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EDITOR’S NOTE n times of economic despair, the best countries assemble their greatest minds and seek solutions. Here in Barbados we are neither bereft of ideas nor brilliant minds, and we never were, so what is the reason for the country’s economic downfall and slow recovery? This issue of Work & Wealth offers analysis of the current situation and sheds some light on where the country is faltering, both internally and globally. In contrast, there will be a range of positive tips and anecdotes on the oft-discussed topic of entrepreneurship and business startups. We will also reveal some of emerging technologies and markets that are best placed to provide opportunities for reviving the local business sector, as we come to grips with the effects of economic downturn. There will be a look at how the recession, often seen and misrepresented as an antagonist, can actually provide local and foreign investors with several openings, once systems conducive for growth are facilitated by the bureaucrats of this country. For the island to diversify its offerings and become less reliant on the season-dependent tourism industry, certain changes will need to be made with the current archaic culture that has gripped our economic growth in a stranglehold. Even though we are acknowledging a much-maligned topic, I hope you appreciate the need to address and advocate a shift from the suffocative measures of the regulatory “red tape” being enforced on the country’s business sector. With this latest offering we have sought to impugn what has been passively accepted as the norm, by seeking feasible alternatives to the existing status quo on the island. I hope it sufficiently informs and inspires you to be a cog in the country’s wheel as we collectively work toward the financial growth and independence that our forefathers envisioned nearly half a century ago. Regards,
Editor
Publisher: Vivian-Anne Gittens Editor: Tyson Henry Advertising Manager: Paulette Jones Writers: Tyson Henry, Nick Nunes Illustration: Shad Spencer Design/Layout: Paul Bailey – Imageworx Advertising Executives: Kelly Johnally – Tel: (246)430-5519 Email: kellyjohnally@nationnews.com Yvette Berry – Tel: (246) 430-5521 Email: yvetteberry@nationnews.com
Printers: Printweb Caribbean Ltd (246) 434-6719
Work & Wealth is produced by The Nation Publishing Co. Limited; a subsidiary of The Nation Corporation, which is a member of the One Caribbean Media Limited (OCM) group of companies. For general info email: work&wealth@nationnews.com. Every effort has been made to ensure that the information contained within this magazine is accurate, however, The Nation Publishing Co. Limited cannot be held responsible for any consequences that may arise from any errors or omissions. This publication cannot be copied in whole or part without the explicit permission of the publisher.
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CONTENTS
BUSINESS IN BARBADOS IS AFFLICTED WITH MANY PROBLEMS, AND AT THE TOP OF
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THAT LIST IS THE
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Emerging Tech The physical and digital worlds continue to fuse.
STRINGENCY OF BUREAUCRACY
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App Engineering In the last ten years, the world has seen software deals and megamoguls made out of the ether, or rather the interconnectivity of the Internet and advanced communications applications.
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Viability of the Food Truck Industry Simply put, a food truck is like a restaurant on wheels. It, however, has several distinct advantages over a traditional restaurant.
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Effects of Bureaucracy on Entrepreneurship Entrepreneurship is one of the oldest activities worldwide. People have for centuries tried to develop different strategies, using them to sell goods, services or ideas, thus contributing to the emergence of the first forms of entrepreneurship.
16 Digital Dollars Digital dollars such as Bitcoin and Litecoin have gained more than just popularity but have advanced to nearly outrageous exchange rates compared to centralized, country-based, currencies.
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Tips for Honing Your Entrepreneurial Skills When starting out in business, you may be able to fumble your way to short-term success if you have a good product, coupled with a decent amount of business savvy.
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6 Traits of the Perfect Boss & Perfect Employee While some authority figures seem to have a natural gift for motivating people, others can make life miserable for employees,
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My First Job
A first job may not be a career path, but it certainly provides a novel learning experience that can impart information regarding the wide world of the workforce. 4
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Emerging Tech
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by Nick Nunes
THE PHYSICAL AND DIGITAL WORLDS CONTINUE TO FUSE.
ourteen years into the 21st century the human race is showing no signs of slowing when it comes to making science fiction a functional reality. From the spread of invention and the public interest in breaking through new markets and reinventing old ones, the world is becoming more connected with the potential for unforeseen greatness even in comparison to the imaginations of foregone forward thinkers. The world is now seeing an embrace of the technological with the physical as advances are made in every sphere from medical to construction and everything around and in between. The physical and digital worlds continue to fuse. As the uplink of the material to the intangible spreads, real-time information is transferred in droves from traffic signals, news networks, personal searches, satellite signals, and the like into a conglomerated wealth of informative and interactive systems.
VPNs (system securities) Virtual Private Networks (VPNs) are an invention for the safeguarding of human activity in the digital world. With the shattering news delivered from Edward Snowden of a globally pervasive spy network by the National Security Agency and Government Communications Headquarters, personal privacy is the taboo topic that everyone has now become wildly concerned over. George Orwell would probably wake from his 54-year peace with anger, shouting that his novel 1984 was a warning not a suggestion for a completely monitored and machined future. A VPN is a service that extends a private network across a public network, like the Internet, to keep private whatever an individual transpires through the ether. A VPN allows a user to send and receive data across shared or public networks as if directly connected to a private network, while benefiting from the functionality, security and management policies of a private network. This enhanced security comes with different levels and at an appreciable cost depending on the service purchased and the amount of safety you wish to be guaranteed.
WITH THE ADVENT OF 3D PRINTING, THE CONSUMER CAN BECOME THE MANUFACTURER.
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3D printing (construction, bioimplants, weapons, everything) Cost effective and green means have been the cries of the last few years. With the advent of 3D printing, the consumer can become the manufacturer. From the bioprinting of cloned lungs to the creation of massive machines capable of printing an entire house, the ideals of the 3D printer are almost on par with the instant gratification typified by the movies of yesteryear and even today. With costs that have dropped more dramatically than most new tech to date, 3D printers can be purchased for as little as US$200 (BDS$400) and can print in an unimaginable array of materials. From superstrong plastic polymers to biologically cloned material all the way to the printing of aluminium and concrete, the world of consumer creation is at the front of the line for every market across the globe. Researchers have already printed functional organs used for transplants that are made up of the recipient’s own
Work & Wealth genetic code. Even a mammoth machine that can print a house without missing spaces for electrical and plumbing inserts has broken the news that you can have a new house in just 20 hours. The printing world is only tethered by the length of human creativity, even metals can be pulverised into powder and have already been used to print a functional classic 1911 pistol. Even more in the realm of altruistic humanity, many designers have worked together to make free and available the design for prosthetics to be cheaply made with 3D printers, customisable around the world and to individual need.
Interconnectivity (one device to rule them all, wireless world) The world has already beheld wireless technology for the past 100 years. Nikola Tesla, the Serbian sensation from the 19th century, already proved the possibility of wireless transfer of more than information but electrical power. One hundred years later, the world is still taking baby steps to reclaim the genius of Tesla. WiTricity, a start-up company, is already on the ball with the developing of wireless resonance technology. By placing a resonator in a room, the company creates a magnetic field through which electricity can be wirelessly conducted with complete safety, quite similarly to the way a modem’s Wi-Fi signal is transferred. Imagine a world where all cars are electric and never need a pit stop for fuel, where phone batteries never die and where power is free and ubiquitous. That is the shocking plan that our planet is powering towards. Wearable tech (watches, glasses, contacts, bracelets, and so on) Apple has already come forward with its fitness bracelets and Samsung with its smart watches, most impressively we already have Google Glass on the market for an integration of reality and the virtual overlaying of the digital world in real time. Beyond these innovations, scientists at the University of South Carolina have found a way to turn cheap T-shirts into a supercapacitor capable of charging your devices while on the move. The integration of technology and human life has even gone a step further since Google has announced its project for contact lenses that can help diabetics track glucose levels. Moreover, optical implants and cybernetic exoskeletons are already on the market for the enhancement of human abilities whether for rescue workers or the disabled. The world is seeing the exciting combination of man and machine and cyborgs are no longer things of fiction as Robocops could literally be on their way.
Biotech (human and flora) Recently, scientists have made strides in the applicable nature of graphene and nanotechnology. Presently, scientists are attempting to use nanobots, smaller than blood cells, to infiltrate and treat cancer without invasive surgery or the pumping of poison (chemotherapy) into the system. In the very soon to be present era, human illness could be a thing of the past or at the very least a simple pill of invisible nanites away from a cure. Going even further than augmenting the human condition with the ideal of a better mankind in the future, researchers have widened their grasp to the natural world of things that grow around us. For centuries, genetic selection of plants and interbreeding have been able to create some lifesaving strains of wheat and other crops to the benefit of millions. Always reaching above the bracket, a team of chemical engineers and biochemists, earlier this year, managed to change how plants work. This year has seen the advent of bionic plants. Back to the advent of graphene and its myriad of purposes, the carbon creation can be used as a superconductor and has displayed the ability, when nano particles are injected into a plant, to increase the photosynthetic ability of the plant by 30 per cent. From the complete mobility of technology to the integration of tech with human apparel and even the body, science has now extended to the increasing of potential in the kingdom of fauna. The excitement lying ahead for the agricultural community is already on the crest of the coming years.
Crowdfunding (Kickstarter over corporate shareholders) Kickstarter.com, launched in April of 2009, is a platform for invention to be brought to the masses by the nuanced ideal of crowdfunding. “Where projects come from . . . . Each and every Kickstarter project is the independent creation of someone like you,� is plainly read on its website. And with over US$1 billion (BDS$2 billion) in pledges from 5.7 million donors to fund 135 000 projects such as films, music, stage shows, comics, journalism, video games, restaurant start-ups and tech invention, Kickstarter is showing the world that creativity is the only hurdle in garnering support from a massive online community. Rather than seeking out investors to take a risk on your creative ideas, Kickstarter offers the opportunity to fund your project based on the mass appeal of your creation. If the world wants your product, then Kickstarter and other such crowdfunding means could be the spur to embracing your inner entrepreneur. AP R IL 2 014
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THE $19 BILLION FACEBOOK PURCHASE OF WHATSAPP IS ENOUGH TO MAKE MOST COUNTRIES BLUSH WHEN COMPARED TO A NATIONAL GROSS DOMESTIC PRODUCT (GDP). ICELAND’S ENTIRE NATIONAL GDP IS $13 BILLION, MOREOVER BARBADOS HAS A GDP OF $7 BILLION.
App Engineering
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by Nick Nunes
n the bustling world of technological advances and the make-up of the 21st century being geared more and more towards a science fiction future, nearly the entire sphere of jobs available require innovative thinking and more than a little creativity to jump-start a profitable enterprise. In the last ten years, the world has seen software deals and megamoguls made out of the ether, or rather the interconnectivity of the Internet and advanced communications applications. One of the realms that has not seen great interest with the Barbadian public is the potential to delve into the creation of applications for smartphones and tablets. Today, it is more reasonable to assume that 95 per cent of the population is either carrying a smartphone or has relatively quick access to a device with similar capabilities. It begs to reason that since the market the world over has been saturated with nearly instant millionaires due to the creative easing of lifestyles via a myriad of applications, Barbados should be on board to keep up with the direction of the game afoot. Taking a look into the very recent dealings, we see the innovative backlash that comes from missed opportunities. When Jan Koum, creator of WhatsApp, and co-founder Brian Acton applied for jobs with both Twitter and Facebook back in 2007, and failed, who would have though the pair would skyrocket to billionaire status just seven years later. The US$19 billion (BDS $38 billion) APRIL 2014
Facebook purchase of WhatsApp is enough to make most countries blush when compared to a national gross domestic product (GDP). Iceland’s entire national GDP is US$13 billion (BDS$26 billion); moreover, Barbados has a GDP of US$7 billion (BDS$14 billion.) The app market is literally rife with potential to make literal overnight millions. With creativity, functionality and a little luck in viral marketing there is no limit to virtually winning a title on Forbes richest. The realm of app creation is nowhere near an exclusive leap for most. Young Barbadian Anthony Taylor has an app to his name as well. “I got the idea a few years back when the bus system went on strike and I had to walk everywhere. After they came back, I noticed that I was always arriving later at school because instead of walking I was waiting for the buses not knowing when they were really coming. So, that’s what gave me the idea,” said Taylor, who envisioned the London On Time app. Creating an app takes time and a little bit of know-how but help isn’t hard to find in that sphere. “I had started to write it myself and was making small strides, but then I had sent out an email to the computer science department to see if anyone wanted to work on a project during the summer and my current partner got back to me, Dan Martyn,” he said. “To get the app off the ground was amazing; to get it launched was a big step. Then the following days with all the media coverage in
Work & Wealth
THE APP MARKET IS LITERALLY RIFE WITH POTENTIAL TO MAKE LITERAL OVERNIGHT MILLIONS. WITH CREATIVITY, FUNCTIONALITY, AND A LITTLE LUCK IN VIRAL MARKETING THERE IS NO LIMIT TO VIRTUALLY WINNING A TITLE ON FORBES RICHEST.
Anthony Taylor (left) and Dan Martyn showing two functions on their London On Time app on smartphones.
terms of radio, newspaper, and TV, it was crazy to see something I’ve made take off so far. Getting over 1 000 downloads a day and pushing my app to rank two for navigation. Being able to see my app on the front page of iTunes when I opened it up was crazy,” Taylor said. It had taken seven months from conception to creating a published product. Taylor receives reports on the app and the team works on bugs when they arise, but knowing something you created gets used 190 000 times a week or 675 000 a month is a pretty impressive reward. “We gave it away for free to build a user base first,” he said. “Super easy, you don’t need to go to school or get any special training. With the Internet and a few well written books, you can start making your own apps. If you have an idea you think is good, you have every resource to make it yourself.” It could be as easy as that to start a side project and reap both abstract and financial benefits from the process. We’re in a time where cyber invention is one of the easiest things to break into. The Internet has several lifetimes of knowledge available to all. With a little good research and some well placed creativity, your side project idea could branch into a bankable business.
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Food Truck Industry a Viable Investment
by Tyson Henry
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imply put, a food truck is like a restaurant on wheels. It, however, has several distinct advantages over a traditional restaurant. A food truck can go to where the customers are and because of its size and mobility, it has significantly lower overhead costs compared to a restaurant and requires far less staff. Due to its continued growth in popularity, Forbes described the food truck business as a viable business opportunity. In the last couple of years, consumers worldwide have increasingly turned to mobile food trucks for breakfast, lunch, dinner and snacks in between. An industry survey by market research organization IBISWorld estimated the annual revenue from food trucks in the United States to be around BDS$2.4 billion in 2009 with 8.4 per cent annual growth rates from 2007 to 2012. If you’ve always dreamed of owning your own restaurant, there can be some real financial advantages to starting with a food truck, primarily because the initial investment is a fraction of opening a restaurant. Take the following tips into consideration before plunging into the industry. While it is
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rewarding, the food truck industry, like all labour-intensive businesses, can be gruelling.
Get licensed Nothing is simple in the small business world, and you can’t just drive a food truck or set up a cart wherever you’d like. Here in Barbados there are various requirements, including certificates from the ministry of health, truck permits and parking restrictions.
Purchase a vehicle Sounds simple, but everything simple isn’t necessarily easy. Here in Barbados, the best bet is to purchase a sizeable, high-roof panel van and have it retrofitted. If your budget is stringent, this solution will be significantly cheaper than trying to purchase and import a food truck. Never forget that the health rules and restrictions for food trucks are similar for restaurants so your vehicle will need expensive specialty equipment. Before settling on a truck or cart, plan exactly what you’ll need to run your business. If you intend to sell pizza or other
Work & Wealth
THE KEY TO SUCCESS IN THIS BURGEONING BUSINESS SECTOR IS FINDING YOUR OWN NICHE AND ESTABLISHING A BRAND THAT CAN BE FOLLOWED. hot foods that you’ll need to prepare on-site, you’ll need a large truck. Alternatively, if you can prepare food in advance in your home or commercial kitchen, then you can significantly cut expenditure by acquiring a significantly smaller van that is equipped for warm and/or cold storage.
Find a niche Where possible, try to avoid traditional Bajan staples. What makes food trucks special worldwide, along with their mobility, is the fact that they serve cuisine from other countries, sometimes with their own unique twists added. The key to success in this burgeoning business sector is finding your own niche and establishing a brand that can be followed. Conduct research to find out what’s already served in your target location and then design your own menu.
Formulate a business plan and get financing Just like with any other business, you will need to dedicate time and research to your business plan. In order to secure a loan, it will be requisite to research the costs of permits, cleaning equipment, ingredients and other miscellaneous items as well as figure out how much you’ll need to sell every month to make a profit. Unless you are fortunate to find an owner-financing option for your truck, you will have to go to a financial institution (bank or credit union) for capital to finance your small business. Figure out how much of a down payment you can
afford and how much interest you’ll owe over the course of your loan.
Get connected Do not be lulled by the false perception that the food truck business is just about setting up in crowded areas during lunch. You can also generate brisk business by catering special events and corporate functions. Event planners will pay you to be on their property during an event so the attendees will have access to good food.
Utilise social media The most successful food truck entrepreneurs around the world are the ones who consistently make use of social media opportunities to connect with their customers and generate buzz. You can keep followers informed of your location through your Twitter, Instagram and/or Facebook newsfeed. Other tools give you an opportunity to interact with your fans and supporters by allowing them to vote on new menu items or help you decide the next weekly special. From an entrepreneurial standpoint, food trucks have a lower overhead than restaurants and can be moved if one location does not generate enough business. Rather than having to determine where to open a restaurant and worry about the costs associated with ideal dining locations in Barbados, you can actually drive to wherever the business is likely to be lively.
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Effects of Bureaucracy on Entrepreneurship in Barbados
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by Tyson Henry
he business sector in Barbados is afflicted with many problems, and at the top of that list is the stringency of bureaucracy. At the global level, entrepreneurs face different bureaucratic regulations that significantly influence and affect the interest in investing in certain regions or fields. Red tape refers more explicitly to the administrative work associated with regulations. The notion of red tape originates from the 19th century when official documents associated with regulations issued by the British government were tied together with red tape. What is then the difference between regulation and red tape? Entrepreneurship is one of the oldest activities worldwide. People have for centuries tried to develop different strategies, using them to sell goods, services or ideas, thus contributing to the emergence of the first forms of entrepreneurship.
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BECAUSE OF THE OUTDATED BUREAUCRATIC IDIOSYNCRASIES AND ITS EFFECTS, CONDITIONS IN THE FORMER BUSINESS HUB ARE NOW LESS THAN OPTIMAL FOR ECONOMIC ACTIVITIES, BUT THE ISLAND’S FORTUNES CAN BE REVERSED. According to the head of the Barbados Private Sector Association, Alex McDonald, the fear of victimisation is preventing private sector players from speaking publicly on national matters such as regulations that concern them. The result of this passiveness, he said, would stunt the ongoing growth agenda and the new thinking which was necessary in the current environment. McDonald said there was a perception that “If we challenge the status quo that we’ll be punished either commercially or socially, and that the biggest fear for business, both big and small, is that if they rock the boat there will be a swift and sure retribution for daring to be critical of the system”. Barbados’ history has chronicled a plethora of entrepreneurial exploits ranging from small manufacturers to larger companies, but our inefficient systems have stunted the growth of some, if not most, and effected the demise of others. In spite of the current recession, upon which much of the downturn is often scapegoated, there have been concerted efforts by various aspiring and existing entrepreneurs to start businesses, but for them to thrive, they must receive support.
Work & Wealth
Charting the Future: Introducing Solar Powered Charging Ports and Electric Vehicles to the Island. Inset, Simon Richards and Joanna Edghill.
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How Barbados ranks on doing business topics
BARBADOS SLID SEVEN PLACES DOWN THE WORLD BANK’S 2014 EASE OF DOING BUSINESS RANKINGS TO 91 OUT OF 189 COUNTRIES. Most empirical studies find that business regulations have a negative effect on the amount of entrepreneurial activities in an economy. This island’s problem therefore is not a lack of ideas – it is the bureaucracy which has facilitated a dearth in the infrastructure needed to incubate the various concepts and help them materialise. There are many possibilities for developing business in areas such as agriculture and tourism. More importantly, it is well known beyond these shores that the country is replete with potential in the agricultural and tourism sectors. Still, there have been several cases of the country being stuck in a fledgling state when it comes to being a haven for foreign and even local private sector investment. For all its destructive power, and in spite of all the people who claim to abhor it, bureaucracy has still largely remained unscathed. Indeed, the bureaucratic phenomenon is present worldwide, including the United States and countries in Western Europe, but in the case of Barbados the effects of bureaucracy have resulted in a competitive disadvantage when it comes to attracting investment. Barbados slid seven places down the World Bank’s 2014 Ease of Doing
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Business rankings to 91 out of 189 countries. The ranking, which places Barbados well below St Lucia (61) and Trinidad and Tobago (66), is calculated as the simple average of the percentile rankings on each of the ten topics included in the bank’s Doing Business 2014 index: • Starting a business
• Dealing with construction permits • Getting electricity
bureaucratic idiosyncrasies and its effects, conditions in the former business hub are now less than optimal for economic activities, but the island’s fortunes can be reversed. Our economy and our reputation in the business world will resurge if we:
• Registering property
• Implement an integrated email system for Government institutions
• Getting credit
• Increase transparency
• Protecting investors
• Revamp the performance review system for civil servants to help eliminate corruption
• Paying taxes • Trading across borders • Enforcing contracts • Resolving insolvency At an uncomfortably rapid rate, Barbados’ image has suffered in front of the investors and its future entrepreneurs. Because of the outdated
• Improve hiring methods to attract well trained personnel motivated to work in public institutions • Reduce the number of documents required to open a business • Integrate more efficient communication linkages between Government institutions
Work & Wealth
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Digital Dollars
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by Nick Nunes
ne of the hot button topics today is the advent of cryptocurrencies. Though not an entirely new creation, digital dollars such as Bitcoin and Litecoin have gained more than just popularity but have advanced to nearly outrageous exchange rates compared to centralized, country-based, currencies. Digital currencies are peer-to-peer based systems of payment that don’t depend on a centralized government to dictate worth but more on the demand and supply of the currency being used. These systems are referred to as cryptocurrencies because they use cryptography, a technique of secure communication, to create, control and transfer the digital coins.
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Cryptocurrencies like Bitcoin can be bought or earned by using computers to solve math equations, a process called mining. The worth of a cryptocurrency is very much dependent on the total of one type of currency. The total available Bitcoin is somewhere in the 12 million range making its current market cap around US$5 billion (BDS$10 billion). Though in the beginning of this year Bitcoin soared to near US$1 000 (BDS$2 000) to 1 Bitcoin, the exchange rate has been sitting pretty comfortably at about half that for several weeks. Like Bitcoin, Litecoin has a total supply of 27 million, making it more like the silver to Bitcoin’s gold, Litecoin’s market cap being in the neighbourhood of US$311 million (BDS$622 million). With all the publicity of the ups and downs of cryptocurrencies, many people have become
Work & Wealth
LITECOIN HAS A TOTAL SUPPLY OF 27 MILLION, MAKING IT MORE LIKE THE SILVER TO BITCOIN’S GOLD, LITECOIN’S MARKET CAP BEING IN THE NEIGHBOURHOOD OF $311 MILLION.
intrigued and some have even found that since purchasing or mining Bitcoin in the early days that the investment was more than a good bet. Bitcoin was the first cryptocurrency spawned in 2009 and has only really taken off in the last two years to the point of being taken very seriously by international businesses. Electric vehicle company Tesla Motors, owned by Elon Musk, is one of the many companies that has gotten on board with the crypto craze. More recently, the United States’ Internal Revenue Service (IRS) has stated that cryptocurrencies should be treated more like property rather than currency. Gabriel Abed, a high proponent of Bitcoin in Barbados and Trinidad, said: “The current ruling by the IRS does place a notion on Bitcoin making it more like an e-gold and akin to bonds/stocks in terms of taxation. However, their ruling should not be used as pure classification and should not allow the actual use or functionality of Bitcoin to be limited.” Abed is invested in the mining process that accrues Bitcoin for investment and potential online trading without the burden of a centralized controlling force. “Stocks are centralized for starters and have a private issuer. CCs [cryptocurrencies] don’t; the IRS’ classification in my opinion is misguided and will require a change in the near future due to the limitations placed on an open instrument,” he said. Many people stipulate that the reason for the IRS decision
is due to the belief that cryptocurrencies are the main form of payment used for illegal activity such as the recently shut down Silk Road. Part of the appeal of CCs is exactly that, the anonymity. The European Banking Authority has warned that Bitcoin lacks consumer protections. Bitcoins can be stolen and chargebacks are impossible. But many will say, the greater the risk the greater the reward. Whether the future will see the end of centralized and segregated economies in favour of a currency controlled by the digital world rather than national dependence is hard to speculate on. For the time being, there are CCs out there that are worth less than a dime a dozen, like Ripple which is worth US$0.008 (BDS$0.016), and on the other side of the spectrum is 42Coin, at the time of writing this article it was worth US$44 000 (BDS$88 000), and Bitcoin, currently worth US$444 (BDS$888). It shouldn’t be difficult to imagine a world completely run by digital money. It can be easily conceptualized when simply looking at the current figures of external debts compared with how much physical money actually exists. Maybe one day the economy will move past a need for any sort of currency and progress to a more utopian, Star Trek-esque world. For now, you can either join the hype and enjoy the potential rewards, or straddle the sidelines of the cryptocurrency craze. Either way, interesting things are constantly happening in our very dynamic world. AP R IL 2 014
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How to Hone Your Entrepreneurial Skills by Tyson Henry
FIND WAYS TO TEST EVERY IDEA BEFORE LAUNCHING IT. WITH THE INTERNET, TESTING AN IDEA CAN BE INEXPENSIVE AND SIGNIFICANTLY EASIER THAN BEFORE.
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hen starting out in business, you may be able to fumble your way to short-term success if you have a good product, coupled with a decent amount of business savvy. If you want to experience longterm success, however, there are some disciplines you must learn and execute. Conducting market research Doing market research will provide you with key information about the industry in which you operate and help you gauge the feasibility of your idea. It will also help you develop your business plan and adapt it over time. Adequate market research includes, at a minimum, the following areas:
• Industry: trends, main competition, growth rates and sales figures
• Competition: profile your competitors, examine the good and bad points about their operations
• Target customers: their demographics, geographic locations and profile synopsis
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Testing your ideas Starting a new business or launching a new product can be intimidating, but it can also be very exciting. When untempered, however, this excitement can be a recipe for failure because it pushes naive entrepreneurs to overcommit time and resources on untested or unproven ideas. Find ways to test every idea before launching it. With the Internet, testing an idea can be inexpensive and significantly easier than before. Search engines and social networks provide a plethora of tools that can be used to effectively test and perfect business ideas, by providing up to the minute data analysis of your performance.
Developing business plans Another important discipline involves proper planning. Creating a business plan in the beginning will raise your likelihood of future success because it forces you to think about and plan for critical issues you will face down the road. Furthermore, there are several mobile and desktop applications and tutorials that make creating business plans much simpler than it used to be.
Work & Wealth
Saving versus spending It’s easy to spend money on a new venture and many entrepreneurs overspend in the beginning. Because it can take a while to get established and begin generating revenue on a consistent basis, it is wise to maintain a cushion at all times. A new business owner should have at least six months of operating costs socked away before going into business.
Negotiating Knowing how to broker deals is one of the most powerful skills an entrepreneur can possess. When opportunities arise, you must know how to haggle for lower prices when buying and shrewdly implement higher prices when selling. If negotiating is not one of your strengths, study the art of negotiating and practice doing it whenever you get the chance. Both the local and the global economies may be in recession, but entrepreneurship is in the air. The barriers that discouraged previous generations’ entrepreneurial aspirations have all but crumbled for today’s entrepreneur. The only viable excuse for not starting a business today is simply that you do not desire to do so. For a business to appear legitimate in the now seemingly ancient days of the 1990s, a business needed a physical location, a copier, a fax machine, an expensive phone system and, if funds permitted, a receptionist. Today all that is needed is a website, blog, or Facebook page, all for free, and a device that is connected to the Internet. Anyone who can leverage today’s hyperconnectivity is at no loss for learning anything. In times of need such as now, the defining factor is not resources, it is resourcefulness. You can use free services like Google, YouTube or podcasts to
quickly gain the knowledge and skills needed to launch your business and an accompanying e-marketing campaign.
Continuing education Whether you do an online course or attend a community college or university, there is no question that education will make you smarter and help you make more strategic decisions in your business. Some of the world’s most illustrious, self-proclaimed college dropouts like Mark Zuckerberg (Facebook), Steve Jobs (Apple) and Richard Branson (Virgin Group) will probably argue that the downside of going to school is losing the time to market, but it is important to note that what works for some, won’t work for us all. Though hugely successful, this model is fraught with risks that need not be taken. Before writing school off, consider the paths taken by similarly brilliant entrepreneurs such as Mark Cuban (NBA’s Dallas Mavericks owner), who balanced and excelled in entrepreneurship and education simultaneously.
Identify trends A good skill to have in a rapidly changing workforce is the ability to see possibilities. David Mason, a serial entrepreneur and one-time senior executive at AOL.com, said that his liberal arts major taught him to scrutinise trends not only in history, but also in business. As an avid student of history, he identified trends that led to various events throughout history. Using his analysis, he was able to dissect the steps that led up to specific events that in turn helped him spot future trends. If you think you don’t have what it takes to be an entrepreneur, think again. Anything can be learned. It just depends on what you are willing to sacrifice. AP R IL 2 014
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FINANCE BUSINESS CAREER
Traits of the Perfect Boss & Perfect Employee by Tyson Henry
EMPLOYEES ARE BEST EQUIPPED TO HELP A COMPANY WHEN THEY WANT TO HELP THEMSELVES HAVE A BETTER CAREER AS WELL.
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est boss ever... While some authority figures seem to have a natural gift for motivating people, others can make life miserable for employees, resulting in lower productivity, lack of motivation and low morale. No one is perfect, so whether you’re an existing or aspiring chief, it is important to continually improve your leadership skills and learn how to become a manager who is admired and respected by employees instead of vilified with expletive mutterings at the mere mention of your name.
Leadership by example Excellent managers lead by example by embodying high ethical standards and setting similar expectations for employees. They then support training to encourage exemplary compliance with the company’s policies, procedures and production. Effective communication Great bosses are able to articulate team goals, objectives and expectations clearly and help employees understand how their contributions align within the big picture. They practice active listening skills, invite questions and participate in effective two-way communication and feedback.
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Team building Effective managers have the skills to build and manage teams and conduct productive brainstorming sessions where everyone is allowed to contribute without judgement, as well as the know how to help teams reach consensus.
Work & Wealth Transparency Quintessential managers engage in open, honest communication that is frequent, relevant and authentic. They build an environment of teamwork and collaboration by reinforcing the importance of workforce diversity. They provide diversity and sensitivity training to help instill those values among team members.
Action-oriented While chances may lead to failure, they will more often lead to success that will in turn build confidence and generate new ideas. Stagnant employees don’t make the company money; action-oriented employees do.
Compassion for employees Outstanding employers make an effort to know employees as individuals and understand the importance of achieving work-life balance. They show compassion and sensitivity to the feelings of others, are approachable on a personal level and make employees feel valued, respected and understood.
Ambition Employees are best equipped to help a company when they want to help themselves have a better career as well. Ambition is what makes businesses innovative and spawns creative ideas.
Industry knowledge Superior heads have knowledge of the business and the industry and know how the work group helps accomplish company goals and objectives.
The picture perfect employee... In a world where thousands of university graduates are being churned out, remember this: employee assessment should not be gauged just by what they know anymore. Information can always be taught. Regardless of industry, pay, age or sex, all ideal employees share some common traits. These include, but are not limited to individuals who can be described as or possess the following:
Intelligence Intelligence is not the only thing, but it’s a strong foundation for success. While there are many variables you can be flexible on when hiring, intelligence is a must or you’re going to be spending an abundance of time proofing work, micromanaging and dealing with heightened stress levels.
Autonomy The perfect employee gets the job done without extensive hand-holding. Managers usually have their own tasks to take care of, so when they delegate activities to their staff they expect and appreciate execution and results, rather than a plethora of questions. Confidence Confidence produces results and encourages employees to take on challenges that others shy away from. This enables them to provide a superior product or service and spawns a workplace culture of improvement and client confidence. Honest An employee can have all the talent in the world but without integrity and authenticity, nothing great will be accomplished. If nothing else, they must be forthright, hardworking and pay close attention to detail.nd pay close attention to detail.
THE PERFECT EMPLOYEE GETS THE JOB DONE WITHOUT EXTENSIVE HANDHOLDING.
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FINANCE BUSINESS CAREER
My
First Job by Nick Nunes
In many countries, youth unemployment has risen more than 20 per cent since the 2008 crisis. Job hopping has become the basis for many young lives and even the progenitors of the Millennials have come to face the flipping of the economic coin. The United States Bureau of Labour Statistics, in a survey, has found that the average job expectancy of Millennials is less than four years. With that in mind, one could extrapolate that the average individual may power through seven to 15 jobs per lifetime. Regardless of how many jobs or careers an individual phases through, first jobs are almost always an experience that is carried for a lifetime. A first job may not be a career path, but it certainly provides a novel learning experience that can impart information regarding the wide world of the workforce. Many individuals spend a lifetime of career changes and become jacks of all trades, but what seems to be the key to finding career satisfaction is the drive to focus upon a niche that can be developed into a worthwhile professional endeavour. David Alleyne, the current president of Sagicor General Insurance in Barbados, is a man that has piloted his career path to an admirable level and has shared his reflection on his first job: Q: What was your first job? A: Customs clerk with the old Fort Royal Garage.
DAVID ALLEYNE PRESIDENT OF SAGICOR GENERAL INSURANCE
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conomic strife is a reality for many people the world over. The rolling wave of financial instability is still washing over most countries that haven’t made drastic changes to their economic structure. Some countries have bounced back, most notably Iceland, due to the way they handled the aftermath of the 2008 crash. However, Barbados is supposed to be a powerhouse leading the crest of economic ingenuity but has seen marginal to zero advancement in the wake of the receding economic tide. The Millennials, or Generation Y (categorised by those born between the 1980s and the early 2000s), have found themselves entering an era where job security and career longevity are far from the norm. In truth, this has become a time of nostalgia and conflagration of the mishaps of previous years to doctor the past into an idyllic time of an economic Eden. Barbados especially has seen the unfortunate rise of brain drain, where young people go abroad for educational purposes then elope to the greener pastures found there.
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Q: How did you get your first job? A: Left school depressed as my first love (flying) was no longer an option (eyesight). Applied to Barbados Shipping & Trading for a job . . . any job. Q: What did you love (or hate) about it? A: Loved the freedom of being on the road constantly, going to Customs and then clearing and driving brand new vehicles back to the garage . . . sweet. I was 20. Hated being a relief cashier. Q: How long did it last (why)? A: Only a year or so. It was never really going to be a career. When I had recovered from my disappointment, I moved on after an opportunity presented itself. Q: What did you learn from the experience? A: Two main things: If anything was incorrect or inaccurate on the customs warrant in respect of the information contained therein or with the calculations for duty, the officers took pleasure in rejecting it completely. You then had to resubmit, causing delays in clearance for the garage . . . not a good thing. This instilled in me the absolute need to always be precise/ accurate in respect of the provision of any information . . . whether to a son or to a board of directors. Also you had to learn to build relationships within Customs to get things done. Two lifelong lessons — the importance of precision and of relationships.
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