In the Caribbean, and especially among the young and female population, the word 'weave' conjures up an image of synthetic hair and hairstyles. Not so for Bernadette Francis, originally from Montserrat, who has made the Caribbean islands of Antigua her home and business location....
Who is an Agri-preneur?
- - - one who starts a business based on an idea(s) and puts together an organization, taking risks and hoping to earn a profit...
Entrepreneurs, Entrepreneurship and Business, Sajjad Hamid, Small Business Consultant, Trinidad
Extract from "'Entre' & 'Prende' Magazine"
…a chat with Sajjad Hamid, Small Business Consultant, Trinidad
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e&p:
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what is your simplest description of an entrepreneur?
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SH:
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they are like the ‘insects’ in the business world. They are in every nook and cranny; we will find them in every aspect of our lives…
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e&p:
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are there any key characteristics of an entrepreneur?
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SH:
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Researchers have come up a top-10 list: they must be calculated risk takers, highly charged, have tenacity, must be resourceful, curious, creative, flexible/adaptable; must be well-organised, future-thinking and opportunity-driven.
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e&p:
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Wow! that’s a tall order! How does one actually ‘entre’?
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SH:
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With an idea! A creative mind produces lots of ideas and hopefully some solid business ideas. You will definitely need a positive attitude; hobbies and strengths that can convert into business is a good start, and the ability to spot what is ‘missing-in-market’ is even better.
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Will a score of 10/10 and a good idea guarantee success? |
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Nothing is sure in the business world and while entrepreneurship is a road that is filled with good and bad experiences, it does offer many benefits. And that’s where good planning comes in- it’s always better to make mistakes on paper that try to make business happen by guess-work. That’s where the ‘business plan’ comes in.
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We hear the word 'entrepreneur' being frequently used and ask who really is an entrepreneur? A simple explanation is one who starts a business based on an idea(s) and puts together an organization, taking risks and hoping to earn a profit.
Entrepreneurs (especially the micro-entrepreneurs) are like the ‘insects’ in the business world. They are in every nook and cranny. We will find them in every aspect of our lives. Late at nights and early on mornings you will discover the mobile food seller open while the larger businesses (who boast of great service) closed. They can survive and thrive even though their larger counterparts have a huge cost and resource advantage. Small is really big. Big here means a big advantage in terms of service, uniqueness, innovativeness and flexibility. However, the power of small business comes from the character of the entrepreneur.
Who is this entrepreneur? Researchers have come up with a list of 10 character traits.
1. Calculated Risk Taker. Do you 'take the bull by the horns', take risk? This is a prerequisite for achieving goals. Entrepreneurs are intelligent risk takers who weigh the risks, explore ways to reduce it and calculate if the expected returns match the level of risk. The higher the risk, the higher the return!
2. Highly Charged. Do you have a passion or a strong drive that moves you to do things and overcome obstacles? Entrepreneurs are not easily deterred in pursuit of their dreams and are ready when the right opportunity presents itself.
3. Tenacity. Are you a 'bounce back/pick-yourself-up from a bad experience/failure' person? This is linked to the motivation. A bad incident does not spoil an entrepreneur’s plans. S/he does not see ‘problems’ but sees hidden opportunities, looking for a better way.
4. Resourcefulness. Can you 'make do with what you have' and use imagination to maximize its potential? Michael Dell (founder of Dell computers) used his apartment to start his business. Willies’ (of Willies’ Ice Cream in Trinidad) used a box cart as his first retail outlet. Many entrepreneurs will start their business from their garages and homes.
5. Creativity. Do you think 'outside the box' and see the world differently? This ability will uncover ideas that can be converted into business opportunities, creating customer benefit from products and services. Innovativeness is one trait that Entrepreneurs must be innovative. Extremely innovative entrepreneurs are the pioneers.
6. Future thinkers. Can you read the trends and see the writing on the proverbial wall? What are the trends in eating habits, and how can they be converted into a future business for agricultural products and services? Future thinking is important to stimulate new ideas and drives new opportunities.
7. Love for fuzziness. Are you undaunted by unresolved issues and ambiguity? Successful entrepreneurs tend to work out or work around these using their creativity to find solutions.
8. Flexibility. Do you find coping with a changing situation difficult to do? Entrepreneurs expect that things are constantly changing and adapting is essential to success. They also try to expect the unexpected and make plans to deal with it.
9. Well-Organized. Can you sort out and sort though the pile of information and place it in clear perspective? Entrepreneurs have focus and put first things first. They also know that they have to put together all the pieces in a well structured way so that it works as a product or a well oiled organization.
10. Opportunity driven. Are you the one who can see an opportunity when everyone else sees a problem? While others grumble in morning rush hour traffic to Port-of-Spain, an entrepreneur will ask -how many travellers did not have breakfast? Breakfast on the way to the city could be a big opportunity. Would a mobile food cart offer benefit to hungry commuters in traffic? Sit and eat in traffic!
Nothing is sure in the business world and while entrepreneurship does offer many benefits entrepreneurship is a road that is filled with good and bad experiences. It is not all a bed of roses. One must take full consideration of some key issues before making the entrepreneurial leap.
The most frequently stated disadvantage of entrepreneurship is the long, hard hours, especially during the start-up period. Other disadvantages include:
- losing your money: You can indeed lose your shirt. When you work for someone all you can lose is your job. The founder of CNN, Ted Turner and Real Estate developer, Donald Trump, have both declared bankruptcy. This is the worst case scenario. Entrepreneurs need to have plenty of ‘belly’ and this issue is the one that deters many from taking the leap.
- earning low income: You may not lose all your money but you may end up having a low level of profitability. The opportunity may not be all that big or the cost of operating maybe too high.
- working long hours: Entrepreneurs seldom work 8.00 to 4.00. They work late hours, weekends and public holidays are the best for doing the things they can’t do during the normal work week. This can sometimes led to health issues later.
- growing stress: There is a high burden that entrepreneurs carry. It’s the financial, social and career risks. Could I make this month’s wage bill? Will the neighbours say I going bankrupt? Will I fail and have to look for a job?
Whether or not you have a perfect score '10-out-of-10', Hamid cautioned that one should consider and weigh carefully the pros and cons before starting up business.
