Jamaica Stock Exchange trip

Good night all the class trip to JSE was very informative and interesting and as such I'm now watching the business section on the news instead of skipping the channel lol.  Because of this trip I am now aware of some of the terms used in the business section for instance:

a stock exchange is a marketplace where shares are bought and sold electronically under strict regulations. Also the JSE is a public limited liability company and the role of it's board members are to set guidelines of operations at the exchange, and to ensure that the market and members operate at the highest standard.

During the trip I learnt that there are 2 types of shares:

ordinary shares
preference shares

Before one invests in stock he or she should do recent on the company and seek professional help. Once you have monitored the company, received professional help you can go ahead and contact a stock broker this information can be from the Jamaica Stock Exchange.

Persons can also change stock brokers by informing their stock broker and at that respect the current stock broker and new stock broker will both have to sign forms to switch stock brokers.


For more information on JSE please visit their website  - http://www.jamstockex.com/  here you can also follow Jamaican and international companies registered with the JSE.

Peace out all blog you soon. Please leave your comments and I'll blog you back as soon as I can

financial section - business plan

Good night all, today we had our last class for Entrepreneurial Skills in the Communication Industry it was very interesting. Mr. Colley our guest presenter dealt with the financial section of a business plan. I thought i would be lost because I'm not a numbers person, however, when Mr. Colley was through I had a better understanding of sales forecast, cash flow projection and profit/loss projection. For example the profit/loss account or income statement only deals with business activities. Mr. Colley made me realise that it is important for business owners to know these basic information so that they can have an idea of how their business is running.

Mr. Colley also informed us of where we can go to calculate the amount of money to repay for a loan per month. Below is the link for a website that does this http://www.amortization-calc.com/ (loan amotination schedule).


Thanks for reading my blog, blog you soon good morning

program that helps young entrepreneurs in Jamaica

Hey all no class was kept today boo hoo anyways the show must go on. We were to discuss finance in class so I did some research and found a program that helps young entrepreneurs (Young Entrepreneur Programme). the below info is from the the Office of the Prime Minister's website http://www.opm.gov.jm/youth_section . This bit of info will state what the programme is about, how you can get involve and who is eligible among others please take a look and leave comments and I'll respond ASAP. Blog you guys and girls soon.

Young Entrepreneur Programme

A major initiative of the Office of the Prime Minister is the Youth Entrepreneurship Programme.

FACT SHEET - YOUNG ENTREPRENEUR PROGRAMME (YEP)

Why YEP?
YEP is the government of Jamaica's initiative to ensure that school leavers, at high school and tertiary levels, who demonstrate strong entrepreneurial spirit and drive will be able to benefit from training and access financing for viable projects. In his 2009/10 Budget Presentation in Parliament, Prime Minister the Hon. Bruce Golding announced a social safety initiative, the Young Entrepreneur Programme (YEP), to provide training and funding for these school leavers to develop small businesses.
What are the key elements of YEP?

• Seminars will be conducted across the island by a consortium of business development service providers including the Jamaica Business Development Centre (JBDC); HEART/NTA; Success Financial Services Ltd.

• Technical Assistance will be provided by agencies such as the Rural Agricultural Development Authority (RADA), the 4-H Clubs and Bureau of Standards.

• High school and tertiary school leavers will be trained in the basics of running a business; they will receive one on one support to finalise their business plans, when completed the students will be able to access funds from Microfinance institutions.

• $200 million will be made available by the Development Bank of Jamaica to Microfinance organisations JN Small Business Loans Limited; the Credit Union League; Nation Growth; Access Finance Services Ltd., Micro Credit Ltd. to on-lend to 2009 school leavers with viable business ideas.

What is the process?
You need to go through all steps of the YEP to be receive financial support and post loan support

• School leavers will be expected to attend one of 40 Orientation Sessions which will be held at training facilities across the island. The first cycle of sessions will begin on June 17^th.
• The sessions will give young persons an opportunity to gain direct information about the programme and if interested to register for one of the three day entrepreneurship workshops which will follow. School leavers will need to register their interest at the end of the orientation session which they attend.
• Following this session those interested will be invited to attend three day workshops which will be held islandwide. A Business Counselor will lead interactive training on business management and the preparation of business plans. The first cycle of these workshops will begin on June 24^th and run until July 30^th
• Those who complete the three day session will receive additional one on one support to finalise their business plan from a Business Counselor.
• The young person will then present their business plan to a micro finance institution of their choice for review.
• The entire process from the attendance at the Orientation Session, Entrepreneurship Workshop, and Business Plan finalization is not expected to take more than 6 weeks.
• Review of business plans, borrower interviews and credit appraisal will be conducted by the MFI, in accordance with their normal credit policies. The MFIs commit to a processing time of 7 working days.
• If your initial submission has not been accepted an applicant, guided by the recommendations made by the MFIs will have the option of a) returning to the BDS provider for assistance or b) be provided by the BDS with some counseling on possible employment or further training opportunities.
• For the young entrepreneur s/he will receive extensive post loan support at three levels:
• o A Business Coach selected from a pool of private sector successful entrepreneurs
• o Business Advisory Services, record keeping,
• o Building the technical capacity of each entrepreneurs

Who is Eligible?

• You must be a June 2009 school leaver from a high school, community college or tertiary institution; this includes graduates of schools for students with disabilities.

• 3% of facility will be reserved for entrepreneurs with disabilities

• You cannot be more than25 years; however school leavers with disability the age ceiling will be guided by the cognitive level of the school leaver and not the chronological age.

• You can only access one YEP Loan.

What documentation IS REQUIRED?
Mandatory

• Proof of age
• Two (2) recent passport sized photographs
• Tax Registration Number (TRN)
• Two (2) letters of reference, with at least one being a character reference from the educational institution attended by the school leaver, and the other from references such as a Justice of the Peace, Post-Mistress, Inspector of Police, Pastor/Priest , teacher for the area. All reference will be checked.
• Where a borrower is under the age of 18 years old, the parent or guardian will be required to sign the promissory note and other legal documentation.

Additional & Helpful

• Copies of utility bills (i.e. electricity, water or telephone) for at least six (6) months for parent's or guardian's residence.
• Copies of rent/mortgage or any hire purchase receipts for parent's or guardian's residence.

What can we borrow to do?
Working capital or fixed assets for a micro business in all sectors, distributive, manufacturing, agro processing, and agriculture. Here are some areas to consider:
Individual/Group Enterprises

• Beauty and Spa services
• Retail and trading
• Light manufacturing
• Fish Farming - ornamentals
• Apiculture
• Pets - Rabbit rearing

Group Projects

• Fish Farming - Food
• Livestock projects, e.g. pigs, goats and sheep production.
• Development of protected cultivation, such as green houses
• Apiculture
• Agro-processing - dried fruits, pickles etc.

What is important is that the project is viable, and that the cash flow indicates that they business can repay the loan.

WHAT ARE THE LOAN PRODUCT FEATURES?

• Maximum of J$100,000.00 per individual borrowing client
• Up to four (4) persons in a group are able to access a maximum of $400,000 for one project.
• Loan security to include a Promissory Note, plus lien on fixed asset or equipment purchased using the loan. [Note: In the event that the entrepreneur is below 18 her/his parent will be required to sign the Promissory Note.]
• Rate to end user: 10.0% p.a, on reducing balance, and fixed for the life of the loan
• Loan Payments may be disbursed against suppliers' invoices for all purchases. Payments will be made directly to the suppliers, where possible.

WHAT ARE THE CONDITIONS OF REPAYMENT

• Repayment period for individual loans will be up to 24 months including a maximum of 6 months moratorium on principal.
• Repayment period for group loans is to be determined by the MFI and will not exceed 24 months.
• Principal and interest must be serviced, based on the enterprise and its cash flows.
• Repayment cycle for borrower: weekly, monthly, quarterly or semi-annually according to enterprise's cash flow.
• In the event that a young entrepreneur defaults on her/his loan in addition to the efforts which will made to collect, the entrepreneur will now have a negative credit score which will impact on the ability to do things later in life, purchase furniture on hire purchase, access a student loan etc.

FREQUENTLY ASKED QUESTIONS
1.Can I join with my friends or other persons to access a loan, and if yes for how much?

• Yes you can join with friends
• You can get a maximum of up to J$400K
• However all the persons in your business must be June 2009 school leavers to get the maximum amount

2. Can I borrow money and put it into an existing family business?

• Yes you can borrow up to your maximum if you are eligible to put in an existing business

However:

• Ø The business plan must indicate how the loan will generate additional income to pay for the loan
• Ø Yep must be convinced that with this loan you will have involvement in the business
• Ø The main proprietor must sign a commitment to making you a ‘partner' based on the level of your contribution via this loan

3. What if I miss the orientation sessions held in my community how do I get involved.

• We will ask you to register at the Heart/NTA centre closest to you and then ensure you are invited to the second round of orientation sessions.

4. I will need to ask questions about the training and workshops, who will I speak to?

• At the end of the Orientation Session you will be given a contact number/contact numbers for your Parish. Call those numbers if you have follow up questions about the training activities, finalizing your business plan and other similar support.

5. What if I don' t have an idea for a business can I get some suggestions?

• When you attend the orientation sessions we will give you a form to complete to help you to determine what business you are best suited to undertake. So if you do not have a business idea but you believe you have the ability to be an entrepreneur come to the orientation session and learn more.

6. I don't have a TRN.

• Getting a TRN is a simple process, however when you come to the Orientation Sessions you can collect a form, we will explain the process and then you can go to your nearest tax office to submit your application.

tax rates for sole proprietorship businesses in Jamaica

Thursday's class (April 5, 2012) was great even though only 10 of us were present from class, that was a plus because the lecturer wasn't interrupted by unnecessary chatter. Thursday's topic was build vs buy, we spoke about the advantages and disadvantages of buying a business and creating a business, and the types of businesses (sole proprietorship, partnership, corporation, franchises etc).

What really caught my attention was sole proprietorship businesses this is so because I intend to start a business of my own soon and also because I recognize that many Jamaicans do not register their sole proprietorship businesses because of fear of taxation.

The lecture opened my eyes to the benefits of getting businesses registered particularly sole proprietorship ones because there are huge benefits available and the taxes aren't has drastic as people fear. I found a document produced in 2006 by the Ministry of Finance and Planning titled - Tax Requirements and Procedures in Jamaica from this document highlights the tax rates for businesses and registered societies which can be seen below:

Description of Companies and Registered Societies

                                                                                                                                       Tax

"Where the aggregate value of the assets does not exceed $50,000                           $1,000

Where the aggregate value of the assets exceeds $50,000 but does

not exceed $500,000                                                                                                   $2,000

Where the aggregate value of the assets exceeds $500,000 but does

not exceed $1,000,000                                                                                                 $4,000

Where the aggregate value of the assets exceeds $1,000,000 but does

not exceed $5,000,000                                                                                                $10,000

Where the aggregate value of the assets exceeds $5,000,000 but does

not exceed $10,000,000                                                                                              $15,000

Where the aggregate value of the assets exceeds $10,000,000 but does

not exceed $50,000,000                                                                                              $20,000

Where the aggregate value of the assets exceeds $50,000,000 but does

not exceed $100,000,000                                                                                            $25,000

Where the aggregate value of the assets exceeds $100,000,000                                $35,000"

When I saw these tax rates I was shocked because I personally thought it would be more. Most sole proprietorship businesses will make between 1-5mil per year which means the person will pay between $4000 to $10,000JM$ per year which to me is very reasonable. I think in order to get more sole proprietorship businesses registered the government should publicize this type of information more. To read more about the Tax Requirements and Procedures in Jamaica you can check out - http://natlaw.com/interam/jm/tx/sp/spjmtx00002.pdf

If you after reading this bit of information you are interested in registering your own business here is how you can get started:

Requirements for Sole Proprietors
A Sole Proprietor (excluding companies) must submit a completed and signed ‘Application for Taxpayer Registration (Individuals) – FORM 1’ with the following:

· Valid ID

· National Insurance Scheme (NIS) Card

· Business Name Registration Certificate (BNRC) – if business has a Trade Name.

If the applicant’s trade name is different from his given name, the trade name/business name must be registered at the Companies Office of Jamaica (COJ), under the Business Names Act. If the individual already has a TRN, ONLY the Additional Information (Individuals) Form should be completed.

For further information please check out the Tax Administration Jamaica (TAJ) website at http://www.jrs.gov.jm/home_template.php?page=TaxpayerRegistrationNumber#Requirementsforsoleproprietors

Thanks alot for reading my blog I hope it was beneficial to you. Leave ur comments and I"ll respond as soon as I can thanks again. Blog you soon

Maxine Walters

Class some weeks ago was very interesting we had Maxine Walters in our presence. Initially I did not know who she was but as the class progress I found out that she was a veteran in film show production. After class I went and did some research of my own and found that she has worked with many internationally movie stars including Brad Pitt, Denzel Washington and Whoopi Goldberg just to name a few. She is also the person behind the PUMA ads film in Jamaica featuring Usain Bolt. Ms. Walters is the owner of Maxine Walters Filmshow Production.

'Maxine Walters began working in the film industry in 1988. She has worked in production for Warner Bros., Walt Disney Studios, Fox 20th Century Studios, and as a voice coach for Denzel Washington in The Mighty Quinn. Additionally, Walters has worked with fashion photographers and on television specials with production powerhouses out of Europe and North America' (http://www.realartways.org/press/releases/2009/20091123-maxine-dancehall-epr.html).

Ms. Walters presentation has definitely sparked my interest in the film industry particularly production assistant. The PA is involved in all aspects of the film from start to finish the work includes assisting actors and the crew, issuing scripts, dealing with travel and accommodation bookings and sorting out enquiries and other paperwork.

Career Network

Thursday's (March 8, 2012) class on career network was great. We as students need to start promotion ourselves and our strong points. We also need to be careful when we are making friends because you are known by the friends you keep.

We definitely need to know who to talk to, when to talk and how to talk in order to be successful in whatever we are doing in life.

The below document echoed what was taught in class on Thursday. Please take a look.

7 Quick Rules for Networking To Your Next Job

Network your way to your next job by following these rules.

This a guest post by Yvette Francino. If you’d also like to guest post here on JobMob, follow these guest post guidelines.

1) Become familiar with the social networking tools like LinkedIn, FaceBook, and Twitter

Networking has always been the most important strategy in finding a job.
Before we had social networking tools, we dug out our list of contacts and blindly went out trying to find people that might be able to help us with our job search. There are “leads meetings” where people exchange business cards and give their elevator pitches. These methods are still useful ways to network. However, by using tools such as LinkedIn, FaceBook, and Twitter we are able to be much more intelligent with how we network.
Social media tools allow us an easy way for keeping in touch and expanding our networks, finding mutually beneficial relationships. These tools, particularly LinkedIn, are absolutely essential in the modern day job search.
There are also many tips and tricks that are particularly geared towards helping job seekers.

2) Don’t wait until you need something

The best time to network is before you need anything.
Networks can help with a lot more than a job search. A community of people can help each other in many ways. Building up a strong network when you are happily employed can help you progress in your career and build lifelong professional friendships. Don’t wait until you’ve been laid off to connect with your colleagues in LinkedIn and Facebook.
However, if you’re new to the social networking scene and are in need of a job, it’s not too late. Go ahead and get start building your networks using social networking tools and by getting involved in communities of interest. Invite all the friends from your email address book (not just those that you think will help you with your job search) to join your networks.

3) Seek to help and support others

Participate in your networks, looking for ways to help others.
Join networks aimed at job search and pass along tips and tricks. Help your contacts find leads to companies they’re interested in by searching your own network. Pass along what you learn from others. By helping other people you are also helping yourself become established in the community as a resource.
But don’t limit your help and support only to job seekers.
Look for opportunities to help people in your area of expertise. Connecting with friends on Facebook or Twitter allows an easy way for you to stay up-to-date on what’s going on in your friends’ lives. Simply giving them a quick message of friendship can spread a feeling of happiness.

4) Be personal and genuine

I’ve heard advice from several people that when you’re networking you shouldn’t tell people directly that you’re looking for a job. You befriend them, find out more about them, help them with something, and then in the course of the conversation they will find out your in the job market. I understand that this should be the philosophy in sales.
Build the relationship first before you start selling.
However if you’re meeting someone specifically because of a job search, I think it’s important to be upfront. Let people know that you are looking for a job, but don’t “sell” yourself. Enjoy the friendship and support you receive and give it willingly and genuinely to others. And don’t limit yourself simply to email or social networking tools. Meet new people often – not with the sole purpose of finding a job, but with the purpose of meeting new friends and getting to know people with shared interests.

5) Have a confident attitude

One of the hardest things I ever had to do was fundraising for Leukemia and Lymphoma.
I had committed to raising $4000 which meant I had to ask a lot of people for money. I hated putting them on the spot until one man – someone I barely knew whose son was in remission– donated $500. The next time I was raising money, I asked him again, but told him I didn’t want him to think I was taking advantage of his generosity. He gave me another $500 and said, “I would be hurt if you DIDN’T ask me. Be proud of what you’re doing.”
Though not everyone has this generous attititude about giving, I realized that when we are asking people for help, our attitude makes a world of difference.
When we ask someone to meet so we can talk to them about a job opportunity, we shouldn’t be apologetic or feel that we’re imposing. Certainly we want to be grateful for the meeting, but we are not only learning from them, but sharing of ourselves. Initiating a new relationship, whether or not it results in a job, is something to feel good about. Don’t go about networking as though you’re a charity case.
Go in being proud of what you can offer to others.

6) Thank those who help you

An attitude of gratefulness is one that helps keeps your community strong.
When someone helps you in your job search, make sure they realize how grateful you are. Social networking tools can help you keep in touch and keep up with your friendships. Of course, for people that have gone out of their way to help you, personal contact is better than an email or Wall message.
Treat your biggest supporters to lunch or surprise them with a gift in thanks for their efforts. And certainly offer to return the favor of help in any way you can.

7) Pay it forward

When someone helps us, we know how good it feels and we naturally want to spread that feeling to others that might need it.
One of the best things about community is the contagious feelings of happiness it can bring to pass on to others the support that we’ve received. Social networking tools have made it simple by allowing us to easily share advice or information that we find useful. With Twitter, we simply have to “Retweet” to pass along information. With FaceBook and LinkedIn we can easily post links to our status pages of helpful information passing along to our own networks.


Read more at: http://jobmob.co.il/blog/job-search-networking/#ixzz1ofx2fL2I

Women Entrepreneur in Jamaica

Women Business Owners Ja. Limited starts 2012 off with new executive team 02/23/2012 Our new President - Yaneek Page, Future Services International Ltd On December 5, 2011 Women Business Owners Ja. Ltd. voted in its new Executive. 2011 was a successful year for the organisation who launched its Inter-American Development Bank-funded Strengthening & Promoting Women Entrepreneurs project with 148 women trained under the project's first leg and another batch of women slated to begin training in January. The Women Business Owner team also hosted several networking and fundraising events in 2011, while increasing its membership and database of women in business in Jamaica.The following women entrepreneurs were selected for the WBO Executive: President - Yaneek Page, Future Services International Ltd Immediate Past President - Dorothea Gordon-Smith, Garbage Disposal & Sanitation Systems Ltd (GDSS) Vice-President - Andrea Cowan, Lillan Limited Treasurer - Dena Davis, Solid Life & General Insurance Brokers Ltd Recording Secretary - Ethnie Miller Simpson, Brandz Avenue Company Secretary - Mrs. Hyacinth Kerr, Company Consultants Ltd Other 2012 Board members are: - Lorna Green - Founding President, Digital Transtec Ltd Shirley Carby, Carlong Publishers Ltd Lana Francis of Frankmark Ltd Blossom O'Meally-Nelson of Aeromar Logistics Rita Humphries-Lewin of The Barita Group Sandra Bramwell of Versan Education Services Gale Peart of Caribbean Fortress Ltd & My Elite Grocer (MEG) and Marcia Woon-Choy of Action Coach Comments Your comment will be posted after it is approved. Leave a Reply