TIPS TO START YOUR OWN ENTERPRISES

Becoming an entrepreneur is gradually becoming the order of the day almost everywhere in the world. To get started with something is a good feeling, but should one ride on the river current you never know of just because you have a nice yacht? The answer is NO!

                To get started in any enterprises, there are just some basics a proposed entrepreneur needs to do. A whole lot of physiological, physical, business-wise, marketing basics one need to put in place before diving into an enterprise world. So let’s get started…………….

v  DO A SELF-INVENTORY: Before starting any venture, you have got to look at yourself and evaluate yourself whether you have got an entrepreneur traits and also ask some real deep questions like:

·         Are you motivated?

·         Are you resilient?

·         Are you able to adapt and confident?

v  DEVELOP AN IDEA: Don’t just start a business because it’s in vogue and you think of commercializing it will make money. Develop a business concept that you are so passionate about, one that you got the skill by talent or experience and from there you can start a product or service that can benefit people lives. The simple truth most people don’t know that about idea generation is that you can only get productive idea when you start thinking about people.

People get enough problems, so be the solution. You get me?

v  TEST THE PLAUSIBILITY: I believe this word is not strange to you but in case it is, pick up your dictionary (Lol). Anyway, what am trying to say is that you got to critically look at the product and service you choose and ask

·         Is this product or service is something that people really want or need?  

·         Can you make a profit selling it or offering it?

·         Does the product work?

v  WRITE A BUSINESS PLAN: Nothing successful in lives will do without plan. I mean can you have a house without having a plan of how to get the land, build the foundation till the roofing stage. So same goes for business, you have got to plan. A solid business plan will guide you going forward. You will have to present your idea to potential investor with your business plan. A business plan will contain your mission statement, company summary, product or services offering etc.

You will need to consult people to come up with a solid business plan but not just anybody, you can learn more about or have it done at KEAConsult (kingemmanuelkep@gmail.com)

v  IDENTIFY YOUR MARKET: Even though you might detect some interest in your business, still you have got to do more homework. Really?

Yes, you have to. You are not just selling to few people but targeting a large number of people to offer your service to. Assess the market, targeting people that will likely purchase your products or request for your services. Do a competitive assessment.

v  DETERMINE THE TOTAL COST: While assessing your market, you have to research the standard cost factor of product within the industry. Not only will it help you in managing your business effectively but investor will also want to know. Did you see the need for that? Or you want to look dumb in front of your potential investors? 

v  ESTABLISH A BUDGET: Now you know the cost of the products in overall and you determine how much money you have to work with, you need to figure out how much it will take to develop a product or the services and creating a marketing plan. No matter the scale of your enterprise either big or small, you will have to market your product and for that you need to plan that all from the start-up.

“The success of any company revolves around its ability to make the world aware that its product or service exists. PROMOTION IS KEY”. Hope you now get the quote with the budget set-up explanation

v  FIND THE RIGHT INVESTOR: Hmmm, this is a critical point for any entrepreneur whether it is a small or big enterprise. You are going to need some sort of funding to start off be it either from your savings, loans, credit, grants or venture capitalist. For an entrepreneur who is starting big, you will need to find an investor who shares your passion, someone you believe you can work with. Are you stuck? I will suggest you will need to watch the movie titled “The Social Network” to get how one of the largest social media platform currently in use was turned from a minute thing to big venture with the help of passionate investors.

So what about the small-scale entrepreneur, am suggesting you log on www.emmaasset.blogspot.com very soon for your own tips on how to go about this section of advice.

v  LISTEN TO YOUR INVESTOR: Whether you like it or not, investors have a say in your company. So you have to listen to their advice and suggestion but it doesn’t necessary mean you have to do all what they told you. Use your “head” to discern the right one to act on.

v  SET UP A GREAT SUPPORT SYSTEM: For this new venture you want to start, you are going to be investing your time, energy and resources into it. So ensure your family and loved one are on board. They must be aware that this process will be challenging emotionally and financially and you will need their support there and then.

v  DETERMINE THE LEGAL SYSTEM: Settle on what form of ownership your company will to be and which suit you: a sole proprietorship, a partnership, a limited liability, a corporation, a non-profit or a cooperative. Trust me you need to decide this from the onset simply because their might be couple of people that you might start the venture with or receive their help in great en masse and might be doing that so as to join you in the venture or for just any other thing.

No matter or whichever it goes, you still have the power to decide how you want it to be.

v  SELECT YOUR BUSINESS NAME: Decide on which name which best suit your business. Then check the domain name online for its availability i.e whether it is free to use in your local government, state, country and maybe outside the country (who knows whether the venture might be an international brand one day, who knows?)

v  REGISTER YOUR BUSINESS NAME: As you check and see that the proposed business name is available, have it register at right place. In Nigeria, CAC (Corporate Affairs Commission) is in charge to register business name and trademark it. Likewise, secure the domain name

v  TAKE ADVANTAGE OF FREE RESOURCES: Numerous free resources are available to provide support, training and assistance. SBA.gov  is a great place to check out to find local resource likewise Emma Asset Blog

These tips can help you before getting started in an enterprise chosen, but more tips can be gotten from the entrepreneur tips book titled "40+ Tips on how to start your own business"

       

 

MENTOR..................Do You Have One?

Oooops…..It’s been a while that I dish out the value tips and I own you all. Trust me, other brands under the KEAC Platform really occupied all the available time but do not worry. I will make it up to you all. Thanks to those that check us up. So, for the new value tip today, legoo…..

Who is a mentor? Hmmm, before I can go on, I think I would need to give kudos to a mentor (Mr. Bamidele Ojo) who has challenged me in writing and even help in writing today’s value tip. He is making it through writing and he is experienced at it. Likewise the mentor of all mentors Rev. Chris Dele Folahanmi (Rev.CDF), he has been all in all when it comes in serving out as my mentor. Thanks sir!!!

Now the question again, who is a mentor? The word can be traced back to Homer’s Odyssey as the name of a character who gave advice (the adviser of the young Telemachus in Homer’s Odyssey). It is now commonly used to describe as an experienced person who advice a less experienced colleague. The novice is often referred to as a protégé or sometime a mentee.

A mentor possesses the wisdom only experience can provide while the protégé is someone who is in the early stages of his/her career. While the protégé seems to reap the benefits of this relationship, it actually benefits both partners. The protégé receives guidance and helpful advice including invitation to industry events and introductions to higher-ups may be forthcoming.

The mentor benefits from the opportunity to strengthen his/her leadership skills and qualities. A mentor can help you fast track your progress. The mentor maybe better than you and may not still better than you but surely he has the advantage of experience which can help you. With my little introduction above you should know I have a mentor and I can tell you boldly he has a lot of experience because I can ask any question and he has answers to all of them. He is a good man too.

Just like him, I am always happy when I have the opportunity to play the role of tutelage to people and I love motivating people to reach their full potentials in life. If I have been to see far in my little time of leading, it is because I am standing on a shoulder of giant.

To go far in life, it is not a gainsaying that you need a mentor.

TIPS FOR FINDING AND WORKING WITH A MENTOR

Ø  Choose a mentor whose goals are similar to your own

Ø  Find someone who inspire you and motivates you

Ø  Your mentor should have time to give to this relationship

Ø  Take the initial step in establishing contact with a potential mentor since you are the one who will benefit the most from the relationship

Ø  You must find the time to participate in the relationship with the mentor

Ø  Ask as many questions you can when you are with your mentor but be warn do more of listening

Eventually you will be in position to give advice to someone who is just starting out in his/her own career. Honour your mentor by paying it forward and doing for another person what he or she did for you, that way you will also improve yourself and your leadership skills.

Now on a happy and celebration note, I am celebrating my mentor Rev.CDF on November 1^st 2014 and same day he is launching a new two best-selling valued books he wrote.

 You can join me in sending best of wishes and congratulation messages to him in advance. Join him on Facebook on Chris Dele Folahanmi.

You can get my exclusive interview with him and photos of launching and birthday celebration on our Facebook page.

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DIGITAL JOBS............THE NEXT BIG THING ONLINE

Have you heard of the new opportunity out of the horizon?

Have you heard of the new wave and trends online?

Is this the new biggest thing right on?

There is just a lot of poser for this new thing that just got launched recently in Nigeria which is generating a lot of buzz online especially among the skilled youths.

You might want to be asking what am I really talking about……….No more tips, let dive in and get to know how you can benefit from this new thing.

Digital Job is the next big thing generating buzz online and in Nigeria. So what is Digital Job all about?

If you can recollect around June of this year when report has it that The Rockfeller Foundation in partnership with Federal Ministry of Communication Technology want to give access to skilled youths to get employed online, and $500,000 grant was released for the country in favour of Paradigm Initiative Nigeria (PIN).

Paradigm Initiative Nigeria (PIN) is a social enterprise that connects Nigerian youth with ICT-enabled opportunities brought this opportunity I’m taking about to the Nigerian people.

Now the campaign is over and the initiative is in full swing. According to the manager of the project Adebola Agbaje explaining to EmmaAsset Blog correspondent after the launching, “Digital Jobs is an income platform that we have identified for unemployed youths. It is popularly known as online work where an individual with “sellable” skills can trade them for monetary returns. That is, for example, I have a programming skill or web-design skill but unemployed or lost in the job market; I can take advantage of the many jobs that are available in the on-line market”. Basically, it is all about making use of your skills, and then to sharpening those skills and attractively earning an income doing what you love to do.  

After a lot of underground work from the project team, the project was launched on the 2nd of October 2014 with inspirational entrepreneurs in attendance such as Former Minister Mrs. Oby Ezekweli who delivered a great speech to introduce the initiative to the people in attendance and also inspired the youths in the gathering.

WHO CAN BENEFIT FROM THIS PROGRAM

Almost everybody who is fully involved in the age that we are (Computer Age) can benefit from this program and initiatives.

SO HOW CAN I BENEFIT FROM THE PROGRAM?

To benefit from this association, you will be required to sign up via www.pinigeria.org/digitaljobs click on the sign-up icon and enter your correct details (Please note that this does not yet mean you have been registered for the digital jobs). After this, you will be required to register for Digital Jobs via: http://bit.ly/elancedja. Fill in your details and areas of expertise as well.

Once all these have been done, you are qualified to source for online jobs.

If it seems your specialization is not available or want to develop yourself in other area of specialization, you can request for free technical advice, training/empowerment needs from PIN and you stand a chance to be a part of the monthly give-aways.

More importantly, Rockefeller has provided the necessary assistance to PIN to ensure that as many interested online workers become beneficiaries. There is training and empowerment facilities, technical personnel and amazing monthly rewards to give out (T&C apply).

I WANT TO KNOW MORE ABOUT THIS PROGRAM?

You might want to get more information, so why not pick up your internet access gadgets and visit their official website for digital jobs: www.pinigeria.org/digitaljobs.

This website will be active after the launch but to read more about Paradigm Initiative Nigeria, please visit www.pinigeria.org.

Information reaching us at EmmaAsset Blog also makes us to know that you can also listen on air on Tuesday October 7th and Thursday 9th 2014 with Beat FM and Cool FM respectively in the late hours of the morning to more and more information about the program.

Before the on-air event, why not get all the tips, info needed by following them on the social media platform

Twitter: @pinigeria

Facebook: www.facebook.com/dorojobs

So what are you waiting for, follow the instruction lay-out in this post and get set to start making your own living with the skills you have got. “Naija no good, Naija no good, PIN is making it more more better ooooo, don’t dull”

Looking forward to your success likewise your questions, comments and opinion, always welcome.

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CRITERIA TO CHOOSE YOUR RELIABLE AND REPUTABLE STOCKBROKER (KNOW-HOW GUIDE)

In our last investment asset post where were talked about investing in stock in NSE (Nigeria Stock Exchange), we analyse how to get started in stock investment, minimum amount one can start with et al. Now that you ready to dive into investment pool of stocks investment, you need a reliable stockbroker to handle your dealing.

Some questions might arise like: how does one know and pick a reliable and reputable stockbroker? What are the criteria to consider before picking a stockbroker?  How do I get one? All these questions will be answered in due course in this post.

In case you miss the previous investment asset post click Make-your-cash-off-stock-market to read it and then follow the tips that will be highlighted here.

WHO ARE STOCKBROKERS?

Stockbrokers are the dealing members of the Nigerian Stock Exchange (NSE). Each of such members is licensed by the council of NSE and Stock Exchange Commission (SEC) to participate with other members brokers in the business of selling and buying shares listed in the NSE.

These stockbrokers serve as platform through which groups and individuals buy and sell securities in the exchange.

CRITERIA TO PICK A STOCKBROKER   

The following are some of the factors that one should considered before selecting a stockbroker

v  Must be registered/listed (Are they recognized by NSE?)

v  Proximity (How far is the stockbroker away from me?)

v  Minimum capital requirement (How much can get me started this investment?)

v  Integrity and professionalism (Are they trustworthy and how do they treat their clients?)

v  Personal Touch (How will they treat me and my account)

v  Availability of credit facilities (Can they provide a loan access for me at desperate time?)

Now let me try and explain about all these factors thoroughly.

CHOOSE A REGISTERED STOCKBROKER

As an investor in stocks, all your dealings must be with a registered stock broking firm. Doing otherwise would be beginning of problem in this line of investment. Click here to check the list of Stockbroking Firms in NSE. A registered stockbroker has to stick to certain guide lines stipulated by both NSE and SEC and thus your money would be protected. Don’t just fall into pit of unregistered stock broking firms floating themselves in various states of the federation. Before handing over that your share certificates and money to any stock broking firm, find out if they are registered.

PROXIMITY

This is one the great factor one must also consider before choosing and picking a stockbroker. You should choose stockbroker that is near you. Why should I be residing in Jos and then pick a stockbroker in Port-Harcourt? Do you get what I mean now? Being near your stockbroker is very important, one of the major reason is that it gives you a great access for unplanned visitation to their office when you have challenges with your account or need urgent inquiries to make.

MINIMUM CAPITAL REQUIREMENT

This post is for everybody (both big time investor and small scale investor), so this part of the criteria is one of the important factors to consider when one wants to choose a stockbroker. In my previous about how to get started in stock investment, I explained that there is stockbroker for everybody no matter the capital you have at hand. So before trying to opening an account, you should try and visit several registered stockbrokers, inquire about their minimum requirements. You just have to consider your investment objective before picking your stockbroker, so start digging about them (STOCKBROKING FIRMS).

INTEGRITY AND PROFESSIONALISM

One or two questions that comes into any customers mind is/are:

i.                    Are these firms/products reliable/trustworthy?

ii.                  Can these firms/products treats me right and gives me quality services? Etc.

So also in stock investments before you choose a stockbroker, these are likely questions you should find answer to.

i.                    Is the stockbroker trustworthy?

ii.                  Is the stockbroker reliable?

iii.                Is he going to tamper with my account?

iv.                 Does he stick to professional ethics and codes?

In this era of get-rich quick, you must get answers to all these questions or else, you might fall into the hand of scammers who hide under the façade of stockbrokers.

SERVICE DELIVERY

The stockbroker of your choice must be up and doing. That is one of the quality every firms hammer on (good service delivery, satisfying customers all the way). So your proposed stockbrokers must not be an exception. When given a mandate, it should be adhered to and act according to promptly and efficiently.

PERSONAL TOUCH

The stockbroker should have some personal touch. What do I mean by that? He should be able to advice the investor as regard viable and good stocks. He should take the investors accounts as his and deal accordingly and should not just be interested in the commission to receive.

AVAILABILITY OF CREDIT FACILITIES

Desperate times might arise in the future and one might need access to ready loan. Your stockbroker should be able to provide such to you easily and readily. That shows he has solid ground and connections.    

With all these points listed, make out time and research the stockbroker of your choice with those qualities before opening an account with the stockbroker.

Looking forward to your success likewise your questions, comments and opinion, always welcome.

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