There have been several encouraging signs that the entrepreneurial spirit of our Jamaican people has not been dampened by news of a global recession. Several newspaper articles have highlighted positive stories of persons who, despite facing the devastation of job layoffs, have decided to make the best of the bad situation by seeking self-employment.

Recently, Nuff Hope Limited, the business arm of Swallowfield Chapel, presented a workshop of practical solutions for these tough economic times, showcasing several income-generating options. The seminar was designed to help persons identify business opportunities based on their skills sets and passions.

One of the challenges for those who have become accustomed to nine-to-five employment is learning how to adapt to the new rules that comes with being a business owner. Many persons believe that starting a small enterprise should be a relatively easy process as long as they love what they do, and can acquire enough start-up capital.

Guest presenter at the workshop, Dr Ainsley Deer, occupational psychologist and CEO of Training Dynamics & Consultants, explained that owning a small business is not just another job; it is actually a totally different lifestyle. “You must have complete commitment to your business,” Deer pointed out, “by preparing yourself properly and understanding the challenges that will come.”

Personality Is The Key

Having the right personality fit for business is of utmost importance to the success of your business, Deer explained. “Approximately 70 per cent of business success comes from having the appropriate personality traits,” he revealed.

While not discounting the need for training, especially in specialist fields such as medicine and engineering, Deer maintained that it took more than technical know-how to win in the business world. “There are many qualified people who don’t have the right personality to manage people; a crucial success factor.”

It is essential to assess your strengths and weaknesses in key areas needed to run a vibrant business, Deer asserted. Evaluating your expertise in sales, marketing, financial planning, accounting, administration and personnel management would help you to determine if business ownership was the best option for you.

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Deer, who helps laid-off employees decide if they are suited for entrepreneurship, said that being flexible and having the right attitude towards a new endeavour was also vital. Other keys to triumphing in business include having an excellent knowledge of your chosen field, obtaining sufficient capital, harnessing your own experience or that of a partner, and offering a unique idea at the right time.

Pros and Cons Of Business

A budding entrepreneur must weigh the advantages and disadvantages of owning a business before starting operations, Deer noted. Some of the pros of business include:

– having the chance to make a lot more money;
– achieving job security from being your own boss;
– having the chance to put your ideas into practice;
– having the ability to benefit the local economy by hiring other people;

– being able to work in a field that you really enjoy.
On the other hand, the good points of business ownership can sometimes be neutralised by negatives such as:
– having to take a large financial risk;

– working long hours with little vacation time;
– not having a steady income or sometimes none at all;
– having to do unpleasant tasks such as firing someone;
– learning new disciplines such as accounting, production planning, marketing and general management.

Deer noted that while some entrepreneurs may initially decide to create a home-based business, it was important to consider all the benefits and drawbacks of combining work and home life. Although start-up and operational costs may be lower, the business owner would be more vulnerable to interruptions from family members. Home-based businesses may offer flexible working times, but they can present an image problem for persons in certain fields.

The Best Of Times, The Worst Of Times

For those who were willing to make the necessary sacrifices to own a business, Deer cautioned that they had to focus on the prospects and not the dangers inherent in these challenging times. Deer affirmed that the Charles Dickens quote ‘It was the best of times, it was the worst of times’ aptly describe the current economic environment. “Keep your eyes open for the opportunities that will be created in these times,” Deer encouraged, “and be prepared to take advantage of them.”

Copyright © 2009 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, May 14, 2009

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl