Scotiabank in its thrust to develop Small Business and in turn foster Entrepreneurship recently held a Mini-Conference to show participants how ideas can be made real quickly and cheaply. Crucial advice was provided by 2014 President of the Junior Chamber – Abena Agard; winner of the 2014 National Innovation Award, structural engineer Grenville Phillips II and motivational advice from President of the Barbados Economic Society and business consultant, Jeremy Stephen among other key guest lecturers.

Jeremy, who is also the CEO of DaMoola Inc. and a regular on CBC TV 8’s Mornin’ Barbados, advised the entrepreneurs to build a company’s business and reputation first. He cited how this website, Bajan Reporter, developed a distinct rapport with Caribbean nationals in New York far and a prominence above Barbados Today simply by working with Felicia Persaud‘s Hardbeat Communications and her Invest Caribbean Now. In his view, this move has far more currency than looking to borrow or buy equipment for a product or service one may seek to create or supply as an entrepreneur.

The CEO also indicated entrepreneurs should not look to leverage or buy headquarters at the first whiff of success, it’s easier if you rent a building until profits exceed demand and only then would one consider using Real Estate as an investment or owning your own headquarters, since possession of land can be a drain on cash-flow which is crucial as one begins…

Grenville elaborated how the initial investment in your first attempt is not a loss, but an education how to succeed the next time around. He sees Barbadians developing a parallel income as vital if so many people are unhappy in what they do, if one has an alternative then eventually you can create a concern where you can set your own pace. The author says he feels this is what the Productivity Council and the National Initiative on Service Excellence should be showing people to do… {CLICK ON FOLLOWING ICON FOR FULL AUDIO, TABLET OR SMARTPHONE USERS – PLEASE CLICK ON Grenville‘s NAME FOR THE LINK}

Grenville sees, in addition, creating business in Barbados as too complicated and time-wasting, also all Bajans need right away to stop being envious of other successful entrepreneurs and start forging alliances instead so you can learn and build yourself {CLICK ON FOLLOWING ICON FOR FULL AUDIO, TABLET OR SMARTPHONE USERS – PLEASE CLICK ON Grenville‘s NAME FOR THE LINK}

The innovator also thinks just relying on a bank loan solely to forge a new company is not a good idea – Mr Phillips feels a more broad-based approach is needed… Where one’s peers and and fiscal experts apart from potential investors should be conferred with…

Then the really great advice came from JCI President Abena Agard, her suggestions were not for those starting, instead she’s looking at those who are in there and now need to make what they have become better.

In Ms Agard’s view the lesson does not finish there, the next step is teach what you just learned, but too often Bajans want to hide these types of insights for all the wrong reasons {CLICK ON FOLLOWING ICON FOR FULL AUDIO, TABLET OR SMARTPHONE USERS – PLEASE CLICK ON Abena‘s NAME FOR THE LINK}

Abena also advised never be afraid to address complaints, she noted too many times there are companies on Facebook who either delete or ignore concerns from users, the JCI President says it is far more valuable to meet any grouses head on {CLICK ON FOLLOWING ICON FOR FULL AUDIO, TABLET OR SMARTPHONE USERS – PLEASE CLICK ON Abena‘s NAME FOR THE LINK}

In addition, she urged for participants to have as wide a variety as possible, citing how a gas station is extremely versatile in that it not only sells petrol but snacks and other commodities which keep drawing back customers even if they’re a pedestrian {CLICK ON FOLLOWING ICON FOR FULL AUDIO, TABLET OR SMARTPHONE USERS – PLEASE CLICK ON Abena‘s NAME FOR THE LINK}

Scotiabank partnered with UPstart Caribbean, the Public Education Programme on entrepreneurship, this was the second in a series of workshops where participants gained the opportunity to start applying what they have learnt through interactive projects.