Managing director of electronic magazine company eZines, Tyrone Wilson, copped the Prime Minister Youth Award in Excellence for Entrepreneurship last week.

The 24 year-old Wilson took time out last week to speak with Sunday Finance about eZine, which boasts revenue of $4 million, and the local business climate.

Sunday Finance: What are your thoughts on winning the Prime Minister Youth Award in Excellence?

Wilson: The Prime Minister’s Youth Award is the highest honour bestowed on Jamaicans between 15 and 24 years of age. This is a major achievement for Team eZines. Receiving this award is a sign of confidence from the country that we’re on the right track. It is also an avenue for me to inspire aspiring entrepreneurs, and avenue for me to show them that it is possible. This award is also a motivation for me to continue aggressively into growing the company.

Sunday Finance: What is the start-up story behind your business venture?

Wilson: eZines Limited was started out of being strategic. At the time, I was not in the best financial position upon trying various ventures in University which failed. I decided that I will attend the Carlton Alexander Awards Dinner being kept by the Jamaica College Old Boys Assn to approach Chris Williams, at the time Managing Director of NCB Capital Markets Ltd, to pitch my business plan to him. The only problem is that I could not afford the ticket. My mother seeing that I really want to attend this event found the money and gave me to buy the ticket. This was my big break because I know that once I had a moment with Chris I would make an attractive pitch. I met Chris, the pitch was made, and we were on our way.

The company was started through an equity investment and debt from Chris Williams, now President & CEO of PROVEN Wealth Limited. Chris also acted as a mentor to me (at the time age 22) and assisted me in the smooth startup of the company. Chris also introduced me to other industry leaders such as Sheree Martin who served as a big sister and mentor and she played a part in the success of the company today.

The business transformed from an idea of doing a printed publication to reshaping the business model to be an electronic media company. Upon doing research, it was concluded that the cost of printing a Magazine to distribute would cost about 70% of all the operating expenses. Distribution would be a hassle also as most distribution companies that have the strong relationship with the stores charged anywhere between 50%-60% of the cover price of the magazine.

Based on these findings, I started to do some more research, looking for an alternative to printing and distribution. It was through this that I decided that being an electronic media company would prove more profitable.

Sunday Finance: What goals were set for this point in the business and has the company achieved it?

Wilson: The goal for last year was to get more aggressive in advertising sales, getting more major and respected local brands to be a part in the vision of eZines Limited and also to build the subscription and readership of the publication. We were successful in both. To date, we have companies such as NCB, PanCaribbean, Sagicor, Scotiabank, Softsheen Carson and Mayberry Investments Limited advertising with us.

With regards to readership and subscription, we’ve grown our readership over the past year. We have done very well in the social media landscape, on both Facebook and Twitter. We’ve built great interaction with our readers and kept them in the forefront of what we’re doing at all times.

We also wanted to keep a calendar event for our first publication Your Money, and we’ve done so. Last year saw us launching the Your Money Business Summit that was proudly sponsored by NCB, PanCaribbean, Sagicor, 3M Jamaica and the Business Lab.

Sunday Finance: Who/what has been your greatest inspiration in business?

Wilson: There are several individuals who have been an inspiration to me in business. First being Hon. R. Danny Williams, Founder , of Life of Jamaica now Sagicor Life Jamaica and is also Chairman of Sagicor Life Jamaica. Danny is really an inspiration and true success story for me, and I am honored to know Danny, and being able to call on him from time to time for advice as a young business person.

Chris Williams is also another person in which I admire. Chris has blazed the track as a corporate executive and made the bold move of being an Entrepreneur last year (2010). Chris did it at a very early age, achieving quite a lot and is actively involved in philanthropy also. He is truly an example for any young person to follow.

The other person who I admire as a business person is Adam Stewart. Adam Stewart became Chief Executive Officer of Sandals Resorts International at the age of 25. Adam is the ambassador for young aspiring executives or entrepreneurs for he assumed this responsibility at a tremendously young age and proved to the world that young people are capable of achieving anything. He is doing extremely impressive currently and we have seen where he has transformed a lot of areas of the group operations. He’s the only person out of the three that I haven’t met, and I do hope to meet him one day and sit and have a chat.

Sunday Finance: What are your views on the current economy? Do you think it is inviting for entrepreneurs/small businesses?

Wilson: I’m confident in this economical environment. We’re operating in a current business environment where exchange rate is stable and interest rates are at an all time low. This is good for the productive sector for it will push financial institutions to stop buying government paper and invest money in the productive sector. Also, what it means for businesses that borrows from financial institutions is that they have cheaper access to money.

A stable exchange rate and low interest rate will enable companies to better compete on the local and international market for goods and services will be cheaper and this will be easy on the pockets of consumers.

In a post-recessionary period, I think Jamaica is on the right track for a turn around and I think businesses should position themselves to grab the opportunities when they come.

Sunday Finance: What do you think is missing in this business environment that if implemented can make business easier for entrepreneurs?

Wilson: Credit Rating for businesses. I think the Government, Central Bank, and the Commercial Banks should together take a serious look into credit rating for businesses. I know there’s a bill that is currently in parliament, and if I have anything to add to that, I would say please ensure that the individual credit rating has distinctive characteristics from the business aspect.

If we have a credit rating environment, there’s a lot of small businesses that are not currently accessing loans that will be able to with credit rating. There are some businesses out there, especially internet based businesses that do not have much collateral. But what they have is a sound business, a good financial history, and a profitable business model. These are qualities that banks should lend on and not collateral. I can bet my last dollar on this. If this is implemented and is accepted by financial institutions, business would be more successful in Jamaica.

BUT it is important for entrepreneurs to get their businesses in order. Have proper financial records, have a solid corporate structure and proper documentation of business practices. These are important if you want to capitalize and credit rating. Also, pay back your loans.