Introductory StatementsBoard of Directors, Managment and Staff,The Barbados Public Workers’ Co-operative Credit Unionawardeesspecially invited guestsladies and gentlemen
Lead into my topicI was asked to talk to you todayabout Entrepreneurship, and since I am currently involved with a few start up businesses, I though it would be good to focus on the topic - Taking Hold Of Your Future With an Entrepreneur’s Mindset. I think this topic would relate to everyone here this evening and you will all be able to take something away from itIn this talkYou will learn a little bit about me and we will answer the questions What exactly is an Entrepreneur? What kind of world will you live in?Where does Barbados fit in this world?How to find that Big Idea for your business?How you can get started?I will describe some of the Projects I have done at your age.Tips & ExamplesCongratulations to you - NEXT SLIDEPost the outline?
Congratulations to you!I want to offer you the awardees my own special congratulationAnd I want to also praise the Thrift Club for putting on this event to recognize your achievements.So a little about me – Next slide
A little about me I am currently building my business Drenalin Productions.biz which is focuses on working with individuals and business to bring them into the world of Web 2.0.
I am very involved with the Barbados Entrepreneurship foundation as a volunteer. It was set up to push Barbados to become the #1 Entreptreneurial Hub by 2020. I am co-founder of GramStep with Jeremy Stephen who does the “price of everything” on Morning Barbados. GramStep - This is a community of start up entrepreneurs in Barbados who work together to make sure their individual businesses are successful. One of the things we do, is to get successful entrepreneurs to come and share openly with us and teach us the way of entrepreneurship.GramStep means small steps.How many of you had fun this summer? Here is my fun project for the summer NEXT SLIDE
This was founded by Shamkoe Pile, Selwyne Browne, Nicholas King and myselfWe all formerly worked with BoomTribe and Roamin TV show where we *****Where we interviewed artiste from all over the region. Lil RickMachel MontanoTony Matterhorn Beenie ManBujuBantonVybzKartelYou can see me interviewing Rupee, at his first appearance for Crop Over 2011I am with Kes and his manager at soca on the hill. Core team of Crop over TVSo I had a some fun this summer and I know you are having a good one too because everyone is showering you with gifts and praises now. So let’s get into the meat of the matter now – Next slide
Definition – An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome. WikipediaThe entrepreneur owns the task.They implement the idea They feel the responsibility of it. Essentially,They raise their hand and say I will do it!It is a do are die.RedjetMr burns bet all his money on making low cost travel in the Caribbean a reality. Everyone has been talking about cheap airline travel for a while but it is Mr Burns is the one who put his hand up and said I will do it! Red Jet solves that problem Every business starts with someone saying let us do it. If you are in a group of friends everyone will talk about how great it would be to have an end of summer picnic or Lime but until someone takes that responsibility to make it will happen then it won’t happen. There is also the idea Intrapreneurship - entrepreneurship within a company Here an employee of the company leads the charge to develop a new area of business within the company.e.g. public workers decides they want to set up a young entrepreneurs clubWhere do entrepreneurs fit? – Next Slide
Where do Entrepreneurs Fit In?Entrepreneurs create the businessesEngineers & Scientists are the ones build the productsAccountants keep track of the moneyAttorneys write contracts for the deals that are made & sue peopleMarketers are responsible for attracting the customersGovernments regulate the new industries that are created..What an entrepreneur is not – Next Slide
The entrepreneur is no his own boss The entrepreneur’s has many bosses they are ultimately -their customers shareholders or investors PartnersThere are several people that an entrepreneur is accountable to.Big Benefit of entrepreneurship is freedom to build a business that will contribute to your community and the world.Today we have several businesses who not only focus on making the $,They also focus on working on together on projects to build up their community.Now we are moving on to the Entrepreneurial Mindset – Next Slide
The journey can be a little messy sometimesSteve Jobs has been in the news a lot this week due to his resignation as CEO of Apple. He is a great example to show that even though things get messy if you keep the right mindset and stay true to you vision things can work out.In his career, Steve Jobs was kicked out of the company by the board of directors. He didn’t give up, years later he we back and lead Apple to becoming the dominant force that they are in the world today. Demonstrates the Qualities of an entrepreneurResourcefulnessPerseverancePassionateIndustriousTeachableFAITHFaith was my summer lesson! Blackberry was not working for a while and I could not get it fixedMy computer was already down and I was in the process of getting a new one..I was worrying and depressed for a few days with all this stuff happening, what I realized that life was saying to me. You need to have faith, faith that things will work outWake up every day with full enthusiasm and charge into the future being confident in yourself. Having faith that things will work out. Tough times don’t last tough people do.So now you have a picture of what being an entrepreneur is all about We will now look at :What kind of World will you live in? – NEXT SLIDE
We are in the information age. The changes we are experiencing in moving into the information age are more fundamental than the changes we experienced when we were moving into the industrial age. The world is making a significant shift.One example, from the picture you can see the teacher saying “Those are interesting questions Timmy, I suggest you use your search engine”How we learn is different, It is now more important to learn how to find information and make good use of it.Social Media is changing the way we interact with each other in fundamental ways.We can now keep in touch with family and friends living in overseas in the same way keep up with friends and family living in our country. We can chat Check their photos Their status messagesAnd moreAn animation studio in brazil can now be connected to one at disney in miami as they work together on the next blockbuster projectThis shift is creating some significant changes in the world economy – NEXT SLIDE
Can you imagine living in a world where Africa is one of the richest continents in the world ? At the moment Africa is the continent with highest concentration of rapidly growing economies. 8 of the world’s fastest growing economies are in AfricaJust imagine how your world will be different. I picked this up at a BEF forum where Alan Smith, a Bajan who works at one of the top financial intuitions in the world and is responsible for monitoring global trends made this comment He also said that We will have new world super powersChinaBrazilIndiaHe also mentioned that Ghana – is making big strides in Mobile technologyBangladesh - Low cost Solar PanelsThese countries are becoming places where you are finding innovative products and services that will move the world forward.The corporate world is changing too – NEXT SLIDE
The Corporate world is alsochangingAccording to an ACCA research paperWhere Next for the Global Economy? A View of the World in 2030This article paints a picture that the corporations of 2030 will be a grouping of specialists business who are working together to get the job done… smarter Let us take the hospital for example There might be the hospital which might be made up of individual businesses One providing nursing servicesOffice admin servicesSeveral different ones providing specialist doctors to look after a particular patientsThe nursing service might be an international company that is able to make sure all their nurses are kept up to date with the best practices.We will be putting our heads together literally The Future of Work – NEXT SLIDE
LyndaGrattonProfessor of Management Practice at London Business School has been studying the future of work and in her book she makes the following points. Don't be fooled into walking into the future blindfolded.Learn to be virtual.Search for the valuable skills that will be important in the future.Be a specialist not a generalistBe prepared to strike out on your own and set up your own company.Find your posse. people with skills you need to get the job done.Build the Big Ideas Crowd - sometime your best, most innovative ideas will come as you talk and work with people who are completely different from you.Go beyond the family – develop deep relationships outside of family members.Have the courage to make the hard choices.Become a producer rather than a simple consumer.http://lyndagrattonfutureofwork.typepad.com/Almost sounds like she is saying we will all be entrepreneurs in our own right.I want to highlight one critical point – the need to be virtual – NEXT SLIDE
Can you imagine the CEO of Public Workers Credit Union working out of an office like this? If we are going to work in the world of tomorrow, we will need to be virtual. Now in Barbados everyone likes a face to face meeting, to transact business in person. However in the world to come we will have to be a lot more virtual.Just to give you an idea of how virtual work is impacting the world Here are some results of study done with a large corporation in USA0f the140 mobile workers 40 % are willing to take a pay cut to keep virtually When they were asked How beneficial is Virtual Work? Stress levels have dropped 25 % on average since working from home.76 % said without traffic to worry about they are able to put in extra time on work.76% said they are more loyal to their company since working virtually. (no office politics)We can take this even bigger! When you think of multinational companies u think of ny or london. Here is a thought, what about st.george ? - Next Slide
Mckinney Rogers -Wallmart the largest company in the worldThe world is your marketplaceInternational Business Sector is the 2nd largest earner of foreign exchangeCan you imagine running your global business from cheffette? Barbados is getting head and taking a step to make this a reality – Next Slide
The BEF is leading a project to turn Barbados into a WiFi Island by 11th November 2011. The idea is for us to all be able to make it easier to do business in Barbados no matter where in Barbados we are.Go to the facebook page and find out more. The idea is that this is a movement for the people by the people. It is really us sharing the wifi with each otherWe don’t have to wait on a telcoms or government – Next Slide
If we are going to be virtual we must Embrace Technology Technology is a tool to make the job easier! Right now I can operate 90 % of my business from my ipod!Think about that…How does Barbados feature in this future world? – Next Slide
Barbados a good place to start a business.What are the benefits to Great LocationTime ZoneStable GovernmentGreat Environment – for employees to raise a familyGreat Talent and skilled personsQuite often our best and our brightest live and work internationally and there is the complaint that they don’t return home to help build up Barbados. We can change this and give them just as good opportunities from right here in Barbados. All we need are entrepreneurs. – NEXT SLIDE
Are you going to raise your hand to build some of these businesses?Let’s See how you can get started and find that big idea - Next Slide
Where do you think you will find the big idea for your business?PROBLEMS ….Not just any problem, but problems you are passionate about solving - several people start solving a problem for themselves just because they want the solution. - When other people learn their solution they find that people are coming to them willing to pay for that solution. - countless entrepreneurs even start in one business and end up in another because they fixed a problem during the course of building their business and the sparks a whole other business. Where others see problems entrepreneurs see opportunities!An example of this Canteen taking long When should you get started? – NEXT SLIDE
NowAsk Questions Observe – see how others do itVolunteerDreamPlanExploreIt is easy to get high on new ideas, It is easy to start a million things and then not finish one of them. You need to stick with it, when it is not cool or sexy to do. Let me show you a few of the projects I was involved in when I was your age – NEXT SLIDE
Project I have doneFirst Business at card 13 – I was making beaded chains – I was not an artisteBuilt my first computer game in 2nd form – on floppy disk – I did not do computer scienceSelling bubbles I made for inter-school sports I was a part of the team that put on the First Ever Sleep Over at QC schoolAnything is possible.You just need to create your LAB – Next Slide
Where IS opportunityTurn your bedroom into a world a possibilitiesExamples :kedrewNow you can also take payments using your paypal account and First Caribbean Bank Via debitLet me show u kedrew’s logo – next slide
Reward People & build RelationshipsManage your doubts and FearsLeave pride at home – your idea is not always the best ideaKeep Refining your idea with the input of others and as you learn moreCelebrate your successesParents : decriminalize initiative and different thinking Nothing is wrong with a parent working with children in their business
3900 Facebook FansShe was a back up singer and writer Machel, Mr VegasShe decided to launch her own career solo. - she could not find a stage to perform on - she created her own showcase on Sunday evening small - the next one someone paid for everythingShe has now travelled with Invest Barbados on the last few trips they took to international music conferences to perform and to build her business.
I didn’t talk a lot about the technical things you need to set up your business, but you are lucky now that you have BarbadosEntrepreneurs.com which is set up to guide you through the steps of setting up a business.
I want to leave the awardees with a quote from winstonchurchill“History will be fair to me because I intend to write it.” Winston Churchill“History will be fair to you if you decide to write it.”
2011 for The Barbados Public Workers’ Co-operative Credit Union is ‘Love Local Buy Bajan’. The idea of the theme is to continue to support and promote local products and services, and in turn boost the local economy. As someone who is fully immersed in the entrepreneurial mindset and understanding the challenges of young entrepreneurs like the ones sitting in the audience. I would want to challenge the Thrift Club to adopt theme for next years
Taking Hold Of Your Future With An Entrepreneur’s Mindset
Feature PresentationTaking Hold Of Your Future With an Entrepreneur’s Mindset. <br />Presented By<br />Corey Graham 2.0<br />www.CoreyKGraham.me www.DrenalinProductions.biz<br />
Overview<br />Taking Hold Of Your Future <br />With An Entrepreneur’s Mindset<br />