Job Eight Seven
128
JOB EIGHT SEVEN Iseribhor Okhueleigbe and Nomtai Kaduno
description
A book on entreprenuerial development with samples of small scales enterprises that prosper in Nigeria
Transcript of Job Eight Seven
JOB EIGHT SEVEN
Iseribhor Okhueleigbe and Nomtai Kaduno
Copyright © 2009 by Iseribhor Okhueleigbe and Nomtai Kaduno
First Edition
All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this material, except for brief quotations in critical reviews or articles.
Entrepreneurial / Motivational
Published by Dizamedia Nigeria Limited.10A Fanaha Business Suites, No 7 Bozoum Close,Off Ademola Adetokunbo Crescent (Behind AP Plaza)Abuja.
Sponsored by Bureau de Pen Ltd and EWT Microfinance Bank, Abuja, Nigeria.
1
DEDICATION
To all who, in response to the prayer for abundant job opportunities, answer “May I be one of those who will provide the jobs” rather than answer “Amen” and perpetually remain at the receiving end.
2
ISBN 978 - 978 - 49327 - 4 - 5
Copyright © 2009 by Iseribhor Okhueleigbe and Nomtai Kaduno
First Edition
All rights reserved. Written permission must be secured from the publisher to use or reproduce any part of this material, except for brief quotations in critical reviews or articles.
Entrepreneurial / Motivational
Published by Dizamedia Nigeria Limited.10A Fanaha Business Suites, No 7 Bozoum Close,Off Ademola Adetokunbo Crescent (Behind AP Plaza)Abuja.
Sponsored by Bureau de Pen Ltd and EWT Microfinance Bank, Abuja, Nigeria.
1
DEDICATION
To all who, in response to the prayer for abundant job opportunities, answer “May I be one of those who will provide the jobs” rather than answer “Amen” and perpetually remain at the receiving end.
2
ISBN 978 - 978 - 49327 - 4 - 5
ACKNOWLEDGEMENTS
We are grateful to God Almighty whose benevolence, provision and unmerited favour made this project a huge success and who, from the outset of the work to the end, constantly gave us insight to affect lives positively.
To our parents and family members, the Kadunos and the Okhueleigbes, we feel deeply grateful for your ever-present love and support. Our collective success owes so much to your timely and priceless support and counsel.
Our profound gratitude also goes to staff of Bureau de Pen Ltd whose effort made this work a reality. Your commitment to the success of the work is invaluable and inestimable.
We will not forget to mention Dr Paul Enenche for his encouraging messages and inspired writing, many of which were of use to us. Also, to the June 2009 set of Living Faith's Word of Faith Bible Institute (WOFBI) lecturers whose lectures gave the needed insight for the conception and birth of this work, we say a big thank you.
A fair account of the success of this work will never be told if we forget to express our heartfelt gratitude to members of the Evangelical Church of West Africa Wuse II Abuja and especially to members of her Youth Fellowship for their support, brotherliness and inspiration. The poverty of the human language makes it impossible to fully express our minds to you. Also, to the Investment Board of the same Fellowship, we express our gratitude for your encouragement and effort aimed at empowering youth for wealth creation.
We are particularly indebted to Ms Chubiyojo Meriga for her painstaking proofreading and editing of this work. The work is as much as yours as ours. Also, to Mr Iyako Joseph and Barr. Shadrach Bako, we express our heartfelt gratitude for your great leadership qualities and invaluable contributions to our success story.
To the duo of Messrs Yashim Bivan and Terna kaikyenge thanks so much for your unwavering support for the publishing and eventual printing of this work. Thanks a million times.
3
FORWARD
Are you frustrated and feeling used by your employer? Are you working hard but earning peanuts? May be you are among the many hardworking people with nothing to show for it. Then this book in your hand is a perfect solution to your problem.
This particular book is written not only to encourage you never to despise the little beginning, but to provide a how-to-invest, where to invest and where to source funds for investment.
The secret of getting ahead is just getting started. All things being equal, ceteris paribus, every person would want to be financially empowered and become an employer of labour. In this book, the authors present 150 available businesses one can invest in and offer ideas on how to go about setting up a business venture.
I consider myself fortunate and privileged that the authors of Job Eight Seven would request me to forward such an important book that promises to change your life, if only you get started. The circumstance of your birth is not a determining factor of the height of success which you will attain in life. The book in your hand is a goldmine to be explored and exploited.
Here is a book worth grabbing hold of, written by young persons who are worth following.
Mr Iyako JosephChairman, EW2 Total Concepts Ltd
4
ACKNOWLEDGEMENTS
We are grateful to God Almighty whose benevolence, provision and unmerited favour made this project a huge success and who, from the outset of the work to the end, constantly gave us insight to affect lives positively.
To our parents and family members, the Kadunos and the Okhueleigbes, we feel deeply grateful for your ever-present love and support. Our collective success owes so much to your timely and priceless support and counsel.
Our profound gratitude also goes to staff of Bureau de Pen Ltd whose effort made this work a reality. Your commitment to the success of the work is invaluable and inestimable.
We will not forget to mention Dr Paul Enenche for his encouraging messages and inspired writing, many of which were of use to us. Also, to the June 2009 set of Living Faith's Word of Faith Bible Institute (WOFBI) lecturers whose lectures gave the needed insight for the conception and birth of this work, we say a big thank you.
A fair account of the success of this work will never be told if we forget to express our heartfelt gratitude to members of the Evangelical Church of West Africa Wuse II Abuja and especially to members of her Youth Fellowship for their support, brotherliness and inspiration. The poverty of the human language makes it impossible to fully express our minds to you. Also, to the Investment Board of the same Fellowship, we express our gratitude for your encouragement and effort aimed at empowering youth for wealth creation.
We are particularly indebted to Ms Chubiyojo Meriga for her painstaking proofreading and editing of this work. The work is as much as yours as ours. Also, to Mr Iyako Joseph and Barr. Shadrach Bako, we express our heartfelt gratitude for your great leadership qualities and invaluable contributions to our success story.
To the duo of Messrs Yashim Bivan and Terna kaikyenge thanks so much for your unwavering support for the publishing and eventual printing of this work. Thanks a million times.
3
FORWARD
Are you frustrated and feeling used by your employer? Are you working hard but earning peanuts? May be you are among the many hardworking people with nothing to show for it. Then this book in your hand is a perfect solution to your problem.
This particular book is written not only to encourage you never to despise the little beginning, but to provide a how-to-invest, where to invest and where to source funds for investment.
The secret of getting ahead is just getting started. All things being equal, ceteris paribus, every person would want to be financially empowered and become an employer of labour. In this book, the authors present 150 available businesses one can invest in and offer ideas on how to go about setting up a business venture.
I consider myself fortunate and privileged that the authors of Job Eight Seven would request me to forward such an important book that promises to change your life, if only you get started. The circumstance of your birth is not a determining factor of the height of success which you will attain in life. The book in your hand is a goldmine to be explored and exploited.
Here is a book worth grabbing hold of, written by young persons who are worth following.
Mr Iyako JosephChairman, EW2 Total Concepts Ltd
4
INTRODUCTION
ONE: In the beginning…BEFORE GOING INTO BUSINESS
TWO: What isn't true about business?SOME BUSINESS MYTHS
THREE:Why do I need financial empowerment? WHY YOU NEED MONEY
FOUR: Why am I still here? PERSONAL REASONS SOME PEOPLE ARE POOR
FIVE: What available businesses do I choose from?VIABLE BUSINESSES IN NIGERIA
SIX: How and where can I raise money for my business?FINANCING YOUR BUSINESS
SEVEN:How do I go about setting up a business enterprise? SOME START-UP REQUIREMENTS
EIGHT:How do I document my business ideas? BUSINESS PLAN
NINE: How do I manage the office and workers?OFFICE/PERSONNEL MANAGEMENT
TEN: Are there additional things I need to know? MISCELLANY
CONTENTS
5
INTRODUCTION
The last time you transacted business and you were given change, you counted the money given to you. What actually did you intend to find out by counting it? Did you count it to verify if it was complete or to confirm if you had been overpaid? Your response is as good as ours. In fact, that wasn't the first time you did that except that you might not have noticed your tendency to nearly always do so. The fact that you are more keen to finding out if you have been shortchanged rather than checking for an overage isn't an indictment on you; it is simply a pointer to some inherent virtue lying within you, which is that you appreciate the value and importance of money and that with little assistance you may become successful business-wise. However, the only difference which places a divide between people is how to draw money to oneself, which many see more in paid job than self-employment without a thought for the surplus value of the enterprise.
If anyone has ever experienced the attendant psychological hurt in knowing that you are capable, qualified and willing to work, but no job is available to you, the rationale for this piece in your hand therefore needs no emphasis. The failure of government has never been made so manifest as the realization that over 120,000 Nigerians are churned out by the NYSC every year, with less than 10% of them having gainful employment. And this unemployment problem is worsened by a legacy of years of operating a mono-economy. But the social problem of growing unemployment has a solution which is strapped in the walls of individuals' minds, if only they will look inward. The human mind is capable of imagining awesome things and creating vast opportunities. Surprisingly, despite this the problem of unemployment remains because many Nigerians have not considered self-empowerment via self-employment. A major intellectual difficulty that often confronts writers is the one of maintaining dual personality in simultaneously writing for two dissimilar audiences, which are the amateur in the field that the work is addressing and those who are professional. In putting this work together, we were no exception to, or insulated from, this difficulty. The work is written with so much simplicity to endear it to all categories of users and it lends itself to easy grasp as it details many
6
INTRODUCTION
ONE: In the beginning…BEFORE GOING INTO BUSINESS
TWO: What isn't true about business?SOME BUSINESS MYTHS
THREE:Why do I need financial empowerment? WHY YOU NEED MONEY
FOUR: Why am I still here? PERSONAL REASONS SOME PEOPLE ARE POOR
FIVE: What available businesses do I choose from?VIABLE BUSINESSES IN NIGERIA
SIX: How and where can I raise money for my business?FINANCING YOUR BUSINESS
SEVEN:How do I go about setting up a business enterprise? SOME START-UP REQUIREMENTS
EIGHT:How do I document my business ideas? BUSINESS PLAN
NINE: How do I manage the office and workers?OFFICE/PERSONNEL MANAGEMENT
TEN: Are there additional things I need to know? MISCELLANY
CONTENTS
5
INTRODUCTION
The last time you transacted business and you were given change, you counted the money given to you. What actually did you intend to find out by counting it? Did you count it to verify if it was complete or to confirm if you had been overpaid? Your response is as good as ours. In fact, that wasn't the first time you did that except that you might not have noticed your tendency to nearly always do so. The fact that you are more keen to finding out if you have been shortchanged rather than checking for an overage isn't an indictment on you; it is simply a pointer to some inherent virtue lying within you, which is that you appreciate the value and importance of money and that with little assistance you may become successful business-wise. However, the only difference which places a divide between people is how to draw money to oneself, which many see more in paid job than self-employment without a thought for the surplus value of the enterprise.
If anyone has ever experienced the attendant psychological hurt in knowing that you are capable, qualified and willing to work, but no job is available to you, the rationale for this piece in your hand therefore needs no emphasis. The failure of government has never been made so manifest as the realization that over 120,000 Nigerians are churned out by the NYSC every year, with less than 10% of them having gainful employment. And this unemployment problem is worsened by a legacy of years of operating a mono-economy. But the social problem of growing unemployment has a solution which is strapped in the walls of individuals' minds, if only they will look inward. The human mind is capable of imagining awesome things and creating vast opportunities. Surprisingly, despite this the problem of unemployment remains because many Nigerians have not considered self-empowerment via self-employment. A major intellectual difficulty that often confronts writers is the one of maintaining dual personality in simultaneously writing for two dissimilar audiences, which are the amateur in the field that the work is addressing and those who are professional. In putting this work together, we were no exception to, or insulated from, this difficulty. The work is written with so much simplicity to endear it to all categories of users and it lends itself to easy grasp as it details many
6
of the concerns in business management that more often than not become pitfalls to business people. A purposeful examination of the contents of this work will therefore benefit the one who has long had hope in paid employment, as it will make you look inward through its vast sea of opportunities laid at your fingertip.
7
CHAPTER ONE
In the beginning…
“We can chart our future clearly and wisely only when we know the path which has
led to the present.”
of the concerns in business management that more often than not become pitfalls to business people. A purposeful examination of the contents of this work will therefore benefit the one who has long had hope in paid employment, as it will make you look inward through its vast sea of opportunities laid at your fingertip.
7
CHAPTER ONE
In the beginning…
“We can chart our future clearly and wisely only when we know the path which has
led to the present.”
There are several reasons people opt for business rather than paid employment. Some of them are negative while others are positive, and below are some of them. In case you are currently passing through any of these or a combination of them, you may need to find out if you have a great and better future in establishing and managing your own business.
Negative reasons 1. Lack of job2. Job dissatisfaction 3. Pay dissatisfaction (inadequate salary) 4. Absence of job security 5. Loss of paid employment (sack or retrenchment)
Positive reasons 1. The need to exercise one's skill and/or training2. Desire for independence or autonomy 3. Sudden availability of capital to match a particular comm-
ercial interest 4. Positive nudging or influence of friends and/or family
members5. Sudden availability of business opportunities as a result of
changes in demographic structure, lifestyle, social environment, political landscape, economic level, technology, etc.
Important pre-business questionsNo matter the passion or fervour to start a business, endeavour to ask yourself some or all of the following questions and you may even write the responses down and keep the document securely for future reference. 1. How much do I know about this business? 2. Am I a good manager of people and resources?3. Do I have leadership qualities to help me succeed?4. Have I got to know all the risks involved in this business
venture?5. Do I have good public relations?6. Have I thought of ways to raise the finance for the business?
BEFORE GOING INTO BUSINESS
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Ways of creating and identifying business opportunities One mark of an entrepreneur is his ability to identify new business opportunities and make adequate use of them, see the needs of people and improvise or develop a means of satisfying such need. There are several ways of doing this.
As an entrepreneur, you can invent a product or service and thereby create business opportunity for yourself and others. The invention of the video camera, for instance, created media coverage business, just as the creation of buses resulted in mass transit, auto-mechanic and auto-repair businesses.
The existence of one invented product or service can lay the foundation for the invention of another, which will bring about business opportunity for business-minded persons. The invention of papyri and books led to the building of libraries and archives, book binding business, photocopying business, scanning business, shredding machine business, etc. The GSM revolution laid foundation for the rise of such businesses as phone call, phone repair, recharge card production and sales, recharge card production seminar, etc.
An entrepreneur can create a business opportunity if he is dissatisfied or constructively critical enough of certain products and services to the point of thinking and recommending practicable solutions. For instance, earpiece has been considered the result of criticism of the direct use of phone strapped to users' ears, which is believed to emit harmful waves especially to children. The invention of seat belts for car occupants traces its origin to criticisms of deaths recorded in auto-accidents, even at the slightest mishaps.
Imitating a particular product or service can help an entrepreneur to identify and create a business opportunity. Such imitation should however be for the purpose of improvement and enhancement rather than piracy, intellectual property theft and faking. For instance, one can create business opportunity from improving coconut cream if one is able to remove some perceived harmful constituents of raw coconut.
1. Invention
2. Sub-invention
3. Dissatisfaction
4. Partial imitation
10
There are several reasons people opt for business rather than paid employment. Some of them are negative while others are positive, and below are some of them. In case you are currently passing through any of these or a combination of them, you may need to find out if you have a great and better future in establishing and managing your own business.
Negative reasons 1. Lack of job2. Job dissatisfaction 3. Pay dissatisfaction (inadequate salary) 4. Absence of job security 5. Loss of paid employment (sack or retrenchment)
Positive reasons 1. The need to exercise one's skill and/or training2. Desire for independence or autonomy 3. Sudden availability of capital to match a particular comm-
ercial interest 4. Positive nudging or influence of friends and/or family
members5. Sudden availability of business opportunities as a result of
changes in demographic structure, lifestyle, social environment, political landscape, economic level, technology, etc.
Important pre-business questionsNo matter the passion or fervour to start a business, endeavour to ask yourself some or all of the following questions and you may even write the responses down and keep the document securely for future reference. 1. How much do I know about this business? 2. Am I a good manager of people and resources?3. Do I have leadership qualities to help me succeed?4. Have I got to know all the risks involved in this business
venture?5. Do I have good public relations?6. Have I thought of ways to raise the finance for the business?
BEFORE GOING INTO BUSINESS
9
Ways of creating and identifying business opportunities One mark of an entrepreneur is his ability to identify new business opportunities and make adequate use of them, see the needs of people and improvise or develop a means of satisfying such need. There are several ways of doing this.
As an entrepreneur, you can invent a product or service and thereby create business opportunity for yourself and others. The invention of the video camera, for instance, created media coverage business, just as the creation of buses resulted in mass transit, auto-mechanic and auto-repair businesses.
The existence of one invented product or service can lay the foundation for the invention of another, which will bring about business opportunity for business-minded persons. The invention of papyri and books led to the building of libraries and archives, book binding business, photocopying business, scanning business, shredding machine business, etc. The GSM revolution laid foundation for the rise of such businesses as phone call, phone repair, recharge card production and sales, recharge card production seminar, etc.
An entrepreneur can create a business opportunity if he is dissatisfied or constructively critical enough of certain products and services to the point of thinking and recommending practicable solutions. For instance, earpiece has been considered the result of criticism of the direct use of phone strapped to users' ears, which is believed to emit harmful waves especially to children. The invention of seat belts for car occupants traces its origin to criticisms of deaths recorded in auto-accidents, even at the slightest mishaps.
Imitating a particular product or service can help an entrepreneur to identify and create a business opportunity. Such imitation should however be for the purpose of improvement and enhancement rather than piracy, intellectual property theft and faking. For instance, one can create business opportunity from improving coconut cream if one is able to remove some perceived harmful constituents of raw coconut.
1. Invention
2. Sub-invention
3. Dissatisfaction
4. Partial imitation
10
5. Workplace experience
6. Franchise
7. Personal experience and concern
8. Counter-product
Dissatisfaction from one's workplace or former office can be a platform for the execution of a business idea. Through one's work experience, one becomes aware of certain lapses and deficiencies associated with a particular service or product. A former bakery staff, for instance, knows the reason for certain customer complaints and is able to work towards addressing such complaints once he establishes his. Relying on experience from his workplace, an aspiring entrepreneur is able to know that stopping passengers in a decent restaurant midway in their journey for a free and well prepared meal will endear the passengers to that particular mass transit, though unknown to some of them the meal is part of their transport fare. By so doing, he has been able to create business opportunity for himself as he takes off his business.
As an entrepreneur, you may have the opportunity to start business in a different locality using another business's licence or permission, though you have the task of striving towards achieving the excellent quality for which the franchisor (the original company) is known.
One's personal concern can help create a business opportunity for that person. For instance, the problem of repeated rape of women can make one to develop a substance such as cream or a device such as anti-rape which will produce smell that results in penile weakness or lack of libido in the rapist. Also, for instance, the fact that Nigerians are hardly meticulous in many of their activities or practices can make someone to come up with a suggestion that governments should introduce total quality management to schools. If it flies, this will lead to the writing of books, hosting of seminars on TQM and employment of teachers for this particular subject.
Producing a product or service that has the ability to counter an existing problem can lead to business opportunities for an entrepreneur. Anti-virus products are good examples of this. Such products could be preemptive or curative in that they prevent or cure respectively. Getting one for HIV/AIDS, fibroid, cancer, Ebola and exam malpractice will definitely be a money spinner. Conversely, you
11
may generate business opportunity by adding value to an existing product or service.
Ways of going into business
As a business person, you can go into business by starting from scratch which is often made possible through the help of your business plan. A self-start up business has the advantage of building the very kind of business you intend. It however has the demerit of encountering unforeseen pitfalls and unanticipated problems through which one can incur losses.
You can also start a business by buying an already existing business from someone in which case the foundation has already been laid for you as a launch pad. This has lots of advantages among which is having existing customers which would have been a challenge for you. Also, the teething problems that are usually associated with new businesses are bypassed.
You can also start off a business by permission, licence or exclusive right to use an existing business's name, method or trade mark for the payment of loyalties. This process helps you to circumvent some of the pitfalls of new businesses. In your locality, and relying on the name and reputation of the franchisor, you can easily enjoy the patronage of customers who have been using the earlier products.
As a business person, you can start a business which has been handed to you as a bequest or legacy. Usually, the death of a parent or family member may bring about this.
Merits and demerits of self-employment Having decided to start a business due to any of the pull or push factors mentioned above, it will do you some good weighing the pros and cons of self-employment, and below are some of them. (There is no clear-cut differentiation of entrepreneur, business owner and business owner-manager in this work as such perceived difference is still a subject of debate even in many business management discourses.)
1. Self-start up
2. Second-hand business
3. Franchise
4. Inheritance
12
5. Workplace experience
6. Franchise
7. Personal experience and concern
8. Counter-product
Dissatisfaction from one's workplace or former office can be a platform for the execution of a business idea. Through one's work experience, one becomes aware of certain lapses and deficiencies associated with a particular service or product. A former bakery staff, for instance, knows the reason for certain customer complaints and is able to work towards addressing such complaints once he establishes his. Relying on experience from his workplace, an aspiring entrepreneur is able to know that stopping passengers in a decent restaurant midway in their journey for a free and well prepared meal will endear the passengers to that particular mass transit, though unknown to some of them the meal is part of their transport fare. By so doing, he has been able to create business opportunity for himself as he takes off his business.
As an entrepreneur, you may have the opportunity to start business in a different locality using another business's licence or permission, though you have the task of striving towards achieving the excellent quality for which the franchisor (the original company) is known.
One's personal concern can help create a business opportunity for that person. For instance, the problem of repeated rape of women can make one to develop a substance such as cream or a device such as anti-rape which will produce smell that results in penile weakness or lack of libido in the rapist. Also, for instance, the fact that Nigerians are hardly meticulous in many of their activities or practices can make someone to come up with a suggestion that governments should introduce total quality management to schools. If it flies, this will lead to the writing of books, hosting of seminars on TQM and employment of teachers for this particular subject.
Producing a product or service that has the ability to counter an existing problem can lead to business opportunities for an entrepreneur. Anti-virus products are good examples of this. Such products could be preemptive or curative in that they prevent or cure respectively. Getting one for HIV/AIDS, fibroid, cancer, Ebola and exam malpractice will definitely be a money spinner. Conversely, you
11
may generate business opportunity by adding value to an existing product or service.
Ways of going into business
As a business person, you can go into business by starting from scratch which is often made possible through the help of your business plan. A self-start up business has the advantage of building the very kind of business you intend. It however has the demerit of encountering unforeseen pitfalls and unanticipated problems through which one can incur losses.
You can also start a business by buying an already existing business from someone in which case the foundation has already been laid for you as a launch pad. This has lots of advantages among which is having existing customers which would have been a challenge for you. Also, the teething problems that are usually associated with new businesses are bypassed.
You can also start off a business by permission, licence or exclusive right to use an existing business's name, method or trade mark for the payment of loyalties. This process helps you to circumvent some of the pitfalls of new businesses. In your locality, and relying on the name and reputation of the franchisor, you can easily enjoy the patronage of customers who have been using the earlier products.
As a business person, you can start a business which has been handed to you as a bequest or legacy. Usually, the death of a parent or family member may bring about this.
Merits and demerits of self-employment Having decided to start a business due to any of the pull or push factors mentioned above, it will do you some good weighing the pros and cons of self-employment, and below are some of them. (There is no clear-cut differentiation of entrepreneur, business owner and business owner-manager in this work as such perceived difference is still a subject of debate even in many business management discourses.)
1. Self-start up
2. Second-hand business
3. Franchise
4. Inheritance
12
Merits 1. You have job security and are not afraid of being fired by
someone for any reason. 2. It usually helps you avoid the dishonesty involved in
falsification of age in order to get a job. 3. You save yourself the difficulty of seeking for job and regularly
attending interviews.4. You can be your own boss or give out the management of the
business to someone of your choice.5. You have the flexibility of deciding your own hours of
operation, opening and closing when you like. 6. Such basic decisions as working conditions and the location of
your business are in your power to decide. 7. It pays off financially unlike when you work for someone else. 8. You have the right to manage the business the way you like.9. You become versatile or multi-talented since you may be
involved in many things yourself.10. You have the satisfaction that comes from personal effort. 11. Depending on your profit level, you may even pay yourself
more than you deserve.12. You experience the joy of giving meaning to people's lives as
you engage them in paid employment.
Demerits 1. You may need to learn to handle certain new things outside
your core areas of interest, which you will probably not wish to subject yourself to e.g. filing, decorum, negotiations, public relations, marketing and sales duties, financial planning and accounting, administrative and personnel management, etc.
2. You may have to work for longer hours than you would if you were hired by someone.
3. You may be involved in taking risk e.g. borrowing money to start the business, bringing a completely new product to market or making investments.
4. Your income may not be steady, especially at the teething stage.
5. You may have to take certain decisions against your will e.g. employing a friend or relative.
6. You may have to contend with the problem of often being misunderstood due to certain corporate decisions.
7. Even at your off hours, you are unconsciously occupied with
13
business advancement and office concerns.
Reasons some small-scale businesses fail As you plan to set up a business venture, it will be good you know some of the reasons many small-scale businesses fail and learn to avoid such pitfalls. As a business person, you must learn to study the past if you would divine the future. “We can chart our future clearly and wisely,” says Adlai Stevenson, “if we know the path which has led to the present.” If you are aware of the reasons your predecessors failed and you mind them, you're less likely to fail. Not only in Nigeria do businesses fail, it does elsewhere even in developed economies. Over one thousand small business enterprises, many of them less than five years into existence, fail each year in the United States alone. 1. Wrong location. Citing a piggery in one of the northwestern states,
for example, is a recipe for business failure if your target market is within those states.
2. Over-investment in fixed assets and thereby leaving too little fund
or none at all for the day-to-day running of the business.
3. Government policy. Such government policy as an outright ban on sachet water production could lead to business failure. Also, indirect policy can cause the folding up of businesses e.g. government decision to allow communications companies to import recharge cards can end several calls-related small-scale businesses in Nigeria such as recharge card production.
4. Inflation and economic recession which make it impossible for
customers to patronize your products or services.
5. Unplanned expansion of the business.
6. Less efficient or unproductive workforce.
7. Lack of expert knowledge by business owner.
8. Poorly motivated workforce.
9. Poorly trained staff.
14
Merits 1. You have job security and are not afraid of being fired by
someone for any reason. 2. It usually helps you avoid the dishonesty involved in
falsification of age in order to get a job. 3. You save yourself the difficulty of seeking for job and regularly
attending interviews.4. You can be your own boss or give out the management of the
business to someone of your choice.5. You have the flexibility of deciding your own hours of
operation, opening and closing when you like. 6. Such basic decisions as working conditions and the location of
your business are in your power to decide. 7. It pays off financially unlike when you work for someone else. 8. You have the right to manage the business the way you like.9. You become versatile or multi-talented since you may be
involved in many things yourself.10. You have the satisfaction that comes from personal effort. 11. Depending on your profit level, you may even pay yourself
more than you deserve.12. You experience the joy of giving meaning to people's lives as
you engage them in paid employment.
Demerits 1. You may need to learn to handle certain new things outside
your core areas of interest, which you will probably not wish to subject yourself to e.g. filing, decorum, negotiations, public relations, marketing and sales duties, financial planning and accounting, administrative and personnel management, etc.
2. You may have to work for longer hours than you would if you were hired by someone.
3. You may be involved in taking risk e.g. borrowing money to start the business, bringing a completely new product to market or making investments.
4. Your income may not be steady, especially at the teething stage.
5. You may have to take certain decisions against your will e.g. employing a friend or relative.
6. You may have to contend with the problem of often being misunderstood due to certain corporate decisions.
7. Even at your off hours, you are unconsciously occupied with
13
business advancement and office concerns.
Reasons some small-scale businesses fail As you plan to set up a business venture, it will be good you know some of the reasons many small-scale businesses fail and learn to avoid such pitfalls. As a business person, you must learn to study the past if you would divine the future. “We can chart our future clearly and wisely,” says Adlai Stevenson, “if we know the path which has led to the present.” If you are aware of the reasons your predecessors failed and you mind them, you're less likely to fail. Not only in Nigeria do businesses fail, it does elsewhere even in developed economies. Over one thousand small business enterprises, many of them less than five years into existence, fail each year in the United States alone. 1. Wrong location. Citing a piggery in one of the northwestern states,
for example, is a recipe for business failure if your target market is within those states.
2. Over-investment in fixed assets and thereby leaving too little fund
or none at all for the day-to-day running of the business.
3. Government policy. Such government policy as an outright ban on sachet water production could lead to business failure. Also, indirect policy can cause the folding up of businesses e.g. government decision to allow communications companies to import recharge cards can end several calls-related small-scale businesses in Nigeria such as recharge card production.
4. Inflation and economic recession which make it impossible for
customers to patronize your products or services.
5. Unplanned expansion of the business.
6. Less efficient or unproductive workforce.
7. Lack of expert knowledge by business owner.
8. Poorly motivated workforce.
9. Poorly trained staff.
14
10.Mismanagement of funds.
11. Inadequate record keeping.
12.Lack of differentiation between personal property and business property.
13.Time mismanagement.
14.Indiscipline.
15
CHAPTER TWO
What isn't true about business?
“Lend only what you can afford to lose, but not in business.”
“In business, it may not be true that 'money lent is an enemy made'.”
10.Mismanagement of funds.
11. Inadequate record keeping.
12.Lack of differentiation between personal property and business property.
13.Time mismanagement.
14.Indiscipline.
15
CHAPTER TWO
What isn't true about business?
“Lend only what you can afford to lose, but not in business.”
“In business, it may not be true that 'money lent is an enemy made'.”
Having shown interest in starting a business venture, you may start to hear many stories peddled around about business and business people. While some of these may be true, some are distorted facts and others are totally false. Surprisingly, many of these stories are spread by people who have never gone into business themselves and others are spread by those who went into business but failed, never tried again and are probably looking for excuse to justify themselves. Until you go into business yourself, you may never find out how false these stories are.
This is false, because it may as well be true that whoever succeeds in business is the one who was predestined to be a successful business person. Ceteris paribus, all men have an equal chance of being successful in life. However, one's environment, family background, people and surrounding factors, such as information, learning facilities and commercial opportunities, may push one person upward on the rung of success ladder faster and better than another individual. In business, the idea of predestination is anything but hoax.
If 'teething stage' is an enduring business concept, it is then untrue that a successful business must have, or usually has, a smooth takeoff. The first few years of many businesses are usually mired in daunting challenges – the problem of competition, staff welfare, unanticipated concerns, unfamiliar bureaucratic bottlenecks, payment of public utility bills, etc. The process isn't different from the novel experience of a new couple with their first baby. There are many things they naïvely take for granted and do not anticipate, making the child weaning process an unpleasant experience. Once the entrepreneur overcomes these initial challenges, the business would usually gain stability and profit will begin to come in as an
It may be true that one requires huge venture capital to start off a great business enterprise, but this is not always the case. “Think big, start small” is a business concept that is fast gaining currency. Many of the giant companies without which a fair and complete history of
Myth # 1: Success in business is predestined.
Myth # 2: Successful businesses always have successful beginnings.
Myth # 3: Huge capital is required to start a great business.
ticipated.
SOME BUSINESS MYTHS
17
the world won't be told had a humble start but expanded their frontiers with the passage of time. The histories of Coca Cola, Microsoft, Daar Communications Plc, and Peugeot are a testament to the humble beginnings of many future giants. Ford Motor Company had a humble beginning in a one-room brick factory and metamorphosed to become one of the world's greatest industrial empires. In business, always think big but start small, and though your beginning may seem little, your end promises something uniquely different.
Experience in commercial enterprise does not lend credence to this; it is the reverse. Customers matter far more than profit since your ability to satisfy your customers and meet their needs is what keeps you in business. Repel your customers or accord them a secondary status and you risk business failure.
The belief that the first people to come into a particular business always have the greatest share of the market is false. As long as the one who arrives last in the business landscape can study the reasons for the failures of the first arrivals and what their teething problems were, the business person can build on such knowledge and become great or even greater. It is often said that Microsoft was not first with the word processor or spreadsheet, yet it has dominated all in that sphere.
The fact that one is good or proficient in a thing does not necessarily make them an automatic success when they extend same into full-time business. That your friends and relatives commend your excellent cooking doesn't make you a great cook or caterer. The Spaniards aren't wrong when they observed that “There is more to dancing than a pair of dancing shoes.” Don't forget that along with your specialty, you will be involved in buying, budgeting, payrolling, managing employees and paying taxes and utility bills.
It is not true that good friends always make successful business partners. With the benefit of hindsight, there are certain reasons that
Myth # 4: In business, profit before customers.
Myth # 5: The first are the most successful.
Myth # 6: The you-are-a-good-teacher-so-start-a-lesson-business advice.
Myth # 7: Good friends always form a great partnership.
18
Having shown interest in starting a business venture, you may start to hear many stories peddled around about business and business people. While some of these may be true, some are distorted facts and others are totally false. Surprisingly, many of these stories are spread by people who have never gone into business themselves and others are spread by those who went into business but failed, never tried again and are probably looking for excuse to justify themselves. Until you go into business yourself, you may never find out how false these stories are.
This is false, because it may as well be true that whoever succeeds in business is the one who was predestined to be a successful business person. Ceteris paribus, all men have an equal chance of being successful in life. However, one's environment, family background, people and surrounding factors, such as information, learning facilities and commercial opportunities, may push one person upward on the rung of success ladder faster and better than another individual. In business, the idea of predestination is anything but hoax.
If 'teething stage' is an enduring business concept, it is then untrue that a successful business must have, or usually has, a smooth takeoff. The first few years of many businesses are usually mired in daunting challenges – the problem of competition, staff welfare, unanticipated concerns, unfamiliar bureaucratic bottlenecks, payment of public utility bills, etc. The process isn't different from the novel experience of a new couple with their first baby. There are many things they naïvely take for granted and do not anticipate, making the child weaning process an unpleasant experience. Once the entrepreneur overcomes these initial challenges, the business would usually gain stability and profit will begin to come in as an
It may be true that one requires huge venture capital to start off a great business enterprise, but this is not always the case. “Think big, start small” is a business concept that is fast gaining currency. Many of the giant companies without which a fair and complete history of
Myth # 1: Success in business is predestined.
Myth # 2: Successful businesses always have successful beginnings.
Myth # 3: Huge capital is required to start a great business.
ticipated.
SOME BUSINESS MYTHS
17
the world won't be told had a humble start but expanded their frontiers with the passage of time. The histories of Coca Cola, Microsoft, Daar Communications Plc, and Peugeot are a testament to the humble beginnings of many future giants. Ford Motor Company had a humble beginning in a one-room brick factory and metamorphosed to become one of the world's greatest industrial empires. In business, always think big but start small, and though your beginning may seem little, your end promises something uniquely different.
Experience in commercial enterprise does not lend credence to this; it is the reverse. Customers matter far more than profit since your ability to satisfy your customers and meet their needs is what keeps you in business. Repel your customers or accord them a secondary status and you risk business failure.
The belief that the first people to come into a particular business always have the greatest share of the market is false. As long as the one who arrives last in the business landscape can study the reasons for the failures of the first arrivals and what their teething problems were, the business person can build on such knowledge and become great or even greater. It is often said that Microsoft was not first with the word processor or spreadsheet, yet it has dominated all in that sphere.
The fact that one is good or proficient in a thing does not necessarily make them an automatic success when they extend same into full-time business. That your friends and relatives commend your excellent cooking doesn't make you a great cook or caterer. The Spaniards aren't wrong when they observed that “There is more to dancing than a pair of dancing shoes.” Don't forget that along with your specialty, you will be involved in buying, budgeting, payrolling, managing employees and paying taxes and utility bills.
It is not true that good friends always make successful business partners. With the benefit of hindsight, there are certain reasons that
Myth # 4: In business, profit before customers.
Myth # 5: The first are the most successful.
Myth # 6: The you-are-a-good-teacher-so-start-a-lesson-business advice.
Myth # 7: Good friends always form a great partnership.
18
your friends are your friends and they don't necessarily go well with conducting business. It has been observed that friends do not usually have the same work habits. Also, people change greatly when it comes to money matters. Even if friends don't take advantage of each other, in life things happen to the point that as long as the partnership remains, one is liable for decisions made by the other party at which point the chord of friendship snaps.
This is false. In fact, failure could even be the foundation on which one's success story is built. Failure is only a problem when you allow it to be the final stage; otherwise it's just learning if you don't repeat it next time.
Like gold which is of no use if it can't be mined, unapplied knowledge is only a potential; it empowers no one. Apply your knowledge in business and it will empower you to succeed.
Set aside the notion that every customer is equally valuable, because over time you will come to realize that some customers are worth more than others. As it appears, some customers are more trouble than they are worth. Endeavour to treat all your customers as valuable, but in deciding how to stretch scarce resources like time over different customer needs, one may be more valuable than another.
This position calls for a thorough analysis. Some companies go out of business because they have too many customers or too much demand for their product. Imagine your company does audio-visual recording, it can get inundated with demands and not be able to keep up the coverage. It then happens that the clients who are delayed in getting their events covered are unhappy and may cancel their orders. In fact, the unexpected happens when word starts to spread that your company is incompetent in meeting customers' demands. Also, having too many customers all demanding your primary scarce resource can wear you down and lead to poorer quality and errors in production.
Myth # 8: Failure is a bad omen.
Myth # 9: Knowledge is power.
Myth # 10: Every customer is equally valuable.
Myth # 11: Having more customers is better than having fewer customers.
19
Myth # 12: A business plan is not important.
Myth # 13: Once I'm rich, I will be happy.
Myth # 14: Money lent is an enemy made.
Myth # 15: Never burn a penny candle in search of half a penny.
Myth # 16: One only needs intelligence to succeed in business.
Your business needs one even if you don't need funding from anyone. A business plan gives you perspective and focus and uncovers things you didn't even know you needed to know, which in turn helps you come up with solutions to potential problems. It gives you direction and may even help you realize you need more finance or less than you earlier thought. It also helps you to intimate your staff with the objectives and goals of your business.
This is a business fallacy that has endured over time. Although wealth may initially create excitement and happiness, it is usually short-lived. Like the young woman who believed once she got married she would be happy in life, you soon realize how insatiable the human nature is, especially when it comes to acquiring assets and amassing wealth.
While this Portuguese maxim may be acceptable in everyday context, it goes against the grain of lending businesses such as the financial sector. You only become an enemy to the lender if you decide to put your integrity on the line by acting dubiously or mismanaging the funds lent to you. In business, do not be afraid of borrowing if you have adequately studied your projections and plans.
A Nigerianized version of this will be “Never burn a twenty naira candle in search of ten naira.” Since customers are considered to be always right (just to keep them), one may afford to literally buy a ten naira adhesive to patch a torn five naira note to be given out as change to a mean customer who wouldn't stop visiting your shop on account of her change. In business, needs must when the devil drives.
No doubt, intelligence plays a crucial role in business, especially with regards to creativity and innovation. It is however not an alternative to experience. In fact, a mixture of both intelligence and entrepreneurial experience will make an excellent mishmash in manoeuvring a business in turbulent waters.
20
your friends are your friends and they don't necessarily go well with conducting business. It has been observed that friends do not usually have the same work habits. Also, people change greatly when it comes to money matters. Even if friends don't take advantage of each other, in life things happen to the point that as long as the partnership remains, one is liable for decisions made by the other party at which point the chord of friendship snaps.
This is false. In fact, failure could even be the foundation on which one's success story is built. Failure is only a problem when you allow it to be the final stage; otherwise it's just learning if you don't repeat it next time.
Like gold which is of no use if it can't be mined, unapplied knowledge is only a potential; it empowers no one. Apply your knowledge in business and it will empower you to succeed.
Set aside the notion that every customer is equally valuable, because over time you will come to realize that some customers are worth more than others. As it appears, some customers are more trouble than they are worth. Endeavour to treat all your customers as valuable, but in deciding how to stretch scarce resources like time over different customer needs, one may be more valuable than another.
This position calls for a thorough analysis. Some companies go out of business because they have too many customers or too much demand for their product. Imagine your company does audio-visual recording, it can get inundated with demands and not be able to keep up the coverage. It then happens that the clients who are delayed in getting their events covered are unhappy and may cancel their orders. In fact, the unexpected happens when word starts to spread that your company is incompetent in meeting customers' demands. Also, having too many customers all demanding your primary scarce resource can wear you down and lead to poorer quality and errors in production.
Myth # 8: Failure is a bad omen.
Myth # 9: Knowledge is power.
Myth # 10: Every customer is equally valuable.
Myth # 11: Having more customers is better than having fewer customers.
19
Myth # 12: A business plan is not important.
Myth # 13: Once I'm rich, I will be happy.
Myth # 14: Money lent is an enemy made.
Myth # 15: Never burn a penny candle in search of half a penny.
Myth # 16: One only needs intelligence to succeed in business.
Your business needs one even if you don't need funding from anyone. A business plan gives you perspective and focus and uncovers things you didn't even know you needed to know, which in turn helps you come up with solutions to potential problems. It gives you direction and may even help you realize you need more finance or less than you earlier thought. It also helps you to intimate your staff with the objectives and goals of your business.
This is a business fallacy that has endured over time. Although wealth may initially create excitement and happiness, it is usually short-lived. Like the young woman who believed once she got married she would be happy in life, you soon realize how insatiable the human nature is, especially when it comes to acquiring assets and amassing wealth.
While this Portuguese maxim may be acceptable in everyday context, it goes against the grain of lending businesses such as the financial sector. You only become an enemy to the lender if you decide to put your integrity on the line by acting dubiously or mismanaging the funds lent to you. In business, do not be afraid of borrowing if you have adequately studied your projections and plans.
A Nigerianized version of this will be “Never burn a twenty naira candle in search of ten naira.” Since customers are considered to be always right (just to keep them), one may afford to literally buy a ten naira adhesive to patch a torn five naira note to be given out as change to a mean customer who wouldn't stop visiting your shop on account of her change. In business, needs must when the devil drives.
No doubt, intelligence plays a crucial role in business, especially with regards to creativity and innovation. It is however not an alternative to experience. In fact, a mixture of both intelligence and entrepreneurial experience will make an excellent mishmash in manoeuvring a business in turbulent waters.
20
Myth # 17: The end justifies the means.
Myth # 18: Never cross the bridge until you get to it.
Myth # 19: Lend only what you can afford to lose
This belief is an affront in the face of honest dealings in business relations. The belief is aimed at suggesting that once the outcome of a dealing is what is desired, or the purpose of a thing is what is achieved, that particular thing need not be questioned, criticized or condemned. This justifies even the worst form of behaviour to succeed in business without considering next time. In business, as in driving, your first accident may be your last, so don't cheat to succeed as you may thereafter never be trusted by clients.
In business, planning is crucial. There is no wise man who intends to build a house that won't sit himself down and consider the cost and needs. By such action, he has resorted to anticipation, crossing the proverbial bridge before actually arriving there. Business bears no different account. If you decide to ignore projections in business, you risk losing your investment. The ship owner, before unberthing his ship for a long voyage, has studied the weather conditions and observed that it will be favourable for the trip. The future marketer, prior to her bulk purchases of palm oil for storage, has projected and foreseen that few months from now, the prices of red oil won't nosedive to her peril, having pictured her society as having no advanced storage system to pose a veritable competitive threat.
. This is true in everyday context just as it is often proverbially said that money lent is an enemy made, but not in business. The presence of collateral and/or referees erases the fear inherent in the lending and borrowing business. As a shrewd business person, if your trade is lending, be sure you have got a security worth the said amount or something higher to cover the extra charges before granting the borrower any possessive right.
21
CHAPTER THREE
Why do I need financial empowerment?
No one would remember the good Samaritan if he only had good intentions;
he had money as well.
Myth # 17: The end justifies the means.
Myth # 18: Never cross the bridge until you get to it.
Myth # 19: Lend only what you can afford to lose
This belief is an affront in the face of honest dealings in business relations. The belief is aimed at suggesting that once the outcome of a dealing is what is desired, or the purpose of a thing is what is achieved, that particular thing need not be questioned, criticized or condemned. This justifies even the worst form of behaviour to succeed in business without considering next time. In business, as in driving, your first accident may be your last, so don't cheat to succeed as you may thereafter never be trusted by clients.
In business, planning is crucial. There is no wise man who intends to build a house that won't sit himself down and consider the cost and needs. By such action, he has resorted to anticipation, crossing the proverbial bridge before actually arriving there. Business bears no different account. If you decide to ignore projections in business, you risk losing your investment. The ship owner, before unberthing his ship for a long voyage, has studied the weather conditions and observed that it will be favourable for the trip. The future marketer, prior to her bulk purchases of palm oil for storage, has projected and foreseen that few months from now, the prices of red oil won't nosedive to her peril, having pictured her society as having no advanced storage system to pose a veritable competitive threat.
. This is true in everyday context just as it is often proverbially said that money lent is an enemy made, but not in business. The presence of collateral and/or referees erases the fear inherent in the lending and borrowing business. As a shrewd business person, if your trade is lending, be sure you have got a security worth the said amount or something higher to cover the extra charges before granting the borrower any possessive right.
21
CHAPTER THREE
Why do I need financial empowerment?
No one would remember the good Samaritan if he only had good intentions;
he had money as well.
WHY YOU NEED MONEY
The reason for your being financially empowered transcends far beyond your subsistence and other personal needs. One needs financial empowerment for a variety of reasons.
One of the first essential things money does for the possessor is that it makes it possible for them to cater for their basic needs without looking up to others. Such needs as food, shelter and clothing are basic to humans and having money helps you meet them satisfactorily. With money, you do not just feed on what is obtainable, but on what you desire; you do not just dress based on what is convenient, but on what is proper and decent; you do not just reside where you find yourself, but where you actually wish to. Thus having money helps you to live, not at the fringe of existence, but at the core.
Having money puts you in a better position to work 'for public good' in being of help to those in need. According to Russell Conwell, “[I]t is not easy to do much good… without much money.” Paul Enenche adds: “The hospitals where people are helped and prevented from dying before their time are built with money; industries that employ thousands of people thereby wiping out joblessness as well as giving meaning and livelihood to thousands of families are built with money….” Besides helping oneself, financial empowerment places one in a better position to alleviate many human sufferings occasioned by poverty. It elevates you above the latitude of continually wishing to assist and not being able to. Daily, many deaths wouldn't be recorded if money were at the disposal of the sick. Many a dropout or miscreant mightn't be what they are if they had the financial means to escape that hurting label.
“If you want to know who a man is, put him in authority” is a popular Czech saying. An extension of this time-honoured observation to monetary concerns will mean that financial empowerment helps uncover your real identity, helps unmask someone's true and hidden colour and exposes their true personality. Conversely, poverty hides one's true self. If your response to plea for assistance has always been a feeling of sadness at not having to give, the genuineness of your intention will be made known when you are in control of cash.
1. To meet basic needs
2. Assisting pro bono publico
3. Unmasking of identity
23
Someone might be humble, unassuming and quiet because the long blades of poverty have trimmed them and caged their true identity. Over time, financial power helps expose this pretence and veiled deceit.
Financial empowerment creates independence in that you do not need to always look to others for help. In fact, it makes people look up to you. Being independent in this regard does not mean that one becomes an island, not needing others. It simply means if you wish to carry out a project you become self-sufficient, not begging people and trying hard, even against your wish and self-esteem, to ingratiate or please them despite their crass indifference to your plight. Sometimes one still does not get the desired assistance after such debasing experience. You might have heard over and over again how a young woman had to spend a night or so in a hotel room with either an employer of labour in order to secure a job or for financial assistance in order to enable her meet basic needs or foot the hospital bill of a family member. Except you've been poor, you may not settle for the reasoning that poverty creates dependence.
With money one can make the investment of his or her choice with little or no difficulty. Finance promotes you from being an idealist to a realist. Also, money creates more money. Once moneyed, you have a better chance of expanding your financial frontiers, because money reproduces itself. When you are financially buoyant, financing capital-intensive projects won't be a problem to you, unlike when you are not financially buoyant.
Having money guarantees one some economic trust. It is said that the richest people and firms are often the most indebted. This is to a great extent true since people tend to have confidence in you that you can pay them for their services to you when you are wealthy. Your financial buoyancy often helps erode their mistrust as they either lend to you willingly or do business with you sometimes to their disadvantage. This is one of life's many advantages that the poor do not enjoy.
4. Independence
5. Investment
6. Economic trust
7. Self-confidence
24
WHY YOU NEED MONEY
The reason for your being financially empowered transcends far beyond your subsistence and other personal needs. One needs financial empowerment for a variety of reasons.
One of the first essential things money does for the possessor is that it makes it possible for them to cater for their basic needs without looking up to others. Such needs as food, shelter and clothing are basic to humans and having money helps you meet them satisfactorily. With money, you do not just feed on what is obtainable, but on what you desire; you do not just dress based on what is convenient, but on what is proper and decent; you do not just reside where you find yourself, but where you actually wish to. Thus having money helps you to live, not at the fringe of existence, but at the core.
Having money puts you in a better position to work 'for public good' in being of help to those in need. According to Russell Conwell, “[I]t is not easy to do much good… without much money.” Paul Enenche adds: “The hospitals where people are helped and prevented from dying before their time are built with money; industries that employ thousands of people thereby wiping out joblessness as well as giving meaning and livelihood to thousands of families are built with money….” Besides helping oneself, financial empowerment places one in a better position to alleviate many human sufferings occasioned by poverty. It elevates you above the latitude of continually wishing to assist and not being able to. Daily, many deaths wouldn't be recorded if money were at the disposal of the sick. Many a dropout or miscreant mightn't be what they are if they had the financial means to escape that hurting label.
“If you want to know who a man is, put him in authority” is a popular Czech saying. An extension of this time-honoured observation to monetary concerns will mean that financial empowerment helps uncover your real identity, helps unmask someone's true and hidden colour and exposes their true personality. Conversely, poverty hides one's true self. If your response to plea for assistance has always been a feeling of sadness at not having to give, the genuineness of your intention will be made known when you are in control of cash.
1. To meet basic needs
2. Assisting pro bono publico
3. Unmasking of identity
23
Someone might be humble, unassuming and quiet because the long blades of poverty have trimmed them and caged their true identity. Over time, financial power helps expose this pretence and veiled deceit.
Financial empowerment creates independence in that you do not need to always look to others for help. In fact, it makes people look up to you. Being independent in this regard does not mean that one becomes an island, not needing others. It simply means if you wish to carry out a project you become self-sufficient, not begging people and trying hard, even against your wish and self-esteem, to ingratiate or please them despite their crass indifference to your plight. Sometimes one still does not get the desired assistance after such debasing experience. You might have heard over and over again how a young woman had to spend a night or so in a hotel room with either an employer of labour in order to secure a job or for financial assistance in order to enable her meet basic needs or foot the hospital bill of a family member. Except you've been poor, you may not settle for the reasoning that poverty creates dependence.
With money one can make the investment of his or her choice with little or no difficulty. Finance promotes you from being an idealist to a realist. Also, money creates more money. Once moneyed, you have a better chance of expanding your financial frontiers, because money reproduces itself. When you are financially buoyant, financing capital-intensive projects won't be a problem to you, unlike when you are not financially buoyant.
Having money guarantees one some economic trust. It is said that the richest people and firms are often the most indebted. This is to a great extent true since people tend to have confidence in you that you can pay them for their services to you when you are wealthy. Your financial buoyancy often helps erode their mistrust as they either lend to you willingly or do business with you sometimes to their disadvantage. This is one of life's many advantages that the poor do not enjoy.
4. Independence
5. Investment
6. Economic trust
7. Self-confidence
24
Self-confidence in this sense is the faith and self-assurance you have in your person that you are able or capable of achieving something desired without failing. Like some have-nots, you don't amount to failure while you are still at the planning stage. Since you have the confidence in your being able to carry out your plans, you are settled and calm in charting your mental course with proprietary poise. This self-confidence further gives you some self-worth. It does not make you unnecessarily economical or endlessly ringing the changes.
Other than good character, nothing elevates one's social status as money. Having money helps raise you to levels in life that you might not have even allowed yourself to conceive or imagine. In politics, the man desiring a seat as a municipal chairman, gubernatorial candidate, legislator or president knows pretty well that mere wishes won't catapult him to that Olympian height – he needs money to translate that noble dream to reality. Whether he is eventually assisted to achieve that or gets self-sponsorship, the fact remains that money aided his flight to that impressive position.
Having money for your use gives your dreams and aspirations the desired expression. Every time you dream of a laudable project and you end up jettisoning it as too high or lofty, check very well and see if lack of finance isn't the root but subtle cause. This does not mean that once you have money, you implement whatever project you imagine. This isn't true since the rich are more prudent than the poor whose wastefulness is sometimes the cause of their being beggarly. With money at your disposal your plans are hardly aborted. One thing is true of human plans: all things such as finance put in place, if the human mind can fully imagine and correctly picture it, it can be achieved.
More often than not, every challenge is a problem to the poor. News of resumption of school by kids, a visit from home by a relation, the electricity metre running too fast, a spouse falling sick, increase in pump price of fuel, etc are all events that shouldn't have been, yet they are inevitable. The metre will not stop counting simply because a poor man resides there, nor will fatigue and headache cease to be the outcome of an over-busy day for a spouse just because her
8. Elevation of social status
9. Expressed aspirations
10. Absence of pressure
25
better-half lacks money. Having money naturally creates the needed understanding of the inevitability of life's challenges and the poise to deal with them even with a smile as though they are a host of opportunities.
Besides character, one other salient thing that earns one respect in life is financial power. It gives the possessor respect both within and outside his home front, in private and in public. Depending on who the receiver of such respect is, arrogance or humility may be the reciprocity. But what matters is what has been attracted to the holder of the financial wherewithal.
Lack creates pretence but wealth erases pretentious contentment. There are things people need in life and unless they have the financial power to meet them they pretend they're not needful or feign ignorance of their worth. Each of us is like a bird given wings by money; otherwise like the famous ostrich, we may never experience the delight of having to soar high above the very clouds we once looked up to see as unreachable. Man is empowered to live above pretence through the possession of money.
Exposure matters in life. If people's mentality must not be restricted, their reasoning not be parochial and their horizon unbroadened, they need exposure to distant places and unfamiliar terrains. The sweet lessons of the history class will only uplift the spirit if hauled from the confines of the classroom to a more practical realm where they can be appreciated by the senses. Money exposes you and enlivens your world, bringing you in contact with personages and places that would for life have been a fantasy to meet and visit respectively.
Each person has an assignment for which he or she exists – a call to the freedom of men, like Nelson Mandela and Martin Luther Jr; a call to end long distance trekking through the automobile, like Henry Ford; a call to alleviate the suffering of the underprivileged, like Mother Theresa. More often than not, this call is made possible if the financial means is available.
11. Respect
12. Erasure of pretence
13. Exposure
14. Answer life's call
26
Self-confidence in this sense is the faith and self-assurance you have in your person that you are able or capable of achieving something desired without failing. Like some have-nots, you don't amount to failure while you are still at the planning stage. Since you have the confidence in your being able to carry out your plans, you are settled and calm in charting your mental course with proprietary poise. This self-confidence further gives you some self-worth. It does not make you unnecessarily economical or endlessly ringing the changes.
Other than good character, nothing elevates one's social status as money. Having money helps raise you to levels in life that you might not have even allowed yourself to conceive or imagine. In politics, the man desiring a seat as a municipal chairman, gubernatorial candidate, legislator or president knows pretty well that mere wishes won't catapult him to that Olympian height – he needs money to translate that noble dream to reality. Whether he is eventually assisted to achieve that or gets self-sponsorship, the fact remains that money aided his flight to that impressive position.
Having money for your use gives your dreams and aspirations the desired expression. Every time you dream of a laudable project and you end up jettisoning it as too high or lofty, check very well and see if lack of finance isn't the root but subtle cause. This does not mean that once you have money, you implement whatever project you imagine. This isn't true since the rich are more prudent than the poor whose wastefulness is sometimes the cause of their being beggarly. With money at your disposal your plans are hardly aborted. One thing is true of human plans: all things such as finance put in place, if the human mind can fully imagine and correctly picture it, it can be achieved.
More often than not, every challenge is a problem to the poor. News of resumption of school by kids, a visit from home by a relation, the electricity metre running too fast, a spouse falling sick, increase in pump price of fuel, etc are all events that shouldn't have been, yet they are inevitable. The metre will not stop counting simply because a poor man resides there, nor will fatigue and headache cease to be the outcome of an over-busy day for a spouse just because her
8. Elevation of social status
9. Expressed aspirations
10. Absence of pressure
25
better-half lacks money. Having money naturally creates the needed understanding of the inevitability of life's challenges and the poise to deal with them even with a smile as though they are a host of opportunities.
Besides character, one other salient thing that earns one respect in life is financial power. It gives the possessor respect both within and outside his home front, in private and in public. Depending on who the receiver of such respect is, arrogance or humility may be the reciprocity. But what matters is what has been attracted to the holder of the financial wherewithal.
Lack creates pretence but wealth erases pretentious contentment. There are things people need in life and unless they have the financial power to meet them they pretend they're not needful or feign ignorance of their worth. Each of us is like a bird given wings by money; otherwise like the famous ostrich, we may never experience the delight of having to soar high above the very clouds we once looked up to see as unreachable. Man is empowered to live above pretence through the possession of money.
Exposure matters in life. If people's mentality must not be restricted, their reasoning not be parochial and their horizon unbroadened, they need exposure to distant places and unfamiliar terrains. The sweet lessons of the history class will only uplift the spirit if hauled from the confines of the classroom to a more practical realm where they can be appreciated by the senses. Money exposes you and enlivens your world, bringing you in contact with personages and places that would for life have been a fantasy to meet and visit respectively.
Each person has an assignment for which he or she exists – a call to the freedom of men, like Nelson Mandela and Martin Luther Jr; a call to end long distance trekking through the automobile, like Henry Ford; a call to alleviate the suffering of the underprivileged, like Mother Theresa. More often than not, this call is made possible if the financial means is available.
11. Respect
12. Erasure of pretence
13. Exposure
14. Answer life's call
26
CHAPTER FOUR
Why am i still here?
1. The geography-of-wealth belief
2. Dishonest dealings
3. Erroneous belief
Some people believe that unless they travel out of their current place of residence or country they will never make it in life. They view theirs a failed system with no chance of offering anything good. They further extend this contention to explain that money is geographical in nature – some countries or states, by reason of their geographical location, are better situated to make it than other countries or states. They therefore believe that until they travel out of their country or state for greener pastures they will remain in poverty. The misconception that it's always greener on the other side of the garden has the inherent possibility of impoverishing those who profess it and never take advantage of opportunities around them until they leave that area. They however ignore the truth that some rich folks exist in their neighbourhood and some poor souls are languishing in their desired destination. Unfortunately, many never actually leave where they are for the desired greener pastures and therefore remain perpetually poor. Like oxygen, wealth is equally spread and has no link with location.
Somewhere, a signpost warns drivers: 'Drive carefully! Your first accident may be your last.' Nothing about the human character ruins a business like dishonesty. It repels customers, dwindles one's commercial fortunes and shifts the footfall from you to your rivals. If punctuality is hailed as the soul of business, honesty is the spirit – the core, the inner man. A track record of integrity, honest dealings and transparency in business increases customer confidence in you. A single act of dishonest bargain, such as cheating a customer or adulterating your products, may repel a customer from patronizing your business as long as you remain in business. More harm is done when that unhappy client warns others to beware of you. It can even rubbish long years of excellence and its attendant boom. This vice can cause a business to plummet in gains and cripple it resulting in the insolvency of the business owner.
For some religious reason, some folks are honest and sincere in virtually all they do, especially in their dealings with others. This is the category of people who would count their change after a transaction, not to check whether it is complete, but to ensure they haven't been overpaid in order not to cheat the other party. It is
28
“It is not easy to do much good on earth without much money.”
CHAPTER FOUR
Why am i still here?
1. The geography-of-wealth belief
2. Dishonest dealings
3. Erroneous belief
Some people believe that unless they travel out of their current place of residence or country they will never make it in life. They view theirs a failed system with no chance of offering anything good. They further extend this contention to explain that money is geographical in nature – some countries or states, by reason of their geographical location, are better situated to make it than other countries or states. They therefore believe that until they travel out of their country or state for greener pastures they will remain in poverty. The misconception that it's always greener on the other side of the garden has the inherent possibility of impoverishing those who profess it and never take advantage of opportunities around them until they leave that area. They however ignore the truth that some rich folks exist in their neighbourhood and some poor souls are languishing in their desired destination. Unfortunately, many never actually leave where they are for the desired greener pastures and therefore remain perpetually poor. Like oxygen, wealth is equally spread and has no link with location.
Somewhere, a signpost warns drivers: 'Drive carefully! Your first accident may be your last.' Nothing about the human character ruins a business like dishonesty. It repels customers, dwindles one's commercial fortunes and shifts the footfall from you to your rivals. If punctuality is hailed as the soul of business, honesty is the spirit – the core, the inner man. A track record of integrity, honest dealings and transparency in business increases customer confidence in you. A single act of dishonest bargain, such as cheating a customer or adulterating your products, may repel a customer from patronizing your business as long as you remain in business. More harm is done when that unhappy client warns others to beware of you. It can even rubbish long years of excellence and its attendant boom. This vice can cause a business to plummet in gains and cripple it resulting in the insolvency of the business owner.
For some religious reason, some folks are honest and sincere in virtually all they do, especially in their dealings with others. This is the category of people who would count their change after a transaction, not to check whether it is complete, but to ensure they haven't been overpaid in order not to cheat the other party. It is
28
“It is not easy to do much good on earth without much money.”
indeed a rare virtue in a third world country like Nigeria which is mired in the lingering problem of mistrust and dishonesty in public dealings and it is highly commendable. However, this set of people has the belief that by being honest, sincere and fair to others, they will become financially successful in life. Honesty and sincerity of purpose alone won't lead to financial prosperity or success. One must be industrious, enterprising and consistent in this respect to achieve any meaningful success. To maintain this belief with folded arms will lead ultimately to penury and frustration.
Among the many habits which engender and tend to poverty is the propensity to consume without a corresponding production rate and it is usually associated with the poor in their attempt to measure up with their rich neighbours. According to the economist, James Duesenberry, humans have a tendency not only to keep up with their rich neighbours, but to also surpass them in terms of consumption. He also explained that once some people attain a particular income level and standard of living, they are reluctant to come down to a lower level of consumption during recession, retirement, loss of job, unexpected negative situation, etc. To be able to sustain their consumption pattern amidst the current short-run, they will prefer to reduce their savings, a situation that eventually results in poverty. For instance, rather than cook at home, some folks frequent fast food stores; instead of treating e.g. malaria symptom in a public hospital, they opt for private clinic without any logical reason. Even when residing in the suburb will in no way deprive them of any urban benefits, they count as cheap and mean such residence and settle for the costlier urban centre. And with time, the result is poverty.
“The greatest tragedy in life is not death,” says Myles Munroe, “but life without a purpose.” It is impossible for a player in any game to score or secure points in the absence of a goalpost. Day in day out, year in year out and even all life long, some people live without setting goals for themselves of what they wish to achieve. If at the start of a year you set such goals for yourself as “I'll stop using foul language, I'll draw up a business plan from my many ideas, I'll obtain an international passport, I'll learn to drive, I'll start a language class, etc” no matter the combined forces that affront your year, some of these will be achieved, even in detention or in ill health. “Every
4. Duesenberry effect
5. Goalless living
29
winner,” observes Dennis Wheatley in The Psychology of Winning, knows where he/she is going on a day to day basis because winners are goal- and role-oriented.” For some people to escape the poverty web, they must remain focused and goal-oriented.
Some people live and approach each day, week, month and year complacently or without ambition – they lack the needed desire that propels people to financial greatness. This is a sure recipe for failure. “No man arrives a future that was never pictured (by him),” writes Mathew Izibili. “The direction a man sets his eyes is the direction he must follow.” Don't approach life casually; desire something – a blissful future life, your career, home, business. In case anyone has found justification for being poor in the rich man and Lazarus allegory, let it be made clear that it was the personal wish of Mr Lazarus to feed on the crumbs from the rich man's table; no one compelled him to thus feed. There is no evidence he ever desired feeding with the purple-linened men of his days. As the Yiddish people believe, “God will require from every man the delight he deprived himself of in life.” The world is helpless when it meets a man without desire. Desire something great as long as it is not immoral or illegal.
For many poor people, they clearly need what the writer, Rick Warren, calls “mental shift” to understand that desiring prosperity in life is far from being a transgression of any known tenet. There is a great force released when desire is expressed. Your desire is the platform upon which your success tower is envisioned and built, it is the womb in which your future greatness is conceived and eventually birthed. For anyone strapped in the hedges of financial lack, having a great but moral desire is key.
The desire of every business person is to increase the footfall in their business through customer-friendly measures and attitudinal adjustments. Unfortunately, many business people ward off customers and the financial investment they yearn for as a result of mediocre services – something less than excellent. These mediocre practices ruin their businesses and bring them low patronage. Making commitment to excellence is a basic step on the success journey. Settling for excellence is a choice and has nothing to do with
6. Complacency and absence of desire
7. Mediocrity
30
indeed a rare virtue in a third world country like Nigeria which is mired in the lingering problem of mistrust and dishonesty in public dealings and it is highly commendable. However, this set of people has the belief that by being honest, sincere and fair to others, they will become financially successful in life. Honesty and sincerity of purpose alone won't lead to financial prosperity or success. One must be industrious, enterprising and consistent in this respect to achieve any meaningful success. To maintain this belief with folded arms will lead ultimately to penury and frustration.
Among the many habits which engender and tend to poverty is the propensity to consume without a corresponding production rate and it is usually associated with the poor in their attempt to measure up with their rich neighbours. According to the economist, James Duesenberry, humans have a tendency not only to keep up with their rich neighbours, but to also surpass them in terms of consumption. He also explained that once some people attain a particular income level and standard of living, they are reluctant to come down to a lower level of consumption during recession, retirement, loss of job, unexpected negative situation, etc. To be able to sustain their consumption pattern amidst the current short-run, they will prefer to reduce their savings, a situation that eventually results in poverty. For instance, rather than cook at home, some folks frequent fast food stores; instead of treating e.g. malaria symptom in a public hospital, they opt for private clinic without any logical reason. Even when residing in the suburb will in no way deprive them of any urban benefits, they count as cheap and mean such residence and settle for the costlier urban centre. And with time, the result is poverty.
“The greatest tragedy in life is not death,” says Myles Munroe, “but life without a purpose.” It is impossible for a player in any game to score or secure points in the absence of a goalpost. Day in day out, year in year out and even all life long, some people live without setting goals for themselves of what they wish to achieve. If at the start of a year you set such goals for yourself as “I'll stop using foul language, I'll draw up a business plan from my many ideas, I'll obtain an international passport, I'll learn to drive, I'll start a language class, etc” no matter the combined forces that affront your year, some of these will be achieved, even in detention or in ill health. “Every
4. Duesenberry effect
5. Goalless living
29
winner,” observes Dennis Wheatley in The Psychology of Winning, knows where he/she is going on a day to day basis because winners are goal- and role-oriented.” For some people to escape the poverty web, they must remain focused and goal-oriented.
Some people live and approach each day, week, month and year complacently or without ambition – they lack the needed desire that propels people to financial greatness. This is a sure recipe for failure. “No man arrives a future that was never pictured (by him),” writes Mathew Izibili. “The direction a man sets his eyes is the direction he must follow.” Don't approach life casually; desire something – a blissful future life, your career, home, business. In case anyone has found justification for being poor in the rich man and Lazarus allegory, let it be made clear that it was the personal wish of Mr Lazarus to feed on the crumbs from the rich man's table; no one compelled him to thus feed. There is no evidence he ever desired feeding with the purple-linened men of his days. As the Yiddish people believe, “God will require from every man the delight he deprived himself of in life.” The world is helpless when it meets a man without desire. Desire something great as long as it is not immoral or illegal.
For many poor people, they clearly need what the writer, Rick Warren, calls “mental shift” to understand that desiring prosperity in life is far from being a transgression of any known tenet. There is a great force released when desire is expressed. Your desire is the platform upon which your success tower is envisioned and built, it is the womb in which your future greatness is conceived and eventually birthed. For anyone strapped in the hedges of financial lack, having a great but moral desire is key.
The desire of every business person is to increase the footfall in their business through customer-friendly measures and attitudinal adjustments. Unfortunately, many business people ward off customers and the financial investment they yearn for as a result of mediocre services – something less than excellent. These mediocre practices ruin their businesses and bring them low patronage. Making commitment to excellence is a basic step on the success journey. Settling for excellence is a choice and has nothing to do with
6. Complacency and absence of desire
7. Mediocrity
30
talent, luck or favourable conditions. With time excellence will bring fortune your way but mediocre services will ultimately end one in want.
No doubt, where vision is lost disaster is inevitable. Someone who has no vision of the kind of life he wants to live in the near future is bound to settle for anything since a beggar has no choice. In response to a question on how he managed to give the world so many inventions, the great scientist, Thomas Edison, replied, “Because I never think in words, I think in pictures.” Inability to envision your success and ideal future is a likely cause of poverty.
Some people are just too pessimistic to make headway in life. They seem bogged down by life's many restraints and seeming challenges. They have lost faith and confidence in living and thus view every opportunity that will lead to success as utopian – something that simply cannot be achieved, yet in contemporary times the one saying it cannot be done is interrupted by the one doing it, with many a feat being daily achieved against all odds. This work is a means to spur you forward on the path of greatness and inspire you to see yourself as a success. “When you can determine what a man will think,” says Carter G. Wilson, “you don't need to concern yourself with what he can do.” Simply put, when you can make someone think of themselves as success, their very nature will create events around them to succeed. No man can make you a failure without your overt or implicit consent. Many are poor for not being disposed to confident entrepreneurial moves. Never be a laid-back person.
Some unemployed folks have the personal policy of not giving attention or a second thought to any job vacancies in the newspapers that occupy less than a quarter of a page – they will only read through half or full page job adverts. They want to work in rich and well known companies with enviable track record. They do not believe in 'dream big and start small'; they aspire to begin at the highest rung in their career ladder. This lifestyle tends to lack and want and is the bane of poverty among some people. Learn from this shared experience: “If there's any better caption than 'Changing Lives for Good' that's exactly what [GSAF is]. I sent in a prayer request…for a job via text
8. Visionless living
9. Negativity and inertia
10. Anti-'little beginning' policy
31
message sometime in June '08…. The following day you responded…that good job has opened [for] me. Thereafter, I reluctantly took up a security job (an opportunity in disguise) which eventually landed me in a foremost oil company” (edited). In life, the way up is often down, and for lack of this knowledge many are poor.
It is said that great minds discuss ideas, average minds discuss events, small minds discuss people. The limitation of some minds does not create the needed capacity to handle the wonders wrought by money and does not dare imagine the comfort created by wealth. This condition often stems from long-term privation. Two examples will suffice. If you ever have the privilege of tying a fowl to a stake, especially during some festive season, observe what happens when you change your mind and decide to release it. It hardly leaves and will continue to walk around the stick that hitherto held it, in the instinctive belief that the rope is still intact. Besides the initial step to free it, it may even take you another one to chase it away from that vicinity of bondage. For some people the story isn't different. Just as the fowl could not imagine its freedom to roam unrestrained, many people's long-term romance with poverty seems to have done so much damage to them that they can't imagine being free from lack, living in opulence and being so empowered to partake in similar endeavours as the well-to-do.
Similarly, imagine travelling with a complete rural boy to some of the world's most enviable cities – Paris, Vancouver, Saint Petersburg, Cape Town, Sydney and New York. His rural setting does not impart to him the capacity to appreciate the wonders of this sophistication, and he lacks the vocabulary and imaginative power to have his experience accurately worded and pictured respectively to his fellow rural dwellers upon his return. And as such, he can't fully enjoy what he lacks the capacity to comprehend, and so he continues to remain a poor rural boy even in an urban castle. Many poor folks aren't different – they cannot imagine what it is to have money and live a decent life. A reorientation and association with rich friends may help disabuse their minds and improve their thinking and eventually their state.
Many people have a sit-back attitude. They feel lazy engaging in
11. Limited mentality
12. Indolence
32
talent, luck or favourable conditions. With time excellence will bring fortune your way but mediocre services will ultimately end one in want.
No doubt, where vision is lost disaster is inevitable. Someone who has no vision of the kind of life he wants to live in the near future is bound to settle for anything since a beggar has no choice. In response to a question on how he managed to give the world so many inventions, the great scientist, Thomas Edison, replied, “Because I never think in words, I think in pictures.” Inability to envision your success and ideal future is a likely cause of poverty.
Some people are just too pessimistic to make headway in life. They seem bogged down by life's many restraints and seeming challenges. They have lost faith and confidence in living and thus view every opportunity that will lead to success as utopian – something that simply cannot be achieved, yet in contemporary times the one saying it cannot be done is interrupted by the one doing it, with many a feat being daily achieved against all odds. This work is a means to spur you forward on the path of greatness and inspire you to see yourself as a success. “When you can determine what a man will think,” says Carter G. Wilson, “you don't need to concern yourself with what he can do.” Simply put, when you can make someone think of themselves as success, their very nature will create events around them to succeed. No man can make you a failure without your overt or implicit consent. Many are poor for not being disposed to confident entrepreneurial moves. Never be a laid-back person.
Some unemployed folks have the personal policy of not giving attention or a second thought to any job vacancies in the newspapers that occupy less than a quarter of a page – they will only read through half or full page job adverts. They want to work in rich and well known companies with enviable track record. They do not believe in 'dream big and start small'; they aspire to begin at the highest rung in their career ladder. This lifestyle tends to lack and want and is the bane of poverty among some people. Learn from this shared experience: “If there's any better caption than 'Changing Lives for Good' that's exactly what [GSAF is]. I sent in a prayer request…for a job via text
8. Visionless living
9. Negativity and inertia
10. Anti-'little beginning' policy
31
message sometime in June '08…. The following day you responded…that good job has opened [for] me. Thereafter, I reluctantly took up a security job (an opportunity in disguise) which eventually landed me in a foremost oil company” (edited). In life, the way up is often down, and for lack of this knowledge many are poor.
It is said that great minds discuss ideas, average minds discuss events, small minds discuss people. The limitation of some minds does not create the needed capacity to handle the wonders wrought by money and does not dare imagine the comfort created by wealth. This condition often stems from long-term privation. Two examples will suffice. If you ever have the privilege of tying a fowl to a stake, especially during some festive season, observe what happens when you change your mind and decide to release it. It hardly leaves and will continue to walk around the stick that hitherto held it, in the instinctive belief that the rope is still intact. Besides the initial step to free it, it may even take you another one to chase it away from that vicinity of bondage. For some people the story isn't different. Just as the fowl could not imagine its freedom to roam unrestrained, many people's long-term romance with poverty seems to have done so much damage to them that they can't imagine being free from lack, living in opulence and being so empowered to partake in similar endeavours as the well-to-do.
Similarly, imagine travelling with a complete rural boy to some of the world's most enviable cities – Paris, Vancouver, Saint Petersburg, Cape Town, Sydney and New York. His rural setting does not impart to him the capacity to appreciate the wonders of this sophistication, and he lacks the vocabulary and imaginative power to have his experience accurately worded and pictured respectively to his fellow rural dwellers upon his return. And as such, he can't fully enjoy what he lacks the capacity to comprehend, and so he continues to remain a poor rural boy even in an urban castle. Many poor folks aren't different – they cannot imagine what it is to have money and live a decent life. A reorientation and association with rich friends may help disabuse their minds and improve their thinking and eventually their state.
Many people have a sit-back attitude. They feel lazy engaging in
11. Limited mentality
12. Indolence
32
anything profitable. Even when they spend time in planning and developing a business idea, they lack the energy to take off and it tends to poverty over time.
Many people's poverty is not the result of absence of opportunities, but lack of preparation for opportunities when they eventually come. “Seize opportunity by the beard for it is bald behind” is a popular saying among the people of Hungary. More often than not, many poor people see crowds in a week-long event and yet do not imagine what economic benefits they can personally turn the occasion to as long as that does not run counter to the programme's objective. Rather than prepare for opportunity, they wait for it and when it arrives they are taken unawares.
For some other persons, “[they] are able to recognize an opportunity (only) after it has already passed them by,” writes John C. Maxwell in Your Road Map For Success. “Opportunities are seldom labeled. That's why you have to learn what they look like and how to seize them.” One major secret of success in life is for one to be prepared when it comes. Opportunity is repelled by the man whose hands are tied to his body by lack of preparedness. Of course, no man climbs a ladder with his hands in his pockets. As Ellen Metcalf advised, “I would like to amend the idea of being in the right place at the right time. There are many people who were in the right place but didn't know it. You have to recognize when the right place and right time fuse and take advantage of that opportunity. There are plenty of opportunities out there. You can't sit back and wait.”
People's fear of the unexpected sometimes makes them unwilling to venture into business. There is no commercial enterprise that is immune to or insulated from risks. Not even petty trading or sachet water business is secure against such risks like task force invasion or government ban. Many poor people haven't seen reason to tamper risk-taking with prudence. Many, for the fear of failure, have become a failure. “Every adversity,” comments Napoleon Hill in You Can Work Your Own Miracles, “every unpleasant circumstance, every failure, and every physical pain carries with it the seed of an equivalent benefit.” Fear is a mental disease and it springs from the well of ignorance that does not believe that unless one succumbs to failure,
13. Unpreparedness for opportunities
14. Fear of the unknown
33
one hasn't failed. Since the disease of ignorance can be cured in the school of knowledge, this knowledge that one isn't a failure simply because one has failed should suffice. “One broken dream is not the end of dreaming,” says Ivy Preston, “still build your castles even though your castles fall.” People should not be afraid of setbacks in business. In life generally and in business particularly, learn to be courageous. “Life shrinks or expands in proportion to one's courage,” says Anais Nin. If only people can reason in this direction, they can rise above subsistence.
Wasteful or prodigal living is the enemy of financial prosperity. The wasteful lifestyle of some people tends naturally to poverty. The amount of time they spend on phone calls that are far from being commercially viable, if subjected to the lessons of frugality, can be halved with some money saved for another occasion. Also, rather than settle for wholesale purchases of e.g. foodstuffs, they prefer petty purchases of same. They celebrate every birthday and honour every invitation to a lavish ceremony. By so doing, their resources dwindle and they are unable to save for future use. To escape poverty, you must learn to be economical.
Many people court poverty when they live in their past rather than enjoying where they are on their way to their destinations. No one who lives in the past has a place in the future. Enjoy today and take advantage of its many opportunities in expectation of tomorrow. Don't be tied down by your past setbacks. Yesterday should be in the tomb; work towards the birth of what lies ahead. “When hope folds its hands and looks back,” writes George Elliot, “it becomes regret.” And as Thomas Edison did observe, “In the pursuit of greatness, you must forget the word 'disappointment' and the word 'impossible'.” Poverty is inevitable when one refuses to advance and continually yields willingly to the failures of their past. One should never lament what he or she can't change. Inability to understand this makes many poor for fear they might fail again.
Some people do have highly innovative minds to become financial giants, and they may even know whom to meet and how to go about some businesses, but indecision on when to take the step is their
15. Extravagant spending
16. Link to the past
17. Ambivalence
34
anything profitable. Even when they spend time in planning and developing a business idea, they lack the energy to take off and it tends to poverty over time.
Many people's poverty is not the result of absence of opportunities, but lack of preparation for opportunities when they eventually come. “Seize opportunity by the beard for it is bald behind” is a popular saying among the people of Hungary. More often than not, many poor people see crowds in a week-long event and yet do not imagine what economic benefits they can personally turn the occasion to as long as that does not run counter to the programme's objective. Rather than prepare for opportunity, they wait for it and when it arrives they are taken unawares.
For some other persons, “[they] are able to recognize an opportunity (only) after it has already passed them by,” writes John C. Maxwell in Your Road Map For Success. “Opportunities are seldom labeled. That's why you have to learn what they look like and how to seize them.” One major secret of success in life is for one to be prepared when it comes. Opportunity is repelled by the man whose hands are tied to his body by lack of preparedness. Of course, no man climbs a ladder with his hands in his pockets. As Ellen Metcalf advised, “I would like to amend the idea of being in the right place at the right time. There are many people who were in the right place but didn't know it. You have to recognize when the right place and right time fuse and take advantage of that opportunity. There are plenty of opportunities out there. You can't sit back and wait.”
People's fear of the unexpected sometimes makes them unwilling to venture into business. There is no commercial enterprise that is immune to or insulated from risks. Not even petty trading or sachet water business is secure against such risks like task force invasion or government ban. Many poor people haven't seen reason to tamper risk-taking with prudence. Many, for the fear of failure, have become a failure. “Every adversity,” comments Napoleon Hill in You Can Work Your Own Miracles, “every unpleasant circumstance, every failure, and every physical pain carries with it the seed of an equivalent benefit.” Fear is a mental disease and it springs from the well of ignorance that does not believe that unless one succumbs to failure,
13. Unpreparedness for opportunities
14. Fear of the unknown
33
one hasn't failed. Since the disease of ignorance can be cured in the school of knowledge, this knowledge that one isn't a failure simply because one has failed should suffice. “One broken dream is not the end of dreaming,” says Ivy Preston, “still build your castles even though your castles fall.” People should not be afraid of setbacks in business. In life generally and in business particularly, learn to be courageous. “Life shrinks or expands in proportion to one's courage,” says Anais Nin. If only people can reason in this direction, they can rise above subsistence.
Wasteful or prodigal living is the enemy of financial prosperity. The wasteful lifestyle of some people tends naturally to poverty. The amount of time they spend on phone calls that are far from being commercially viable, if subjected to the lessons of frugality, can be halved with some money saved for another occasion. Also, rather than settle for wholesale purchases of e.g. foodstuffs, they prefer petty purchases of same. They celebrate every birthday and honour every invitation to a lavish ceremony. By so doing, their resources dwindle and they are unable to save for future use. To escape poverty, you must learn to be economical.
Many people court poverty when they live in their past rather than enjoying where they are on their way to their destinations. No one who lives in the past has a place in the future. Enjoy today and take advantage of its many opportunities in expectation of tomorrow. Don't be tied down by your past setbacks. Yesterday should be in the tomb; work towards the birth of what lies ahead. “When hope folds its hands and looks back,” writes George Elliot, “it becomes regret.” And as Thomas Edison did observe, “In the pursuit of greatness, you must forget the word 'disappointment' and the word 'impossible'.” Poverty is inevitable when one refuses to advance and continually yields willingly to the failures of their past. One should never lament what he or she can't change. Inability to understand this makes many poor for fear they might fail again.
Some people do have highly innovative minds to become financial giants, and they may even know whom to meet and how to go about some businesses, but indecision on when to take the step is their
15. Extravagant spending
16. Link to the past
17. Ambivalence
34
Achilles' heel or weakness, which has the likely danger of impoverishing them in no distant future. “Indecisive people,” says John Mason, “are like a blind man looking in a dark room for a black cat that isn't there.” To be successful involves a level of mental development that dares to make decisions, take risks and is opposed to procrastination.
Napoleon Hill once noted that “There is no limitation to the mind except those we acknowledge.” The human mind is capable of imagining awesome things – a powered heavier-than-air flying piece of equipment called plane, a destructive weapon called bomb, a wave-defying system called television, a crushing machine called mill, an inexplicably fast device called computer, a borderless communication aid called telephone, a sky-reaching structure called skyscraper, a health restoring petite called drug. Despite this ability for innovation common to all men, some people do not see it a duty to engage in profitable reasoning. They cannot think fast or imagine ways of making money. They unconsciously allow others to think for them. In life's train, they take the back and passenger seat. And they must be led and fended for. Many people with this mental attitude are verged on poverty or subsistence at best. As Robert Schuller contends, “No one has money problem, people only have idea problem.”
Some people's poverty requires no special diagnosis other than the clear truth that they lack the habit of saving money. They live on all they get and feel safe in the precarious arms of the belief that tomorrow will always attend to its needs. The one who saves for the future has comparative financial advantage over and above the one who considers investment secondary. Whereas the former has something to fall on to better his lot, the latter doesn't
How to cultivate savings habit 1. Eat to your satisfaction before going out for shopping. And if
you must go with someone e.g. your kids or spouse, insist they do the same. Also, always make a clear budget of your intended purchases.
2. Exercise restraint and have total control over your desires and
18. Lack of innovation
19. Lack of savings
35
appetite.3. Always make bulk instead of petty purchases e.g. always buy
a bag of rice, a gallon of cooking oil, a sack of salt, etc instead of buying in cups and bottles.
4. Don't pay for what you didn't demand for. Never pay a photographer for an unsolicited photo. Fight sentiment and pity with resoluteness.
5. Avoid ostentatious and sybaritic lifestyle; sacrifice today's pleasure for tomorrow's enjoyment.
6. Cut down your list of parties and ceremonies to attend. You need not attend or celebrate every birthday unless it has some financial benefits for you.
7. Revisit illogical and senseless resolutions such as changing your wardrobe every six months.
8. Be rational or thoughtful about your expenditure. Ask to know why you need the thing you are about to buy.
9. Have more accountants as friends than social workers whose sense of pity is legendary.
10. Avoid over-excited people who will always invite you to a party or ceremony.
11. Plan and rehearse what you wish to say before making a phone call. A brief message has greater impact than a verbose conversation watered down by much talking.
12. Avoid visiting mechanic workshop with much cash or ATM card. If you know you don't have much money with you, you recommended.
13. Don't always keep much cash at home or take much cash with you when leaving for an event such as a ceremony or social gathering.
14. Unless you are a thoughtful spender, and depending on your bank's automated teller machine policy, don't demand for an ATM card from your bank. Similarly, always keep your cheque book(s) at home.
15. Convince yourself that not all wants are necessary. 16. If you have none, open a bank account at all costs, even if it is
in a microfinance bank. You may even make it a fixed deposit so that you are not tempted to always make withdrawals.
17. If you have an account, decide forthwith how much you will pay into it every month as an earner, and from which source you wish to furnish the account with money if you are unemployed. In fact, set a monthly, bimonthly or annual
36
Achilles' heel or weakness, which has the likely danger of impoverishing them in no distant future. “Indecisive people,” says John Mason, “are like a blind man looking in a dark room for a black cat that isn't there.” To be successful involves a level of mental development that dares to make decisions, take risks and is opposed to procrastination.
Napoleon Hill once noted that “There is no limitation to the mind except those we acknowledge.” The human mind is capable of imagining awesome things – a powered heavier-than-air flying piece of equipment called plane, a destructive weapon called bomb, a wave-defying system called television, a crushing machine called mill, an inexplicably fast device called computer, a borderless communication aid called telephone, a sky-reaching structure called skyscraper, a health restoring petite called drug. Despite this ability for innovation common to all men, some people do not see it a duty to engage in profitable reasoning. They cannot think fast or imagine ways of making money. They unconsciously allow others to think for them. In life's train, they take the back and passenger seat. And they must be led and fended for. Many people with this mental attitude are verged on poverty or subsistence at best. As Robert Schuller contends, “No one has money problem, people only have idea problem.”
Some people's poverty requires no special diagnosis other than the clear truth that they lack the habit of saving money. They live on all they get and feel safe in the precarious arms of the belief that tomorrow will always attend to its needs. The one who saves for the future has comparative financial advantage over and above the one who considers investment secondary. Whereas the former has something to fall on to better his lot, the latter doesn't
How to cultivate savings habit 1. Eat to your satisfaction before going out for shopping. And if
you must go with someone e.g. your kids or spouse, insist they do the same. Also, always make a clear budget of your intended purchases.
2. Exercise restraint and have total control over your desires and
18. Lack of innovation
19. Lack of savings
35
appetite.3. Always make bulk instead of petty purchases e.g. always buy
a bag of rice, a gallon of cooking oil, a sack of salt, etc instead of buying in cups and bottles.
4. Don't pay for what you didn't demand for. Never pay a photographer for an unsolicited photo. Fight sentiment and pity with resoluteness.
5. Avoid ostentatious and sybaritic lifestyle; sacrifice today's pleasure for tomorrow's enjoyment.
6. Cut down your list of parties and ceremonies to attend. You need not attend or celebrate every birthday unless it has some financial benefits for you.
7. Revisit illogical and senseless resolutions such as changing your wardrobe every six months.
8. Be rational or thoughtful about your expenditure. Ask to know why you need the thing you are about to buy.
9. Have more accountants as friends than social workers whose sense of pity is legendary.
10. Avoid over-excited people who will always invite you to a party or ceremony.
11. Plan and rehearse what you wish to say before making a phone call. A brief message has greater impact than a verbose conversation watered down by much talking.
12. Avoid visiting mechanic workshop with much cash or ATM card. If you know you don't have much money with you, you recommended.
13. Don't always keep much cash at home or take much cash with you when leaving for an event such as a ceremony or social gathering.
14. Unless you are a thoughtful spender, and depending on your bank's automated teller machine policy, don't demand for an ATM card from your bank. Similarly, always keep your cheque book(s) at home.
15. Convince yourself that not all wants are necessary. 16. If you have none, open a bank account at all costs, even if it is
in a microfinance bank. You may even make it a fixed deposit so that you are not tempted to always make withdrawals.
17. If you have an account, decide forthwith how much you will pay into it every month as an earner, and from which source you wish to furnish the account with money if you are unemployed. In fact, set a monthly, bimonthly or annual
36
deposit target and be bent on meeting it. 18. Consider investing in real estate instead of always dealing
with raw cash. 19. Learn the habit of fixing things yourself. You can mend your
clothes or fix electric sockets yourself rather than always calling for an electrician under the guise of giving the repair a professional touch.
20. If possible and convenient, always be with change so that no one shortchanges you with the excuse that they don't have change to complete your payment. You lose N7,300 yearly if you lose N20 daily.
21. Endeavour to always haggle or bargain before buying; don't accept every price presented to you.
22. Preference for home-made goods rather than foreign products may help you economize since the former are cheaper and usually not subjected to chemical treatments.
23. In case you have a car, learn to avoid going to the mechanic workshop with much cash or ATM card. If you are aware you lack a reasonable sum with you, you will be compelled to haggle prices.
37
CHAPTER FIVE
What available businesses should I choose from?
[ [“There is more to dancing than a pair of dancing shoes.”
deposit target and be bent on meeting it. 18. Consider investing in real estate instead of always dealing
with raw cash. 19. Learn the habit of fixing things yourself. You can mend your
clothes or fix electric sockets yourself rather than always calling for an electrician under the guise of giving the repair a professional touch.
20. If possible and convenient, always be with change so that no one shortchanges you with the excuse that they don't have change to complete your payment. You lose N7,300 yearly if you lose N20 daily.
21. Endeavour to always haggle or bargain before buying; don't accept every price presented to you.
22. Preference for home-made goods rather than foreign products may help you economize since the former are cheaper and usually not subjected to chemical treatments.
23. In case you have a car, learn to avoid going to the mechanic workshop with much cash or ATM card. If you are aware you lack a reasonable sum with you, you will be compelled to haggle prices.
37
CHAPTER FIVE
What available businesses should I choose from?
[ [“There is more to dancing than a pair of dancing shoes.”
VIABLE BUSINESSES IN NIGERIA
1. Acting 2. Abattoir (slaughtering and butchering business) 3. Aluminum work 4. Ambulance service 5. Animal husbandry
a. – cattle rearing b. – dog rearing c. – goat rearing d. – piggerye. – rabbit rearing f. – sheep rearing g. – snail farming
6. Artistry7. Baking 8. Banking 9. Bar 10. Barbecue 11. Bead making 12. Bike and cycling race service 13. Bike riding (okada or achaba)14. Biscuit production15. Body cream / lotion making and sale 16. Bookshop service 17. Bottled and can drink production 18. Boutique 19. Building block production 20. Building work
a. – masonry b. – ceiling c. – glazing (glass fixing)d. – joinery e. – plastering f. – plumbing g. – roofing h. – scaffolding i. – tiling (tile fixing)j. – wiring
21. Bureau de change 22. Business centre 23. Call centre (phone call)
39
24. Candle production 25. Car service
a. – cab/taxi b. – car hire c. – car repair d. – car sales e. – driving school
26. Carpentry 27. Carpet and rug sales 28. Catering (cooking for sale)29. Cement sales 30. Charcoal business e.g. for barbecue 31. Chips production e.g. plantain chips 32. Choreography band 33. Cleaning service 34. Clothes dying 35. Clothes selling 36. Coaching and teaching 37. Compaq disk production 38. Computer programming39. Computer software creation 40. Cyber café 41. Daycare 42. Decoration of events venue 43. Drawing and cartooning 44. Dry cleaning 45. Editing 46. Entertainment and amusement (comedy) 47. Estate agency 48. Event organizing 49. Eye glass production 50. Farming
a. – crop farmingb. – grain c. – fruit farming d. – tuber farming
51. FOREX trade 52. Fruit farming / sale (orchard)a. – apple b. – avocadoc. – banana
40
VIABLE BUSINESSES IN NIGERIA
1. Acting 2. Abattoir (slaughtering and butchering business) 3. Aluminum work 4. Ambulance service 5. Animal husbandry
a. – cattle rearing b. – dog rearing c. – goat rearing d. – piggerye. – rabbit rearing f. – sheep rearing g. – snail farming
6. Artistry7. Baking 8. Banking 9. Bar 10. Barbecue 11. Bead making 12. Bike and cycling race service 13. Bike riding (okada or achaba)14. Biscuit production15. Body cream / lotion making and sale 16. Bookshop service 17. Bottled and can drink production 18. Boutique 19. Building block production 20. Building work
a. – masonry b. – ceiling c. – glazing (glass fixing)d. – joinery e. – plastering f. – plumbing g. – roofing h. – scaffolding i. – tiling (tile fixing)j. – wiring
21. Bureau de change 22. Business centre 23. Call centre (phone call)
39
24. Candle production 25. Car service
a. – cab/taxi b. – car hire c. – car repair d. – car sales e. – driving school
26. Carpentry 27. Carpet and rug sales 28. Catering (cooking for sale)29. Cement sales 30. Charcoal business e.g. for barbecue 31. Chips production e.g. plantain chips 32. Choreography band 33. Cleaning service 34. Clothes dying 35. Clothes selling 36. Coaching and teaching 37. Compaq disk production 38. Computer programming39. Computer software creation 40. Cyber café 41. Daycare 42. Decoration of events venue 43. Drawing and cartooning 44. Dry cleaning 45. Editing 46. Entertainment and amusement (comedy) 47. Estate agency 48. Event organizing 49. Eye glass production 50. Farming
a. – crop farmingb. – grain c. – fruit farming d. – tuber farming
51. FOREX trade 52. Fruit farming / sale (orchard)a. – apple b. – avocadoc. – banana
40
d. – cabbage e. – cherryf. – corn g. – citrus h. – coconut i. – garlic j. – grapek. – lemonl. – lime m. – mangon. – mushroomo. – okra p. – onion q. – orange r. – pawpaw s. – pineapple t. – tangerine u. – watermelon
53. Fruit juice production 54. Fuel supply with tanker 55. Furniture making 56. Garri merchandise 57. Greeting card production 58. Gymnasium (fitness centre)59. Hair business
a. – barbing b. – hair dressing c. – hair plaiting
60. Handkerchief production 61. Hat design 62. Hearse service 63. Holiday lessons / coaching 64. Honey extraction 65. Horticulture 66. Hospital management 67. Hotel management 68. Ice block production69. Ice cream production 70. Intellectual property sale71. Interior decoration72. Interlocking tiles production / fixing
41
73. Key cutting 74. Knitting75. Kunu drink making 76. Lipstick, lip gloss, eye lead production 77. Mechanic practice 78. Metal and steel work 79. Milk production 80. Milling service 81 Mobile advertisement service 82. Morgue service 83. Mortgage 84. Musical band 85. Nanny service 86. Newspaper and magazine production 87. Orchestra and theatre management 88. Paint making 89. Painting and spraying 90. Palm business
a. – palm creamb. – palm kernelc. – palm oil d. – palm soap e. – palm wine
91. Panel beating 92. Paper production 93. Park and garden creation and maintenance 94. Pedicure and manicure 95. Pen and pencil manufacturing 96. Perfume making 97. Petroleum product sale
a. – cooking gas b. – diesel c. – engine oil d. – kerosenee. – petrol
98. Petty trading 99. Pharmaceutical service 100. Polythene bag production 101. Popcorn making 102. Pottery and carving 103. Printing press
42
d. – cabbage e. – cherryf. – corn g. – citrus h. – coconut i. – garlic j. – grapek. – lemonl. – lime m. – mangon. – mushroomo. – okra p. – onion q. – orange r. – pawpaw s. – pineapple t. – tangerine u. – watermelon
53. Fruit juice production 54. Fuel supply with tanker 55. Furniture making 56. Garri merchandise 57. Greeting card production 58. Gymnasium (fitness centre)59. Hair business
a. – barbing b. – hair dressing c. – hair plaiting
60. Handkerchief production 61. Hat design 62. Hearse service 63. Holiday lessons / coaching 64. Honey extraction 65. Horticulture 66. Hospital management 67. Hotel management 68. Ice block production69. Ice cream production 70. Intellectual property sale71. Interior decoration72. Interlocking tiles production / fixing
41
73. Key cutting 74. Knitting75. Kunu drink making 76. Lipstick, lip gloss, eye lead production 77. Mechanic practice 78. Metal and steel work 79. Milk production 80. Milling service 81 Mobile advertisement service 82. Morgue service 83. Mortgage 84. Musical band 85. Nanny service 86. Newspaper and magazine production 87. Orchestra and theatre management 88. Paint making 89. Painting and spraying 90. Palm business
a. – palm creamb. – palm kernelc. – palm oil d. – palm soap e. – palm wine
91. Panel beating 92. Paper production 93. Park and garden creation and maintenance 94. Pedicure and manicure 95. Pen and pencil manufacturing 96. Perfume making 97. Petroleum product sale
a. – cooking gas b. – diesel c. – engine oil d. – kerosenee. – petrol
98. Petty trading 99. Pharmaceutical service 100. Polythene bag production 101. Popcorn making 102. Pottery and carving 103. Printing press
42
104. Publishing 105. Recharge card production 106. Recreation and amusement centre
a. – boat cruising b. – horse riding c. – merry-go-roundd. – seesaw e. – swimmingf. – swinging
107. Refuse clearing with truck 108. Rental service
a. – canopiesb. – chairs c. – generator d. – sound system
109. Research and reporting 110. Resort 111. Restaurant and fast food service 112. Rosette making 113. Sachet and bottled water production 114. Sale and repair of computers, generators, electronics, etc115. Sale and repair of gas cylinders and parts116. Sale and repair of handsets 117. Sale of building materials 118. Sand supply with tipper 119. Saw mill120. School management 121. Security service122. Seminar presentation 123. Sewing 124. Shoe making 125. Shoe polish production 126. Silo (grain storage) service 127. Soap making 128. Solar energy 129. Song composition for sale 130. Sports centre
a. – basket ballb. – golf c. – handball d. – lawn tennis
43
e. – snooker f. – soccer g. – table tennis h. – volley ball
131. Sports view / cinema 132. Stone supply with tipper 133. Studio business
a. – art b. – musicc. – photo
134. Sugar production 135. Supermarket service 136. Tailoring and fashion business 137. Textile mill 138. Thrift management 139. Transport service 140. Undertaker service 141. Vegetable farming / sale
a. – beetrootb. – carrot c. – cucumberd. – lettuce e. – parsnipf. – pepper g. – pumpkin h. – radish i. – swede j. – tomatok. – turnip
142. Video coverage 143. Vulcanizing144. Water supply with tanker 145. Web design and maintenance 146. Wedding planning 147. Welding and fabrication 148. Wholesale or retailing of essential items
a. – fish b. – meatc. – palm / groundnut oil
149. Wood business e.g. for furniture 150. Writing for publishing or sale of copyright
44
104. Publishing 105. Recharge card production 106. Recreation and amusement centre
a. – boat cruising b. – horse riding c. – merry-go-roundd. – seesaw e. – swimmingf. – swinging
107. Refuse clearing with truck 108. Rental service
a. – canopiesb. – chairs c. – generator d. – sound system
109. Research and reporting 110. Resort 111. Restaurant and fast food service 112. Rosette making 113. Sachet and bottled water production 114. Sale and repair of computers, generators, electronics, etc115. Sale and repair of gas cylinders and parts116. Sale and repair of handsets 117. Sale of building materials 118. Sand supply with tipper 119. Saw mill120. School management 121. Security service122. Seminar presentation 123. Sewing 124. Shoe making 125. Shoe polish production 126. Silo (grain storage) service 127. Soap making 128. Solar energy 129. Song composition for sale 130. Sports centre
a. – basket ballb. – golf c. – handball d. – lawn tennis
43
e. – snooker f. – soccer g. – table tennis h. – volley ball
131. Sports view / cinema 132. Stone supply with tipper 133. Studio business
a. – art b. – musicc. – photo
134. Sugar production 135. Supermarket service 136. Tailoring and fashion business 137. Textile mill 138. Thrift management 139. Transport service 140. Undertaker service 141. Vegetable farming / sale
a. – beetrootb. – carrot c. – cucumberd. – lettuce e. – parsnipf. – pepper g. – pumpkin h. – radish i. – swede j. – tomatok. – turnip
142. Video coverage 143. Vulcanizing144. Water supply with tanker 145. Web design and maintenance 146. Wedding planning 147. Welding and fabrication 148. Wholesale or retailing of essential items
a. – fish b. – meatc. – palm / groundnut oil
149. Wood business e.g. for furniture 150. Writing for publishing or sale of copyright
44
a. – freelancing b. – ghost writing c. – prose d. – script writing
Some businesses and surrounding factorsYou might find out you need to have some information about certain business more than the mere listing above. You may even want to know who is into such business and learn from them. The information below will help you achieve this since it is based on actual field research of selected business people. However, the availability of raw materials in some places may be responsible for the sharp or subtle difference you will notice when you eventually conduct your personal market survey. For instance, while a business that has onion or beef as raw material may require less amount to operate in the north, furniture business will enjoy cheaper prices in the south due to abundant forests.
Business venture Printing press.
Viability Highly viable.
Competition High-level competition.Reliability in getting job done and good job keep one in business.
Take-up fundN650,000 to N800,000.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Registration with local printers' association may be required. Printing machine (e.g. Monlit, about N400,000), desktop computer, 3KVA generator, photocopier, big- and small-size stapler, working tools such as screw driver, and spanner, scanner, stabilizer, shop, signpost, printing ink, pack/rim of papers, printer (laser jet), desk/chair,
45
bench/pew for customers, staff.
Return on investment If there is high patronage, one can recoup the invested fund within the first year of operation.
Business risk There is nearly always a lack of patronage in January and February of every year. One may be compelled to register with the local printing union against one's wish. One may lose a customer or suffer loss if not meticulous or careful in ensuring there are no mistakes e.g. in omitting the venue or date of an event in a printed invitation card. Epileptic electric power supply. _______________________
Business venture Seminar presentation and general writing.
Viability Average.
Competition High.
Take-up fundN2,500,000 and above.
Available market (demand)High.
Take-off requirement (e.g. registration, union affiliation, tools)Multimedia projector, Desktop and laptop Computers, Generator (e.g. 2.5 KVA) a well-stocked library of books and newspapers, sound system, office space, a CAC-registered company, staff (very important), Vehicles, etc.
Current location Abuja.
Return on investment
46
a. – freelancing b. – ghost writing c. – prose d. – script writing
Some businesses and surrounding factorsYou might find out you need to have some information about certain business more than the mere listing above. You may even want to know who is into such business and learn from them. The information below will help you achieve this since it is based on actual field research of selected business people. However, the availability of raw materials in some places may be responsible for the sharp or subtle difference you will notice when you eventually conduct your personal market survey. For instance, while a business that has onion or beef as raw material may require less amount to operate in the north, furniture business will enjoy cheaper prices in the south due to abundant forests.
Business venture Printing press.
Viability Highly viable.
Competition High-level competition.Reliability in getting job done and good job keep one in business.
Take-up fundN650,000 to N800,000.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Registration with local printers' association may be required. Printing machine (e.g. Monlit, about N400,000), desktop computer, 3KVA generator, photocopier, big- and small-size stapler, working tools such as screw driver, and spanner, scanner, stabilizer, shop, signpost, printing ink, pack/rim of papers, printer (laser jet), desk/chair,
45
bench/pew for customers, staff.
Return on investment If there is high patronage, one can recoup the invested fund within the first year of operation.
Business risk There is nearly always a lack of patronage in January and February of every year. One may be compelled to register with the local printing union against one's wish. One may lose a customer or suffer loss if not meticulous or careful in ensuring there are no mistakes e.g. in omitting the venue or date of an event in a printed invitation card. Epileptic electric power supply. _______________________
Business venture Seminar presentation and general writing.
Viability Average.
Competition High.
Take-up fundN2,500,000 and above.
Available market (demand)High.
Take-off requirement (e.g. registration, union affiliation, tools)Multimedia projector, Desktop and laptop Computers, Generator (e.g. 2.5 KVA) a well-stocked library of books and newspapers, sound system, office space, a CAC-registered company, staff (very important), Vehicles, etc.
Current location Abuja.
Return on investment
46
A single major contract could help one recoup total take-up fund.
Business risk Low patronage, fracas in a seminar venue, delayed payment for contract, dissatisfaction by client for alleged poorly written work.
Contact0805 921 59990803 529 08820802 357 13230702 687 1060_______________________
Business venture Beauty make over.
Viability Amazingly viable.
Competition Very, very high.
Take-up fundBetween N50,000 and N150,000.
Available market (demand)Very much available.
Take-off requirement (e.g. registration, union affiliation, tools)Basic makeup like very good powder (in at least five colour range of Nigerian women), lip-gloss, mascara, eye colours, brushes, bags or sack, creams, extraction tools (for facials).
Location Abuja.
Target marketFemale folk.
Return on investment
47
Recouping invested take-up fund is possible within six months.
Business risk Carelessness, stealing of trade tools is possible, inadequate maintenance of tools, fluctuation in power supply, fastidious customers.
Contact0803 787 71580805 960 [email protected] www.brushstrokez.biz_______________________
Business venture Catering services.
Viability Highly feasible.
Competition Very high.
Take-up fundAbout N1 million.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Business name (registered or not), cheffing dish, plates, pots, cutlery, gas cooker.
Current location of business Abuja.
Return on investment Within one year, invested fund can be recouped.
Business risk
48
A single major contract could help one recoup total take-up fund.
Business risk Low patronage, fracas in a seminar venue, delayed payment for contract, dissatisfaction by client for alleged poorly written work.
Contact0805 921 59990803 529 08820802 357 13230702 687 1060_______________________
Business venture Beauty make over.
Viability Amazingly viable.
Competition Very, very high.
Take-up fundBetween N50,000 and N150,000.
Available market (demand)Very much available.
Take-off requirement (e.g. registration, union affiliation, tools)Basic makeup like very good powder (in at least five colour range of Nigerian women), lip-gloss, mascara, eye colours, brushes, bags or sack, creams, extraction tools (for facials).
Location Abuja.
Target marketFemale folk.
Return on investment
47
Recouping invested take-up fund is possible within six months.
Business risk Carelessness, stealing of trade tools is possible, inadequate maintenance of tools, fluctuation in power supply, fastidious customers.
Contact0803 787 71580805 960 [email protected] www.brushstrokez.biz_______________________
Business venture Catering services.
Viability Highly feasible.
Competition Very high.
Take-up fundAbout N1 million.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Business name (registered or not), cheffing dish, plates, pots, cutlery, gas cooker.
Current location of business Abuja.
Return on investment Within one year, invested fund can be recouped.
Business risk
48
Very minimal.
Contact0803 590 9950_______________________
Business venture ICT / Business branding.
Viability Highly viable.
Competition Very high.
Take-up fundN5 million.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Desktops and laptops; network adaptors; computer stationeries; knowledge in networking, graphic designs, programming, web design, data management.
Current location Abuja.
Target marketEveryone.
Return on investment Invested fund can be recouped within one year.
Business risk Business risks vary greatly.
Contact0803 383 1326
49
0803 972 50610806 244 7003 _______________________
Business venture Audio-visual production.
Viability Average.
Competition Very high.
Take-up fundBetween N1,000,000 and N5,000,000.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Cameras (HDV/HD types), mixer. DVD recorder, DV recorder, audio mixer, monitors, tripods, a configured desktop computer for editing, software (capture cad, etc), connection cables, CD duplicators, CD printer, DV tapes, DVD/VCD disks, external hard disk, iPod.
Location Abuja.
Target marketEvent owners, celebrants, etc.
Return on investment A single contract or job can help you recoup your total investment (e.g. a job to cover a week-long programme or a political party congress).
Business risk Fire outbreak, rain, carelessness e.g. having a camera fall off, frequent power outage, power upsurge, fracas at a recording venue, piercing of cable by high-heel shoes by especially women or sharp
50
Very minimal.
Contact0803 590 9950_______________________
Business venture ICT / Business branding.
Viability Highly viable.
Competition Very high.
Take-up fundN5 million.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Desktops and laptops; network adaptors; computer stationeries; knowledge in networking, graphic designs, programming, web design, data management.
Current location Abuja.
Target marketEveryone.
Return on investment Invested fund can be recouped within one year.
Business risk Business risks vary greatly.
Contact0803 383 1326
49
0803 972 50610806 244 7003 _______________________
Business venture Audio-visual production.
Viability Average.
Competition Very high.
Take-up fundBetween N1,000,000 and N5,000,000.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Cameras (HDV/HD types), mixer. DVD recorder, DV recorder, audio mixer, monitors, tripods, a configured desktop computer for editing, software (capture cad, etc), connection cables, CD duplicators, CD printer, DV tapes, DVD/VCD disks, external hard disk, iPod.
Location Abuja.
Target marketEvent owners, celebrants, etc.
Return on investment A single contract or job can help you recoup your total investment (e.g. a job to cover a week-long programme or a political party congress).
Business risk Fire outbreak, rain, carelessness e.g. having a camera fall off, frequent power outage, power upsurge, fracas at a recording venue, piercing of cable by high-heel shoes by especially women or sharp
50
objects.
Contact0807 713 23170702 595 14870803 890 [email protected]_______________________
Business venture Recharge card retailing / wholesaling.
Viability Very viable.
Competition Very high.
Take-up fundAt least N30,000 for retail and N500,000 for wholesale.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Painted and registered kiosk / cube, stool, waste-bin, broomstick, padlock.
Target marketEveryone.
Location Abuja.
Return on investment One make up to or more than 80% of initial capital monthly (where there is high patronage).
Business risk Environmental authorities' routine raids, fraudsters, unfavourable
51
weather.
Contact0803 297 9795_______________________
Business venture Honey sales.
Viability Very high.
Competition High.
Take-up fundN120,000.
Available market (demand)Very much available.
Take-off requirement (e.g. registration, union affiliation, tools)Registration of company, NAFDAC certification, containers, labels, etc.
Current location Abuja.
Target marketThey are mostly diabetic patients, persons avoiding sugar intake and households generally.
Return on investment Return on investment can be recouped almost immediately after take-off.
Business risk Low risk as long as you take precaution against adulteration.
Contact
52
objects.
Contact0807 713 23170702 595 14870803 890 [email protected]_______________________
Business venture Recharge card retailing / wholesaling.
Viability Very viable.
Competition Very high.
Take-up fundAt least N30,000 for retail and N500,000 for wholesale.
Available market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Painted and registered kiosk / cube, stool, waste-bin, broomstick, padlock.
Target marketEveryone.
Location Abuja.
Return on investment One make up to or more than 80% of initial capital monthly (where there is high patronage).
Business risk Environmental authorities' routine raids, fraudsters, unfavourable
51
weather.
Contact0803 297 9795_______________________
Business venture Honey sales.
Viability Very high.
Competition High.
Take-up fundN120,000.
Available market (demand)Very much available.
Take-off requirement (e.g. registration, union affiliation, tools)Registration of company, NAFDAC certification, containers, labels, etc.
Current location Abuja.
Target marketThey are mostly diabetic patients, persons avoiding sugar intake and households generally.
Return on investment Return on investment can be recouped almost immediately after take-off.
Business risk Low risk as long as you take precaution against adulteration.
Contact
52
0803 787 30450805 532 0712_______________________
Business venture Web design.
Viability Average.
Competition Low.
Take-up fundN120,000
Ready market (demand)Low.
Location of business Abuja
Customers All business owners, government agencies, NGOs, etc.
Take-off requirement (e.g. registration, union affiliation, tools)Laptop or desktop, software (Dreamweaver), Internet connection, one's own web domain.
Return on investment One can recoup the invested fund within fifteen months to two years.
Business risk Epileptic power supply.Relatively low patronage compared with some other businesses.
Contact 0703 893 [email protected]________________________
53
Business venture Environmental services.
Viability Highly feasible.
Competition Low.
Take-up fundN1 million
Customers Business people, property owners
Location of business Abuja, Kaduna.
Ready market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Office space, warehouse, vehicle, CAC registration, EHRECON registration.
Return on investment Invested fund can be recouped within four to six months.
Business risk Fire outbreak.Epileptic electricity supply.
Contact 0803 246 7763
Business venture Carpentry / furniture making.
Viability
54
0803 787 30450805 532 0712_______________________
Business venture Web design.
Viability Average.
Competition Low.
Take-up fundN120,000
Ready market (demand)Low.
Location of business Abuja
Customers All business owners, government agencies, NGOs, etc.
Take-off requirement (e.g. registration, union affiliation, tools)Laptop or desktop, software (Dreamweaver), Internet connection, one's own web domain.
Return on investment One can recoup the invested fund within fifteen months to two years.
Business risk Epileptic power supply.Relatively low patronage compared with some other businesses.
Contact 0703 893 [email protected]________________________
53
Business venture Environmental services.
Viability Highly feasible.
Competition Low.
Take-up fundN1 million
Customers Business people, property owners
Location of business Abuja, Kaduna.
Ready market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Office space, warehouse, vehicle, CAC registration, EHRECON registration.
Return on investment Invested fund can be recouped within four to six months.
Business risk Fire outbreak.Epileptic electricity supply.
Contact 0803 246 7763
Business venture Carpentry / furniture making.
Viability
54
Highly feasible.
Competition High.
Take-up fundN2 million
Ready market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Plaining machine, moulding machine, tape, saw, jack plane, square, hammer, chisel, jacking stone, sawing or circular machine, sandpaper machine, spraying machine, cramp, pack of nails, shop/warehouse.
Return on investment One can recoup the invested fund in four to five years.
Business risk Fire outbreak.Epileptic electricity supply.Government policy such as ban on deforestation can affect wood supply. Termite invasion. ________________________
Business venture Clothing and apparel (customized).
Viability Highly feasible.
Competition High.
Take-up fundN100,000 – N200,000
Ready market (demand)
56
Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Sacks, sewing machines, fabric materials, cutting tools, paints.
Location of business Abuja, Kaduna
CustomersEveryone since everybody wears clothes.
Return on investment One can recoup the invested fund twelve months.
Business risk Meeting customers' tastes in terms of design, sizes and fabric is sometimes a difficult task. (The business is mainly based on requests by customers.)
Contact 0806 561 66240702 579 [email protected]________________________
Business venture Park or recreation centre.
Viability Highly lucrative.
Competition Low due to the large expanse of land required and the amount of investment involved.
Take-up fundThis depends on the location; more cost-intensive in state capitals.
Ready market (demand)Demand is high if it situated close to an urban area.
57
Highly feasible.
Competition High.
Take-up fundN2 million
Ready market (demand)Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Plaining machine, moulding machine, tape, saw, jack plane, square, hammer, chisel, jacking stone, sawing or circular machine, sandpaper machine, spraying machine, cramp, pack of nails, shop/warehouse.
Return on investment One can recoup the invested fund in four to five years.
Business risk Fire outbreak.Epileptic electricity supply.Government policy such as ban on deforestation can affect wood supply. Termite invasion. ________________________
Business venture Clothing and apparel (customized).
Viability Highly feasible.
Competition High.
Take-up fundN100,000 – N200,000
Ready market (demand)
56
Very high.
Take-off requirement (e.g. registration, union affiliation, tools)Sacks, sewing machines, fabric materials, cutting tools, paints.
Location of business Abuja, Kaduna
CustomersEveryone since everybody wears clothes.
Return on investment One can recoup the invested fund twelve months.
Business risk Meeting customers' tastes in terms of design, sizes and fabric is sometimes a difficult task. (The business is mainly based on requests by customers.)
Contact 0806 561 66240702 579 [email protected]________________________
Business venture Park or recreation centre.
Viability Highly lucrative.
Competition Low due to the large expanse of land required and the amount of investment involved.
Take-up fundThis depends on the location; more cost-intensive in state capitals.
Ready market (demand)Demand is high if it situated close to an urban area.
57
Take-off requirement (e.g. registration, union affiliation, tools)Large expanse of land, pirate ship, mine tram coaster, tea cup ride, bicycle (bark bike), frog jump, bumper boat, go cart, games, horse race (carousel), computer games, merry-go-round, swing.
Return on investment N/A
Business risk A rival park with better or more sophisticated facilities may result in poaching of customers and eventual low patronage.Epileptic power supply may hamper the smooth operation of some fun machines.Deaths and injury to customers often occasioned by inability of customers to properly operate some equipment may scare some others away. Modern recreation activities are alien to Nigerians, and as such many may find parks an awkward place to patronize. ___________________
Business venture Frame production.
Viability Seasonally viable.
Competition Very high since no formal training is required to carry out the business.
Take-up fundAbout N10,000 to N15,000 (unless imported frames are included).
Ready market (demand)Demand varies from season to season since seasonal frames such as Valentine, independence day and new year have more demand.
Business location Edo
58
Take-off requirement (e.g. registration, union affiliation, tools)Hammer, frames, glass, pack of nails, writing and drawing tools, tiny steel parts to fasten the back to the side.
Return on investment Within the first few months.
Business risk It is not dependable since it is seasonal.
Contact 0805 841 20720803 329 1464_______________________
Business venture FOREX trade.
Viability Viable but not dependable.
Take-up fundAbout N200,000 (unless you wish to start trading from a cyber café).
Location of business Abuja
Take-off requirement (e.g. registration, union affiliation, tools)Laptop, FOREX trade software, Internet connection, alternative power source.
Return on investment Invested fund can be recouped within months if there is no outright loss of financial deposit.
Business risk The FOREX market is highly unpredictable. Continuous trading could be wearisome since global trading is 24
59
Take-off requirement (e.g. registration, union affiliation, tools)Large expanse of land, pirate ship, mine tram coaster, tea cup ride, bicycle (bark bike), frog jump, bumper boat, go cart, games, horse race (carousel), computer games, merry-go-round, swing.
Return on investment N/A
Business risk A rival park with better or more sophisticated facilities may result in poaching of customers and eventual low patronage.Epileptic power supply may hamper the smooth operation of some fun machines.Deaths and injury to customers often occasioned by inability of customers to properly operate some equipment may scare some others away. Modern recreation activities are alien to Nigerians, and as such many may find parks an awkward place to patronize. ___________________
Business venture Frame production.
Viability Seasonally viable.
Competition Very high since no formal training is required to carry out the business.
Take-up fundAbout N10,000 to N15,000 (unless imported frames are included).
Ready market (demand)Demand varies from season to season since seasonal frames such as Valentine, independence day and new year have more demand.
Business location Edo
58
Take-off requirement (e.g. registration, union affiliation, tools)Hammer, frames, glass, pack of nails, writing and drawing tools, tiny steel parts to fasten the back to the side.
Return on investment Within the first few months.
Business risk It is not dependable since it is seasonal.
Contact 0805 841 20720803 329 1464_______________________
Business venture FOREX trade.
Viability Viable but not dependable.
Take-up fundAbout N200,000 (unless you wish to start trading from a cyber café).
Location of business Abuja
Take-off requirement (e.g. registration, union affiliation, tools)Laptop, FOREX trade software, Internet connection, alternative power source.
Return on investment Invested fund can be recouped within months if there is no outright loss of financial deposit.
Business risk The FOREX market is highly unpredictable. Continuous trading could be wearisome since global trading is 24
59
hours.
Contact 0703 893 [email protected]
(Additional info: You can subscribe to www.trade400.biz for trade signals such as when to buy and sell.)___________________
Business venture Boutique (foreign clothes).
Viability Highly viable.
Competition Very high.
Take-up fundN35,000 to N45,000.
Ready market (demand)There is always demand for exotic wears.
Take-off requirement (e.g. registration, union affiliation, tools)Hangers with nails, rope to spread clothes, sacks, desk and/or show glass, transport to the point of purchase (Lagos).
Point of purchase Materials may be purchased at Oshodi market, Mushin market and wharf in Lagos.
Return on investment Within one month.
Business risk Rain could be disruptive.Inability to select rare wears.Armed robbery attack if one travels with cash.
59
_______________________
Business venture Book sales.
Viability Average.
Competition High.
Take-up fundAbout N100,000.
Location Abuja
Ready market (demand)Average
Take-off requirement (e.g. registration, union affiliation, tools)Desk, chair, shop, nylon for covering against rain.
Return on investment Within two to four months (depending on point of sale).
Business risk Sunshine, rainfall, termite (if they stay too long in a particular spot).
Contact 0805 118 26940803 310 72710803 349 6006.
60
hours.
Contact 0703 893 [email protected]
(Additional info: You can subscribe to www.trade400.biz for trade signals such as when to buy and sell.)___________________
Business venture Boutique (foreign clothes).
Viability Highly viable.
Competition Very high.
Take-up fundN35,000 to N45,000.
Ready market (demand)There is always demand for exotic wears.
Take-off requirement (e.g. registration, union affiliation, tools)Hangers with nails, rope to spread clothes, sacks, desk and/or show glass, transport to the point of purchase (Lagos).
Point of purchase Materials may be purchased at Oshodi market, Mushin market and wharf in Lagos.
Return on investment Within one month.
Business risk Rain could be disruptive.Inability to select rare wears.Armed robbery attack if one travels with cash.
59
_______________________
Business venture Book sales.
Viability Average.
Competition High.
Take-up fundAbout N100,000.
Location Abuja
Ready market (demand)Average
Take-off requirement (e.g. registration, union affiliation, tools)Desk, chair, shop, nylon for covering against rain.
Return on investment Within two to four months (depending on point of sale).
Business risk Sunshine, rainfall, termite (if they stay too long in a particular spot).
Contact 0805 118 26940803 310 72710803 349 6006.
60
CHAPTER SIX
Why do I need financial empowerment?
“No matter how sublime your biz idea is, it may die with you or be usurped by a
better one. Edmond Halley once visited Isaac Newton to discuss a problem he (Halley) was finding difficult working on, only to
discover that Newton had already conceived it and solved it! So, be fast
in implementing your ideas.”
FINANCING YOUR BUSINESS
1. Personal savings
2. Kith and kin
Sources of business funding Finance is central to any business venture. The takeoff as well as continuity of any business is dependent on the availability of finance which is often spelt out in the business plan of the business person or company. Sources of funding however vary from one individual to another and from one company to another. While some are internally generated, others are externally generated; also some sources are safer and better than others. Unless venture capital is available to you as an entrepreneur/business manager, you stand the risk of not being able to transform your business ideas into something meaningful.
Sometimes called owner's equity or owner's funds, personal savings are generated from one's personal savings or income. The first step to take when sourcing for funds to foot your business bill is to fall back on your personal savings. The very fact that such personally generated funds create no liability to the business venture and do not attract any form of interest makes it the preferred source of funding. One veritable means through which your external financiers measure your commitment is your ability to show them how much you have personally raised to support yourself. In the absence of something substantial, they are scared and believe you can't manage their money.
After the business person himself, another source of finance for a business is financial assistance from friends and members of one's family. This requires you to share your business idea with them and show them where they can come to your aid. Your friends and family members will usually agree to fund your business if they are financially buoyant and based more on emotion than reason. The reasoning that “this is our own” is usually what moves them and this is to your advantage. However, you still need to make your idea clear to them for them to understand what they are funding, even if the financial assistance is a loan. For some lucky persons who have extended family members who are well-to-do, raising the needed amount within a short time may not be a problem as he will have several persons to approach. But you must guard against family members' interference with your business such as frequently making
62
CHAPTER SIX
Why do I need financial empowerment?
“No matter how sublime your biz idea is, it may die with you or be usurped by a
better one. Edmond Halley once visited Isaac Newton to discuss a problem he (Halley) was finding difficult working on, only to
discover that Newton had already conceived it and solved it! So, be fast
in implementing your ideas.”
FINANCING YOUR BUSINESS
1. Personal savings
2. Kith and kin
Sources of business funding Finance is central to any business venture. The takeoff as well as continuity of any business is dependent on the availability of finance which is often spelt out in the business plan of the business person or company. Sources of funding however vary from one individual to another and from one company to another. While some are internally generated, others are externally generated; also some sources are safer and better than others. Unless venture capital is available to you as an entrepreneur/business manager, you stand the risk of not being able to transform your business ideas into something meaningful.
Sometimes called owner's equity or owner's funds, personal savings are generated from one's personal savings or income. The first step to take when sourcing for funds to foot your business bill is to fall back on your personal savings. The very fact that such personally generated funds create no liability to the business venture and do not attract any form of interest makes it the preferred source of funding. One veritable means through which your external financiers measure your commitment is your ability to show them how much you have personally raised to support yourself. In the absence of something substantial, they are scared and believe you can't manage their money.
After the business person himself, another source of finance for a business is financial assistance from friends and members of one's family. This requires you to share your business idea with them and show them where they can come to your aid. Your friends and family members will usually agree to fund your business if they are financially buoyant and based more on emotion than reason. The reasoning that “this is our own” is usually what moves them and this is to your advantage. However, you still need to make your idea clear to them for them to understand what they are funding, even if the financial assistance is a loan. For some lucky persons who have extended family members who are well-to-do, raising the needed amount within a short time may not be a problem as he will have several persons to approach. But you must guard against family members' interference with your business such as frequently making
62
financial demands and recommending people, even incompetent ones, for employment and hire, simply because of their financial support to you.
Besides lending you financial support, their counsel and wealth of experience is invaluable. Why not necessarily discouraging you, they may help give shape to some of your vague ideas, and where they cannot help they may be able to direct you to someone who can assist. In your family are people who have studied you over time and are sure that, for instance, your generous spirit will make your proposed petty trading business fold up even before it takes off. Any financial and advisory support you get from your kith and kin will certainly not put undue pressure on you in terms of repayment as the other options would. And since you are getting financial assistance from many of them, you may need to be guided by the take-up fund stated in your business plan rather than taking undue advantage of unsuspecting friends and family members.
Bank loans are a sure way of funding businesses. But having a good business plan, idea and collateral ready is not a guarantee for the immediate approval of a loan by any bank. In fact, if banks are the sources of finance for your business, ensure that you raise the amount you wish to borrow. This is because of the inevitable reduction in the amount that will eventually be approved for you due to certain deductions. As a matter of tradition, Nigerian banks may not approve a loan for someone who hasn't patronized them for a minimum of six months. As you take a loan from a bank to start your business, do not forget that repayment must be made, the time for such repayment isn't eternity, and that interest rate is part of such repayment.
In case your business is securing contracts for execution, especially from government bodies, it is not advisable to take loans from banks for such purposes unless there is a strong written agreement that the payment for the contract will be made as soon as it is completed.
i. Absence of a business plan.ii. Precedents: If past businesses similar to yours performed below
expectation, yours may not be fortunate enough to receive a loan.
3. Financial institutions
Below are some reasons a bank may not want to grant loan:
....
63
iii. Inconsistencies and discrepancies in your business plan, feasibility study or verbal analysis.
iv. Unfavourable past personal records e.g. bankruptcy. v. Insufficient collateral or poor guarantor(s). vi. If you have not been banking with the bank. vii. If you are suffering from a terminal disease.
Thrift-oriented societies exist majorly for the purpose of helping people make savings and raise money to finance their projects. One should note that it is the accumulation of what you make available to a thrift society that it offers you in bulk later when the need arises. It is like harvesting what has been long sown when most needed. If one has been in the habit of patronizing several thrift societies, raising a substantial amount for a project or business may not be a problem.
As a means of raising funds, a business person can increase the capital base of his business through the admission of more partners or business associates. This is done through the sale of shares to new partners. When raising funds through this means, be wise enough in admitting people, not only on the strength of their finance but also on the basis of their business acumen and understanding of the particular business. Unless this is considered early, you stand the risk of later regret. However, be reasonable and flexible where required rather than being overly rigid. After all, your great idea, no matter how sublime and revolutionary, may die with you or be usurped by a better one in no distant time. Edmond Halley, a respected English scientist, once visited Isaac Newton in Cambridge to discuss a problem he was working on, only to discover that Newton had already conceived the same problem and solved it! An exact model of that beautiful biz idea of yours, surprisingly, is in the mental wombs of several other people simultaneously.
One can raise money for business through participation in a business idea contest. Some groups, especially investment bodies, champion such activities with a view to empowering young entrepreneurs with viable business ideas. Like business angels, they sometimes come with a dual mandate – to empower you and to
......
4. Esusu group
5. Partnership
6. Sponsorship
64
financial demands and recommending people, even incompetent ones, for employment and hire, simply because of their financial support to you.
Besides lending you financial support, their counsel and wealth of experience is invaluable. Why not necessarily discouraging you, they may help give shape to some of your vague ideas, and where they cannot help they may be able to direct you to someone who can assist. In your family are people who have studied you over time and are sure that, for instance, your generous spirit will make your proposed petty trading business fold up even before it takes off. Any financial and advisory support you get from your kith and kin will certainly not put undue pressure on you in terms of repayment as the other options would. And since you are getting financial assistance from many of them, you may need to be guided by the take-up fund stated in your business plan rather than taking undue advantage of unsuspecting friends and family members.
Bank loans are a sure way of funding businesses. But having a good business plan, idea and collateral ready is not a guarantee for the immediate approval of a loan by any bank. In fact, if banks are the sources of finance for your business, ensure that you raise the amount you wish to borrow. This is because of the inevitable reduction in the amount that will eventually be approved for you due to certain deductions. As a matter of tradition, Nigerian banks may not approve a loan for someone who hasn't patronized them for a minimum of six months. As you take a loan from a bank to start your business, do not forget that repayment must be made, the time for such repayment isn't eternity, and that interest rate is part of such repayment.
In case your business is securing contracts for execution, especially from government bodies, it is not advisable to take loans from banks for such purposes unless there is a strong written agreement that the payment for the contract will be made as soon as it is completed.
i. Absence of a business plan.ii. Precedents: If past businesses similar to yours performed below
expectation, yours may not be fortunate enough to receive a loan.
3. Financial institutions
Below are some reasons a bank may not want to grant loan:
....
63
iii. Inconsistencies and discrepancies in your business plan, feasibility study or verbal analysis.
iv. Unfavourable past personal records e.g. bankruptcy. v. Insufficient collateral or poor guarantor(s). vi. If you have not been banking with the bank. vii. If you are suffering from a terminal disease.
Thrift-oriented societies exist majorly for the purpose of helping people make savings and raise money to finance their projects. One should note that it is the accumulation of what you make available to a thrift society that it offers you in bulk later when the need arises. It is like harvesting what has been long sown when most needed. If one has been in the habit of patronizing several thrift societies, raising a substantial amount for a project or business may not be a problem.
As a means of raising funds, a business person can increase the capital base of his business through the admission of more partners or business associates. This is done through the sale of shares to new partners. When raising funds through this means, be wise enough in admitting people, not only on the strength of their finance but also on the basis of their business acumen and understanding of the particular business. Unless this is considered early, you stand the risk of later regret. However, be reasonable and flexible where required rather than being overly rigid. After all, your great idea, no matter how sublime and revolutionary, may die with you or be usurped by a better one in no distant time. Edmond Halley, a respected English scientist, once visited Isaac Newton in Cambridge to discuss a problem he was working on, only to discover that Newton had already conceived the same problem and solved it! An exact model of that beautiful biz idea of yours, surprisingly, is in the mental wombs of several other people simultaneously.
One can raise money for business through participation in a business idea contest. Some groups, especially investment bodies, champion such activities with a view to empowering young entrepreneurs with viable business ideas. Like business angels, they sometimes come with a dual mandate – to empower you and to
......
4. Esusu group
5. Partnership
6. Sponsorship
64
profit from your empowerment by being part of your business. Do enough research because you will be asked intelligent questions. Remember, a swallow doesn't make a summer; research well into the market opportunities and demand for the product to ensure that it is not a business with just one lifetime opportunity. Appear optimistic and cheerful even if your business idea is uncommon and sounds queer – a cheerful look makes a dish a feast. Be clever enough to make an upward review of your take-up budget when one of the options given to you by such investment body is that both of you fund the business fifty percent each. By reviewing it upward, not necessarily with a view to being dishonest but because you may not have the requisite fifty percent on your part, you wisely save yourself the trouble of looking for your own part of the payment once they have released theirs when you are supposed to be busy investing the fund.
Similar to this is the idea of raising money for small scale business through participation in business-oriented essay competitions which can sometimes be found on the web with participation open to everyone irrespective of their nationality. No partnership with the sponsors is usually required from this. However, beware of fraud-related sites. Like banks, the disadvantage of investment boards is that some of the officials who are privy to your idea may pilfer a part or the whole of it and implement it themselves. Some of these boards carry out their business idea programme on televisions where thousands of viewers listen to your presentation and may even steal the idea.
In the course of your search for funding, using other people's money in your custody may be helpful. If you are in charge of keeping money for some persons, either your business associates or some other persons with long-term retainership, you may make wise use of such accumulated funds after a careful projection that it will be recouped and reimbursed before or when needed. This sounds risky, but the fact remains that no business is insulated from risk. Even when you invest your savings in a business, it may suffer such setbacks as glut in market which may compel you to sell out at cheaper rates, delayed sales, change in business or financial policy by government or even outright losses. What is obtainable in business is risk minimization, not absence of risk. According to Alexander Dumas, “Business is O.P.M., Other People's Money,
7. Temporary appropriation
65
(managed) with integrity, dignity and honesty.”
Your life insurance policy, if you have any, can be used to raise short-term credit from your insurance company if you haven't defaulted in paying your premiums. More importantly, it can be used to apply for a loan from a financial institution. In the instance of default on your part, you can lose your policy to your creditor. However, you may not be able to borrow above the cash value of your insurance cover. It should be clear to you as a borrower that while your indebtedness lasts, you may not enjoy your insurance cover as stated ab initio in your policy document, as you cannot have your cake and eat it.
Meeting a group of business-minded persons who have an eye for business viability, profit making and investment matters may be rewarding in terms of getting funding for your business. Business angels, so called because of their timely intervention when required, usually have ready cash to support your business but not without some benefits accruing to them. More often than not, they may not just readily give out cash without a thorough analysis of your commercial idea and business plan. Their financial support is given in exchange for equity share or for agreed percentage of your business profits, which they usually decide.
Having perused your business plan and the surrounding factors, such as how you wish to handle competition, cash flow, return on investment and business risk satisfactorily, they will give you the condition upon which they are prepared to do business with you. As a business-minded person and one who desires success in life, these procedures shouldn't irk you since such is usually the price to pay for assistance. On their part, they have to have a detailed knowledge of what they are about to invest their hard-earned money. Be honest and sincere with your estimates, costs and projections. Also, be prepared to give away some of your rights to the business for the sake of funds. In this wise, business angels may not really be angels after all.
10. Barter Barter refers to the practice of exchange of goods and services. This can also be applied to business financing. If, for instance, yours is a
8. Life insurance policy
9. Business angels
67
profit from your empowerment by being part of your business. Do enough research because you will be asked intelligent questions. Remember, a swallow doesn't make a summer; research well into the market opportunities and demand for the product to ensure that it is not a business with just one lifetime opportunity. Appear optimistic and cheerful even if your business idea is uncommon and sounds queer – a cheerful look makes a dish a feast. Be clever enough to make an upward review of your take-up budget when one of the options given to you by such investment body is that both of you fund the business fifty percent each. By reviewing it upward, not necessarily with a view to being dishonest but because you may not have the requisite fifty percent on your part, you wisely save yourself the trouble of looking for your own part of the payment once they have released theirs when you are supposed to be busy investing the fund.
Similar to this is the idea of raising money for small scale business through participation in business-oriented essay competitions which can sometimes be found on the web with participation open to everyone irrespective of their nationality. No partnership with the sponsors is usually required from this. However, beware of fraud-related sites. Like banks, the disadvantage of investment boards is that some of the officials who are privy to your idea may pilfer a part or the whole of it and implement it themselves. Some of these boards carry out their business idea programme on televisions where thousands of viewers listen to your presentation and may even steal the idea.
In the course of your search for funding, using other people's money in your custody may be helpful. If you are in charge of keeping money for some persons, either your business associates or some other persons with long-term retainership, you may make wise use of such accumulated funds after a careful projection that it will be recouped and reimbursed before or when needed. This sounds risky, but the fact remains that no business is insulated from risk. Even when you invest your savings in a business, it may suffer such setbacks as glut in market which may compel you to sell out at cheaper rates, delayed sales, change in business or financial policy by government or even outright losses. What is obtainable in business is risk minimization, not absence of risk. According to Alexander Dumas, “Business is O.P.M., Other People's Money,
7. Temporary appropriation
65
(managed) with integrity, dignity and honesty.”
Your life insurance policy, if you have any, can be used to raise short-term credit from your insurance company if you haven't defaulted in paying your premiums. More importantly, it can be used to apply for a loan from a financial institution. In the instance of default on your part, you can lose your policy to your creditor. However, you may not be able to borrow above the cash value of your insurance cover. It should be clear to you as a borrower that while your indebtedness lasts, you may not enjoy your insurance cover as stated ab initio in your policy document, as you cannot have your cake and eat it.
Meeting a group of business-minded persons who have an eye for business viability, profit making and investment matters may be rewarding in terms of getting funding for your business. Business angels, so called because of their timely intervention when required, usually have ready cash to support your business but not without some benefits accruing to them. More often than not, they may not just readily give out cash without a thorough analysis of your commercial idea and business plan. Their financial support is given in exchange for equity share or for agreed percentage of your business profits, which they usually decide.
Having perused your business plan and the surrounding factors, such as how you wish to handle competition, cash flow, return on investment and business risk satisfactorily, they will give you the condition upon which they are prepared to do business with you. As a business-minded person and one who desires success in life, these procedures shouldn't irk you since such is usually the price to pay for assistance. On their part, they have to have a detailed knowledge of what they are about to invest their hard-earned money. Be honest and sincere with your estimates, costs and projections. Also, be prepared to give away some of your rights to the business for the sake of funds. In this wise, business angels may not really be angels after all.
10. Barter Barter refers to the practice of exchange of goods and services. This can also be applied to business financing. If, for instance, yours is a
8. Life insurance policy
9. Business angels
67
security outfit lacking accommodation to take off, you may approach an estate agency for office space while agreeing to provide security services to the agency. A cleaning firm can do likewise just like the security outfit in exchange for cleaning services. An information technology firm can approach a bank to fund the purchase of computers in exchange for IT services.
Like some old businesses, if as a new business venture you can get customers to make advance payment before supplying them goods, it will be a great opportunity of using their money to make purchases and deliver to them.
After a thorough analysis of the viability of your business idea, if it is clear to you that it holds so much gain you may decide to raise money to fund it by selling some of your valuables such as jewellery, clothes, furniture (if they don't constitute key ingredients in the business you intend to go into) and assets such as land (if it is different from the one you wish to start the business). Proceeds from the sale could be a dependable launch pad to start off as an entrepreneur. Bear in mind that it is not impossible for you to get back assets once the business flourishes.
Raising finance for your business sometimes requires applying for a loan, and securing a loan sometimes requires you to form a cooperative. Such government bodies as National Directorate of Employment, the Nigerian Agricultural Cooperative Bank, the National Poverty Eradication Programme, microfinance banks and community banks may be helpful to young entrepreneurs in this direction. In the case of the National Poverty Eradication Programme, specific projects such as automobile repair seem to be a priority. Although securing loans from some of these bodies may be cumbersome and bogged down by bureaucratic bottlenecks, one can afford to be patient when faced with no other option.
A meticulous revisit and review of your business plan can perform some wonders, which is that you realize the need to cut down what you need to start off your business. Find out the minimum cost, as
11. Advance payment
12. Sale of personal assets and valuables
13. Government agencies
14. Business plan restructuring
67
opposed to the maximum cost, required to commence operation. Once this is done you may, for instance, find out that the car you pencilled down in your business plan as vital can be kept in view or can be temporarily replaced with public transportation, or that a Nissan may be able to do the job of the proposed four-wheel drive jeep. You may also find out that you may be able to start off by renting a place instead of long-term lease, or even start the business in a makeshift structure instead of a costly plaza, with some staff telecommuting or working on flextime basis. After all, you could even come to the harmless conclusion that you can commence operation from the suburb rather than the city centre.
Check the number of staff you initially wrote down and you may discover that you can pay one staff to perform two functions, in which case reducing the number of people under your care, the amount of office space needed to accommodate them, the number of furniture for their use and even the tap water they will drink and water they might have used in flushing the water cistern after use. If you are meticulous enough, you ought to know that your annual expenditure as a business outfit is a function of the gradual accumulation of little expenses. Having done this, redraw the business plan.
To raise money for a beautiful and viable business, one may need to consider temporarily going into an alternative business. Once you have successfully raised the required amount, you may commence operation in the earlier one. An entrepreneur who has a plan to establish a rental business may invest her limited funds in producing envelopes and greeting cards for sale as a means of gradually raising funds for rental business. She may even start with renting out chairs first, then chairs and canopies later, and finally chairs, canopies and a sound system.
In neighbourhoods, tribal meetings and offices, members sometimes form a kind of credit group or a contribute-and-receive thrift-like plan whereby a certain percentage of your salary or proceeds can go into the plan monthly within a period of twelve months. Each month, one member receives the contributions of all twelve. With such plan, one can raise sizeable figure to aid one's business idea. This plan works better for traders and salary earners.
15. Alternative investment
16. Credit associations
68
security outfit lacking accommodation to take off, you may approach an estate agency for office space while agreeing to provide security services to the agency. A cleaning firm can do likewise just like the security outfit in exchange for cleaning services. An information technology firm can approach a bank to fund the purchase of computers in exchange for IT services.
Like some old businesses, if as a new business venture you can get customers to make advance payment before supplying them goods, it will be a great opportunity of using their money to make purchases and deliver to them.
After a thorough analysis of the viability of your business idea, if it is clear to you that it holds so much gain you may decide to raise money to fund it by selling some of your valuables such as jewellery, clothes, furniture (if they don't constitute key ingredients in the business you intend to go into) and assets such as land (if it is different from the one you wish to start the business). Proceeds from the sale could be a dependable launch pad to start off as an entrepreneur. Bear in mind that it is not impossible for you to get back assets once the business flourishes.
Raising finance for your business sometimes requires applying for a loan, and securing a loan sometimes requires you to form a cooperative. Such government bodies as National Directorate of Employment, the Nigerian Agricultural Cooperative Bank, the National Poverty Eradication Programme, microfinance banks and community banks may be helpful to young entrepreneurs in this direction. In the case of the National Poverty Eradication Programme, specific projects such as automobile repair seem to be a priority. Although securing loans from some of these bodies may be cumbersome and bogged down by bureaucratic bottlenecks, one can afford to be patient when faced with no other option.
A meticulous revisit and review of your business plan can perform some wonders, which is that you realize the need to cut down what you need to start off your business. Find out the minimum cost, as
11. Advance payment
12. Sale of personal assets and valuables
13. Government agencies
14. Business plan restructuring
67
opposed to the maximum cost, required to commence operation. Once this is done you may, for instance, find out that the car you pencilled down in your business plan as vital can be kept in view or can be temporarily replaced with public transportation, or that a Nissan may be able to do the job of the proposed four-wheel drive jeep. You may also find out that you may be able to start off by renting a place instead of long-term lease, or even start the business in a makeshift structure instead of a costly plaza, with some staff telecommuting or working on flextime basis. After all, you could even come to the harmless conclusion that you can commence operation from the suburb rather than the city centre.
Check the number of staff you initially wrote down and you may discover that you can pay one staff to perform two functions, in which case reducing the number of people under your care, the amount of office space needed to accommodate them, the number of furniture for their use and even the tap water they will drink and water they might have used in flushing the water cistern after use. If you are meticulous enough, you ought to know that your annual expenditure as a business outfit is a function of the gradual accumulation of little expenses. Having done this, redraw the business plan.
To raise money for a beautiful and viable business, one may need to consider temporarily going into an alternative business. Once you have successfully raised the required amount, you may commence operation in the earlier one. An entrepreneur who has a plan to establish a rental business may invest her limited funds in producing envelopes and greeting cards for sale as a means of gradually raising funds for rental business. She may even start with renting out chairs first, then chairs and canopies later, and finally chairs, canopies and a sound system.
In neighbourhoods, tribal meetings and offices, members sometimes form a kind of credit group or a contribute-and-receive thrift-like plan whereby a certain percentage of your salary or proceeds can go into the plan monthly within a period of twelve months. Each month, one member receives the contributions of all twelve. With such plan, one can raise sizeable figure to aid one's business idea. This plan works better for traders and salary earners.
15. Alternative investment
16. Credit associations
68
17. Sale of business idea
18. Business fair
19. Leasing of assets
19. Promos
To raise money for your business, you may sell your business idea in the form of a business plan to some rich folk without denying you the benefit of going into the same business. In doing this, you may need to go far away from where you wish to do the business to avoid undue competition from the buyer of your business idea by the time both of you are into the same venture. The problem with this kind of source is intellectual theft of your business idea which often comes after the prospective buyer has heard all the business secrets and then tells you he is not interested.
Some organizations, especially religious ones, sometimes carry out business fair for their members to be able to showcase their handiwork and craft. At such occasions, if your business idea is one that can be exhibited, you may come across someone who is interested in partnering with you or sponsoring your idea and bringing it to fruition. It is advisable that prior to such event you print business cards and flyers that will help market your business to others. Negotiations in this respect aren't different from the sponsorship and business angel cases.
If you own assets such as real estate, facilities or equipment and you lack the outlay or requisite fund to start off your business, once you are sure of the business's viability, you may put any of them on lease unless they are part of the things needed for your business. A building, land, sports ground or trade tool can be held under lease hire.
The Nigerian media is often awash with promotional adverts, such as 'Get a brand new jeep for N500', 'Text WIN to 111 and win N1,000,000', etc. Such promos are reliable if they are sponsored by registered and credible bodies, especially telecommunication bodies such as MTN, GLO, Zain, Visafone, Starcomms, Etisalat, etc. Promos are more often than not based on luck and a particular one may require your participation more than once. If you are lucky to become one of the winners, and you are offered the car which is not your priority, sell it and invest your money wisely. Endeavour to remain focused and do not be distracted by the esteem of riding a jeep, since
69
you will ride better jeeps when you are successful in business. Claims that urge you to send in recharge card to redeem your prize are anything but reliable.
Similarly, some Nigerian companies especially banks usually have special promos aimed at offering the public some useful items such as laptops or benefits. This requires you to make payments for the items over a long period of time unlike the full payment you make when purchasing them. If some of the items are part of what your business needs to take off, you may find out what it takes and take advantage of the offer while it lasts.
If you are able to talk business over with the supplier of the product you are trading in, he can allow you to collect items on credit until you sell them out before payment is made. Trust or guarantor counts here.
Just as the name implies, to ensure your business does not suffer lack of funding you can negotiate with your product supplier to have part payment of goods while releasing the remainder to you on credit until sales are made. Upon disposal, you may return and make payment. This may be unhelpful to business people whose area of interest isn't products.
For individuals who have had the privilege of having worked, starting off your business with the proceeds from your pensions and gratuity will be a noble idea. Such finance must however not be wasted.
One means of raising finance for your business, though limited, is through an overdraft payment. This is done when you ask your banker to pay above your current account balance. In overdraft, interest is usually paid on debit balance to the account each day.
To raise funds for your business, you can issue shares to individuals who may be interested in your business enterprise (if you already have an established or a CAC-registered company). By buying
20. Credit purchase
21. Part payment agreement
22. Gratuity and pension benefits
23. Overdraft
24. Issuance of shares
70
17. Sale of business idea
18. Business fair
19. Leasing of assets
19. Promos
To raise money for your business, you may sell your business idea in the form of a business plan to some rich folk without denying you the benefit of going into the same business. In doing this, you may need to go far away from where you wish to do the business to avoid undue competition from the buyer of your business idea by the time both of you are into the same venture. The problem with this kind of source is intellectual theft of your business idea which often comes after the prospective buyer has heard all the business secrets and then tells you he is not interested.
Some organizations, especially religious ones, sometimes carry out business fair for their members to be able to showcase their handiwork and craft. At such occasions, if your business idea is one that can be exhibited, you may come across someone who is interested in partnering with you or sponsoring your idea and bringing it to fruition. It is advisable that prior to such event you print business cards and flyers that will help market your business to others. Negotiations in this respect aren't different from the sponsorship and business angel cases.
If you own assets such as real estate, facilities or equipment and you lack the outlay or requisite fund to start off your business, once you are sure of the business's viability, you may put any of them on lease unless they are part of the things needed for your business. A building, land, sports ground or trade tool can be held under lease hire.
The Nigerian media is often awash with promotional adverts, such as 'Get a brand new jeep for N500', 'Text WIN to 111 and win N1,000,000', etc. Such promos are reliable if they are sponsored by registered and credible bodies, especially telecommunication bodies such as MTN, GLO, Zain, Visafone, Starcomms, Etisalat, etc. Promos are more often than not based on luck and a particular one may require your participation more than once. If you are lucky to become one of the winners, and you are offered the car which is not your priority, sell it and invest your money wisely. Endeavour to remain focused and do not be distracted by the esteem of riding a jeep, since
69
you will ride better jeeps when you are successful in business. Claims that urge you to send in recharge card to redeem your prize are anything but reliable.
Similarly, some Nigerian companies especially banks usually have special promos aimed at offering the public some useful items such as laptops or benefits. This requires you to make payments for the items over a long period of time unlike the full payment you make when purchasing them. If some of the items are part of what your business needs to take off, you may find out what it takes and take advantage of the offer while it lasts.
If you are able to talk business over with the supplier of the product you are trading in, he can allow you to collect items on credit until you sell them out before payment is made. Trust or guarantor counts here.
Just as the name implies, to ensure your business does not suffer lack of funding you can negotiate with your product supplier to have part payment of goods while releasing the remainder to you on credit until sales are made. Upon disposal, you may return and make payment. This may be unhelpful to business people whose area of interest isn't products.
For individuals who have had the privilege of having worked, starting off your business with the proceeds from your pensions and gratuity will be a noble idea. Such finance must however not be wasted.
One means of raising finance for your business, though limited, is through an overdraft payment. This is done when you ask your banker to pay above your current account balance. In overdraft, interest is usually paid on debit balance to the account each day.
To raise funds for your business, you can issue shares to individuals who may be interested in your business enterprise (if you already have an established or a CAC-registered company). By buying
20. Credit purchase
21. Part payment agreement
22. Gratuity and pension benefits
23. Overdraft
24. Issuance of shares
70
shares, the buyers qualify as shareholders in your company. Through this means, you are able to raise some funds to achieve your business purpose. Such share sales could be in the form of individual private offer, private offer or private placement.
The death of a parent or elderly family member, though painful, sometimes has the advantage of bequeathing some property or money to the children or relatives of the deceased, and this can be a starting point for someone whose interest is setting up a business venture. Similarly, if you are fortunate to be the beneficiary of an insurance cover, upon the demise of the insured person the sum assured automatically passes on to you, which can be used to start off a business venture.
Working and raising money for business through your income is another means of financing your business idea. Discipline is however required if this option is available to you. You must cultivate savings culture and learn to economize. The problem with this choice is that jobs are not easily secured. For every publicized vacancy, far more than the required number of applicants apply, making the competition very high and favouritism a part of the exercise. Another problem with this option is that either you may lose sight of your initial plan later on or you may have to contend with the desire not to resign, since dividing your attention between your job and your business may be stressful and demanding.
In your attempt to raise money for your business, you may also need to consider an amalgamation or a combination of any two or more of the above options. For instance, a loan from bank and limited funds from family members could also be complemented with credit purchase or sale of assets. Adding personal savings to appropriated funds could serve as a catalyst for the take-off of your business plan.
As a business person, you need to be disciplined and single-minded as that will help you resist the temptation of misappropriation of funds or diverting your finances to ventures different from your initial plan, simply because the money has been made available to you. The human mind could be funny and sometimes verged on imaginable
25. Legacy and insurance bequest
26. Paid employment
27. Hybridization or mishmash
71
pranks such as a young man thinking of travelling abroad where the pastures are said to be greener once he has secured a loan or got some substantial amount to foot his business idea! Many people fail in life and emerging businesses suddenly collapse, not because of lack of ideas or a dearth of venture capital, but due to indiscipline. One of the basic pillars of entrepreneurship is discipline which must go with honesty and sincerity.
72
shares, the buyers qualify as shareholders in your company. Through this means, you are able to raise some funds to achieve your business purpose. Such share sales could be in the form of individual private offer, private offer or private placement.
The death of a parent or elderly family member, though painful, sometimes has the advantage of bequeathing some property or money to the children or relatives of the deceased, and this can be a starting point for someone whose interest is setting up a business venture. Similarly, if you are fortunate to be the beneficiary of an insurance cover, upon the demise of the insured person the sum assured automatically passes on to you, which can be used to start off a business venture.
Working and raising money for business through your income is another means of financing your business idea. Discipline is however required if this option is available to you. You must cultivate savings culture and learn to economize. The problem with this choice is that jobs are not easily secured. For every publicized vacancy, far more than the required number of applicants apply, making the competition very high and favouritism a part of the exercise. Another problem with this option is that either you may lose sight of your initial plan later on or you may have to contend with the desire not to resign, since dividing your attention between your job and your business may be stressful and demanding.
In your attempt to raise money for your business, you may also need to consider an amalgamation or a combination of any two or more of the above options. For instance, a loan from bank and limited funds from family members could also be complemented with credit purchase or sale of assets. Adding personal savings to appropriated funds could serve as a catalyst for the take-off of your business plan.
As a business person, you need to be disciplined and single-minded as that will help you resist the temptation of misappropriation of funds or diverting your finances to ventures different from your initial plan, simply because the money has been made available to you. The human mind could be funny and sometimes verged on imaginable
25. Legacy and insurance bequest
26. Paid employment
27. Hybridization or mishmash
71
pranks such as a young man thinking of travelling abroad where the pastures are said to be greener once he has secured a loan or got some substantial amount to foot his business idea! Many people fail in life and emerging businesses suddenly collapse, not because of lack of ideas or a dearth of venture capital, but due to indiscipline. One of the basic pillars of entrepreneurship is discipline which must go with honesty and sincerity.
72
CHAPTER SEVEN
How do I go about setting up a business venture?
[ [
SOME START-UP REQUIREMENTS
1. Basic requirements for establishing a company i. Original or nonexistent company nameii. Well spelt out aims and objectives of the company iii. Registered office address iv. Names and information of board of directors (a minimum of
two adults) v. A lawyer to process the documents at the Corporate Affairs
Commission vi. Registration and processing fee (of about N70,000)
2. Basic requirements for securing a contract i. A photocopy of payment made to the office from which your
company intends to secure a contractii. A photocopy of certificate of incorporation of your company iii. A reference letter from your company's bankiv. A photocopy of your company's tax clearance certificate v. Preceding three years' annual returns of your companyvi. Audited account for the past few years
3. Basic requirements for opening a company account i. Company documents
? List of board of directors ? Allotment of shares? Certificate of incorporation
ii. Recent passport photos of signatories to the account iii. Valid national identity card, international passport or driver's
licenceiv. Copy of public utility receipt e.g. NEPA, telephone or water bill
of company's office v. Two different forms duly completed by independent persons
maintaining current account with a Nigerian bank. vi. Company sealvii. Initial financial deposit (which varies from bank to bank)viii. Board resolution appointing a particular bank to be the
company's bankerix. Residence permit (for foreigners)
4. Basic office items to have Letter-headed papersComplementary card
73
“You can make think of himself as success, His very nature will create events
around him to succeed”
CHAPTER SEVEN
How do I go about setting up a business venture?
[ [
SOME START-UP REQUIREMENTS
1. Basic requirements for establishing a company i. Original or nonexistent company nameii. Well spelt out aims and objectives of the company iii. Registered office address iv. Names and information of board of directors (a minimum of
two adults) v. A lawyer to process the documents at the Corporate Affairs
Commission vi. Registration and processing fee (of about N70,000)
2. Basic requirements for securing a contract i. A photocopy of payment made to the office from which your
company intends to secure a contractii. A photocopy of certificate of incorporation of your company iii. A reference letter from your company's bankiv. A photocopy of your company's tax clearance certificate v. Preceding three years' annual returns of your companyvi. Audited account for the past few years
3. Basic requirements for opening a company account i. Company documents
? List of board of directors ? Allotment of shares? Certificate of incorporation
ii. Recent passport photos of signatories to the account iii. Valid national identity card, international passport or driver's
licenceiv. Copy of public utility receipt e.g. NEPA, telephone or water bill
of company's office v. Two different forms duly completed by independent persons
maintaining current account with a Nigerian bank. vi. Company sealvii. Initial financial deposit (which varies from bank to bank)viii. Board resolution appointing a particular bank to be the
company's bankerix. Residence permit (for foreigners)
4. Basic office items to have Letter-headed papersComplementary card
73
“You can make think of himself as success, His very nature will create events
around him to succeed”
Invoice (and receipt)Staff identity cardOffice files EnvelopesNotepad Notebooks Pack of pens Personal computer or laptop and accessories Dictionary Company stamp Almanac Stapler and staple pins
5. Company profile The following is usually the content of a company profile, which gives clients a summary of your company's aims and objectives.Mission statement Vision Values Goals Services Milestones (achievements)Advantages of patronizing the company The board of directorsManagement team Clientele (if any)Accreditation and alliances (if any)Company's facilities Corporate social responsibilities (if any)Awards (if any)Contact addresses
6. Some important job positions As your business expands, the following are some job positions that you can't do without. They hold the key to your business success. Managing Director Accountant Human Resources Officer Marketing Officer Secretary
55
7. Some basic needs of a modern business centreComputer For typesetting, e-mail, Internet
browsing.Television For entertainment, news, information.Radio For entertainment of customers.Long-high desk For arrangement of papers.Ruler For measurement of letter-headed
papers.Photocopier For photocopying of documents.Paper cutter For cutting of papers into desired sizes.Scanner For scanning of pictures and Logos, etc.Binding machine For binding of documents (spiral
binding).Laminator For laminating identity cards,
documents, etc.Computer desks For positioning computer sets (2 ½ ft
high).Chairs For sitting down (both swivel and
armless).Printer For printing of documents. UPS For power storage.Stabilizers To stabilize current/prevent power
fluctuation.Fan(s) Preferably ceiling fan.Stapler G i an t / sma l l ( f o r s t ap l i ng o f
documents).Air-conditioner For cooling the systems.Generating set For use in case of power failure. Bench or pew For customers' comfort.Screen protector For eye protection against computer
rays.Perforator For perforating papers/ identity cards. Shredder For shredding wasted but confidential
papers.Computer covers For covering computers against dust
after use.Waste-bin For dumping of waste.Extension boxes For plugging of electrical appliances.Safe Pin safe, diskette/flash safe. Vaults For keeping cash securely. Shelf For keeping items.
56
Invoice (and receipt)Staff identity cardOffice files EnvelopesNotepad Notebooks Pack of pens Personal computer or laptop and accessories Dictionary Company stamp Almanac Stapler and staple pins
5. Company profile The following is usually the content of a company profile, which gives clients a summary of your company's aims and objectives.Mission statement Vision Values Goals Services Milestones (achievements)Advantages of patronizing the company The board of directorsManagement team Clientele (if any)Accreditation and alliances (if any)Company's facilities Corporate social responsibilities (if any)Awards (if any)Contact addresses
6. Some important job positions As your business expands, the following are some job positions that you can't do without. They hold the key to your business success. Managing Director Accountant Human Resources Officer Marketing Officer Secretary
55
7. Some basic needs of a modern business centreComputer For typesetting, e-mail, Internet
browsing.Television For entertainment, news, information.Radio For entertainment of customers.Long-high desk For arrangement of papers.Ruler For measurement of letter-headed
papers.Photocopier For photocopying of documents.Paper cutter For cutting of papers into desired sizes.Scanner For scanning of pictures and Logos, etc.Binding machine For binding of documents (spiral
binding).Laminator For laminating identity cards,
documents, etc.Computer desks For positioning computer sets (2 ½ ft
high).Chairs For sitting down (both swivel and
armless).Printer For printing of documents. UPS For power storage.Stabilizers To stabilize current/prevent power
fluctuation.Fan(s) Preferably ceiling fan.Stapler G i an t / sma l l ( f o r s t ap l i ng o f
documents).Air-conditioner For cooling the systems.Generating set For use in case of power failure. Bench or pew For customers' comfort.Screen protector For eye protection against computer
rays.Perforator For perforating papers/ identity cards. Shredder For shredding wasted but confidential
papers.Computer covers For covering computers against dust
after use.Waste-bin For dumping of waste.Extension boxes For plugging of electrical appliances.Safe Pin safe, diskette/flash safe. Vaults For keeping cash securely. Shelf For keeping items.
56
Small towel For cleaning of electronic sets.Calculator For calculating figures.Dispenser For drinking water. Dictionaries For checking spellings. Telephone sets For commercial calls, etc. Scissors/pin remover For manual slicing of papers and removing pins from papers. Consumable items Ribbon, printing / photocopy papers, print cartridge, toners, spiral rings, hard covers, conquerors, rulers.
As a business person, occasions will arise when you will have to write proposals for contract, and below is a sample that will help you do this.
PROPOSAL FOR A HEALTH TRAINING WORKSHOP
We at Life Touch Ltd are interested in training the youths of Abaji Area Council in the prevention and management of common infections and diseases around them.
WORKSHOP TOPICS Specifically, we wish to train the seminar attendees in the following areas:
? Swine influenza ? Lassa fever ? SARS ? Meningitis ? HIV/AIDS ? Hepatitis? Cancer ? Bird flu
THE COMPANY Life Touch Nigeria Limited is a corporate organization located in Bwari in Nigeria's Federal Capital Territory. It is registered under the laws and ethics of the Corporate Affairs Commission of Nigeria with registration number 0750259 to embark on health researches, treatment and sensitization of the public on health management concerns throughout Nigeria. The Company's other concerns are in the area of writing / documentation of disasters that have the
8. Sample of contract proposal
77
possibility of causing long-term health problems, such as volcanic eruption, landmine, wars, famine, plague.
Besides empowering people in health awareness and education, we also engage in administration-long report in the form of an index detailing all the major health problems that occurred during a particular political administration, statistical facts about the government's health ministry, the various communities under the administration and the government impact on them health-wise. This involves a meticulous recording of medical history along side the administration down to the start of the next administration. This is a novel development in government aimed at keeping records and showcasing health achievements for both current and future uses as an official check on misinformation and falsehood.
WHY HEALTH WORKSHOP?The incidence of growing health problems in the last few decades has necessitated the establishment of a body to monitor health report and sensitize locals on how to manage their health and guard against epidemic or outbreak of diseases. This attempt will help to reduce cases of intractable health problems when they are not nipped in the bud.
Furthermore, the outcome of the workshop will help in fighting the huge problem of unawareness about HIV which is causing a social menace in many sub-Saharan African countries. When people are empowered through information, they become less prone to diseases which is often a plus to the administration in power.
Similarly, the workshop promises to empower the young people of this Area Council with the result that the social problem of early aging and untimely deaths is reduced to its barest minimum. Many deaths often result from lack of information. The workshop is therefore intended to focus on the training of locals on modern safety measures and tools, various websites providing health information, and how to manage health crises when they occur.
HEALTH WORKSHOP CONTENTS1. Reasons health challenges arise 2. Reasons people should learn to manage their health 3. Information on managing health
78
Small towel For cleaning of electronic sets.Calculator For calculating figures.Dispenser For drinking water. Dictionaries For checking spellings. Telephone sets For commercial calls, etc. Scissors/pin remover For manual slicing of papers and removing pins from papers. Consumable items Ribbon, printing / photocopy papers, print cartridge, toners, spiral rings, hard covers, conquerors, rulers.
As a business person, occasions will arise when you will have to write proposals for contract, and below is a sample that will help you do this.
PROPOSAL FOR A HEALTH TRAINING WORKSHOP
We at Life Touch Ltd are interested in training the youths of Abaji Area Council in the prevention and management of common infections and diseases around them.
WORKSHOP TOPICS Specifically, we wish to train the seminar attendees in the following areas:
? Swine influenza ? Lassa fever ? SARS ? Meningitis ? HIV/AIDS ? Hepatitis? Cancer ? Bird flu
THE COMPANY Life Touch Nigeria Limited is a corporate organization located in Bwari in Nigeria's Federal Capital Territory. It is registered under the laws and ethics of the Corporate Affairs Commission of Nigeria with registration number 0750259 to embark on health researches, treatment and sensitization of the public on health management concerns throughout Nigeria. The Company's other concerns are in the area of writing / documentation of disasters that have the
8. Sample of contract proposal
77
possibility of causing long-term health problems, such as volcanic eruption, landmine, wars, famine, plague.
Besides empowering people in health awareness and education, we also engage in administration-long report in the form of an index detailing all the major health problems that occurred during a particular political administration, statistical facts about the government's health ministry, the various communities under the administration and the government impact on them health-wise. This involves a meticulous recording of medical history along side the administration down to the start of the next administration. This is a novel development in government aimed at keeping records and showcasing health achievements for both current and future uses as an official check on misinformation and falsehood.
WHY HEALTH WORKSHOP?The incidence of growing health problems in the last few decades has necessitated the establishment of a body to monitor health report and sensitize locals on how to manage their health and guard against epidemic or outbreak of diseases. This attempt will help to reduce cases of intractable health problems when they are not nipped in the bud.
Furthermore, the outcome of the workshop will help in fighting the huge problem of unawareness about HIV which is causing a social menace in many sub-Saharan African countries. When people are empowered through information, they become less prone to diseases which is often a plus to the administration in power.
Similarly, the workshop promises to empower the young people of this Area Council with the result that the social problem of early aging and untimely deaths is reduced to its barest minimum. Many deaths often result from lack of information. The workshop is therefore intended to focus on the training of locals on modern safety measures and tools, various websites providing health information, and how to manage health crises when they occur.
HEALTH WORKSHOP CONTENTS1. Reasons health challenges arise 2. Reasons people should learn to manage their health 3. Information on managing health
78
4. Information on tools and facilities needed for health management
5. The financial implication of managing health 6. Sources of health information 7. One-on-one meeting with Life Touch officials 8. Comparing health issues in Europe and Africa 9. Sharing experiences and lessons with local health workers 10. Questions and answers
AIMS AND OBJECTIVES OF WORKSHOP This health workshop is intended to train the youths of Abaji Area Council of the Federal Capital Territory in the area of health management which will help in reducing early aging, addressing the problem of specific ailments, teaching on how to combat other health challenges facing young people which stem from lack of knowledge. It will also help in creating the needed awareness for the locals as many people are trained and empowered to personally manage their health.
As part of our training programmes, we make available some highly affordable literature and CDs that will further assist them on many of the health management tools. We have a directory containing unclassified information of our workshop attendees and they are given dedicated telephone numbers to call our company in case they need health counselling as a follow-up to this session. Where we cannot offer the needed advice, we refer them to local physicians.
All these are aimed at creating the needed opportunities for people to achieve their best in life, remain healthy and make a decent living as they successfully engage in their individual life's endeavours.
DURATION OF TRAINING The health workshop will last for three days – Thursday till Saturday – with date and venue of the event decided during contract negotiations.
WORKSHOP FEE The fee for each attendee will be discussed during the negotiations.
WORKSHOP PUBLICITY Life Touch may offer to assist the Area Council authorities in carrying
79
out the public sensitization through its staff (if need be). Besides using the media such as radio and television, some of the avenues we may help to relay information about the workshop will be:
SchoolsReligious places Bill boards on the streetsFlyers and leaflets.
CONCLUSION Life Touch Ltd is committed to satisfying its clients through the successful discharge of this assignment. The organization has a body of experienced and seasoned experts whose health knowledge and personal experiences in Nigeria and abroad will be brought to bear on the training of participants at the workshop. The occasion promises to be a watershed in the issue of health management through personal training.
We look forward to hearing from you and thank you for your anticipated consideration.
Yours faithfully,Amina Aruleba
27th August 2009
The Chairman, Abaji Area Council Through: The Health Supervisory Officer Abaji, Abuja
Dear Sir,
LETTER OF INTRODUCTION
It is our pleasure to introduce our company LIFE TOUCH (NIG.) LTD and services to your organization. Life Touch Ltd is constituted by a team of experienced Nigerians, each with years of multi-disciplinary experience in health matters.
The main purpose of this correspondence is to intimate you with our
9. Sample of letter of introduction of company
80
4. Information on tools and facilities needed for health management
5. The financial implication of managing health 6. Sources of health information 7. One-on-one meeting with Life Touch officials 8. Comparing health issues in Europe and Africa 9. Sharing experiences and lessons with local health workers 10. Questions and answers
AIMS AND OBJECTIVES OF WORKSHOP This health workshop is intended to train the youths of Abaji Area Council of the Federal Capital Territory in the area of health management which will help in reducing early aging, addressing the problem of specific ailments, teaching on how to combat other health challenges facing young people which stem from lack of knowledge. It will also help in creating the needed awareness for the locals as many people are trained and empowered to personally manage their health.
As part of our training programmes, we make available some highly affordable literature and CDs that will further assist them on many of the health management tools. We have a directory containing unclassified information of our workshop attendees and they are given dedicated telephone numbers to call our company in case they need health counselling as a follow-up to this session. Where we cannot offer the needed advice, we refer them to local physicians.
All these are aimed at creating the needed opportunities for people to achieve their best in life, remain healthy and make a decent living as they successfully engage in their individual life's endeavours.
DURATION OF TRAINING The health workshop will last for three days – Thursday till Saturday – with date and venue of the event decided during contract negotiations.
WORKSHOP FEE The fee for each attendee will be discussed during the negotiations.
WORKSHOP PUBLICITY Life Touch may offer to assist the Area Council authorities in carrying
79
out the public sensitization through its staff (if need be). Besides using the media such as radio and television, some of the avenues we may help to relay information about the workshop will be:
SchoolsReligious places Bill boards on the streetsFlyers and leaflets.
CONCLUSION Life Touch Ltd is committed to satisfying its clients through the successful discharge of this assignment. The organization has a body of experienced and seasoned experts whose health knowledge and personal experiences in Nigeria and abroad will be brought to bear on the training of participants at the workshop. The occasion promises to be a watershed in the issue of health management through personal training.
We look forward to hearing from you and thank you for your anticipated consideration.
Yours faithfully,Amina Aruleba
27th August 2009
The Chairman, Abaji Area Council Through: The Health Supervisory Officer Abaji, Abuja
Dear Sir,
LETTER OF INTRODUCTION
It is our pleasure to introduce our company LIFE TOUCH (NIG.) LTD and services to your organization. Life Touch Ltd is constituted by a team of experienced Nigerians, each with years of multi-disciplinary experience in health matters.
The main purpose of this correspondence is to intimate you with our
9. Sample of letter of introduction of company
80
capability in the act of training people to manage their health and combat health challenges themselves. We therefore wish to use this opportunity to bring our expertise to bear on the solution to health menace by helping to train the young men and women of this local government area on the hidden dangers of a care-free lifestyle.
We wish to assure you that we have the wherewithal, in terms of manpower and resource persons, tools, equipment and logistics to facilitate a successful health workshop for the benefit of the locals.
Our services are characteristically delivered with great attention to schedule, quality and result, ensuring value for money for our clients. We wish to also use this forum to advertize the concern of your administration for the people and further help publicize your good intentions.
It is our sincere hope that you will give us the opportunity to be of service to this local government council and we appreciate you for your anticipated consideration of this proposal.
Yours faithfully,
Dr Yakubu Gyang For: Life Touch Nigeria Limited
10. Some samples of memos
Local Option Clothing Organization LtdINTERNAL MEMO
From: Legal Services Department To: Human Resources Date: 19th August 2009Subject: Request for two additional staff
I wish to formally request for the immediate employment of two additional staff, namely a personal assistant and an emissary.
81
You would recall that with the recent expansion of the office and the current legal issues the department has to attend to, more hands will be needed to efficiently carry out our duty. Not long ago, two of our staff were sacked on grounds of gross misconduct. It is on this note I am requesting for two new employees. Among other personnel considerations, the would-be personal assistant should have some experience from a law firm or possess at least a certificate in law.
Thank you.
Prisca Bivan
PALERMO CONTRACTS (NIG.) LTDINTERNAL MEMO
From: Human Resources To: Managing Director CC: Accounts and Legal ServicesDate: 3rd August 2009Subject: MODALITY FOR THE USE OF OFFICE COMPUTERS
The above subject refers:Sequel to the general weekly meeting of Monday this week which was held in the absence of Ms Binta Lankoviri due to her reported ill-health, staff agreed with the MD to share the use of the two office computers available to staff such that the three staff can conveniently maximize the use of the two systems. Prior to this time, the Company Secretary had been using the faulty system and, for some convincing reason, has decided to using same
8:00 a.m. –
11:00 a.m.
CS uses HR’s.
11:00 a.m. – 2:00 p.m. CS is deprived for 3hrs.
2:00 p.m. – 4/5:00 p.m. CS uses Acct’s.
8:00 a.m. –
11:00 a.m.
HR is deprived for 3 hrs.
11:00 a.m. –
5:00 p.m. HR enjoys 6 hrs’ use.
2:00 p.m. –
4/5:00 p.m. Acct is deprived for 3
hrs.
82
capability in the act of training people to manage their health and combat health challenges themselves. We therefore wish to use this opportunity to bring our expertise to bear on the solution to health menace by helping to train the young men and women of this local government area on the hidden dangers of a care-free lifestyle.
We wish to assure you that we have the wherewithal, in terms of manpower and resource persons, tools, equipment and logistics to facilitate a successful health workshop for the benefit of the locals.
Our services are characteristically delivered with great attention to schedule, quality and result, ensuring value for money for our clients. We wish to also use this forum to advertize the concern of your administration for the people and further help publicize your good intentions.
It is our sincere hope that you will give us the opportunity to be of service to this local government council and we appreciate you for your anticipated consideration of this proposal.
Yours faithfully,
Dr Yakubu Gyang For: Life Touch Nigeria Limited
10. Some samples of memos
Local Option Clothing Organization LtdINTERNAL MEMO
From: Legal Services Department To: Human Resources Date: 19th August 2009Subject: Request for two additional staff
I wish to formally request for the immediate employment of two additional staff, namely a personal assistant and an emissary.
81
You would recall that with the recent expansion of the office and the current legal issues the department has to attend to, more hands will be needed to efficiently carry out our duty. Not long ago, two of our staff were sacked on grounds of gross misconduct. It is on this note I am requesting for two new employees. Among other personnel considerations, the would-be personal assistant should have some experience from a law firm or possess at least a certificate in law.
Thank you.
Prisca Bivan
PALERMO CONTRACTS (NIG.) LTDINTERNAL MEMO
From: Human Resources To: Managing Director CC: Accounts and Legal ServicesDate: 3rd August 2009Subject: MODALITY FOR THE USE OF OFFICE COMPUTERS
The above subject refers:Sequel to the general weekly meeting of Monday this week which was held in the absence of Ms Binta Lankoviri due to her reported ill-health, staff agreed with the MD to share the use of the two office computers available to staff such that the three staff can conveniently maximize the use of the two systems. Prior to this time, the Company Secretary had been using the faulty system and, for some convincing reason, has decided to using same
8:00 a.m. –
11:00 a.m.
CS uses HR’s.
11:00 a.m. – 2:00 p.m. CS is deprived for 3hrs.
2:00 p.m. – 4/5:00 p.m. CS uses Acct’s.
8:00 a.m. –
11:00 a.m.
HR is deprived for 3 hrs.
11:00 a.m. –
5:00 p.m. HR enjoys 6 hrs’ use.
2:00 p.m. –
4/5:00 p.m. Acct is deprived for 3
hrs.
82
with effect from tomorrow when this decision is to take off and last till when the Company is financially buoyant enough to afford another system. Below is a daily time table that may help you make utmost use of the shared systems.
Although the six-hour use and three-hour lull timeframe above is fixed such that, for instance, while the Company Secretary is not making use of the system, she can think ahead in time what utmost use she may put the system to once she has it. From the time table, every staff is entitled to six hours' use of the laptop and three hours' lull with the break time of 1:00 – 2:00 p.m. counted as part of the said time.
Ben Obehi HR
83
CHAPTER EIGHT
How do I document my business ideas?
[ [“The faintest pen is better than the sharpest
memory. If you fail to document your numerous biz ideas when the take-up capital isn't
available, when it finally comes you may not remember the details of those ideas.”
with effect from tomorrow when this decision is to take off and last till when the Company is financially buoyant enough to afford another system. Below is a daily time table that may help you make utmost use of the shared systems.
Although the six-hour use and three-hour lull timeframe above is fixed such that, for instance, while the Company Secretary is not making use of the system, she can think ahead in time what utmost use she may put the system to once she has it. From the time table, every staff is entitled to six hours' use of the laptop and three hours' lull with the break time of 1:00 – 2:00 p.m. counted as part of the said time.
Ben Obehi HR
83
CHAPTER EIGHT
How do I document my business ideas?
[ [“The faintest pen is better than the sharpest
memory. If you fail to document your numerous biz ideas when the take-up capital isn't
available, when it finally comes you may not remember the details of those ideas.”
BUSINESS PLAN
Along the line, you will need to document your numerous business ideas since as the English people would say, “The faintest pen is better than the sharpest memory.” Putting your ideas down in writing has lots of advantages for your future business. A business plan is a written document, a well spelt out body of information which guides the setting up of a new business or the implementation / rebranding of an existing one in moving it from its present to a desired state. A good business plan doesn't have anything to do with length or the overall info covered in the plan. It's all about figuring out your goals and the specifics of achieving them.
Your business plan must be free of defects and technical flaws. It must be a masterpiece or something close to that, reflecting your intellect and skill even in your absence, showcasing your capabilities and desire to succeed and take risk, and not without some meaningful statistics and inerrant projections. It must be able to anticipate questions such as how to handle competition, manage a sudden fall in demand for your products, treat customers' complaints, etc and address them satisfactorily. Below are some key elements of an idea business plan:
Vision/mission statements The people Business profile Economic assessment Basic business concepts Feasibility and specifics Market survey Competition Financial analysis
1. It will define and focus your objective using appropriate information and analysis.
2. You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will give you invaluable advice. On many occasions, young and inexperienced business people forge ahead without the benefit of input from experts who could save them a great deal of problems.
Reasons for having a business plan
85
3. A written business plan helps you allocate your resources judiciously, especially when yours is a small business with limited resources which you can't afford to waste.
4. The presence of a business plan helps you avoid the problem of relying on simple and intuitive planning that is not helpful to modern businesses fraught with competition.
5. Your business plan has the possibility of uncovering omissions and weaknesses in your planning process. There are facts you never anticipated which your business plan will enable you come face to face with. Not having one therefore means you will not have the benefit of knowing and taking advantage of these facts.
6. Initially, a business plan is often like an amateur project that needs to be worked on over time to arrive at its best form. If you lack one, certain ideas may elude you irrecoverably.
7. The decision and the very act of putting your business plan in black and white afford you the opportunity to think through all the business's objectives and intricacies, with the result that you gain better understanding and insight into such crucial issues as competition, market, clients, materials, etc.
8. As a business person, you can use it as a selling tool in dealing with important relationships including your creditors, business partners, investors and financial institutions. In fact, when applying for loan from a financial institution or business financiers, your business plan is a basic requirement.
Business plan sampleBelow is a business plan sample aimed at helping you prepare yours. This format must not however be followed if you have something better, but yours must address the issues presented herein.
Sample business plan for the establishment of a wedding planning company
SECTION 1: Executive summary
1.1 Business synopsis This business idea has as its main focus the provision of information about weddings in Nigeria online and in literature. The business idea involves meeting wealthy Nigerians and seeking their patronage. To
86
How do I document my Business Ideas? How do I document my Business Ideas?
BUSINESS PLAN
Along the line, you will need to document your numerous business ideas since as the English people would say, “The faintest pen is better than the sharpest memory.” Putting your ideas down in writing has lots of advantages for your future business. A business plan is a written document, a well spelt out body of information which guides the setting up of a new business or the implementation / rebranding of an existing one in moving it from its present to a desired state. A good business plan doesn't have anything to do with length or the overall info covered in the plan. It's all about figuring out your goals and the specifics of achieving them.
Your business plan must be free of defects and technical flaws. It must be a masterpiece or something close to that, reflecting your intellect and skill even in your absence, showcasing your capabilities and desire to succeed and take risk, and not without some meaningful statistics and inerrant projections. It must be able to anticipate questions such as how to handle competition, manage a sudden fall in demand for your products, treat customers' complaints, etc and address them satisfactorily. Below are some key elements of an idea business plan:
Vision/mission statements The people Business profile Economic assessment Basic business concepts Feasibility and specifics Market survey Competition Financial analysis
1. It will define and focus your objective using appropriate information and analysis.
2. You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will give you invaluable advice. On many occasions, young and inexperienced business people forge ahead without the benefit of input from experts who could save them a great deal of problems.
Reasons for having a business plan
85
3. A written business plan helps you allocate your resources judiciously, especially when yours is a small business with limited resources which you can't afford to waste.
4. The presence of a business plan helps you avoid the problem of relying on simple and intuitive planning that is not helpful to modern businesses fraught with competition.
5. Your business plan has the possibility of uncovering omissions and weaknesses in your planning process. There are facts you never anticipated which your business plan will enable you come face to face with. Not having one therefore means you will not have the benefit of knowing and taking advantage of these facts.
6. Initially, a business plan is often like an amateur project that needs to be worked on over time to arrive at its best form. If you lack one, certain ideas may elude you irrecoverably.
7. The decision and the very act of putting your business plan in black and white afford you the opportunity to think through all the business's objectives and intricacies, with the result that you gain better understanding and insight into such crucial issues as competition, market, clients, materials, etc.
8. As a business person, you can use it as a selling tool in dealing with important relationships including your creditors, business partners, investors and financial institutions. In fact, when applying for loan from a financial institution or business financiers, your business plan is a basic requirement.
Business plan sampleBelow is a business plan sample aimed at helping you prepare yours. This format must not however be followed if you have something better, but yours must address the issues presented herein.
Sample business plan for the establishment of a wedding planning company
SECTION 1: Executive summary
1.1 Business synopsis This business idea has as its main focus the provision of information about weddings in Nigeria online and in literature. The business idea involves meeting wealthy Nigerians and seeking their patronage. To
86
How do I document my Business Ideas? How do I document my Business Ideas?
achieve this objective the company will engage the paid services of several competent hands, some of whom will be marketers who will serve as links between the company and the customers; researchers who will work together with the customers or their agents to gather relevant data related to the would-be couple that needs publicity; writers who will analyze the raw data collated by the researchers and put same in readable literary form; editors, who are to peruse, edit and carry out the emendation of the written work; and the webmaster who will post the information on the web after putting same in web-worthy format.
On a secondary basis, the company will also engage in other forms of commercial research and writing services, using the same staff mentioned earlier.
1.2 Mission To take advantage of Nigeria's information gap to empower ourselves financially.
1.3 Vision To establish a commercially viable business that will be renowned for bringing Nigeria's would-be couples to limelight.
SECTION 2: The business profile
2.1 Description of business Wedder and Joiner Nigeria Limited (henceforth referred to as Wedder and Joiner (Nig.) Ltd) is the name of the company to facilitate the operation of this business plan. It will be established for the purpose of commercial coverage of weddings. It is going to deal mainly on research, writing and documentation of Nigerian weddings.
2.2 Services to be offered i. Online information publication
– Research services – Gathering of data– Analysis of data– Conduct of interview
ii. Photo studio – Taking instant shots and printing same for customers
87
– Framing exotic photos – Framing poetic lines and brief speeches by personages
iii. Video coverage
2.3 The personnel's work experience & educational credentials related to intended business The staff of the company will be drawn from the graduate levels, with bias for graduates of business-related courses and marketing. This category knows what selling the company to the public is all about.
Here is a list of personnel that I need to work with to achieve this objective. Marketing executives who will serve as links between the company and the customers, field researchers who will collaborate with the customers or their agents to gather relevant data related to the object of publicity, seasoned writers that will analyze the raw data collated by the researchers, editors who are to thoroughly peruse, edit and carry out the emendation of the written work, as well as the webmaster whose task is web-based. While other workers will be needed, these have primary responsibilities.
SECTION 3: Market analysis
3.1 Availability of market This business idea has an infinite number of customers. The following, also appearing in Table 1 below, are the key customers: people at all government levels, corporate organizations, community leaders, heads of tribal associations, political office holders and famous personalities.
88
How do I document my Business Ideas? How do I document my Business Ideas?
achieve this objective the company will engage the paid services of several competent hands, some of whom will be marketers who will serve as links between the company and the customers; researchers who will work together with the customers or their agents to gather relevant data related to the would-be couple that needs publicity; writers who will analyze the raw data collated by the researchers and put same in readable literary form; editors, who are to peruse, edit and carry out the emendation of the written work; and the webmaster who will post the information on the web after putting same in web-worthy format.
On a secondary basis, the company will also engage in other forms of commercial research and writing services, using the same staff mentioned earlier.
1.2 Mission To take advantage of Nigeria's information gap to empower ourselves financially.
1.3 Vision To establish a commercially viable business that will be renowned for bringing Nigeria's would-be couples to limelight.
SECTION 2: The business profile
2.1 Description of business Wedder and Joiner Nigeria Limited (henceforth referred to as Wedder and Joiner (Nig.) Ltd) is the name of the company to facilitate the operation of this business plan. It will be established for the purpose of commercial coverage of weddings. It is going to deal mainly on research, writing and documentation of Nigerian weddings.
2.2 Services to be offered i. Online information publication
– Research services – Gathering of data– Analysis of data– Conduct of interview
ii. Photo studio – Taking instant shots and printing same for customers
87
– Framing exotic photos – Framing poetic lines and brief speeches by personages
iii. Video coverage
2.3 The personnel's work experience & educational credentials related to intended business The staff of the company will be drawn from the graduate levels, with bias for graduates of business-related courses and marketing. This category knows what selling the company to the public is all about.
Here is a list of personnel that I need to work with to achieve this objective. Marketing executives who will serve as links between the company and the customers, field researchers who will collaborate with the customers or their agents to gather relevant data related to the object of publicity, seasoned writers that will analyze the raw data collated by the researchers, editors who are to thoroughly peruse, edit and carry out the emendation of the written work, as well as the webmaster whose task is web-based. While other workers will be needed, these have primary responsibilities.
SECTION 3: Market analysis
3.1 Availability of market This business idea has an infinite number of customers. The following, also appearing in Table 1 below, are the key customers: people at all government levels, corporate organizations, community leaders, heads of tribal associations, political office holders and famous personalities.
88
How do I document my Business Ideas? How do I document my Business Ideas?
3.2 Customer benefitsThis business plan has lots of customer benefits. First, it will provide an important database for the Nigerian public and world at large logging on to the net, especially Nigerian government agencies and corporate organizations. Second, it will project the couple's rich image and popularize the couple. For a future political office holder, it promises to help boost their future chances of success as candidates for an elective position since they have been popularized via this means. Moreover, the innovation has the inherent potential of helping to reduce the problem of planning which is a direct function of dearth of information and database.
When planning for expansion, the Gombe or Delta State governor, for instance, may not need to request the presence of Billiri or Ethiope East Local Government chairman if he needs to know the number of wealthy married couples in that LGA once the information is on the web. In this sense, it helps circumvent the avoidable risk of plying the Nigerian road and helps to manage time. It can become a source of revenue if a government agency or corporate organization decides to commercialize some aspect of its web page such that it can only be accessed by payment via credit card purchase.
3.3 Societal benefits It is often said proverbially that when the plate is full, its cover will
S/NO.
TARGETED CUSTOMERS
NO. OF TARGETED CUSTOMERS
1. Federal government offices
Very large (including offices in 36 states and Abuja)
2. State governments 36 (with numerous agencies)
3. Local governments 774 (prior to the ceding of
Bakassi)
4. Ethnic groups
About 250 (with over 370 languages)
5. Human settlements
(towns and villages) Very large (about 2,178 in Kaduna State alone)
6. Renowned persons (politicians, traditional rulers, celebrities, etc)
Infinite
7. Corporate organizations, NGOs, businesses, etc
Very large number
8. Religious groups Very large number
89
taste of its contents. The overall benefits resulting from this business also have an impact on the immediate and remote environment. First, this step will help enrich Nigeria's poor database. Second, it has educational benefits, especially for students at all levels and members of the academia who will always need facts about places, people and events. A Gbagyi, Tiv or Urhobo student in Japan or Canada, for instance, may not need to contemplate travelling to Nigeria or visiting the Nigerian embassy before attempting an assignment on the number of wealthy people who get married in his hometown once information about these places appears online. It will save them the costs, time and risk involved.
Furthermore, and as its latent function, our effort, although largely commercial in nature, promises to bring Nigeria at par with developed societies which have a high presence on the Internet and boost UNESCO's attempt to document some aspects of indigenous tribes' histories and culture for posterity. It will also create a healthy competition among Nigerian rich folks for online documentation.
3.4 Means of achieving business goalThere is a unique circumstance surrounding this business line that will help its owners achieve its end. To various would-be couples, for instance, our persuasive and pushy team of marketing executives will be armed with reasons that will seek to convince them that their particular wedding culture and tradition are unique enough to deserve being protected from assimilation or extinction by means of the Internet. While not merely using this finding to appeal to their sentiments, we will make them see reason to preserve their cultural heritage through their patronage of our services.
Added to this is the fact that the Nigerian political class likes publicity, both of self and personal achievements. Creating a forum for them to do what they delight in will certainly always be welcome by them. We are therefore taking advantage of this self-serving interest of theirs to remain in business. Besides this, we will be armed with modern gadgets which will be deployed in our marketing efforts. Furthermore, a psychological analysis of the mindset of Nigerians will reveal a subliminal competitive drive which makes Nigerians, individually or collectively, want to have something simply because their neighbour has it, even if it is not needed. It is therefore expected that the presence of a Zaria or Kaltungo couple, for instance, on the
90
3.2 Customer benefitsThis business plan has lots of customer benefits. First, it will provide an important database for the Nigerian public and world at large logging on to the net, especially Nigerian government agencies and corporate organizations. Second, it will project the couple's rich image and popularize the couple. For a future political office holder, it promises to help boost their future chances of success as candidates for an elective position since they have been popularized via this means. Moreover, the innovation has the inherent potential of helping to reduce the problem of planning which is a direct function of dearth of information and database.
When planning for expansion, the Gombe or Delta State governor, for instance, may not need to request the presence of Billiri or Ethiope East Local Government chairman if he needs to know the number of wealthy married couples in that LGA once the information is on the web. In this sense, it helps circumvent the avoidable risk of plying the Nigerian road and helps to manage time. It can become a source of revenue if a government agency or corporate organization decides to commercialize some aspect of its web page such that it can only be accessed by payment via credit card purchase.
3.3 Societal benefits It is often said proverbially that when the plate is full, its cover will
S/NO.
TARGETED CUSTOMERS
NO. OF TARGETED CUSTOMERS
1. Federal government offices
Very large (including offices in 36 states and Abuja)
2. State governments 36 (with numerous agencies)
3. Local governments 774 (prior to the ceding of
Bakassi)
4. Ethnic groups
About 250 (with over 370 languages)
5. Human settlements
(towns and villages) Very large (about 2,178 in Kaduna State alone)
6. Renowned persons (politicians, traditional rulers, celebrities, etc)
Infinite
7. Corporate organizations, NGOs, businesses, etc
Very large number
8. Religious groups Very large number
89
taste of its contents. The overall benefits resulting from this business also have an impact on the immediate and remote environment. First, this step will help enrich Nigeria's poor database. Second, it has educational benefits, especially for students at all levels and members of the academia who will always need facts about places, people and events. A Gbagyi, Tiv or Urhobo student in Japan or Canada, for instance, may not need to contemplate travelling to Nigeria or visiting the Nigerian embassy before attempting an assignment on the number of wealthy people who get married in his hometown once information about these places appears online. It will save them the costs, time and risk involved.
Furthermore, and as its latent function, our effort, although largely commercial in nature, promises to bring Nigeria at par with developed societies which have a high presence on the Internet and boost UNESCO's attempt to document some aspects of indigenous tribes' histories and culture for posterity. It will also create a healthy competition among Nigerian rich folks for online documentation.
3.4 Means of achieving business goalThere is a unique circumstance surrounding this business line that will help its owners achieve its end. To various would-be couples, for instance, our persuasive and pushy team of marketing executives will be armed with reasons that will seek to convince them that their particular wedding culture and tradition are unique enough to deserve being protected from assimilation or extinction by means of the Internet. While not merely using this finding to appeal to their sentiments, we will make them see reason to preserve their cultural heritage through their patronage of our services.
Added to this is the fact that the Nigerian political class likes publicity, both of self and personal achievements. Creating a forum for them to do what they delight in will certainly always be welcome by them. We are therefore taking advantage of this self-serving interest of theirs to remain in business. Besides this, we will be armed with modern gadgets which will be deployed in our marketing efforts. Furthermore, a psychological analysis of the mindset of Nigerians will reveal a subliminal competitive drive which makes Nigerians, individually or collectively, want to have something simply because their neighbour has it, even if it is not needed. It is therefore expected that the presence of a Zaria or Kaltungo couple, for instance, on the
90
will convocate and graduate and create opportunities for us to take photographs; and festivals will continue to be celebrated throughout Nigeria and will simply serve to create opportunity for Wedder and Joiner (Nig.) Ltd to cover same once our financial interest is guaranteed.
The business growth is shown under three stages: the takeoff stage, survival stage and expansion stage. Presented in this section is the intended coverage areas strategized for feasible operation based on our intended takeoff capital. The capital requirement associated with each stage is also analyzed.
4.2 Intended coverage plan (years 1-3)
4.3 Takeoff stage During this stage, the business market target will be mainly in the North Central geopolitical zone of the country. This will be the main area of operation for the first one year. This choice is informed by the high number of opportunities, in terms of ethnic groups, paraded by this zone. It must be noted that the coverage area presented in Table 2 must not strictly be followed. Business opportunities from other areas may alter initial plan in terms of area of operation. But except this happens, we will remain focused on the intended plan.
4.4 Take-up requirements
First year
Geopolitical zone North Central
States FCT, Niger, Nasarawa, Benue, Kogi Plateau and Kwa ra.
Second year
Geopolitical zone North West and North East
States
Adamawa, Taraba, Kano, Katsina, Kaduna, Jigawa, Yobe, Kebbi, Gombe, Bauchi, Borno, Sokoto, Kebbi and Zamfara.
Third year
Geopolitical zone South East, South West and South-South
States
Lagos, Oyo, Ogun, Ondo, Ekiti, Anambra, Enugu, Imo, Ebonyi, Abia, Delta, Edo, Rivers, Cross River, Bayelsa and Akwa Ibom.
Table 2: Coverage areas (with timeframe)
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Internet is enough to whet the appetite of Dutse or Nembe couples for same, or the accessibility of Igala couples will spur Igbira couples into yearning for status equalization. We therefore intend to capitalize on this psychological factor for our commercial benefit.
3.5 Managing competition Emergence of future rivals is not unexpected. One sign of the viability of this business plan is the amount of competition that may trail its emergence. In the event of competition, we wish to see such as an opportunity to improve on our services. Currently, several companies which provide online services exist in Nigeria. Their areas of operation however differ from ours. For now, virtually all such firms provide online academic services such as registration of students, payment of school fees/charges and student enrolment in secondary school exams, such as NECO, WAEC, JAMB, etc.
Nigeria represents a wide business arena where the emergence of competing firms shouldn't pose a serious threat. Included in this business plan is the expansion programme through which we wish to gain wide acceptance soon, such that before any similar company can gain a sound footing, we will have familiarized ourselves with a good number of customers and achieved a reasonable level of stability and coverage. We wish to also aim at better services to gain customer confidence. A profile of the services we will be offering (Section 2, Item 2:2) shows that we are not limited to this online service alone. Thus rivalry in one front does not threaten the future of the company.
3.6 Competitive advantage This business holds a competitive advantage since it is Nigeria's first firm to tread this business path.
SECTION 4: Growth plan and operational strategies (with capital requirement involved)
4.1 Sustaining the business The market for this service grows constantly since communities will always exist and increase; people will always get married; people will always gain awareness to preserve their cultural heritage; future political officeholders will always seek far-reaching means to gain popularity; educational institutions will always admit students who
91
will convocate and graduate and create opportunities for us to take photographs; and festivals will continue to be celebrated throughout Nigeria and will simply serve to create opportunity for Wedder and Joiner (Nig.) Ltd to cover same once our financial interest is guaranteed.
The business growth is shown under three stages: the takeoff stage, survival stage and expansion stage. Presented in this section is the intended coverage areas strategized for feasible operation based on our intended takeoff capital. The capital requirement associated with each stage is also analyzed.
4.2 Intended coverage plan (years 1-3)
4.3 Takeoff stage During this stage, the business market target will be mainly in the North Central geopolitical zone of the country. This will be the main area of operation for the first one year. This choice is informed by the high number of opportunities, in terms of ethnic groups, paraded by this zone. It must be noted that the coverage area presented in Table 2 must not strictly be followed. Business opportunities from other areas may alter initial plan in terms of area of operation. But except this happens, we will remain focused on the intended plan.
4.4 Take-up requirements
First year
Geopolitical zone North Central
States FCT, Niger, Nasarawa, Benue, Kogi Plateau and Kwa ra.
Second year
Geopolitical zone North West and North East
States
Adamawa, Taraba, Kano, Katsina, Kaduna, Jigawa, Yobe, Kebbi, Gombe, Bauchi, Borno, Sokoto, Kebbi and Zamfara.
Third year
Geopolitical zone South East, South West and South-South
States
Lagos, Oyo, Ogun, Ondo, Ekiti, Anambra, Enugu, Imo, Ebonyi, Abia, Delta, Edo, Rivers, Cross River, Bayelsa and Akwa Ibom.
Table 2: Coverage areas (with timeframe)
92
Internet is enough to whet the appetite of Dutse or Nembe couples for same, or the accessibility of Igala couples will spur Igbira couples into yearning for status equalization. We therefore intend to capitalize on this psychological factor for our commercial benefit.
3.5 Managing competition Emergence of future rivals is not unexpected. One sign of the viability of this business plan is the amount of competition that may trail its emergence. In the event of competition, we wish to see such as an opportunity to improve on our services. Currently, several companies which provide online services exist in Nigeria. Their areas of operation however differ from ours. For now, virtually all such firms provide online academic services such as registration of students, payment of school fees/charges and student enrolment in secondary school exams, such as NECO, WAEC, JAMB, etc.
Nigeria represents a wide business arena where the emergence of competing firms shouldn't pose a serious threat. Included in this business plan is the expansion programme through which we wish to gain wide acceptance soon, such that before any similar company can gain a sound footing, we will have familiarized ourselves with a good number of customers and achieved a reasonable level of stability and coverage. We wish to also aim at better services to gain customer confidence. A profile of the services we will be offering (Section 2, Item 2:2) shows that we are not limited to this online service alone. Thus rivalry in one front does not threaten the future of the company.
3.6 Competitive advantage This business holds a competitive advantage since it is Nigeria's first firm to tread this business path.
SECTION 4: Growth plan and operational strategies (with capital requirement involved)
4.1 Sustaining the business The market for this service grows constantly since communities will always exist and increase; people will always get married; people will always gain awareness to preserve their cultural heritage; future political officeholders will always seek far-reaching means to gain popularity; educational institutions will always admit students who
91
The take-up capital for the business to start is analyzed in Table 3 below.
*Investigation shows that office space will be cheaper if rented in a living area outside the city centre. The above amount includes service charges which, according to findings, may take up to 15% of the total rent sum. Such service charges include legal fees, public utility bills such as electricity and water, and security. Being situated outside the city centre does not in any way hamper the business interest of Wedder and Joiner (Nig.) Ltd.
The first quarter will involve only the MD and one marketer while all other services will be outsourced.
4.5 Survival stage The business is planned to enter this stage in the second year of its operation. Coverage area will now be expanded to include two additional geopolitical zones – North West and North East. And depending on needs, branches may be opened in these geopolitical
TAKE-OFF STAGE
Primary/immediate needs Qty Cost
Registration of company Registered
Office space (for the first year) p. a. N650,000*
Laptop (model: HP Pavilion DV 6730) 2 N280,000
Internet access
6 months N57,000
Modem
(for the net access)
1
N25,000
Hosting of website 1 N50,000
Digital camera
1
N40,000
Mobility (fairly used car) 1 N500,000
Office equipment (furniture, electronics, etc)
–
N250,000
Multimedia projector & screen
1
N120,000
Staff salary (for the first 6 months)
1
N300,000
Contingency fund – N250,000
Total
N2,522,000
Table 3: Take-up capital
93
zones. At this level, the company is expected to have at least fifteen staff.
4.6 Growth stage In the third year of its operation, the business will enter this phase (growth or expansion stage). Coverage will then include three additional geopolitical zones – South-East, South-West and South-South. At this stage of the company's existence, the operational activities will have spread round the country as a whole, giving us an edge over likely competitors.
SECTION 5: Projected cash flow
5.1 Introduction Presented in this section is a projected cash flow based on certain assumptions such as proposed charges, which from existing situation, is realistic. These are presented in Tables 6 and 7 below.
S/No. Customer
1.
State government officials
2.
Local government officials
3. Ungrouped personalities4. Corporate organizations
5. Academic events and ceremonies
6. Federal agencies
The amounts given above are negotiable and only represent major contracts and each charge depends on the time and fieldwork needed for completion.
Item Rate Wages: MD Marketer (1)
Consultants (webmaster & editor)
N100,000 (already settled in take-up capital)N80,000 each
Customer media publicity* N50,000 per customer
Contingencies N50,000
Total N360,000
Table 7: Expenditure rate
Table 6: Proposed (but negotiable) charges
94
The take-up capital for the business to start is analyzed in Table 3 below.
*Investigation shows that office space will be cheaper if rented in a living area outside the city centre. The above amount includes service charges which, according to findings, may take up to 15% of the total rent sum. Such service charges include legal fees, public utility bills such as electricity and water, and security. Being situated outside the city centre does not in any way hamper the business interest of Wedder and Joiner (Nig.) Ltd.
The first quarter will involve only the MD and one marketer while all other services will be outsourced.
4.5 Survival stage The business is planned to enter this stage in the second year of its operation. Coverage area will now be expanded to include two additional geopolitical zones – North West and North East. And depending on needs, branches may be opened in these geopolitical
TAKE-OFF STAGE
Primary/immediate needs Qty Cost
Registration of company Registered
Office space (for the first year) p. a. N650,000*
Laptop (model: HP Pavilion DV 6730) 2 N280,000
Internet access
6 months N57,000
Modem
(for the net access)
1
N25,000
Hosting of website 1 N50,000
Digital camera
1
N40,000
Mobility (fairly used car) 1 N500,000
Office equipment (furniture, electronics, etc)
–
N250,000
Multimedia projector & screen
1
N120,000
Staff salary (for the first 6 months)
1
N300,000
Contingency fund – N250,000
Total
N2,522,000
Table 3: Take-up capital
93
zones. At this level, the company is expected to have at least fifteen staff.
4.6 Growth stage In the third year of its operation, the business will enter this phase (growth or expansion stage). Coverage will then include three additional geopolitical zones – South-East, South-West and South-South. At this stage of the company's existence, the operational activities will have spread round the country as a whole, giving us an edge over likely competitors.
SECTION 5: Projected cash flow
5.1 Introduction Presented in this section is a projected cash flow based on certain assumptions such as proposed charges, which from existing situation, is realistic. These are presented in Tables 6 and 7 below.
S/No. Customer
1.
State government officials
2.
Local government officials
3. Ungrouped personalities4. Corporate organizations
5. Academic events and ceremonies
6. Federal agencies
The amounts given above are negotiable and only represent major contracts and each charge depends on the time and fieldwork needed for completion.
Item Rate Wages: MD Marketer (1)
Consultants (webmaster & editor)
N100,000 (already settled in take-up capital)N80,000 each
Customer media publicity* N50,000 per customer
Contingencies N50,000
Total N360,000
Table 7: Expenditure rate
Table 6: Proposed (but negotiable) charges
94
*For every wedding about to take place, a local radio or television broadcast is made for local residents to be aware of its oncoming presence on the web. For the indigenes of the local government or tribesmen and women in diaspora, an advert of the wedding, etc will be made in a national daily to create awareness of its presence on the net, with the web address publicized.
SECTION 6: Conclusion
6.1 Level of preparedness As a mark of our preparedness, we already have a list of 372 languages in Nigeria and the states where they are found, a list of 774 local government councils in Nigeria, an online-worthy sample of Esan ethnic group in Edo State, Afizere in Plateau, Idoma in Benue, Ijaw throughout the Niger Delta and Nupe in Niger State as well as a list of 26 major tourist attractions in Nigeria where our photographers can secure contracts from tourists for coverage. Also, Wedder and Joiner (Nig.) Ltd has been registered with Nigeria's Corporate Affairs Commission (CAC). A few contacts have been made, first in terms of giving out some jobs to capable companies in case we are occupied. We are in touch with some important persons one of whom is a popular media personality in Abuja who may facilitate our meeting with top political office holders, as accessibility is a major problem with marketing, which is a major aspect of our job.
6.2 Anticipated questions Question: Based on Table 2 in Section 4, doesn't it mean that once the company spreads to all the states and LGAs of the federation, it will have reached the peak of its business profits, as there will be no more new offices to secure business? Answer: Based on Item 4.1, the answer is NO. If the company secures a contract from Abaji Area Council in 2010, for instance, it can revisit that same council anytime a new administration assumes office. Also, unless otherwise stated, the execution of an online contract will not mark the end of a contract between Wedder and Joiner (Nig.) Ltd and most of its customers. The continuous updating of the website with fresh facts and data, at an annual sum of at least 10% of the initial contract sum, is ours.
95
Question: A business is often established on demand, and is there a demand for this business? Answer: That a business often starts as a result of demand for its products or services is an armchair generalization which cannot be defended against modern reality. Supply creates it own demand. It is not on record that someone demanded for a car, book or paper clips before it was manufactured. Rather, someone identified a need and put the mechanism in place to meet that need. Once the need was met, and supply made, there was demand. And till date, there is no end in sight to the demand for cars, books, paper clips, etc. Also, one marketing principle is to identity a potential customer's latent need (as opposed to manifest needs such as water, food and shelter), something he needs but he is not really aware of. Once identified, take a commercial step to meet that need. Online publicity of weddings is one of such latent needs of the Nigerian people and ethnic groups. All we need is informed and aggressive marketers who will help potential customers identify this need for which supply has been made or anticipated.
Question: How do the MD and a single marketing staff alone wish to traverse and cover, for instance, the 119 local government councils in the six middle belt states and FCT within one year as shown in Table 2? Answer: Rather than make peripatetic voyage round these local government areas meeting staff, we wish to work through their union called ALGON – Association of Local Governments of Nigeria – to pass this information across. We can also be accessed through the web. We have concluded plans to print at least 120 large posters showing our activities in photos and enshrining our business intentions to them. These will be given out to the various local government representatives in their next national congress where we have concluded arrangements to show up. Also, we have begun to book for advert spaces on the websites of many Nigerian churches outlining our business intentions. Our many contacts – phone numbers, website address, e-mail address, post office box number and office address – are highlighted in these fora.
Sample business plan for the establishment of a printing press and business centre
96
*For every wedding about to take place, a local radio or television broadcast is made for local residents to be aware of its oncoming presence on the web. For the indigenes of the local government or tribesmen and women in diaspora, an advert of the wedding, etc will be made in a national daily to create awareness of its presence on the net, with the web address publicized.
SECTION 6: Conclusion
6.1 Level of preparedness As a mark of our preparedness, we already have a list of 372 languages in Nigeria and the states where they are found, a list of 774 local government councils in Nigeria, an online-worthy sample of Esan ethnic group in Edo State, Afizere in Plateau, Idoma in Benue, Ijaw throughout the Niger Delta and Nupe in Niger State as well as a list of 26 major tourist attractions in Nigeria where our photographers can secure contracts from tourists for coverage. Also, Wedder and Joiner (Nig.) Ltd has been registered with Nigeria's Corporate Affairs Commission (CAC). A few contacts have been made, first in terms of giving out some jobs to capable companies in case we are occupied. We are in touch with some important persons one of whom is a popular media personality in Abuja who may facilitate our meeting with top political office holders, as accessibility is a major problem with marketing, which is a major aspect of our job.
6.2 Anticipated questions Question: Based on Table 2 in Section 4, doesn't it mean that once the company spreads to all the states and LGAs of the federation, it will have reached the peak of its business profits, as there will be no more new offices to secure business? Answer: Based on Item 4.1, the answer is NO. If the company secures a contract from Abaji Area Council in 2010, for instance, it can revisit that same council anytime a new administration assumes office. Also, unless otherwise stated, the execution of an online contract will not mark the end of a contract between Wedder and Joiner (Nig.) Ltd and most of its customers. The continuous updating of the website with fresh facts and data, at an annual sum of at least 10% of the initial contract sum, is ours.
95
Question: A business is often established on demand, and is there a demand for this business? Answer: That a business often starts as a result of demand for its products or services is an armchair generalization which cannot be defended against modern reality. Supply creates it own demand. It is not on record that someone demanded for a car, book or paper clips before it was manufactured. Rather, someone identified a need and put the mechanism in place to meet that need. Once the need was met, and supply made, there was demand. And till date, there is no end in sight to the demand for cars, books, paper clips, etc. Also, one marketing principle is to identity a potential customer's latent need (as opposed to manifest needs such as water, food and shelter), something he needs but he is not really aware of. Once identified, take a commercial step to meet that need. Online publicity of weddings is one of such latent needs of the Nigerian people and ethnic groups. All we need is informed and aggressive marketers who will help potential customers identify this need for which supply has been made or anticipated.
Question: How do the MD and a single marketing staff alone wish to traverse and cover, for instance, the 119 local government councils in the six middle belt states and FCT within one year as shown in Table 2? Answer: Rather than make peripatetic voyage round these local government areas meeting staff, we wish to work through their union called ALGON – Association of Local Governments of Nigeria – to pass this information across. We can also be accessed through the web. We have concluded plans to print at least 120 large posters showing our activities in photos and enshrining our business intentions to them. These will be given out to the various local government representatives in their next national congress where we have concluded arrangements to show up. Also, we have begun to book for advert spaces on the websites of many Nigerian churches outlining our business intentions. Our many contacts – phone numbers, website address, e-mail address, post office box number and office address – are highlighted in these fora.
Sample business plan for the establishment of a printing press and business centre
96
SECTION 1: Executive summary
1.1 Business synopsis The primary objective of this business is the establishment of a printing press in Zaria for the printing of office files, books, receipts, letter-heads, business cards, notepads and organograms for the entire academic community. Along side the printing press, we intend to have a business centre for such services as photocopy, binding and typing.
1.2 Mission To establish a viable printing press and business centre to cater for the university's need.
1.3 Vision To be an excellent solution provider in terms of printing.
1.4 Guiding principlesExcellence and customer satisfaction.
SECTION 2: The business profile
2.1 Description of business The intended business name is Zaria Printing Press. It will be a printing press-cum-business centre for the ABU academic environment.
2.2 Intended services i. Printing services – Office files – Official receipts – Letter-heads– Invoices – Almanacs – Events cards and programmes– Identity cards ii. Business centre services – Type-setting of project works, students' assignments, etc– Photocopying of documents – Binding of documents e.g. students' projects
97
– Lamination – Lecture handouts 2.3 Human resources The business outfit will require the services of two expert typists and one person with printing experience to support the MD who will also have experience in both printing and business centre operation. The printer will be a male staff while one of the typists will be male and the other female.
SECTION 3: Market analysis
3.1 Availability of market This business idea has a large body of customers. Lecturers, non-academic staff, the Ahmadu Bello University authorities and students are the customers for this business.
3.2 Location ABU premises in Zaria, Kaduna State. There is a shopping centre about to be completed and it is close to the main administrative block of the school.
3.3 Customer benefitsThe printing service of the business outfit will be a welcome development for both the members of the academia and the students whose works have had to be taken outside the school premises on several occasions due to the mismanagement of the school's printing press and business centre. Also, the attendant delay of the school's press due to failure of electric power and absence of a generator will not be replicated in this private venture. Customers will receive speedy attention as we are prepared to increase our staff strength to
S/NO.
TARGET
CUSTOMERS
NO. OF TARGETED CUSTOMERS
1.
Lecturers
About 150
2.
Administrative staff
About 270
3.
Full-time students
About 16,000
4.
Part-time students
This varies, but no fewer than 4,000.
5. Local residents N/A
Table 1: Target groups
98
SECTION 1: Executive summary
1.1 Business synopsis The primary objective of this business is the establishment of a printing press in Zaria for the printing of office files, books, receipts, letter-heads, business cards, notepads and organograms for the entire academic community. Along side the printing press, we intend to have a business centre for such services as photocopy, binding and typing.
1.2 Mission To establish a viable printing press and business centre to cater for the university's need.
1.3 Vision To be an excellent solution provider in terms of printing.
1.4 Guiding principlesExcellence and customer satisfaction.
SECTION 2: The business profile
2.1 Description of business The intended business name is Zaria Printing Press. It will be a printing press-cum-business centre for the ABU academic environment.
2.2 Intended services i. Printing services – Office files – Official receipts – Letter-heads– Invoices – Almanacs – Events cards and programmes– Identity cards ii. Business centre services – Type-setting of project works, students' assignments, etc– Photocopying of documents – Binding of documents e.g. students' projects
97
– Lamination – Lecture handouts 2.3 Human resources The business outfit will require the services of two expert typists and one person with printing experience to support the MD who will also have experience in both printing and business centre operation. The printer will be a male staff while one of the typists will be male and the other female.
SECTION 3: Market analysis
3.1 Availability of market This business idea has a large body of customers. Lecturers, non-academic staff, the Ahmadu Bello University authorities and students are the customers for this business.
3.2 Location ABU premises in Zaria, Kaduna State. There is a shopping centre about to be completed and it is close to the main administrative block of the school.
3.3 Customer benefitsThe printing service of the business outfit will be a welcome development for both the members of the academia and the students whose works have had to be taken outside the school premises on several occasions due to the mismanagement of the school's printing press and business centre. Also, the attendant delay of the school's press due to failure of electric power and absence of a generator will not be replicated in this private venture. Customers will receive speedy attention as we are prepared to increase our staff strength to
S/NO.
TARGET
CUSTOMERS
NO. OF TARGETED CUSTOMERS
1.
Lecturers
About 150
2.
Administrative staff
About 270
3.
Full-time students
About 16,000
4.
Part-time students
This varies, but no fewer than 4,000.
5. Local residents N/A
Table 1: Target groups
98
meet customer needs.
3.4 Steps aimed at achieving business objective i. We will have a bold signboard advertising our new business
centre.ii. We intend to print flyers detailing our services and distribute
them to students and staff of the school.iii. We will have service bonanza for our customers for the first
two days of operation.iv. Customers' works will be done speedily.v. We will have a record book to record the time each customer's
work was brought so that we can treat customers equally and avoid losing them for complaint of partiality.
vi. Except when both printing staff and typesetting staff are simultaneously busy, one group will have to help the other to complete its work.
vii. We will work from Mondays through Saturdays to ensure that customers who can't make it to the shop on week days are attended to on Saturdays.
viii. For the lecturers, we will later consider employing a messenger whose work will be to pick up their work from their offices and deliver the finished work to them.
ix. We will have the major phone lines – MTN, GLO and Zain – where we can be reached by any customer.
x. During the first two weeks of operation, the charges will not change even if we switch to generator/plant.
xi. Besides the plant, we will have a 2.5KVA generator as support in the event of light failure and overheating of the plant.
3.5 How we intend to manage competition Emergence of future rivals is not unexpected. One sign of the viability of this business plan is the amount of competition that may trail its emergence. In the event of competition, we wish to see such as an opportunity to improve on our services. Currently the school authorities have made provision for only one printing press in the shopping centre. The only rival we envisage is this very printing press which is moribund. From personal observation as an alumnus of the institution, its operation is epileptic and unreliable. In the event that another printing press emerges, we will have to study their customer-friendly gestures and do either likewise or do something
99
better for our old customers. Thus competition does not in any way threaten the future of the business.
3.6 Competitive advantage Being the only functional business centre and printing press in the proposed area, we hold a competitive advantage as we are close to the administrative block and will have won the hearts of many customers before any strong competitive challenge is posed.
SECTION 4: Growth plan and capital requirement
4.1 Sustaining the business The market for this service grows constantly since we expect to gain more customers rather than lose them. We intend to continuously promote a customer-friendly attitude.
4.2 Take-up requirements The take-up capital for the business to start is analyzed in Table 3 below.
100
meet customer needs.
3.4 Steps aimed at achieving business objective i. We will have a bold signboard advertising our new business
centre.ii. We intend to print flyers detailing our services and distribute
them to students and staff of the school.iii. We will have service bonanza for our customers for the first
two days of operation.iv. Customers' works will be done speedily.v. We will have a record book to record the time each customer's
work was brought so that we can treat customers equally and avoid losing them for complaint of partiality.
vi. Except when both printing staff and typesetting staff are simultaneously busy, one group will have to help the other to complete its work.
vii. We will work from Mondays through Saturdays to ensure that customers who can't make it to the shop on week days are attended to on Saturdays.
viii. For the lecturers, we will later consider employing a messenger whose work will be to pick up their work from their offices and deliver the finished work to them.
ix. We will have the major phone lines – MTN, GLO and Zain – where we can be reached by any customer.
x. During the first two weeks of operation, the charges will not change even if we switch to generator/plant.
xi. Besides the plant, we will have a 2.5KVA generator as support in the event of light failure and overheating of the plant.
3.5 How we intend to manage competition Emergence of future rivals is not unexpected. One sign of the viability of this business plan is the amount of competition that may trail its emergence. In the event of competition, we wish to see such as an opportunity to improve on our services. Currently the school authorities have made provision for only one printing press in the shopping centre. The only rival we envisage is this very printing press which is moribund. From personal observation as an alumnus of the institution, its operation is epileptic and unreliable. In the event that another printing press emerges, we will have to study their customer-friendly gestures and do either likewise or do something
99
better for our old customers. Thus competition does not in any way threaten the future of the business.
3.6 Competitive advantage Being the only functional business centre and printing press in the proposed area, we hold a competitive advantage as we are close to the administrative block and will have won the hearts of many customers before any strong competitive challenge is posed.
SECTION 4: Growth plan and capital requirement
4.1 Sustaining the business The market for this service grows constantly since we expect to gain more customers rather than lose them. We intend to continuously promote a customer-friendly attitude.
4.2 Take-up requirements The take-up capital for the business to start is analyzed in Table 3 below.
100
TAKEOFF STAGE Business centre
S/No.
Primary/immediate needs
Qty Cost
1.
Computer
desks (locally made)
2 N2,500
2.
Computer sets
4 N240,000
3.
Photocopiers (one Rambo, printing 60 copies per minute)
1 each N1,400,000
4.
Laminator
1 N13,000
5.
Scanner
1 N9,000
6.
Shredder
1 N4,500
7.
Refuse bins
2 N200
8.
Printers (laser jet)
2 N34,000
9.
Radio
1 N2,000
10.
Chairs (locally made)
5 N7,500
11.
Measuring rulers (plastic)
2 N200
12.
UPS
2 N7,000
13.
Stabilizers
2 N10,000
14.
Fans
2 N10,000
15.
Staplers (big and small)
1 each N4,000
16.
AC (3 horse power)
1 c. N20,000
17.
Spiral binding machine
1 N12,000
18. Customer pew 1 N7,000
19. Perforator 1 N5,500
20. Extension boxes and fuses 2 each N1,400
21. Computer covers (wrapper against dust) 3 N900
22. Safes and vault 1 each N15,000
23. Pin remover 1 N400
24. Calculators 2 N1,000
25. Dictionaries (Oxford and Longman) 1 each N3,400
26. Water dispenser for staff 1 N15,000
27. Telephone sets 3 N20,000
28. A pair of scissors 1 N250
29. Consumable items: ribbon, papers, printing cartridge, toner, conqueror papers.
- c. N60,000
30. Shelf 1 N7,000
Total N1,905,250
Printing press S/No. Primary/immediate needs
Qty
Cost
1. Printing machine
1
N400,000
2. Fuel gallon 1
N250
3. 3KVA generator
and Montan Plant
1 each
N190,000
4. Tools e.g. screwdriver,
spanner, etc
1 pack
N4,000
5. Shop 2 years
N600,000
6. Signpost
N3,500
7. Registration with local printers’
association
Once
N2,000
8. Miscellaneous expenses N100,000
Total N1,299,750
Grand total N3,205,000
Table 2: Take-up capital
SECTION 5: Projected cash flow
101
*This amount represents a conservative estimate of the leftover sum and the likely income from the production of almanacs, event cards, identity card production and office files whose number cannot readily be determined.
Requirements of a new business You need a feasibility study which is usually field-based and practical unlike the business plan which is simply on paper. Whether you opt for the establishment of a new business, franchise, inheritance or buying one over, each of these has its own merits and demerits. As a business person, you must make some rational decisions after careful assessment and evaluation of your strength and weaknesses
S/No. Service Price x month
1.
Receipt and invoice (100 in a pack)
N2,500 x 50 packs
2.
Letter-head (100 in a pack)
N4,000 x 30 packs
3.
Business card (50 in a pack)
N1,200 x 2 packs
4.
Binding (price determined by volume)
-
5.
Typesetting of one page (coloured)
N80 x 500 pages
6.
Typesetting of one page (black and white)
N50 x 1,000 pages
7.
Scanning of a page
N100 x 100 copies
8.
Photocopy of a page
N5 x 4,500 pages
9. Photocopy of a page (with generator) N10 x 500 pages
10. Design of logo N250 x 5 types
Total amount per month N376,150.00
S/No. Service Price x month
1.
Receipt and invoice (100 in a pack)
N2,500 x 50 packs2.
Letter-head (100 in a pack)
N4,000 x 30 packs
3.
Business card (50 in a pack)
N1,200 x 2 packs
4.
Binding (price determined by volume)
-
5.
Typesetting of one page (coloured)
N80 x 500 pages
6.
Typesetting of one page (black and white)
N50 x 1,000 pages 7.
Scanning of a page
N100 x 100 copies
8.
Photocopy of a page
N5 x 4,500 pages9. Photocopy of a page (with generator) N10 x 500 pages
10. Design of logo N250 x 5 typesTotal amount per month N376,150.00
Monthly income Expenditure Leftover
N376,150
N222,000
N62,150*
Table 5: Monthly return on investment (first year)
Table 4: Proposed monthly expenditure (first year)
Table 3: Proposed (but negotiable) charges
102
TAKEOFF STAGE Business centre
S/No.
Primary/immediate needs
Qty Cost
1.
Computer
desks (locally made)
2 N2,500
2.
Computer sets
4 N240,000
3.
Photocopiers (one Rambo, printing 60 copies per minute)
1 each N1,400,000
4.
Laminator
1 N13,000
5.
Scanner
1 N9,000
6.
Shredder
1 N4,500
7.
Refuse bins
2 N200
8.
Printers (laser jet)
2 N34,000
9.
Radio
1 N2,000
10.
Chairs (locally made)
5 N7,500
11.
Measuring rulers (plastic)
2 N200
12.
UPS
2 N7,000
13.
Stabilizers
2 N10,000
14.
Fans
2 N10,000
15.
Staplers (big and small)
1 each N4,000
16.
AC (3 horse power)
1 c. N20,000
17.
Spiral binding machine
1 N12,000
18. Customer pew 1 N7,000
19. Perforator 1 N5,500
20. Extension boxes and fuses 2 each N1,400
21. Computer covers (wrapper against dust) 3 N900
22. Safes and vault 1 each N15,000
23. Pin remover 1 N400
24. Calculators 2 N1,000
25. Dictionaries (Oxford and Longman) 1 each N3,400
26. Water dispenser for staff 1 N15,000
27. Telephone sets 3 N20,000
28. A pair of scissors 1 N250
29. Consumable items: ribbon, papers, printing cartridge, toner, conqueror papers.
- c. N60,000
30. Shelf 1 N7,000
Total N1,905,250
Printing press S/No. Primary/immediate needs
Qty
Cost
1. Printing machine
1
N400,000
2. Fuel gallon 1
N250
3. 3KVA generator
and Montan Plant
1 each
N190,000
4. Tools e.g. screwdriver,
spanner, etc
1 pack
N4,000
5. Shop 2 years
N600,000
6. Signpost
N3,500
7. Registration with local printers’
association
Once
N2,000
8. Miscellaneous expenses N100,000
Total N1,299,750
Grand total N3,205,000
Table 2: Take-up capital
SECTION 5: Projected cash flow
101
*This amount represents a conservative estimate of the leftover sum and the likely income from the production of almanacs, event cards, identity card production and office files whose number cannot readily be determined.
Requirements of a new business You need a feasibility study which is usually field-based and practical unlike the business plan which is simply on paper. Whether you opt for the establishment of a new business, franchise, inheritance or buying one over, each of these has its own merits and demerits. As a business person, you must make some rational decisions after careful assessment and evaluation of your strength and weaknesses
S/No. Service Price x month
1.
Receipt and invoice (100 in a pack)
N2,500 x 50 packs
2.
Letter-head (100 in a pack)
N4,000 x 30 packs
3.
Business card (50 in a pack)
N1,200 x 2 packs
4.
Binding (price determined by volume)
-
5.
Typesetting of one page (coloured)
N80 x 500 pages
6.
Typesetting of one page (black and white)
N50 x 1,000 pages
7.
Scanning of a page
N100 x 100 copies
8.
Photocopy of a page
N5 x 4,500 pages
9. Photocopy of a page (with generator) N10 x 500 pages
10. Design of logo N250 x 5 types
Total amount per month N376,150.00
S/No. Service Price x month
1.
Receipt and invoice (100 in a pack)
N2,500 x 50 packs2.
Letter-head (100 in a pack)
N4,000 x 30 packs
3.
Business card (50 in a pack)
N1,200 x 2 packs
4.
Binding (price determined by volume)
-
5.
Typesetting of one page (coloured)
N80 x 500 pages
6.
Typesetting of one page (black and white)
N50 x 1,000 pages 7.
Scanning of a page
N100 x 100 copies
8.
Photocopy of a page
N5 x 4,500 pages9. Photocopy of a page (with generator) N10 x 500 pages
10. Design of logo N250 x 5 typesTotal amount per month N376,150.00
Monthly income Expenditure Leftover
N376,150
N222,000
N62,150*
Table 5: Monthly return on investment (first year)
Table 4: Proposed monthly expenditure (first year)
Table 3: Proposed (but negotiable) charges
102
and know which is best for you, not forgetting the business environment. For a new business, the following are required.
A study you carry out to find out the technical possibility, economic viability and social desirability of a particular project or market-oriented activity is called feasibility study. The overall technical requirement of the project is what the first part of the feasibility deals with. Through this, you're able to identify the machine and production technology needed for your desired business as well as their sources and availability. The nature and sources of materials needed for your business, skilled personnel as well as building and spatial arrangement needed for proper installation, safety and operation are taken into consideration under this finding or study.
Financial projection is the focus of the second aspect of the feasibility study. It must address such issues as the capital requirement for setting up the business venture, identify sources of working capital, cash flow, profitability and otherwise, the market niche your business wishes to serve, competition and how to handle it. The social desirability of the project/business comes next to the financial analysis. Through this, you can think through your plan and be able to convince yourself that the venture won't fail. It is also seen as a sort of impact evaluation aimed at measuring the intended and unintended impact/outcome of your project and its effect on the host community, as lack of concern for the host could bring your business to a halt and lead to loss of profit.
2. Putting together the needed resources such as technology, materials, personnel, etc.
3. Suitable location for the business comes next and such consideration as nearness of raw materials/supply, market for your product and laws governing such business must not be undermined at this point.
4. Identify the market niche to fill, choose suppliers to deal with and available sources of capital to tap from.
5. Set up marketing channels to use in distributing your products.
1. Feasibility study
103
CHAPTER NINE
How do I manage the office and workers?
“The deepest principle in human nature is the craving to be appreciated. Praise
becomes valuable only when you impart it, not when you remain silent about it. So, learn to commend and appreciate your staff even before you criticize them.”
“Time management should actually be called self-management.”
and know which is best for you, not forgetting the business environment. For a new business, the following are required.
A study you carry out to find out the technical possibility, economic viability and social desirability of a particular project or market-oriented activity is called feasibility study. The overall technical requirement of the project is what the first part of the feasibility deals with. Through this, you're able to identify the machine and production technology needed for your desired business as well as their sources and availability. The nature and sources of materials needed for your business, skilled personnel as well as building and spatial arrangement needed for proper installation, safety and operation are taken into consideration under this finding or study.
Financial projection is the focus of the second aspect of the feasibility study. It must address such issues as the capital requirement for setting up the business venture, identify sources of working capital, cash flow, profitability and otherwise, the market niche your business wishes to serve, competition and how to handle it. The social desirability of the project/business comes next to the financial analysis. Through this, you can think through your plan and be able to convince yourself that the venture won't fail. It is also seen as a sort of impact evaluation aimed at measuring the intended and unintended impact/outcome of your project and its effect on the host community, as lack of concern for the host could bring your business to a halt and lead to loss of profit.
2. Putting together the needed resources such as technology, materials, personnel, etc.
3. Suitable location for the business comes next and such consideration as nearness of raw materials/supply, market for your product and laws governing such business must not be undermined at this point.
4. Identify the market niche to fill, choose suppliers to deal with and available sources of capital to tap from.
5. Set up marketing channels to use in distributing your products.
1. Feasibility study
103
CHAPTER NINE
How do I manage the office and workers?
“The deepest principle in human nature is the craving to be appreciated. Praise
becomes valuable only when you impart it, not when you remain silent about it. So, learn to commend and appreciate your staff even before you criticize them.”
“Time management should actually be called self-management.”
OFFICE/PERSONNEL MANAGEMENT
Managing the business Once you have set up your business, the question of what next naturally arises. This is where effective administration or office management comes in. While your staff will be greatly involved in the management, you have to do all their jobs before they are eventually employed.
If you want to be organized and keep things running smoothly, routine tasks need routine procedures. Endeavour to set up routines for handling paperwork and office systems. For instance, every piece of paper that comes into your office should be handled once, acted upon and then filed – don't randomly pile them on the desk. Office systems, such as computers, will need immediate attention. When the system crashes or a computer-related piece of equipment fails, everyone in the office should to know who to call and what to do to fix the problem.
Keeping records is not easy but your business needs it. Try to make updating records an office routine. When you get a new customer or client, for instance, it will take you only a few minutes to store their information in contacts database. And it will only take another minute or two to update the record after you have spoken to them on the phone.
Once in a while, walk around the office and commend your staff for something well done. “The deepest principle in human nature is the craving to be appreciated,” says William James. Praise becomes valuable only when you impart it, not when you remain silent about it. Staff sometimes deserve to be corrected for acts of omission or commission. Learn to always be in charge of your emotions. Don't criticize someone while you are still fuming with anger; defer it. When you finally decide on doing that, which of course is important, endeavour to look for something worthy of commendation that the staff has done, always does or is doing currently. Commend them for it and then initiate your criticism with a view to achieve change or improvement next time, and then conclude by briefly commending them again. Criticism seldom works when done when done amidst rage.
1. Establish office management routines and stick to them
2. Keep records of your business activities
3. Learn to criticize wisely
105
4. Set up clearly delineated responsibilities
5. Assign task, not procedure
6. Delegate and outsource
7. Have proper arrangement
8. Make business planning a priority
Good office management depends on people knowing who is responsible for what – it's people who are accountable who get things done. Putting one officer in charge of purchases or ordering of equipment and supplies will solve the problem and keep things running smoothly. If you must avoid chaos, the same applies to computer system administration. Your business needs to have one person who is responsible for the security of your computer system and keeping track of things such as accounts, passwords and software. Besides the officer with the passwords, you should also have access to such codes.
When you assign a task to your worker, learn to leave them alone to adopt their own procedure in carrying out the assignment unless they ask you for that. The procedure you are used to may not be the best for him or her, and if left alone he or she may adopt a better and faster method than you thought you knew.
As humans, we aren't as versatile as we would want. To ensure you don't end up doing the things you aren't good at or things you don't have time and talent for, outsourcing or delegation remain the best option. Delegating and outsourcing aren't only good at improving your small business office management, but they also free you to focus on your area of specialty. But do not over-delegate; there could turn out to be laziness underlying this practice.
Find out if your office is an example in terms of a lack of space such that when you walk through it you encounter obstructions or run the risk of tripping over something. If things are not well arranged you may hate the place. To ensure good office management, you need to be sure that all the things in the office are arranged for maximum efficiency and safety.
Once you've got staff in your business, involve them in business planning either formally or informally. Business planning is an important component of good office management and needs to be
106
OFFICE/PERSONNEL MANAGEMENT
Managing the business Once you have set up your business, the question of what next naturally arises. This is where effective administration or office management comes in. While your staff will be greatly involved in the management, you have to do all their jobs before they are eventually employed.
If you want to be organized and keep things running smoothly, routine tasks need routine procedures. Endeavour to set up routines for handling paperwork and office systems. For instance, every piece of paper that comes into your office should be handled once, acted upon and then filed – don't randomly pile them on the desk. Office systems, such as computers, will need immediate attention. When the system crashes or a computer-related piece of equipment fails, everyone in the office should to know who to call and what to do to fix the problem.
Keeping records is not easy but your business needs it. Try to make updating records an office routine. When you get a new customer or client, for instance, it will take you only a few minutes to store their information in contacts database. And it will only take another minute or two to update the record after you have spoken to them on the phone.
Once in a while, walk around the office and commend your staff for something well done. “The deepest principle in human nature is the craving to be appreciated,” says William James. Praise becomes valuable only when you impart it, not when you remain silent about it. Staff sometimes deserve to be corrected for acts of omission or commission. Learn to always be in charge of your emotions. Don't criticize someone while you are still fuming with anger; defer it. When you finally decide on doing that, which of course is important, endeavour to look for something worthy of commendation that the staff has done, always does or is doing currently. Commend them for it and then initiate your criticism with a view to achieve change or improvement next time, and then conclude by briefly commending them again. Criticism seldom works when done when done amidst rage.
1. Establish office management routines and stick to them
2. Keep records of your business activities
3. Learn to criticize wisely
105
4. Set up clearly delineated responsibilities
5. Assign task, not procedure
6. Delegate and outsource
7. Have proper arrangement
8. Make business planning a priority
Good office management depends on people knowing who is responsible for what – it's people who are accountable who get things done. Putting one officer in charge of purchases or ordering of equipment and supplies will solve the problem and keep things running smoothly. If you must avoid chaos, the same applies to computer system administration. Your business needs to have one person who is responsible for the security of your computer system and keeping track of things such as accounts, passwords and software. Besides the officer with the passwords, you should also have access to such codes.
When you assign a task to your worker, learn to leave them alone to adopt their own procedure in carrying out the assignment unless they ask you for that. The procedure you are used to may not be the best for him or her, and if left alone he or she may adopt a better and faster method than you thought you knew.
As humans, we aren't as versatile as we would want. To ensure you don't end up doing the things you aren't good at or things you don't have time and talent for, outsourcing or delegation remain the best option. Delegating and outsourcing aren't only good at improving your small business office management, but they also free you to focus on your area of specialty. But do not over-delegate; there could turn out to be laziness underlying this practice.
Find out if your office is an example in terms of a lack of space such that when you walk through it you encounter obstructions or run the risk of tripping over something. If things are not well arranged you may hate the place. To ensure good office management, you need to be sure that all the things in the office are arranged for maximum efficiency and safety.
Once you've got staff in your business, involve them in business planning either formally or informally. Business planning is an important component of good office management and needs to be
106
part of your regular office management routine. Successful small business owners spend time weekly on business planning and many use daily business planning sessions as a tool for goal setting and growth.
Time managent As part of the many things that will make you succeed in business is time management. The following time management tips will help you increase your productivity as a business person. And never forget that time management skills are especially important for small business people who often find themselves performing many different tasks in the course of a single day.
1. Convince yourself that time management is a myth. No matter how organized you are, there are always just twenty-four hours in a day. Time doesn't change. Therefore, all you can actually manage is yourself and what you do with the time that you have. Instead, see it as self-management.
2. Make a priority of your itinerary and events. You should start each day with a time management session prioritizing the tasks for that day and setting your performance benchmark. Supposing you have ten tasks for a given day, get to know how many of them you truly need to accomplish.
3. Create time management goals. Do bear in mind that the focus of time management is actually changing your behaviour, not changing time. A good place to start is by eliminating your personal time-wasters. For instance, for the next few days decide that you're not going to answer phone calls while you're working. Also, you must try to change habits that can interfere with successful time management.
4. Find out where you're wasting time. Many people are prey to time-wasters that steal time you could be using much more productively. Get to know what your time-pilferers are. Get to know if you spend too much time browsing through a dictionary for a single word (which you sometimes forget because of another attractive word you've just sighted), reading email, browsing the Internet, receiving non-client visitors or making / answering calls?
107
5. Get to implement a time management plan. Track your goals over time to see whether or not you're accomplishing them or not.The objective is to change your behaviour over time to achieve whatever general goal you've set for yourself, such as increasing your productivity or decreasing your stress.
6. Use time management tools which are available as software. Whether it is a day-timer or a software, the first step to be able to physically manage your time is to know where it's going now and planning how you're going to spend your time in the future. A software program such as Outlook allows you schedule events easily as a business person and can be set to remind you of events in advance, making your time management easier.
7. Just as it is managing an office, get to establish routines and stick to them as much as possible. Even in the face of crisis, you will be much more productive if you can follow your self-set routines most of the time.
8. Learn to delegate and/or outsource. As a business person, no matter how small your business is you need not be everywhere. For effective time management, you need to engage some people. Decide which tasks you would like to delegate or outsource.
9. Be organized. Find out if you are wasting a lot of time looking for files in your shelf and in your system. Take the time to organize a file management system. In case your filing system is slowing you down, endeavour to reorganize it to the point that you can quickly lay your hands on what you need.
10. Develop the habit of setting time limits for tasks. For instance, reading and answering e-mail can consume your whole day if you let it. Instead, set a limit of one hour a day for this task and stick to it and once the alarm bell rings, leave whatever you're doing. It shows the ability to manage yourself.
Employee selection
a. Decide the job title and who the candidate will be reporting to.
1. Before the search for candidate
.
108
part of your regular office management routine. Successful small business owners spend time weekly on business planning and many use daily business planning sessions as a tool for goal setting and growth.
Time managent As part of the many things that will make you succeed in business is time management. The following time management tips will help you increase your productivity as a business person. And never forget that time management skills are especially important for small business people who often find themselves performing many different tasks in the course of a single day.
1. Convince yourself that time management is a myth. No matter how organized you are, there are always just twenty-four hours in a day. Time doesn't change. Therefore, all you can actually manage is yourself and what you do with the time that you have. Instead, see it as self-management.
2. Make a priority of your itinerary and events. You should start each day with a time management session prioritizing the tasks for that day and setting your performance benchmark. Supposing you have ten tasks for a given day, get to know how many of them you truly need to accomplish.
3. Create time management goals. Do bear in mind that the focus of time management is actually changing your behaviour, not changing time. A good place to start is by eliminating your personal time-wasters. For instance, for the next few days decide that you're not going to answer phone calls while you're working. Also, you must try to change habits that can interfere with successful time management.
4. Find out where you're wasting time. Many people are prey to time-wasters that steal time you could be using much more productively. Get to know what your time-pilferers are. Get to know if you spend too much time browsing through a dictionary for a single word (which you sometimes forget because of another attractive word you've just sighted), reading email, browsing the Internet, receiving non-client visitors or making / answering calls?
107
5. Get to implement a time management plan. Track your goals over time to see whether or not you're accomplishing them or not.The objective is to change your behaviour over time to achieve whatever general goal you've set for yourself, such as increasing your productivity or decreasing your stress.
6. Use time management tools which are available as software. Whether it is a day-timer or a software, the first step to be able to physically manage your time is to know where it's going now and planning how you're going to spend your time in the future. A software program such as Outlook allows you schedule events easily as a business person and can be set to remind you of events in advance, making your time management easier.
7. Just as it is managing an office, get to establish routines and stick to them as much as possible. Even in the face of crisis, you will be much more productive if you can follow your self-set routines most of the time.
8. Learn to delegate and/or outsource. As a business person, no matter how small your business is you need not be everywhere. For effective time management, you need to engage some people. Decide which tasks you would like to delegate or outsource.
9. Be organized. Find out if you are wasting a lot of time looking for files in your shelf and in your system. Take the time to organize a file management system. In case your filing system is slowing you down, endeavour to reorganize it to the point that you can quickly lay your hands on what you need.
10. Develop the habit of setting time limits for tasks. For instance, reading and answering e-mail can consume your whole day if you let it. Instead, set a limit of one hour a day for this task and stick to it and once the alarm bell rings, leave whatever you're doing. It shows the ability to manage yourself.
Employee selection
a. Decide the job title and who the candidate will be reporting to.
1. Before the search for candidate
.
108
b. Decide when the position needs to be filled and the . . remuneration.
c. Decide who will meet and interview the candidate and the . interview venue.
This involves FAS – find, attract and select. Find the best candidate via media advert, referrals, recourse to unsuccessful applicants' curricula vitae probably from someone else, using recruitment agencies, perusing the web, through posters or public announcements in gatherings e.g. religious meetings such as youth fellowships.
a. Prepare and ask questions that help determine the candidate's qualification for the position. Strike out questions that may later require apology from you.
b. Decide if the position meets the candidate's criteria which requires the interviewer to provide brief details of the job description.
c. Enquire about logistical considerations such as days, hours, location, etc that might affect the candidate's future work with the company. If, for instance, the candidate resides in Gwagwalada in Abuja while the office is located in Maitama, a journey of some forty-five kilometres, both the distance and traffic holdup may affect their punctuality.
d. Conduct psychological tests where required e.g. test for attention to details by asking the candidate to vet/edit a write-up as a would-be editor; and skills tests such as asking a candidate to type, drive, attend to customer(s) or answer a phone call as company receptionist.
e. Know the candidate's salary expectations. Being subjected to a rigorous interview for a job of fifty thousand naira when their expectation is something above a hundred thousand naira could eventually be annoying to the candidate and time wasting to the interviewer.
f. Be prepared to give the candidate an opportunity to ask questions, and do your best to answer them.
g. Record the interview result in a manner that will help determine the ideal candidate as a mix-up will be highly regretted.
..
..
2. Finding your candidate
3. Conducting the interview
109
4. Post-interview concerns
1. The Employee Handbook
a. Be prepared to use the record to decide the best candidate for the position. (Do your best to recruit the right candidate since it is known from experience that most interview candidates put in their best, dress well and perform well on the interview day.)
b. Invite and make the job offer to successful candidate(s), notify unsuccessful candidates of their 'status' e.g. via text massages, negotiate the pay package with the successful candidate and conduct an orientation.
c. During orientation, first introduce yourself to the new staff, then introduce him/her to other staff using their designation e.g. Ms, Dr. From experience, writing out the different stages of the orientation will help far better.
d. Hand over a copy of the company handbook to the new staff. A verbal explanation and emphasis of some points in the handbook e.g. penalty for lateness to work, absence, French leave, damage to company property, sexual harassment, etc may be very useful.
HR policies
a. Decide how the policies and procedures guiding the company staff and management should be – written or unwritten.
b. If it is written (which is more common and helps spell out official rights and responsibilities), it should appear under the title 'Employee Handbook' with the following, among other issues, as its contents:
–(i) Introduction: Mission statement, values and business philosophy; company history, milestones and setbacks; company's target market, list of services offered and marketing plans.
–(ii) Staff relationship: Conflict resolution; formal and informal relationships; workplace romance; sexual harassment; workplace violence.
–(iii)Expense management and overhead costs: Travelling allowance; estacode, per diem, etc.
–(iv)Electronic communication policy: Use of the Internet, company logos, photos and name; website maintenance; copyright issues, etc.
–(v)Representing the company: Media/public appearance;
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b. Decide when the position needs to be filled and the . . remuneration.
c. Decide who will meet and interview the candidate and the . interview venue.
This involves FAS – find, attract and select. Find the best candidate via media advert, referrals, recourse to unsuccessful applicants' curricula vitae probably from someone else, using recruitment agencies, perusing the web, through posters or public announcements in gatherings e.g. religious meetings such as youth fellowships.
a. Prepare and ask questions that help determine the candidate's qualification for the position. Strike out questions that may later require apology from you.
b. Decide if the position meets the candidate's criteria which requires the interviewer to provide brief details of the job description.
c. Enquire about logistical considerations such as days, hours, location, etc that might affect the candidate's future work with the company. If, for instance, the candidate resides in Gwagwalada in Abuja while the office is located in Maitama, a journey of some forty-five kilometres, both the distance and traffic holdup may affect their punctuality.
d. Conduct psychological tests where required e.g. test for attention to details by asking the candidate to vet/edit a write-up as a would-be editor; and skills tests such as asking a candidate to type, drive, attend to customer(s) or answer a phone call as company receptionist.
e. Know the candidate's salary expectations. Being subjected to a rigorous interview for a job of fifty thousand naira when their expectation is something above a hundred thousand naira could eventually be annoying to the candidate and time wasting to the interviewer.
f. Be prepared to give the candidate an opportunity to ask questions, and do your best to answer them.
g. Record the interview result in a manner that will help determine the ideal candidate as a mix-up will be highly regretted.
..
..
2. Finding your candidate
3. Conducting the interview
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4. Post-interview concerns
1. The Employee Handbook
a. Be prepared to use the record to decide the best candidate for the position. (Do your best to recruit the right candidate since it is known from experience that most interview candidates put in their best, dress well and perform well on the interview day.)
b. Invite and make the job offer to successful candidate(s), notify unsuccessful candidates of their 'status' e.g. via text massages, negotiate the pay package with the successful candidate and conduct an orientation.
c. During orientation, first introduce yourself to the new staff, then introduce him/her to other staff using their designation e.g. Ms, Dr. From experience, writing out the different stages of the orientation will help far better.
d. Hand over a copy of the company handbook to the new staff. A verbal explanation and emphasis of some points in the handbook e.g. penalty for lateness to work, absence, French leave, damage to company property, sexual harassment, etc may be very useful.
HR policies
a. Decide how the policies and procedures guiding the company staff and management should be – written or unwritten.
b. If it is written (which is more common and helps spell out official rights and responsibilities), it should appear under the title 'Employee Handbook' with the following, among other issues, as its contents:
–(i) Introduction: Mission statement, values and business philosophy; company history, milestones and setbacks; company's target market, list of services offered and marketing plans.
–(ii) Staff relationship: Conflict resolution; formal and informal relationships; workplace romance; sexual harassment; workplace violence.
–(iii)Expense management and overhead costs: Travelling allowance; estacode, per diem, etc.
–(iv)Electronic communication policy: Use of the Internet, company logos, photos and name; website maintenance; copyright issues, etc.
–(v)Representing the company: Media/public appearance;
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public decorum. –(vi)Employment and compensation policies: Office hours;
break; overtime; time records; pay period; transfers and promotions; dress code; personnel records; confidential information policy; theft of company property; employment and kith's and kin's considerations; salaries, allowances and bonuses.
–(vii)Time-off policies: Vacation leave; sick leave; French leave; public holidays; bereavement leave; conjugal leave; maternity leave; study leave; exit and absence.
–(viii)Employee benefits: Pension plan; insurance cover; health insurance; loan and advances.
–(ix)Employee safety policies: Safety rules; substance intake. –(x) Corrective discipline and termination policies: Open door
or otherwise policy; internal complaint procedures; progressive disciplinary procedures; investigations and searches; dismissal; resignation.
–(xi)Other personnel matters: Job descriptions; organogram (organization chart), etc.
Performance management
a. Setting expectations/goals. b. Ways of fostering coaching.
Training and development
a. New staff orientation and training; old staff training/retraining methods and programmes.
Employee relations
a. Fostering effective workplace communication: What information to share with staff; extent of honesty with staff; ways of communication to employees; means of getting information from employees.
b. Reward and recognition plan: Ways of rewarding achievements, maintaining work-life balance e.g. telecommuting, flextime, job sharing and compressed worksheet whether or not they will be permitted.
1. Development of a performance management system
1. Training and development
1. Employee relations and retention
.
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c. Resolving workplace conflicts: Explaining desirable conflicts, undesirable conflicts, conflict resolution methods. d. Resignations; exit interview.
Compensation 1. Compensationa. Salaries and wages; overtime; pay increase; bonuses; incentives; variable pay. b. Criteria for considering pay increase: Length of service, level or position, payment as percentage of the employee's basic salary.
Benefits 1. Benefits a. Health insurance benefits; retirement benefits; sick benefit; vacation benefits; study benefits.
Regulatory instruments
a. Company Handbook; Nigerian Labour Law; International Labour Organization.
How to respond when the unexpected happens
a. Ways to reduce electronic mail, Internet and computer usage for personal needs; employees' privacy when using the office net; protecting the office from employee-sent spam, scam and browsing of porn-related web pages.
b. Workplace violence.
a. Ensuring a drug-free workplace. b.Monitoring other workplace dishonesty – telephone
conversations, possession of firearms, monitoring e-mails, video surveillance of employees' activities, occasional visits to employees' desks or offices.
c. Procedure for conducting employee investigations.
Termination and discharge
a. Pre-termination considerations: Factors to consider when
1. Laws
1. Electronics
2. Substance abuse in the workplace
1. Termination process
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public decorum. –(vi)Employment and compensation policies: Office hours;
break; overtime; time records; pay period; transfers and promotions; dress code; personnel records; confidential information policy; theft of company property; employment and kith's and kin's considerations; salaries, allowances and bonuses.
–(vii)Time-off policies: Vacation leave; sick leave; French leave; public holidays; bereavement leave; conjugal leave; maternity leave; study leave; exit and absence.
–(viii)Employee benefits: Pension plan; insurance cover; health insurance; loan and advances.
–(ix)Employee safety policies: Safety rules; substance intake. –(x) Corrective discipline and termination policies: Open door
or otherwise policy; internal complaint procedures; progressive disciplinary procedures; investigations and searches; dismissal; resignation.
–(xi)Other personnel matters: Job descriptions; organogram (organization chart), etc.
Performance management
a. Setting expectations/goals. b. Ways of fostering coaching.
Training and development
a. New staff orientation and training; old staff training/retraining methods and programmes.
Employee relations
a. Fostering effective workplace communication: What information to share with staff; extent of honesty with staff; ways of communication to employees; means of getting information from employees.
b. Reward and recognition plan: Ways of rewarding achievements, maintaining work-life balance e.g. telecommuting, flextime, job sharing and compressed worksheet whether or not they will be permitted.
1. Development of a performance management system
1. Training and development
1. Employee relations and retention
.
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c. Resolving workplace conflicts: Explaining desirable conflicts, undesirable conflicts, conflict resolution methods. d. Resignations; exit interview.
Compensation 1. Compensationa. Salaries and wages; overtime; pay increase; bonuses; incentives; variable pay. b. Criteria for considering pay increase: Length of service, level or position, payment as percentage of the employee's basic salary.
Benefits 1. Benefits a. Health insurance benefits; retirement benefits; sick benefit; vacation benefits; study benefits.
Regulatory instruments
a. Company Handbook; Nigerian Labour Law; International Labour Organization.
How to respond when the unexpected happens
a. Ways to reduce electronic mail, Internet and computer usage for personal needs; employees' privacy when using the office net; protecting the office from employee-sent spam, scam and browsing of porn-related web pages.
b. Workplace violence.
a. Ensuring a drug-free workplace. b.Monitoring other workplace dishonesty – telephone
conversations, possession of firearms, monitoring e-mails, video surveillance of employees' activities, occasional visits to employees' desks or offices.
c. Procedure for conducting employee investigations.
Termination and discharge
a. Pre-termination considerations: Factors to consider when
1. Laws
1. Electronics
2. Substance abuse in the workplace
1. Termination process
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terminating appointment.b.Termination proper: Carrying out the termination; considering
resignation for termination. c. Post-termination matters: Compensation and benefits; policy on
giving references to former employees.
Organogram As you start a company, there will be need for an organizational chart or organogram, which is a chart showing the different job positions and who is responsible and answerable to each other. Your organogram should be so simple as to show a staff his or her position and department in the organization. Below is a sample organogram.
Importance of job descriptionAt some point in your business, you need to recruit staff and spell out their duties and responsibilities to each one. Doing this calls for job description. 1. In an interview, it provides clear description of the role for
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job candidates. 2. Upon employment, it clarifies employer expectations for
employees. 3. Having worked in the organization for some time, it provides
a basis for measuring job performance. 4. For fiscal purposes, it enables pay and grading systems to be
structured fairly and logically. 5. For human resources, it is an essential reference tool for
disciplinary matters. 6. When considering better performance, it provides important
reference points for training/development areas. 7. It provides a structure and discipline for the company to
understand and structure all jobs and to ensure necessary activities, duties and responsibilities are covered by one job or another.
8. It provides continuity of role parameters irrespective of managers' subjective interpretation.
9. It prevents arbitrary interpretation of role content and limit by employee and employer as well as the manager.
10. Like the company handbook, job description is an essential reference tool in issues of employee/employer dispute.
11. It provides neutral and objective (as opposed to subjective or arbitrary) reference points for appraisals and performance reviews.
12. It enables the organization to structure and manage roles in a uniform way, thus increasing efficiency and effectiveness of recruitment, training and development, organizational structure, work flow and activities, customer service, etc.
13. It helps prevent duplication of jobs and clash of responsibilities among staff.
Selected samples of job description
1. MANAGERI. Ensure the day-to-day running and success of activities in
the Organization. ii. Supervise the activities of the heads of departments. iii. Act as custodian of all Company property. iv. Act as signatory to all Company accounts. v. Chair all management meetings of the Company.
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terminating appointment.b.Termination proper: Carrying out the termination; considering
resignation for termination. c. Post-termination matters: Compensation and benefits; policy on
giving references to former employees.
Organogram As you start a company, there will be need for an organizational chart or organogram, which is a chart showing the different job positions and who is responsible and answerable to each other. Your organogram should be so simple as to show a staff his or her position and department in the organization. Below is a sample organogram.
Importance of job descriptionAt some point in your business, you need to recruit staff and spell out their duties and responsibilities to each one. Doing this calls for job description. 1. In an interview, it provides clear description of the role for
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job candidates. 2. Upon employment, it clarifies employer expectations for
employees. 3. Having worked in the organization for some time, it provides
a basis for measuring job performance. 4. For fiscal purposes, it enables pay and grading systems to be
structured fairly and logically. 5. For human resources, it is an essential reference tool for
disciplinary matters. 6. When considering better performance, it provides important
reference points for training/development areas. 7. It provides a structure and discipline for the company to
understand and structure all jobs and to ensure necessary activities, duties and responsibilities are covered by one job or another.
8. It provides continuity of role parameters irrespective of managers' subjective interpretation.
9. It prevents arbitrary interpretation of role content and limit by employee and employer as well as the manager.
10. Like the company handbook, job description is an essential reference tool in issues of employee/employer dispute.
11. It provides neutral and objective (as opposed to subjective or arbitrary) reference points for appraisals and performance reviews.
12. It enables the organization to structure and manage roles in a uniform way, thus increasing efficiency and effectiveness of recruitment, training and development, organizational structure, work flow and activities, customer service, etc.
13. It helps prevent duplication of jobs and clash of responsibilities among staff.
Selected samples of job description
1. MANAGERI. Ensure the day-to-day running and success of activities in
the Organization. ii. Supervise the activities of the heads of departments. iii. Act as custodian of all Company property. iv. Act as signatory to all Company accounts. v. Chair all management meetings of the Company.
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vi. Where necessary, work with the Human Resources Officer for appropriate staffing level.
vii. Responsible to the Managing Director of the Company.
2. LEGAL OFFICER / COMPANY SECRETARYi. Provide legal guidance and advice to the Management in
formulating policies for the discharge of its corporate governance obligations and responsibilities.
ii. Maintain shareholders' register and all other statutory books in accordance with provisions of the Companies & Allied Matters Act.
iii. Provide guidance to Management on compliance obligations under its various licences and provide a framework for compliance including management of regulatory interface with statutory regulatory bodies.
iv. Draft/vet all legal agreements between the Company and third parties and ensure that the interest of the Company is adequately protected.
v. Ensure compliance with all laws and regulations (federal, state, municipal) affecting the conduct of the business of the Company within the federation.
vi. Anticipate and guard against legal risks facing the Company and provide legal counsel on issues arising from actual or anticipated lawsuits.
vii. Collaborate with the Human Resources Officer in effecting any amendment to the Company Handbook.
viii. Conduct and coordinate research into a variety of legal issues for the interest of the Company.
ix. Prepare legal pleadings, motions, discoveries, stipulations, etc and represent the Company and/or its officials in various legal proceedings.
x. Responsible to the Manager and perform other duties as may be assigned by same.
3. HUMAN RESOURCES OFFICERi. Carry out recruitment of qualified personnel to fill vacant
positions in the Organization. ii. Ensure that the Organization fulfils its legal obligations to
its staff in respect of welfare.iii. Conduct training for new staff and organize regular career
development programmes for old staff.
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iv. Plan and conduct new employee orientation to foster positive attitude towards Company goals.
v. Initiate programmes and events to enhance sociability and friendship among staff.
vi. Act as advocate of the staff in the Company.vii. Ensure compensation and benefits administration of staff. viii. Conduct regular performance evaluation on staff to ensure
they meet Company targets. ix. Ensure employee safety, welfare, wellness and health
reporting. x. Keep proper record of staff activities and information daily. xi. Keep record of insurance coverage, pension plan and
personnel transactions such as hires, promotions, transfers and terminations.
xii. Collaborate with the Accounts Department to ensure staff get their salaries, allowances and compensations early, including insurance claims and pension benefits for retired staff.
xiii. Represent the Company at personnel-related fora and investigations.
xiv. Make regular recommendations to the Organization's Management in respect of staff.
xv. Investigate complaints from employees and take appropriate action as it behoves personnel to so do.
xvi. Responsible to the Manager and perform any other duties as may be assigned by same.
4. ACCOUNTS OFFICERi. Ensure that all Company financial records are kept
accurate and up-to-date. ii. Ensure that the Organization is operating according to
current and existing standards of financial management. iii. Responsible for analyzing trends, costs, revenues,
financial commitments and expenses incurred by the Company to predict future revenues and expenses.
iv. Cooperate with auditors that may from time to t i m e be employed to audit the Company's financial records.
v. Coordinate payment of clients and ensure that all payments are done correctly and early and subject to the Manager's approval.
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vi. Where necessary, work with the Human Resources Officer for appropriate staffing level.
vii. Responsible to the Managing Director of the Company.
2. LEGAL OFFICER / COMPANY SECRETARYi. Provide legal guidance and advice to the Management in
formulating policies for the discharge of its corporate governance obligations and responsibilities.
ii. Maintain shareholders' register and all other statutory books in accordance with provisions of the Companies & Allied Matters Act.
iii. Provide guidance to Management on compliance obligations under its various licences and provide a framework for compliance including management of regulatory interface with statutory regulatory bodies.
iv. Draft/vet all legal agreements between the Company and third parties and ensure that the interest of the Company is adequately protected.
v. Ensure compliance with all laws and regulations (federal, state, municipal) affecting the conduct of the business of the Company within the federation.
vi. Anticipate and guard against legal risks facing the Company and provide legal counsel on issues arising from actual or anticipated lawsuits.
vii. Collaborate with the Human Resources Officer in effecting any amendment to the Company Handbook.
viii. Conduct and coordinate research into a variety of legal issues for the interest of the Company.
ix. Prepare legal pleadings, motions, discoveries, stipulations, etc and represent the Company and/or its officials in various legal proceedings.
x. Responsible to the Manager and perform other duties as may be assigned by same.
3. HUMAN RESOURCES OFFICERi. Carry out recruitment of qualified personnel to fill vacant
positions in the Organization. ii. Ensure that the Organization fulfils its legal obligations to
its staff in respect of welfare.iii. Conduct training for new staff and organize regular career
development programmes for old staff.
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iv. Plan and conduct new employee orientation to foster positive attitude towards Company goals.
v. Initiate programmes and events to enhance sociability and friendship among staff.
vi. Act as advocate of the staff in the Company.vii. Ensure compensation and benefits administration of staff. viii. Conduct regular performance evaluation on staff to ensure
they meet Company targets. ix. Ensure employee safety, welfare, wellness and health
reporting. x. Keep proper record of staff activities and information daily. xi. Keep record of insurance coverage, pension plan and
personnel transactions such as hires, promotions, transfers and terminations.
xii. Collaborate with the Accounts Department to ensure staff get their salaries, allowances and compensations early, including insurance claims and pension benefits for retired staff.
xiii. Represent the Company at personnel-related fora and investigations.
xiv. Make regular recommendations to the Organization's Management in respect of staff.
xv. Investigate complaints from employees and take appropriate action as it behoves personnel to so do.
xvi. Responsible to the Manager and perform any other duties as may be assigned by same.
4. ACCOUNTS OFFICERi. Ensure that all Company financial records are kept
accurate and up-to-date. ii. Ensure that the Organization is operating according to
current and existing standards of financial management. iii. Responsible for analyzing trends, costs, revenues,
financial commitments and expenses incurred by the Company to predict future revenues and expenses.
iv. Cooperate with auditors that may from time to t i m e be employed to audit the Company's financial records.
v. Coordinate payment of clients and ensure that all payments are done correctly and early and subject to the Manager's approval.
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vi. Organize quarterly audits and required financial analyses that may from time to time be required by the Finance Officer, Manager or Management.
vii. Answerable to the Finance Officer and perform any other tasks as may be assigned.
5. ADMINISTRATIVE OFFICER i. Manage the day-to-day administration of the
Organization. ii. Carry out unit budget preparation and control.iii. May work with Human Resources Officer to
analyze jobs to delimit position responsibilities for use in wage and salary adjustments, promotions and evaluation of workflow.
iv. Prepare reports including conclusions and recommendations for solution of administrative problems.
v. Review and answer correspondence.vi. Ensure or direct such services as maintenance,
repair, supplies, mail, files and also compile, store and retrieve management data using a computer.
vii. Supervise the activities of the logistics unit, especially the purchases.
viii. May work with the Accounts Officer in preparing the Company's budget needs and annual reports.
ix. May collaborate with the Human Resources officer to interview job applicants, conduct orientation of new employees and plan training programmes.
x. Analyze unit operating practices, such as recordkeeping systems, forms control, office layout, suggestion systems, personnel and budgetary requirements and performance standards to create new systems or revise
established procedures. xi. Collate and submit monthly reports of all Administrative staff to the Manager. xii. Report to the Manager and perform other tasks as may be assigned.
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6. MARKETING MANAGER i. Engage in the marketing of the Company products to
potential clients. ii. Negotiate and sign contracts between clients and the
Company. iii. Act as a veritable link between the Company and clients
in a way that endears them to the Company. iv. Arrange for hotel accommodation for marketing staff
during outings. v. Immediately communicate each contractual agreement
with clients to the Managing Director for appropriate action.
vi. Report marketing progress to the Managing Director. vii. Arrange for the logistics and movement for every
marketing outing. viii. Work hard to ensure full implementation of contract
agreements with clients, such as payment to the Company.
ix. Responsible to the Managing Director and perform other tasks as may be assigned by same.
7. MARKETING OFFICER i. Engage in the marketing of the Company products to
potential customers. ii. Negotiate contracts between potential customers and
the Company. iii. Respond to customer calls by either inviting them or
meeting them in a manner that endears the customer to the Company.
iv. Act as the Company's positive image within and outside the Company vicinity.
v. Report to the Marketing Manager and perform other tasks as may be assigned by same.
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vi. Organize quarterly audits and required financial analyses that may from time to time be required by the Finance Officer, Manager or Management.
vii. Answerable to the Finance Officer and perform any other tasks as may be assigned.
5. ADMINISTRATIVE OFFICER i. Manage the day-to-day administration of the
Organization. ii. Carry out unit budget preparation and control.iii. May work with Human Resources Officer to
analyze jobs to delimit position responsibilities for use in wage and salary adjustments, promotions and evaluation of workflow.
iv. Prepare reports including conclusions and recommendations for solution of administrative problems.
v. Review and answer correspondence.vi. Ensure or direct such services as maintenance,
repair, supplies, mail, files and also compile, store and retrieve management data using a computer.
vii. Supervise the activities of the logistics unit, especially the purchases.
viii. May work with the Accounts Officer in preparing the Company's budget needs and annual reports.
ix. May collaborate with the Human Resources officer to interview job applicants, conduct orientation of new employees and plan training programmes.
x. Analyze unit operating practices, such as recordkeeping systems, forms control, office layout, suggestion systems, personnel and budgetary requirements and performance standards to create new systems or revise
established procedures. xi. Collate and submit monthly reports of all Administrative staff to the Manager. xii. Report to the Manager and perform other tasks as may be assigned.
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6. MARKETING MANAGER i. Engage in the marketing of the Company products to
potential clients. ii. Negotiate and sign contracts between clients and the
Company. iii. Act as a veritable link between the Company and clients
in a way that endears them to the Company. iv. Arrange for hotel accommodation for marketing staff
during outings. v. Immediately communicate each contractual agreement
with clients to the Managing Director for appropriate action.
vi. Report marketing progress to the Managing Director. vii. Arrange for the logistics and movement for every
marketing outing. viii. Work hard to ensure full implementation of contract
agreements with clients, such as payment to the Company.
ix. Responsible to the Managing Director and perform other tasks as may be assigned by same.
7. MARKETING OFFICER i. Engage in the marketing of the Company products to
potential customers. ii. Negotiate contracts between potential customers and
the Company. iii. Respond to customer calls by either inviting them or
meeting them in a manner that endears the customer to the Company.
iv. Act as the Company's positive image within and outside the Company vicinity.
v. Report to the Marketing Manager and perform other tasks as may be assigned by same.
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CHAPTER TEN
“Every human being carries the candlestick of success within him or
her, which is often lit by some habits that must be cultivated over time.”
Are there additional things I need to know?
MISCELLANY
Maintaining your position Every human being carries the candlestick of success within him or her, which is often lit by some habits that must be cultivated over time. In your success journey so far, you have noticed that in order to steer clear of the hazards of penury, one must work hard. You have also seen that laziness tends to poverty and that to amount to failure in life, just sit and do nothing. So now that you are successful, you need to acquaint yourself with one vital lesson – how to maintain your hard-earned position. Absence of this wealth sustenance culture is the bane of many failed ventures and many grace-to-grass stories. In your new position, one new concept that must find its way into your consciousness and vocabulary is prudence. Prudence is the ability to govern and discipline yourself by the use of reason; it is the shrewdness associated with the management of affairs, the skill and good judgment in the use of resources. To be prudent is to exercise caution or circumspection as to a hidden danger or risk – the risk of losing your position.
Those time-honoured principles that once guided you while you were learning savings must be revisited. Condition your mind to believe you haven't yet arrived. As it was when you were in want, cut down your list of parties and ceremonies and avoid a sybaritic lifestyle. Unless there is an event, never be in the habit of setting aside monthly budgets for entertaining visitors. Exercise restraint and have total control over your desires since your financial resources aren't limitless. More than ever, always ask to know why you need an item you're about to buy. Never go for shopping on an empty stomach, because you will end up exceeding your shopping budget. Always make bulk instead of petty purchases of household goods and discipline your family to do likewise. Maintain close ties with your accountant-friends since they understand what frugality is about. Don't always keep much cash at home.
Continue to remain steadfast in your conviction that not all wants are needs. Having opened bank account(s), ensure you set a monthly, bimonthly and annual targets of what percentage of your income should go in. Among your accounts, make at least one a fixed deposit as a defence against the temptation of frequent withdrawals. Consider investing in realty and shares. During bargains, try to forget you are well-to-do by haggling prices; don't accept every price you're given. Then don't forget that being rich does not mean you
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CHAPTER TEN
“Every human being carries the candlestick of success within him or
her, which is often lit by some habits that must be cultivated over time.”
Are there additional things I need to know?
MISCELLANY
Maintaining your position Every human being carries the candlestick of success within him or her, which is often lit by some habits that must be cultivated over time. In your success journey so far, you have noticed that in order to steer clear of the hazards of penury, one must work hard. You have also seen that laziness tends to poverty and that to amount to failure in life, just sit and do nothing. So now that you are successful, you need to acquaint yourself with one vital lesson – how to maintain your hard-earned position. Absence of this wealth sustenance culture is the bane of many failed ventures and many grace-to-grass stories. In your new position, one new concept that must find its way into your consciousness and vocabulary is prudence. Prudence is the ability to govern and discipline yourself by the use of reason; it is the shrewdness associated with the management of affairs, the skill and good judgment in the use of resources. To be prudent is to exercise caution or circumspection as to a hidden danger or risk – the risk of losing your position.
Those time-honoured principles that once guided you while you were learning savings must be revisited. Condition your mind to believe you haven't yet arrived. As it was when you were in want, cut down your list of parties and ceremonies and avoid a sybaritic lifestyle. Unless there is an event, never be in the habit of setting aside monthly budgets for entertaining visitors. Exercise restraint and have total control over your desires since your financial resources aren't limitless. More than ever, always ask to know why you need an item you're about to buy. Never go for shopping on an empty stomach, because you will end up exceeding your shopping budget. Always make bulk instead of petty purchases of household goods and discipline your family to do likewise. Maintain close ties with your accountant-friends since they understand what frugality is about. Don't always keep much cash at home.
Continue to remain steadfast in your conviction that not all wants are needs. Having opened bank account(s), ensure you set a monthly, bimonthly and annual targets of what percentage of your income should go in. Among your accounts, make at least one a fixed deposit as a defence against the temptation of frequent withdrawals. Consider investing in realty and shares. During bargains, try to forget you are well-to-do by haggling prices; don't accept every price you're given. Then don't forget that being rich does not mean you
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cannot occasionally lack physical cash. In anticipation of this, have friends you can easily call for assistance. And once you've got access to cash of your own, immediately repay them so that they will be there for you next time. Don't be surprised when you eventually find out that sustaining wealth is harder than getting rich.
Corporate social responsibility Your business cannot be carried out in an island all alone. The fact that you operate within a community puts you in some position to also be concerned with the needs of the locals. The society gave rise to your business venture and your commercial interest is by no means superior to the people's well-being. According to Myles Munroe, “A stingy man with much wealth is a danger to a world of poor men.” It is therefore your corporate responsibility to consider them in your plan, and it is only natural that you give back to society. And businesses that have corporate social responsibilities enjoy better patronage, usually on sentimental grounds.
Operating a business in a manner that accounts for the social and environmental impact created by the business is what is referred to as corporate social responsibility. It means a commitment to developing some humane policies that make responsible practices part of your daily business operations. Through it, a business will embrace responsibility for the impact of its activities on the immediate environment, consumers, communities, stakeholders and all other members of the public sphere. According to Debra Dunn, some people view CSR as charity, philanthropic act or an allocation of resources that could better be donated by shareowners themselves. Some businesses also include workers' welfare as part of CSR.
A company's social responsibility programme has three major areas: complying with laws, setting and abiding by moral and ethical standards, as well as philanthropic giving.
For easy understanding of CRS, below are selected lists of some companies' CRSs which may help you formulate yours:
Our company, Nitty Gritty Ltd will, as part of its CRS, carry out the following:1. Build one daycare centre in every local government area
where we have a branch office.
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2. Donate free refuse bins for easy disposal of refuse in every local government area where we operate, or
3. Provide a mobile clinic in form of an ambulance on certain major highways in Nigeria.
4. Construct a garden and a park in neighbourhoods as our contribution to encouraging recreation and relaxation.
5. Provide free business advisory services to Nigerians who wish to set up their own businesses.
Naija Group Ltd has the following as it CSRs:1. Allocate 2.4% of company annual profit after tax to the
conduct of biannual essay writing competition in all secondary schools in Jaba Local Government Area.
2. Sink one borehole in every community where a branch of the company is opened.
3. Pay ¼% of net salary of every permanent staff of the company who sustains a major injury in the course of official assignment.
Masonry and Scaffolding (Nig.) Ltd will be involved in the following as part of our CRSs to our immediate community:1. At least 2.3% of our workforce will be indigenes of
communities where our company has an office.2. 5% profit from the sale of every pack of our product will be
given to orphanage homes wherever our office is located.3. In communities where we operate as a company, we will
provide at least one school bus every two years for both primary and secondary school children and provide drivers for same.
TQM Applying total quality management idea to your business may help endear new customers to you while retaining the old ones. This is because of the excellent services they will receive. Despite serious challenges trailing its application, with determination and resilience, it can be applied anywhere. TQM is a description of the culture, attitude and organization of a company that aims to provide and continues to provide its customers with products and services that satisfactorily meet their needs. The culture requires quality in all aspects of the company's business operations, with things being done right first time and defects and waste eradicated from operations.
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cannot occasionally lack physical cash. In anticipation of this, have friends you can easily call for assistance. And once you've got access to cash of your own, immediately repay them so that they will be there for you next time. Don't be surprised when you eventually find out that sustaining wealth is harder than getting rich.
Corporate social responsibility Your business cannot be carried out in an island all alone. The fact that you operate within a community puts you in some position to also be concerned with the needs of the locals. The society gave rise to your business venture and your commercial interest is by no means superior to the people's well-being. According to Myles Munroe, “A stingy man with much wealth is a danger to a world of poor men.” It is therefore your corporate responsibility to consider them in your plan, and it is only natural that you give back to society. And businesses that have corporate social responsibilities enjoy better patronage, usually on sentimental grounds.
Operating a business in a manner that accounts for the social and environmental impact created by the business is what is referred to as corporate social responsibility. It means a commitment to developing some humane policies that make responsible practices part of your daily business operations. Through it, a business will embrace responsibility for the impact of its activities on the immediate environment, consumers, communities, stakeholders and all other members of the public sphere. According to Debra Dunn, some people view CSR as charity, philanthropic act or an allocation of resources that could better be donated by shareowners themselves. Some businesses also include workers' welfare as part of CSR.
A company's social responsibility programme has three major areas: complying with laws, setting and abiding by moral and ethical standards, as well as philanthropic giving.
For easy understanding of CRS, below are selected lists of some companies' CRSs which may help you formulate yours:
Our company, Nitty Gritty Ltd will, as part of its CRS, carry out the following:1. Build one daycare centre in every local government area
where we have a branch office.
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2. Donate free refuse bins for easy disposal of refuse in every local government area where we operate, or
3. Provide a mobile clinic in form of an ambulance on certain major highways in Nigeria.
4. Construct a garden and a park in neighbourhoods as our contribution to encouraging recreation and relaxation.
5. Provide free business advisory services to Nigerians who wish to set up their own businesses.
Naija Group Ltd has the following as it CSRs:1. Allocate 2.4% of company annual profit after tax to the
conduct of biannual essay writing competition in all secondary schools in Jaba Local Government Area.
2. Sink one borehole in every community where a branch of the company is opened.
3. Pay ¼% of net salary of every permanent staff of the company who sustains a major injury in the course of official assignment.
Masonry and Scaffolding (Nig.) Ltd will be involved in the following as part of our CRSs to our immediate community:1. At least 2.3% of our workforce will be indigenes of
communities where our company has an office.2. 5% profit from the sale of every pack of our product will be
given to orphanage homes wherever our office is located.3. In communities where we operate as a company, we will
provide at least one school bus every two years for both primary and secondary school children and provide drivers for same.
TQM Applying total quality management idea to your business may help endear new customers to you while retaining the old ones. This is because of the excellent services they will receive. Despite serious challenges trailing its application, with determination and resilience, it can be applied anywhere. TQM is a description of the culture, attitude and organization of a company that aims to provide and continues to provide its customers with products and services that satisfactorily meet their needs. The culture requires quality in all aspects of the company's business operations, with things being done right first time and defects and waste eradicated from operations.
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Many companies are sceptical about TQM because they have difficulty implementing it. Notwithstanding, research has shown that between 20-36% of companies that have undertaken TQM have achieved significant improvements in quality, productivity, competitiveness or financial returns. The earlier development has created doubt in the minds of business owners as to the practicability and immediate reward for applying TQM. However, on close observation, it will become clear that successful companies have a much higher percentage of successful TQM implementation among them. Although TQM is mostly applied in factories and industries, it can be applied in other businesses e.g. in reducing wastes in printing, photocopy, signing cheques, etc.
Some advantages of TQM1. Elimination of waste2. Reduction in spending 3. Customer satisfaction and retention 4. Corporate pride5. Increased profit6. Non-complacency
Some cheap marketing fora Produce business cards and distribute to potential clients.Inform kith and kin about your business and they will in turn tell others.Advertise via places of worship such as church bulletin, newsletter, magazine.Notify such social groups as tribal meetings, clubs, unions, etc.Make use of some free Internet advert.Paste some advert on notice boards e.g. in worship centres, office, etc.
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No one would remember the good Samaritan if he only had good intentions; he had money as well.
– Margaret Thatcher
In life always be prepared; no man sharpens his arrows on the day of battle.
– Paul Enenche
When preparation meets opportunity, breakthrough is inevitable.
– Anonymous
To ensure enjoyment does not shock you in heaven, prosper on earth.
– James Icheme
When hope folds its hands and looks back, it becomes regret.
– George Elliot
What separates the last man on the queuefrom the first is time.
– Anonymous
Prosperity can only be lasting if it is based on justice.
– Theodore Roosevelt
The desire of acquiring the comfort of the world hunts the imagination of the poor, and the dread of losing
them that of the rich. – Alexis de Tocqueville
MEMORABLE LINES OR M AE BM L SE ELIN
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Many companies are sceptical about TQM because they have difficulty implementing it. Notwithstanding, research has shown that between 20-36% of companies that have undertaken TQM have achieved significant improvements in quality, productivity, competitiveness or financial returns. The earlier development has created doubt in the minds of business owners as to the practicability and immediate reward for applying TQM. However, on close observation, it will become clear that successful companies have a much higher percentage of successful TQM implementation among them. Although TQM is mostly applied in factories and industries, it can be applied in other businesses e.g. in reducing wastes in printing, photocopy, signing cheques, etc.
Some advantages of TQM1. Elimination of waste2. Reduction in spending 3. Customer satisfaction and retention 4. Corporate pride5. Increased profit6. Non-complacency
Some cheap marketing fora Produce business cards and distribute to potential clients.Inform kith and kin about your business and they will in turn tell others.Advertise via places of worship such as church bulletin, newsletter, magazine.Notify such social groups as tribal meetings, clubs, unions, etc.Make use of some free Internet advert.Paste some advert on notice boards e.g. in worship centres, office, etc.
123
No one would remember the good Samaritan if he only had good intentions; he had money as well.
– Margaret Thatcher
In life always be prepared; no man sharpens his arrows on the day of battle.
– Paul Enenche
When preparation meets opportunity, breakthrough is inevitable.
– Anonymous
To ensure enjoyment does not shock you in heaven, prosper on earth.
– James Icheme
When hope folds its hands and looks back, it becomes regret.
– George Elliot
What separates the last man on the queuefrom the first is time.
– Anonymous
Prosperity can only be lasting if it is based on justice.
– Theodore Roosevelt
The desire of acquiring the comfort of the world hunts the imagination of the poor, and the dread of losing
them that of the rich. – Alexis de Tocqueville
MEMORABLE LINES OR M AE BM L SE ELIN
124
Blessed are those that come to God without expectation, for they shall go home disappointed.
– Felix Eki
God is helpless when He meets a man without desire. – 'Dapo Ambolu
Poverty is like punishment for a crime you didn't commit.– Eli Khamarov
A stingy man with much wealth is a danger to a world of poor men.
– Myles Munroe
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Okongwu, D. and Saleh, U. Fundamental Issues in Entrepreneurship, Apex Books, Lagos, 2004.
Jhingan, M. Macro-Economic Theory , Vrinda Publications, New Delhi, 1997.
Davidow, H. and Utal, B. Total Customer Service, Happer Perennial, New York, 1989.
Inegbenebor, A. (ed.) The Fundamentals of Entrepreneurship, Molthouse Press, Benin, 2006.
Owualah, I. Entrepreneurship in Small Business Firms, G-MAG Investments, Lagos, 1999.
Enenche, P. Seeds of Destiny, July edition, 2009.
Bobb and Delly G. The Word for Today, August, September, October edition, 2009.
Napoleon, H. You Can Work Your Own Miracles, Fawcett Books, New York, 1971.
Munroe, M. Applying the Kingdom, Destiny Image Publishers, Bahamas, 2007.
Bibliography
126
Blessed are those that come to God without expectation, for they shall go home disappointed.
– Felix Eki
God is helpless when He meets a man without desire. – 'Dapo Ambolu
Poverty is like punishment for a crime you didn't commit.– Eli Khamarov
A stingy man with much wealth is a danger to a world of poor men.
– Myles Munroe
125
Okongwu, D. and Saleh, U. Fundamental Issues in Entrepreneurship, Apex Books, Lagos, 2004.
Jhingan, M. Macro-Economic Theory , Vrinda Publications, New Delhi, 1997.
Davidow, H. and Utal, B. Total Customer Service, Happer Perennial, New York, 1989.
Inegbenebor, A. (ed.) The Fundamentals of Entrepreneurship, Molthouse Press, Benin, 2006.
Owualah, I. Entrepreneurship in Small Business Firms, G-MAG Investments, Lagos, 1999.
Enenche, P. Seeds of Destiny, July edition, 2009.
Bobb and Delly G. The Word for Today, August, September, October edition, 2009.
Napoleon, H. You Can Work Your Own Miracles, Fawcett Books, New York, 1971.
Munroe, M. Applying the Kingdom, Destiny Image Publishers, Bahamas, 2007.
Bibliography
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