Tag Archives: Innovation

Thriving In a Time of Scarcity

Income Creation, , , , , , , , ,

Last week we looked at the impact of the prevailing drought conditions in several communities across Jamaica. Many people are experiencing tremendous hardship and increased spending requirements as they attempt to acquire water for domestic and business use.

So much in our world depends on the supply of water. People, animals and plants need water to survive, many businesses rely on water to produce goods and services, and water also provides recreational benefits. Without water, life as we know it would cease to exist.

Despite the various challenges that arise when the supply of this precious resource is curtailed, lucrative opportunities may also crop up in this time of scarcity. As the saying goes, “nature abhors a vacuum.” When there is a lack of an essential item, something must develop to fill the void. Continue reading Thriving In a Time of Scarcity →

Profiting from Solving Problems

Income Creation, , , , , , ,

As a money coach, I frequently get asked the question, “What can I do to make some extra cash?” Currently, a lot of Jamaicans are admitting that they are suffering from the effects of the economic crunch, and that they are looking for simple and practical ideas to help them increase their earnings.

Some persons can effortlessly think of money-making ventures, and they are always seen selling some type of product or service to their peers. Most people, however, often find it difficult to envision themselves doing anything outside of their regular jobs to earn extra income.

The good news is that creating independent income is a money skill that you can acquire, just like budgeting or investing. Once you are determined to learn the steps required, you can eventually become quite efficient at the process of generating extra money whenever you need to. Continue reading Profiting from Solving Problems →

More Money: Nature’s Wealth

Income Creation, , , , , ,

The debate on our 2012 national budget has left many of us with more questions than answers. We are being advised to prepare for austerity measures, yet the only way for Jamaica to overcome the deprivation that faces us is to focus on growth.

If our economic strategies do not promote and support productive activities, then the country’s financial future will be compromised.

Despite the general feeling of uncertainty that currently exists, let’s make a special effort to think positively about the prospects and possibilities for better. For me, while I may not be able to control or change our leaders’ economic decisions, I will continue to play my part by encouraging each and every person in Jamaica to focus on earning more.

It is getting more challenging for the traditional manufacturer to produce competitively, thanks to increases in the cost of living. Electricity, wages, transportation, and security are just some of the rising overhead expenses that make it harder for businesses to remain profitable.

However, in difficult situations, those who use innovation can definitely find new opportunities to exploit. Continue reading More Money: Nature’s Wealth →

How to Work Less and Earn More

Income Creation, Retirement & Estate Planning, , , , ,

With some amount of trepidation, you decide that you’re finally going to get a grip on your budget. Armed with months of bills and receipts, you painstakingly recreate an outline of your spending plan for the year. After adding up all your expenses, you’re shocked to see that the total monthly income needed to finance your lifestyle is way in excess of your current earnings.

“That explains why I’m so dependent on my credit cards every month,” you mutter to yourself. “I’ve got to reduce these expenses if I’m ever going to get out of debt.”

Determined to cut back all unnecessary costs from your overblown budget, you examine each expense category for items that you can do without. Unfortunately, your search reveals that you already exist on the basics – any reduction will only lead to deprivation for you and your family.

Frustrated by your budget-trimming attempts, you decide to take a hard look at the income side. “My salary is just not enough,” you admit. “What I need is a way to make some more money.” Continue reading How to Work Less and Earn More →

Developing Youth Entrepreneurship

Income Creation, , , , , , ,

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 →

Surviving and Succeeding in Business

Business Success, , , , ,

Many persons have decided to cut back on their discretionary spending due to declining consumer confidence, job losses, and general uncertainty about the financial future. This tightening of the purse strings has left several business owners in a quandary, as they contemplate how they will survive if their customers stop buying.

In light of the various challenges that small operators face even in good times, is it realistic for them to hope that they can weather this economic storm? Is it actually possible that they could come out ahead of the game when normality returns?

In nature, where survival of the fittest is the rule, living species have to adjust and alter their actions, and even improve their genetic makeup, in order to continue existing. In the same way, businesses must have the flexibility to adapt to this new, challenging environment if they are going to survive. Continue reading Surviving and Succeeding in Business →