Page 90 - THE CARIBBEAN ADVANCED PROFICIENCY EXAMINATIONS

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INSTRUCTION: Read the case study and answer the questions that follow.

CASE STUDY

Go for Gold

Phillip and Nieema, two old school mates, met each other in Saint Lucia at the recently concluded Australian DO NOT WRITE IN THIS AREA
tour to the Caribbean. Phillip, who is a general sports enthusiast, had always wanted an opportunity to
convert his passion into enterprise.

In the discussion that followed, Nieema asked Phillip, “Will you be going to the 2014 FIFA world cup
finals in Brazil? He disappointedly answered, “No, it costs too much and I cannot afford it.” Nieema,
being very optimistic, said, “Man, you need to be there, there might be a way to generate some money, or
better still, make some money while you are there to cover your costs and make a profit as well.” Phillip
smiled, as he always wanted an idea regarding how to make money from products associated with sports.

Phillip then asked, “What could I do? You know I am not an entrepreneur like you. Moreover I do
not have the money to start any business.” Nieema responded, “While you need money, that is not all,
furthermore you already possess some characteristics of an entrepreneur. I think you are very creative
and innovative. You are confident, hardworking, systematic in your planning and achievement oriented.
These are major positives. With these kinds of attributes, you will not make the same mistakes that many
persons who have money make. To further increase your chances of success, you should ensure that you
know your business in depth, and have a clear business plan to map out your idea. Management is also
critical and you are already a good manager of both people and your finances. Essentially, you should DO NOT WRITE IN THIS AREA
know your strengths and weaknesses so as to create an advantage. As you know, proper preparation
prevents poor performance.”

Phillip replied, “No matter how much you prepare, there are always risks, I do not have the luck as others
and I am not a born entrepreneur like you.” Nieema smiled and said, “Yes it is true that that there are
always risks, but once you think through the entrepreneurial process you will be less likely to fail.”

Nieema continued, her tone as encouraging as always, “We could develop an idea and business together.
We know that the opportunity exists and we can get support from JBDC to develop the business concept
and access some of the needed resources including the funding. The key is to ensure proper management
in the implementation of the idea so you can reap the benefits of your efforts.” Remember however that
in order to effectively implement the idea, you need a good management and marketing team, technical
expertise and skilled employees. You must ensure that there are good distribution channels and consistent
sources of supply. Additionally you must ensure that your operations and production facilities are up to
standard with the national and international regulations. In doing so you will have a successful venture,
which can be sustained and harvested whenever you so desire.

Phillip responded, “Nieema, you are always optimistic. I know that the idea has to be very innovative DO NOT WRITE IN THIS AREA
and creative.” Nieema, in response said, “Yes that is so, however there are sources of innovation, which
we can use to differentiate our product from that of anyone else. There are new markets emerging, new
technologies, new generations with changing behaviors, markets are being deregulated the entire political
landscape has changed since 2000. Man, we are Caribbean; we can find a way within all these changes.”
For the second time, Phillip smiled, but being cautiously optimistic he asked, “Suppose someone tries to
steal our ideas?”

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