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The other reasons why business fail in Jamaica

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  • 1. 7 Other Reasons Why Business Fail in Jamaica Presented at The Development Bank of Jamaica SME Conference November 13, 2013 Leahcim Semaj, PhD
  • 2. Mobile: 876.383.5627 Skype: LSemaj Office: 876.948.5627 Twitter: LSemaj Email: Semaj@LTSemaj.com Facebook: Leahcim Semaj Blog: TheSemajMindSpa.Wordpress.com www.SlideShare.net/LSemaj 2
  • 3. “We have all that we need to create what we want because all the resources we need are in our minds” Theodore Roosevelt 11/12/2013 3
  • 4. Why Business Fail in Jamaica  1. Post slavery laws forbidding Black people from doing business  Mothers and Wives  2. Your DT Degree  What did your parents do?  3. Poor Understanding of what people want and who is willing to pay for  4. Limited knowledge of how money works  5. Forgetting how Human Capital and Social Capital built rural Jamaica  6. Ignorance of the work of Adam Smith - 4 Capitals  7. Lack of Standard Operating Procedures (SOPs)
  • 5. 1. Post slavery laws forbidding Black people from doing business
  • 6. 2. Your DT Degree What did your parents do?
  • 7. 3. Poor understanding of what people want and are willing to pay for
  • 8. 4. Limited knowledge of how money really works
  • 9. 5. Forgetting how Human Capital and Social Capital built rural Jamaica Human Capital Social Capital
  • 10. 6. Ignorance of the work of Adam Smith - 4 Capitals The 4 types of Capital 1) useful machines, instruments of the trade 2) buildings as the means of procuring revenue 3) improvements of land 4) human capital 11/12/2013 10
  • 11. 6. Lack of Standard Operating Procedures (SOPs) In any year Business Format Franchises report a success rate of 95% in contrast to the 50% failure rate of new independently owned businesses Where 80% of all businesses fail in the first 5 years, 75% of all Business Format Franchises succeed! 11/12/2013 wwwLTSemaj.com 11
  • 12. Everything is either an opportunity to grow or an obstacle to keep you from growing You get to choose Dr. Wayne Dyer 12
  • 13. With Good Leadership, Any Problem Can Be Solved William R. Rhodes
  • 14. The Way Forward “It is not the strongest of the species that survives, nor the most intelligent, ” Charles Darwin (1809-1882) 14
  • 15. CHANGE A BEND IN THE ROAD ONLY MEANS THE END OF THE ROAD... ...IF YOU FAIL TO MAKE THE TURN 15
  • 16. Mobile: 876.383.5627 Skype: LSemaj Office: 876.948.5627 Twitter: LSemaj Email: Semaj@LTSemaj.com Facebook: Leahcim Semaj Blog: TheSemajMindSpa.Wordpress.com www.SlideShare.net/LSemaj 16