HE’S only 23 years old, but already Tyrone Wilson is living his dream as his own boss.

The University of the West Indies graduate is chairman and managing director of eZines Limited, a Kingston-based publisher of electronic magazines that began operations last year.

“I always wanted to be an entrepreneur, and it (eZines) was an opportunity of a lifetime. Therefore, I was ready to invest all of my time and effort into this venture to make it work,” Wilson told Career & Education. “At the time, I was broke, and I had to basically go out there and seek an investor to believe in my venture and also put up funding to invest in it.”

When he approached the bank, Wilson was armed with his business plan — one he had worked on while at the UWI.

“While I was in college I had a business plan for a starting a Caribbean lifestyle magazine. I had done all the necessary research involved. I went as far as finding the printing company and a distribution company located in the United States. I was really serious about this venture, so serious that I substituted studying for working on my business plan and visiting potential investors,” he recalled, noting that he had also got some worthwhile experience at a local newspaper and through serving as publications chairman for the UWI Mona Guild of Students.

“At both, I was getting some really practical experience about running a media company, and I told myself that I cannot let this experience go to waste. I carried my business plan to Chris Williams, managing director of NCB Capital Markets, for him to analyse and look at the possibility. And what came out of that meeting was that the business model (lifestyle magazine) would be too expensive.”

Wilson adjusted his business model, opting to start the electronic magazine company run on the slogan: “Reaching tomorrow’s readers today”.

“I did some research and realised that this was the future for magazines. Hundreds of magazine companies overseas at the time were converting or creating electronic magazines, whether they were substituting or making provision for the change. And it was then I saw that eZines Limited is what Jamaica needs at this point in time,” noted Wilson, who holds a first degree in banking and finance.

“Keeping a printed magazine over the long term would be really difficult because the advertising market for printed magazines was already saturated with market leaders, such as Ocean Style Magazine, MACO and Buzz. Also, companies were looking for other innovative ways for advertising, and my eZines created a different realm for them to do so,” added the young man, who is also chairman of public policy and advocacy with the Young Entrepreneurs Association of Jamaica and executive chairman of Integrated Marketing Jamaica Limited.

Wilson was subsequently able to raise the half a million dollars required to get the business going and managed to cut cost by operating out of his home.

Today, eZines Limited is operated from offices at the Technology Innovation Centre, located on the campus of the University of Technology, and has two full-time and three part-time employees. They currently publish and distribute Your Money eZine — which is a business and financial electronic magazine that is mailed to more than 25,000 subscribers locally and 3,000 internationally.

“It is Jamaica’s premier business and financial eZine,” boasts Wilson, a board member of the Jamaica College Old Boys’ Association.

eZines Limited also distributes eNewsletters for financial firms and produces what they call Corporate eZines.

“It (Corporate eZines) is a cutting-edge and innovative way for corporations to communicate with current and potential clients. What we do is create sector-specific eZines for companies. This publication gives companies the opportunity to own their own eMagazines to communicate more effectively, rather than placing a mere AD in other publications,” the young entrepreneur told Career & Education.

Despite the progress, life has not been a bed of roses for Wilson. Chief among the challenges he has had to face is getting people to see past his age to his potential.

“At the time (I was setting up), I was a 22-year-old with no business and individuals to pitch my business idea. It was really difficult for me to get companies to believe in the model,” he said, admitting it is still difficult.

“It was good at the time, having Chris Williams and Sheree Martin (both of NCB) as a mentors. Through this, it was a bit easier, and served as a substitute for me not having any business experience,” he said.

Money was another challenge.

“The lack of adequate financing forced me to abort marketing plans and other critical plans that would see the company settling in the market quicker than it did. Also, getting marketing executives to believe in Your Money eZine as a strong part of their advertising mix was another major factor. These marketing executives believe and trust in their current advertising channels and because of that, it proves difficult at times to convince them,” he said.

And the company continues to face financial difficulties. But Wilson is undaunted.

“Plans are continually being shelved because of a lack of financing. There are some major plans here at eZines Limited that will definitely find home within the Caribbean, but we are taking it one step at a time. Advertisers see the publication out there each week, and they are finally warming up to it,” he said.

Determination, Wilson added, is his fuel.

“Determination is key. I live by being a determined individual each day. Once I believe in what I’m doing, the only other factor is determination. And each day, I get more and more determined in overcoming these challenges,” he told Career & Education. “On a more practical basis, I maintain communication with these advertising executives, send the publication to them, keep them in the know. I send them updates as to how the publication is doing, and keep some of them as part of our focus groups.”

Wilson noted that a critical part of maintaining a business was keeping current and prospective clients informed and interested.

“In forming a business, stakeholders have to feel involved, and this is what we do at eZines Limited. Our clients, readers and potential clients are informed through updates that we send out. This creates a sense of loyalty and belonging, and through doing this, they will be a part of our company as it grows. This is how we overcome this specific problems,” he said. “People have to know about what you’re doing; they cannot just understand overnight. It has to be a gradual phase. That is the problem that companies face today; they feel that people must buy your product/service, and not knowing anything about you and your company. Transparency is an asset that I invest in.”

His company has yet to turn a profit, a fact that does not bother Wilson, who said they do not expect a profit until after at least another two years.

Meanwhile, he continues to do his marketing.

“I’m the biggest marketing tool for my company,” he said. “I’m constantly doing interviews with major companies, such as the Jamaica Observer, at events networking — meeting potential advertisers, and spreading the word about eZines Limited.”

Added Wilson: “Also, I use Facebook,of course. We have 1,500 members in our group and a good following on Twitter. Also, joining associations such as the Young Entrepreneurs Association of Jamaica is a good way for marketing my business.”

Wilson’s tips for budding entrepreneurs

* Do your research and compile a comprehensive business plan.

* Venture into something that you have knowledge in, and can contribute to in an invaluable way.

* Be determined.

* Establish a board. Whether it be an advisory board or board of directors, ensure that you’re answerable to a qualified body that can guide you and your decisions.

* Ensure that it makes sense financially; a business is not charity. If it doesn’t make sense financially, abort and find another idea.