“I work in the financial industry, but my real love is teaching. However, I don’t want to become a regular teacher because of the low pay. I have some innovative ideas on starting a business in education but I am unsure how to proceed with them. Some of my concepts have never been tried before in Jamaica and I need some assistance in making them into a reality.”

Successful self employment and business ownership are two ideals which most people with unfulfilling nine-to-five jobs dream about. Some wish there was some way to make their hobby or passion make money for them, but never have the courage to give it a try. Others launch out into entrepreneurship with the enthusiasm of the eternally optimistic, thinking that being in love with a business idea is enough for it to be profitable.

The majority of small businesses established in Jamaica generally get started without a plan of action to guide the operations. People tend to think that they already have the skills to succeed, especially if they had gained experience in the business area when they were working for someone else.

The typical excited entrepreneur thinks- “How hard can it be to run a wholesale shop? I just need to buy the goods, price them right and the people will come!”

Continue reading Business Planning for the Self Employed →

“I read your column last week about the perfect business and I think that I have a great idea which would make a profitable venture. The problem is that I don’t know the best way to get started. I want to establish my business properly but I need some guidance to make sure I’m doing the right things. Do you have any advice for someone starting a new business?”

One of the biggest challenges facing prospective business people is not a shortage of creative ideas, but the lack of know-how to transform their dreams into viable opportunities. Sometimes, bridging the distance between a great idea and its realization may seem as difficult as climbing to the top of the Blue Mountains.

I can relate to the difficulties that face a new entrepreneur who is trying to start out with little more than a Big Idea. Many years ago I had an inspiration that I was sure would revolutionize the tourist-wear market and make me a lot of money. I secured some financing, went into production and brought my dream into reality. Continue reading Practical Help for Entrepreneurs →

“Last year, I started my own small catering business. It’s always been my dream to do my own thing, but I’m wondering if I have what it takes to be successful in business. It’s really financially challenging right now to make ends meet. I need some assistance in organizing my business, but I don’t know where to turn. Help!”

Being your own boss is one of the most desired goals on many persons’ financial wish lists. We dream of having the chance to do what we’re really passionate about, instead of working just to pay the bills. We are sure that if we could only get the chance to do things our way, we would be fulfilled and wealthy.

The reality is that owning your own business is tough. Many of the skills needed for success in business are rarely learned in the classroom, they are mostly gained in the battlefield of experience. Many highly successful entrepreneurs will point to several failed business ventures, until they finally got it right.

So how can we increase the odds of operating a profitable business? Continue reading Success in Business →