Features

Health19

7

81624

5 Steps

Brand Jamaica at 50

Factor Potential RegretsInto Decisions

The Business of Sports

Premiere Lady

To Living Wealthy

With Erin Mitchell

By Rese Young

By Dennis Brooks

By David Mullings

By Carole Beckford

+Table of Contents

July-August 2012

12+Cover StoryGrace Kennedy

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Garth WalkerManaging Editor

Leighton DavisManaging Editor

PublisherCreative Media and Events

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Leighton Davis

Brand ManagerSimone Riley

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Th e 50th Anniversary; the Golden Jubilee! Its both a time for looking back at the things we got right and wrong as a nation, as well as a time to look forward at the course we must chart ahead for ourselves.

It is only natural that, upon reaching these important milestones in the life of our nation, we stop to think about what those things are that defi ne us as a people. No doubt, there will be things that we are proud of, like rum, beef patties and coco breads, lightening fast people and the multiplicity of beats we rock to. But it is extremely important for us to properly understand why these gift s we have given to the world have been so impactful.

Our quest to make the average person more knowledgeable about how businesses work and business people think takes us to the world of branding! Th e essence of a good brand is that it comes to defi ne what people think of the product. Be it Cutex, Fab, Scotch Brite or Pampers, these are but a few of the brands that loom so large that their names are synonymous in our minds with the actual products they are selling.

As you turn the pages of this edition, you will have an opportunity to learn more about some of the brands that have been synonymous with our experience of being an independent nation.

As we look forward to the future, we trust that both your brand and ours (Wealth Magazine) will take its place among that elite group of brands in the not-too-distant future!

Cheers!Dennis BrooksGuest Editor-in-Chief

The Editor’s Survey

Like Us on Facebook

E-mail us at: simone@creativemediaandevents.com

1. What inspires you?Achievements of others, and the ones I make myself.

2. What’s the last good piece of advice you received?It’s actually an enduring one. My parents used to tell me

when I was younger, “Remember who you are, and where you come from.” Back then, what it meant to me was that

I should behave appropriately. However, over time, I’ve come to realize that it was also them telling me that they will always be there for me, because that’s the kind of

family they are. It definitely instilled confidence that no matter what I’d have their support.

3. Growing up what was your dream job?Of course every kid wants to be a dancer, musician, someone famous, but I don’t recall having any lasting ‘dream job.’ I figured out that I was interested in Marketing and Brand Management well into my second or third year of college and I haven’t looked back since.

4. If you could travel to any place where would it be and why?Any country in Asia. I haven’t been there and I think it would be such a difference to what I’ve experienced anywhere else

before.

5. What’s your dream car?A Range Rover. I like SUVs.

6. After a hard day what relaxes you?Sometimes solitude and a book. Sometimes friends and

a cold Red Stripe Light.

7. What current projects are you working on? Red Stripe is certainly keeping me busy. Of course

summer and the 50 th Anniversary of Jamaica’s Independence are coming up. We just wrapped up the first season

of the Red Stripe Premier League, which I’m very proud of. Planning for the restart in September will begin in earnest soon.

8. What is your favorite aspect of living in Jamaica?It’s home. I can’t say it any other way. The people, places and experiences are just familiar.

Erin MitchellBrand Manager Red Stripe

12th Edition 8

I’ll never forget it. At the age of two, my nephew responded with unbridled excitement at the sight of my new sneakers. Barely able to string a sentence together, this toddler – at the sight of the world famous ‘swoosh’ he screamed out with glee “NIKE!!” Sixteen years later, his obsession with Nike continues, along with anything that can be remotely considered by him to add to his ‘swag.’

And yet, in that moment, the concept of the sheer power of global branding came home to me forcefully. Th e American Marketing Association (AMA) defi nes a brand as a “name, term, sign, symbol or design, or a combination of them intended to Identify the goods and services of one seller or group of sellers and to diff erentiate them from those of other sellers.”

A brand is only as good as the consumer’s willingness to support the brand. It is always important for a brand to have some utility from the perspective of the consumer. It has to be perceived in the consumer’s eyes to satisfying some need or want in a way that is superior to its alternatives.

Perception in brand management is critical, because it is the perception around the brand – whether reality of not - that will drive support for it.

Fundamentally, branding is about positioning your company in the mind of the market in such a way that you are seen as the only solution to its

problems. Th is isn’t easy, but brands like Coca-Cola, IBM, Microsoft , Google, and Apple have all managed to position themselves among the most powerful global brands.

Even as these global brands come to mind, space must be made in our list for Brand Jamaica. Th is island of just under three million people has been able to do what most other countries and many other products have not been able.

Jamaica has come to be identifi ed as a brand in and of itself, because people all over the world feel it delivers satisfaction to a wide consumer market; from music to sports; tourism to coff ee; spices and sauces to rum.

Over a relatively short time, Jamaica has managed to produce a number of goods and services that have been exposed globally, and as a consequence have served to earn Jamaica a reputation for quality and excellence in those areas. Now, the concept of Brand Jamaica spans almost every facet of Jamaica’s tangible and intangible culture.

When Jamaica’s Minister of Industry, Investment and Commerce, Anthony Hylton, spoke with Wealth Magazine he expressed the view that late great Reggae Icon, Bob Marley has been instrumental in developing a global consciousness of Brand Jamaica.

“In the case of Jamaica, the fi rst real recognition ought to be given to Bob Marley. Bob helped put Jamaica on the

By Dennis Brooks

12th Edition9

global map. Everywhere I’ve been, the common recognizable feature of the brand Jamaica is Bob Marley’s reggae music and all that he represented,” he said.

While the King of Reggae has played (and continues to play) his iconic role in branding the nation, the infl uence of Donald Quarrie, Herb McKenley, Merlene Ottey, Beres Hammond, Dennis Brown, Appleton Rum, Red Stripe Beer, Sandals Resorts, Asafa Powell and Usain Bolt cannot be denied. And, even while mentioning them, these are but a smattering of the pantheon of Jamaican individu-als and entities that have helped to collectively impact the globe and create a distinctly Jamaican presence.

BRAND ENCROACHMENT

Dr. Christopher Tuft on, a lecturer in International Business and Marketing Strategy and the Opposi-tion Spokesman on Industry Invest-ment and Commerce, notes that Brand Jamaica has become so infl u-ential in the market that unscrupu-lous opportunists have sought to cash in on it.

Dr Tuft on says these persons have sought to “… piggy-back on what Jamaica represents in the global marketplace and, at times, exploit the Jamaican name. Products will be given the Jamaican name to exploit the Jamaican presence in the market.”

Th e problem, he warns, is that “…it robs [Jamaica] of [its] earning potential, because… authentic Jamaican products have to compete with the fraudulent products. It also undermines our quality position because sometimes the fake products do not match up to the quality of the genuine local products. Th erefore, it devalues in the consumers mind…because they think they’re buying

Jamaican when they’re not.” Th is is indeed a problem Minister Hylton is aware of. He sees it as his responsibility to protect the brand.

He says ,“Tremendous work is be-ing done to advance the protection of products that fall under the Jamaican brand. We’ve gotten a great deal of work done through assistance from [World Intellectual Property Organization] WIPO. I am very hopeful that certainly in my fi rst term, we will go a far way in protecting the Intellectual property of Jamaicans and all things labeled ‘Jamaica’. We have a good cadre of persons in the Ministry, working with [Jamaica Intellectual Property Organ-ization] JIPO.”

Th e Minister adds, “It’s one thing to build and brand and to register them within the law, but in order to make gains there must be the sense, among people who violate, the fear and sense that they will be called to book. We have to build that enforcement mech-anism to protect our brand and to generally protect the benefi ts of our trade agreements.”

FUTURE OF THE BRAND

It is beyond doubt that, over the past 50 years, Brand Jamaica has evolved into something all Jamaicans can, not only be proud of, but also use to improve our quality of life. However, both the sitting Minister and his Opposition counterpart seem to agree that the brand has been under threat from external forces for a long time, and is in need of protection.

And yet, Dr Tuft on also warns that Brand Jamaica could well be under threat, not from external sources, but from sources far closer home. He insists that gun-toting gangsters and Lottery Scammers can undo all the

work Jamaica has done to build its brand. “When you try to brand yourself as an off shore telecoms ICT facility, and the lottery scam is so rampant, it discourages investors from coming in. So the brand can be compromised by our own activities internally. Which is why we must do what is necessary to protect the brand from damage from outside.” Dr. tuft on insists.

Th is observation highlights the fact that Jamaica has a lot of ‘housekeeping’ to do if it is to ensure the survival of its brand. As a nation we must not only get our macro-economic act together, but also take decisive action against potentially cancerous criminal elements that are eating away at the fabric of everything that is Brand Jamaica.

As Jamaica looks ahead at its next fi ft y years, it is only natural that we begin to think about the elements that must be put in place to ensure it grows from strength to strength. Fift y years ago, even the most optimistic nationalists would not have imagined that the brand would be where it is today. If that is so, then we must begin to think outside of the box in order to take the brand to new places.

Minister Hylton shared with me the story of what one Japanese businessman said to him, while at a recent trade expo in Trinidad and Tobago. Th e thinking might suggest where we need to look. Th e gentleman said, “Minister I’m not sure you are aware of how powerful a Brand Jamaica is. Jamaica is one of the few countries in the world that can fran-chise its operations in other parts of the world, and it would make money!” Th e question then is, will it be us as Jamai-cans who will harness our brand for our own good, or will we wait for our Asian friends to make signifi cant gains from what has been right beneath our collec-tive nose. See you in another 50years?

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12th Edition 1212

As Jamaica celebrates 50 years as an independent nation Grace Kennedy Co. Ltd. celebrates 90 years of operation. It was the vision of three men – Dr. John Grace, Mr. Fred W. Kennedy and Mr. James

Moss-Solomon Sr. – that resulted in the formation of the company on February 14, 1922. What began as a small trading concern, is now a dynamic corporation, listed on the stock exchanges of Jamaica, Trinidad, and Barbados.

Wealth Magazine sought to discover how the company has grown and remained in business for nearly a century by sitting with its current Group CEO Donald (Don) Wehby, who joined the company in 1995 as its Group Financial Manager.

Wehby pointed out the three main values which guide Grace Kennedy’s approach to the markets in which they compete – Honesty, Integrity and Trust. “Th ese three are crucial to the group. Th ey are what have carried us forward through the years and will continue to do so”, he said.

Putting the customer first

Th e Company prides itself in being innovative and ‘consumer-centric’ - where everything it does revolves around meeting the needs of the consumer. Th is is critical, as its core business is now in the food and fi nancial services industries which are extremely competitive. Wehby pointed out that the company is always trying to anticipate the needs of its customers.

Grace constantly keeps abreast of trends in consumption and investment patterns to inform the creation of new products and services which are relevant to daily living or business transactions. Th e company undertakes numerous surveys of customers across every area of its business. Th e company ensures its sales representatives, merchandisers and distributors constantly monitor the pulse of the consumers.

Wehby said, “I would say that Grace Kennedy is an innovative company; this has helped us over the years. Here’s an example of a recent innovation. In fi nancial services we launched an internet product through First Global

“A Member of The Jamaican Family For 90 Years”By Garth Williams

12th Edition1313

Giving back to Jamaica and supporting things Jamaican

Prudent investments

Bank called ‘Global Access’. In all my research, on the internet and otherwise, ‘Global Access’ is one of the best internet banking platforms that I’ve come across. It allows you to transfer funds overseas at a minimal charge and across banks with virtually no charge. We spent a lot of time thinking about what our customers would want from an internet banking platform and then worked our way back from there.”

Grace Kennedy has always taken very seriously the value of Corporate Social Responsibility. Th is level of commitment to the society’s development has been with the company since its inception, long before the term Corporate Social Responsibility was coined. Th e company has played a huge role in enriching the lives of hundreds of Jamaicans without constantly advertising its eff orts. Th e activities are executed through 2 foundations – Th e Grace & Staff Foundation and the Grace Foundation – both are primarily geared towards youth education.

Further, the company supports numerous national and local sporting competitions for youth including being the title sponsors for the annual Boys’ & Girls’ Championships. Grace has been a longstanding sponsor of Schoolboy Cricket –the Grace Shield. In January 2012, Grace announced that it was the offi cial nutrition sponsor of the Jamaica Athletics Administrative Association (JAAA). Th is partnership will deliver a minimum J$5million of funding as well as nutrition education for athletes. “We have given back and Jamaica has recognized this and continues to support us as a company,” Wehby added.

“When one looks at the fundamental strategies of Grace Kennedy we have always embraced the philosophy of constantly growing the business even during a crisis. Opportunities arise from crises; we have to be prepared for that. We have always articulated to our stakeholders the message of sustainable growth and innovation being the value drivers of the company,” he said.

Th e company also focuses heavily on operational effi ciency and facilitates a performance driven culture among staff by providing them with the right tools to achieve positive results.

Wehby explained the company’s bold move into expanding its fi nancial services. Grace Kennedy’s entry into the Financial Services industry was initially to provide support to the Food Division. Some signifi cant acquisitions were made in the late 1990’s aft er Wehby was appointed Group Financial Manager in 1995. Th e company acquired First Global Bank and partners TDB. Owning a commercial bank provided Grace Kennedy the opportunity to grow its Financial Services Division. Th e company also acquired a stock broking license and consolidated all its investment portfolios including pension fund management, securities management and stock brokering under one group which resulted in the launch of the First Global Group brand in the early 2000’s. Grace also acquired Dyoll which was a failed insurance institution. Th is acquisition ultimately strengthened the Jamaica International Insurance Company (JIIC). “In looking back, if one was to ask why Grace Kennedy has been so successful I would say we put our consumers/customers at the top of anything that we do.

12th Edition 14

We take our corporate

Social Responsibility very seriously and we have quite a loyal staff . It is said that once you’re a Grace Kennedy

staff you’re a staff member for life. We have also been very prudent in our investment decisions. Before we invest in a respective business we really do very proper due diligence. We have a very good risk

management and control system in place so that has helped a long way,” Wehby highlights.

It is oft en said that ‘profi t is an opinion but cash is a fact’. Grace Kennedy has embraced this statement. Wehby points out that while a company must show profi ts it is important to manage cash properly especially when working with a trading company. Over the years Grace Kennedy in terms of leverage has not been high because it carefully manages its working capital very well.

Th e Grace Kennedy company currently employs over 2000 Jamaicans and has provided employment for thousands more over its 90 years of operation. Th is has gone a far way in cementing the brand into the Jamaican culture. It is more than just mere employment that Grace provides; there are other benefi ts which its employees enjoy. Providing employee benefi ts is a longstanding policy at Grace. It was the fi rst Jamaican company to establish free health and superannuation schemes and life insurance for staff – this started in 1951.

“When one talks about motivation of staff , one has to talk about alignment of the staff . Th e key thing is aligning the staff with the company’s vision. Th is is done by being clear in articulating the strategy for the way forward. We at Grace are very clear about where we want to go and our staff is focused on that,” said Wehby, in addressing the matter of keeping the staff motivated. Th ere is a system in place which facilitates constant dialogue among all levels of staff employed to Grace Kennedy. “As a matter of fact, I have a session every Wednesday between 8:30 and 10:30am where any staff member can come and have a chat with me about anything. As a leader, especially of a diversifi ed group as Grace that you give your staff full access to you at anytime. You have to generally treat your staff very well,” Wehby says.

Grace has instituted an ‘Employee Satisfaction Index’ (ESI), where a survey is conducted among all the employees within the group to gauge how satisfi ed they are working within the group. Th e group CEO thoroughly goes through the report to determine the shortcomings aff ecting the staff . Th e next step is to create a strategy through the group’s Human Resource Department on how to improve those areas of concern to the staff . Th e survey is not mandatory but the company has noticed increased participation annually as the staff recognizes that changes to their areas of concern are eff ected.Further, the group’s management team hosts an annual business conference with the top 500 performing staff members. Th is conference complements the results of the ESI and provides further ideas on how to improve employee satisfaction.

Keeping the staff happy

One of the most important factors in the success of Grace Kennedy has been its succession planning.

Wehby points out that, “… there has always been a very smooth transition of the leadership of Grace Kennedy – starting from Carlton Alexander to Rafael Diaz then Douglas Orane and now myself. Th is is something which is not coincidental, it is planned. I was well trained by Mr. Orane in terms of taking over his position. It has always been done in a very methodological way.”

Th e company’s vision and direction have essentially remained the same, but the execution of that vision has diff ered along the way. Th is is evidenced in how the company has positioned itself as the years pass. In the mid-1990’s the company had 5 divisions – Maritime (Grace then owned Kingston Wharves), Pharmaceuticals (Grace owned Medi-Grace brand), Travel & Transport (Grace Travel and Fidelity authorized Nissan dealership), Food and Financial Services. Th e group sold all its interests in travel/transport, pharmaceuticals, maritime then decided to focus its core business around food and fi nancial services. Wehby says, “Th e discus-sion around selling interests and focusing on 2 industries would not have been entertained in the 80’s and even before. Th e thinking then was that the more businesses a company operates allows it to be more successful it will be. With globalization aff ecting businesses the company is simplifying things and focusing on its core business.”

A common thread among Wehby’s predecessors is their humility coupled with the thinking that they can never be too busy to take time and interact with consumers while noting buying patterns in the aisles of businesses which sell Grace’s products.

-Th e company has achieved longevity and success by -honouring its commitment to putting customers’/consumers’ needs fi rst -empowering and encouraging its staff to honour the commitment to customers/consumers -providing shareholders with competitive rates of return over the medium to long term - being a socially responsible, caring, and environmentally conscious corporate citizen

12th Edition1515

Management strategy and continuity

Factor Potential Regrets

into DecisionsIn work and personal life we each face decisions and the potential consequences. Usually, numerous things are factored into a decision including cost, associated risks, potential ben-efi ts and more. However, one of the few things that I have rarely seen factored into decision-making is potential regret.

Hindsight is 20/20 and so it is easy to regret not investing in the stock of a company when you fi rst considered it now that it has gone higher or regret not accepting that job off er at a diff erent company that, as it turns out later, is doing well.

In the same way that you can calculate or approximate the costs of a certain decision, you can go through the various scenarios that may play out to fi gure out what regrets may arise.I value regrets because we do not want to keep having regrets in our life since this would mean we are not living it to the best of our ability. In the case of a company, having regrets about not launching a product or not paying more attention to a new competitor can have more dire consequences than just quality of life, it can mean the end of a career or of the business.

Regrets can also lead to some poor decisions down the line. You see a new opportunity that is riskier but you recall a past decision that you now regret and so you move quicker this time because you do not want to miss the opportunity. Th at rushing could cause a bad decision and regrets would have played a role.

We must acknowledge that past behaviour plays a critical role in our future behaviour, especially where it involves opportunities that can lead to, generate or save money. Once we recognize this, it becomes important to factor potential regrets into scenarios. You see a new opportunity that is riskier but you recall a past decision that you now regret and so you move quicker this time because you do not want to miss the opportunity. Th at rushing could cause a bad decision and regrets would have played a role.

We must acknowledge that past behaviour plays a criti-cal role in our future behaviour, especially where it involves opportunities that can lead to, generate or save money. Once we recognize this, it becomes important to factor potential regrets into scenarios. A simple example involves the decision to invest in a product. Th e person in charge has the analy-sis done to show the potential market and revenues but also factors in scenarios where the product is launched at a time, launched

diff erently and not launched at all, with the capital allocated elsewhere.

Essentially, using game theory to aid in the decision-making, will the company regret not launching this product and losing out on that rev-enue if someone else succeeds? Th at depends on how critical that prod-uct is to the bottom line now or is intended to be. Factoring in potential regrets would make it very clear just how important or unimportant this product is to the company.

In the same way, if you feel that you may regret the way you are about to do something, like the way you will lay-off an employee, then take extra time to attempt to identify a diff erent way of accomplishing the same goal without the regret (communicating the layoff in a diff erent way for example).

Ultimately, a life with less regrets should be more fi lling and less stress-ful while a business team with less regrets should be more successful.

By David Mullings

I value regrets because we do not want to keep having regrets in our life since this would mean we are not living it to the best of our ability. In the case of a company, having regrets about not launching a product or not paying more attention

competitor can have more dire consequences than just quality

Regrets can also lead to some poor decisions down the line. You see a new opportunity that is riskier but you recall a past decision that you now regret and so you move quicker this time because you do not want to miss the opportunity. Th at rushing could cause a bad decision and regrets would have

We must acknowledge that past behaviour plays a critical role in our future behaviour, especially where it involves opportunities that can lead to, generate or save money. Once we recognize this, it becomes important to factor potential regrets into scenarios. You see a new opportunity that is riskier but you recall a past decision that you now regret and so you move quicker this time because you do not want to miss the opportunity. Th at rushing could cause a bad decision

We must acknowledge that past behaviour plays a criti-cal role in our future behaviour, especially where it involves opportunities that can lead to, generate or save money. Once we recognize this, it becomes important to factor potential regrets into scenarios. A simple example involves the decision to invest in a product. Th e person in charge has the analy-sis done to show the potential market and revenues but also factors in scenarios where the product is launched at a time,

Ultimately, a life with less regrets should be more fi lling and less stress-ful while a business team with less regrets should be more successful.

JIIC ADvrt

19

Living wealthy is defi nitely one goal that many people aim for. Th e thought of

being able to aff ord whatever you desire and go wherever you please without any concerns, and truly enjoying your life is super exciting!

Just imagine what your life would be like if you had an abundance of money. Sounds amazing right?

What would you do with it? Would you buy yourself that dream house or car, travel to exotic locations; indulge in fi ne dining, expensive jewelry, a yatch, or your own private jet? Sounds pretty exciting and alluring to me. In fact, owning your own private jet doesn’t sound like such a bad idea - it sure beats travelling in coach.

Can you picture yourself having all of these wonderful things on your wish list? Doesn’t it feel exhilarating? So why is it that so many people who are wealthy, seem to be so dissatisfi ed? And why is it that even when we begin to increase our wealth people still can’t seem to fi nd satisfaction or happiness? Did we get the concept wrong?

Examining this phenomenon has caused me to take a step back and look at my own life. It may be that we are ‘socially wired’ to believe that having more money and possessions will bring us greater joy. Now, don’t get me wrong; fi nancial stability is very important. I totally endorse it. In fact, to some extent, being able to do what you desire because of fi nancial freedom certainly raises our happiness levels.

However, much of the recent research is now pointing to the fact that an increasing number of rich people are living extremely unhappy lives. So the question then becomes, how do we attain all that we desire and truly LIVE WEALTHY?

As a Health and Lifestyle Coach, I have had the privilege of interviewing numerous persons from many diff erent cultures and backgrounds and whenever I ask them the question “why do you want to be wealthy? ” Th e underlying answer is always the same: “Because I want to be happy”. So I have come to realize that getting rich is a means and not an end. Th erefore, on my mission of wealth creation, I always remind myself to treasure my relationships and not my possessions.

5 Steps to Living Wealthy

By Rese Young

Here are 5 simple steps to consider when trying to maximize your material possessions:

1. Celebrate moments: We oft en forget to celebrate the moments. We are constantly looking at what’s next. Planning for the future is essential, and assessing your past mistakes is critical. It is important not to

get so caught up that you do not appreciate where you are. When you have achieved a personal goal, take time to celebrate it. Share it with the people that matter to you. Life is truly short and all we have are the moments. Th e past is gone and the future is yet to come. If you continue to focus on what is next, then you will never really be satisfi ed and you will always be searching.

2. Stay Healthy: No matter how much wealth you have, it cannot be enjoyed unless you are

healthy. Th ere is a school of thought that says, “Your health is your true wealth”. Take the time you need to nourish your mind, body and spirit. Th is means eat-ing foods that support optimal health. Making time to exercise, keep your body fi t and ready to enjoy perhaps even your next adventure. A fi t body is usu-ally accompanied by feelings of exuberance and joy. It is also imperative to cultivate a spiritual practice that gives you a sense of belonging and inner peace.

3. Give back to the community: It’s important to contribute to the development of community.

It will give you a sense of purpose and deep inner satisfaction. Take pleasure in giving as much as you are receiving; you’ll be surprised at how much this will increase your state of happiness.

4. Make time: One of our most precious assets is our time. Th ink carefully and choose wisely with regard to who and what you spend it on. Time lost can really never be regained. Do things that you truly desire

to do. It is necessary to sometimes allow yourself to be alone and just relax or meditate in a quiet state of con-templation. If you fi nd you don’t have enough time, then do a rationalization exercise; see where you may be wasting your valuable asset.

5. Be grateful: Being grateful is a must. Gratitude helps us to attract more of what we want, while help-ing to reduce negativity and so much more. If you forget to be grateful you may never truly enjoy all the

wealth you have amassed. Make and keep a list of all the things you are grateful for. Review this list especially at the end of your day. You should also use it when you feel there is nothing good in your life. It will serve as a reminder of all the wonderful things you may have forgotten. It can bring joy when surrounded by sadness and hope when immersed in futility.

20 12th Edition

2121 12th Edition

Positively Approaching

the opportunities industry

The 21st century can truly be considered the Information Age, where society is moving towards becoming increasingly ‘knowledge-based’. With an increase in access to information and knowledge, numerous

new opportunities for business ideas to exist and fl ourish will arise.

Th e opportunities industry can be considered a set of jobs and business ideas that fl ourish directly because of the existence of other more ‘traditional’ areas of business. Th ese businesses cover a wide range of sectors. In some cases they essentially ‘piggy-back’ on regular commercial activities or, in other cases, complement regular commercial activities.

It also includes businesses created to exist over a short period of time or seasonally as a result of their dependence on special activities such as the Olympics or FIFA World Cup. Dozens of examples abound in international business and locally. Among the most common examples are screen printed t-shirts and embroidered caps/hats which bear the images of highly successful sporting teams or athletes.

Aft er Usain Bolt’s record breaking performances at the 2008 Beijing Olympics, there were numerous unauthor-ised online shopping sites listing several items listed bearing Bolt’s name; items ranging from Usain Bolt watch-es, Usain Bolt 3D acrylic Olympic photo sculptures, Usain Bolt stamps to Usain Bolt T-shirts, among others.

Of course, the above-mentioned example is illegal as it is a breach of the use of Bolt’s image in a commercial activity.More common examples of legal businesses that exist as a part of the opportunity industry are mobile applications (apps) development and network marketing.

By Garth Williams

Mobile App Development

Network Marketing

The way forward

According to a 2012 report commissioned by TechNet, the United States app industry has been found to have more than 466,000 jobs having built itself up from zero as recently as fi ve years ago. Th e data

fi nds that California — the home of Silicon Valley — is unsurprisingly the top state for app-based jobs, accounting for one quarter of them. Th e industry is also bringing economic benefi ts and the report concludes that last year, it produced $20 billion in revenue, with Apple’s App Store alone registered as having 124,475 active publishers adding content to it. Th e app development industry is providing more jobs than a number of other tech industries, according to the report, with soft ware publishing, telecom carriers and others areas trailing it.

It is estimated that there are over 15 million persons employed globally doing network marketing with the US accounting for almost 10 million of that global fi gure.

Th e simplest explanation of network marketing is that it is a method of marketing that utilizes independent representatives (a ‘sales force’) to reach potential customers that a company otherwise would not reach with traditional online or offl ine marketing methods. In most network marketing businesses the sales force is compensated not only for sales they personally generate, but also for the sales of others they recruit, creating a down-line of distributors and a hierarchy of multiple levels of compensation. Health and wellness products are among the most common items which employ network marketing.

Businesses that emerge and function as a part of the opportunities industry are subject to the same challenges as more traditional/established businesses. Success in maintaining a business within the opportunity industry will require the ability to remain focused on long-term objectives while staying fl exible enough to solve day-to-day problems and recognize new opportunities. Th ese entrepreneurs will require the employment of ways of searching for and processing information and ways of acting on ideas which will help them bridge the gap between short-term demands and long-term direction.

Charting a long-term, strategic course for the company and keeping it moving in that direction is imperative. Care must be taken to constantly monitor the general business environment since goals are oft en static while the business environment rarely is. Each day brings a non-stop stream of surprises, new information, opportunities and occasional short-term problems.

Network Marketing

according to the report, with soft ware publishing, telecom carriers and others areas trailing

It is estimated that there are over 15 million persons employed globally doing network marketing with

network marketing.

Businesses that emerge and function as a part of the opportunities industry are subject to the same challenges

12th Editionopportunities and occasional short-term problems.

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Executing any strategic plan with a high degree of precision requires eff ective management. However, traditional theory suggests that management is a tightly structured, systematic, linear mental activity. Eff ective management should become an evolutionary process based on constant questioning, experimenting, refl ecting, problem solving and re-implementation. Th is is especially important in the information technology industry of which mobile app development is a part and other industries which rely heavily upon science – health & wellness, nutrition, pharmaceutical drugs etc.

Ensuring the longevity of your business as part of the opportunity industry will require a heavily reliance on keen observation of trends and the ability to positively adapt based on the trends.

Effective management

Executing any strategic plan with a high degree of precision requires eff ective management. However,

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Just over a year ago, PriceWaterhouseCoopers, in a release, suggested that the global sport industry will rise from $114 billion (estimated value at the time) to $133 billion in 2013, with an annual growth rate of 3.8 per cent per year.

Jamaica’s golden momentBy Carole Beckford

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Th e report went on to suggest that gate receipts, one of the largest components will expand from $43.2 billion (2009) to $49 billion and will be the largest component of the sports market. Closely behind is the sponsorship component, deemed as the fastest growing to increase from $29.4 billion in 2009 to $35.2 billion in 2013; while Media rights will grow from $23.1 billion to $26.7 in the same four year period.

Th ose fi gures are also largely had from major events to include world championships, summer and winter Olympics along with major franchise sports – basketball, football (soccer), NFL, cricket, tennis, to name a few. When we look at those fi gures and sporting areas, we wonder what Jamaica can capture from those events, activities and earnings. Jamaica has the prestige of having some of the fastest people on the planet in a sport which is not factored in the big events; however the allure and mystique of “why they run so fast” remains a mystery to a lot and enough to maintain attention on the island. Th is attention is what I think can help to help to target specifi c markets to begin to earn well needed funds from the billion-dollar sport industry.

Areas of focus

Th ere are some specifi c programmes which can be implemented to attract targeted and meaningful audiences Major events:

With venues designed for multiple use

Made for TV events

Locations for still photo, video and documentary recordings

Technical development (camps, competitions)

Regional and International competitions in a wide variety of sports to include – basketball, hockey, netball and beach volleyball

Venues play a major role in how events are managed and certainly are a great way to control earnings from gate receipts, concessions and merchandise. A well kept venue with proper accessories – parking, lighting, seating in a safe environment should be considered, as the sport industry is reorganized to meet the needs of a global market. Some of the competition has all this in tow, with far less featured talent to expose. What, however, is critical to the success of a Country’s brand ensuring that its consumers have a positive experience regardless of the event.

Essence of Jamaica

Th e question is: What is the essence of Jamaican Sport? I know a lot of us have never thought about it, but I have a few suggestions.

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Responsibility: taking control for one’s action and being a role model at all times under any circumstance

Respect: Recognising the contribution one makes to sport treating them with dignity and consideration, as well as caring for property and equipment; hence ensuring safety to all

Fairness: making the most honourable decisions at all times operating within the rules and regulations and not to use any unfair advantage/tactics Th ese can be some bases upon which we carry out the practice of physical education in schools and should also be three areas of focus for athletes (at all levels), coaches, offi cials, administrators, management and the general public at large. A lot of what we practice and INVEST in as a people will have great returns. Some of the returns include: - (more) top class athletes- Positive stories on the success of Jamaican athletes - Ability to attract more major events to Jamaica - Economic growth and development

I think if we adopt and apply the factors of responsibility, respect and fairness across the board with all the stakeholders involved then we will be able to, over a period of time, feel the positive eff ects in sport development in Jamaica.

Th e governing bodies for sport in Jamaica should seek to adopt this positive initiative as we seek to pursue our nation as a place where sport and physical education is available to all. Jamaica’s image and reputation are being anchored by the performances and impact of its sporting and entertainment stars. Th ey are to be better packaged. Th ere are some standard areas which we can always fi nd reasonable to include sponsorships, endorsements and sport gear sales.

Successful Business Model

A model of success for sport in Jamaica can be plotted by history in the fi rst instance. Th e history of Jamaica’s performance in sport is well known and it is identifi ed by the various stories broadcast in media all around the world. “Why Jamaicans Run So Fast?” is one of the unanswered questions and a documentary of the same name has been making the rounds. We established the identical mystery in our fast bowlers and batsmen in cricket; scorers in football, world-class swimers and I could go on. Th e model however has to be supported by investment in a sustainable programme which attracts all-round support from public sector (facilitation); private sector (funds, products and services) and community (large fan base). Jamaica’s products and services can be coupled with the excellence, reliability, and boldness of its athletes and made to overtake its competitors, not just on the fi eld of play, but in the markets and board rooms. Jamaica can be confi dent, that at 50 years of age, it has impacted on the world in a positive way with its off er of creativity, giving the world, Bob Marley, Usain Bolt, Merlene Ottey, the Reggae Boyz, the Sunshine Girls, spices, sauces, rum and so much more. Th e aim to the next half-century is to capture that essence and convert to economic gains, creating linkages for the manufacturing and productive sectors.

Carole Beckford is a communications specialist with 24 years of experience in the business. She is an author, a trainer and is the publicist for Usain Bolt. She can be contacted at carole.beckford@gmail.com