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A Guide for Women: How to Come Up with a New Business Idea

Whether you just want to be your own boss, or become financially independent, the road to success starts with a sound idea. It is important that you are honest about your strengths and weaknesses when considering becoming an entrepreneur, and no matter what business you start, it also helps to be resourceful and have strong networking skills. But before you decide, you do not have enough business smarts or skills to become an entrepreneur, it is important that you read books and articles about the prospective field or about business in general.

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Even the most motivated female entrepreneur can struggle with deciding on the right business idea. If you want to become self-employed, but are not sure what type of business you want to start, it helps to consider the following:

  • What do you want to get out of the business?
  • What is your passion?
  •  What are you good at doing?
  • What would you like to learn to do?

Whether you just want to be your own boss, or become financially independent, the road to success starts with a sound idea. It is important that you are honest about your strengths and weaknesses when considering becoming an entrepreneur, and no matter what business you start, it also helps to be resourceful and have strong networking skills. But before you decide, you do not have enough business smarts or skills to become an entrepreneur, it is important that you read books and articles about the prospective field or about business in general.

Conventional wisdom says that you should choose something that you are passionate about and that you are fully committed to growing the enterprise.  Starting your own business will require time, energy, and sacrifice. If you choose something that does not interest you or are not particularly fond of, you will find it harder to succeed. To determine this, ask yourself the following questions:

  • What do you do in your free time?
  • Do you have a hobby that could be turned into a business?
  • If you could have any job you wanted, what would it be?

The next step is to ask yourself, what are you good at doing? Your talents might be obvious to you if you are a musician, artist, or photographer. If you already have a profession, you might want to start your own private practice.  And maybe you have a hobby, like dressmaking or hairdressing that you know you could market. But what if your talents are less obvious?

Sometimes it is hard to know our own strengths. If you are uncertain what your hidden skills and talents are, ask family and friends who know you. Even if you do not have a particular skill like sewing or bookkeeping, you still have skills that may be marketable if you can identify them.  If you have a skill or hobby you are good at doing, start working on a market and feasibility study.

Finally, sometimes things that interest us most are things we have yet to learn how to do. If you love sewing or interior decorating, take a course in the area and turn your new skill into income.

There are many new careers you can enter into with a certificate instead of a degree. Certificates often take less than a year to earn. Check with your local HEART Trust/NTA to see what certificate programs are offered in your area.

If you have always wanted to learn another language, you can start now. When you become fluent you could become self-employed providing freelance translating services. Translators are used in legal proceedings, schools, and seminars. The Venezuelan Institute in Kingston, for example, offers a free four-year diploma is Spanish. The programme is offered two days a week, for 3 hour, from 4:30-6:00 pm or 6:30-8:00 pm, so the course can easily be fit around a nine to five traditional work schedule.  There are many two-year programs to become a registered nurse (RN). Registered nurses can often freelance and provide in-home care  for bed-ridden patients, or offer senior day care services.

It is never too late to learn a new skill or polish up an old one with skill upgrades. It’s never too late to start a business if you have the ambition. a marketable skill and know what you want to do.

As you contemplate adding business owner to your resume, take these steps to test the entrepreneurial tide:

Step 1: Research your business idea

Determine whether you can make money by turning your hobby into a business: Will someone pay you for your product or service, and will a buyer pay enough for you to make a profit?

Step 2: Create a business plan

Prepare a business plan to get a sense of whether you have a money-making business opportunity.

Step 3: Take stock of your business sense

Assess your own abilities and motivations honestly.  Do you have what it takes to run a business? Can you have your business and the lifestyle you want?

Step 4: Be realistic about how it will affect your life

Consider the impact of your entrepreneurial venture and then decide whether to pursue your business on a full or part-time basis. BM

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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