FOREWORD For more than 20 years, the Barbados Youth Business Trust (BYBT) has been supporting the development of young entrepreneurs in Barbados. We believe in the power of entrepreneurship and its role in creating a stronger economy. We have seen, nurtured and mentored entrepreneurs and their ability to take an idea build, scale and nurture it into a great company that motivates us and others to aspire towards success. We are proud to share some of their stories with you through our magazine “Evolving Business”. The second issue of “Evolving Business” is gearing up to be more interesting than the first. This one of a kind magazine for
CARDELL FERGUSSON
entrepreneurs and about entrepreneurship development will showcase the great
General Manager, Barbados Youth Business Trust, Equity House, Pinfold Street,
work that entrepreneurs in Barbados are
St. Michael, Barbados
of innovation, job creation, and the ones
E-mail: cfergusson@youthbusiness.bb
doing. We will see, through the stories, how entrepreneurs are the pivotal drivers challenging the status-quo. This year the Barbados Youth Business Trust is seeking to showcase the elements which made businesses in Barbados successful.
is no vision. Partners – Identifying and getting involved with the right people that will help to run, support and grow successful businesses. These people need to be able to change, manage, and adapt to the many inevitable challenges that come up along the way. People are needed in the business cycle. It speaks to the network of persons who support your business idea and products/ services – mentors, customers/clients, suppliers, supporters & partners. Profit – Profits sustain every business. A business cannot fulfill its purpose if it’s not successful and profitable. With continued best business practices, strategic business planning and achieving of goals with a targeted audience, the business will strive beyond its expectations and start to realise profits. It is our firm belief that these three elements when nurtured and combined can create a business that achieves its purpose and affects people by satisfying their needs.
As a result, we are exploring “The 3 P’s of Sustainable Businesses”. This concept came
Entrepreneurs understand these issues and
from the appreciation of how businesses
are engineering new ways for businesses to
operate in the eco-system.
operate. Through technology and innovation, they are enabling new forms of creativity,
Passion – Doing something that you truly
products, competition and jobs to thrive
believe in and that ensuring that that
around the world. They see the upside of
belief can be sustained. All businesses
disruption and seize the opportunity.
start with someone who has a vision,
2 - E V O LV I N G B U S I N E S S
great desire and enthusiasm toward doing
So, my challenge to you is to be
something. Without passion, there are no
entrepreneurial, be better at providing
entrepreneurs and without passion, there
solutions and think differently.
EDITOR'S NOTE It is hard to imagine that the great economies of the world all began centuries ago with the simple trade of one item for another, possibly with Fred Flintstones distant relatives exchanging animal skins for food. Educators can only begin to speculate on how that landscape changed as it moved from then towards the more modern colonial era.
EDITORIAL Nicole Forde-Niles
DESIGN Caribbean Dreams Publishing
PHOTOGRAPHY Rawle Culbard
ADVERTISING David Niles
PUBLISHER
NICOLE FORDE - NILES
Caribbean Dreams Publishing
Editor, Evolving Business Caribbean Dreams Publishing
Today the business landscape continues to build on the eras of the past, selecting the best bits of the Industrial (1800’s), Production (1800’s to 1920’s), Marketing Era (1920’s – 1980’s) & Relationship Eras (1980’s – 2000’s) to carry forward to into the current market place. Here businesses now respond to changing consumer demands, technological breakthroughs & increased opportunities through expanding marketplaces, and respond to customers across the world in real time in the blink of an eye. In this edition, you will find engaging interviews with entrepreneurs working in the market place to make headway in the fields of food, digital publishing & e-waste management. We discuss the overall concept of entrepreneurship, the importance of the business plan and offer advice to start-ups, to help them navigate the potholes that new businesses face.
We hope that these articles can help move you a step closer to your entrepreneurial dream. Happy Reading!
E V O LV I N G B U S I N E S S - 3
CONTRIBUTORS JAMEELA HOLLINGSWORTH
DARREN ELLIS
The HR Boss
Commercial Property Specialist,
Jameela Hollingsworth is a Human Resources practitioner, Career Consultant & Millennial Blogger. She is the Founder of the HR Boss, an online career resource for Caribbean millennials.
Sales, Acquisitions & Corporate Relocation
Barbadian Darren Ellis is the General Manager of Regus Barbados, the leading global provider of flexible office spaces, offering a range of workspace solutions including offices, meeting rooms, coworking spaces, a global business lounge network and virtual offices.
DONNA EVERY
RICHARD DIXON
Business & Personal Development Trainer
Certified Business Coach,
Caribbean Institute of Leadership and Coaching, (CILC)
Donna Every is an author, international speaker and entrepreneur who helps entrepreneurs. She is the Barbados Facilitator for the InfoDev WINC Acceleration Program and was the Barbados Ambassador for Women’s Entrepreneurship Day (2014 – 2016).
LA -TONIA ARTHUR
DAWN WILLIAMS
Founder & Director,
Founder & CEO,
Gentle Beginnings Daycare Inc. & Mobile Doctors La -Tonia Arthur is a 31-year-old single Mother, emergency medicine physician, Founder & Director of Gentle Beginnings Daycare Inc. & Mobile Doctors
4 - E V O LV I N G B U S I N E S S
Resilia Accounting Services Dawn Williams is a Chartered Accountant by profession, with over 9 years experience in external and internal auditing, accounting and management of Accounts departments. She is certified with ACCA and CIA, and is an active member of the Institute of Chartered Accountants of Barbados.
CONTENTS "SELECTING MY PARTICULAR FIELD WAS VERY EASY, I HAVE ALWAYS LIKE THE CONCEPT RECYCLING AND REUSING THINGS. " Nadaline Cummings Caribbean E-Waste Management Inc
PG
32
E V O LV I N G B U S I N E S S - 5
08
THE START UP
From Idea to Enterprise 09 The top reasons why start ups fail
11 5 hiring tips for entrepreneurs
12
12 Be Inspired 14 Why do I need a business plan?
16 Making a Mark: Kirk Mason
19 16
MANAGING YOUR BUSINESS
09
20 Working from home: How to increase your productivity as a solopreneur
22 Celebrating your Success 24 Growing with the BYBT 25 What's so big about Entrepreneurship?
27
PLOTTING YOUR FUTURE
30
28 Developing people: Avoiding the Dirty Pond Syndrome
38
30 The Entrpreneurial Dream 32 Good Record Keeping a must for sm(all) business!
34 Making a Mark: Nadaline Cummings
14 24 6 - E V O LV I N G B U S I N E S S
38 The importance of Social Media
THE
STARTUP FROM IDEA TO ENTERPRISE
WHY START UPS FAIL
WHY I NEED A
BUSINESS PLAN
MAKING A MARK
KIRK MASON
THE TOP REASONS
WHY START UPS FAIL A ‘virtual’ lightbulb
Well! Don’t let this scare
goes on! It’s the birth of
you but statistically
another great business
speaking more than
idea! As the flush of
70% of unfunded new
excitement gets your
business ideas and
heart racing, many can’t
startups fail to get much
help but think… “this is
further than out of the
going to be the next big
gates! So, what went
thing! My dream will grow
wrong? Why do we give
from the confines of my
up? Give in and allow our
basement into a multi-
small business dreams
million-dollar company!”
to fall by the wayside?
And with that thought,
Here are a few of the top
you're off! Out of the
reasons startups fail, and
gates into the business
a few suggestions on how
race.
to avoid them.
E V O LV I N G B U S I N E S S - 9
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
1
proposition? Are there similar products on the market that can erode my sales? Is this the right time of year to launch the product?
Lack of focus The road to hell is paved with good intentions! The initial growth of your business needs 24-hour dedication! Much like a baby, it needs time, love and attention to make sure that it can thrive, flourish and grow so too does your new business. However, most new startups fail to fully grasp this concept and fold as a result of their lack of focus & commitment.
Expect to initially work much harder than you did at your old 9 to 5 and understand that sometimes it may take a while to see that return on your hard work and investment.
2
You planned to fail
4
Do you remember the adage, ‘If you fail to plan, then you plan to fail?” Those old wives may have been talking to their husbands about a Business Plan!
In this modern age, you don’t have to be a genius to develop a new device. You just need to recognize a problem, have a solution and have the right skill set to conceptualize and get it to market. But start with a thorough Business Plan it will help you to outline who, what, when, where & how much you will need to grow from idea to enterprise.
3
Don’t be afraid to share your prototype and get feedback on your idea, as scary as it is to talk to others about a new concept. Taking the time to invest in research and get feedback could help you to avoid setbacks in the future and ensure your stability in the long run.
The research was not complete Complete market research is imperative to the success of any business. Much like their larger counterparts’ startups need to invest in the acquisition of knowledge. Does the product meet market needs? Do you fully understand the market? What is my unique selling
1 0 - E V O LV I N G B U S I N E S S
The cash flow crisis The company simply did not have the funding to succeed. Most companies that succeed are well aware from the get-go what monies are needed: At the beginning of the journey; In order to achieve each goal; and to grow into the future. .
Consider the time it takes from the production of your product to the completion of the sale and the receipt of money. This will impact your ability to pay bills, meet targets and expand. Ensure you are aware of all this before investing.
5
Poor Work /Life Zen Burnout is real! Many young entrepreneurs burn the candle at both ends and without a proper work-life balance, it is quite easy for burn out to occur.
Set time aside for family, friends, exercise and play to ensure the work does not consume your life.
T H E S TA R T U P
A
5 HIRING TIPS FOR ENTREPRENEURS
As an entrepreneur, one of the most daunting tasks can be building out your team. Most entrepreneurs have no
BY JAMEELA HOLLINGSWORTH THE HR BOSS
1
often rely on the assistance of family and friends. While this may have cost-saving benefits, there may be some challenges associated with hiring persons so close to you. I am pretty sure you’ve heard the saying familiarity breeds contempt; you don't want to end up in a situation where there is a fall out in a friendship due to differences in opinion over a work-related issue. Instead, choose to hire individuals who are not associated with you on a personal level. Here are five (5) foolproof hiring tips I normally share with entrepreneurs to go about hiring in the most efficient and cost-effective
Establish what you are looking for in a candidate Most entrepreneurs know they need help, but fail to define which specific area they need help in. Create a “Job Description” - write a detailed list of duties for the new team member. You also need to consider the competencies you are looking for in a candidate; such as social skills, flexibility as well as past experience in areas you may be weaker in. All of these factors go into planning for a new hire.
clue how to go about it and
manner possible.
FROM I DEA TO ENTERPRISE
2
3 4
Set a budget and create your advertisement After you have established what you are looking for in a candidate you then need to set a budget. Be frank, while figuring out exactly what you can afford. Can you afford to pay a full-time employee? Or do you really just need a freelancer? Freelancers are great as there is no longer-term financial commitment to the staffer and you can use them in peak business periods. Full-time staffers are suitable for more stable businesses environs and can add tremendous value if the resources are managed properly. After you’ve drafted your budget, create and share a short advertisement through your desired channels.
5
Screen the candidates When you receive the applications, review them to ensure they meet your pre-defined job description. Set meetings with candidates that meet your requirements to further discuss their application.
Conduct interviews Semi-structured interviews are suited well to entrepreneurs, create general questions relating to; hours of work, understanding your business function and their short-term personal goals. And clarify anything you need to, based on their resume. You will also want to get samples of their work and get a sense of if they can actually perform the task they will be hired to perform.
Contracts and On-boarding After you have selected your awesome new hire, ensure they sign off on a contract and a job description to ensure both parties understand the arrangement and clarify any misunderstandings before the commencement of employment.
Jameela Hollingsworth is a Human Resources practitioner, Career Consultant & Millennial Blogger. She is the Founder of the HR Boss, an online career resource for Caribbean millennials.
E V O LV I N G B U S I N E S S - 1 1
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
BE
INSPIRED Winston Churchill once famously said, “Success is not final, failure is not fatal: it is the courage to continue that counts.� The worst nightmare of a small entrepreneur is failure! Thus, we work night and day to avoid the paths that may lead us to that door. Unfortunately, it is virtually impossible for us to be successful in every single endeavour! You might be surprised to know that some of the most famous names of our time have failure stories and still went on to change the world.
VERA WANG Spent years training for the 1968 US Olympic figure skating team, but did not make the cut. Later in life, she was passed over for a job as Editor-in-Chief at Vogue Magazine! She started to design wedding gowns at 40 and is worth more than $630 million today.
J.K. ROWLING Was on welfare and a single mother when she began writing the Harry Potter Series at age 32. Today she is worth a cool $95 Million.
LADY GAGA This drop out from New York University was also dropped after 3 months from her first record label, Def Jam Records. Today she is one of the biggest names in music, world renown for her voice and over the top looks, she amasses millions annually.
1 2 - E V O LV I N G B U S I N E S S
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
OPRAH WINFREY Sexually abused as a child and fired from her first TV anchor job because she was “too emotionally invested in her stories”. Today she is the richest African American female in the US amassing a fortune of $3.1 billion according to Forbes.
ALBERT EINSTEIN Had learning disabilities as a child, but it did not prevent him from going on to create The Theory of Relativity. E=mc2 is one of his famous equations that impacts our everyday life, and if that wasn’t enough he also won the Nobel prize for his quantum description of light.
COLONEL SANDERS Was fired from dozens of jobs before starting his ‘finger licking good’ Kentucky Fried Chicken empire. In 2016 KFC had 20,604 locations across more than 118 countries and territories worldwide.
THOMAS EDISON Told by teachers that he was "too stupid to learn anything" and fired from his first two jobs, by the end of his life in 1931, Thomas Edison held 1093 patents, including that for the phonograph, a motion camera and the commercial light bulb and had a net worth of the equivalent of $179 million today.
SIR SIDNEY POITIER Actor, film director, author and diplomat. Before becoming a successful actor, in one of his first auditions, the director suggested that he ‘stop wasting his time and get a job as a dishwasher.’ Instead in 1964, he became the first black actor to win an Academy Award for Best Actor, for his role in Lilies of the Field. Forever breaking down barriers for African Americans.
FAILURE IS NOT FINAL! E V O LV I N G B U S I N E S S - 1 3
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
To create strategic partnerships & alliances
To grow your current business
Communicate effectively to
Smart businesses use the plan to create strategies, allocate resources, create and manage goals and set priorities.
To reduce risk Too many small businesses play it by ear! The plan should be used to mitigate your risks and act as your insurance policy for if things happen… because you had a plan for that! Ask yourself, do you have a plan for: Protecting your property Physical & Intellectual?
Employee Health & Safety
What if a team member gets Injured?
Business Interruption
Like those that occur in a natural disaster?
Loss of Key Personnel
Will the business close if you aren't there or lose a key team member?
If you don’t have a clue then you need a business plan.
Now hiring! Avoid square pegs in round holes. Yes, They fit! But are they the right fit? The plan can be used to guide the selection process. Selecting the correct candidate increases employee retention and reduces turnover. This occurs because employees that were selected were not only the best fit for the job but the right fit for the company. Additionally, these employees are likely to be more engaged and inspired at work, leading to increased productivity and allowing your company to grow and prosper.
companies why a partnership is warranted! The plan can be used to easily explain what you have, where you are going and why they should want to be a part of it.
WHY DO I NEED A BUSINESS PLAN? The seasoned Entrepreneur has heard all the reasons a great Business plan is a must. But to others, it's another nuisance document, put in place to delay the process. So how does a
A Business Plan helps you to clearly outline; your mission, vision, short and long-term goals and company values. These items explain to employees, what you represent, where you are going, your brand and the company corporate culture. Consequently, allowing employees to make better decisions that are in the best interest of the company because they are already aligned with you.
To set management objectives Use the plan to set SMART goals for employees & management. S - Say exactly what you want to
business plan really help a business? The answer
accomplish (It’s the Who, what, when, where & why)
begins with the obvious…If you are seeking
how far you are from achieving the goal?
M - Measurable - Can you measure/track
financial backing for your business; lenders,
A - Achievable - Goals are achievable but
banks and investors will need to know why they
R - Realistic - How will attaining this
should support you. In fact, lenders will ask for this document by name. But, if the business has already surpassed this startup hurdle then what's the point? Here are a few examples:
1 4 - E V O LV I N G B U S I N E S S
To help manage your employees
still challenging for the team. goal meet with your overall objectives? Is it possible to attain given our current resources and responsibilities?
T - Time-Bound – Goals should have a deadline for completion. Create steps & phases where necessary.
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
MAKING A
MARK
KIRK MASON EVOLVING BUSINESS
Why did you select your
Tell us a little about your business.
particular field or how did
K.O.JM Enterprises Ltd
Being in the field of
is a construction business
construction came as
located in Bathsheba
result of being asked by a
St. Joseph, which was
tradesman friend of mind to
founded in January 2007
come and give some labour
as a sole trading company
assistance on a project he
and then incorporated
was doing and that was
in January 2011, which
during my last term of
gives us over ten years of
secondary education.
the idea come about?
existence in the business. We provide services such
How did you hear about
as building new properties
and end up working with
mainly in the domestic
the BYBT?
market, renovations in both commercial and domestic, guard walls, driveways and maintenance. We presently have a direct staff of six well-rounded artisans and also subcontractors Why did you decide to be an entrepreneur? The decision to the path of entrepreneurship came as a result of out growing the employee life, wanting to venture beyond the boundaries and limitation that comes with being an employee.
1 6 - E V O LV I N G B U S I N E S S
I found out about BYBT from the telephone directory when I was in search of funding to purchase a concrete mixer which was a needed piece of equipment and an asset at that point in time. How did BYBT assist you with moving you from idea to enterprise? The assistance which I received from BYBT was priceless, I was privileged to attend workshops, training sessions on business
B A N N E R S , S IG N S , C A N VA S P R IN T S , V
E H IC L E G R A P H IC S , G RA PH IC DE SI G N, TE E SH IR TS , PR IN TI NG , FE AT HE R/ FL UT TE R BA NN ER S LI CE NC E PL AT ES , PR O M O TI O NA L DI SP LAYS , BA NN ER ST B ut to ns , na m e ta gs AN DS , pr in te d ri bb on
, la be ls Tel:429-9708 Fax: 43 653 55 E m ai l:s al es @m-grafix.com Sinckler road , H ag ga tt H al l, S t. M ichael, Barbados.
T H E S TA R T U P
FROM I DEA TO ENTERPRISE
management, dealing with financial, etiquette, networking, but the greatest assistance was the peering with my mentor that helped in the moulding of me for the business world.
"MY MANTRA IS QUALITY BEFORE QUANTITY" What hurdles have you encountered while managing your business? How did you overcome them? Having a business, the hurdles are numerous, for me proving my capabilities to provide quality work as a young person in a field where there are lots of horror stories about contractors and going to meet a potential client whose expectation is of a more mature person, secondly having a good quality and reliable team. Having good knowledge in my field of work and able to answer questions, giving suggestion, sharing professional alternatives and being positive in my approach while dealing with potential client building their confidence in me. Creating a good team, I had to lead from the front in maintaining good quality work at all times and not occasionally whether the project is big or small and create the ability in the worker to be able to multitask in different areas complementing each other. What would you say has been the
What do you think are your key
How has the mentorship program helped you
entrepreneurial characteristics that have
to progress?
allowed your business to prosper and grow?
The mentorship program helped me in
most enjoyable experience about
Persistency, patience, solution-oriented and
understanding my business tremendously.
entrepreneurship?
flexible are characteristics that have allowed us
I was paired with a mentor who was once
to prosper and grow.
a business owner herself and is now in the
The most enjoyable experience about entrepreneurship is satisfying the client. The relationship that has been built, the gratitude and appreciation shown by the client for all the hard work and dedication to produce the project to their expectations and beyond.
1 8 - E V O LV I N G B U S I N E S S
financial sector. She help me to charter the day Do you have a mantra or motto that you and
to day running of the business, in my business
your business live by?
plan and the reviewing on the business plan,
My mantra is quality before quantity.
also help changed the limited mind-set and understanding of what I had of running my own business.
MANAGING YOUR
BUSINESS WORKING FROM
HOME
WHATS SO BIG
ABOUT ENTRPRENEURSHIP?
GROWING
WITH THE BYBT
MANAGING
YO U R B U S I N E S S
WORKING
FROM HOME
2 0 - E V O LV I N G B U S I N E S S
MANAGING
YO U R B U S I N E S S
HOW TO INCREASE
PRODUCTIVITY AS A SOLOPRENEUR! YOUR
BY DARREN ELLIS COMMERCIAL PROPERTY SPECIALIST – SALES, ACQUISITIONS & CORPORATE RELOCATION Darren Ellis is the General Manager of Regus Barbados, the leading global provider of flexible office spaces, offering a range of workspace solutions including offices, meeting rooms, coworking spaces, a global business lounge network and virtual offices.
Working from home can sometimes seem like a dream set-up reserved for lucky selfemployed individuals or sole proprietors. With no commute and the perk of settling down to work while still wearing your pajamas, you'd certainly think so. But if you’re going it alone as a “solopreneur”, you have probably realized that it can have its downsides, too. According to Regus research, around 56.1% of people working from home miss their colleagues and almost 40% feel isolated. The lack of a professional “front” – even just an address – can also be a disadvantage when dealing with clients. Decision-making often seems slower and, crucially, the line between home and work gets a little fuzzy. Not exactly good news for the 61% of individuals whose main priority is a better work-life balance. However, it’s not all doom and gloom, as there are ways to help beat the working-from-home
blues. Here are our tips:
Remember why you left It’s easy to look back with rose-tinted glasses. But by making a list of the reasons you gave up your traditional job – an inflexible schedule, a long commute or a distracting environment – and putting it up someplace you can’t miss, you can improve your outlook. Studies have shown that positivity dramatically increases your productivity, by around 50%.
Get the best of both worlds with a virtual office So, you’ve established that a traditional office space isn’t for you, and you’ve got your list to remind you why. But this doesn’t mean you should rule out all offices. A virtual office
is an excellent option for a professional postal address and telephone-answering service, as well as drop-in access to business lounges when you need to meet with clients (while you still do all your behind-thescenes work from home).
Focus on yourself Make room for at least a few moments throughout your day to concentrate solely on yourself. Studies show meditation reduces stress hormone levels and lowers your heart rate. Just close your eyes and concentrate on breathing in and out for about two minutes, or find an online class for a little more structure. Try going for a walk at lunch or sit outside to eat so that you can clear your head and get a change of scenery. This is an easy way to fight feelings of isolation while also activating nerve cells that reduce stress and anxiety.
E V O LV I N G B U S I N E S S - 2 1
MANAGING
YO U R B U S I N E S S
CELEBRATING YOUR SUCCESS
We asked BYBT Entrepreneurs to share their successes with us. The things that happened this year, big or small that they were pleased to report! Entrepreneurs toil at times for even the smallest breakthrough. We are happy to share in their success!
Mosi Daniel Riptide Music Group T 247-9981
“This year we were able to
“We just recently won a
make more connections,
Tourism Sectoral Award
meet power players in the
from the Small Business
Industry & now we are in
Association for our work
the stages of planning our
this year. We were also able
1 Jazz concert.”
to work with new strategic
st
La-Tonia Arthur Gentle Beginnings Daycare Inc. T 571-4530
Nicole Forde - Niles Caribbean Dreams Publishing T 242-8581
“Our business is breaking even!”
Matthew Hinkson Foamtag Party Hires T 821-0388
partners and are working towards expansion early in the new year .”
“We have recently expanded by introducing a new service
Corey Boyce Supreme Delights T 288-3874
“I am pleased to report that we have gotten our bar codes
and spin-off brand called Zorbimentertainment - They
Maria Rawlins Triple R Cakes & Catering T 227-1736
soon. We also expanded our product line with our glutenfree cookies, for persons that want a healthier snacking experience.”
2 2 - E V O LV I N G B U S I N E S S
PVC hamster-type balls which brings fun in the simplest form. Catered mostly to kid’s events, football exhibitions and hotel
for our products and we will be in other retail outlets
offer plastic impact absorbent
rentals. We have brought on 3 “We recently acquired the tender to operate the cafeteria located at Caribbean Examinations Council CXC”
part-time persons to oversee all activity & events, to ensure safety and proper use of the equipment. We are now on the path to expand into Trinidad & Tobago.”
MANAGING
YO U R B U S I N E S S
Twenty years ago, the Barbados Youth Business Trust (BYBT) was started to improve the social and economic conditions of young, underserved persons between the ages of 18 -35 years old.
What can we do for you? Provide an integrated package of business mentoring, start-up loans and grants and other developmental support services to this target group. The BYBT promotes youth entrepreneurship development by providing persons with the necessary tools to start up a business. Offering:
Business start-up capital as a lender of last resort Business support grants in the following categories: Go and See, Feasibility and Educational Grants Business Mentoring Business Services – Including: Practical Business Training Personal Development Networking Marketing & Promotion Advocacy / Lobbying
" TESTIMONIAL BY MICHAEL CALLENDAR CREDIT AND PROJECT DEVELOPMENT MANAGER THE BARBADOS AGENCY FOR MICRO ENTERPRISE DEVELOPMENT LTD.
2 4 - E V O LV I N G B U S I N E S S
The Barbados Youth Business Trust (BYBT) continues to play an active role in the development of small and micro enterprises in Barbados. BYBT's focus is on young entrepreneurs and through its training and mentorship programmes, BYBT remains a
Community Engagement/Outreach Internships Access to Co-working Space Training Facilities
relevant and important player in the drive to develop the nation's youth. Fund Access has enjoyed a long and beneficial partnership with the BYBT and will continue to support the organisation in its quest to promote entrepreneurship in Barbados.
MANAGING
YO U R B U S I N E S S
BIG WHAT'S SO
ABOUT
BY DONNA EVERY BUSINESS & PERSONAL DEVELOPMENT TRAINER
ENTREPRENEURSHIP?
I
I’ve discovered that entrepreneurship is still a word that we're grappling with, and I don’t mean how to spell it, although that sometimes gives trouble too. What I mean is agreement about what is considered entrepreneurship and who is an entrepreneur. The truth is that while I don’t personally think the definition is
important, what is vital is the need for enterprising people in business. That is, people who have initiative and show resourcefulness. People who are ready to act and ready to grow to expand their business.
From my experience with business and entrepreneurship over the years, and having come into contact primarily with women in business,
I have found something very concerning. While there are quite a few women starting and running businesses in Barbados, they are generally micro and survivalist type of businesses for the most part, which means that they are used as a means to support the family, but are not growth-oriented, that is, focused on employing people and exporting their goods and services.
E V O LV I N G B U S I N E S S - 2 5
MANAGING
YO U R B U S I N E S S
"THE FACT THAT BARBADOS HAS A SMALL ECONOMY MEANS THAT BUSINESSES CAN ONLY GROW SO MUCH - UNLESS THEY EXPORT." While I applaud those women for working hard to be independent, my desire is to see more growth-oriented female entrepreneurs, whose businesses are large enough to help stimulate our local economy. The fact that Barbados has a small economy means that businesses can only grow so much - unless they export. This is a critical factor in the economy because Barbados can no longer sustain industries that simply import goods to resell. Those businesses are a drain on the foreign reserves which are already under pressure, so we desperately need entrepreneurs to create and innovate exportable products and services. By the way, export does not always have to involve putting something in a box and sending it out. One graduate from the first Women Innovators Network of the
2 6 - E V O LV I N G B U S I N E S S
Caribbean (WINC) Acceleration Program, who owns a restaurant, started to bottle and sell some of their more popular condiments to their visitor customers, thereby earning foreign exchange in addition to the meals they sold without having to send them overseas. Another WINC graduate provides babysitting services to visitors to the island, earning foreign exchange without leaving the country. If we are going to export products by sending them overseas, they need to be different i.e. innovative. For example, making jewellery is great, but how many others make jewellery, not only in Barbados but across the Region? So, the jewellery would need to be significantly different, or the market would need to be very targeted to make the jewellery exportable. The easiest thing to export is knowledge. Therefore, services like editing and proofreading, web development, App development, online learning videos, e-books, copywriting, social media services etc. can easily earn foreign exchange from right here in Barbados. So how do we stimulate the mindset of female entrepreneurs, in particular, to change so that they first want to grow their business and then consider exporting? I believe the answer to both of those questions lies in exposure to successful entrepreneurs who have done it coupled with encouragement and support from mentors and entrepreneurial organisations. For one of the sessions of the WINC Acceleration Program, I invited Chiryl Newman of Champers to speak to the ladies on the program. It was a great evening, where we experienced the excellent food and
service at Champers, while hearing about the challenges Chiryl had to overcome as a woman in business. She openly shared about the sacrifices she had to make to grow her business and the benefits that she now enjoys, like being able to take a holiday and leave the business running in her absence. That meeting really encouraged the ladies to persist with their businesses through difficult times and to strive to get to a place where they can create a business which is not dependent on their presence. Thankfully, in addition to the Barbados Youth Business Trust, we have several agencies such as Caribbean Export, Caribbean Centre of Excellence for Sustainable Livelihoods and Barbados Investment and Development Corporation (BIDC) which assist entrepreneurs to grow and to export their products and services. So, entrepreneurs take a day and do some stocktaking. Not of your products, but of yourself. Ask yourself: What do I know? Who do I know in other islands? What can I create that is exportable? These questions can thrust you into another level of entrepreneurship. And what is so big about entrepreneurship? It has the potential to transform Barbados.
Donna Every is an author, international speaker and entrepreneur who helps entrepreneurs. She is the Barbados Facilitator for the InfoDev WINC Acceleration Program and was the Barbados Ambassador for Women’s Entrepreneurship Day (2014 – 2016). adonna@donnaevery.com www.donnaevery.com www.facebook.com/DonnaEvery1 .
PLOTTING YOUR
FUTURE AVOIDING THE
DIRTY POND SYNDROME
MAKING A MARK
NADALINE CUMMINGS
GOOD
RECORD KEEING A MUST
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YO U R F U T U R E
DEVELOPING PEOPLE AVOIDING THE
DIRTY POND SYNDROME BY RICHARD DIXON CERTIFIED BUSINESS COACH
O
2 8 - E V O LV I N G B U S I N E S S
Our coaching firm, the Caribbean Institute of Leadership and Coaching, (CILC), recently held an interesting breakfast meeting to launch one of our programs, Managing for Results (MFR). In attendance, we saw a number of human resources professionals as well as Executives and Senior Managers from a wide cross section of organisations. It was interesting to hear their comments and concerns relative
to the development of effective managers or supervisors within their organisations. Some of the major concerns highlighted included
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A lack of employee engagement A failure to delegate effectively The difficulty faced in overcoming cultural boundaries An inability to keep staff focused and motivated The challenge of promoting from within where such individuals have a difficulty making the transition.
Noticeably there was also a common thread shared among those in attendance and this was the fact that each organisation, had undertaken some measure of training for individuals, i.e. the manager or supervisor, but with only moderate success, thus the reason for the concerns highlighted earlier. The one question which begged to be answered was; Why, after the many different series of training undertaken has the
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desired impact not been seen?
The "Dirty Pond Syndrome" It’s “The Dirty Pond Syndrome”, (A term I coined from Richard Maloney, a proven leadership and executive development trainer, and his book The Minds of Winning Teams) The Pond... He likened the organisation to that of a pond. In the beginning, it contains fresh clean water filled with bright, lovely, colourful fish, all combining to create a relatively healthy, life promoting environment. The potential for growth and productivity is evident. However, as time goes by the pond, if not properly maintained, (i.e. with core values and a cultural identity), it gradually fills with debris and sediment, building up over time to make the once crystal-clear water - cloudy. The pond eventually becomes “dirty” and its inhabitants, they too soon become “dirty”. In an attempt to make some type of positive change you select one of your prized fish
"THE CREATION OF A NEW CULTURE IS THE CREATION OF A NEW BEGINNING OF A RENEWED ORGANISATION."
(employee), take them out of the dirty pond and have them cleaned up (trained or sent on a course), with fresh new knowledge, skills and ideas. After all the "cleaning" they return, to be placed back into that very same dirty pond. Somehow it is expected that they will make a difference by cleaning up the entire pond. There are times, on the odd occasion, they just might be able to accomplish that task. But, generally speaking and truth be told, it’s just a brief recourse as the vast size of the pond and the sheer weight of the task often consumes them and they can and often do become dirty once again.
A Continuous outpouring of new knowledge and skills Let’s start the process differently, instead, select a group of employees whom you recognise as those with the potential to be a good manager or supervisor i.e. they possess some leadership ability traits. These employees are then consistently trained (cleaned), and in turn are encouraged when they return, to contribute with a continuous outpouring of the acquired new “clean” skills and knowledge. They repeatedly share their knowledge, "emptying their cup", while continuing to enhance theirs through ongoing training. The repeated outpouring of new knowledge and skills flowing into the pond, gradually displaces the dirty water, (habits/behaviours), replenishing it with fresh clean water. After a while the pond becomes clean again. Its inhabitants will also gradually become clean as the clean water poured into the pond eventually assists in their cleansing. It's a time-based process that has to be started now.
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A Required Transition... The process however does not end there! A maintenance plan is also required to avoid any possibility of a recontamination of the pond. Such a plan will include quarterly or semiannual refreshers, (cleaning). The idea is to have this process which not only creates a transformation in the organisation but also to have a cleansing of the mind i.e. a mindset change within your people and throughout the entire organisation, across all levels. The creation of a new culture is the creation of a new beginning of a renewed organisation. Elite athletes get to be at the top of their game through consistent, quality training, high intensity training, competition and then more training. Continually developing their skills while gaining experience. They are taken away from their old habits and new positive ones are repeatedly reinforced to create an exceptional athlete. Yet we expect our managers or supervisors to be highly effective from a one-off training session and worst yet for some of them, it’s an entirely new experience which makes it even more difficult. Consistent quality training is required, it involves the constant upgrading of skills, the enhancing of techniques and the introduction of new and exciting ideas, but most importantly it involves a mindset change. There needs to be in an environment of sustainable growth and development. This way you will ensure you always have a clean pond with clean fish in it. Our Managing for Results program is structured to create and maintain a "clean pond" with its core modules and sustained training methods. Contact us at 246-436-1810 for further information. We also invite you to share your comments with us via e-mail at info@thecilc.com.
E V O LV I N G B U S I N E S S - 2 9
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THE
ENTREPRENEURIAL
“DREAM” BY LA-TONIA ARTHUR FOUNDER & DIRECTOR OF GENTLE BEGINNINGS DAYCARE INC. & MOBILE DOCTORS
All too often, a frustrated employee expresses the desire to work for themselves. Dreaming of that selfemployed utopia... “Making money while sipping margaritas, under an umbrella, by a beautiful beach! Ahh!” But the reality of it all is that owning a business is initially the hardest thing one can do (other than perhaps natural child birth). But there’s no need to take my word for it! Look at it logically… In its most basic form, as an employee, there are vacation and sick days with pay, there is little to no thought about where the money will come from or even if the establishment in which you work is making a profit. But for an entrepreneur, things are a wee bit different. No work = No pay. At least while in the building phase. In those months when ‘things are tough' it is only by doing what you are truly passionate about, that you manage to find the wherewithal to push through and find a way. Entrepreneurs are very familiar with tough days. The days where suppliers are calling to collect. Or Anxiety attacks on payday when staff need to be paid but the
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entrepreneur has few alternatives for where the money to pay will come from. Many seasoned entrepreneurs have been there, fighting to take what little they have and turn it into a growing success. What then is really needed to start and grow a business? Well…that’s easy - a solid idea… Well that’s the start! But it’s what comes next that’s much more complicated! It’s not enough to simply say “I will sell shoes”. What (Other than the idea & business name) will make your business unique? What will make customers opt to transact business with you rather than go to the guy next door? Will you be able to rely on the support and sales of family and friends to start your fledgling business? Or will it be the man on the street, with no affiliation, who will be your bread and butter within the first few months of your new business. Can you rely on suppliers, and employees to deliver on promises? Do you need to seek relative permissions from various government organisations? And is your business in a position to wait if there is a long wait for the relevant decisions to be made? Regardless of whether you have zero or a thousand employees all
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these questions must be answered and they are just the tip of the iceberg. From here, the real work starts. You need to prepare a business plan (and include a budget that ensures you pay yourself). However, if plans and budgets are not your forte then you will need to seek to learn about effective, planning, marketing and accounting for your business. This business plan is often times the single most important tool that you can use to develop your business and many local organisations, such as BYBT, BIDC & SBA, offer workshops to help budding entrepreneurs learn the necessary skills to create one, but remember that it ‘takes money to make money' so invest in yourself. Finally, it helps to seek out and be a
part of a support group…a group of entrepreneurs, friends or family that you can trust. Where you can share your ideas, and struggles without fear that those ideas will be stolen (or that your ‘dirty laundry’ will end up being aired). If you feel broken, it often helps to have others who have gone through or are going through similar challenges and who can offer that added mental and emotional support. One such community is the Bajan Entrepreneurs Group - They pray, encourage, advise, support and help each other to grow. With these two key tools in hand you will be off to a great start.
So, the next time you are frustrated at work and ‘just can’t wait’ to start your own business, we are waiting to welcome you to the other side…once you are prepared for
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all that will follow… If you want to be a part of the Bajan Entrepreneurs Group? Send me an email: tonie75@hotmail.com. But be prepared to receive but also GIVE your full support!
La -Tonia Arthur is a 31-year-old single Mother, emergency medicine physician, Founder & Director of Gentle Beginnings Daycare Inc.
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GOOD
RECORD KEEPING
A MUST FOR SM(ALL) BUSINESS! BY DAWN WILLIAMS FOUNDER & CEO RESILIA ACCOUNTING SERVICES
When in business, whether micro, small, medium-sized, or large multi-national and global companies, recordkeeping is extremely important. Why?
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Dawn Williams is a Chartered Accountant by profession, with over 9 years experience in external and internal auditing, accounting and management of Accounts departments. She is certified with ACCA (Association of Chartered Certified Accountants) and CIA (Certified Internal Auditor), and is an active member of the Institute of Chartered Accountants of Barbados (ICAB).
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Good records can assist in improving customer service, by having a record of past failures, maintenance requirements, buying patterns, etc. Good records create accountability and can show you the basis for a business decision made in the past when memory fails. And, having this information handy can help prevent you from repeating past mistakes – that is, if you use the records to inform your decisions! Good records can be used to predict trends and to record history, for use in budgeting, forecasting and strategic planning. Good records can help identify good (and undesirable) suppliers. Depending on the level of detail, they can help you to evaluate cost and product availability, hence aiding you in deciding whether you want to stick to one or a few particular suppliers for the majority of your purchases. Good records provide an audit trail for past transactions. This is important not only for external (financial, tax) and internal audits and regulatory checks but for internal decision-
making and performance measurement.
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Good records provide evidence in case something goes wrong. Records can be used as evidence in a court case, in disputes with suppliers in instances of reportedly inferior product/service quality, or in employee disputes involving sensitive topics such as dismissals or other disciplinary action.
Owners and managers of businesses would be wise to create an internal recordkeeping system, which stores all the data and information relevant and useful to the business. Factors to consider when designing such a record-keeping system include: Consideration of what information is required – this should guide the level of detail of records. Yes, records are great, but a recordkeeping system that stores useless facts and data means nothing – the data stored MUST be of some [valuable] use to the owners/ managers of the business. The media to be used – will records be stored electronically or manually? What are the hardware and software requirements to achieve such? Is the media accessible by the intended users? Is the media method secure for sensitive information? How much space (physical or virtual) will it consume? Do you need generic or specialized media? What is the cost attached to all this? The intended users – how easy is it for persons to learn and practice the recordkeeping system? How can you secure the system so that only the intended users have
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access to the data – both to view and to manipulate?
Data storage – where will data be stored? Do you have enough physical and electronic space to store all the records that will be generated by your system? How secure is your data storage? How long can you store data in this manner without deterioration of the data (I would recommend making provisions for a minimum storage period of 7 years)? How easy can you retrieve past data in case of an emergency? What are the associated costs?
Practical examples of records to be kept for various types of business transactions and decisions include:
FIXED ASSETS
TAXES
• invoices and receipts, • specifications (such as expiration dates, instructions on use), • warranties and guarantees, • contracts and agreements, • evidence of any post-sale maintenance or additions, • disposal records and contracts, • insurance policies • and associated payment records and valuations.
• • • • •
CASH
LOANS
• • • • •
• Signed contracts outlining terms and conditions, evidence of periodic payments, • other correspondence between the lender and borrower • and all records produced by the loan application and discharge process (including legal documents, deeds, etc).
Bank statements, banking correspondence, cheque stubs/counterfoils, petty cash vouchers and deposit slips.
CUSTOMERS AND SALES • contact information,
EMPLOYEES AND HR
• email correspondence, • quotes provided, • invoices, receipts and evidence of payment, • signed contracts and agreements, • after-sales service evidence, • feedback forms • and customer service surveys.
• employment contracts (outlining basic salary/wage, allowances, pay dates, general employment terms, etc.), • employee deductions, • evidence of changes in salary/wages, disciplinary letters, • payroll registers, • copies of payslips, • tax and other legally required forms,
In summary, ALL business transactions and decisions should have some associated record, all kept in an organized manner by a well-designed and efficient record-keeping system. Having and maintaining good records can be extremely beneficial to all businesses, as it provides a reference for decision-making and evidence in case something goes wrong. Many factors go into planning and designing a proper record-keeping system,
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relevant forms and schedules, calculations, financial statements, correspondence with tax authorities, evidence of payments to and receipts from tax authorities and claims.
CORPORATE DOCUMENTS • • • •
registration certificates, bylaws, articles and certificates of incorporation, minutes of shareholders’ and directors’ meetings, • resolutions and registers of shares • and key business principals.
FINANCIAL STATEMENTS • • • •
management accounts, financial statements, audit reports, budgets, forecasts and KPIs (key performance indicators).
• evidence of performance, job descriptions, training records, • employee handbooks or records of company policies and procedures, • grievance reports, • union agreements, • records of insurances enjoyed by employees • and general correspondence among the employer, employee, regulatory institutions and other service providers related to employee relations.
so the process should not be taken lightly. Having good records makes you, the business owner/manager look professional, organized and knowledgeable, as you can have all the answers to the tough questions stored in an easily accessible manner. Invest the time, effort and money into creating a good record-keeping system for your business… Why not start now? E V O LV I N G B U S I N E S S - 3 3
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MAKING A
MARK MEET
NADALINE CUMMINGS 3 4 - E V O LV I N G B U S I N E S S
OF
CARIBBEAN E-WASTE MANAGEMENT INC
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It has been a challenging journey but Nadaline Cummings would tell you: “it’s been worth it!”
W
Whatever the challenge life has thrown
three Permanent) while adequately
her way; this strong, determined lady
managing her role as a single parent of
has met it head-on. Whether dealing
two boys.
with those in her native Guyana
Nadaline initially started her business
who thought she would "amount to
with a loan of just US$500.00, which
nothing" after her "fall from grace"
she acquired from a friend, but
as a national athlete to a teen-aged
suffered a setback when an overseas
mother while in high school - the
customer did not pay. Undaunted, she
difficult but courageous decision
sought help and found the Barbados
as a young unemployed mother to
Youth Business Trust (BYBT). She
leave a relationship while pregnant
made the call and was invited to a
with her second child - dealing with
Business Club Meeting the next day -
xenophobia in Barbados - the country
so impressed with the initial contact
she now calls home - or unscrupulous
she re-arranged her schedule and
businesses who refuse to pay; Ms.
attended. Looking back, she maintains
Cummings has persevered. Refusing
she could not have done it without
to be discouraged or let anyone define
BYBT; “her bed-rock of support” and
her femininity. This trailblazer worked
her business mentor Ms. Claudia
as an anti-narcotics intelligence officer
James. She credits Ms. James with
and operations manager at a recycling
playing a major role in helping to
company before realising her dream
secure her first real overseas contract.
of becoming an entrepreneur. She is now the proud owner of CEWMI -
Whether fulfilling her role as a UNDP/
Caribbean E-waste Management
GEF grantee or a BYBT Ambassador,
Inc. a pioneering company within
Ms. Cummings sustained by her faith
the area of electronic waste (e-waste)
is eagerly looking forward to the next
recycling in the Caribbean region for
step convinced that the sky is the limit.
the past 9 years. There she supervises
Read on to gain additional insight into
six employees (three temporary &
her business life.
E V O LV I N G B U S I N E S S - 3 5
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"ENTREPRENEURSHIP HAS ALWAYS BEEN A PART OF MY LIFE GROWING UP AND IN MY FAMILY. " EVOLVING BUSINESS Why
7
QUESTIONS
NADALINE CUMMINGS!
WITH
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did you decide to become an entrepreneur? NADALINE CUMMINGS
I decided to become an entrepreneur because‌ doing business has always been my passion! From the early age of six years old, I found myself selling confectioneries at school and whenever I had learned something new in my craft class at school, I used to turn it into a small business at Christmas. So yes entrepreneurship has always been a part of my life growing up and in my family.
What caused you to select the previously untapped field of e-waste management?
was not been recycled but,
Selecting my particular field
and human health‌ that is
was very easy, I have always
when I decided on recycling
like the concept recycling
electronic waste.
and reusing things. I was managing a scrap metal recycling company but after I was terminated from my
if it was done, it could create great value to the environment
How did BYBT assist you with moving you from idea to enterprise?
position I decided not work for
BYBT has been very
anyone and I wanted to remain
instrumental in me being in
in the recycling industry so I
business until now, they have
created my own business. I
been one of my main supports
did some research to find out
in developing my business.
what could be recycled and
The organisation is one which
what was being recycled in the
understands entrepreneurship
Caribbean. Electronic waste
and supports young
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entrepreneurs. BYBT have helped train me to be a better entrepreneur in a number of areas. For example: Writing my business plan, marketing, costing and pricing, feasibility studies, strategic management, market research and business ethics and etiquette to name a few. What hurdles have you had to overcome/ encountered while managing your business? And how did you overcome them? In my entrepreneurial journey thus far there have been many hurdles I have had to overcome and still need to overcome. Theft was a major issue – first, theft of my recyclable materials which were shipped overseas but never paid for. Then, theft and vandalism at my facility - all my material and tools were stolen and my site was vandalised because someone wanted me to leave. Overcoming my fears and insecurity as a female entrepreneur from another country and doing business in Barbados. Cash flow issues which most entrepreneurs have. I am still currently working to overcome them but I am managing with the help from family, friends, and business organisations like the BYBT, BCSI and BIDC. I consider myself to be very blessed to have such a strong
of the Global Entrepreneurship Summit 2016 in Silicon Valley when I was in the company of entrepreneurs from all over the world! That was an awesome feeling.
enjoys freedom to be creative to go for it. What do you think are your key entrepreneurial characteristics that have allowed your business to prosper and grow?
network of people to assist me on this life
Would you suggest entrepreneurship to
journey.
Perseverance, innovativeness and the passion
others?
to see my vision materialize.
What would you say has been the most enjoyable experience about
I must say entrepreneurship is not for everyone,
entrepreneurship?
entrepreneur be sure that is what you want.
The freedom to create, to bring to life ideas that you envision and imagine. The most memorable day of being an entrepreneur for me would be on the 23rd June 2016 been a part
but if you made a decision to become an Make it a passion of yours because the journey will get rough and you must have inside, what it takes to stick with it. I would encourage anyone who wants to be creative and who
Caribbean E-waste Management Inc. (CEWMI) is the only company within the CARICOM group of nations that is processing e-waste for the recovery of recyclable materials. Given the hazardous and toxic chemicals contained within e-waste, careful attention needs to be paid to its disposal, however, this is not currently reflected in the waste collection and recycling practices of regional countries. As such, there is significant potential demand for the company's services throughout the region.
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DID YOU KNOW?
THE IMPORTANCE OF
SOCIAL MEDIA Nearly a quarter of total time spent on the internet is spent on social networks. This telling statistic reflects the current state of our society, where social media has essentially taken over some fraction of our lives. We use it to catch up on the latest fads, gossip and news, but just what is the importance of social media to the wider society?
persons can keep up to date on the latest IT IS IMPORTANT FOR crisis. BUSINESSES – SMALL, MEDIUM AND LARGE IT IS THE BEST WAY TO CONNECT OVER LONG Social media is becoming a huge asset to businesses, as it is one of the leading DISTANCES marketing tools. Social media is perfect for business advertising and promotions, allowing companies and Managers to mass market or finely tune in to the desired target audience. Whether you are a small business or a large conglomerate a social media consumer is a great consumer! Why? Because they spend more and are more influential to their friends than the average internet user. Thus, attracting these types of users to your brand will benefit your business as attracting them, attracts others as well.
PERFECT COMMUNICATION TOOL When watching television, viewers receive many different types of information, but they are unable to give feedback. Social media is a two-way communication mechanism that allows the receiver of the message to give instant feedback to the sender. The sender can then know if the message was delivered appropriately and interpreted correctly. Additionally, in times of disaster, social media has proven to be an excellent information dissemination arena, where
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Due to the plethora of social media sites, we can now connect and reconnect with friends, relatives and even business associates from wherever we are in the world. Did you rush to buy a magic jack? Or worry about the impact of international calls on the bills? Those days are now no more, as features such as Facebook calling enable you to chat with your loved ones for free. In between calls their status updates, tweets and Instagram posts, and pictures give you the opportunity to catch glimpse into their lives even though you cannot physically be there.
IT HAS BECOME A VALUABLE AID FOR CRIME SOLVING Fortunately (or unfortunately depending on the perspective) some criminals decide to post information about their misdeeds on social media, making it easier for the police to track them down. Also, posting images of missing persons on social media ensures a further reach than a television or radio ad. When persons share to friends and they in turn share with friends it increases the number of individuals who will see an image quickly exponentially.
DID YOU KNOW?
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74
%
OF CONSUMERS RELY ON SOCIAL MEDIA TO INFLUENCE THEIR PURCHASING DECISIONS
IT CAN BE A FORM OF POLITICAL INFLUENCE Social media has truly given politicians (actual and imaginary) a voice, and this can be a powerful source for change. It has the potential to influence the outcomes of political decisions and it also plays an important role in many elections across the world. Social media has also been found useful in rallying people around a cause through the use of hashtags and can also inspire mass movements. It’ controversial use is
currently the source of much debate in the past U.S. election.
IT IS GREAT FOR JOB SEEKERS With social media sites such as LinkedIn (the largest professional network in the world), you create an online CV. Persons can look at your best qualifications, other members can endorse your skills, and you become more marketable as a job seeker. LinkedIn also offers you the opportunity to network and connect
with persons in your field or related fields. Essentially, social media can open individuals to a myriad of possibilities. These include; Social - Meeting new people and connecting with old friends Professional - Kick-starting that career, business or landing a new job Personal - Maybe find “the one” or use many inspirational stories and quotes to aid in personal development.
Thus, there is possibly no limit as to what social media can or contribute to a person's life.
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