Tag Archives: Entrepreneurship

Money Mission: Earn Your Own Income

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The goal-achievement race is more like a marathon than a quick sprint; unless you continually focus on the finish line, you might get discouraged by the long journey and give up along the way. Our Money Mission columns are aimed at challenging you to accomplish a specific task each month that will help you persevere with your dreams.

Previously, we addressed two of the stumbling blocks that can prevent persons from making progress on their plans – procrastination and the inefficient use of time. Another major drawback that many people face in their quest to attain their goals is that they don’t earn enough money to save for important financial objectives such as buying a home or retirement.

Independent earning is important

The reality is that with the rising cost of living and the inability of most employers to pay increased salaries, you will have to change your outlook on earning if you want to have more money. You can no longer expect a job to supply you with all the income you need to create your desired lifestyle; you have to learn how to generate other sources of earning from your own efforts. Continue reading Money Mission: Earn Your Own Income →

Let’s All Take Action for Business Growth

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The development of successful local businesses should be of concern to all well-thinking Jamaicans, whether or not they have an interest in operating their own ventures. A profitable business community is needed to increase employment levels, provide the government with more tax revenues and spur overall economic progress.

It was recently reported that 10,000 government workers would be laid off over the next five years. When you add these numbers to the thousands who have already faced job cuts, and the hundreds of graduates who leave school every year without finding work, it is easy to see that our country is in a productivity crisis.

To overcome our personal and national financial woes, we should all participate in developing sustainable businesses. The authorities must provide a business-friendly environment; financial institutions need to offer lower-cost funds; business owners must learn how to be efficient; and consumers should support local enterprises.

Employees can build businesses, too

If you’re an employee, there are several things that you can do to help your employer to remain viable. Firstly, don’t give 70 per cent work effort and expect to be paid the full 100 per cent of your income on payday. Understand that your committed input is essential for the entire team to succeed.

If you are very distressed about the rising cost of utility bills, be mindful that your employer is facing similar challenges. Make a concerted effort to conserve on electricity and water usage at work. Don’t use office supplies such as paper and printer ink for your personal affairs, and keep personal telephone calls to a minimum.

Even if you think that you are working with a ‘boss from hell’, be thankful for your job, and realise that your employer might actually be doing the best that he or she knows how to do. Many business owners are inadequately trained in entrepreneurship skills and lack the knowledge to efficiently run a viable enterprise.

Sometimes employers are so focused on paying bills, boosting sales, reducing production costs and worrying about security issues that they have little time to focus on the strategic thinking that’s vital for business growth. Unfortunately, too many of them neglect to put enough time and money into the education they need to succeed.

Business owners must seek solutions

I believe that business owners have a big responsibility that transcends just running an enterprise. Entrepreneurs have the potential to positively impact the lives of their families, employees, communities and the country; therefore they are obligated to put their best efforts into making their businesses successful.

Over the past few weeks we have been looking at different resources that persons can use to learn more about building profitable businesses. These include getting formal business training, attending seminars, obtaining information from the Internet, and reading books and business magazines.

It is said that experience is the greatest teacher; in the business world, this adage is very applicable. In the classroom, most people are able to learn from their mistakes and get better with practice.

However, in business, one impulsive decision or ill-advised plan of action can unfortunately lead to the organisation’s demise.

Knowing the right steps to take in business would be easier if more owners had the benefit of expert guidance from coaches and mentors. Star athletes realise that having the right coach is instrumental to their success. Similarly, a knowledgeable business advisor could help to turn a fledging enterprise into a winner.

Business coaches can provide answers

Marcia Woon Choy, Jamaican franchisor with ActionCOACH, the world’s largest business coaching firm, confirmed that coaching is essential. “Coaches help people to achieve their desired results,” she explained. “A business coach guides owners by using tested, proven and systemised ways to build and improve their organisations.”

The first phase in the coaching process is to help existing business owners clarify their personal and business goals and their expected results, Woon Choy revealed. “Many persons struggle because they’re not clear about what they want their businesses to accomplish.”

Once these goals are clarified, the coach works to get alignment on these objectives from partners and team members. Getting consensus from all parties is essential, Woon Choy indicated, as to succeed in their businesses, the owners must develop commercial, profitable enterprises that can work without them in it.

Business owners are trained how to implement effective systems with the use of workshops, DVDs, CDs and books. Some of the critical lessons taught include the six steps to get massive results, five ways to increase business profits, and four ways to make businesses work more effectively and efficiently.

The next stage is to develop a phased action plan that lays out exactly how the business is going to achieve its desired results, Woon Choy continued. The coach has to continually keep persons accountable for carrying out the steps, as without their commitment to learn and apply each element, the process will not be successful.

By getting the education and working with a business coach, Woon Choy maintained that entrepreneurs would learn how to generate more cash flow, become more profitable, achieve more teamwork and obtain more personal free time. “It’s all about putting the systems in place that can allow your business to go on auto-pilot.”

If you want to achieve financial freedom by building a profitable enterprise, then taking action by hiring a business coach might be beneficial.

Copyright © 2011 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, May 19, 2011

Read other articles about Money Advice:

What Do The Rich Know About Money? Help for Young Jamaican Entrepreneurs

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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

Are you an Employee or Entrepreneur?

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In this challenging economy, the terms ‘downsizing’ and ‘outsourcing’ have become a regular part of the workplace vocabulary, and many employees are obliged to look for entrepreneurial ventures to replace their job income. As more students leave the classroom to join the workforce, they find that there are few ready-made jobs awaiting them, so creating a self-generated income source might be their only option.

I believe that practically everyone has the ability to improve their finances by utilising their talents and taking advantage of opportunities, and I always encourage persons to use their creativity to earn part-time income.

However, becoming a full-time entrepreneur involves much more than just acting on an idea and sourcing funds to start a business.

It can be debated whether entrepreneurs are born with a natural business instinct, or if persons can be taught to become entrepreneurial. While I believe that there is a little bit of both nature and nurture in each successful business person, there are certain personalities and mindsets that are non-negotiable in order for an entrepreneur to succeed. Continue reading Are you an Employee or Entrepreneur? →

Making Money With Your Home

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Over the past weeks we have been encouraging persons to get innovative in looking for ways to become more productive. It makes no sense to merely complain about a shortage of money – you have to focus your efforts on creating solutions to earn more. Fortunately, there are dozens of methods of generating income; it’s wise to choose one that best fits your personality and situation.

In your quest to improve your finances by finding a practical means to earn more money, you may encounter some roadblocks. You may have a job that expressly prevents employees from marketing things at the workplace or having any outside employment.

You may find it hard to discover your inner talents to exploit for profit. Maybe you’re hopeless at sales and couldn’t even sell water to a thirsty person.

If you have a challenge identifying a viable product to sell or making use of your talents to serve others, don’t despair. There may be several earning opportunities lying undiscovered right at home. Many people don’t recognise that their residences are ‘lazy’ assets – they have monetary value but never contribute any income into their pockets. Continue reading Making Money With Your Home →

Developing Youth Entrepreneurship

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At a recent economic forum hosted by the Bethel Baptist Church in Kingston, a young man came forward to ask the panel of financial experts for tips on how he could be successful in his new business venture. As he made his passionate plea for guidance, I recalled the challenges of my first entrepreneurial effort at 23 years of age.

With the adventurous spirit and eternal optimism of youth, I enthusiastically pursued my business idea, but after a couple of years, I realised that having an innovative concept was not enough to attain business growth. I didn’t know enough about marketing, sales, product development and strategising; and I remember feeling confused and frustrated as I searched in vain for answers on how to build a sustainable business.

Today, with the lack of employment opportunities in Jamaica, many young people are forced to try to make an income for themselves. However, despite the emergence of several organisations designed to assist business development, thousands of young entrepreneurs still struggle to turn their inspirations into profitable ventures, and a large percentage of them will not be successful in their endeavours. Continue reading Developing Youth Entrepreneurship →

Is This The Right Time To Start A Business?

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“I’ve been thinking about starting my own business, but I’m nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?”

It’s understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, “Easier said than done,” as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success? Continue reading Is This The Right Time To Start A Business? →

2010 Action Plan #3: Control Your Income

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It wouldn’t be hard to predict that it’s going to be more difficult to make money in 2010. Employees and entrepreneurs alike are experiencing a decline in their earning power due to pay reductions, job layoffs, and consumer spending cuts. Investors who had previously benefited from lucrative profits in the money market now have to cope with decreasing returns.

How can you survive when you are not earning enough? Let’s look at some of the typical challenges that people are facing today and offer some possible solutions to these problems:

Situation: Your boss is cutting your work time to four days per week, and you stand to lose 20 per cent of your pay. Continue reading 2010 Action Plan #3: Control Your Income →

When Your Small Business Fails

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“Despite my best efforts in running my own business, I have to admit that my venture is just not going to work out. Over the years, my business has cost me a lot of money and hurt my relationships with my family. Now, I feel like a failure because I really believed that I would have been successful at being my own boss.”

The entrepreneurial journey can oftentimes be treacherous, as there are many pitfalls and challenges en route to business success. Whether you are new to business or a seasoned entrepreneur, you have to be prepared to take on the risks which are inherent in any enterprise.

There are very few successful businessmen today who at some point didn’t face a disappointing result from their ventures. Like any other career, being an entrepreneur requires you to advance through a learning curve, where time and experience will help you to become better at your job.

Instead of only focusing on the negative aspects of the collapse of your business, consider your experience as your initiation rites into entrepreneurship. Don’t think that your inability to succeed after your first attempt only signals the end of the road for your business goals. In fact, a ‘failure’ can actually help you to become a better entrepreneur. Continue reading When Your Small Business Fails →

‘Nuff Hope’ for Entrepreneurs

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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. Continue reading ‘Nuff Hope’ for Entrepreneurs →

How To Multiply Your Money

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We have been discussing the three principles of financial achievement – managing, multiplying and maintaining your money. Last week, we outlined the four cornerstones of managing your money, explaining how to make smart decisions with the money you currently earn.

Many people hope that their working income will give them all they need to make ends meet and achieve their goals. The reality is that for most people, the regular job will never supply enough money to enable them to become financially successful. Today, we will look at the steps you can take to earn more money.

Create Extra Income

As we confirmed last week, proper budgeting is vital to all financial decisions. Once you fill out your budget accurately (you can download one at www.financiallysmartonline.com), it will show if you’re spending too much money or not making enough money.

If you’ve cut back on non-essentials and still can’t find enough to pay your basic expenses, then earning more is your only option. Continue reading How To Multiply Your Money →