Yaneek Page | Where struggling entrepreneurs can go for help
Published:Sunday | February 2, 2020 | 12:28 AM
ADVISORY COLUMN: SMALL BUSINESS
QUESTION: Good day, Yaneek. Can you please share some more content on where struggling entrepreneurs can go for help and guidance without being overcharged for simple business advice; simple ways to get registered without the hassle; and how to cope with all the closed doors we usually meet?
– L.B.
BUSINESSWISE: It’s interesting that the three questions you’ve posed have the same underlying theme – how can we make things easier and more accessible for entrepreneurs in the face of struggles. I have some great and not so great news for you.
The great news is that I can share some information, recommendations and resources that may help you tremendously when it comes to very simple business advice, ease of registration and coping with rejection, which I’ll outline shortly.
The not so great news is the reality check – it will never be easy. The fact is even the most successful entrepreneurs at the top of their game today, have struggles, trials, and hardships. Even they have days they want to throw in the towel, and yet they persevere.
In other words, if you were magically handed a registered business now, with sufficient start-up cash in the bank, you would likely face hardships tougher than in most careers today. Also Jamaica’s business environment, though improving, does not yet rank among the best in the world.
Therefore my answer to your last question about coping with closed doors is that it usually requires several strategies. One is reminding yourself of your vision and mission daily. Therefore having it documented and displayed somewhere you can actually see it each day may keep you focused and inspired.
Another strategy is watching motivational videos and TED Talks which may help to build resilience. These videos also often share techniques to boost confidence and improve self-care and development, which are essential in buffering the lows of being told ‘no’ constantly.
Sales training can be transformational as you learn practical ways to manage objections and rejections. You also gain a better understanding of customers and their buying process so you’re better prepared and positioned for fewer rejections.
Support networks and therapy
Strong support networks of fellow entrepreneurs and mentors can provide strong support in problem solving, coping and various resources to help you on your journey.
Finally, therapy can be the most valuable in learning personal coping strategies that work best for you. Another advantage of counselling is staving off and or managing depression and anxiety which are common in our high stress social and business environment.
It’s unfortunate that you didn’t provide details about the hassles you have encountered with business registration, however there are several online resources you can take advantage of to save time and make the process easier such as research on the pros and cons of various business forms, name searches, and business name registration, to name a few.
The main considerations when registering are the type of operation, future plans for expansion, statutory obligations (annual report filings) under the Companies Act and potential legal exposure. These can be complex issues and will require advice from an attorney who specialises in commercial law, or a competent business adviser – which takes us to your first question.
When it comes to not being overcharged for business advice, the standard consumer advice would apply, which is to shop around and compare the rates of professionals against their qualifications, expertise and experience. It is also important to get second opinions if you can, so you may get a range of informed perspectives to support you on your journey.
The Jamaica Business Development Corporation and Companies Office of Jamaica currently offer some business advisory type services – some at no cost; others at a heavily subsidised rate.
Several financial institutions, such as JN Small Business Loans, provide business advisory services to their potential and existing clients, which can provide some great insights on accessing financing for your business, basic bookkeeping and financial management.
My caution against going after cheap business advice is that you usually get what you pay for, and you could stand to lose time, money and precious scarce resources by being penny wise and pound foolish.
Good luck!
Yaneek Page is the program lead for Market Entry USA, a certified trainer in entrepreneurship, and creator and executive producer of The Innovators and Let’s Make Peace TV series.