Archive for category Business Tips
Dear CoachFaith: I just graduated from University and can’t find a job. I want to start my own business, but everyone says I shouldn’t do it. I have some money saved and an idea for a company. I have no experience in running a business and didn’t take any classes about it at school, but how hard can it be? Do you think I’m crazy, too? – Godwin
Dear Godwin: No, you’re not crazy, but you need to understand the majority of first-time business owners fail, which answers your question. But, Read the rest of this entry »
Dear CoachFaith: Am tired of job-hunting, just can’t land any good one! And I believe I can make a better use of my life that this ‘private-slavery-farm’ I work! Am thinking of starting a SME. I’ve been reading alot lately and meeting other startup entrepreneurs. Just came across your blog and want to to ask if you have any advice for me. Jide, Ibadan
Dear Jide: What exactly do you want to do! What business do you want to launch, a brief insight will help us both!
Dear CoachFaith: Am considering blogging…and email/social media marketing. Read the rest of this entry »
You might have come across one or two of them before! They are Professor of Economics with wretched pocket economy, Professors of Entrepreneurship without a company, professors of Law without a chamber, disorganised professor of Administration.
I met one this morning… (Continue after Adeola’s story)
If, just in case you have not read Adeola’s story, here:
“Hello Adeola, pls don’t forget to buy ‘Iru’ from the market when coming back home. I will refund the money back to you”. That’s my mum. She would always remind me each time I told her I was through with my semester exams. She prefer cooking with iru from that area compared to the one we buy here in Lagos. I really don’t have an issue with buying the iru, but the smell…… O my o my…. The smell can de-rep fine gal ooo. Lol. You can’t imagine wrapping iru inside a bag and some fellow students who boarded the same vehicle with you are complaining of an offensive odour.” Something is smelling inside this bus oo, what could it be? Pls open the window so that fresh air can come in” bla bla bla. I’m sure you know how uncomfortable I’ld be knowing that the smell was coming from one of my bags. All I look forward to is getting home so that I can give my mum her IRU. Well, i eat it too, so its not just my mum’s iru. Lol.The good news here is that I won’t need to go through all that stress again simply because a new product is now in town. A naturally preserved and well packaged locust beans powder. It’s with all the wholesomeness of a fresh ingredient. It gives you all the aroma and taste without any of the labours. No offensive smell!No sand! Quikiss Iru is as good and natural as the farm’s. Packaged under strict supervision by workers who know their Onion’s. It’s in a resealable 100 and 200g pack. It’s not just powder, if you prefer chewing your iru when eating that delicious efo riro, then you can be so sure we had you in mind during production. So you have it just the way you want it! Quikiss Iru………….. The true taste of Nature! #salivatingalready
Advertorial by Gbadamosi Adeola
I think we should start by answering this age long question about entrepreneurial education. Can entrepreneurship be taught? (Or is it “wired into our DNA”?)
Well if asked? My reaction would be to say ‘no’. It cannot be taught in the sense that everyone is a potential entrepreneur. However, I do believe that certain skills can be taught that develop that potential into a more effective entrepreneur. I also believe that individuals can be taught how to support an entrepreneur or a start-up business. In that way, even people who do not have the inclination to take major career risks can learn how to help those who do. Just as not everyone can learn to be a great artist, musician/dancer, or industrialist, there are many supporting careers that are connected with those professions – and those activities can be taught and learnt. While I might not have enough talent to make great music, I should be able to learn the necessary skills to help market and ‘sell’ a great musician. Thus, there are many reasons to support and develop effective entrepreneurship education.
While courses in entrepreneurship continue to be popular, I must admit that the lesson and theory behind entrepreneurship education lacks enthusiasm. For example, most entrepreneurship courses rely on the teaching and development of a business plan. However, the goals of business planning education remain poorly understood.
We can teach all the great curriculum of Entrepreneurship Education, but it is up to the individuals involved to stir their entrepreneurial mindset or what some call “entrepreneurial Spirit”.
Entrepreneurial Spirit conveys so many different thoughts and images but while there are many interpretations, I perceive entrepreneurial spirit as “The resolve and precision devoted to the work (products or services) that an individual endeavours to provide through their special abilities”.
More plainly, it seems that successful entrepreneurs always possess 2 attributes:
1. They possess the creative ability, mindset and desire to work through obstacles with a beneficial result; and
2. They find opportunities where others see problems. Read the rest of this entry »
In 1924 General Electric preformed a study at a commissioned plant in Illinois. Researchers told workers they were going to increase lighting in the production areas of the plant to determine if it would increase production. It did.
Once again they increased the lighting and once more production increased. The researchers were ecstatic. A third time, they increased the lighting and yet again production increased again. GE was so happy. They have cracked a code to increasing American production and found a way to infinitely increase light bulb sales.
That was until one researcher suggested that productivity only increased because the workers knew they were being monitored.
They then came up with the idea to tell workers that they would increase light one last time but in reality didn’t touch the lighting. Guess what. Production increased anyway. The Hawthorn Effect proves that production increases when it is monitored.
When I was younger I remember how the Hawthorne Effect affected me. It was Saturday morning and we had just played a football game the night before. It was after the first game of the season. We arrived at the field house to review the game film of the previous night. A cold chill went up my spine.
The coach was playing, rewinding, and replaying our play assignments. He got to one where the camera man had focused in on me. I had been lazy that play and only half-heartedly put in effort into my assignment. The coach played that part and then rewound the tape. He played it again and rewound it. He played it once more then pressed the pause button after it played through. He turned and looked at me. He didn’t say a word…just looked at me. I thought to myself, “Never again………..Never again will this happen. I’ll never be caught doing less than I can.”
# Your Assets Your Income
Our current educational system focuses on preparing today’s youth to get good jobs by developing scholastic skills. Their lives will revolve around their wages, or as described earlier, their income column. And after developing scholastic skills, they go on to higher levels of schooling to enhance their professional abilities. They study to become engineers, scientists, cooks, police officers, artists, writers and so on. These professional skills allow them to enter the workforce and work for money.
There is a big difference between your profession and your business. Often I ask people,
“What is your business?” And they will say, “Oh I’m a banker.” Then I ask them if they own the bank? And they usually respond. “No, I work there.” In that instance, they have confused their profession with their business. Their profession may be a banker, but they still need their own business. Ray Kroc was clear on the difference between his profession and his business. His profession was always the same. He was a salesman. At one time he sold mixers for milkshakes, and soon thereafter he was selling hamburger franchises- But while his profession was selling hamburger franchises, his business was the accumulation of income-producing real estate.
A problem with school is that you often become what you study. So if you study, say, cooking, you become a chef. If you study the law, you become an attorney, and a study of auto mechanics makes you a mechanic. The mistake in becoming what you study is that too many people forget to mind their own business. They spend their lives minding someone else’s business and making that person rich.
To become financially secure, a person needs to mind their own business. Your business revolves around your asset column, as opposed to your income column … The rich focus on their asset columns while everyone else focuses on their income statements.