YOUR FINANCES …...YOUR FUTURE January 2016
Staying Connected For the Alumni of the: ECCB Savings and Investments Course YOUR FINANCIAL ECCB Entrepreneurship Course ECCB Small Business Workshops
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WELCOME REMARKS AT THE OPENING OF THE YOUTH LEAD CONFERENCE 19/01/16 The Honourable Shawn K. Richards Deputy Prime Minister and Minister of Education, Youth, Sports and Culture, St. Kitts and Nevis
The growth and While mature economies of islands. This morning we sit development of North America and Europe in Basseterre, St. John’s, The business and continue to seek new and Valley, Brades, Roseau, social organisations in the lasting relationships with St. George’s, Castries and OECS sub-region, over the emerging trading partners in Kingstown ready to integrate next decade and beyond, Africa and Asia, these little, and innovate in the areas of will be most greatly almost insignificant, dots on youth leadership and impacted by the the map, which together call entrepreneurship. entrepreneurial acumen of themselves the Organisation our people – our passion for of Eastern Caribbean States, It is my humble honour, as innovation in the must energise and inspire a Deputy Prime Minister and production and packaging new generation of business Minister of Youth of our goods and the leaders and social pioneers Empowerment of the delivery of services, as well who will tomorrow become Government of St. Kitts and as the opportunities that our our captains of capital and Nevis to extend warmest governments and other champions of culture and greetings to all participants, stakeholders provide community. facilitators and sponsors of through ongoing training the Youth LEAD (Learn and market access Today, we meet as a region, Empower Achieve Develop) initiatives. ably aided by information Conference. The and communication government and people of There is no better time for technology. The efficient use St. Kitts and Nevis are proud the youth of our region to of time and other resources to associate with today’s undertake initiatives of are still integral to greater gathering of our region’s capacity development and return on investment and youth as catalyst for social network building that can our organisers have been and economic advancement. foster private sector growth able to assemble the best and clear across all member the brightest to facilitate My Government stands with states. transformative change in the our regional ministers of economic agenda of our youth and ministers of industry to support the
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Page 3 YOUR FINANCES …...YOUR FUTURE investment of time, money, first crafted in the mind in ideas there is need for the energy, and other resources thought and models, then creation and promotion of in building the capacity of each is reproduced in its final opportunity. Dreams die our youth to become the form. The cars we drive were when capital is denied that champions of change in our concepts before they were could take it from being an churches and communities. rolled into the showrooms. idea to an engine of growth. The smartphones and smart Ideas languish and societies The time is right and ripe for gadgets we refuse to live remain stunted where us as leaders to provide without today were first opportunity has been absent. forums for the youth of our ideas. It is incumbent upon us as ECCU Islands to emerge as policy makers and directors influential voices in policy Just the same, the new to facilitate the development
It is in the fertile field of your mind that revolutions in science, education, music and art will be born. creation and administration, business and social systems of innovation into emerging in the national responses to and the products and industries. community and gender services they will offer us as issues. I am confident that a region will come through That is why my Ministry today’s gathering not only innovation and interaction continues to operate within provides that setting, but it on the part of our people – a framework which will be the start of closer people such as you young implements key fiscal integration of our peoples men and women present at policies that grants for generations to come. today’s conference. It is in concessions to small and the fertile field of your micro-business and ongoing It was business innovation mind that revolutions in incentives to start-ups in key advocate Stephen Covey science, education, music sectors. We have sought to who opened our minds to and art will be born. expose our young the concept that all things entrepreneurs to the benefits are created twice. They are However, to facilitate these of the Brazilian market as
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part of the Partial Scope Innovative Business Idea Competition Agreement. Participants of the Youth LEAD Conference There is much that we can are invited to capitalise on the learning and insights gained from the conference by conceptualising, and will achieve as a region – developing and submitting their ‘Innovative Business Idea’ only if we ably prepare our that will shake things up to [email protected] on or next generation of business before 21 February for a chance to win EC$500.00. The tycoons and social actors. presentation of the innovative business idea should focus on the There is no better place to following - Why is your idea new? What's ground-breaking about it? How will it make money? What's the long-term set a course of action than plan, and what are your next steps to bring it to market? here at today’s Youth LEAD
Conference. The facilitators Concept CRITERIA I CRITERIA II CRITERIA III chosen are most ably The project idea The project idea’s The project idea has a certified and qualified to proposed is new, purpose and basic clear target market innovative, functionality is or audience. interesting, or easily understood. meet the objectives of the otherwise distinct session. from other similar
ideas. Strongly agree 3 pts Strongly agree 3 pts Strongly agree 3 pts Agree 2 pts I welcome one and all to this Agree 2 pts Agree 2 pts Somewhat 1 pt. Somewhat 1 pt. most meaningful Somewhat 1 pt. symposium. I extend the Feasibility CRITERIA IV CRITERIA V CRITERIA VI best wishes of the The project The project The project Government and people of identified a solid demonstrated a effectively discussed the Federation of St. Kitts business model to realistic assessment competition in the drive the idea, and of the costs to target market and Nevis for a most reasonably develop the idea.
explained that successful Youth Lead business model. Conference. May today’s Strongly agree 3 pts Strongly agree 3 pts Strongly agree 3 pts Agree 2 pts Agree 2 pts Agree 2 pts activities be crowned with Somewhat 1 pt. Somewhat 1 pt. Somewhat 1 pt. years of innovation and opportunities for business development and social leadership across the OECS. Thank you and do have a productive day.
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then later in life became a lawyer. Bank and the Canadian To many, my life might have Government, the statistics show appeared to be a rosy, idyllic, low participation of women middle-class Caribbean entrepreneurs in incubators, experience and in many ways it workshops and innovation labs. was, but what happens when one Some of the reasons cited are:- of your two daughters throws lack of business connections and networks, few entrepreneurial female role models, concern that running a startup means an uncompromising work/life balance with no time for family, and I am female accessing finance. This is also I am black a challenge, with women often lacking the required I am Caribbean collateral to obtain I am an artist away the idea of a safe, salaried successful financing above the microfinance level from I am an entrepreneur job or to be the second generation lawyer of the family, (my sister banks. In some places that combination smartly was studying to be a vet) for A 2011 study by the is a recipe for failure, for me, it is the risky world of fashion and International Finance my recipe for success and a test of entrepreneurship, after all, who in Corporation (IFC) found that personal Optimism, Tenacity and the Caribbean was hiring young across the Third World, “an Leadership. full time designers in the late average of 35-43 % of women- On my mother’s side of the 1990s? owned small and medium family there are generations of The Caribbean is a matrifocal enterprises (SMEs) are unserved dutiful black and mixed race civil society. Women run their (i.e. do not have a loan, but need servants and teachers dating back families, women are now in the one), while 20 - 24 % are to the late 1800s including my upper echelons of the private and underserved (i.e. have a loan, but Physical Education/Biology public sectors; but the statistics face financing constraints). Teacher/ Mother who later are less optimistic in the area of Therefore, the WorldBank via became the Director of Sports entrepreneurialism. We make up infoDev has taken steps to with the Government in St half of the population and yet our address these challenges, including Vincent and the Grenadines. My faces are remarkably absent from the Entrepreneurship Program for father’s family came from the that arena. Innovation in the country. He became a teacher, Caribbean (EPIC) to support then spent many years as a town According to InfoDev, a global entrepreneurs scaling their and country planner and lecturer, innovation program of the World businesses across the region,
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Page 6 YOUR FINANCES …...YOUR FUTURE thereby bolstering local that fostered both the academic she read me part of an intriguing, economies; and the Women and the creative and also having authentically Caribbean story that Innovators Network in the an aunt that herself became a fine she had written. I was Caribbean is being set up to artist and goldsmith, I had role gobsmacked! Why had ensure that growth-oriented models. Writer/Author never come up as female entrepreneurs can grow It is my firm belief that people a new career path in our previous their businesses and be with creative abilities have the conversations? This is a danger successful.” ability to lead as entrepreneurs. that I find in the Caribbean, why I hope to see many more Entrepreneurs are people who are we not able to pull out of initiatives like the Richard know how to harness people their deepest professional Branson Entrepreneurship Centre opportunities for economic gain desires. I am sure it happens in Jamaica. for themselves and for others. elsewhere, but we are creating a dangerously out of balance As a woman in business I am I often ask myself, why, Caribbean society by failing to acutely aware of the inequalities especially in the Caribbean we direct our Youth to their chosen that exist and are upheld by have such a hard time accepting paths. women ourselves. I recall a quote that someone with a gift for by Cheryl Sandberg COO of painting, music, design and such I am not trying to sell you a fairy Facebook "Every woman I know, can turn it into a successful tale, but I know a number of particularly the senior ones, has business? people who are forced either by outside forces or the voice in their been called too aggressive at This weekend I was having a chat head to not pursue their dreams. work. We know in gender blind with an old school friend, who studies that men are more for over a decade had worked for Where would we be without a aggressive in their offices than the Public Sector, in what I Peter Minshall; Derek Walcott;; I women. We know that. Yet we're thought was an exciting field of can also think of the likes of busy telling all the women that Foreign Direct investment. For Caribbean star international make they're too aggressive. That's the ten years she helped investors set up artist for MAC Cosmetics issue." up their Caribbean dream Gordon Espinet; and Caribbean "I want every little girl who businesses. publishing Mayven Neysha Soodeen of MACO magazine and someone says 'they're bossy' to Over those years she had dare we forget our Machel be told instead, 'you have expressed to me a desire to change Montano, Skinny Fabulous, leadership skills' fields; the list included Alison Hinds, Shaggy and As we grow up people will Hospitality and International Rihanna as they too are inevitably ask you “What do you Law. Her contract with the entrepreneurs who provide want to be when you grow up” Agency had come to an end and employment not just for she was now at a crossroads, Your talents are fostered, BUT themselves BUT for their teams! discussing her options. As our then when you become an adult In the fields of Fashion - Heather conversation drew to a close and you are guided to take the safe Jones, Meiling and my mentor we were preparing to hang up, way out. “Find a Job” not “Make Claudia Pegus… and the list is she says “wait I have something a Business” thankfully growing. to read for you” Luckily for me, growing up in Recently I had the pleasure of Then for the next five minutes Trinidad and attending schools hosting a small get together at my
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Page 7 YOUR FINANCES …...YOUR FUTURE home for young ‘creatives’ to you? to meet in 2016 to push your introduce them to international Refuse to be part of Get business forward. glass sculptor and textile designer Rich Quick – It’s dangerous Relationships are crucial. – Melvin Anderson who was born and often will set you back Build your own network. Be in Curacao of Vincentian parents, further than where you prepared to pay your dues, and has lived and worked all over started prepare to serve, volunteer Europe. This was to foster Educate yourself – It doesn’t and shake hands to get where relationships within the have to be university, get a you need to be. Caribbean creative sector and to mentor, get a few mentors, Honour your ethics and stay discuss the realities of life as a learn about yourself, learn true to your core. I know creative entrepreneur. about everything else. If you many a business person who This type of networking is didn’t grown up in it, become regrets straying from their necessary not just for creative it. Read, Read, Read and compass. Also I have had fields but so called tradition fields. know your history, especially many young future tycoons business history and a little approach me to mentor them. Be warned, you will make psychology and sociology Passion is contagious but mistakes and face setbacks. I have never killed anyone– Greed is unattractive and made many. Understand that you will have paying dues will allow people We won’t all be Rihanna but we to educate yourself about your to trust you. You do not want can aspire to “Live with Dignity”. field and of course business. to always be the person People should be encouraged to Natural talent is amazing but taking, remember to give. pursue their passions while being honing your skills, learning Partner – not just business able to pay their bills and meet the terms and practices of partners but also consider their financial obligations, take a your field will only be doing bartering and trade-offs vacation and educate their beneficial. Don’t be the with people whose services children. That is dignity! person in the room who feels you need. And now the inevitable tips:- out of place or not up to snuff Surround yourself by people when talking to industry who support your success, Be your Brand – People sniff professionals. Read trade balanced people who will tell out phoniness, don’t create papers and know the history you the truth when you fail to something around you that makers of your field. This will stick to your goals and fall off makes no sense or is just a give you genuine confidence your path; be optimistic but trend. It is the surest way to that you cannot buy... be honest with yourself. lose your shirt. Find a radiating from within. Money is not everything but solution, even ones that Get a good business plan and Lack of Money is a Curse to people don’t know they need prepare to review it and tweak your business Look for yet. The upcoming it as you grow. opportunities. Small loans Hollywood blockbuster Network – Many times it is from friends, families, God movie JOY chronicles its just as much who you know, parents, sou sou hands, and unlikely hero Joy Mangano, as what you know. A blog research grants and the now multimillionaire that I subscribe to said make a crowdfunding options. creator of the Miracle Mop. Is list of all the people you need Lastly - Make a plan and be there a Miracle Mop inside
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assured that if it isn’t So I leave you with some most frightens us. We written, it does not exist. challenges ask ourselves, Who am I to be brilliant, gorgeous, I challenge all of you to find After I graduated from fashion talented, fabulous? your niche and get there and school I came back with only Actually, who are never let anyone, no matter my joie de vivre and a vague you not to be? You are a how well-meaning tell you it plan. I wanted my own child of God. Your playing can’t be done. boutique. I went to my father small does not serve the hoping to win his financial I challenge you to pursue world. There is nothing support for this venture. His your entrepreneurial drive. enlightened about shrinking so that other solution was to strongly You would not be here if people won't feel suggest that I find a job that there was not something insecure around you. We pushing you to this area. would enable me to save the are all meant to shine, as money for this venture. So I I challenge you to change children do. We were ended up with a stenographer’s the world around you for born to make manifest job in the BVI. To say that I the better, Be Optimistic, Be the glory of God that is was unhappy was an Tenacious and most of all be within us. It's not just in understatement but I made a leader. The world is not some of us; it's in friends and went on with my fair but you can make it everyone. And as we let life … I wasn’t in fashion but I more so. our own light shine, we had a decent salary and then I unconsciously give other People will tell you in subtle lost my way. I wasn’t saving a people permission to do ways, that your family history thing! the same. As we are or your education or your liberated from our own Eventually fashion kept calling business idea will hold you fear, our presence me back. I formed a back; that you’re a girl and you automatically liberates motivational partnership with should be looking for a good others.” a co-worker and we met every husband, that your family is too The time is NOW, even if you week for months during our poor for you to dream big. take the “safe” job to begin with, lunch hours coming up with a These are mere semantics. Only NEVER give up on your dream. strategic five year plan, and to you can truly define yourself. support each other in sticking The next generation of I am also inspired by upcoming with our goals. Every five year entrepreneurs will shape the presenter Warren Cassell Jr, goal was broken down to Caribbean and its economy, what who by the age of 16 had set up simple daily goals, weekly and role are you going to play in this? three very real businesses. monthly tasks with milestones Yes our Youth can lead but we every few months. These I leave you with the words of need to jump out of our safety simple weekly meetings Marianne Williamson:- zone. Are you ready to jump out of yours? Are you ready to LEAD? enabled me to get disciplined “Our deepest fear is not and start saving and making a that we are inadequate. Kimya Glasgow: CEO, Kimya plan until eventually I saved Our deepest fear is that Glasgow Designs Inc. St Vincent and the Grenadines enough money to move back we are powerful beyond home and start my business. measure. It is our light, not our darkness that
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