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| Andre Worrell |
What’s the background?
Each month we search for innovative entrepreneurs in T&T and the Caribbean region who are leading change and helping to transition economies away from the past towards a future which is going to be very different. Several months ago we looked at future scenarios for the banking and finance sector - a fascinating exercise. However, in 2010 cash is still king for many businesses and government agencies in T&T . Managing cash can be a time-consuming and laborious process. Our success story this month looks at a highly innovative company that is playing a leading role in providing the latest in technologies and services in this specialist field.
How did the story start?
The story is about a company called Cash Handling Supplies Limited set up in 2008 by a very young entrepreneur, Andre Worrell, (who turns 25 years old on July 24th this year). He studied economics and international relations as a student. Prior to setting up his business in 2008 he worked as employee in another company - but just for a month. He quickly realised that owning his own business was his real goal in life and so he gave up his job. He had developed an ambitious plan to build a large business in the cash handling field but soon realised that he simply didn’t have the resources to pursue that.
What happened next?
He did a lot of studying and research and identified some specific niche areas where he could pursue a Plan B option that was within the resources that were available to him. He carefully studied who his potential competitors in the T&T market were and how he could differentiate himself from them.
How did he differentiate himself?
In three specific ways:
- By specialising only in cash handling technology and associated accessories and nothing else - a well defined niche area. His competitors only supplied such equipment as a sideline amongst a much larger and more complex offer.
- By providing a full back-up service package so that clients could be assured that their technology and accessories were always in top condition.
- By providing real customer service. Their customer relationship management, ‘the customer always comes first’ attitude, delivery times, and turn-around times are better and faster than anyone else in the market is offering.
The last area is one that Andre has really focused on as customer service in T&T has been poor in many areas for a long time. It’s not hard to win and retain clients if you simply look after them and their interests. It’s a simple recipe for success
Where is he at now?
He was chosen as ‘The Best Young Entrepreneur’ in T&T in 2009 at the National Youth Awards in the Entrepreneurship Category. He has a cluster of loyal clients who now underpin his business and have led to the creation of two additional staff positions, both of which are filled by colleagues he studied with and who believed ‘he could do it’ and who started off on minimal wages because they knew the benefits would come later.
Why is this a success story?
Because Andre has done this all on his own. He has had no government support. When he realised that his initial plan was beyond his means he didn’t give up. He simply looked for a business opportunity and model that was commensurate with the resources he had available to him. He checked out the market and identified a specific niche and focus area where he could beat the competition. And then he just did it! In 5 years time he plans to be the leading company in this specialist field of business, not just in T&T but throughout the Caribbean. It’s a BHAG (‘big hairy audacious goal’) but when you see what he has achieved in just a couple of years, you can understand that he might just achieve it!
What does this mean for T&T?
It means a lot because Andre reflects a new generation of entrepreneurs who understand what is needed to succeed in the future. Many incumbent businesses in T&T offer terrible service and casual attitudes. They are unlikely to survive for long as more entrepreneurs of Andre’s calibre start moving into their traditional comfort zones and change the rules of the game. This is a success story that is helping re-shape T&T.
Useful link:Andre Worrell in ‘Outlish Magazine’ online
Key question: How can we better explain the difference between ‘service’ and ‘servitude’? No service, no business!
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