Sajjad Hamid
November was the month for entrepreneurs and entrepreneurship. In case you missed the action, there were three main events celebrating entrepreneurship. Each one highlighted the growing hunger for entrepreneurship and, by extension, people’s desire to gain independence and financial security. The world over celebrated Global Entrepreneurship Week (GEW), the Global Entrepreneurship Monitor (GEM) was released and a group local enterprising women pioneered the start of Women’s Entrepreneurship Day (WED).
Global Entrepreneurship Week
One of the biggest event globally is GEW and the host for Trinidad is the Chaguanas-based Youth Business of T&T (YBTT), which is an accredited member of YBI (Youth Business International). YBTT’s role is to encourage the 18-35 year old group to start businesses, assist with training, providing mentorship (a business coach) and financing. They had a number of events through the country in partnership with UWI’s Arthur Lok Jack Graduate School Biz Booster, Civilian Conservation Corp., Junior Achievement, NEDCO, UTT and others.
Global Entrepreneurship Monitor
UWI’s Arthur Lok Jack Graduate School of Business released the latest GEM report, which is an international survey of more than 100 countries and, this year, again T&T was studied.
The news about Trinidad is somewhat mixed; entrepreneurship is viewed positively by the population as many budding entrepreneurs weren’t held back by confidence or fear. According to the GEM report “the biggest enablers of entrepreneurship in T&T are its physical infrastructure, professional infrastructure, and entrepreneurial education provided at vocational and university level.”
On the other side, the report says, “the biggest constraints on entrepreneurship are government policies, entrepreneurial education at lower levels and the transfer of R&D”. It continues by saying that this country needs to focus more on high growth and innovative businesses. I guess no more mini-marts and doubles vendors. The reports suggest if economic transformation is to happen, the nature of entrepreneurial activity needs to change (something for the policy makers to think about).
GEM says that established business ownership in this country is 11 per cent, the average entrepreneur is male, 25-34 years of age, with a secondary school education, who has financed his $10,000 to $20,000 business through personal savings. However, on a global scale, women entrepreneurs have closed the gender gap by six per cent since 2013 on a global scale.
Women Entrepreneurship Day
For the first time, the women had their say with an event celebrating entrepreneurship at the Radisson Hotel. The event was organised with help from the Entrepreneurship Programme for Innovation in the Caribbean (EPIC), partly funded by the Government of Canada and implemented by infoDev (a global entrepreneurship program in the World Bank Group).
Georgina Terry, author of The Amazing Race To Entrepreneurial Freedom, was one of the organisers and said that WED was now celebrated in 144 countries and in 10 Caribbean nations. A number of women guest speakers had tonnes of useful advice for women and entrepreneurs.
Allana Steuart of Bertie’s offered an interesting story of how her family got into the pepper sauce business. One day they found that their yardman had no fridge and found it unbelievable that in 2004 this could be so. Appalled by that finding, they decided to do fundraising and wanted something different from BBQ and Curry Q events. She and Bertie (husband) said they will produce pepper sauce that many had complimented her on. Together with their four children they filled 600 bottles of pepper sauce and, using their home as a factory, sold it and they finally raised the cash to assist their gardener.
The story did not end there as many were asking for more, including two international restaurant chains. Their home soon became a factory and warehouse. There was the challenge of living among boxes, labels and bottles. Despite the issue of sourcing quality papers and packaging, the business has now grown out of their home. Bertie’s can be found in TGI Fridays and other leading supermarkets. And it all started from concern and caring from one woman.
The next speaker by video was Kiran Maharaj, CEO of Caribbean Lifestyle Communications (97 FM, 104FM and Radio 90.5). She advised female entrepreneurs to be imaginative in their marketing, take risks to grow, be observant about your environment and be a knowledge sponge; soak up as much as possible. Most of all she says, women need to believe in themselves.
The event also had HR entrepreneur, Lara Quentrall-Thomas, founder of Regency Recruitment and Resources. Some of her clients include international names like GE, bpTT and IBM. She started her business in her father’s home and was a one-person operation at the beginning. Her experience with her staff was quite interesting. Millennials who comprise about half her staff, were more frank and not afraid to ask pointed questions. Her suggestion is to always treat your staff as customers, as who never know where they will end up.
Quentrall-Thomas as a master networker, had some nuggets for budding entrepreneurs prospecting for clients.
“Since you cannot advertise as big companies do, you should join a chamber or professional associations. This is a cheap way to meet business clients. If you can’t find an association, then start one,” she advised. Then there are numerous networking sessions that are free, but open to the public. She suggests you always ask a question with a small introduction of your company. If you don’t have a question, then offer thanks.
Quentrall-Thomas had some interesting HR strategies to keep your employees happy. What about two days off per week? If they work extra for three days, there is no need for time off to do personal stuff and a great initiative to avoid the Port-of-Spain traffic. She advised guests to delegate. This has allowed her to do social work as a past rotary club president.
Mia Redrick joined the WED by Skype from Maryland and she had the unusual title of The Mom Strategist. Redrick is the author of bestsellers, Time for Mom-Me:5 Essential Strategies for A Mother’s Self-Care and Time for Mom-Me: 365 Daily Strategies for a Mother’s Self-Care.
Can you make money from advising moms?
When she approached her boss about the idea of being a Mom coach, he told her that “validation is for parking lots.” She wanted to have her own business and still take care of her kids and a husband who was on dialysis. What did she do? She called a super successful coach who charges US$1,000 per hour and asked how much time she could get for US$100. She got 10 minutes and the coach showed her how to get started.
She started with a Fortune 100 company and left her book behind, even though she did not have any clients.
Apparently it worked and she got the business.
She advised female entrepreneurs that the, “first transition is you. If you act small, you get small.” Redrick advised: “Invest in yourself, read and take self improvement courses. Develop the right habits as success is about habit.”
Sajjad Hamid is an SME consultant. His contact is: entrepreneurtnt@gmail.com and entrepreneurtnt.com
