Tag Archives: Jamaica

Going Viral with your Dream

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We have recently been looking at the importance of each person creating a vision for his or her personal growth and financial progress. I believe that Jamaica’s future economic development will be dependent on the ability of all of us to take charge of our own destinies, instead of waiting around for someone else to create change.

An unfolding Internet phenomenon has substantiated my belief that one person with a passionate dream for a better life can influence others to join in the vision. Clifton Brown, resident of Mavis Bank, St Andrew, was interviewed on a local television news programme about the woes caused by the recent inclement weather in his community.

Whenever heavy rains fall, the Yallahs River overflows and becomes a raging current across several roadways, including the Robertsfield main road, leaving the citizens marooned. Brown explained that people had to pay to be carried over by skilled persons, or by trucks or buses which could manage the flow. He appealed for a bridge to be constructed to rectify this perennial problem.

The vision becomes viral

I am sure that Brown had no idea that his impassioned plea captured on the television show would have led to him achieving celebrity status. His enthusiastic speech drew out the creativity of a young university student, Kevin-Sean Hamilton, who used clips of his interview to make an amusing music video that spread quickly on the Internet. Continue reading Going Viral with your Dream →

Going The Distance In Achieving Your Dreams

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“Where there is no vision, the people perish” – Proverbs 29:18

Most Jamaicans ardently want our nation to progress towards peace and prosperity. However, many of us don’t realise that for Jamaica to advance, we can’t simply expect others to make it happen; we must each embark upon our own personal journey of growth and development.

In The Richest Man in Babylon, author George S Clason declares that, “Our prosperity as a nation depends upon the personal financial prosperity of each of us as individuals.” In other words, if we are going to see Jamaica succeed, we have to first commit to working on our personal success.

In over 10 years of coaching persons on their financial goals, I have discovered that there are two main reasons that prevent people from getting ahead in life. Most persons are not clear about exactly what they want to achieve; and even if they have some idea about what they want, they aren’t passionate enough about why they want it to happen. Continue reading Going The Distance In Achieving Your Dreams →

I Have A Dream

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After writing about some of my concerns for the economic future of this country last week, I was heartened to receive responses from readers who indicated that they too, were anxious to play a part in restoring Jamaica to a prosperous state.

A few persons shared with me the development plans that had been drafted by organisations with which were affiliated. Although there are several groups of well-thinking citizens with inspired proposals, it appears that we are not as efficient in actualising our projects to create change. Why can’t we seem to move from idea stage to action phase?

In reflecting on the possible reasons for this inability to progress, I realised that our country’s financial problems are not unlike those faced by individuals. While many of us may think about how we want to improve our lives, somehow we just can’t seem to turn our thoughts into reality. Continue reading I Have A Dream →

Waiting in Vain?

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Dearest readers,

Since February 2006 I have been faithfully writing on the subject of personal finance, teaching you about the essentials of managing, multiplying and maintaining your money. It has been my pleasure to share all the money lessons I’ve learnt while searching to find answers to solve my own financial challenges.

Over the last five years, I have been honoured and humbled by the hundreds of readers who have shared their testimonies of how my articles have encouraged and enlightened them towards improving their financial situations. In fact, I have been privileged to meet and become friends with some of my more enthusiastic supporters.

Despite all the naysayers and negativity in the country, I have always held firm in my belief that it is possible for each and every one of us to be successful with money. Once a determined effort is made to learn and apply all the important principles that govern money, no one should continue to experience financial distress indefinitely.

However, as I write this article, I must admit that my heart is a little heavy. Yes, I have been preaching about the principles of money success and practising positive thinking about our problems, but this cannot be enough.

I recognise that a whole lot more needs to be done if the people of Jamaica are truly going to experience a change of economic fortunes.

Continue reading Waiting in Vain? →

Business Lessons from the Honey Bee

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I have often admired the diligent work of the honeybee. Just stand in any garden for a few minutes and very soon you will see one or two honeybees foraging for food within the flowers. These insects never seem to get tired of working, so it’s obvious why an industrious person is said to be as ‘busy as a bee’.

On deeper reflection, I have come to realise that there are many insights that this tiny insect can give us about being successful in business. I did a little research on the practices of the honeybee and I was quite impressed with the systematic way that it goes about achieving its life’s work.

Here are some of the business lessons that I have learnt from studying the honeybee: Continue reading Business Lessons from the Honey Bee →

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

Creating a System for Success

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If you are in business, or have ever attempted operating your own venture, you’ll probably be very aware of the unique challenges that are faced by most small business owners. Running a business can sometimes be a lonely and laborious task, instead of the pleasing and profitable experience that many entrepreneurs dream of.

If you’re seeking a route to business success, one book that should be required reading is The E-Myth Revisited, by Michael E Gerber. This book reveals the secret lives of many struggling small business owners, as Gerber presents the realities that most of them would never dream of sharing, even with their close associates.

The truth is that many small operators are completely clueless about running a business.

They may be experts in their technical fields, but they have a difficult time carrying out basic business procedures such as managing people, controlling accounts, streamlining production, marketing effectively and delivering consistent customer service. Continue reading Creating a System for Success →

Why Do Many Small Businesses Fail?

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I often receive enquiries from persons who are looking for advice on how to be successful in starting and running their own small businesses. I also get feedback from disheartened business owners who have seen their entrepreneurial dreams transformed into financial nightmares.

A common complaint from local entrepreneurs is that it is extremely difficult to operate a business in Jamaica. However, business challenges are not limited to this country, as international statistics indicate that anywhere from one-third to one-half of new enterprises will fold within the first five years of operation.

While owning a business can be a route to achieve personal financial security, it is a reality that many people will experience a negative result from their entrepreneurial attempts.

There are many reasons why business success may be elusive, but I think they can be grouped into three categories – inadequate knowledge, insufficient capital and inappropriate opportunity. Continue reading Why Do Many Small Businesses Fail? →

Knowledge is Power in Business

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Sixteenth-century philosopher Sir Francis Bacon is credited with coining the phrase “knowledge is power”. I enthusiastically support his viewpoint, as I believe that the pursuit of knowledge is an important means of personal development.

However, acquiring knowledge by itself is not sufficient; the key to real growth is applying what you have learnt to improve your life.

Searching for new ideas may sometimes be likened to opening the mythical Pandora’s Box. Like the ancient tale, exercising a natural curiosity to find the unknown could result in the discovery of truths that would have been better left hidden, and may even bring danger in some instances. Continue reading Knowledge is Power in Business →

Developing Successful Jamaican Businesses

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Many of the financial books that I have read indicate that establishing a business can be a means of increasing your personal wealth. Whereas being frugal and saving consistently may eventually produce a significant nest egg over time, if you wish to fast-track your money growth, then business ownership might be your best route.

Last week we looked at the option of joining an established network marketing organisation as one method of getting involved in a business system. However, many persons who desire to be their own bosses may prefer to personally create a unique entity in order to satisfy their business dreams.

The reality is that starting and building a new venture can be one of the most difficult strategies of wealth creation.

To be successful, an entrepreneur must commit a lot of time and resources, acquire specific business knowledge and skills, and develop a persistent outlook that can overcome the various challenges that will inevitably arise in operating an enterprise. Continue reading Developing Successful Jamaican Businesses →