Recently I attended the Project Mission Empowerment (M.E) by JCI Barbados where a main theme was Entrepreneurship. Continue reading for some tips from the session for budding entrepreneurs.
Project ME: Mission Empowerment’s main objective is to offer insight and structure to the Barbadian youth within the age range of 16-25 as they pursue a successful career through professionally-oriented development skills.
- Anticipation and prediction are crucial in entrepreneurship to stay ahead of the curve
- Pick up a psychology book. An Understanding of psychology is crucial in entrepreneurship and also helps with anticipation and prediction.
- Business makes bad buddies. Just because you’re friends with someone does not mean they’re best for a professional relationship.
- 9 out of 10 of all start ups fail. Beat the odds? Start 10 businesses.
- Niche markets are the key to success.
- Always think big, bigger than Barbados, further than local.
- Analyse advertisements in other countries and think, does Barbados have this? Why not? has someone already failed or has no one tried?
- Don’t start without a business plan and at least 5 points for each section of your SWOT analysis.
- Know when to get out. -Just because you created it doesn’t mean you’re married to it. Set points in your business plan such as I will sell when losses are at x amount or profits are at y amount.
- Always have a budget – one time costs, recurring costs, with at least a 3 year time line
- Teams are extremely important – Always have a strength to your weakness on your team.
- There are no friends in business, a partner today can be a competitor tomorrow.
- You can’t say the right thing to the wrong people.
- Give more than you take in every situation, this is one way to network better.
- Manage systems, lead people.
- Always have a client philosophy, focus on their experience.
- Learn personality types and the best positions for them in your team.
- Have access to cash at all times in business.
- Do not take a loan from a bank if you cannot pay it back in 1/6 of the time because you end up paying back too much.
- Always wear and sell your brand, if you don’t no one will.
- Respect other entrepreneurs, don’t ask for discounts but there is no harm in bartering if there is mutual benefit.
Omar A Kennedy is co owner of AnimeKon Expo, the Eastern Caribbean’s largest Pop-Culture Convention, he recognized a dire need for speculative fictional works with non-traditional characters and environments. “The Soltreian Chronicles – Ten Thousand Years Under Sol” is his first book. Learn more about Mr Kennedy here.
Akeem Bourne is a catalytic leader and serial entrepreneur. His passion is to equip persons with tips, tools and techniques to take their business to the next level, and help them unlock the leader within! Two of his current endeavors are The Fashion Closet and ElevateWorldWide Inc. Find him on Facebook, Instagram, and Youtube all at AkeemBourne.
Until next time