THE FIRST STEPS IN ENTREPRENEURSHIP.
By Ayo Emakhiomhe
A business is representative of the vision and standards set by the owners of the business.
The essence of self searching is to have a better understanding and good knowledge of ourselves. By this knowledge, we can stand on our strengths and raise our weaknesses until over time; these observed weaknesses become very minimal.
After a careful self assessment, we also do a very careful and deliberate business assessment.
Getting started with our entrepreneurial venture means that we have a clearly set out business plan.
The business plan should define your business, the industry your business belongs to, what aspect of that business will be your primary focus, what type of clientele are you after, what is the 3-5year cash flow projection, where do you see your business in 5years, 10 years, 20 years, etc.
You should also be able to say what your plans are at getting to this perceived objectives and what resources would you require to achieve this, how do you plan or expect to get these observed requirements.
All these may seem like preparing to climb the highest mountain for the first time, it actually is.
The higher you climb this mountain of starting your company, the higher you will go with your company.
Going back a bit, we need to understand that a problem defined is a problem solved.
The day you give a name to an unidentified challenge, the day your perspective of that challenge changes, you will now see that item in a wider and different but more understanding perspective.
That is why it is important to define your business and industry to know what information to seek and from where, once you have this information, you will now be more focused and deliberate in all you do concerning that challenge.
As simple and unnecessary as this sounds, it is like the backbone of a successful business venture, it gives you a reference point and a compass to help you stay focused on your success path else deviation occurs and focus is lost and failure starts knocking at the door.
In summary, when venturing into a new business, the following points should be noted before starting out.
• Do a SWOT analysis of yourself
• Do a SWOT analysis of the business idea
• Identify your market, product/service
• Prepare a business plan
• Determine start-up costs and marketing plan
• Determine source of funds
• Consult with professionals-consultants, accountants, bankers, lawyers
• Chose a business type and register
• Start
Success is yours!
emakhiomheayo@yahoo.com
2348023526682
Monday, April 14, 2014
Wednesday, April 9, 2014
Getting small business solutions
If getting small business solutions in Nigeria is what you are searching for, then you must read this article to understand the fundamental cause and the steps to take. Let’s get started…
In a recent survey, it was noted that seventy (70%) percent of the Nigerian economy was illiterate.
The results of the last census showed that well over fifty (50%) percent of the population constituted of the working class group (ages 18-50) and this is the group that helps define the future of an economy.
Based on the above statistics, one can infer that seventy (70%) percent of the working class is illiterate.
Illiteracy is an all encompassing variable that spreads into social illiteracy, educational illiteracy, cultural illiteracy and financial illiteracy.
The first step to small business solutions is to understand social literacy, educational literacy, cultural literacy and financial literacy.
Social literacy is the knowledge of proper group and public behavior including respect for fellow man and his privacy and proper use and maintenance of public infrastructures like public buildings, public toilets, bridges, hospitals, schools, the awareness of and the act of public duties like payment of taxes and corporate governance. It spills into the true definition and practice of integrity and transparency in human interaction and body politics.
Educational literacy is what we get from the four walls of our schools from primary to tertiary levels; be it formal or informal.
Cultural literacy is knowledge of the ancients and juxtaposed with current trends. It includes a knowledge of the cultures and beliefs of our ancestors and history, what is the proper values and norms to have, a knowledge of the need to love, preserve and respect our national monuments like the national flag and what it represents, historical sites, language and the reason to be proud of all these.
Financial literacy on the other hand is knowledge of the importance of money, how to get it, secure it, save it, value it, share it, protect it, enjoy it, and pass it on to the next generations; and this is one key area that there seems to be almost none or very little level of literacy of the subject matter in this side of the global hemisphere. It’s the key to small business solutions.
Presently there is a wide gap between the literacy levels in Nigeria.
In the United States of America, it has been noted that small/medium scale industries (SME) form sixty (60%) percent of the economy, and that for any economy of any nation to grow and become a first class economy, this ratio of SME’s to full-fledged companies has to hold.
Meanwhile, the Nigerian educational system does not contribute to the economy in this regard. We are trained to “go to school, get good grades so that we can get good paying jobs” (which are scarce in supply even with the good grades).
So the solution is not moving from pillar to post with resume’s, worn shoes and weather beaten faces getting frustrated with various ‘no vacancy’ signs; the solution is to empower oneself to become an employer of labour.
But to achieve this, a strong level of business/financial literacy is highly needed coupled with financial support/leverage as most times, entrepreneurs will not even have collateral to get loans to finance their ventures, and those that have the collateral or the funds do not have the business/management prowess to effectively and successfully run their ventures.
This situation is not pertinent to Nigeria alone, but exists at different levels and in varying degrees in most countries of our world today.
Therefore, in our little way, we have decided to contribute our quota to society by filling this gap of poor business/entrepreneurial and investment knowledge.
The purpose of this blog is to provide you information that will provide small business solutions.
coinboxlimited@gmail.com
In a recent survey, it was noted that seventy (70%) percent of the Nigerian economy was illiterate.
The results of the last census showed that well over fifty (50%) percent of the population constituted of the working class group (ages 18-50) and this is the group that helps define the future of an economy.
Based on the above statistics, one can infer that seventy (70%) percent of the working class is illiterate.
Illiteracy is an all encompassing variable that spreads into social illiteracy, educational illiteracy, cultural illiteracy and financial illiteracy.
The first step to small business solutions is to understand social literacy, educational literacy, cultural literacy and financial literacy.
Social literacy is the knowledge of proper group and public behavior including respect for fellow man and his privacy and proper use and maintenance of public infrastructures like public buildings, public toilets, bridges, hospitals, schools, the awareness of and the act of public duties like payment of taxes and corporate governance. It spills into the true definition and practice of integrity and transparency in human interaction and body politics.
Educational literacy is what we get from the four walls of our schools from primary to tertiary levels; be it formal or informal.
Cultural literacy is knowledge of the ancients and juxtaposed with current trends. It includes a knowledge of the cultures and beliefs of our ancestors and history, what is the proper values and norms to have, a knowledge of the need to love, preserve and respect our national monuments like the national flag and what it represents, historical sites, language and the reason to be proud of all these.
Financial literacy on the other hand is knowledge of the importance of money, how to get it, secure it, save it, value it, share it, protect it, enjoy it, and pass it on to the next generations; and this is one key area that there seems to be almost none or very little level of literacy of the subject matter in this side of the global hemisphere. It’s the key to small business solutions.
Presently there is a wide gap between the literacy levels in Nigeria.
In the United States of America, it has been noted that small/medium scale industries (SME) form sixty (60%) percent of the economy, and that for any economy of any nation to grow and become a first class economy, this ratio of SME’s to full-fledged companies has to hold.
Meanwhile, the Nigerian educational system does not contribute to the economy in this regard. We are trained to “go to school, get good grades so that we can get good paying jobs” (which are scarce in supply even with the good grades).
So the solution is not moving from pillar to post with resume’s, worn shoes and weather beaten faces getting frustrated with various ‘no vacancy’ signs; the solution is to empower oneself to become an employer of labour.
But to achieve this, a strong level of business/financial literacy is highly needed coupled with financial support/leverage as most times, entrepreneurs will not even have collateral to get loans to finance their ventures, and those that have the collateral or the funds do not have the business/management prowess to effectively and successfully run their ventures.
This situation is not pertinent to Nigeria alone, but exists at different levels and in varying degrees in most countries of our world today.
Therefore, in our little way, we have decided to contribute our quota to society by filling this gap of poor business/entrepreneurial and investment knowledge.
The purpose of this blog is to provide you information that will provide small business solutions.
coinboxlimited@gmail.com
Wednesday, April 2, 2014
EMPOWERING YOUR ORGANISATION
EMPOWERING YOUR ORGANISATION.
By Ayo Emakhiomhe.
Only empowered organisations succeed.
If you have a success mantra and cannot structure this into
your organisation to empower it to succeed then you are not there yet.
For most small businesses, this is the point where they miss
it. They both stop growing and start dying, or you spend all your time and
energy doing all the work and you start dying.
A simple basic step in setting up defined structures even if
the personnel does not exist yet.
The following steps will guide you in achieving this
1.
Name
the office/position. It is usually better to use functionality here like the
office of the secretary to the federal government or the Zonal Head Marketing.
2.
Define
the roles. State the specific, primary or core responsibilities expected of
this office/position. Once you state the expectations, the person for that post
is easily definable in terms of qualifications, character and experience.
3.
State
the expectations or results that such a person is expected to produce. These
can be said to be the key performance indicators (KPI’s). These results should
be in line with the overall mission/vision of the organisation.
4.
Prepare/define
the necessary training and job experiences that would qualify a person for the
position.
5.
Set
penalties for not meeting defined goals of such an office. Consider also the
overall effect on the organisation and what minimum timelines will be
acceptable, realistic and optimal at achieving the defined results.
6.
Define
the number of people, tools, possible risks, etc that such a
position/department will require.
7.
Reaffirm
the importance of that position in the overall medium to long term goals of the
organisation.
8.
Note
and celebrate milestones, objectives and achievements. Make it an
organizational culture.
9.
Monitor,
appraise and set standards.
10.
Mentor,
mentor, mentor. Mentor your leaders, yourself and your organisation. A master
mentor will always encourage action; evaluate the action and results with the
mentee. Bring out the key learning objectives and match results with key
expected/defined outputs.
11.
Pray.
Always pray for yourself, your organisation, your leaders, your subordinates,
your supervisors, and your economy and also pray about your mission/vision.
A leader’s job is always teaching his/her people to prioritize;
setting out what is most important now and working on it.
Be empowered today.
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