ENTREPRENUERS
Aisha Thomas
Bachelors of Science in Business Administration
Entrepreneurship & New Venture Creation: ENBP4701
New Venture/ Entrepreneur Interview
Lecturer: Mr. P. Montaque
30th September, 2021
Table of Contents
Introduction ………………………………………………………………………….3
Interview Q & A …………………………………………………………………….4
Evaluation ……………………………………………………………………………14
Introduction
Who or what is an Entrepreneur?
According to Investopedia, an entrepreneurs are the individuals who bear the greatest risks and enjoy the greatest benefits when starting a business. Entrepreneurs play a key role in any economy. They use the required skills and initiative to anticipate demand and bring good new ideas to the market. To become an entrepreneur, you first need to have a vision, ideas and business plan. With these three things, you can start your business for a profit, which basically is an entrepreneur. Around the world, there are many different types of entrepreneurs that have different backgrounds, different business ventures and ideas where most were either successful or unsuccessful.
In this Beautiful by Nature Turks and Caicos Islands, Entrepreneurs are a huge extension of the economy; small, medium or large enterprises, they provide jobs for many young, old, individuals and families, while providing the skills and resources they need. In this paper, I will talk about one of our young entrepreneurs in the Turks and Caicos Islands, especially in the food service and catering sector.
During this mission, I was fortunate to interview Ms. Lakeia Akala Lewis, a very young ambitious Turks and Caicos islander who is the owner and CEO of Gamie’s and Akala’s Treats in the nation’s capital Grand Turk. This interview provided background and insights into Ms. Lewis life and business in the Food Service industry mainly the baking and Catering Businesses category.
Interview of: Ms. Lakeia Akala Lewis
Business: Gamie’s and Akala’s Treats
Title: Owner/ CEO
Nationality: Turks & Caicos Islander
Gender: Female
Background of Gamie’s and Akala’s
On December 28th 1990 in the nation’s capital Grand Turk, Turks and Caicos Islands Desiree and Lyndon Lewis welcome the birth of their first child a beautiful bouncing baby girl whom they named Lakeia Akala Lewis. She is a well-educated woman and a proud Civil Servant of the Turks and Caicos Government working as the Deputy Budget Director. Ms. Lewis recently obtained her Master’s degree in finance in 2020, after taking a long break from achieving her bachelors in finance is 2013. She is the mother of an intelligent, energetic and charming six year old. Ms. Lewis quoted “Numbers have always been a love of mine, but growing up from a little girl watching and helping my grandmother in the kitchen baking and cooking was my passion hence the reason why I decided to embrace my talent and become an entrepreneur.”
This business was developed by my grandmother. It first started off as savory food catering, where I’d only assist in providing the sweet treats per her catering jobs. Then it continued to evolve as I branched out into solely making cupcakes, then cakes and then all sorts of sweet treats. So they main focus were sweet treats and on the weekends, pizza. In year of 2013 after Ms. Lewis grandmother got ill she found herself ever so often in the kitchen taking instructions from her grandmother trying new food and decorations, within September of that same year she took her talent and opened her business obtaining a Sole proprietorship in a catering business she name “Gamie’s and Akala’s Treats.” 2015 After her grandmother passed, her mother decided to take up the mantle and join her in running the business which than became a partnership. “Gamie’s and Akala’s Treats.” is a small catering like business that caters to everyone with a sweet tooth. This business specializes mainly in designing birthdays anniversary, and any special occasion cakes, cupcakes and pastries and is open daily, Although the business is located in Grand Turk, they also provide serves to all other islands around the Turks and Caicos Islands. (see Appendix for Logo and Products).
Since “Gamie’s and Akala’s Treats.” is a family business that only consist of two Persons mainly Ms. Lewis and her mother, the business never developed a mission statement, however it exists to carry out a legacy, she takes on the responsibilities as the business owner ranges. She is the creative designer, where she designed the desserts; updating flyers, inventory controller - responsible for replenishing stock; accountant – keep records of all sales and purchases; and the baker.
During the interview Ms. Lewis stated that Grand Turk currently has many home bakers. While she believes she offers more of a variety in terms of flavors, and types of treats; however, she said when it comes to cakes and design my direct competitors are L’Delights, Delicious Delights and House of cakes but with the strive to create different and delectable flavors and the way she advertises her delicious treats through a few popular social media platform, such as Instagram, Facebook, Twitter, wats app and Snapchat, also word of mouth, receiving positive reviews and customer satisfaction, she believes the flavor profile is what convinces customers to make them their choice. Plus, she tried to make herself assessable so people can be able to reach her at any time and tries to assist the best way she can.
Venturing into the world as an entrepreneur Ms. Lewis said it’s not easy, Entrepreneurs faces a number of difficulties throughout the process. Three of her main challenges face are:
· Time- being that this is not her main source of income, finding time to focus on her craft, working on designs and what she does best, and continue to convey a unique value proposition to potential customers and customers.
· Cash Flow Management- not saying you have to go and spend money on unnecessary things especially during this pandemic time just supply the business with things or items that is high in demand for the catering services but also keep in mind the saying that said in order to make money you have to spend money that is the only way your business will succeed.
· The pandemic- dealing with customer pricing considerations to ensure that our customers can afford what we have and try to help them when they cannot.
With these difficulties Ms. Lewis believe in providing our clients with the freshest product possible, therefore, she liaised with her mother, who is her business partner before preparing products (those that can) as early in the morning, before her normal day begins. I always read other success stories related to business successes.
Ms. Lewis said during her interview that she learned the importance of time management and while currently the Deputy Budget Director, this job can be very demanding, therefore, she learned that she need to produce products when she can, whilst still meeting our fresh standard. She further went on to say this current local and global situation affect her business operations resulting in constrained Order fulfillment due to other personal factors and her child’s education and having to work from home some days.
Ms. Lewis went on to give tips about how it is imperative to create viable connections with clients, providers and Investors which are
· Clients – clients play and important part in any business, as they’re the source that keeps the business in operation. The one tip that I’d have is knowing your clientele and know how, what and when to cater to them.
· Providers – building a relationship with your providers are important and they supply the items needed for production. One tip I’d provide is remaining loyal to your top providers.
· Investors – creating viable relationships with investors will provide benefit throughout the life of your business. One tip would be remaining honest with potential investors.
At the end of the interview I asked Ms. Lewis what piece of advice she would give to someone just starting a business and her response were as follow:
· Believe in yourself.
· Learn as much as you can from those who came before you.
· Learning from your mistakes.
· Don’t be afraid to take chances.
· Practice perfecting your craft
· Not everything you do or are about to do, has to be shared.
· Don’t take on the negative comments.