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January 21, 2008TRANSCRIPT
w w w. y o u r m o n e y e z i n e . c o m2 YOUR MONEY • Business Lounge
The Business LoungeCan U.S. President Obama help solve the global financial crisis?
Now that the lights are out, curtains closed and Barack Obama is officially the President of the United States of America, the main focus will unquestionably remain on the current state of US economy and how it will affect the rest of the world.
We are currently experiencing a global financial crisis which started from a mortgage crisis and has created a contagion run. A stimulus package of US$ 700 billion in the United States was approved to stimulate the economy and regain stability. Already, half has been spent and the economy is still in uncertainty. On January 16, 2008 the US Senate approved the second half of the stimulus package which will be handed to President Barack Obama to spend.
President Obama will face the great task of using this package to bring stability to the financial market.
Your Money interviewed two individuals who gave their thoughts on how the second half of the stimulus package can help to stabilize the financial markets and help Jamaica to come out of recession?
Franklyn Anderson, Business Development Analyst – NCB Capital MarketsFranklyn stated that before Barack Obama was officially the president of the United States of America, the Senate approved the second half of the proposed US$700 billion, and that in itself tells us something. “However there are two key factors that will determine the effectiveness of the stimulus package; transparency and how efficient the funds will be utilized”, he explains.
According to Mr. Anderson the primary focus should be on regaining consumer confidence, because it is a difficult task to persuade people to spend and also invest in the current economy.
“If there is a recovery in the U.S economy, then our economy will undoubtedly see these benefits primarily in remittances which is US$700 per capita on an annually basis. North America accounts for the largest percentage of our tourist visitors, and if they are in a better financial situation, then they can afford to travel and as such increase our foreign exchange earnings. “Also, our exports are heavily dependent on the US economy”, stated Franklyn.
When asked about the preventive measures that can be put in place to ensure that this does not happen a second time, Franklyn stated that more regulation should be put in place on banks and financial intuitions that caused the problems in the first place.
Mr. Anderson believes that the fact that the US economy is the backbones of the global economy means that if their economy is prospering so will the rest of the world and by extension Jamaica.
Crystal Larmond, Loan Servicing Officer (Student Loan Bureau)
“I believe that a more moderate approach is to be aimed at restoring consumer confidence. We all have to be realistic of the fact that the US President Barack Obama is not miracle worker regardless of the fact that he inspires people beyond his borders, and as such we cannot
expect him to wave a magic wand and the global economic meltdown will vanish”, says the Loan Servicing Officer
She believes that greed plays an integral part in the economic crisis; therefore it is very difficult to ask government to be more stringent as this is circumstances beyond their control.
by Meisha-Gay Mattis
President Barack Obama will have the task of restoring confidence in the global financial market
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Your Money Reporters
Andre Black
Latoya Hutchinson
Meisha-Gay Mattis
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Cherryl Hanson Simpson
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Omar Phinn
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w w w. y o u r m o n e y e z i n e . c o m3 YOUR MONEY - An Entrepreneur’s Life
The life of an entrepreneur is not always an easy one. Whether you’re promoting your business to potential customers, trying to raise funds for expansion, or explaining your dream to friends and family, you always have to be prepared to face negative responses.
It takes emotional and mental fortitude to rebound from rejection, as most people aspire to be accepted and cringe at receiving criticism. However, if you’re going to succeed as an entrepreneur, you have to develop a positive outlook when faced with a negative outcome.
Marketing and business coach Stephen Pierce notes that success comes from being able to withstand the difficult times. “Many of us are basically at the brink of breakthroughs in our lives and our business,” Pierce reveals, “but because we don’t have that sustaining mindset to help us to endure, we give up and don’t experience that success.”
Here are some tips to help you weather the storms of rejection and keep going until you’ve attained your business goals:
Don’t assume that you’ve been rejectedI’m sure at some point you have submitted a proposal for an important new job or project, waited with bated breath after sending off the email or package, and then become dejected when a positive response was not forthcoming. Many entrepreneurs lack the self-assurance to follow up their ideas with conviction. Your proposal may be buried on someone’s desk, or placed low on the priority list. Pick up the phone or pay an unannounced visit to your prospect – do whatever it takes to get the right person to listen to your ideas.
Believe and defend your dreamSometimes it takes blind faith in your business dream to not get deflated by rejection. Commit yourself to the success of your enterprise and, as Winston Churchill declared, “Never, never, never quit.” Colonel Sanders was reportedly rejected over 1,000 times as he tried to find restaurants to franchise his chicken recipe. Walt Disney had over 300 rejections to his proposition to finance Disney World. Soichiro Honda had more than his fair share of nay-sayers, but kept his dream alive until Honda Motor Company became one of the largest automobile companies in the world.
Look for opportunities out of rejectionIt’s important to realise that your overall business vision can be expressed in different ways. If you’re facing roadblocks, it might be the universe’s way of pointing you to the route that will bring the success you desire. Star Wars’ creator George Lucas originally intended to produce a movie using the comic character Flash Gordon. However, Marvel Comics continually rejected his idea, and as a result Lucas came up with Star Wars.
Don’t take rejection personallyThe ultimate key to surviving negative responses is to recognize that they are not a personal indictment on you. If you internalize rejection then you might be tempted to put yourself down and decide that you’re not capable or qualified to carry out your business dream. Self-confidence is one of the most important traits of a successful entrepreneur.
To counteract negativity, build your own support base of well wishers and positive thinkers who can urge you to keep going. Read motivational books and listen CDs that celebrate stories of people who achieved despite challenges. When you’re hit with rejection, don’t dwell on it - focus instead on your dream and visualize the end result that you desire, and keep going!
© 2008 Cherryl Hanson SimpsonCherryl is a financial columnist, consultant and coach. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Send questions and comments to [email protected]. Please add this address to your email address book in order to ensure you receive a response.
Cherryl Hanson Simpson
An Entrepreneur’s LifeRecovering fromRejection
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Street SmartSister McDermott (49) Shopkeeper
4 YOUR MONEY - Street Smart
Being business savvy does not only apply to corporate Jamaica. Business has various dimensions and categories that add to the overall productivity of our economy.
Vendors have always been a major part of our culture here in Jamaica. Looking on, one might think that these individuals don’t know much about the operation of a business; well think again!
Your Money gets into vendors’ minds week after week, and was successful in getting some insightful information about doing business on the streets.In this week’s edition, we interviewed Sister McDermott, a woman who has dedicated her life to serving God.
Question: When did you get started in this business?
Sister McDermott: “Well I started this business last year in December and it is going good so far. It is really my son’s business and I am here helping him running it.”
Question: Let’s talk about the recession. How has it affected you business and what can people do to survive in it?
Sister McDermott: “Things are very slow now but I still give God thanks. I don’t know what would happen but believe persons should try and get themselves a business running that would be better than nothing.”
Question: Has the government done anything yet to convince you that street vendors benefit from the plans they announced before they went in charge?
Sister McDermott: “Well at this time he has to take his own time, because we know that things don’t change overnight. The plans they have set down are great and I am not saying that we should give them forever but I think we should be patient.”
Question: What item (s) in your shop that you have difficulty keeping on the shelf?
Sister McDermott: “The food items like sugar, flour,
What does it really mean to be smart?
Well I started this business last year in December and it is going good so far. It is really my son’s business and I am here helping him running it.
rice sell the most. The meat kinds also move fast but not so recently, on the shelf you have Grace Corn Beef, Grace Tin Mackerel because those are cheaper so you find people wanting them more.
Question: What do you think would happen if ¾ of the persons in the community are shopkeepers?
Sister McDermott: “It would not work because if everybody are selling who would be the buyer. Then you consider the time we living in now, with the high foreign currency and it would be unbalance. Some would have to work and some sell.”
Question: How much phone cards do you sell per day?
Sister McDermott: “Because I sell mostly food products customers really don’t come and ask for phone cards. But, when I do it goes up to about 10 and it is mostly Digicel Flex cards.”
by Billy James
Sister McDermott says when times get rough the Bible is the only thing that keeps her mind steady.
