Entrepreneur Corner

entrepreneurshipBarbados continues to grapple with the challenge to sustain its cost of living in harsh economic times. One avenue which is a historical fact is the significant contribution which Small Medium Enterprises (SMEs) contribute to economies, especially those which are successful. BU hopes bloggers will post submissions, ideas, feedback about how we can fan the flame of entrepreneurship to the Entrepreneur Corner.

Thanks to Moneybrain for this idea.

125 comments

  • https://qz.com/1120344/200-universities-just-launched-600-free-online-courses-heres-the-full-list/

    Link to Uni courses–the Business section is lower down scroll.

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  • http://www.youtube.com/watch?v=3ThOyMiKy1E

    Bajan Battery King entrepreneurial thinking in London, UK.

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  • Black lady explains about the difficulty of conducting business in Africa!

    http://www.youtube.com/watch?v=_U1zEuVXDak&feature=share

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  • http://www.youtube.com/watch?v=Y9zThcMJzQU

    How to make your country Rich.

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  • http://www.youtube.com/watch?v=PHe0bXAIuk0

    How the Economic Machine Works by Ray Dalio

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  • For the lady business people especially.

    Stefanie Chung is an African AM , President of JetSuite Inc, a luxury jet rental company. She has written a good book for ladies and gents:
    “Profit Like A Girl: A Woman’s Guide to Kicking Butt in Sales and Leadership”.

    Check it.

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  • http://www.youtube.com/watch?v=6DNfQfHXQgc

    How Singapore is designing their future.

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  • Major Rum Business Mistake—Lesson for Bajans

    Sometimes when you live long enough, you get around to enjoying the proverbial “last laugh”, or, in this case, the “last cry”, depending on your perspective.

    On Republic Day 2000, I wrote a story in the now-defunct Independent newspaper telling of a report compiled by a professional “alcohol valuator”, American Robert Fuchs, that assessed the value of the aged rum stocks that Caroni Ltd held at its bonds on the compound of the distillery at Caroni Village.

    Fuchs told Caroni that its 18,000-plus casks of rum of varying vintages, if converted into premium aged rums on a phased basis, could gross between TT $1 billion and $6 billion, depending on “intent of product”.

    I quoted two officials of the companies’ staff associations (ATASS and SISA), who explained: “One cask, for example, yields 275 cases. Caroni has in its bonds 18,146 casks. These will yield around six million cases of rum, or 70 million bottles of blended products…”

    At the time, Basdeo Panday, who was Prime Minister, had told an AMCHAM meeting that Caroni’s rum stocks were worth “considerably less than (TT) $100 million”, and there were rumours that the Government was planning to sell a 49 percent stake in Caroni’s Rum Division (later renamed Rum Distillers Ltd) to Angostura for TT $35 million.

    The associations, along with the cane farmers’ body I led (TICFA), did not object to a joint venture with Angostura. However, we argued that given the value of Caroni’s aged rums, Angostura should inject at least $500 million.

    Well Papa, as late comedian John Agitation would have said, who tell me to raise what was tantamount to a hornets’ nest over the valuation and the value of Caroni’s aged rum stocks? People high-and-low all but hounded me out of town. “Look de billion dollar rum man!” they would shout, laughing raucously. “He t’ink dey have gold in dem barrels! Shah talking Shmit!”

    Fast forward to last week when the Business Express, under a banner headline “Caroni lives on”, told a gripping tale about Luca Gargano, boss of an Italian fine wines and spirits importer, Velier.

    During a routine visit to Trinidad in 2004, the story went, Gargano supposedly “stumbled across the shuttered Caroni distillery, and was led, Indiana Jones-style, to a boarded-up warehouse and shown thousands of wooden casks of rum, some dating back to 1974…he bought all the barrels, took some to Italy and left the others to mature in Trinidad…”

    According to travel writer Elizabeth Heath, as quoted by the Express, Velier “has been releasing small batches of Caroni rums…for rum connoisseurs…” Price? Between US $400 and US $1,000 a bottle!

    Gargano’s story of stumbling across this cache of “liquid gold” (my description in the story I wrote in 2000) is hogwash. Caroni’s distillery and bond were still intact in 2004, and the “ghost” who led him to that source of immense wealth was some flesh-and-blood crook who saw an opportunity to make millions off Caroni’s rum stocks that ultimately belonged to the people of Trinidad and Tobago.

    Readers may want to Google “Caroni aged rums” and see for themselves that bottles of this precious product indeed sell in the price-range quoted. In fact, a limited edition (2,000 bottles, I seem to recall) of Caroni Legend, which was blended and marketed by the Rum Division shortly after the year 2000, and sold at the time for TT $400 a bottle, remains a collectors’ item that today fetches 20 times that price in online auctions.

    Interestingly, no one who was authorised to sell off the company’s aged rum stocks is prepared to state categorically where those 18,000-plus barrels went. In the Express article, an unnamed former Angostura executive admitted that the distillers bought some and kept others in storage for Rum Distillers Ltd and Gargano.

    Gerry Hospedales, who, at different times, was chairman of Caroni and head of the Divestment Secretariat mandated to wind up the company’s operations, when questioned about disposal of the rum, told the Express reporter, “Let sleeping dogs lie, nah! Yuh know rum evaporates?”

    Rum stored in oak casks lasts for decades, and gets better as it grows older—even I know that. But here’s Hospedales talking tripe about aged rum evaporating. Since there are no records to show exactly where those 18,000 casks went, who bought them and at what price, Hospedales may well be correct: our “liquid gold” evaporated into the bank accounts of persons unknown.

    Gargano has forged both a myth and a legend out of Caroni’s aged rums (in the article, reporter Heath wrote about a “secret handshake” to alert selected connoisseurs to its availability, and a “cult” for its flavor dubbed “Caronimania”), and is clearly making many millions of dollars off rum stocks that Panday and Hospedales, among others, deemed worthless.

    Governments (Panday’s and Patrick Manning’s) got rid of the sole element in the sugar industry that could have brought in big bucks—molasses and rums.

    In a curious twist to the tale, Trinidadian engineer Raphael O’Neal who managed the distillery when it produced the special edition Legend blend, went on to Barbados where he manages one of that country’s sugar factories.

    O’Neal has presented to that Government a simple spreadsheet that shows 100 tonnes of cane fetching B’dos $16,500 in sugar and molasses—which is unprofitable.

    But the five tonnes of molasses, distilled into rum, fetches a clear profit of B’dos $187,000 for the distillers, with the rum priced at a paltry $10 per bottle.

    I can only hope that our Bajan cousins are not as stupid as we were, that their brains don’t “evaporate”.

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  • First, it was an accident that almost took his life. Then came a globally celebrated sex scandal that lead to an endless can of worms and culminated in a broken marriage. Next, one after the other, every brand that had endorsed the golf legend came to strip him of thier association. Then the expected happens, he slides deeply into drinking and drugs. A habit that wouldn’t stay hidden after a DUI arrest and public embarrassment. In all of these, professional performance was on the decline for 5 straight years since 2013 no thropy came his way. Not to mention 4 spinal surgeries.

    The TIGER had lost his fight and the big cat now had his neck deep in the WOODS. Tiger woods…from hero to zero. What would he do now? Take his place among the “has beens”, get drowned in drug use until he makes the news yet again as another celebrity overdosed?

    http://www.nkolemubanga.com

    The decision he took despite the pain, losses, loneliness, embarrassment and shame is the reason I bring you this motivation this morning.
    He choose not to stay down. Non of the calamities above had what it took to make him feel finished. Tiger wood fought. He fought with everything he had which began with a public apology, then therapy, then an every day personal push with almost no one in his corner but he woke up every day staring at where he used to be with the aim to make his return.

    The outcome ? Today, Return? He did. After 1,876 days, he showed that you can get right back to where you want to. He reclaimed his title, beating 30 players including 18 of the top 20 world best ranked golf players. At 42, with his 80th victory, he is the new king of the golf course with $4.6m to show for this one win. He cried from a place of joy. Real happy tears. The kind that can be yours if you only believe that nothing deserves to hold you down.

    Tiger woods is no super human. The same decision, disposition, discipline, dedication and determination he used is yours for the taking. If he can beat these odds, what is keeping you down?

    It’s time. You too are a champion. Let them hear the LION roar.

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  • The very first and best investment is in yourself!!! Learn everything you can from people who have experience not just book theory. If you are planning to invest in a business go and work for someone else in the same or similar business, as you would like to learn from them and their mistakes. Passive investing and all things in life and business, revolves around People and Process. Idiots and crooks can destroy the best concepts and businesses.
    I have been a life long learner in business, investing and human nature, but still learning a few things today@62. NEVER EVER give up, pursue your objectives / dreams, but avoid nightmares.

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  • @Moneybrain,

    We pay a high price for our ignorance.

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  • If you really want to learn about real businesses go to CNBC.com/THE-PROFIT . The presenter Marcus Lemonis is invited in to many different businesses to help save those businesses from ruin. There is no better education for business people than this. He explains the critical aspects of People, Process, Products, Promotion etc.

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  • Just followed you here.
    Marcus Lemonis is quite good.

    I am wondering if these financial wizards (like shark tank) do not catch people at their weakest and take advantage.

    Your thoughts …

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  • TheO, they are deal makers and can hardly help themselves in terms of pressing for a tough deal which most amateurs are vulnerable to. On the other hand having 1 or 2 of these people on your team, you being able to utilise their bountiful list of contacts and experience can make the difference between a good concept and success. The best product / service does not win without many other variables being developed. Always remember that Xerox has many times more Patents than just about any other American Corp but it has been weak in commercialising compared to the competition. Caveat emptor.

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  • Principles of Success in 30 mins with Ray Dalio

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  • There are more than 2 million businesses in the United States that are owned by African Americans, but most are small operations with very few employees. However, there are many Black-owned businesses that employ hundreds or thousands of people, and generate annual revenues of $100 million or more – some even generate billions.
    Here are 5 of them that you probably never heard of:

    #1 – World Wide Technology Inc: Based in Maryland Heights, Missouri, this is a global IT company that serves the technology needs of large public and private organizations. Founded by David L. Steward, this company has long been the largest Black-owned business and has grown to more than $6.7 billion in annual revenue with more than 3,000 employees. Even more, they have more than 2 million square feet of warehousing, distribution and integration space. And yes, they are Black-owned!

    #2 – ACT-1 Group: Based in Torrance, California, this company provides staffing, human resources and management solutions to Fortune 500 companies in industries from entertainment to technology, and finance to biotech. Founded by Janice Bryant Howroyd, this company generates more than $2.2 billion a year! Not just Black-owned, also woman-owned!

    #3 – The Anderson-Dubose Company: Based in Lordstown, Ohio, this company provides logistics solutions and unparalleled service to the world’s most elite corporations in the quick service industry. Founded by Warren E. Anderson, they have more than 400 employees, and generate more than $540 million in annual revenue. Black-owned – check!

    #4 – Global Alliance Automotive: Based in Detroit, Michigan, this company is a global automotive parts supplier. As a worldwide group of independent representation companies, they are an adequate contemporary answer to recent major structural changes within the automotive industry. They pull in about $520 million every year in revenue. Black-owned? Yes, indeed!

    #5 – Thompson Hospitality:

    Thompson Hospitality
    Thompson Hospitality is a minority-owned Food Service provider, and one of the largest Retail Food and Facilitie…

    Based in Reston, VA, this company is the largest minority-owned food service management company in the country. Founded by Warren M. Thompson, they were recognized in 2010 as “Company of the Year” by Black Enterprise Magazine. They have more than 4,000 employees, and their annual revenues are just shy of $500 million. Again, Black-owned!

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  • Move to help small businesses

    MINISTER OF ENERGY, Small Business and Entrepreneurship Kerrie Symmonds is pushing for a collateral registry through which small business people can be assisted in accessing financing.
    He served notice in the House of Assembly yesterday that he would be bringing the relevant legislation, as he observed: “There is nowhere in Barbados that you can secure financial assistance and loans against your accounts receivables and the inventory you have [or] the fact that you own two fishing boats.”
    After listening to Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, speak about the plight of people engaged in the fishing industry, Symmonds highlighted the difficulties associated with the financing needs of fisherfolk, charging “The insurance industry does not want to hear you in many cases because the boat is too old, though the boat has value.”
    Contributing to debate on the Appropriation (Amendment) Bill, 2020, the St James Central MP said: “We in this country have to stop cherry-picking who can get insurance for a vessel and who can’t, because there are several people who may be of a different complexion in Barbados. Their address reads ‘Ridge’ or ‘Terrace’ or ‘Gardens’, as opposed to ‘land’ or ‘village’ and they are not told that their boat is too old.”
    He said this was “a reality that we have to get right as these things stand in the way of people, and deprive small business of the essential oxygen necessary for them to succeed”.
    Symmonds said securitisation of transactions was vitally important. “If we do not get these things right, then we do not bring the level of equity that we
    need either for the people who are developing their businesses and trying to penetrate markets and grow, nor on the other side of the coin do we give the level of security to those persons who are asking to lend money to develop businesses in Barbados.
    “There has to be legislation that must assist us in the registering and the governing of transactions where we can use movable assets as security so that we empower those small players amongst us who own the small assets,” he added.
    He noted the fishing industry had fed and developed thousands of Barbadian families and “has been a mechanism which has empowered black Barbadian people to make a little money”.
    The House was adjourned until October 27. (GC)

    Source: Nation

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  • Business owners huddle for support

    SCORES OF YOUNG Barbadian entrepreneurs are being given valuable support in their business ventures through a programme in which the Barbados Youth Business Trust (BYBT) and the United States Embassy in Barbados are collaborating.
    Last week, the embassy launched Global Entrepreneurship Network Startup Huddles across the Eastern Caribbean to reinforce the entrepreneurship ecosystem and to serve as a point of contact for all those hoping to get their businesses of the ground.
    In a week also being observed as Global Entrepreneurship Week, the Barbados Youth Business Trust joined with the embassy to organise events that brought entrepreneurs together to network and to learn how to be more business savvy.
    Speaking at the US Embassy in Wildey, St Michael, last Monday, Ambassador Linda Taglialatela said “some great success stories” had already been recorded in Barbados from an ongoing programme – initially set up as a pilot through the White House and run through the State Department – in which 30 US embassies were provided with funding.
    32 women selected
    The BYBT was the local outfit chosen for the design and execution of Barbados’ programme and 32 women were selected for participation, out of the 90 applicants in the first pilot programme. The entrepreneurs were put through what Taglialatela described as “a business boot camp”.
    She said: “There are a lot of women who have really creative ideas about what they might want to do, but the biggest problem is that a lot of them
    don’t know what that means.”
    Tiffany Jones, a human resources professional who founded her own business two years ago called The Job Connect, is among 25 participants in the second cohort participating in the young entrepreneurs programme, which this year attracted more than 300 applicants.
    She touted the benefits, saying the training and networking offered had enabled her and her business associates to access business interests that showed promise for a viable future.
    The BYBT, founded in 1994 for young people who were unemployed, was started by a group of social entrepreneurs who saw the need for a programme for young people to find gainful employment.
    “What we found at that time was that the unemployment rate among young persons was increasing so high that something needed to be done.
    “What we do is we seek to get the entrepreneur ready for business in whatever way we can. Sometimes they come to us with very good technical skills and we provide them with business acumen,” said BYBT president Cardelle Fergusson.
    She said the trust was one of the first groups to implement the Global Entrepreneurship Week
    and 170 countries were now observing it too.
    “The start-up huddle we are working with the US Embassy on is like a support network for entrepreneurs. What it does is it gives one entrepreneur the opportunity to explain what they are doing in their business. And out of this opportunity, they will get feedback from the audience on how they can improve what they
    are doing,” she said. (GC)

    Nation 23/11/2020

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