Merits of a Small Company

By Aldain Reid - Gleaner Contributor

Prior to starting my own business four years ago, I worked as junior manager at a large multinational corporation that had its corporate headquarters in the heart of the nation's capital.
My job function provided me with an opportunity to observe big business and small-business operations from both the employee and the management perspective.
This experience, along with my subsequent foray into entrepreneurship, has taught me that increasingly, in most niche markets, small businesses can realise competitive advantages that larger businesses find difficult to attain.
Adjust rapidly to change
Small companies tend to operate with a fairly simple, flat management structure. As a result, customers experience a more efficient flow of communication with project managers. For the most part, key business decisions can be made without the delays associated with multiple levels of management approval.
In addition to this, small businesses are more aptly positioned to adjust rapidly to change. Decision-making is streamlined and team members expect to exercise a range of skills and experience, rather than to be specialists in only one task area.
If one member of staff is on leave or needs to be temporarily re-assigned to a different project, there is typically another team member who is already trained to assume this responsibility.
If you want to start your own business one day, then working for a small company can be a valuable learning experience.
The truth is, you have to be somewhat of a risk-taker.
You are likely to be putting in longer hours and there is also the risk that if this company failed, you will be out of a job.
However, the chance to work under the guidance of an entrepreneurial trailblazer exploring new, uncharted terrain can be quite exciting. Here are some advantages:

Multi-tasking:
In smaller organisations, you tend to manage multiple tasks. The smaller the company, the more hats you'll wear and be expected to be flexible, adaptable and have a wide skill set. For those individuals that like variety, working for a smaller company can allow them to stretch and develop competencies beyond the technical or hard skills required for the job.
Very often, your creative, marketing and strategic business skills will be utilised to think creatively to solve problems. The levels of experience gained in this environment can prove invaluable. One day you might be designing a new product, the next day, closing a major sales deal. It's up to you to seize the many challenges and opportunities that come your way in such a dynamic environment.

Challenges:
One of the biggest joys of working for a small company is being part of a team that is constantly striving towards improving their product and service. There are often times where the goals are even loftier and are fuelled by a drive to become the leader in the industry.
Direct impact on the bottom line: More often than not, your work in a smaller company will impact the bottom line more directly than working for a larger organisation. This responsibility can be very positive as your contributions will be appreciated as the small team strives to build the company and increase profits.

Rewards:
Working for a small company presents a trade-off between risk and reward. If the company is successful and goes public, for example, you can make lots of money. Bonuses might be based on sales, stock or equity.
Small companies are often benevolent when it comes to offering creative perks to their employees, such as the flexible hours and the option of telecommuting. Of course, there's always the very real risk of the business failing. In the unfortunate event of this happening, you'll still walk away with a wealth of professional experience.

Smaller and independent teams:
In smaller companies, the teams are small and that means that independent work is not only expected but required. If you like working alone, or with minimal supervision, working for a smaller company will suit you perfectly. You'll be highly accountable for your work, but your initiative, drive and ability to make decisions that align with the company's overall missions and goals will be appreciated.

Creative environment:
Small companies tend to be more receptive to new ideas, and as such they attract imaginative types who enjoy brainstorming creative and ingenious ways of doing things.
When you're working to constantly build and improve something, success often depends on the ability to think outside the box.

Scope for growth:
Many of the most successful companies in the world today started out as small businesses. Working in such an environment with huge growth potential can be very rewarding. Smaller companies can offer opportunities that larger ones cannot, such as the chance to expand and advance with the company and the chance to play a pivotal role in the growth of the business.



Aldain Reid is a serial entrepreneur and currently serves as the president of the Young Entrepreneurs Association of Jamaica. He can be contacted via his entrepreneurship blog at www.aldainreid.com

You may view this article online at:http://www.jamaica-gleaner.com/gleaner/20080525/news/news3.html

Entrepreneurship: The New Generation

By Cedric Wilson, Contributor

He did not see a blinding light, neither did he hear the sound of a rushing, mighty wind. Yet he knew his time had come. So Aldain Reid resigned his job along with the security that went with it, and formally established RDI Caribbean.
Now two years later, RDI Caribbean, an international training institution, which offers high-quality programmes from United Kingdom-based universities, has seen impressive growth and is making inroads into The Bahamas, Turks and Caicos, Cayman and the British Virgin Islands.

Mr. Reid, who is also president of the Young Entrepreneurs Association (YEA), is convinced that entrepreneurship is critical in achieving rapid sustainable growth in Jamaica. And he is right.
If you consider the Jamaican economy with per capita income a mere one twelfth of what exists in the United States and one third of what obtains in Trinidad and Tobago, then you would have no difficulty accepting Mr. Reid's position. However, this perspective becomes more persuasive when you understand that it is not simply a question of where you are at present, but how far you can go, given your circumstances. The journey from Kingston to New York is a couple hours by plane but by sailboat, it might take a perilous fortnight, if not longer. The public debt is approximately 132 per cent of the country's total annual income (GDP) and about 31 per cent of that income is used for debt servicing. This, of course, puts enormous constraints on the economy and expresses itself in a thousand and one different ways - deficient health facilities, severe unevenness in the quality of primary and secondary education, poor tertiary roads, and the list goes on. These realities make the journey to development a voyage by sailboat rather than aeroplane.
Seven per cent growth required
Recently, the Planning Institute of Jamaica was given the job to fashion a national development plan to transport the country to high-income status by 2030. According to Dr. Wesley Hughes, the top man at the institute, this will require the economy to grow at an average annual rate of around seven per cent. Dr. Hughes was sanguine about this prospect, pointing out that it was achieved in the early 1960s.
However, given the nature of the economy, conventional tools of macroeconomic management cannot conceivably produce economic growth of seven per cent on a consistent basis over the long term. The sheer weight of the public debt, coupled with its sensitivity to interest rate and an exchange-rate movement, allow little scope to manoeuvre. As such, whatever the outcome of the general election, any responsible government must follow the path of fiscal discipline and focus on macroeconomic stability.

In other words, regardless of how strong the temptation might be to significantly expand government spending, it must be avoided. The repercussions would be disastrous. Therefore, focus must be centred on bringing down interest rates, holding back inflation, avoiding exchange-rate volatility and keeping the budget deficit at a minimum.

No more dramatic policy reversals
The International Monetary Fund, in its 2007 Consultation Report, emphasised the importance of the role of confidence and suggests that "a 30 per cent weakening of the currency" could result in the dramatic increase of the public debt to 170 per cent of GDP. It is, therefore, quite clear that fiscal and monetary consolidation is not optional, if at least a modest degree of growth is to be maintained. The days of dramatic policy reversals are over with changes in political administrations. Outside of that, the economy will be condemned like that tragic figure from Greek mythology, Sisyphus, who must repeat forever, the back-breaking task of pushing a rock to the top of the mountain only to see it roll down again.
But in light of the fact that the familiar tools of macroeconomic management can only produce growth rates of two to three per cent, how can the economy achieve seven per cent? How will the country move from its lower-middle income position to developed world status in the next quarter century?

A part of the answer, Mr. Reid will tell you, rests in creating an environment in which entrepreneurship can flourish. For a long time, serious entrepreneurship in Jamaica was linked to a set of families and a few adventurous outsiders. And to make matters worse, the outsiders often displayed a tendency to think small and put limits on business expansion. But times are changing.
The world is suddenly much smaller, information is much more accessible and there is now a new generation of entrepreneurs who are educated, energetic, aggressive, street smart and technologically savvy. These are the people with the greatest potential of ensuring that the voyage to 2030 is not in a sailboat but a plane. This is where the possibility of seven per cent growth exists.
Nation of hustlers

In the 2006 Global Entrepreneurship Monitor, Jamaica is ranked fourth among 42 countries for early-stage entrepreneurial activities. The report estimates that one in five persons in the adult population is actively planning or has recently established a business. And this is not surprising, for we are a nation of hustlers. However, what is necessary is the development of strategies by the Government to convert this potential into something meaningful. It may be argued that the reason why tax revenue is so low and the formal economy is smaller than what it should be, is the inability of the authorities to embrace the complex and dynamic energy that abounds in our people and covert it into GDP.
It is in this context the YEA is advocating that the Government integrate entrepreneurship in its development planning. They also contend that greater strategic direction should be given to current programmes, such as the J$1.1 billion National Investment Fund loans for microbusinesses. And indeed, the fund should be structured in a way that it optimises economic growth along lines that are measurable. In addition, the association believes that entrepreneurship should be an integral part of the education system and more recognition given to its role in economic development. But, can the Government capture this vision and, more importantly, act on it. Or will it wait until it hears the sound of a rushing, mighty wind?

Cedric Wilson is an economics consultant who specialises in market regulations. Send your comments to: conoswil@hotmail.com.

See article online at http://www.jamaicagleaner.com/gleaner/20070617/cleisure/cleisure5.html

ON YOUR OWN - Tips for Aspiring Entrepreneurs

By Amitabh Sharma

THERE ARE many, who strive to get a job and climb up the career ladder. Then there are some, who are bitten by the 'bug', as entrepreneurship is often referred to.
Those who have chosen the latter say this route is exciting, as well as full of challenges.
"The path of entrepreneurship is exciting," said Aldain Reid, president of the Young Entrepreneurs' Association of Jamaica (YEA), "There are numerous prospects that will facilitate the growth," he added.
Reid, who prides himself in being a serial entrepreneur, started out with a dream and made his way to the top. As a businessman, he has a multifaceted role and recommends that persons, who have a knack for setting up their own ventures, should always follow some basic principles.
"I would like to share a few tips which, I believe, will enhance your prospects for success," said Reid.

Networking
"Networking is as old as the hills, but many entrepreneurs still do not get it right," he pointed out.
Reid said networking is not merely about how many business cards you collect. It is about making the right connections with people to exchange ideas, information and resources to make a difference in your surroundings.
"The best networkers are good listeners who focus on other individual's needs," Reid declared.
Reid suggested one can find great contacts at events and recommended joining a peer group, such as the YEA.
"There's nothing effective like swapping ideas with those who have been there, done that," he said.
Reid said interaction not only speeds up the learning curve but also provides an opportunity to interact with like-minded individuals.

Negotiating skills
"Getting the best deals is critical to the long-term success of your company," he pointed out.
The YEA president said entrepreneurs often fail to realise how much time they spend negotiating deals.
"Whether it's with our staff, customers, suppliers or partners, we are constantly negotiating," he said.
Reid believes one should view negotiating as a problem-solving exercise rather than a competitive sport.
The keys to successful negotiating are listening well and a willingness to be persuaded.
"Typically, the outcome of a negotiation is based on the amount of preparation you do," he said.

Communication
According to Reid, it is vital to understand communication skills and articulating key messages is the key.
"Whether it is the employees, customers, media or shareholders, an entrepreneur must be consistent," he said.
"Successful entrepreneurs must not only make themselves heard, but hear others," Reid believes.
He said one should listen to what people are telling and establish mechanisms to encourage feedback. He recommends joining one of the Jamaica chapters of Toastmasters International to improve public speaking skills.

Striking a balance
Reid said like any other profession, it is necessary to strike a balance in one's life. "Many entrepreneurs sacrifice their personal life to grow their businesses," he pointed out.
The YEA president said that if one is overworked, the focus will be lost and one would be less responsive. "If overlooked for a period of time all these things can lead to failure," Reid warned.
To take time off, it is critical to have an effective team in place. Reid said they should have the competency to run the business in your absence. "You simply cannot have everything funnel through you," he said.

Focus on your team
People are the key to what drives the success of a business.
"No company can move forward unless its employees are on its side," Reid pointed out.
He said winning teams are built on trust, respect and a mutual liking for each other.
"One does not require any magic wand or charisma to be a good leader. Modest leaders who can connect with their employees lay foundations for a well-run team," he explained.
It is also critical, he said, to get feedback on your performance.
"This process may be painful, but it will make you stronger and help you learn from your mistakes."

Think outside the box
Reid said change is the only constant in business, from evolving markets and economic trends to emerging technologies, the ability to anticipate change and how it will impact business is crucial to the longevity of a company.
"One needs to have an all round knowledge. Entrepreneurs should know about the intricacies of complementary business sectors."
It is also essential to keep abreast what is happening globally.
"Some of these events can have repercussions locally," Reid explained. "You should think of this information as a tool to compete and win."

Finally, Reid recommends being creative, build knowledge from interactions with contemporaries, customers and those in other industries and sectors.

"Entrepreneurship is a learning process," he said. "The more you are open to learn will determine the growth path your business takes."
Ask your self constantly, he said, what others are doing that you are not and how can you improve on what they are doing.
amitabh.sharma@gleanerjm.com

See article online at http://www.jamaica-gleaner.com/gleaner/20080521/business/business9.html

Entrepreneurship after Retirement

This article was written by Features co-ordinator Amitabh Sharma and published by the Gleaner earlier this year.



The changing paradigms of economies across the globe have redefined how one works and at the end of it all, when does one 'retire' from work. Retirement is no longer seen as a time for chilling out on the beach and slowing down in life, it is about pumping more to keep pace with the times.
Entrepreneurship is a viable option for those who want to continue to work post-retirement.





"More people are drawn towards self-employment after they have retired," says Aldain Reid, an entrepreneur and the president of the Young Entrepreneurs Association of Jamaica .
According to Reid, a recent study found that 76 per cent of retirees work post-retirement because they need the money, while an equal number reported they worked for the enjoyment of it.



Reid says that there are three key factors driving people to become entrepreneurs:
1. People are living longer and are in better health.
2. People are recognising the need for additional income, especially those forced into early retirement because of layoffs.
3. People are looking for intellectual stimulation.



In Jamaica, Reid says, older people are drawn to self-employment for a variety of reasons. "Some are disenchanted after years in corporate Jamaica and crave the autonomy of being their own boss, others see a chance to finally pursue a dream or hobby," he says. There are others who are driven by pure necessity, " they need income and can't find other work," adds Reid.
But not everyone is prepared for the realities of being self-employed.





"One of the biggest risks to starting a business later in life is money," says Reid. By their mid-50s, many adults have stashed away a nest egg or have inherited money that can be used to fund a new business.



"But unlike people in their 20s or 30s," he warns, "50-year-olds don't have decades to recover from a failed venture, and their retirement savings can easily be wiped away."
International studies have shown that about 66% of start-ups with employees close in their first four years. Reid suggests that one should not put his or her entire retirement savings on the line.
Then there is the challenge of keeping pace. "Older adults sometimes tend to lack the energy and stamina to work 80-hour weeks and constantly promote their businesses," says Reid.
Years on the corporate treadmill can drain people emotionally, they are used to following orders and often have not had the experience of being rejected, so they can become easily discouraged.



Reid suggests prospective entrepreneurs to do some groundwork and before they test the waters.



Defining your drivers
"Not everyone is cut out to be an entrepreneur," Reid says. "You have to know what motivates you - learning, creativity, accomplishment or recognition, that will guide you on what business you can focus on."



A good start is critical, it is imperative to know the market and understand the needs of the market. "Knowing what you want is a good start," Reid says, "but it won't mean a thing unless someone else will value what you offer."



Reid also recommends to acquire technical skills. "One should have a knowledge of computers and software," he says. "There are many local resources where people can acquire new skills, The Jamaica Business Development Centre is an example."



Planning
Take your time and fiddle with your plan before you commit to it. A smart plan can be the difference between success and failure.



Seek counsel, Find people you trust and create your own board of advisers. Older entrepreneurs are at an advantage to the extent that they can tap into a lifetime of professional contacts.



"It is never too late to follow your dreams," says Reid, "but if you are close to retirement and you decide to start out on your own, make sure you have given it good thought."



Possible business ideas



"I have looked at retirement businesses that capitalise on the qualities that a mature person brings to the table," says Aldain Reid. Some of the areas that one can explore for entrepreneurship are:



Coach (life, executive, transition, career)
Freelance commercial writer
Motivational speaker
Virtual assistant (VA)
Internet business owner



(For details, log on to www.go-jamaica.com/jobsmart)
amitabh.sharma@gleanerjm.com








See article online at:


http://www.jamaica-gleaner.com/gleaner/20080302/news/news7.html

Hot Entrepreneurial Ideas for 2008

This article was published in the Gleaner earlier this year..

If you are one of those persons who are skilled and qualified, yet cannot find a job, venturing out on your own could be an option. Being an entrepreneur comes with many challenges, but promises rich rewards to those who possess the right attributes. In Jamaica, there are numerous opportunities.

The following are a few business ideas that have the potential to take off in 2008 if given the right planning, support and financing.

Renewable Energy

A steady increase in the awareness of the importance of protecting the environment has created a huge niche market that is prime and wide open for innovative entrepreneurs to take advantage of.

Some ideas in this area include:

Solar-powered products and services such as heaters, photo-voltaic systems and consulting.

Conversion to more efficient operations procedures such as energy retrofitting.

Consulting services for companies wanting to move to more environmentally friendly business practices.
Requirements: Sound knowledge of energy and environmental principles would be an asset.

The Web

There's no doubt that the growth of the Internet has had a massive impact on business. The Internet allows businesses to reach a global audience in ways that were once thought impossible. Web technology has allowed persons to grow their businesses in what would previously be unreachable niches.

Perhaps one of the most lucrative business opportunities for entrepreneurs on the web lies in affiliate marketing. This involves revenue sharing between online vendors whereby compensation is typically based on sales, clicks or registrations.

Mobile Content

Everything from web browsers to digital music libraries are being reduced to cellphone size. All that content has to be created be someone and in a form that fits the specific demands of the multiplicity of phone types that exist in the market today.

This creates a good opportunity for entrepreneurs to get involved in the emerging M-Technology. The worldwide popularity of Jamaican music, for example, should point entrepreneurs in the direction of possible partnerships with local music production companies, to create catalogues of mobile content.

With the ubiquitous nature of cellphones, this should be a sure winner.

Kids and Teens

Regardless of the source of their money, some of the country's biggest spenders are barely out of prep school. Tweens (ages 8-14) have huge purchasing power that should not be taken for granted.

Thanks to allowances, generous grandparents and other sources, Tweens have significant disposable incomes of their own. They influence family spending patterns both directly and subtly every day.

Today's kids have grown up in a booming marketplace of technology and entertainment. They are easily bored and tend to seek multiple sources of excitement. They fill this need with cellphones, computers, music, movies, dining out, designer clothes and accessories.

An entrepreneur with an appealing online presence with strong brand association with a local celebrity will have an edge with these increasingly pop-culture savvy kids.

Residential Cleaning Services

Having one's house cleaned is no longer for the rich. With everyone getting increasingly busy, more people are willing to pay to get the benefits of a cleaner home and more time to do the things that they consider more important.

Residential cleaning services are typically offered one or multiple times on a monthly basis.
Requirements
1. Knowledge of cleaning products and procedures.
2. The ability to attract and retain reliable and competent staff.
3. Good scheduling and organising abilities.

These are some ideas that should kindle your interest and also provide an opportunity for being your own boss, whichever path you ultimately decide to take; may all your entrepreneurial wishes come true in 2008!

The author is a serial entrepreneur and is president of the Young Entrepreneurs Association of Jamaica. E mail: aldainreid@gmail.com.

See article online at:

http://www.jamaica-gleaner.com/gleaner/20080210/news/news5.html

Young entrepreneurs try to forge ahead in Jamaica

Myself and a couple of my friends made presentations at the Mayberry Investor's Forum last year. See Observer highlights below:

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Although persons will say that starting a business in Jamaica is difficult, members of the Young Entrepreneurs (YEA) are trying to prove that they can make it in Jamaica.



From left: Samuel Coates, managing director of Coates Logistics Limited;
Aldain Reid, regional director-North Caribbean, Resource Development
International (RDI)with Erwin Angus, managing director at Mayberry
Investments Limited at the Mayberry Forum held at the Knutsford Court
Hotel, Kingston last Wednesday.

At the Mayberry Investor's Forum on Wednesday, three young entrepreneurs spoke about their business experience. Harnessing technology, each presenter has found a way to compete effectively in a very unforgiving marketplace.


Aldain Reid, head of RDI Jamaica, presented first. "RDI is in the business of enhancing the process of organisational development by a variety of flexible interventions. We have established partnerships with UK universities and professional bodies to market, recruit, and support distance education qualifications on behalf of our partners." RDI provides a wide range of educational programmes but it's the MBA programmes that are the most popular.

Although they use the Internet to provide contact with students and UK lecturers, Reid said that his firm does not offer online programmes but online support. "We provide tailored training solutions to individuals and organisations.

Additionally, we develop and manage educational projects." A typical MBA programme costs US$12,000 at RDI, but Reid has differentiated his company from the other educational institutions by offering interest-free payment options.
Next was Samuel Coates, a custom broker that uses technology to give his firm the cutting edge.

"Our vision is to be the premier provider of logistical services to our clients and stakeholders locally, regionally and internationally by fulfilling all their logistics needs professionally, efficiently and economically," Coates told the Mayberry audience.

Using the internet, Coates allows his customers to track their shipment free of cost." During his presentation, Coates highlighted a customer testimonial.

Rosie Daley Owner of Rose Court Enterprises testified that, "Ever since I engaged the services of Coates Logistics Ltd, the hassles, uncertainties and long delays previously associated with this aspect of my business, are now experiences of the past. They make me feel special due to their personal attention to all the details and I must say that they have been advantageous to my business. Coates Logistics Ltd has made my life so much easier with their remarkable total service and I cannot thank them enough."

Another technology-based business showcased was UCANTEL Communications. Stephen Spence spoke about how his company helps to reduce the cost of commumication. "We provide short Message Service (SMS) or text messaging as an effective communication medium in communicating with your employees, partners, and customers."

Spence continued, "With our mobile services, you are able to communicate with targeted persons via text messaging. It matters not what type of phone the person has or what network the person is connected to." Clients can use SMS to provide services such as collection alerts, advisories, acount information, renewal advices and alarm notification.

The YEA is an association of business persons under the age of 45. Membership information can be found at www.yeajamaica.com

See article at:
http://www.jamaicaobserver.com/magazines/Business/html/20070519T230000-0500_123249_OBS_YOUNG_ENTREPRENEURS_TRY_TO_FORGE_AHEAD_IN_JAMAICA_.asp

Entrepreneurial lobby under way

Another Gleaner article that was published in 2007.

Young Entrepreneurs' Association (YEA) president Aldain Reid is batting for the inclusion of entrepreneurial principles in the curriculum of primary, secondary and tertiary institutions, saying Wednesday it was an effective route to developing and imbuing young Jamaicans with the spirit of enterprise.
Reid, addressing members of the business fraternity as part of a six-member panel at the launch of consultations on the YEA's 'Public Policy Paper on Entrepreneurship' at King's House on Wednesday, seemed to be suggesting that Jamaica's future ability to compete in global commerce will rest on innovation and risk taking, hallmarks of the entrepreneur.
"Entrepreneurship is first and foremost a mindset that represents one of the key components of national development," he said.
"If this value is inculcated at an early stage, young entrepreneurs will be better able to recognise opportunities and take calculated risks."
Jamaica is already seen as being entrepreneurial in spirit, but it is the financing and sustainability of the businesses that are at issue.
In comparison to other middle-income, high-growth countries, it has a high level of enterprise. A combined count for entrepreneurs and new business owners is 17 per cent, based on a recent survey,while the prevalence rate for established business owners stands at 9.5 per cent.
These figures mean that approximately 391,000 individuals were actively planning or had recently established new businesses.
The calls to develop and establish greater entrepreneurial activity come against the background that based on the Global Entrepreneurship Model Report, of the 35 countries ranked by the GEM report, Jamaica was number 28 in terms of the extent to which early-stage entrepreneurship can translate to a full-fledged business.
Rationale behind policy paper
Explaining the rationale behind the policy paper, Reid made a distinction between the necessity-based entrepreneur, who starts a business because he/she has no othe and the opportunity-based entrepreneur who has identified a commercial opportunity.
"Entrepreneurs are starting businesses more out of necessity rather than seizing opportunities that already exist," said Reid. "It is usually the opportunity-based entrepreneur who will contribute to the real economic growth as these businesses tend to utilise a more global reach and provide more employment."
The policy paper, while suggesting the need to shift from necessity-based to opportunity-based entrepreneurship, also points out that motivation had to exist for young persons to become entrepreneurs, Reid added.
"A support system has to exist both educationally and financially for persons entering into businesses."
With this comment, the YEA president said most businesses have no access to traditional funding sources and would need access to venture capital. But that source of financing is virtually non-existent, requiring direct policy intervention by government and its agencies, Reid suggested.
"Unless adequate funding can be made available for young entrepreneurs, with low interest rates, they will have to resort to non-traditional sources to obtain funding," he said.
The YEA, in discussing its paper, has called on the government to facilitate a more strategic direction on how funding - such as the $1.1 billion NIF loan fund - can be disbursed to the entrepreneurial class with optimum effect.
Where the YEA policy touches on education, it suggests that training be offered through peer networks, short courses and incubators.
Policy paper on entrepreneurship
The paper covers five areas:
Government policy
Financial support
Education and training
Cultural and social environment
Attitudes to entrepreneurship.

business@gleanerjm.com

See article online at http://www.jamaica-gleaner.com/gleaner/20070415/business/business1.html

Welcome to My Blog

Welcome to my personal web log, dedicated to igniting the spirit of entrepreneurship in Jamaica.
As an introduction of myself, check out my interview with the Gleaner below;

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At 34 years old, he is carving a niche as an entrepreneur; he is also the president of the Young Entrepreneurs Association. Aldain Reid speaks with Amitabh Sharma on his foray into business, what he has learnt and his expectations of the future.

AS: What prompted you start your own enterprise?

AR: Although I have been involved in various business activities for a long as I can remember, it has been about two years since I made the decision to leave my corporate job and start my own company. This move was driven by the desire for self actualization. Leaving a stable paycheck, great co-workers and 11 years of tenure with one company was perhaps one of the scariest things I'd ever done. And yet looking back, it was the defining moment not only of my career, but of my personal development as well. The fact is, I am now so captivated by the spirit of entrepreneurship that I could never go back. I am hopelessly, incurably, unemployable.

AS: How do you think your past experiences helped you in your venture?

AR: While it is often said that past experience as an entrepreneur is no guarantee of future success, I believe that my journey to date has contributed positively to my growth in business. As I reflect on the many ventures that I have been associated with, I am convinced that my strategic management and leadership skills have improved over time as a result of these experiences.

AS: What was the reaction from your peer group, superiors of your decision?

AR: I benefited tremendously from strong support of my family, friends and work colleagues when they learned of my decision to enter into full-time business. Of those persons who knew me well, some were of the opinion this move was inevitable, others questioned why I took so long.

AS: Recount the path to the present, brief on the highs and the lows along the way?

AR: The entrepreneurial bug bit me from my school days, at the university I often engaged in a variety of on-campus business activities. I studied Electrical Engineering, which led me to a career in Energy Engineering at the local electric utility, the Jamaica Public Service Company where I worked for 11 years.
In 1999 I founded an IT company; Solutions 2000 which at its peak was serving a significant commercial client base across the island, providing computer hardware and software solutions for businesses. I sold this company in 2003.
In 2004, I was presented with a business opportunity to partner with the second largest provider of distance learning education worldwide, Resource Development International (RDI).
Since introducing this opportunity to the local market, the RDI student base has grown rapidly to over 400 Jamaicans enrolled in top UK University programs ranging from Diplomas, Bachelors and Masters Degrees.
In 2004, I extended my foray into the education sector by forming Eduventures Jamaica, an international education marketing firm which provides consultancy and strategic marketing support to a growing number of international academic institutions seeking to do business in Jamaica.
This has turned out be an excellent complement to the RDI business and has expanded considerably into a well respected partner in the national plan for the growth of tertiary education in Jamaica.
Our flagship event, The Eduventures International Education Fair' is an annual educational exposition, which sees over 40 international institutions from across the world converging in Jamaica each October, providing eager students with a broad range of academic options at all levels of study. The third staging of this event is scheduled for October 2007.
My most recent business venture is the formation of an Energy Engineering consulting firm, First Energy Solutions which caters to medium and large business customers providing energy portfolio management, energy consultancy services and corporate energy efficiency programmes.
With the spiraling costs of energy continuing to be major concern for business, First Energy has positioned itself as a critical partner in the effort to promote energy efficiency in the national context.

AS:Has age been a barrier, in terms of clients the 'experience' and seriousness?

AR:I have not had any major difficulties in business, as it relates to my age. I believe if one exudes confidence and maturity in their professional capacity, then instances of prejudice should be minimal. Furthermore if you look within the global context, there is an ever increasing cadre of young CEOs who are making a significant impact on the world economy.
I therefore see an advantage; in fact this is typically my approach to imaginary barriers such as this. Remain positive and focus on delivering superior service to your clients and you will be taken seriously, regardless of your age.

AS: What have you learnt along the way?

AR: I have gained quite a bit of practical knowledge and skill with respect to the tools necessary to achieve success in business within the global marketplace. Whether its through the MBA programme, which I'm currently pursuing, or my professional interactions while employed in corporate Jamaica, or my social interaction with my peers in business, or the encouragement of my family and close friends, or the support from the fantastic team at RDI Jamaica and Eduventures, I continue to be inspired towards being the best I can be.

AS:As the president of the YEA, what are your hope and expectations?

AR: I hope to bring my wealth of entrepreneurial experience and leadership attributes to bear during my tenure as President of the Young Entrepreneurs Association. Our members see themselves as partners in development of our nation. We intend to harness the vast resources of our membership to build a credible voice for entrepreneurship in Jamaica. Working in partnership with other public and private sector business organizations, we will seek to build a national vision for present and future generations.

AS: How do you foresee the future of entrepreneurship in the coming years?

AR: I see a bright future for entrepreneurship in the Jamaican context. Technology and innovation are transforming our daily lives and forcing structural changes to achieve greater productivity. From an economic perspective, this will be good for Jamaica in the long term. Entrepreneurs will play a major role in shaping our country's 21 st century's economic landscape. It is therefore incumbent on policymakers to recognize and support them.
It is my hope that through the YEA, our hope of transforming the Jamaican mindset towards entrepreneurship will be achieved.

amitabh.sharma@gleanerjm.com

see article online: http://www.go-jamaica.com/jobsmart/view_article_details.php?id=11