Practical Approach to Business

8/13/2019 Practical Approach to Business

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PRACTICAL

APPROACH TOBUSINESS

ENTERPRISINGByMallam ShafieeOlabanjo

08025493572


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HIGHLIGHTS

Introduction

The Big Question

Clarification of Terms

Our Glorious Past Evolving characteristics of an entrepreneur

Business Failure and Nigeria Experience

Causes and Symptoms of Business Failure

Tips for running a successful business

Conclusion


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INTRODUCTION

The control of every nation is premised on three (3)

things: Political Power, Military Power and

Economic Power. Any one, group of people or tribe

that control any of these determines the direction of

the nation.

Pathetically Muslims are as group are not in the

scheme of things.


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THE BIG QUESTION


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1. To protect our dignity

2. To protect our faith.

3. To be relevant in our

family.

4. To be relevant in our

society.

5. To understand the

dynamics ofbusiness/trade.

6. To facilitate our CALL TO

ISLAM

THE BIG QUESTION


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CLARIFICATION OF TERMS

Business is any legal venture,activities that is undertaken forthe purpose of making profit.

An entrepreneur is the personwho perceives the market

opportunity and then has themotivation, drive and ability tomobilize resources to meet it (Di-Masi, 2010).

An entrepreneur is a person whohas possession of a new

enterprise, venture or idea andassumes significantaccountability for the inherentrisks and the outcome(Wikipedia, 2010).


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OUR GLORIOUS PAST

All the prophets of Allah(swt) were shepherd.

Rasul(saw) was also a Merchant,had a boss,

was trust worthy, successful in business and

had a business mentor The companions, Abubakr, Umar, Abdrahman

ibn Awf etc.

Our forerunners were successful businessmogul and this never affect their deen.

Fiqh of the trade ( case of Umar).


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DEVELOPING ENTREPRENEURSHIP

SKILL

Innovative

Imitation

Risk Bearing

Dynamism Focus

Financial Literacy

Customer-centric

Good Human RelationResult Oriented

Self Confidence

Tolerance


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BUSINESS FAILURE AND NIGERIA

EXPERIENCE

Business operations are greatly affected in Nigeria by

many factors and these had led to many

organizations, businesses in Nigeria closing shops.

The national survey conducted by MAN in 2009

showed that 834 manufacturers shut down their

facilities in 2009.


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CAUSES OF BUSINESS FAILURE

Poor development of Business Plan

Lack of financial literacy

Wrong choice of business

Wrong location Lack of understanding of the dynamics of the trade.

Lack of business management skills.

Not being customer focused


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CAUSES OF BUSINESS FAILURE

Poor quality and standardization

Integrity issue.

Lack of guidance

Stiff competition


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RUNNING A SUCCESSFUL BUSINESS

Running a successful business in Nigeria just like

other parts of the world is not accidental.

This requires special attention on the business rightfrom the idea generation stage to the success stage

and beyond.


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RUNNING A SUCCESSFUL BUSINESS

Idea Generation Stage

Idea Development Stage

Feasibility Stage

Implementation Stage Waiting Stage

Success Stage.


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SOMEBUSINESSIDEAS

Eateries/ restaurants

Child Care Centres

Schools

Madrasah Internet Caf

Delivery Services

Farming- Fish Pond, Poultry

Event Managers/ Olopo


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SOMEBUSINESSIDEAS

Supermarket

Barbing Saloon

Schools

Kerosene Business Computer Services

Sales of Frozen Foods


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SOMEBUSINESSIDEAS

Eateries/ restaurants

Child Care Centres

Schools

Madrasah Internet Caf

Delivery Services

Farming- Fish Pond, Poultry

Event Managers/ Olopo


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CONCLUSION

In conclusion, in order to run our business effectively,

we should the ready and willing to do the following

four (4):

Seeing what our competitors have not seen.

Thinking what they are yet to think

Doing what they dont do yet

Praying more than they do.

Practical Approach to Business

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