturing and distribution firm in Kingston, he expected resistance because as the name suggested, the products were of ‘no brand’. The astute
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NO BRAND is a Big Brand
businessman he is however, Jason did what any clever entrepreneur would do; differentiate the products in an area where customers were sure to take notice: Price. “We decided from inception that we would make a great product but find innovative ways to lower our manufacturing costs and pass on the savings on to the customer,” he said. A little over two years later, Jason Dear and his ‘discount brand’, No Brand Chemicals continues to forge ahead having successfully grabbed the attention of an ever expanding customer base which includes both wholesale and retail buyers. No Brand currently manufactures twenty one (21) cleaning products, ranging from the common bleach and soaps to more specialized products including food safe sanitizers, anti-bacterial hand soaps and industrial degreaser among other items. Resolute about his products, the decisive Managing Director notes that the shift in consumer purchasing behaviour has helped to push the sale of the products. “Consumers do not care about the branding or packaging of a product if they can get it cheaper and currently all our products sell at approximately 15-25% lower than our closest competitors.” Another outstanding feature which No Brand also boasts is that the products may be purchased in convenient carrying and price packages ranging from as small as a sachet to as large as a fifty-five gallon drum. Proof positive of the success of the packaging convenience is the company’s most popular “Sachet” which is primarily sold in mass markets such as Downtown Kingston. According to Dear, “approximately 10,000– 15,000 pouches are sold each week.” Jason Dear’s introduction into the world of business began many years ago. With a family history steeped in the Jamaican business sector, it was inevitable that he would one day operate his own business. “When I entered the workforce, I developed a passion for BIG business, and I quickly realized that I could gain exposure to big businesses through the Stock Market.” At age 25, Jason was well on the way to receiving the exposure he craved. He became the Equity Trading Manager at one of the largest stock brokerages in Jamaica – First Global Stockbrokers (Grace Kennedy Financial Services) and it was this experience according to him that gave him the confidence to start his own
by: Sancia Campbell business. Though still affiliated with Grace Kennedy, Dear is totally immersed in building No Brand Chemicals in a bid to make it one of Jamaica’s biggest businesses. “My plan is to become a publicly trading company on the Jamaica Stock Exchange and control at least 50% of the bulk and retail chemical market in Jamaica.” If the accolades which have begun to add up is anything to go by, then No Brand Chemicals is well on its way. In 2012, the company picked up three major accolades. Jason was nominated for the Jamaica Observer’s “Mogul in the Making” awards, while No Brand Chemicals was chosen as one of eight companies to be adopted by the National Baking Company as a “Bold One in Manufacturing”. Also in 2012, the company copped the region one award in the National Commercial Bank’s Nation Builders Awards. Noting that business ownership comes with its fair share of challenges, Dear speaks passionately about plans relating to product line expansion and entering key international markets. “We are focused on conquering the Jamaican market before making any serious interventions outside of Jamaica. Timing is important and selecting and mastering the local market is critical to solidifying our existence.” But how does he manage the business against the backdrop of the economic challenges now facing Jamaica? “There are both challenges and opportunities in operating a business whether it’s internal or macroeconomic but a true entrepreneur tends not to over-focus on the challenges,” he responded. “True entrepreneurs have a one-track mind and that is our unending focus on opportunities, innovation and driving sales. We face many challenges every day, but if you train your mind and your organization to move quickly to find solutions to those problems, the unlimited opportunities far outweigh the problems,” he continued. His main advice to aspiring entrepreneurs is to properly capitalize the business before it starts. “You will burn through cash very fast in the first year and find your bank account empty before establishing yourself in the market.” He also recommends hiring slowly but emphasises hiring the right people. “Hire people who are smarter than you as you can never know everything. There is also this tendency for small business owners to micro-manage every detail of the business; but for your business to grow, it is critical to have a proper professional management structure in place.” Dear is also big on product differentiation, a component he believes is necessary particularly in this era of choice. “Identifying your competitive advantage is critical to your business’s survival; this will help in attracting customers who will remain loyal to your brand.” Jason Dear is greeted by the Minister of Transport & Works, Hon. Omar Davies during Expo Jamaica 2012 held at the National Arena
FLASHBACK- JBDC Workshops The new Taxi Collection from D'Rob Miniatures COMING SOON! These brightly coloured model cars are made from recycled materials right here in Jamaica. These true to life models are as agile and swift as any Jamaican taxi on the road today. They make a nice gift, keepsake or souvenir for anyone who has been brave enough to take a Jamaican taxi ride! The models were developed by Davina with assistance from JBDC' s Product Development and Business Development team.
Leathercraft Expert, Valentine McLean (2nd left) assists some of the participants in the JBDC/ JSIF Vocational Skills training programme now on at the Incubator & Resource Centre. The project which is also being supported by the Japan Social Development Fund Grant teaches the participants various techniques including: Rawhide preparation, measuring and cutting, edge finishing, pattern making, cutting and assembly, surface decoration and stud setting. Reve’s Creative Director, Duane Bennett and JBDC’s Business Development Officer, Terry Clahar-Weir Views some of the fashion accessories which were on display at the Marketing Seminar and Production Exhibition put on by the JBDC/ DBJ Craft Biz Facility participants.
Alnaja Designs: Fashion Jewellery & Accessories Which were produced under the JBDC/ DBJ Craft Biz Facility Project on display during the Marketing Seminar and Product Exhibition held at IRC.
JBDC Fashion Designer, Ayanna Dixon (Right) explains the techniques of draping to one of the participants in the recent Apparel Draping Workshop which was held at the Incubator & Resource Centre.
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