Entrepreneurial Funding in Trinidad (Part 1)

Readers after all is said and done to help entrepreneurs reach their true and full potential one major aspect still eludes us. Where does the funding for these ideas come from? Where can I get funding to help build my idea? Today we will take a look at one of our lending institutions geared towards helping our people leave off their 8-4 jobs and start thinking outside the box. 

Today we will be looking at Nedco. Click the link below to go directly to their website.

http://nedco.wc.modone.net/

"In 2002, the Government of Trinidad & Tobago established the National Entrepreneurship Development Company Limited (NEDCO) with a mandate to develop small and micro businesses whose needs could not be met by traditional lending agencies. Trinidad & Tobago’s economic success rests on our ability to diversify the economy and develop a thriving class of successful entrepreneurs. That’s where NEDCO comes in: we help you take your small or micro business idea from a dream to reality by giving you the skills, training and financial support you need to run a successful business."

The services provided by NEDCO is focused on the development of the entrepreneur and not just the development of the business. Their aim is to empower the individual with not only the monetary aspect but also to enhance the skills of the individual by offering training. 

Youth Business of Trinidad and Tobago

Trinidad good for so yes. The youths are not all bad. In this blog we will take a look at the site called Youth Business Trinidad and Tobago where there are various forums and resources entailed to help the youth entrepreneur. Click the link below to help you get back to the Youth Business website.

http://www.ybtt.org/ 






"Youth Business Trinidad and Tobago (YBTT) is an accredited programme of Youth Business International (YBI) an international network of youth business programmes. With the support of the business community, YBTT helps young persons to work for themselves by providing access to business loans and business mentoring.
YBTT had its genesis in February 2000 during the visit of HRH The Prince of Wales to Trinidad and Tobago. It was incorporated as a Non-Profit Company and was registered as a charitable body in accordance with the Corporation Tax Act of Trinidad and Tobago. The company was officially launched in January 2001 and commenced its loan programme shortly thereafter.
Our principal partnership is with the business community. Directors of YBTT are all from the local business community and steer the organisation by seeking funding, participating in loan panels and building local and international support.
YBTT also encourages our corporate sponsors to place business mentors with each individual/business funded through our organisation. In doing so, the potential for business success is greatly improved." 

This is how the website lends itself to an introductory welcome. The website is geared to helping the youths by showcasing other entrepreneurs and lending support to upcoming young people who want to start their own business. Kudos to YBTT... a chance for the youth to rise to the occasion.

Passion Alone Is Not Enough to Open a Business

In my last blog I introduced to you all ?Ms Walters of Resurgent Cosmetics. During the interview she mentioned her passion for what she does and though I am quite impressed by her various techniques and skills it made me wonder, is passion alone enough? I did some research and came across this article. I hope that it will answer some of your questions as it did mine. you can click on the link to read the entire article itself as I have only highlighted a portion of it.

http://www.entrepreneur.com/article/237746?newsletter=true


"Small-business owners usually start a company because they have a passion for a

particular product or service. However, people should not open a bakery just because they love baking cakes. If you love baking, get a job as a baker.

The minute you open a bakery, you’ll discover that there is a lot more to it than German chocolate and red velvet. You’ll have to wait on customers, keep the books, order inventory and sweep the floors. Open a bakery because you want to run a business and you happen to have a great cake recipe.

There are many functions associated with running a business. Before you quit your day job, make sure that you know how each of these functions is going to be handled.

The first step for most entrepreneurs is to sell something. Put in place the minimum amount of infrastructure that you can get by with and focus on generating revenue. Many new businesses fail because they simply cannot generate enough revenue to sustain themselves. Test the viability of your business as quickly and as inexpensively as possible.

While we recommend minimum infrastructure during this start up phase, there are some things you will need. For example, in many counties, you’ll need a business license. You’ll want to keep track of the revenue you generate and all of your business expenses for filing taxes.

To minimize expense, you’ll want to handle as much of this as you can personally in the beginning. However, it’s wise to reach out to people who have expertise you lack. Initially, you should minimize the infrastructure you build, do as much of the work as you can yourself and outsource those items where you lack expertise. You are in effect buying yourself more time that you can invest in other aspects of the business. The investment is a wise one when the value you create by spending your time in these aspects of the business exceeds what you have to pay to make this time for yourself."

Resurgent Cosmetics

Ms Walters, owner of Resurgent Cosmetics

This blog will feature this week's entrepreneur Ms. Veronique Walter, owner of Resurgent Cosmetics. The interview was short and to the point so here goes:

Me: Good morning Ms Walters

Ms Walters: Good morning Akeme, you can call me Veronique.

Me: Ok Veronique, how are you? I am glad you agreed to do this interview with me.

Ms. Walters: I am happy to oblige you and also very excited about this blog. First let me start by saying Resurgent Cosmetics is a handmade skin care and hair care line designed to fit into the multicultural landscapes of Trinidad and Tobago and also the Caribbean. There is an abundance of herbs fruits and botanical that a widely available in Trinidad that possess amazing skin care properties which is blended with other highly prized global botanical and oils to create a product line that is suitable for our skin and hair care needs.

Me: Wow Veronique, what a passion. You answered a few of my questions before I even asked them. Well let me ask you Why did you decide to own your own business? And what made you go into this particular field?

Ms. Walters: Well Akeme,  Resurgent Cosmetics was started because of my interest in cosmetic ingredients. Because of this I would constantly research ingredients that appeared on my product bottle. As an Esthetican I was curious to know and understand the ingredients I used not only on  myself but also my clientele. I began to notice that there were a lot of fillers that made up the bulk of the product but the ingredients that was needed were few. Some products would contain chemicals were an irritant to the skin. I began experiment with different essential oil, vitamins  and botanical stuff which I incorporated into my facial mask which was purchased from an overseas supplier. I had great results but before long I wanted to have full control over the development of the products  I used. That was the birth of Resurgent Cosmetics a line of products that contained ingredients that worked without fillers and harmful skin irritants.

I love Resurgent Cosmetics, I love creating these amazing products and connecting with customer and clients. It is so satisfying to receive feed back from customers as it really gives me a sense of accomplishment. I welcome the negatives with the positives, a negative review simply means there are some stuff that needs to be tweaked in order to make a better product. My passion for this line don't allow me to quit or give up despite challenges I continue.....that's what being RESURGENT is all about.

Stay tuned for more... In the meantime take a look at this entrepreneurs picture album on Photobucket.
http://s48.photobucket.com/user/akemecabdullah/library/Resurgent%20Cosmetics