Guest blogs

Entrepreneurship in Nigeria. Pic courtesy of: opinionnigeria.com

Entrepreneurship in Nigeria. Pic courtesy of: opinionnigeria.com

Do we need more entrepreneurs in Nigeria?

Nigerians love to celebrate entrepreneurship, and rightly so. It is entrepreneurs that build the little businesses which, if conditions permit, go on to become huge conglomerates, employing thousands. In the United States, small businesses (businesses started by entrepreneurs), employ more than 80% of the working population. Ergo, entrepreneurs are in their own little way, the backbone of the society.

But at the same time, too much of everything is bad, and too much of entrepreneurship, in its own way, can also be, not a very good thing. Too much entrepreneurship can be an indicator that all is not well in the environment where all those entrepreneurs originate from.

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Nigeria business scene

Which business will work in Nigeria?. Pic by: wealthresult.com

Businesses that actually work in Nigeria

Nigeria (and Africa) is endowed with thousands of business possibilities and opportunities. Despite this reality, a lot of people want to be sure before they take their chances.
Truth be told, there’s no single formula that assures success in business, but there are some rules you can follow. And in this article, I’ll share with you businesses that have the best potential of increasing your chances of success.

The first type is a cashflow business. It’s about selling a product or service that’s already existing (and selling) in the market place. With this type of business, it’s possible to start making money almost immediately because there’s already an established demand and market for the product or service. Food, beauty products, housing, education, retail and other ‘essential’ products and services are just a few categories of cashflow businesses, and there are thousands of entrepreneurs who have built successful cashflow businesses.

But beware, while cashflow businesses have a high potential to succeed, factors like strong competitionpoor access to market and saturated (or falling) demand are some of the biggest obstacles you may face. So, be sure to do your homework well.

The second type of businesses that work well in Nigeria are disruptive businesses. These are businesses that create new products that serve the needs of customers, and they change the market in interesting ways. They almost always change the game. A typical example is the introduction of mobile telephony in Nigeria in 2001 where MTN and ECONET disrupted the business of telephony.

More recently, we had Konga and Jumia. They introduced a new, easy and convenient way for people to buy things they need online. Jobberman is another disruptive business. It revolutionized the way people find jobs, and how companies can target and recruit the right kind of talent.

While disruptive businesses have a good potential to be lucrative and face very little competition, they take time to build and grow, and often have a higher risk of failure than cashflow businesses. And that’s because nothing like it exists in the market and it could take some time before consumers are aware of it. But when they take off, they can become very successful.

So, there they are. Whatever industry or market you’re interested in, you should consider your options and weigh them carefully.

O.K

Forex Trading as an option of Entrepreneurship

Forex Trading myths busted

Forex Trading myths debunked. Pic attribution: pushmoneyapps.com

It often amazes me when I hear or read about all sorts of reasons people give for not wanting to trade forex.

This led me to record a series of short videos as well as write a blog series “Demystifying Forex Trading Myths” that can be seen here.

If I had my way, everyone I met would become traders, what’s my reason?

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We sometimes forget to listen.

It is wise to listen – Picture:silverbirchpress.wordpress.com

Listening is more than an art, it is wisdom, Listen

“When people talk, listen completely. Most people never listen.” – Ernest Hemingway.

We once lived in an age where business owners held a steady course of action, and thrived through maintaining the status quo. In our day and age, entrepreneurs and business owners are more intelligent and more competitive; ground-breaking innovations happen every day in our lives and these come from more than just one leader. If we trust only the capacity of one amazing brain, then we are still forgetting seven billion human beings who may be equally as capable at innovating.

“Most of the successful people I’ve known are the ones who do more listening than talking.” – Bernard Baruch.

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Kung Fu Practice in the workplace?

Below is another post from my friend Princess wealth. Here she advices leaders and managers to utilise a martial arts (particularly Kung fu) practice of patience, energy and time when dealing with employees. I find this particular post interesting because it adds another dimension to leadership. Enjoy!

I have come to discover that most managers and leaders subconsciously use a macho warfare method of leadership and it is indeed very ineffective in the long run; because by being impulsive and unfair to employees you sell a negative image of yourself and organisation to your staff and these employees subconsciously sell the same image of you and your company to prospective clients and customers. Read Full Article

Think like an entrepreneur.

Think. (like an entrepreneur). Image credit: www.business2community.com

 

How to think as an Entrepreneur, you ask me.

Starting a business? Investing in a startup? Inventing your own business model?

Either ways, the most important thing you must have as an entrepreneur is the ability to think like one.

Often, in my discussion with several business enthusiasts, I discovered that, although enthusiasm is there (Which by the way is one of the most valuable attributes of an entrepreneur), a larger percentage of them lack the ability to think like an entrepreneur.

Surprisingly, thinking like an entrepreneur is not an in-born attribute; it can be mastered with practice over time, which is why I have decided to write on this topic, and hopefully, it would serve as a guide to business enthusiasts and prospective investors.

Time: When you work for somebody (Corporate Job), you’re held accountable to the system. Your boss would always make sure you show up at work every day, lunch break is limited and you must clock in within the appropriate time.

When you own the business, the time rule is bound to change, because you’re not in danger of losing your job. Most beginners see this “freedom” as a way to monitor their business and do other things.

As a serious entrepreneur, other than money, time is one of your greatest assets (You can always buy ideas). You’re not supposed to monitor your business and do other things within the business hour.

Because you’re not allowed to do other things while working for others, the same rules should definitely apply to your business, if possible stricter rules should apply.

In thinking like an entrepreneur, you want to make your business hour as sacred as possible, this would in-turn make family members and friend respect your work and keep them away from distracting you. 

Opportunities and Ideas: This part might be a little bit confusing, but I will explain the basis in a way that would keep the concept clear enough.

A larger percentage of people think outside the box; which is the conventional idea that has been around since time immortal. The truth however is that; entrepreneurs are not supposed to think outside the box.

Entrepreneurs think within the box.

There is no point inventing the wheels all over again, while you can always re-invent the wheels and drag people to your “new wheel”. The best ideas are product of pre-existing ideas.

The main thinking model of an entrepreneur when it comes to business ideas is simple; sample three similar businesses, analysis their failures and create another business that would solve the problems of the pre-existing business.

Need examples? Myspace has been around for years, it was doing fine, but all of a sudden, the site went into emergency extinction the moment Facebook came on board. The tactics behind the success of Facebook over Myspace is simple; Myspace technology isn’t sophisticated enough to connect users with their real life friends, Facebook fixed this.

Need more examples? Ever heard of uber? Basically, Uber is a transportation company without a car. Yes! They connect drivers with passengers and earn a percentage from the payment you make.

The car hire/Taxi business has been around for decades, so there is no point in buying your own car because you want to start a transportation business, Uber created a platform that connect passengers to drivers. That’s what thinking as an entrepreneur entails.

Now, you know entrepreneurs don’t do other things with their business hours, you also know they don’t invent the wheels, entrepreneurs re-invent wheels.

Go out there and put this model into workings.

Jsonger

 

 

Successful people always work towards it.

Successful – Image credit: Olu Eletu

THE BIG BANG!!!

The good book says” study to show yourself approved”. And I say no knowledge is a waste, read, read and read more, for the solution to your problem might just be, one book away from you! Here is an excerpt from one of Brain Tracy’s book, titled “No Excuse” You can be as successful as others in your society, you just need to believe it and trust that you can.

Why are some people more successful than others? Why do some people make more money, live happier lives, and accomplish much more in the same number of years than the great majority? What is the real “secret of success?” Often I begin a seminar with a little exercise. I ask the audience, “How many people here would like to double their income?” Almost everyone smiles and raises their hands. I then ask, “How many people here would like to lose weight? Get out of debt? Achieve financial independence?”

Again, everyone smiles, some people cheer, and they all raise their hands. Then I say, “Wonderful! These are great goals that everyone has. We all want to make more money, spend more time with our families, be fit and trim, and achieve financial independence. Not only do we all want the same things, but we all know what we have to do to achieve them. And we all intend to do those things, sometimes. But before we get started, we decide that we need to take a little vacation to a wonderful fantasy place called ‘Someday Isle.’ “We say that ‘Someday I’ll read that book. Someday I’ll start that exercise program. Someday I’ll upgrade my skills and earn more money. Someday I’ll get my finances under control and get out of debt.

Someday I’ll do all those things that I know I need to do to achieve all my goals. Someday.’” Probably 80 percent of the population lives on Someday Isle most of the time. They think and dream and fantasize about all the things they are going to do “someday.” And who are they surrounded by on Someday Isle? Other people on Someday Isle! And what is the chief topic of conversation on Someday Isle? Excuses! They all sit around and swap excuses for being on the island. “Why are you here?” they ask each other. Not surprising, their excuses are largely the same: “I didn’t have a happy childhood,” “I didn’t get a good education,” “I don’t have any money,” “My boss is really critical,” “My marriage is no good,” “No one appreciates me,” or “The economy is terrible.” They have come down with the disease of “excusitis,” which is invariable fatal to success.

They all have good intentions, but as everyone knows, “The road to hell is paved with good intentions. The first rule of success is simple: Vote yourself off the island! No more excuses! Do it or don’t do it—but don’t make excuses. Stop using your incredible brain to think up elaborate rationalizations and justifications for not taking action. Do something. Do anything. Get on with it! Repeat to yourself: “If it’s to be, it’s up to me!” Losers make excuses; winners make progress. Now, how can you tell if your favorite excuse is valid or not? It’s simple. Look around and ask, “Is there anyone else who has my same excuse who is successful anyway?” When you ask this question, if you are honest, you will have to admit that there are thousands and even millions of people who have had it far worse than you have who have gone on to do wonderful things with their lives.

And what thousands and millions of others have done, you can do as well—if you try. It has been said that if people put as much energy into achieving their goals as they spend making up excuses for failure, they would actually surprise themselves. But first, you have to vote yourself off the island .
No matter how old you are now. You are never too young or too old for success or going after what you want. Here’s a short list of people who accomplished great things at different ages.

1) Helen Keller, at the age of 19 months, became deaf and blind. But that didn’t stop her. She was the first deaf and blind person to earn a Bachelor of Arts degree.
2) Mozart was already competent on keyboard and violin; he composed from the age of 5.
3) Shirley Temple was 6 when she became a movie star on “Bright Eyes.”
4) Anne Frank was 12 when she wrote the diary of Anne Frank.
5) Magnus Carlsen became a chess Grandmaster at the age of 13.
6) Nadia Comăneci was a gymnast from Romania that scored seven perfect 10.0 and won three gold medals at the Olympics at age 14.
7) Tenzin Gyatso was formally recognized as the 14th Dalai Lama in November 1950, at the age of 15.
8) Pele, a soccer superstar, was 17 years old when he won the world cup in 1958 with Brazil.
9) Elvis was a superstar by age 19.
10) John Lennon was 20 years and Paul Mcartney was 18 when the Beatles had their first concert in 1961.
11) Jesse Owens was 22 when he won 4 gold medals in Berlin 1936.
12) Beethoven was a piano virtuoso by age 23
13) Issac Newton wrote Philosophiæ Naturalis Principia Mathematica at age 24
14) Roger Bannister was 25 when he broke the 4 minute mile record
15) Albert Einstein was 26 when he wrote the theory of relativity
16) Lance E. Armstrong was 27 when he won the tour de France
17) Michelangelo created two of the greatest sculptures “David” and “Pieta” by age 28
18) Alexander the Great, by age 29, had created one of the largest empires of the ancient world
19) J.K. Rowling was 30 years old when she finished the first manuscript of Harry Potter
20) Amelia Earhart was 31 years old when she became the first woman to fly solo across the Atlantic Ocean
21) Oprah was 32 when she started her talk show, which has become the highest-rated program of its kind
22) Edmund Hillary was 33 when he became the first man to reach Mount Everest
23) Martin Luther King Jr. was 34 when he wrote the speech “I Have a Dream.”
24) Marie Curie was 35 years old when she got nominated for a Nobel Prize in Physics
25) The Wright brothers, Orville (32) and Wilbur (36) invented and built the world’s first successful airplane and making the first controlled, powered and sustained heavier-than-air human flight
26) Vincent Van Gogh was 37 when he died virtually unknown, yet his paintings today are worth millions.
27) Neil Armstrong was 38 when he became the first man to set foot on the moon.
28) Mark Twain was 40 when he wrote “The Adventures of Tom Sawyer”, and 49 years old when he wrote “Adventures of Huckleberry Finn”
29) Christopher Columbus was 41 when he discovered the Americas
30) Rosa Parks was 42 when she refused to obey the bus driver’s order to give up her seat to make room for a white passenger
31) John F. Kennedy was 43 years old when he became President of the United States
32) Henry Ford Was 45 when the Ford T came out.
33) Suzanne Collins was 46 when she wrote “The Hunger Games”
34) Charles Darwin was 50 years old when his book On the Origin of Species came out.
35) Leonardo Da Vinci was 51 years old when he painted the Mona Lisa.
36) Abraham Lincoln was 52 when he became president.
37) Ray Kroc Was 53 when he bought the McDonalds Franchise and took it to unprecedented levels.
38) Dr. Seuss was 54 when he wrote “The Cat in the Hat”.
40) Chesley “Sully” Sullenberger III was 57 years old when he successfully ditched US Airways Flight 1549 in the Hudson River in 2009. All of the 155 passengers aboard the aircraft survived
41) Colonel Harland Sanders was 61 when he started the KFC Franchise
42) J.R.R Tolkien was 62 when the Lord of the Ring books came out
43) Ronald Reagan was 69 when he became President of the US
44) Jack Lalane at age 70 handcuffed, shackled, towed 70 rowboats
45) Nelson Mandela was 76 when he became President of South Africa.

You might ask ” where do I start from? And I say, start from where you are! If you don’t have any idea of your own, then join an already built brand and begin.

Uchechukwu Assumpter Ogoli

Uchechukwu can be contacted via:

 +2348025586314 or Prinno27@yahoo.com

 

Image credit: tweeternewsfeed.com

Image credit: tweeternewsfeed.com

 

Another very fascinating article from my friend Princess. Here she talks about the power of positive thinking. In many ways, the word impossible represents a complete dead-end. It shouldn’t be. You can turn impossible into an advantage to work for you. It should really urge each and every one of us to go further just to prove our doubters wrong. It is particularly important for Entrepreneurs to familiarise themselves with the word Impossible because doubters will throw it at you many times, if you are made of weak stuff, you will never be able to accomplish your goals.

Personally, I like the word impossible because it makes me say to the world….. JUST WATCH ME. Enjoy the article……..

Today, most of us define words according to what the dictionary says or what some writer or group of scholars has penned down, but then a few have the courage and brevity to create their own definition to suit their dreams and objectives…. smart ones!

According to the dictionary, the word IMPOSSIBLE means ‘not possible, that can not occur, exist, be done, not convenient, not believable’. I am very sure you are conversant with the above listed meanings, but then I have got my own personal life definition of the word IMPOSSIBLE.

IMPOSSIBLE to me means “I (Princess) makes possible.

Yes! For with the power available within me, I can do all things – I make possible what seems impossible.

Back in my university days, there was a time we had no electricity and water for months, people would go to the stream to fetch water, while I would wait till they got back and then I would beg for a bowl of water from hall mates to make up a bucket of water, so I could bath, then this great day came and hall mates had agreed not to share their water with me, saying I have to go to the stream just as they did to fetch mine, I pleaded as usual but No! they all said to me, they left for the stream and I left for the dry tap within my hostel, knelt down and began to pray for the tap to run and fill my bucket. Guess what?

The tap did run and my bucket and other bowls were filled with water!!! Laughing, my first major miracle, they all got back and were shocked to find me all bathed and clean with extra buckets of water. Who says the impossible doesn’t happen? It does all the time but first, you must believe and act.

What is your own definition of IMPOSSIBLE?

Walt Disney, the man who changed the face of entertainment more than any other person, was widely regarded as an impossible thinker. He was such a strong impossible thinker that if he told his team that they were going to do something and all of them got excited about it and said “let’s go for it, we can do it” he would change his mind and decide on something else, if he shared the idea and they all said “this is impossible, it can not be achieved”, he would get excited and say ” that’s exactly what we would do”, he would encourage them, push them and more often than not, he and his team would achieve the impossible! Power of positive thought and unity…

We all can do the impossible!

There’s nothing that will make your life glorious and sweet as stretching yourself to do great positive things that you thought impossible, it’s better to try and fail, than not to try at all!!!

Get up! Get started!!! Keep moving.

You have got great power within you, awaken that dormant gift or talent, there is a good in you that the world needs… don’t hoard it dear!!!

The hour has come, make use of the power within you for good today.

By Princesswealth

 

Credit: bobmarley1love.org

Credit: bobmarley1love.org

In a slight departure from serious entrepreneurship matters, here’s an article by a friend about the act of practicing the act of kindness in the world we live in. What is worthy of note is that though it is important for us all to strive to be the best we can be in life and in business, it is equally as important to strive to be kind to our fellow man; this article advocates that and I subscribe to it fully. Enjoy the post.

My very own act of love.

To love is to give, to share, to help, to forgive, to care and to add value to the life of another; this is to mention but a few of what love truly represents. We all do desire some amount of the above mentioned things but in some way can part with one or two!

The journey of the heart is one of the most complex mysteries there is, the elation and the sadness, the hoping and the waiting, the highs and the lows… and sadly for many, the unavoidable disappointments that literally finds the heart in a place where it’s functioning but cannot feel anything anymore. Very sad indeed. It is a state of depression, severe heartbreak, not only the type caused by the betrayal of a lover or friend but the type caused by the disappointment of one’s inability to provide for himself/family, a total state of helplessness when you watch your family member die of starvation or ill health due to lack of adequate medication, the heart becomes dead to emotions… feelings no longer has meaning to such a heart, in its quest for survival.

Yes! There is a greater kind of love; able to heal any and every kind of a broken heart, able to restore and give peace, but how do we connect to this love?

Sometimes we are so consumed by our own needs, too busy to notice those around us and their pains… Some of us are yet so focused on satisfying our greed and selfishness that nothing else matters…

Excuse me, had to step out to fix my lunch…thanks to the great provider for I have got what to eat!

Statistics say: • Right now, an estimated 963 million people in the world go hungry. Every day, almost 16,000 children die from hunger related causes— one child every five seconds. • In 2006, about 9.7 million children died before they reached their fifth birthday. Almost all of these deaths occurred in developing countries— four- fifth of them in Sub-sahara Africa and South Asia, the two regions that also suffer from the highest rates of hunger and malnutrition.

When one is without an understanding of the great love of God, to lean into and find inner strength, then such human heart finds a way to cope, to manage, in order to overcome the hardest of realities. Here! At some point we all find ourselves at times of difficulty, as poverty or weakness of the heart and depression of the soul has no respect for class, gender or status.

The bible says “for God so love the world, he gave, his only begotten son…”. Note : He gave!!! He the creator gave up his very best to prove his love for you and I, what are you willing to give, to show that you care about that total stranger, who has nothing to eat or a roof over his/her head? When most of us can’t even give up something for our very own beloved siblings or families… Pity!!!

Prophet Isaiah spoke about a real love revolution saying “The Spirit of the Lord God is upon me; because the Lord hath anointed me to preach good tidings unto the meek; he hath sent me to bind up the broken-hearted, to proclaim liberty to the captives, and the opening of the prison to them that are bound;” and in the latter verse said ” as the earth bringeth forth her bud, and as the garden causeth the things that are sown in it to spring forth; so the Lord God will cause righteousness and praise to spring forth before all the nations.

True! When and only when we all begin to practice an act of kindness in our daily works and doing. I therefore state, that this great topic : love revolution, chosen by my very good friend Udeme is not only timely but a matter of complete urgency… especially if we are willing to add colour and taste to our world, willing to help put an end to injustice and reduce the tragedy of the human’s broken heart.

For some, it’s the absence of a good meal, clothes to wear, shelter from the day and night, for others, it’s far worse than the above, it’s a mind that is totally messed up and handicapped, a mind that can not think straight or right, a mind covered by the heart that knows only hatred and rejection; like that of a 6years old girl, who is daily abused by an Uncle, Aunty or society and left to toil and walk the streets searching for daily bread or that of a young boy who only knows the promiscuity of a mother who cares not about his needs and feelings! A lot of people are hurting and in serious pain, let’s not get carried away by the glamorous Internet life everyone seems to live!!! Life is real and this is reality, we can not continue to fold our arms and watch our people perish.

We all must do something, I am only one, but still I am one, I cannot do everything, but I can do something and because I cannot do everything, I will not refuse to do the something I can do. Edward Everett Hale.

If you can sing, then do a song on love revolution! If you can act, go ahead and do so! We all must begin Now! Today! To impact our world with the little act of love within us!!! For some, a smile is good enough, others a penny or two…

Common people! Let’s heal the world and help make it a better place for someone today!!!

By Princesswealth.

Nigerian Government

Virtually every problem in Nigeria is blamed on the government. Somehow, you get the impression that the President or the State Governor alone is the government and everybody else is either, the governed, observer, bystander, supporter, complainant or critic.

While it is justifiable to blame government for poor infrastructure, poor education, poor healthcare, high unemployment, high insecurity, and even for hunger, corruption and traffic hold ups, it is beginning to look to me that this is an orchestrated ploy by some Nigerians to take a permanent flight from being held responsible for our individual and group conducts.
the governments we blame so frequently for failing us are run by Nigerians. Indeed the irony is that some of those who blame government for everything are in government themselves! Sometimes, it looks like there is a mystery man called ‘government’

Citizens who blame government drive one-way and recklessly, beating traffic light, collect and give bribes, throw dirts in the gutters getting them blocked, make life unbearable for fellow citizens (especially civil service), abscond from work to face private business and then blame government for not paying salaries, completely unserious and fraudulent to their employers, evading tax, JAMB and WAEC “special centres”, crazy customer service across sectors and many many more.

Everywhere you go, you meet people who work in the government institutions who act as if they care very little about the success or citizen perception of the government they serve in. When you complain about the poor service you are getting, the same people who are part or agents of the government turn around to blame the ‘government’, absolving themselves of any blame and often the complaining citizen seems to either agree or empathize with the government employee that the problem is with the mystery ‘ Mr Government. Anywhere Nigerians are to receive service from a government agency, the story of misery and denigration of human dignity is repeated.

Abeg, who is this “Mr Government” ???