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Unleashing the greatness within -The Way I See It!!!!

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5 years ago

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Extra, extra read all about; global economic downturn continues, stocks plummeting, massive layoffs widespread, tourism and hospitality industry gravely concerned about potential eroding numbers; business reorganization at an all time high, consumer confidence slipping, and cash flow in all sectors stifled. News at 11: it has become the bailout season in the United States, automobile industry teetering on bankruptcy; CEO mismanagement and blatant extravagance revealed; stimulus packages viewed as saving grace, financial fallout and bombshells riveting around the world, uncertainly looms. If you take the time to flip through the newspaper or spend just 30 minutes viewing the nightly news, it can be frightening and blatantly clear that hurting spirits and panic are far too plentiful.

“What we are witnessing is organizations shifting from simplistic command and control, hierarchically managed systems which are relatively effective when the external environments are stable, to open social systems comprised more of delegated authority, self-regulating teams and differentiated decision-making.” Dr. Anita Davis-DeFoe, President/CEO of the Afia Development Corporation.

Okay, now with all of that said, and out of the way, as far as I am concerned, in spite of the current economic and workplace shifts, this is a time of abundant opportunities, that’s right I said it, and if you want to hunt me down to personally look me in the eyes and tell me I must be crazy, simply hop on the next Air Jamaica flight and wing your way to Ft. Lauderdale, Florida.

While there is no denying that we all are witnessing societal occurrences unlike ever before, and these tumultuous times of uncertainty breed some level of discontent, discouragement and even a bit of despair, if we choose to, and mind you we always have a choice, 2009 is the perfect time to let your ingenuity and creativity loose.

The first quarter of 2009 is gone and if you have allowed yourself or your organization to languish in a sea of despair, enough already. We achieve what we expect and what we focus on, so if all of your energy is focused on chasing down the next media byte foretelling of more doom and gloom, I hate to tell you, but that will be the slogan deeply etched on your mental t-shirt, and pasted on practically every word that rolls from your lips. When our spirits become contaminated by negativity, fear, and learned hopelessness, our attitudes, decisions and frame of mind are comprised. We without really realizing what has occurred, focus more on seeing, making or being a problem; rather than setting our sights on our goals, visioning our possibilities, or executing our strategic plans. You do have a plan, right? It is so easy to get caught up in the negative whirlwinds that circle around us, but if our spirits are whole and nurtured daily, this does not and will not happen, because we refuse to let the melee of this world shift our value systems, hinder our focus or make us become hopeless.

Now to some, particularly those gripped by fear, those who are keenly attentive to the current challenges we all are facing on some level, rather that the emerging chances that abound, it might seem counterintuitive to reorganize or even think about starting a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump. Why did these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The inquisitive researcher that I am, decided to see if in fact, lean times can be a profitable bonanza time for businesses and individuals with vision, to those who are able to recognize and seize opportunity. Impressive, I must say is the following, a list of major corporations who made it big during recessions by doing just that, and trust me there are countless others, in fact your company could ultimately make it to such a list.

Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services.

Burger King Corp., with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.

(International House of Pancakes) IHOP Corp. is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July 1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.

LexisNexis is a research hub for the law, media and more. The company, originally a government contractor, began its LexisNexis computerized legal research service during the 1973 oil crisis that rocked the country into steep economic slump. The now Web-based service is used in 100 countries by individuals in law, government, education and business.

FedEx Corp. began operations on April 17, 1973 as Federal Express, a nod to the Federal Reserve, with whom founder Frederick W. Smith had hoped to get a contract. He didn’t, but the company that delivered 186 packages to 25 cities on its first night of operations now manages more than 7.5 million shipments everyday worldwide.

Microsoft Corp. wasn’t always the jaw-dropping enterprise it is today. In 1975, when it was created by Harvard University dropout Bill Gates, Microsoft was just a little company in Albuquerque, N.M. It dealt in rudimentary computing languages and began its climb to business stardom with the success of MS-DOS, which was sold and marketed to IBM Corp. and then-IBM clones.

CNN might be a news giant now, but in recession-plagued 1980, it was a little-known station called The Cable Network News. It revolutionized how people received information when it premiered as the first 24-hour all-news channel. Today, 1.5 billion people across the globe watch CNN.

MTV Networks brought something new and different to the music scene when it debuted in the economic slump of 1981. Intended to be an all-music-video channel, MTV used VJs (video jockeys) to host programs and facilitate transitions between videos. Today, MTV is a global brand with dozens of shows, music-related among others.

Trader Joe’s started as a chain of convenience stores called Pronto Markets in the slow financial times of 1958. In 1967, the company changed its name to Trader Joe’s and began to carry unique grocery items under its own brand. The company now operates more than 280 stores in the U.S.

Wikipedia Foundation Inc. was born during the recent post-9/11 recession. Established in January 2001, the online encyclopedia had more than 100,000 entries by 2003. Today it is home to more than 2.5 million articles and continues to grow.


Sports Illustrated magazine was launched on August 16, 1954, at the tail-end of a recession. The magazine benefitted from fortunate timing as a boom in professional sports exploded soon after its founding. Sports Illustrated now sells about 3 million copies in the U.S. each week.

General Electric, Co. (GE) was established in 1876 by famed American inventor Thomas Edison. In the middle of the Panic of 1873, a six-year recession, Edison created one of the best-known inventions of all time — the incandescent light bulb. In terms of market capitalization, GE is now the third largest company in the world.

Hewlett-Packard Development Company (HP) was inauspiciously born in a Palo Alto garage at the end of the Great Depression. The electronic company, initially supported by a mere $538 investment, has grown into the first technology business to exceed $100 billion in revenue, earning $104 billion in 2007. It now operates in nearly every country in the world.

Procter and Gamble Company (P&G), two brother-in-laws, immigrants to the United States, who in the face of slow candle sales shifted to soap filling a need for Union soldiers in 1850, and now P&G sells a diverse mix of products all around the world.

Allstate Insurance – was started during the Great Depression in 1931 using a name borrowed from an automobile tire sold in the Sears Roebuck catalog.

Recessions, however, aren’t advantageous only to start-ups. Pre-existing companies can also make incredible gains in years where the economy is down. Some of the most recent success stories are those of Google, PayPal and Salesforce.com Inc. From 2000 to 2001 each of these companies thrived, leading PayPal to go public in 2002, followed by Google and Salesforce.com in 2004.

So the point is, you can spend all of your energy on the obvious and that is, recognizing change is all around us; and for too long as a global society we have spent money we really did not have; allowed government and businesses to mismanage or provide ineffective services; we all have been unaccountable on some levels; but beyond all of this, we have all operated in highly individualistic silos failing to collaborate, and now we realize that a global community exists beyond the internet, and that the time has come to harness personal strengths and aptitudes to create multi-dimensional work lives.

For you see, the economic gurus say we all should have at least four streams of income, one of which should be a home based business. 2009 has been pegged the year of the solopreneur that means people like you and me creating small businesses that supplement the seed monies you earn on a job.

Right now as you are reading this, the majority of you have a business idea for a start-up that fills an unmet need, or a solution to support process improvement at your workplace, so the decision becomes what are you going to do with it; put it in your back pocket and sit on it or step up and fully participate in the game of life. While some folks are wallowing and lamenting about how bad things are, others are so excited by the boundless possibilities they see, they can not sleep at night filled with anticipation.

Remember circumstances do not define us, they reveal us. Search for the greatness within, its there, just waiting for you to wake up and recognize it. That’s the way I see it, and I am sticking to it. So, turn off the television and get busy, you got work to do!!

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Businessuite Women

Who is Marlene J. Street Forrest, Managing Director of the Jamaica Stock Exchange Group?

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1 month ago

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November 16, 2024

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Transforming the JSE into a Global Benchmark
Dr. Marlene J. Street Forrest, CD, JP, has been a transformative figure at the Jamaica Stock Exchange (JSE), serving as its Managing Director for nearly 20 years. She is credited with steering the Exchange into a modern era characterized by transparency, technological innovation, and diversified offerings. Under her leadership, the JSE has seen major milestones, including the demutualization of the organization and the establishment of the Junior Market and the US Dollar Denominated Market. These initiatives have significantly increased capital accessibility for businesses and bolstered the Exchange’s regional and global profile​

A Career Defined by Leadership and Vision
Dr. Street Forrest’s journey in financial services and leadership spans multiple sectors, both in Jamaica and internationally. She earned her Bachelor of Science in Management Studies from the University of the West Indies and an MBA from Barry University in Florida. Her academic grounding paved the way for a career marked by strategic vision and operational excellence. Recognized as a Certified Business Consultant, she has brought expertise in enterprise risk management, cybersecurity, and governance to her work at the JSE​

Celebrated Achievements and Global Recognition
Her contributions have garnered numerous accolades, including the Order of Distinction (Commander Rank) in 2016 and the Afroglobal Excellence Award for Global Impact the same year. She has also been recognized as a Business Leader of the Decade and honored with an honorary Doctorate in Public Policy by the University of the Commonwealth Caribbean in 2021. Her authored works, such as On Leadership: Discipline, Discretion, and Daring, offer insights into her philosophy and strategies for effective leadership​.

Facing Challenges in a Male-Dominated Industry
As a female leader in a male-dominated industry, Dr. Street Forrest overcame significant challenges through a combination of resilience, strategic networking, and an unwavering commitment to excellence. Her success reflects her ability to lead with integrity while navigating the complexities of the financial sector.

Looking Ahead: The Next Chapter for the JSE
With Dr. Street Forrest set to retire, her successor will need to embody characteristics of innovation, foresight, and adaptability to sustain and surpass her achievements. The incoming leader will face the challenge of continuing digital transformation, expanding market reach, and maintaining the JSE’s reputation as a global benchmark in financial services.

The legacy of Dr. Marlene J. Street Forrest will undoubtedly serve as a guiding beacon for the next era of leadership at the Jamaica Stock Exchange.

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Businessuite Women

Who Is Hon. Fayval Williams, Jamaica’s New Minister of Finance and Public Service?

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1 month ago

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November 16, 2024

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Trailblazing Leadership
Hon. Fayval Williams recently made history as Jamaica’s first female Minister of Finance and Public Service, appointed on November 1, 2024, following Dr. Nigel Clarke’s transition to his new role as Deputy Managing Director at the International Monetary Fund. This appointment marks a pivotal moment in Jamaica’s governmental landscape, reflecting a strong commitment to gender representation at the highest levels of public service leadership. Prime Minister Andrew Holness highlighted this move as part of a broader strategy to shift towards aggressive economic growth policies​

A Career Marked by Excellence
Before her groundbreaking role as Finance Minister, Williams served as Jamaica’s Minister of Education, Youth, and Information, where she tackled critical reforms in education policy and skills development. She has also held positions in the private sector, including as a Senior Vice President at Cable & Wireless Jamaica and as Chief Financial Officer at Air Jamaica. Her extensive financial expertise, underscored by a strong academic background—including an MBA from The Wharton School and a bachelor’s degree in Economics from Harvard University—has prepared her for the intricacies of managing public finances​

Vision for Jamaica’s Future
As Finance Minister, Williams is expected to focus on accelerating Jamaica’s economic growth while maintaining fiscal discipline, a hallmark of her predecessor’s tenure. She inherits a robust financial portfolio, but her challenge lies in building on Jamaica’s economic stability to drive transformative development initiatives. With a senior advisor in financial strategy, Alok Jain, supporting her, Williams is positioned to engage with private sector stakeholders to create impactful partnerships​

Looking Ahead
Williams’s leadership underscores her ability to break barriers, adapt to complex challenges, and inspire through innovation. As she embarks on this historic journey, her tenure promises to reshape Jamaica’s fiscal policies and growth trajectory, setting a new benchmark for inclusive leadership in the region.

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Businessuite News24

Business Leaders Express Confidence in New Minister of Finance and the Public Service

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2 months ago

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October 31, 2024

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Business leaders in Jamaica are expressing confidence in the ability of newly appointed Minister of Finance and the Public Service, Hon. Fayval Williams, to manage Jamaica’s macroeconomic affairs.

Stakeholders from the Private Sector Organisation of Jamaica (PSOJ), Jamaica Manufacturers and Exporters Association (JMEA), and the Micro, Small and Medium-Sized Enterprise (MSME) Alliance concur that Minister Williams has the requisite qualifications and experience to build on the sound economic management platform laid by her predecessor, Dr. the Hon. Nigel Clarke.

PSOJ President, Metry Seaga, pointed out that, “whilst she has big shoes to fill, Minister Williams has the credentials and the experience to do a fine job”.

“We encourage her to maintain the policies that have brought us to a solid fiscal place internationally. We also encourage her to look forward to developing growth in the economy,” he added.

Mr. Seaga maintained that growth must be paramount in the new Minister’s plan, pointing out that, “we have done the hard work as a country; it is time now for the people to reap those benefits”.

JCC Chief Executive Officer, Larry Watson, is also of the view that, “Minister Williams is well qualified for the post”, adding that “we have full confidence that she will do well.

“She follows on the heels of Jamaica’s most successful Minister of Finance and the Public Service, so she has big shoes to fill. Her success will, in part, be measured on the extent to which Jamaica can achieve substantial and sustained economic growth. We wish her all the best in her new role,” Mr. Watson stated.

Meanwhile, the MSME Alliance pointed out that a majority of its members, “view the appointment in a favourable light”.

The Alliance further stated that 83.3 per cent of its membership believes that there was no better option for appointment by Prime Minister, Dr. the Most Hon. Andrew Holness, than Mrs. Williams.

Meanwhile, the JMEA, in a release, also expressed confidence, “in Minister Williams’ leadership and commitment to advancing Jamaica’s economic landscape”.

The Association added that it, “looks forward to working together to foster a more competitive and resilient business environment”.

“The JMEA looks forward to continued engagement with the Ministry and the private sector, in pursuit of Jamaica’s macroeconomic stability. We believe strongly in the need to address red tape and bureaucracy that hinder private-sector growth and development,” the organisation further stated.

The entity indicated that it would continue to lobby for the promulgation of laws that will simplify the process for doing business in Jamaica.

“We urge the timely implementation of regulations under the Pioneer Industry Act and the Large-scale Industry Act, part of the OMNIBUS Incentive Act that has been pending since 2014, to create an environment that encourages investment and growth,” the JMEA release outlined.

Mrs. Williams was appointed Minister of Finance and the Public Service on Wednesday (October 30) by Prime Minister Holness, who made the announcement during a post-Cabinet press briefing at Jamaica House.

A Chartered Financial Analyst (CFA), Mrs. Williams holds a Master’s in Business Administration (MBA) with concentration in Finance from the Wharton Business School and a Bachelor of Arts (cum laude) in Economics from Harvard University in the United States.

Mrs. Williams, who is Member of Parliament for St. Andrew Eastern, is the first female to be appointed Portfolio Minister in the Finance Ministry.

By: Andrew Laidley JIS

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Businessuite News24

Who is Angelique Parisot-Potter, Massy Holdings’ Former General Counsel and Executive Vice-President of Business Integrity?

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5 months ago

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July 13, 2024

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Early Career and Rise in Massy Holdings
Angelique Parisot-Potter served as the Executive Vice-President of Business Integrity and Group General Counsel at Massy Holdings Ltd. Before joining Massy, she had an extensive career in law and corporate governance, holding significant roles that positioned her as a key player in the corporate legal landscape.

Whistleblower Revelations and Impact
Parisot-Potter’s tenure at Massy took a dramatic turn in December 2023 when she made allegations about questionable practices within the company’s executive training programs. At Massy’s 100th annual general meeting, she revealed that the leadership programs involved bizarre rituals, including communicating with the dead and self-healing with “white light energy,” which she claimed were a misuse of foreign exchange and resources. Her whistleblower revelations were detailed in a 13-page document submitted to the company, leading to significant media coverage and internal turmoil at Massy​​.

Resignation and Aftermath
Following her public disclosure, Parisot-Potter was placed on administrative leave. Massy Holdings initiated a disciplinary investigation, asserting that she had disclosed confidential matters. Despite the company’s denial of her claims, Parisot-Potter resigned from her position on December 27, 2023, just nine days after going public with her allegations. Her resignation came amidst a period of significant scrutiny and internal review within Massy Holdings​.

The Resignation of Gervase Warner
The fallout from Parisot-Potter’s revelations had far-reaching consequences, including the resignation of Massy’s President and CEO, Gervase Warner. Warner, who had been with Massy since 2009, announced his retirement on February 8, 2024. While his early departure was officially attributed to personal reasons, it closely followed the controversy sparked by Parisot-Potter’s claims. Warner’s leadership was notable for significant profitability and growth, with the company seeing a compound annual growth rate of 15% over the last five years of his tenure. He was succeeded by David Alfonso, a long-time executive within the company​​.

Conclusion
Angelique Parisot-Potter’s career at Massy Holdings was marked by her commitment to corporate integrity and governance. Her whistleblower actions underscore the complexities and challenges of corporate governance and the personal and professional risks involved in exposing potential misconduct. As Massy Holdings continues to navigate the aftermath of these events, Parisot-Potter’s role in bringing these issues to light remains a significant chapter in the company’s history.

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Businessuite News24

A Legacy of Leadership: Dr. Marlene Street Forrest and the Future of the Jamaica Stock Exchange

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6 months ago

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June 25, 2024

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“As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.”

Introduction
Dr. Marlene Street Forrest, who has led the Jamaica Stock Exchange (JSE) for nearly two decades, is set to retire, leaving behind a legacy of innovation and resilience. Her tenure has been marked by significant achievements and overcoming challenges in a male-dominated field, setting a high bar for her successor.

Accomplishments and Achievements
Dr. Street Forrest’s tenure at the JSE has been transformative. Under her leadership, the JSE has seen a notable increase in market activity, listings, and the introduction of new financial instruments.

She spearheaded the launch of corporate secretarial services to assist smaller companies in maintaining compliance and accurate reporting, which is crucial for their growth and sustainability​​.

In recognition of her outstanding leadership, Dr. Street Forrest received several prestigious awards, including the Order of Distinction in the Rank of Commander (CD) in 2016 and the Afroglobal Excellence Award for Global Impact from Canada the same year​.

Her efforts have not only enhanced the visibility and credibility of the JSE but have also contributed significantly to Jamaica’s economic resilience and development.

Overcoming Challenges
Leading the JSE in a male-dominated industry came with its challenges. Dr. Street Forrest often had to navigate skepticism and bias, proving her competence through relentless hard work and strategic vision.

The global financial crisis and the COVID-19 pandemic posed additional challenges, yet she successfully steered the JSE through these turbulent times by promoting market stability and investor confidence​.

Her focus on digital transformation and enhancing regulatory compliance helped the JSE remain a pivotal player in Jamaica’s economic strategy. She emphasized the importance of high-quality, timely financial information and investor education, which are critical for maintaining market integrity and attracting capital​​.

The Road Ahead: What Her Successor Needs
As the search for Dr. Street Forrest’s successor begins, the JSE requires a leader who can build on her legacy of innovation and resilience. Key characteristics for the next managing director include:

Visionary Leadership: The ability to foresee and adapt to market trends and technological advancements.
Strong Regulatory Knowledge: Ensuring compliance and fostering investor trust through transparent practices.
Commitment to Digital Transformation: Embracing new technologies to enhance market operations and accessibility.
Economic Insight: Understanding market dynamics and economic policies to drive growth and stability.
Collaboration Skills: Building strong relationships with stakeholders, including regulators, investors, and listed companies.

Benchmarking against global stock exchange leaders, the new head of the JSE should embody a blend of strategic foresight, regulatory acumen, and innovative thinking. Leaders like Adena Friedman of Nasdaq and David Schwimmer of the London Stock Exchange exemplify these traits, balancing market growth with robust governance.

Conclusion
Dr. Marlene Street Forrest’s leadership at the JSE has set a high standard, marked by significant achievements and resilience in the face of challenges. Her successor will need to bring a mix of visionary leadership, regulatory knowledge, and a commitment to digital transformation to continue driving the JSE’s growth and success. As the JSE looks to the future, it will be crucial to find a leader who can match, if not exceed, Dr. Street Forrest’s impressive legacy.

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