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Business plans are the foundations from which successful businesses are constructed. It can be a statement of goals of the business, the reasons as to why these goals can be attained, and the plans that can be used to attain the set goals. A plan may contain information such as; the problems that the company is facing, the solutions that the company may offer to those problems the gap or the niche that the company is planning to fill and the market that the company is planning to cover. Implementation refers to carrying out the plans to accomplish the set goals. It is important that the set goals are accomplished. They can only be accomplished by increasing the willingness to work and motivation of the workers by the management. Following the strategic plans will help a great deal in accomplishment and the implementation of the plans.
Operation management pertains to controlling the production process and the activities of the business in the most efficient manner possible (Killen, etal , 2012). The responsibilities of operation management include; ensuring that the organization operates efficiently in both the usage of the available resources and in customer satisfaction. The four theories that the modern management revolves around include business process redesign (BPR), six sigma, lean manufacturing, and reconfigurable manufacturing systems. BPR is applied in helping the company to restructure the organization by designing the business process from the ground. Reconfigurable manufacturing systems help in allowing the systems to adjust according to the need of the market or the changes that are there in the market. Six Sigma approach may focus on the quality of the produce. This may lead to increased profitability or the lowering of production cost. Lean manufacturing helps in elimination of waste within the production process. It aims at minimizing or eliminating wasteful resource expenditure.
The attraction of human resource management refers to recruiting. The recruitment process starts with identifying who should be recruited. Secondly, making efforts to reach the targeted individuals, then you determine the time that the recruitment should take place, the recruitment message is then designed, then there is planning of an organizational site visit, evaluation of past recruitment efforts, and finally management of the entire recruitment operation. For the organization to maximize profits, recruitment must be free and fair (Taylor, 2014).
The various management theories are implemented to help increase organizational productivity and the quality of services. The different functions of management such as planning, organizing leading, and staffing can be realized through the application of these theories. Some of the theories include contingency theory, systems theory, chaos theory, and theory X and theory Y. The contingency theory helps the managers in that they should make decisions based on the situation at hand or the current situation. Systems theory helps the manager to realize how different systems affect a worker and how the worker affects the systems in the organization. It is, therefore, crucial that the managers take keen interest to look at these theories to enable him to lead and carry out his or her work effectively.
Entrepreneurship is the process of designing launching and running any new business with the aim of making the profit (Stevenson, & Jarillo, 2007). The person who comes up with the idea of starting the business and gets the necessary items to run that business is called an entrepreneur. Entrepreneurs are supposed to have several characteristics to excel. For example, they should be creative, innovative, and ready to take the risk and they should also be willing to seek information. Any entrepreneur should strive to have these characteristics so that he or she can maximize profits. They will also help them be successful in their business.
Killen, C. P., Jugdev, K., Drouin, N., & Petit, Y. (2012). Advancing project and portfolio management research: Applying strategic management theories. International Journal of Project Management, 30(5), 525-538.
Stevenson, H. H., & Jarillo, J. C. (2007). A paradigm of entrepreneurship: Entrepreneurial management. In Entrepreneurship (pp. 155-170). Springer Berlin Heidelberg.
Taylor, S. (2014). RECRUITMENT AND SELECTION. Strategic Human Resource Management: An International Perspective, 139.
1. Changes in consumer behavior
Consumers are important role-players in business. Business success is due to cohesion between the business management and consumers. Changes in consumer behaviors are inevitable. In the cosmetic industry, as reported by Mr. Freda, there are numerous changes in their consumer behaviors. There are changes in consumer preferences where consumer nil to have prices on the counters. Consequently, it is giving them chances of playing with the products without distractions from consultants. Apparently, there is a change in their needs where some want full services unlike in the past where they wanted partial services. Lastly, changes in the cosmetic industry results from their service and product preference where they demand skin care and makeup services (Gillespie, 2011).
2. Firms weaknesses and strengths
Estée Lauder Cos. has some of its beauty counters price listed. This is a strength to the company since it can meet consumer changes in their demand of viewing prices of commodities without asking from counter attendants. More so, the company is investing in consumer research. Consequently, it can meet the consumer demands. The company experiences low costs in their investments. Therefore, it can have an emphasis on development of global products (Gillespie, 2011).
the company experiences a drag resulting from U.S. department stores. However, aiming at curbing the weakness, Estée Lauder Cos is cooperating with the US departments aiming at bringing more consumer traffic in their premises. Furthermore, the company anticipates at improving their quality of services and as well education to their consumers aiming at reaching out new markets. Recommendation to the company is investing to new markets with new products such as makeups at fair prices. This will aid the company while competing with other cosmetic firms in the region (Gillespie, 2011).
3. Other product categories that may benefit from this interview
The highlighted excerpt with Mr. Freda is beneficial to other product categories such as electronics and clothing industry. Under electronic product category, consumer research is an important marketing strategy that enables the seller to learn consumer demands. Apparently, consumer changes in the clothing industry have the same trend as with the cosmetic industry where manufacturers require prior understanding of these changes and trends (Gillespie, 2011).
Gillespie, K., & Hennessey, H. D. (2011). Global marketing. Australia: South-Western Cengage Learning.
This article examines various factors about being an entrepreneur in Barbados. It explores factors that affect entrepreneurship and the business practices in the country specifically with regards to sole traders. It then concludes by highlighting some of the issues that hinder Caribbean companies from engaging in the export trade and provides possible recommendations to these problems.
Keywords: entrepreneurship, Barbados, Caribbean countries, sole entrepreneurship.
The Hindrances of Entrepreneurship in the Caribbean as opposed to Small Businesses
Definition of entrepreneurship – Eisenmann (2013), defines entrepreneurship as the “pursuit of opportunity beyond resources controlled.” (Eisenmann, 2013). In this regard, pursuit means a relentless singular effort. In entrepreneurship, short windows of opportunity present themselves which must be exploited to get tangible results. For entrepreneurs, the passage of time represents consumption of limited cash balances and hence the sense of urgency that characterizes the activities of most businesses. Sole trader, also referred to as sole proprietorship, is a business owned and managed by one individual. Statistically, this is the most popular form of business ownership because of the inherent advantages it has over other types of businesses.
From the definition provided in this document on entrepreneurship, it is apparent that a multitude of factors come into play; factors that understandably affect the operations of entrepreneurs and entrepreneurship as a whole. According to Tur-Porcar, Roig-Tierno, and Mestre (2018), sustainability is increasingly becoming one of the major considered issues especially as concerns behavior, the environment, the business activity and human relations. The society is also increasingly becoming aware of the need to foster entrepreneurial actions while also ensuring environmental sustainability. As such, sustainable entrepreneurship seeks to advance social well-being and efforts that improve the environment and at the same time develop profitable opportunities (Tur-Porcar et al., 2018). Be that as it may, sustainable entrepreneurship is also a function of other factors such as the environment, the business as well as human behavior and relations.
From a generalist perspective, the factors that affect entrepreneurship are unique to locations, but still, there seem to be common denominators which can be categorized in four groups; economic development, technological development, education, and culture. The consensus is that in locations where these factors are all present, there is consistent and significant entrepreneurial growth. Nevertheless, these conditions may positively or negatively impact the development of entrepreneurship. The positive economic factors include;
i.Capital – is regarded as a crucial element of production. The relationship between increased capital investments and profits is proportional and leads to an accelerated capital formation process. In summary, the ease of availability of funds seems to spur entrepreneurial activities.
ii.Labor – the quality rather than the quantity of labor notwithstanding the ease of availability can influence the growth of entrepreneurship. Less developed countries are labor-rich, but the labor is mostly immobile and inflexible; perhaps this is the primary reason why there are minimal entrepreneurship activities in such countries.
iii.Raw materials – without raw materials, little business activity can take place. Raw materials are the basic ingredients for production, but the availability of these materials is also controlled by opportunity conditions. The more favorable these conditions are, the more abundant the raw materials, and the likely emergence of entrepreneurial activities.
iv.Market – the importance of markets (and marketing) for the development of entrepreneurship cannot be understated. In the modern world, it would be foolhardy for an entrepreneur to expect to survive without knowledge of the markets and effective marketing techniques. In all honesty, the proof of production lies in consumption, i.e., markets.
v.Infrastructure – well-developed communication and transport facilities play an essential role not only in enlarging the market but also in expanding business horizons.
Social factors – just like economic factors, social factors play an important role in the furtherance of entrepreneurship. Fundamentally, the social setting under which people grow can shape their values, norms, beliefs, and attitudes. The major components of the social environment are;
i.The caste factor – this can affect entrepreneurship because it limits social mobility in people. In this context, social mobility is the freedom to move from one caste to another and therefore even in the presence of abundant opportunities, this system allows only the persons within a particular caste to exploit them.
ii.Family background – naturally, the size, type and economic status of a family can determine its likelihood to undertake entrepreneurial activities. For example, in joint family systems, wealth created by a few individuals is enjoyed by the whole family, and this practice has been noted to demotivate those who are venturesome.
iii.Education – provides people with the knowledge and skills to understand the world and survive. It plays a significant role in teaching students entrepreneurial skills and values that help them stand on their feet.
iv.Societal attitudes – some societies don’t encourage entrepreneurship while others embrace it wholeheartedly. It is all a matter of perception and values that the society people grow in place on entrepreneurial activities. Entrepreneurial activities require motivation, and the stronger these motivations are, the more likely people will engage in these activities.
Psychological factors have also been used to explain the emergence and growth of entrepreneurs in society. These factors include;
i.Need achievement – sociologist David McClelland developed the ‘need achievement’ theory to explain why some communities produce more entrepreneurs than others. He argued that people with high need achievement like to take risks and the successful outcomes motivate them to seek even greater risks. This characteristic is conditioned by cultural and social reinforcements.
ii.Status Respect – from a psychological perspective, people can lose status in society either through force, denigration of their symbols, status inconsistency, or by not meeting the accepted standards in a new society. These people are likely to turn into entrepreneurs because they have of the relationship between risk and returns.
Other psychological theories contend that motive might be the primary driver of entrepreneurship. Besides wealth, entrepreneurs are believed to be motivated by power, prestige, service to society and security. Other psychologists add that non-monetary items such as self-esteem, and independence could also drive entrepreneurship. Based on the type of motive that inspires an entrepreneur, there are managing, innovating and controlling entrepreneurs.
The laws governing a Sole trade/ entrepreneur in Barbados
In Barbados, the rules that govern sole traders are contained in the Registration of Business Names Act, Cap. 317. Among other things, it requires the name of the business owner, the name of the business, and the business address to be registered in the commercial registry. The naming process follows specific rules like non-duplication of names, banning the use of obscene names or those that might create the impression that the business is connected to the government, etc. (Lecture 3: Business Entities, 2018).
Operationally, the sole trader is subject to government supervision just like other businesses, but they are exempted from certain government regulations. For example, sole traders don’t pay tax on their profits. Instead, these are reflected in the personal income tax return of the sole trader. The law of agency applies to sole traders, and this brings in the issue of vicarious liability. When terminating a business, a sole trader is not under obligation to follow laid down procedure if there is no intention to defraud. However, the Registrar of Companies Act requires sole traders to indicate that the business has ceased operating by filing a notice of cessation. Even then, the sole trader remains responsible for all the debts accrued while he/she was in business (Lecture 3: Business Entities, 2018)
Starting a Business in Barbados
The current legislation by the government of Barbados has streamlined the process of starting a business in the country. For starters, the nature of the business determines whether it will be registered as a corporation or as a limited liability company. Each entity whether corporate of limited liability has its advantages and disadvantages and therefore this should also be considered. Investors coming to do business in the country can choose to operate under the International Business Status (IBS), but IBS licenses are typically issued to international companies whose core activities take place inside the country but whose exports are designated for non-Caribbean nations.
After the name search process which costs $20 and takes roughly 3 days, the Corporate Affairs and Intellectual Property Office reserves the available name for 90 days or until the business is operational. It costs approximately $200 to incorporate a business in Barbados. Depending on the type of business, the owners may be required to draft the Articles of Association the forms of which can be downloaded from the company registrar’s website. It is advisable to have a lawyer during this process. Accompanying the Article of Association are the notice of directors, notice of address, and notice of secretary appointment. This stage takes approximately 15 – 20 working days and costs roughly $ 1200.
Registration - All companies in Barbados must be registered by the Inland Revenue Department for Income Tax. For this purpose, the documents needed are the CIT Registration Form, the Certificate of Incorporation, and the Articles of Association. The VAT Registration Form and a copy of the Certificate of Incorporation are then sent to the Customs Excise Department VAT Division. Overall, Barbados is a conducive location to start a business due to its duty-free options. Other advantages include; no import duties, 10-year tax holidays, 2.5% tax rate after the tax holiday, full repatriation of capital, dividends, and profits as well as free consultation services by the Barbados Investment and Development Corporation (Running Your Own Business In Barbados – Five Things You Need To Know, 2015).
Financing Your Business - To be eligible for financial support by the Barbados government, one is required to either register a production company with the Customs and Excise Department or a small business with the Ministry of Industry, International Business, Commerce and Small Business Development. The Fiscal Incentive Act prescribes a 15-year tax holiday plan to approved companies that can be defined as enclaved enterprises and which manufacture exports purely for non-Caribbean countries, or produce products with a specified percentage of local value added; or if they are capital intensive (Financing Your Business, 2017). For funding purposes, the facilities include Special Technical Assistance Program, the Export Credit Insurance Scheme, Enhanced Credit Guarantee Scheme, Export Finance Guarantee Scheme, and Barbados Investment Fund (BIF) among many others.
Hindrances stopping entrepreneurs from exporting their product/service from Barbados
One of the main issues that affect entrepreneurs in Barbados is bureaucracy. According to Wayne Kirton, Chief Executive Officer of Invest Barbados, the level of bureaucracy is militating against the interests of investors seeking to establish a business in the country. Kirton argues that the length of time it takes to secure cabinet approvals is costing the economy between $250 – 560 million (Bureaucratic hindrances to business development, 2011). Economic analysts in the country agree that implementing a one-stop agency for investments will reduce clearance bottlenecks, e.g., ministerial and cabinet delays, and expedite business initiatives. Similarly, they have called for “transparent and timely accountability” to improve business facilitation (Pounder, 2016).
The increased competition, especially in the banana industry, has also been cited as a hindrance (Harewood, 2004). Making matters worse is the debt crises facing many Caribbean nations, and now economists contend that increased productivity primarily in the private sector and ability to compete in new markets can play a significant role in changing the tide of things. But to achieve this, Caribbean companies have to overcome the challenges such as limited access to finance, time and costs of exportation, knowledge barriers, an increasingly competitive business climate, and underdeveloped infrastructure. Nevertheless, the promotion of productivity and innovation programs is believed will increase the ability of companies to innovate or spend more on innovation (Dohnert, 2017).
Bureaucratic hindrances to business development: Guyana and Barbados share similar frustrations. (2011, November 25). Retrieved April 2, 2018, from Stabroek News: https://www.stabroeknews.com/2011/business/11/25/bureaucratic-hindrances...
Dohnert, S. (2017, April 5). 5 Obstacles to Overcome for a more Productive Caribbean. Retrieved April 2, 2018, from Caribbean DEVTrends: https://blogs.iadb.org/caribbean-dev-trends/2017/04/05/5-obstacles-to-ov...
Eisenmann, T. R. (2013, January 10). Entrepreneurship: A Working Definition. Retrieved April 2, 2018, from Harvard Business Review: https://hbr.org/2013/01/what-is-entrepreneurship
Financing Your Business. (2017). Retrieved April 2, 2018, from Barbados Investment & Development Corporation: http://www.bidc.org/entrepreneurs/preparing-business/financing-your-busi...
Harewood, O. (2004). Barbados in the New Global Economy: Barbados and the WTO. Ministry of Foreign Affairs and Foreign Trade.
Lecture 3: Business Entities. (2018). MGMT 2021 - Business Law 1. (F. o. Sciences, Compiler) The University of the West Indies Cave Hill Campus.
Pounder, P. (2016). Entrepreneurship and gender disparity in the Caribbean. Journal of Research on Women and Gender, 6, 4-23.
Running Your Own Business In Barbados – Five Things You Need To Know. (2015, September 2). Retrieved April 2, 2018, from ExpatFocus: http://www.expatfocus.com/c/aid=2273/articles/barbados/running-your-own-...
Tur-Porcar, A., Roig-Tierno, N., & Mestre, A. L. (2018). Factors Affecting Entrepreneurship and Business Sustainability. Sustainability, 10(452), 1-12.
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