Want to Be an Entrepreneur – Do these four things before you quit your job

By Dr. Sinclair Grey III

www.sinclairgrey.org

Let’s face it – there are many people who aspire to be an entrepreneur. With the idea of running your own business, establishing your own rules, and creating a legacy to leave behind, it’s very tempting to drop the traditional nine-to-five. Even though being your own business is rewarding, there are some things you need to do before quitting your job.

According to an article in Entrepreneur, here are four things you need to consider:

1. “Make Sure Your Idea Is Viable.” People come up with ideas every day. The question is whether your idea is viable? “Do some market research. Look at your potential competition and see if they’re doing anything similar. See if anyone has tried this in the past, and if they failed, why they failed. Sketch out a financial model if you have to. The more in-depth you go the better.”

2. “Prepare For The Realities of Entrepreneurship.” While being your own boss is exciting and rewarding, the truth of the matter is that it’s hard. Start-up companies such as Facebook and Uber have proven what can be done with a great idea. However, what isn’t discussed is the research done to become successful. In fact, most businesses that start will end up failing. The best thing to do is read, read, and read about the reality of entrepreneurship.

3. “Establish A Personal Financial Plan.” Deciding to become an entrepreneur means your guaranteed income you were receiving from your job will disappear. That’s why you need to budget for this venture. “Take a look at exactly how much money you need to continue your current lifestyle and how much money you have. Can your savings totally sustain you for a year or more? What backup options do you have if you do run out of money?”

4. “Talk to people.” Consult with those close to you such as family and close friends. Even though you’re the one making the decision, it’s important to gain the advice of those close to you.

The joy of being an entrepreneur

Can you be your own boss? Many people are content with a 9-5 and that’s OK. However, some of us want to have a piece of our own pie. Where does one start? Here some ideas for ownership 101:

1.      www.100startup.com

2.      www.oneshare.com

3.      www.etrade.com

   www.amritrade.com

10 Business opportunities for Jamaica

Let’s create our own economics for the island and the diaspora. No longer should our community be workers and consumers. Jamaicans should be owners and producers. We can do it people. Here are some ideas:

1.       Agribusiness

2.       Construction Supplies

3.       Fashion

4.       Internet & Tech

5.       Media

6.       Medical Field

7.       Natural hair industry

8.       Real Estate

9.       Recycling industry

10.   Solar Energy

How do entrepreneurs become wealthy?

Wealth is acquired in many ways. If you are an aspiring entrepreneur, who are the role models? Your mentors should inspire you positively? When you study them, watch and observe their mindset. 

Answer these questions:

1.       What problem are you able to solve?

2.       Name the niche you are trying to tap?

3.       Can you produce a product or product line that you can share?

4.       How is the public learning about your product or service? Name your marketing strategies.

5.       Don’t consider selling but sharing for a price. What is your price and it does not mean money.

June 21st is Fathers Day in the US.

 Written by Chris Daley

My friend Joy invited me to join her on an outing to the zoo. She needed a chaperon for her first grade class. Well, my romantic heart got visions of slowly strolling, hand in hand on a pleasant spring day sharing a mango smoothie. I blurted out a yes before she could finish the request. Well I was jolted from my day dreaming moment when she assigned me three, very lively first graders. I got to hold hand alright, the hands of these kids as we maneuvered around the zoo, trying to stay together in the sea of students. I was again reminded why Mother's day is such a more affirming day than Father's day. Men, women were all over the zoo.

They were teachers, bus drivers, caregivers, stroller pushers. Sure, there were some men, but we were in the decided minority. Guys, let's change this profile and readily volunteer for such opportunities. One of the kids in my charge had arrived from Jamaica only one week prior. She was filled with excitement and foreboding and thus kept particularly close. As the trip proceeded, she felt more comfortable and became a chatter box. She shared that her dad was still in Jamaica, and how much she missed him. This declaration brought a flood of memories. Without exception, every woman that I have had as a close friend has always talked profusely about her dad.

There is always a longing admiration. Even if he was aloof, even if he was overbearing, even if he was dead, he was fondly remembered in some manner. How will my girls remember me? I have been blessed with three wonderful daughters, thus my focus on the father-daughter relationship. For the past eight years, I have been a single dad. With my youngest about to begin college in the fall pursuing a degree in history, I can afford to be a bit reflective.

My eldest is clearly out of the nest, married, and practicing the craft of videography internationally, from India to South America. My middle child is a junior in College sharpening her leadership and entrepreneur skills as she pursues a business degree. My parenting mojo consist of my trifecta of B's: Belong - unconditional love, good communication and home- base security Believe - in God first and your God given gifts Become - Invest in your education, push the edges of your discomfort zone, widen your success footprint.

Well this proud papa is beginning to enjoy the fruits of these many years of parental investment. I find that the currency of this return as tears. Yes, tears, tears of joy when I celebrate with my kids some milestone achievement. I saw an editorial in the Gleaner of May 14 suggesting that people should have to apply for a license to become parents. My first reaction was one of shock and dismay. Upon reflection, I think the author is just echoing his frustration with the break down of the family unit and would recommend such a draconian solution to restore this important ingredient to the success of Jamaica's future. I cannot envision any practical means of keeping folks apart when their desire is running rampant. I would however suggest equipping our young people with emotional and relational intelligence that will give them the capability to internally handle mature issues like their sexuality.

Men, we can play a key role in reducing the dis- functional trend our Jamaican family systems. Let me challenge you to also have a village focus to your fatherhood. Let me explain. Some single mother needs you to be a male role model to her child. I have tried to practice this investment with boys. It is going to be you or 50 cent providing that role model. I will guarantee that your involvement in a young boy's life will be more life changing. Raising children today is never easy, but it is the most rewarding, fulfilling job you can have.

Be your own ringmaster!

Are you living the life you want? Is the World Wide Web controlling you or are you controlling it? Save money, time and reach places that you not considered. Let today’s technology work for you. Here are some indispensable must have sites for the modern day entrepreneur:

·        

    Docusign: www.Docusign.com ; have the ability to sign documents on line via emails

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       Uberconference: www.Uberconference.com; when you have conferences, the profiles, picture and social media becomes interactive during the conference.

       Dropbox: www.Dropbox.com; When files are too large to attach in the email, this is an options

·        

    Google Drive: People can work on a project online. i.e spreadsheets

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        Google task List: type what and when something needs to be done. Reminder icons will keep appearing until task is complete

·      

        Go to my PC: www.GotomyPC.com; If you need to access your computer, you can do so remotely.

Here are some entrepreneur ideas for under $3000.00.

1.    Rent a booth or stand at the local mall and set up a sneaker cleaning business.

2.    Buy a t-shirt presser and make t-shirts for groups and organizations.

3.    Design t-shirts and sell them on Café Press.com

4.    Become a virtual assistant. All you need is a computer and a Skype connection.

5.    Start an animal grooming or dog walker business.

6.    Charge for tutoring; you can meet clients at the library instead of their homes.

7.    Sell gift baskets for special occasions i.e weddings, showers, graduations