One of the most fulfilled people in the world today are not necessarily those who conceived ideas (of course, everyone does); neither are the fulfilled ones those who brood over their ideas and hope that one day mother luck would smile on them. I am strongly convinced that people who create a new beginning out of their lofty ideas are one of the most fulfilled people on the earth today.
The world is full of people claiming to have great ideas. Until others see tangible proof of your boast, you are nothing but a taller of big but empty dreams! Of a truth, actions speak louder than words, but permit me to say that your results supercede your actions.
Our generation have waited too long in the lounge. Just do it, say Nike. How i wish it were possible to wish ideas into existence. All great icons began their success journey with an idea. I am glad to tell you that the profitability of an idea becomes evident when nurtured into a goal or vision. A goal worked with becomes a pursuit. The pursuit of a goal culminates into achievements. And only true achievements can bring about a bright and fulfilling future.
No gainsaying, we all are endowed with possibilities. Whatever good we are capable of thinking of can be achieved. Come to think of it: we are one in a million. It means we ought to strive to earn a million achievements before we go to the world beyond. Even our Creator posited that with faith in Him, we can do many great exploits, achieve many great feats, invent many great ideas, and command many great honours.
There is no sin in trying - what you will find is an opportunity for advancement. Just as we may not understand how valuable we are untill others appreciates us, we may not know also how farther we can go in any venture until we keep taking great strides into the unknown.
Do you aspire to become a business giant? The Nigerian business landscape consist of entrepreneurs who dared to try and have stood tall in their endeavours.
You want to know how to truly live? Just dare to try.
The purpose of this blog is to give you series of ideas, strategies, and techniques that you can use immediately to make your business and career grow... spontaneously. Click on the COMMENTS link below each article to have your say. Click on the OLDER POSTS link at the bottom of the blog to see more articles. But call +2348055981421 to INVITE Ayokunle Bankole to speak with your seminar audience!
Tuesday, October 26, 2010
Monday, September 20, 2010
HARNESS YOUR ENTREPRENEURSHIP POTENTIALS.
THE EXTRACTS OF A TEACHING DELIVERED BY: AYOKUNLE BANKOLE, AT AN ENTREPRENEURSHIP SUMMIT.
By virtue of this meeting, I believe my audience are a crop of aspiring and emerging entrepreneurs who are ready to take their world by storm. So, I don’t see myself speaking to some young ladies and gentlemen (as the case is), but with young entrepreneurs who will grow to become business giants in few years to come. Then, you’ll remember but may not recognize this little giant standing in front of you - because he would have grown really big too!
Let’s thank God for ideas. But, if ideas were to equal entrepreneurship, everyone of you would have been great entrepreneurs, great inventors, great business men and women. Entrepreneurship is a subject that goes beyond starting a business and staying a business owner! It’s not about blowing your trumpet, giving yourself ego-centric titles: CEO, COO, OM, ‘OPC’, ‘EFCC’ - because you have formed yourself into a company. No!
The bitter truth is that as profitable as entrepreneurship may seem, its venture is not for everyone. A senior friend once said to me in an interview discussion I had with him: “You need the right mind-set and skill-set. Don’t try it (entrepreneurship) until you understand these two!”
I want to sound a note of warning too. Entrepreneurship is not a plan B. It is not an alternative for those who couldn’t get white-collar jobs. Thank God for mouth-watering salaries; but entrepreneurship is not a choice you make because you could not secure employment at Shell or MTN! A prospective student, who makes a federal-owned Nigerian university his /her second choice of institution at the time of filling the forms, has already decided his/her fate!
Really, the increasing toll of unemployed graduates has forced many to look inwards. Ironically, this situation has its positives. In those days (as we were been told), as a graduate, you have an assurance of a good job awaiting you. But today, the reverse is the case! Even with your M.Sc or MBA, you may need to back it up with a professional certificate and several years of hands-on experience.
I do not care how many MTN, Shell or Chevron that has rejected your employment request; all you need is God to smile at your seemingly-looking small business. I see because giants arising from this meeting. You will go out there and storm your world!
What then is entrepreneurship? Who is an entrepreneur?
An entrepreneur is truly a unique individual. Entrepreneurs find it difficult or impossible to work for someone else, although they do work for their customers/clients. They are willing to put everything on the line for the passion and love of seeing their enterprise grow… and sometimes live with several failures.
An entrepreneur is one who has the ability to dream big. The entrepreneur has the qualities of a leader. A leader is one who knows what he wants. He is the one who created ideas, unique opportunities and conceptions. He is ready to take risks.
The following people have something to say about entrepreneurship:
Alan Sugar: “An entrepreneur, if there is such a thing, is a born schemer and thinker up of things.”
Hunt Greene: “Everything is always impossible before it works. That is what entrepreneurs are all about - doing what people have told them is impossible.”
Michael Smurfit: “The entrepreneur is like an eagle… he soars alone, he flies alone, and he hunts alone.”
Tom Peters: “Entrepreneurship is unreasonable conviction based on inadequate evidence.”
The Nigerian business landscape consists of entrepreneurs who, despite their humble backgrounds, withstood the storm and are still standing tall in their pursuits.
Here is a list of some of them:
1. Mike Adenuga (Globacom)
2. Femi Otedola (Zenon Oil)
3. Aliko Dangote (Dangote Group)
4. Jimoh Ibrahim (Nicon Insurance)
5. Frank Nneji (ABC Transport)
6. Tony Momoh (Channels TV)
7. Tony Ezena (Orange Drugs)
8. Samuel Adedoyin (Doyin Group)
9. Alex Ibru (Guardian Newspaper)
10. Folu Ayeni (Tantalizers)
11. Dele Momodu (Ovation Magazine)
12. Otunba Gadaffi (DMT Mobile Toilet)
Let’s take a look at some of the most basic factors that has helped them come this far.
I. You need ideas: Ideas are your connection to the world of business exploit, and this can be gotten via inspiration. Ideas that fly to the high heavens have been the harbinger of the most successful businesses across the globe. Ideas are like good wine, they need no bush. All entrepreneurial ventures start from ideas. Therefore, you constantly need to be creative, innovative and resourceful. Never underestimate the value of an idea. Every positive idea has within it the potential for success if it is managed properly.
II. You may start small but think big always! As a start-up, you may not always have enough funds to start on a large-scale. More than 60% of new businesses within and outside Nigeria are usually faced with the challenge of start-up and running capital. Start with what you have. Starting small does not in anyway mean you are going to remain small. You are permitted to start small, but understand that you need to think big; “for as he thinks in his heart, so is he.” You need to paint a picture of your dream business in your imagination. You need to “act” as though you were managing a big company. This kind of feeling should reflect in all that you do - your communication, your dress sense, your business environment, etc. Starting small is not a crime, thinking and remaining small is. The Word of God admonishes us not to despise our little beginnings. He knows there would always be little beginnings! For many of us, it is a time to learn and be strong enough to cope with the challenges associated with big businesses.
III. Be creative and innovative: Your business cannot survive without some creative thinking. It amuses me how some business owners run their businesses as though they are the only enterprise offering a kind of product or service. You can’t afford to be lazy in your business approach or strategy. Constantly create an activity to make your business, products and services the news worth thinking or talking about. If there are 1001 fashion outfits in an area, aim at becoming the best!
Everett Rogers said, “Invention is the process by which a new idea is discovered or created. In contrast, innovation occurs when that new idea is adopted.” If you use yesterday’s tactics and strategies to manage today’s complex business challenges, you’ll go out of business tomorrow. Arthur Koestler also posited that “the principal mark of genius is not perfection but originality, the opening of new frontiers.”
You need creative approaches for managing current business trends and anticipating future ones. Ask yourself strategic questions. “What can I do to improve on my existing offerings?” Tom Peters puts it this way: “Ask dumb questions. ‘How come computer commands all come from keyboards?’ Somebody asked that one first; hence, the mouse.”
You have a creative mind - use it! You can’t read about creativity; you have to begin doing what every creative action requires – taking the first step into the unknown.
Do you have a new (creative) idea? Take action. Turn it into implementation, and inspiration into execution. “The way to get started is to quit talking and begin doing” (Walt Disney). As Ben Franklin once stated, “Well done is better than well said.”
IV. Search for relevant knowledge in your area of specialization and interest. Knowledge they say is power. The Word of God says, “a man is commended according to his wisdom… a man’s wisdom makes his face to shine.” Don’t think of decorating your home, shop or office with your degree certificate; instead, decorate your mind with current innovative strategies, techniques and trends that will help grow your business or career. Search out new pricing and sales techniques. The truth is that you cannot be better, bigger and more successful than what you have on your mind. Your actions and inactions can be traceable to your knowledge power; and your knowledge power determines your thoughts! Remember, “For as he thinks in his heart, so is he.” Creativity and innovation is 90% within and 10% without.
V. You need a defense against discouragement. As an aspiring or emerging business owner, you should have a mind-set that success does not come easy; not even in business. Usually at the onset, we brim with ideas for starting a business; the enthusiasm is high and we devote both time and energy for the success of the new venture. At this level of your business, you never really knew that on the flip side, business management means coping with stress, challenges, disappointments, failures, and outright rejections!
In a research study of two hundred and forty three entrepreneurs in Lagos, Nigeria; among the problems encountered by entrepreneurs, unreliable employees were the most critical. Weak economy, electricity shortages and unsafe location were also mentioned as obstacles preventing entrepreneurs from achieving their goals.
At every point of your business growth, you need to shield yourself from discouragement; you need to trust God for help and believe in yourself to stay strong till you conquer fear. As a small business person, I have been tempted on several occasions to apply for a paid job somewhere else. As a matter of fact, I have submitted applications for some! Owning and managing a business is not a light issue. You need to be aware of this from the onset. Business is life – don’t let it die in your hands!
Be focused. Be persistent. Be consistent. Be strong. Indeed, you can truly become a business giant! See you at the top!
By virtue of this meeting, I believe my audience are a crop of aspiring and emerging entrepreneurs who are ready to take their world by storm. So, I don’t see myself speaking to some young ladies and gentlemen (as the case is), but with young entrepreneurs who will grow to become business giants in few years to come. Then, you’ll remember but may not recognize this little giant standing in front of you - because he would have grown really big too!
Let’s thank God for ideas. But, if ideas were to equal entrepreneurship, everyone of you would have been great entrepreneurs, great inventors, great business men and women. Entrepreneurship is a subject that goes beyond starting a business and staying a business owner! It’s not about blowing your trumpet, giving yourself ego-centric titles: CEO, COO, OM, ‘OPC’, ‘EFCC’ - because you have formed yourself into a company. No!
The bitter truth is that as profitable as entrepreneurship may seem, its venture is not for everyone. A senior friend once said to me in an interview discussion I had with him: “You need the right mind-set and skill-set. Don’t try it (entrepreneurship) until you understand these two!”
I want to sound a note of warning too. Entrepreneurship is not a plan B. It is not an alternative for those who couldn’t get white-collar jobs. Thank God for mouth-watering salaries; but entrepreneurship is not a choice you make because you could not secure employment at Shell or MTN! A prospective student, who makes a federal-owned Nigerian university his /her second choice of institution at the time of filling the forms, has already decided his/her fate!
Really, the increasing toll of unemployed graduates has forced many to look inwards. Ironically, this situation has its positives. In those days (as we were been told), as a graduate, you have an assurance of a good job awaiting you. But today, the reverse is the case! Even with your M.Sc or MBA, you may need to back it up with a professional certificate and several years of hands-on experience.
I do not care how many MTN, Shell or Chevron that has rejected your employment request; all you need is God to smile at your seemingly-looking small business. I see because giants arising from this meeting. You will go out there and storm your world!
What then is entrepreneurship? Who is an entrepreneur?
An entrepreneur is truly a unique individual. Entrepreneurs find it difficult or impossible to work for someone else, although they do work for their customers/clients. They are willing to put everything on the line for the passion and love of seeing their enterprise grow… and sometimes live with several failures.
An entrepreneur is one who has the ability to dream big. The entrepreneur has the qualities of a leader. A leader is one who knows what he wants. He is the one who created ideas, unique opportunities and conceptions. He is ready to take risks.
The following people have something to say about entrepreneurship:
Alan Sugar: “An entrepreneur, if there is such a thing, is a born schemer and thinker up of things.”
Hunt Greene: “Everything is always impossible before it works. That is what entrepreneurs are all about - doing what people have told them is impossible.”
Michael Smurfit: “The entrepreneur is like an eagle… he soars alone, he flies alone, and he hunts alone.”
Tom Peters: “Entrepreneurship is unreasonable conviction based on inadequate evidence.”
The Nigerian business landscape consists of entrepreneurs who, despite their humble backgrounds, withstood the storm and are still standing tall in their pursuits.
Here is a list of some of them:
1. Mike Adenuga (Globacom)
2. Femi Otedola (Zenon Oil)
3. Aliko Dangote (Dangote Group)
4. Jimoh Ibrahim (Nicon Insurance)
5. Frank Nneji (ABC Transport)
6. Tony Momoh (Channels TV)
7. Tony Ezena (Orange Drugs)
8. Samuel Adedoyin (Doyin Group)
9. Alex Ibru (Guardian Newspaper)
10. Folu Ayeni (Tantalizers)
11. Dele Momodu (Ovation Magazine)
12. Otunba Gadaffi (DMT Mobile Toilet)
Let’s take a look at some of the most basic factors that has helped them come this far.
I. You need ideas: Ideas are your connection to the world of business exploit, and this can be gotten via inspiration. Ideas that fly to the high heavens have been the harbinger of the most successful businesses across the globe. Ideas are like good wine, they need no bush. All entrepreneurial ventures start from ideas. Therefore, you constantly need to be creative, innovative and resourceful. Never underestimate the value of an idea. Every positive idea has within it the potential for success if it is managed properly.
II. You may start small but think big always! As a start-up, you may not always have enough funds to start on a large-scale. More than 60% of new businesses within and outside Nigeria are usually faced with the challenge of start-up and running capital. Start with what you have. Starting small does not in anyway mean you are going to remain small. You are permitted to start small, but understand that you need to think big; “for as he thinks in his heart, so is he.” You need to paint a picture of your dream business in your imagination. You need to “act” as though you were managing a big company. This kind of feeling should reflect in all that you do - your communication, your dress sense, your business environment, etc. Starting small is not a crime, thinking and remaining small is. The Word of God admonishes us not to despise our little beginnings. He knows there would always be little beginnings! For many of us, it is a time to learn and be strong enough to cope with the challenges associated with big businesses.
III. Be creative and innovative: Your business cannot survive without some creative thinking. It amuses me how some business owners run their businesses as though they are the only enterprise offering a kind of product or service. You can’t afford to be lazy in your business approach or strategy. Constantly create an activity to make your business, products and services the news worth thinking or talking about. If there are 1001 fashion outfits in an area, aim at becoming the best!
Everett Rogers said, “Invention is the process by which a new idea is discovered or created. In contrast, innovation occurs when that new idea is adopted.” If you use yesterday’s tactics and strategies to manage today’s complex business challenges, you’ll go out of business tomorrow. Arthur Koestler also posited that “the principal mark of genius is not perfection but originality, the opening of new frontiers.”
You need creative approaches for managing current business trends and anticipating future ones. Ask yourself strategic questions. “What can I do to improve on my existing offerings?” Tom Peters puts it this way: “Ask dumb questions. ‘How come computer commands all come from keyboards?’ Somebody asked that one first; hence, the mouse.”
You have a creative mind - use it! You can’t read about creativity; you have to begin doing what every creative action requires – taking the first step into the unknown.
Do you have a new (creative) idea? Take action. Turn it into implementation, and inspiration into execution. “The way to get started is to quit talking and begin doing” (Walt Disney). As Ben Franklin once stated, “Well done is better than well said.”
IV. Search for relevant knowledge in your area of specialization and interest. Knowledge they say is power. The Word of God says, “a man is commended according to his wisdom… a man’s wisdom makes his face to shine.” Don’t think of decorating your home, shop or office with your degree certificate; instead, decorate your mind with current innovative strategies, techniques and trends that will help grow your business or career. Search out new pricing and sales techniques. The truth is that you cannot be better, bigger and more successful than what you have on your mind. Your actions and inactions can be traceable to your knowledge power; and your knowledge power determines your thoughts! Remember, “For as he thinks in his heart, so is he.” Creativity and innovation is 90% within and 10% without.
V. You need a defense against discouragement. As an aspiring or emerging business owner, you should have a mind-set that success does not come easy; not even in business. Usually at the onset, we brim with ideas for starting a business; the enthusiasm is high and we devote both time and energy for the success of the new venture. At this level of your business, you never really knew that on the flip side, business management means coping with stress, challenges, disappointments, failures, and outright rejections!
In a research study of two hundred and forty three entrepreneurs in Lagos, Nigeria; among the problems encountered by entrepreneurs, unreliable employees were the most critical. Weak economy, electricity shortages and unsafe location were also mentioned as obstacles preventing entrepreneurs from achieving their goals.
At every point of your business growth, you need to shield yourself from discouragement; you need to trust God for help and believe in yourself to stay strong till you conquer fear. As a small business person, I have been tempted on several occasions to apply for a paid job somewhere else. As a matter of fact, I have submitted applications for some! Owning and managing a business is not a light issue. You need to be aware of this from the onset. Business is life – don’t let it die in your hands!
Be focused. Be persistent. Be consistent. Be strong. Indeed, you can truly become a business giant! See you at the top!
Tuesday, September 7, 2010
Entrepreneurial Success - A Marketing Function.
Many at times entrepreneurship seems a perfect choice when we consider its long term gains. However, my recent discovery suggests that success in any entrepreneurial venture is more of marketing than any other aspect of business. Little wonder, both large and small organisations give more to the marketing department and do not take lightly their marketing personnel requirements.
According to a report I read in an article some years back, it claimed the US Bureau of Labor revealed that Marketing and Sales had the highest number of employees in US organisations. This further buttresses my discovery of the entrepreneurship and marketing function.
You may ask, "What really is this fuss about marketing?" Before I go on to define marketing, I would like to point to the fact that for most people, their understanding of the discipline stem from theories being taught at schools; and usually not really understood. A typical misunderstanding of this concept is when people (even 'experts') equate marketing to sales!
So what then is marketing? Simply put, marketing is analysing and understanding your customer/client requirements and placing value (quality and unique products/services) in their hands at an affordable price and appropriate time.
From the foregoing, we can safely conclude that marketing is to an entrepreneur (or business) what air is to man! Therefore, a successful entrepreneurial venture is largely a function of marketing and not accounting nor administration (though equally important).
One obvious reason many young entrepreneurs still find it difficult to 'sell' their products, services, ideas, or cause, is because they do not fully understand what marketing entails; or probably, they share a misconception of the discipline.
You have a brilliant idea for a product or service - fine! How do you translate this idea into a profitable business venture? How do you locate your core customers/clients? What strategies will help you stay afloat of competition? What are the buyer persona profiles of your target audience? Why should your customers/clients make a repeat purchase? All of these questions and more is what a true understanding of marketing will help you proffer answers to.
You don’t just sit there doing nothing and expect your idea to blossom. As a small business owner, your formative years are when you [the entrepreneur] should even work harder and smarter to gain more customers/clients for your business. In the words of Ken Inverson, “Entrepreneurs should be able to spend 80% of their time getting customers.”
Even if you have never had an academic or professional background in marketing, that’s not an excuse! According to Tony Blair, the British Prime Minister, “Entrepreneurship will become a core skill which all our young people will need to exploit the opportunities emerging from science and technology, culture and communications.”
Try to engage yourself in a self-study on marketing, Business Communications, General Management, Entrepreneurship, Advertising, Public Relations, and Selling. Also, attend some short professional training programmes, with an emphasis on marketing and selling.
The truth is that every organization is aimed at selling. Their offerings, however, could be in the form of tangible products or intangible services, ideas or a social cause. Whichever the case is, marketing plays a vital role in reaching out to those target audience whose support, attitude, interest and patronage matters to the wellbeing of the organization.
While marketing is not sales, marketing supports sales activities. Marketing and sales are interdependent on one another.
As a young entrepreneur, you need to understand that for your business idea to grow wings and fly high into the sky, you must have a good understanding of marketing, and have a plan. Such plan should consist of simple but vital information as:
1. Your intentions [statements of purpose, mission or objectives]
2. Your offerings [products/services]
3. Your target audience [customers/clients]
4. Your marketing strategies [packaging, price, distribution, promotion, etc]
5. Your rivals [competitors]
6. Your budgetary allocation [finance]
7. Your evaluation [control]
A fuller understanding of these seven basic points will help in your quest to grow your small business to become a giant in the next few years.
See you at the top!
Ayokunle Bankole
www.facebook.com/ayokunle.bankole
According to a report I read in an article some years back, it claimed the US Bureau of Labor revealed that Marketing and Sales had the highest number of employees in US organisations. This further buttresses my discovery of the entrepreneurship and marketing function.
You may ask, "What really is this fuss about marketing?" Before I go on to define marketing, I would like to point to the fact that for most people, their understanding of the discipline stem from theories being taught at schools; and usually not really understood. A typical misunderstanding of this concept is when people (even 'experts') equate marketing to sales!
So what then is marketing? Simply put, marketing is analysing and understanding your customer/client requirements and placing value (quality and unique products/services) in their hands at an affordable price and appropriate time.
From the foregoing, we can safely conclude that marketing is to an entrepreneur (or business) what air is to man! Therefore, a successful entrepreneurial venture is largely a function of marketing and not accounting nor administration (though equally important).
One obvious reason many young entrepreneurs still find it difficult to 'sell' their products, services, ideas, or cause, is because they do not fully understand what marketing entails; or probably, they share a misconception of the discipline.
You have a brilliant idea for a product or service - fine! How do you translate this idea into a profitable business venture? How do you locate your core customers/clients? What strategies will help you stay afloat of competition? What are the buyer persona profiles of your target audience? Why should your customers/clients make a repeat purchase? All of these questions and more is what a true understanding of marketing will help you proffer answers to.
You don’t just sit there doing nothing and expect your idea to blossom. As a small business owner, your formative years are when you [the entrepreneur] should even work harder and smarter to gain more customers/clients for your business. In the words of Ken Inverson, “Entrepreneurs should be able to spend 80% of their time getting customers.”
Even if you have never had an academic or professional background in marketing, that’s not an excuse! According to Tony Blair, the British Prime Minister, “Entrepreneurship will become a core skill which all our young people will need to exploit the opportunities emerging from science and technology, culture and communications.”
Try to engage yourself in a self-study on marketing, Business Communications, General Management, Entrepreneurship, Advertising, Public Relations, and Selling. Also, attend some short professional training programmes, with an emphasis on marketing and selling.
The truth is that every organization is aimed at selling. Their offerings, however, could be in the form of tangible products or intangible services, ideas or a social cause. Whichever the case is, marketing plays a vital role in reaching out to those target audience whose support, attitude, interest and patronage matters to the wellbeing of the organization.
While marketing is not sales, marketing supports sales activities. Marketing and sales are interdependent on one another.
As a young entrepreneur, you need to understand that for your business idea to grow wings and fly high into the sky, you must have a good understanding of marketing, and have a plan. Such plan should consist of simple but vital information as:
1. Your intentions [statements of purpose, mission or objectives]
2. Your offerings [products/services]
3. Your target audience [customers/clients]
4. Your marketing strategies [packaging, price, distribution, promotion, etc]
5. Your rivals [competitors]
6. Your budgetary allocation [finance]
7. Your evaluation [control]
A fuller understanding of these seven basic points will help in your quest to grow your small business to become a giant in the next few years.
See you at the top!
Ayokunle Bankole
www.facebook.com/ayokunle.bankole
Monday, August 16, 2010
USE 101 MARKETING STRATEGIES OF THE BIG COMPANIES TO PUBLICIZE AND PROMOTE YOUR SMALL BUSINESS EFFECTIVELY
With more businesses springing up in their thousands, sale of products and services have indeed become more competitive. Business owners and advertisers, more than before, continue to churn out strategies and tactics to get their offerings into the minds and eventually the pockets of existing and potential customers or clients.
The big companies allocate huge annual budget for their marketing campaigns; while small businesses tend to struggle to make themselves known in the market.
This trend, however, has forced thousands of small businesses to close shop, while others have gone the way of cheap or free publicity and promotion in order to keep cost at an all time low. You find them in online forums, blogs, pay-per-click, classified ads, banner exchange, social networking websites, online directories and even small business meetings.
I have painstakingly researched and compiled 101 marketing strategies the big companies use to publicize and promote their businesses. Surprisingly, as small business owners, we can make good use of them tool!
1. Use a direct mail campaign to sell your offerings
2. Send customized bulk sms to your target audience.
3. Create a blog and start blogging.
4. Advertise in newspapers and magazines
5. Print and hand out quality business cards
6. Distribute corporate souvenirs
7. Write professional articles on your products and services.
8. Issue press releases in both the print and electronic media.
9. Advertise on billboards and street banners.
10. Sponsor or co-sponsor special events
11. Join social networking websites, e.g facebook
12. Design a beautiful website for your business.
13. Join and participate in online forums, e.g nairaland
14. Establish mutual community relationships
15. Target your audiences well
16. Attend trade fairs/exhibitions
17. Organize road shows
18. Distribute quality flyers
19. Paste quality posters
20. Have an efficient customer/client contact centre
21. Offer discounts on your products/services.
22. Do a documentary on your business
23. Distribute annual reports to your stakeholders
24. Be open to criticism
25. Advance a dress code for your employees
26. Use a consistent brand identity on all promotional materials.
27. Include contacts information on all outgoing communication.
28. Share your statements of purpose and core values with all stakeholders.
29. Treat your employees with respect & admiration.
30. Initiate corporate social responsibility programmes
31. Hold annual general meetings
32. Advertise on tv and radio
33. Organize facility visits for your stakeholders.
34. Give opportunity for customer feedback always.
35. Publish a house journal/newsletter regularly
36. Create events around new products and services
37. Use in-store/open market display stands
38. Brand your vehicles
39. Use roll-up/pop up banners within your business premises and at important events.
40. Beautify your business premises
41. Partner with other businesses to sell your products/services.
42. Recognize and appreciate loyal customers.
43. Use word of mouth always
44. Offer quality products/services always
45. Covet and win awards for your company
46. Use a good trade/ brand name
47. Advertise on the internet
48. Re-brand your products/services if necessary
49. Meet and discuss with other business people at events.
50. Ask your existing customers/clients for referrals
51. Request for written third-party endorsement for your products or services.
52. Maintain an open communication policy with journalists.
53. Partner with you local and state governments on developmental issues/projects.
54. Publish a book/magazine
55. Establish branch offices at strategic areas
56. Drive a posh car (for Nigerians only!)
57. Maintain a high dress sense.
58. Use state-of-the-art office equipment
59. Have only intelligent employees on your payroll.
60. Only employees with good communication skills must answers phone calls and deliver corporate speeches.
61. Place and honour all statements of warranty on your products and services.
62. Use beautiful packaging for your products.
63. Offer the best product/service at a reasonable price.
64. Initiate a market research for an existing or new product/service.
65. Use e-mail marketing
66. Embrace new technology
67. Smile always
68. Organize a press conference when necessary
69. Tailor your product/service offerings to different segments of your market.
70. Schedule a visit with potential clients/customers
71. Use a punchy slogan to drive home your message
72. Pay a courtesy visit to traditional rulers, regulatory agencies, the media and other important publics.
73. Avoid lawsuits and respect the rule of law.
74. Put your customers first when formulating policies
75. Have an in-house public relations expert or consultant on your payroll.
76. Focus on delivering superior products/services
77. Empathize with your clients/customers
78. Set new and challenging marketing goals regularly.
79. Recruit ad-hoc sales people for sales promotion
80. Maintain a non-discrimination recruitment policy
81. Manage your internal and external crisis well
82. Never speak ill of your target audiences
83. Submit your website to search engines and directories.
84. Submit your articles to article submission websites.
85. Position and re-position your products/service against your competitors.
86. Discuss pertinent but controversial issues over the media
87. Insist on quality printing work always.
88. Build excellent relationship with your target audiences
89. Offer free delivery service where applicable
90. Give customers the opportunity to buy and pay for your products on the internet.
91. Pay your creative department /agency well to do a quality newspaper, TV and radio advertisement for you.
92. Say “thank you” each time a customer or client patronizes you.
93. Display your statements of purpose, beliefs and awards inside your business premises.
94. Keep and update a mailing list of your target audiences
95. Offer free services as often as you can.
96. Provide a toll-free number for customer/client feedback.
97. Have customer relationship officers respond to enquiries on time.
98. Pay your taxes regularly.
99. Maintain a credit worthiness policy with your banks and other lenders.
100. Include a “signature” (business information) in all your outgoing e-mail messages.
101. Invite me to speak with your employees or seminar audience on how they can use each of these strategies to publicize/promote your (or their) products/service effectively. Call Ayokunle on +2348055981421.
Read more relevant business write-ups on my blog: www.rulingideas.blogspot.com
The big companies allocate huge annual budget for their marketing campaigns; while small businesses tend to struggle to make themselves known in the market.
This trend, however, has forced thousands of small businesses to close shop, while others have gone the way of cheap or free publicity and promotion in order to keep cost at an all time low. You find them in online forums, blogs, pay-per-click, classified ads, banner exchange, social networking websites, online directories and even small business meetings.
I have painstakingly researched and compiled 101 marketing strategies the big companies use to publicize and promote their businesses. Surprisingly, as small business owners, we can make good use of them tool!
1. Use a direct mail campaign to sell your offerings
2. Send customized bulk sms to your target audience.
3. Create a blog and start blogging.
4. Advertise in newspapers and magazines
5. Print and hand out quality business cards
6. Distribute corporate souvenirs
7. Write professional articles on your products and services.
8. Issue press releases in both the print and electronic media.
9. Advertise on billboards and street banners.
10. Sponsor or co-sponsor special events
11. Join social networking websites, e.g facebook
12. Design a beautiful website for your business.
13. Join and participate in online forums, e.g nairaland
14. Establish mutual community relationships
15. Target your audiences well
16. Attend trade fairs/exhibitions
17. Organize road shows
18. Distribute quality flyers
19. Paste quality posters
20. Have an efficient customer/client contact centre
21. Offer discounts on your products/services.
22. Do a documentary on your business
23. Distribute annual reports to your stakeholders
24. Be open to criticism
25. Advance a dress code for your employees
26. Use a consistent brand identity on all promotional materials.
27. Include contacts information on all outgoing communication.
28. Share your statements of purpose and core values with all stakeholders.
29. Treat your employees with respect & admiration.
30. Initiate corporate social responsibility programmes
31. Hold annual general meetings
32. Advertise on tv and radio
33. Organize facility visits for your stakeholders.
34. Give opportunity for customer feedback always.
35. Publish a house journal/newsletter regularly
36. Create events around new products and services
37. Use in-store/open market display stands
38. Brand your vehicles
39. Use roll-up/pop up banners within your business premises and at important events.
40. Beautify your business premises
41. Partner with other businesses to sell your products/services.
42. Recognize and appreciate loyal customers.
43. Use word of mouth always
44. Offer quality products/services always
45. Covet and win awards for your company
46. Use a good trade/ brand name
47. Advertise on the internet
48. Re-brand your products/services if necessary
49. Meet and discuss with other business people at events.
50. Ask your existing customers/clients for referrals
51. Request for written third-party endorsement for your products or services.
52. Maintain an open communication policy with journalists.
53. Partner with you local and state governments on developmental issues/projects.
54. Publish a book/magazine
55. Establish branch offices at strategic areas
56. Drive a posh car (for Nigerians only!)
57. Maintain a high dress sense.
58. Use state-of-the-art office equipment
59. Have only intelligent employees on your payroll.
60. Only employees with good communication skills must answers phone calls and deliver corporate speeches.
61. Place and honour all statements of warranty on your products and services.
62. Use beautiful packaging for your products.
63. Offer the best product/service at a reasonable price.
64. Initiate a market research for an existing or new product/service.
65. Use e-mail marketing
66. Embrace new technology
67. Smile always
68. Organize a press conference when necessary
69. Tailor your product/service offerings to different segments of your market.
70. Schedule a visit with potential clients/customers
71. Use a punchy slogan to drive home your message
72. Pay a courtesy visit to traditional rulers, regulatory agencies, the media and other important publics.
73. Avoid lawsuits and respect the rule of law.
74. Put your customers first when formulating policies
75. Have an in-house public relations expert or consultant on your payroll.
76. Focus on delivering superior products/services
77. Empathize with your clients/customers
78. Set new and challenging marketing goals regularly.
79. Recruit ad-hoc sales people for sales promotion
80. Maintain a non-discrimination recruitment policy
81. Manage your internal and external crisis well
82. Never speak ill of your target audiences
83. Submit your website to search engines and directories.
84. Submit your articles to article submission websites.
85. Position and re-position your products/service against your competitors.
86. Discuss pertinent but controversial issues over the media
87. Insist on quality printing work always.
88. Build excellent relationship with your target audiences
89. Offer free delivery service where applicable
90. Give customers the opportunity to buy and pay for your products on the internet.
91. Pay your creative department /agency well to do a quality newspaper, TV and radio advertisement for you.
92. Say “thank you” each time a customer or client patronizes you.
93. Display your statements of purpose, beliefs and awards inside your business premises.
94. Keep and update a mailing list of your target audiences
95. Offer free services as often as you can.
96. Provide a toll-free number for customer/client feedback.
97. Have customer relationship officers respond to enquiries on time.
98. Pay your taxes regularly.
99. Maintain a credit worthiness policy with your banks and other lenders.
100. Include a “signature” (business information) in all your outgoing e-mail messages.
101. Invite me to speak with your employees or seminar audience on how they can use each of these strategies to publicize/promote your (or their) products/service effectively. Call Ayokunle on +2348055981421.
Read more relevant business write-ups on my blog: www.rulingideas.blogspot.com
Wednesday, July 28, 2010
AS AN ASPIRING ENTREPRENEUR, YOU NEED THE RIGHT MIND-SET AND SKILL-SET. DON’T TRY IT UNLESS YOU UNDERSTAND THESE TWO!
When they set out to write their new book, “Even Here Even Now”, hardly did it occur to them that the stories of the twelve indigenous entrepreneurs featured in the book would make as much impact in the lives of its readers. In this exclusive interview of Thursday 6th August, 2009, Olakunle Kasumu spoke about the book and the present level of entrepreneurship development in Nigeria. This he shared with Ayokunle Bankole.
Excerpts:
AB: Can we meet you, sir?
OK: My name is Kunle Kasumu. I run a company called People and People. People and People is a consulting and research firm that zeros in on HR and communications. We do a lot of trainings, recruiting, employee surveys, HR audits, human capital development needs for organizations, corporations and individuals. But I am also a partner with Awake Africa, which is entirely into entrepreneurship development; particularly youth entrepreneurship development.
The organization called Awake Africa basically produces a book series on successful indigenous entrepreneurs – people who have started businesses in Nigeria themselves and have built those businesses from the ground… up.
We try to promote entrepreneurship because there are a lot of people in this country who think that the only way they can go up is by getting a job and keeping a job; and relying on the pension or gratuity at the end of the day.
Entrepreneurship is very critical to emerging economies, and Nigeria has to take entrepreneurship very seriously – particularly, youth entrepreneurship – if we want to grow our economy as fast as we wish. So, Awake Africa is all about that. I am involved in Awake Africa.
AB: What can you say about the present state of entrepreneurship and mass unemployment in Nigeria?
OK: We are in a very critical state right now. It starts from our educational system that tries to prepare people only to get jobs. But even in doing that (that being the objective), it is even a system that fails in doing that successfully. That objective itself is faulty. But even let’s say it’s okay to do that, the system is not even doing that successfully. We need to critically look at our education so that people in the 21st century. And that means entrepreneurship has to be locked into our educational system. We have to churn out young people from our schools who are prepared to face life today; who understand entrepreneurship; who understand how to identify opportunities; how to explore opportunities; how to build organizations around opportunities; how to understand market forces; how to develop products and services to people to create wealth. So, our educational system has a major problem.
In my line of work, I meet people everyday who call and say they are looking for jobs. Number one, they don’t have the skill-set to get those jobs. Number two, they need to think about creating jobs. It’s a big problem. The president (Yar’adua) at one time was talking about declaring power emergency. I think he should declare entrepreneurship emergency among our young people. We need to train people on how to create jobs, how to develop their talents and skills, and turn them into commercial vehicles to generate income for themselves. That way, the economy would grow. And, we need to look at it holistically. The government has to create an enabling environment. There has to be easy access to cash. There has to be infrastructures that make businesses work. There has to be all these things.
We also have to look at it from the angle of the homes. Parents should stop forcing their children to toll only the lines of white-collar jobs. There are so many angles to look at it.
AB: So, you mean we are all to blame in this problem?
OK: There are a whole lot of factors to look at. We have to look at it holistically. But it starts from the individual. The individual has to realize that he has what it takes and he can develop the skills to succeed entrepreneurially. Even when you are an employee, you’ve got to think entrepreneurially. So, entrepreneurship is not a subject for people who want to go and start businesses; it is also a subject for people who are employees.
AB: You co-authored a book, “Even Here Even Now,” which is believed to be one of Nigeria’s most insightful books on entrepreneurship today. What brought about the idea of such a book?
OK: My partner, Niyi Adekunle, and I were young guys who met somewhere after leaving school. When we met, we found out that we had a lot of things in common. One, both of us grew up and schooled in Ibadan. Two, we both share the same year of birth. Three, we both believe in Nigeria. And four, we also both believe in entrepreneurship. We believe that as young people, we need to sit down and create jobs. I have my own small business and he has his own small business. We began to compare notes – the struggles and challenges of starting and running a small business in Nigeria long ago. We saw a lot of challenges.
Then, we observed we needed a lot of inspiration. The only place we could find inspiration were in the stories of successful foreign entrepreneurs. We could find books on Richard Branson, Bill Gates, Robert Kiyosaki, and so on. We asked ourselves, ‘Where are the Nigerian success stories that people could identify themselves with?’ We couldn’t really see anything. So we said, ‘Let’s go and make a research. Let’s look for Nigerians who are successful entrepreneurs, who are not in the banking or oil and gas sectors.’ These are the traditional sectors where people believe it is easy to make money. ‘Let’s look for people like that who are doing basic services and so on, and who have built successful businesses from the scratch in Nigeria. Approach them, interview them and put all their findings in a book.’ So we said, ‘Oh! Fantastic idea,’ and set out to do that.
Later, we thought if we go and meet these guys and just introduce ourselves as two individuals, they might not listen to us. So, we formed a company and approached them with that company. We started knocking heads together and came up with a name – Awake Africa. I went to my computer and designed a letter-head. We wrote them letters. By the time we got the first and second response, it was easier getting the others.
Over a two year period we met the twelve entrepreneurs. Tow years because it was difficult tracking them. We researched; short listed twelve Nigerian entrepreneurs, and ran after all of them. It was interesting because we insisted on meeting each of them one after the other, face-to-face.
We wrote the book together. After a while, we saw positive responses within and outside Nigeria from people who read the book. When we took the book to Sierria Leone, the people there said we should come and do a similar book for Sierria Leonean entrepreneurs. We saw responses from Sierria Leone, Ghana, the UK and USA. So, we decided to turn it into a series.
AB: Lastly, do you have any advice for aspiring and emerging entrepreneurs?
OK: There are two things you need. As an aspiring entrepreneur, you need the right mind-set and skill-set. Don’t try it unless you understand these two. Entrepreneurship is a risky business – career risk. Entrepreneurship is a big word. We have the social entrepreneur, but I assume you are talking about the business entrepreneur.
When you say you don’t want the eight-to-five job, but want to start a business, it’s risky. You need the right mind-set, positive mind-set. You need to have a bulldog tenacity and focus, particularly in our own jungle marketplace here in Nigeria. You need that mind-set. Do you have it? Have you developed it? To develop it, you need the right kind of information. Read good books. Listen to good tapes or audios. Find yourself a mentor. Find yourself the right circle of friends – people who are like-minded, people who are thinking entrepreneurship. You need all that to develop your mind-set.
You need the skill-set or the know-how. How do you start a business? What do you do to start a business? You need all aspect of it. There is the accounting aspect of it; there is the HR aspect of it; there is the marketing aspect of it; there is the selling aspect of it. Go for a short-term course. Find a mentor you can talk to. Read books along that line.
The problem with a lot of small businesses in Nigeria is structure. Because you are just determined, you get in there. I had the same experience. When I started, just the determination was there. I jumped in, started and then it was learning as time went on. But, you can save yourself a lot of hassles. A lot of things I know now, if I had known then, development would have been quicker. Just imagine someone who knows a whole lot of stuff I know now – starting out – won’t make a lot of mistakes.
Develop your skill-set and mind-set. Go for entrepreneurship. I recommend it. If you have a tug for it in your heart, go for it. Don’t just go for it blindly. People tell me they want to quit their job and start. Long time ago I would say, “Yes, go for it!” Now I say, “No, slow down.” Give yourself time. Set yourself a target. ‘I will quit my job in the next one year, six months,’ and so on. Within that one year, you should develop your mind-set. You should ask questions. It’s not that you can be totally prepared for it, but preparation can help you minimize pains. That is my advice for somebody who is aspiring. Develop your mind-set and skill-set.
Monday, July 19, 2010
BUSINESS NAME REGISTRATION AND INCORPORATION OF COMPANIES & TRUSTEES IN NIGERIA
Q1: What is a business name and why is it so important?
A: A business name is the name which a business trades under for commercial purposes. A business does not actually begin by formulating a business plan or opening a bank account. It starts from choosing a name. There is more to business name than just identity. A good business name is an advertising tool. Many large companies even hire expensive consultants to help them name their businesses, products and services.
Q2: I have this business name that I love so much, and I want to start a business under that name. Can I proceed immediately?
A: No. I think the next thing after you must have done a feasibility study on the business itself is to get the business name registered at the Corporate Affairs Commission (CAC).
Q3: What do you mean by Corporate Affairs Commission?
A: Registration of business in Nigeria is the exclusive responsibility of the Corporate Affairs Commission, also known as CAC; which has its head office in Abuja, and branches in most states of the federation. The CAC is the federal government agency responsible for registration of all companies.
Q4: But I was told that the cost of registering/incorporating a company is expensive. Can’t I go on with the business then register the name later?
A: My candid advice is No! Having your business registered definitely confers some credibility on it, given that it then acquires an identity. In many important business activities or relationships you may want to get involved in, details of your business registration will be required. You do not have to wait for such occasions before getting your business into the register of companies - you may miss an important opportunity just for that omission.
Q5: Is that all?
A: No. Using a business name similar or identical to that of a registered business name can land you into problems, including legal issues. Besides, if you have succeeded in doing business for several years under a name which has not been registered, that does not confer ownership of such business name on you. The CAC has to approve the availability of such a business name before you can proceed to file an application to get the name registered.
Q6: Does that mean I may forfeit a business name that I have been trading under and has become so popular in the marketplace just because I didn’t register it at first?
A: Yes. Due to your negligence, someone somewhere might have registered that name or a similar one. This means you will lose all the goodwill that name garnered over the years. Do you see that this situation is more expensive?
Q7: I understand that the Corporate Affairs Commission rejects registration of some business names. What are the likely reasons for such actions?
A: Good question! Officials at the CAC use their discretion in approving a business name submitted for search. Business names may be disapproved if such names existed or are similar to the ones on their database. At times, business names are disapproved due to their vague nature. Consider someone who submitted LAW FIRM as a business name!? More so, objects such as INSTITUTION, FOUNDATION and MINISTRY are not likely to be approved as a business name, except when such objects are used for registration of incorporated companies/trustees.
Q8: What difference exists between a business name and incorporation of company or trustee?
A: To start a business, you need to decide on a business name. You also need to choose a business format under which to operate. You need to know the requirements relating to membership of the company, ownership, etc to enable you make decisions you will remain happy with. The routine processes of registration can then be carried out on your behalf by an accredited professional.
Q9: You mean business names, companies, and trustees are formats?
A: Yes. It may be called business structures too. You will need to talk to an expert concerning this. However, let me give you a little of what you should know.
Three major classes of registration are available under the relevant law (the Companies and Allied Matters Act of 1990):
(I) Registration of Business Names: This applies to sole proprietorships and partnerships. It is the simplest form of business structure. It is the one-man business, owned by a single person and called ‘enterprise’ in the local parlance. The partnership applies to a business where two or more persons agree to jointly own and carry on the business. Given the fairly complex nature of partnerships, it is best to seek the services of experts to assist with the details.
Q10: What about incorporation of companies and trustees?
A: Incorporation of companies is the second class of registration available under this Act. Incorporation recognizes the business as a unique entity, separate from the owners, with statutory powers to own property and sue or be sued. There is thus the concept of limited liability, implying that the individual owner’s(shareholder’s) liability relating to the business is limited to the amount of his share subscription.
The third class under this Act is the Registration of Incorporated Trustee. This applies to public institutions and associations, operated by a Board of Trustees. This category includes: NGOs, churches, clubs, trade associations, political and civil groups etc.
Q11: Can an ‘enterprise’ (business name) be used to carry on all kinds of business?
A: No. The choice of which structure to adopt will depend on the nature of the business, the ownership and evaluation of the benefits, and the pitfalls of each format.
Q12: Why do some people prefer to incorporate a limited liability company?
A: Limited liability companies have grown to become so popular among business owners due to the following reasons:
(I) There is limited liability for individual shareholder.
(II) The standing of the business is enhanced before financial institutions and other parties it does business with.
(III) It has a better access to credit and on even better terms.
(IV) The business is distinct from individual owners; the death of a member does not dissolve the company.
Q13: Can I handle the registration procedures myself?
A: Yes. But the challenge here is that you may receive many queries from the officials at the CAC if you don’t comply with certain rules. Though it is cheaper to do the registration yourself, hiring the services of accredited professionals does pay in the long run. However, the CAC specifically requires that only accredited parties carry out the actual registration processing for incorporation of companies and trustees. The accredited professional you choose for the registration process should also be able to provide further advice. As a trained practitioner, he is also familiar with the registration requirements for each business format and processing procedure.
Q14: Now, how long does it take to get my business registered and receive a certificate?
A: The duration depends on the business format you are considering. Applications for registration of business names are usually processed at the zonal office where you submitted an application to be registered; though Name Availability search forms may be forwarded to their head office at Abuja. However, applications for incorporation of companies/trustees are usually forwarded to Abuja for processing. This may take more time.
In either case, the duration also depends on how soon the Name Availability result is released. These days, a name search result could take up to 1 month as against the usual 3-7 days; and the issuance of certificates is taking months to be ready instead of weeks.
Q15: How much does it cost to have my business name registered with the Corporate Affairs Commission?
A: Except you are handling the registration processes yourself, the fee depends on the professional and how he bonds with you with his professional fees, but not the filing fee. The filing fee fluctuates every now and then so you cannot put a specific price on it.
Q16: Do you mean having my business name or company registered with the CAC confers special rights or privileges or licenses to carry on my line of business?
A: No. Registration of any business name under the Companies and Allied Matters Act only confers on the proprietor or partners thereof of the right to carry on such business under a business name, that is, a name other than their own surname or surnames without any addition other than their forenames or Names or the initial of such forename or names. It does not confer any special right or privileges or any license to carry on the business itself.
Q17: Do you mean certain businesses require licenses, educational certificates or accreditation from an authorized body before venturing into them?
A: Yes. Before you register a company that requires a lot of technical and financial input, the CAC has devised new means of screening out touts and quacks from proclaiming to be ‘professionals’ in a field that requires extreme expertise. Hence, it is required that you provide educational certificates, belong to a relevant professional body, and or must have gained several years of hands-on experience.
Businesses that fall into this category may include: Advertising/Public Relations, Alternative Medical Practice, Architects/Town Planners, Chartered Secretaries, General Tax Consultants, Hospital/Clinics, Building/Civil Engineers/Contractors, Food Products/Processing, Legal Practice & Consultancy, Human Resource Management, Schools etc.
Q18: My Business registered with a trade association. Do I still need to register it with the CAC?
A: Yes. What your trade association has done is to grant you a license to carry on your line of business. Examples include: Kerosene dealers, hair stylists, tailors, and even professionals such as surveyors and accountants. If you need to engage in some financial dealings such as opening a corporate bank account or securing bank loan, a copy of your business name/company certificate shall be requested.
Q19: My school has gotten an approval from the Ministry of Education in my state. What is the essence of a CAC certificate again?
A: The CAC is responsible for registration of ALL companies, including educational institutions. What the Ministry of Education did was to give you an approval/license having met the requirements laid down for operating a school. Many school proprietors/proprietress are guilty of this. They spend a lot of money to get a government approval then come back to register their school names at the CAC. It doesn’t work that way. Two stark choices are usually left open when they finally decide to register their business names with the CAC.
(I) The name approved by the Ministry of Education in their state, and subsequently submitted for approval, are usually denied. Why? The exact or a similar name may have been registered somewhere, sometime. Take for instance, someone submitted BETTER LIFE ACADEMY for Availability search at the CAC but was denied approval. The reason: BETTER DAYS SCHOOLS had been registered for someone else! It can be as serious as this.
(II) They are forced to change the name of their schools in order to be different or, at best, avoid a law suit from the rightful owner of such business name. So, be wise and obtain a certificate from CAC before filing an application for government (Ministry of Education) approval.
Q20: Is there a way I can confirm the validity or authenticity of my business name certificate?
A: Yes. In fact, many people are skeptical about hiring a third-party to process their business name registration, due to the fear that the certificate given to them might be a fake. There are two ways by which you can verify:
(I) Obtain a Name Search Form at any CAC office and fill your registered business name. Submit the form for a search. This may take about 3-30 days for the result to be released. However, when the search result is finally out, the comment stated by the CAC will suggest to you if the certificate in your hands is genuine or not.
(II) Request for a Certified True Copy (in the case of incorporated companies/trustees). The Certified True Copy (CTC) is a copy of the memorandum of association that has been verified and stamped as an exact true copy of the memorandum of association in the CAC’s possession and file. If you were not handed a copy at the time you registered your company, and you want to obtain it after your company has been registered, you have to show your tax clearance, your annual returns, write a letter to the director-general of the CAC stating why you need it, purchase application forms and pay the filing fees for the new CTC (which is double the cost compared to when you ought to have gotten it cheap during registration and avoiding the hassles involved). This is where the CAC makes money because they know you will come back someday for it.
Q21: Why is the C.T.C so important?
A: The advantages of this is that with the CTC, you can present it to any company to inspect its objects for business, to help conduct businesses with banks, tender it for auctions, or government contracts, etc, when these big corporate institutions need them. If you don’t have a CTC, you will force the company to do a search on your company at the CAC. Which means you will be billed for that search by the corporation. So, imagine how many times you will be shelling out money for company searches?
Q22: Do I get a CTC for a business name (Sole Proprietorship/Partnership)?
A: Yes. But it’s quite different from that of incorporated companies/trustees.
Q23: I quite understand why it is so important to register a business name or incorporate a company/trustee. It’s in my best interest, isn’t it?
A: Certainly. Imagine your organization being recognized, favoured and approved of by your target market/audience, government agencies, international organizations, financial institutions, or even your local community - just because you are duly registered with the Corporate Affairs Commission of the Federal Republic of Nigeria! The importance of your organization’s certification with the nation’s registrar of companies/trustee cannot be over-emphasized.
Disclaimer: The information in this article is only intended to guide investors. Please, consult an expert whenever in doubt. For registration issues, call +2348055981421
Tuesday, July 13, 2010
HOW TO MANAGE A SERVICE BUSINESS IN AN AREA YOU HAVE LITTLE OR NO EXPERIENCE. (Part 1)
In one of my previous write-ups, I had written on how aspiring entrepreneurs can take the bull by the horns and start a service business irrespective of whether they have hands-on experience – in that area of interest – or not.
Now that you have decided on a service business, it’s high time you knew what it takes to manage your start-up and command the attention of clients.
I have asserted countless times that starting a business does not guarantee that customers or clients will troop in as expected (see Has Your Small Business Adopted Integrated Marketing Communications?). There is always the place of hard-work, strategizing, courage, accountability, direct marketing, networking, etc – and sometimes, law suits! All of these aspects of business – and more – well managed, determine how successful a business would be.
In managing a service business in an area you don’t have considerable hands-on experience in, you need to understand the basics.
Your Service Uniqueness Depends on How you Combine TPIS
T – Talent: A natural ability for being good at a particular activity.
P – Passion: A strong enthusiasm for a particular activity.
I – Interest: An insatiable appetite to know about or take part in activities, events, trends, or issues in an area of passion.
S – Skill: The ability to do something well, usually as a result of experience and training.
Talent + Passion + Interest + Skill = Uniqueness
It is a known fact that the little extra in a person makes him extra-ordinary. If you must move your start-up from being perceived as “ordinary”, then you need to bring your “little extra” to the fore. Everyone needs the right combination of talent, enthusiasm, interest and skill in order to attain greatness. Therein lies the power to become what you desire.
You may have a passion for sports but that alone does not make you a soccer star. The Messi and Kaka of this world are men with remarkable natural ability for soccer. They rose to stardom as a result of their ability to blend talent with unreserved passion and insatiable appetite for success in the round leather game. And by regular exercise, these guys have over the years grown to become soccer gods, possessing unmatched quality and uniqueness.
You have an obligation to discover your area of natural competence, passion, interest, and skill; and build a business around it. The risk of failure is reduced when you embark on a business that you naturally fit into and have a flair for. It is possible to do well without the benefit of prior experience or expertise, especially if you have the passion to succeed.
How to Identify Your Uniqueness/Peculiarity using the TPIS Model*
The TPIS Model examines an individual’s peculiarity based on four parameters: Talent, Passion, Interest, and Skill. This model advances that rapid growth in any career or entrepreneurial venture hinges on these four parameters. It asserts further that a combination of these parameters makes an individual or business stand out among its contemporaries.
Here is a table of an individual’s make-up using the TPIS Model:
Parameters and Values/Variables.
(a) Talent (natural ability): Quick reasoning, imagination, organization, perfection, writing, innovation.
(b) Passion (love/hate): Creativity, aesthetic design, money, motivation, looking good, public speaking, excellence, innovation, copywriting.
(c) Interest (insatiable appetite): Entrepreneurship, graphic design, publishing, advertising, business communication, branding, public speaking, making money.
(d) Skill (training and experience): Journalism, Public Relations, Advertising, Marketing, Computer Application, Entrepreneurship, Administration.
How to Identify an Individual’s Make-Up Using the TPIS Model
1. Draw a table and list the different variables/values for each parameter as it applies to you. Be objective in each case. You may consult an outsider to give you an unbiased assessment of yourself.
2. Identify the areas of common values from each parameter.
3. Merge the common variables/values together in order to get an idea of your core strengths and perhaps, weaknesses.
4. Focus on your strengths and work harder on your weaknesses.
5. Build a business and make money around your core strengths.
The world is tilting to the service industry. Almost all new small businesses springing up are in the service business category. Service business is a potential money-making platform that can be used by almost every person. Branding yourself as a professional in some of these services and contacting clients who may need them will amaze you with results.
See you at the top!
*The TPIS Model has been propounded by Ayokunle Bankole.
Now that you have decided on a service business, it’s high time you knew what it takes to manage your start-up and command the attention of clients.
I have asserted countless times that starting a business does not guarantee that customers or clients will troop in as expected (see Has Your Small Business Adopted Integrated Marketing Communications?). There is always the place of hard-work, strategizing, courage, accountability, direct marketing, networking, etc – and sometimes, law suits! All of these aspects of business – and more – well managed, determine how successful a business would be.
In managing a service business in an area you don’t have considerable hands-on experience in, you need to understand the basics.
Your Service Uniqueness Depends on How you Combine TPIS
T – Talent: A natural ability for being good at a particular activity.
P – Passion: A strong enthusiasm for a particular activity.
I – Interest: An insatiable appetite to know about or take part in activities, events, trends, or issues in an area of passion.
S – Skill: The ability to do something well, usually as a result of experience and training.
Talent + Passion + Interest + Skill = Uniqueness
It is a known fact that the little extra in a person makes him extra-ordinary. If you must move your start-up from being perceived as “ordinary”, then you need to bring your “little extra” to the fore. Everyone needs the right combination of talent, enthusiasm, interest and skill in order to attain greatness. Therein lies the power to become what you desire.
You may have a passion for sports but that alone does not make you a soccer star. The Messi and Kaka of this world are men with remarkable natural ability for soccer. They rose to stardom as a result of their ability to blend talent with unreserved passion and insatiable appetite for success in the round leather game. And by regular exercise, these guys have over the years grown to become soccer gods, possessing unmatched quality and uniqueness.
You have an obligation to discover your area of natural competence, passion, interest, and skill; and build a business around it. The risk of failure is reduced when you embark on a business that you naturally fit into and have a flair for. It is possible to do well without the benefit of prior experience or expertise, especially if you have the passion to succeed.
How to Identify Your Uniqueness/Peculiarity using the TPIS Model*
The TPIS Model examines an individual’s peculiarity based on four parameters: Talent, Passion, Interest, and Skill. This model advances that rapid growth in any career or entrepreneurial venture hinges on these four parameters. It asserts further that a combination of these parameters makes an individual or business stand out among its contemporaries.
Here is a table of an individual’s make-up using the TPIS Model:
Parameters and Values/Variables.
(a) Talent (natural ability): Quick reasoning, imagination, organization, perfection, writing, innovation.
(b) Passion (love/hate): Creativity, aesthetic design, money, motivation, looking good, public speaking, excellence, innovation, copywriting.
(c) Interest (insatiable appetite): Entrepreneurship, graphic design, publishing, advertising, business communication, branding, public speaking, making money.
(d) Skill (training and experience): Journalism, Public Relations, Advertising, Marketing, Computer Application, Entrepreneurship, Administration.
How to Identify an Individual’s Make-Up Using the TPIS Model
1. Draw a table and list the different variables/values for each parameter as it applies to you. Be objective in each case. You may consult an outsider to give you an unbiased assessment of yourself.
2. Identify the areas of common values from each parameter.
3. Merge the common variables/values together in order to get an idea of your core strengths and perhaps, weaknesses.
4. Focus on your strengths and work harder on your weaknesses.
5. Build a business and make money around your core strengths.
The world is tilting to the service industry. Almost all new small businesses springing up are in the service business category. Service business is a potential money-making platform that can be used by almost every person. Branding yourself as a professional in some of these services and contacting clients who may need them will amaze you with results.
See you at the top!
*The TPIS Model has been propounded by Ayokunle Bankole.
Monday, May 24, 2010
How to Start a Service Business in an Area You Have Little or No Experience.
Going by the increasing toll of unemployment in Nigeria and in most countries of the world, one option that readily comes to mind is churning out business ideas and making a living from such ventures.
However, good as entrepreneurship may seem, certain challenges are likely to be faced by the aspiring/budding entrepreneur who, due to lack of experience in his chosen career path, finds it difficult to get notice in the marketplace.
Amongst other qualities, experience, is obviously the most vital requirement needed for a successful service business. But this is not to say that some service business can’t be ventured into with little or no experience.
If you are thinking of starting an interior decorations business, for example, you are most likely to do well if you have worked in an organization or with someone having similar interest. Consider someone who starts a business and offers human relations management services, but never worked in an HR firm or as an HR administrator for a company!
Experience readily brings the judgment you would need to manage your business. This is the single most important skill needed in the service industry (and perhaps, in all types of businesses).
All hope is not lost if you are just a fresher. You can start a particular service business, and do well even if you have not worked professionally in a similar field. “How?” you ask. I will tell you now.
Let me identify two types of experience. These are: 1. Hands-on Experience; and 2. Self-Acquiring Experience.
Hands-on experience is the type of training you get as a result of your involvement in a particular activity. Here, you learn the skill first-hand; you make mistakes/errors and get corrected. Over the years, hands-on experience has proven to be the most accepted method of staff training, and many companies are aware of this fact. An accountant just starting off cannot, in any way, be compared with one with many years of hands-on experience. Likewise, a veteran sales person will, in most cases, outsell a beginner.
It is, however, worthy of note that acquiring corporate experience is not limited to the hands-on level. In the self-acquiring experience level, you engage in a conscious, self-acquiring exercise in order to be ahead of the game in your chosen career path.
The following are methods you can quickly use to become an experienced business person:
1. Read books authored by people who have several years of hands-on experience in the field that interest you. For instance, one of the professional books that have shaped my career is The Corporate Communications Bible by Robert Dilenschneider. In just one book, I was able to acquire public relations “wisdom” which had took the author several decades to learn!
2. Attend professional training/short courses. Attending programmes of this nature gives you unique opportunity to listen to experts as they teach. In most cases, you get opportunity to ask questions and practice what you have learnt.
3. Subscribe to and read newsletters regularly (whether paper or electronic-based). Newsletters offer unique information that may not be found elsewhere. Your self-acquiring effort may just pay of by reading one more newsletter.
4. Associate with ‘senior’ friends. You have no business spending your time with people who don’t know as much as you do. Pitch your tent with people who have gone ahead of you (and are successful) in similar business. Have them mentor you. By doing this, their experience rubs on you.
5. Apply what you have acquired. It is important to note that acquiring does not equal applying. You need to apply the wisdom acquired. Start small. Offer a kind of service that you can proffer immediate solutions to. The more you use what you know, the more you get skilled in the art, and the more you become experienced in that area! In the words of Dr. David Oyedepo, “Every fact you locate and apply puts you in control of life’s circumstances.”
However, good as entrepreneurship may seem, certain challenges are likely to be faced by the aspiring/budding entrepreneur who, due to lack of experience in his chosen career path, finds it difficult to get notice in the marketplace.
Amongst other qualities, experience, is obviously the most vital requirement needed for a successful service business. But this is not to say that some service business can’t be ventured into with little or no experience.
If you are thinking of starting an interior decorations business, for example, you are most likely to do well if you have worked in an organization or with someone having similar interest. Consider someone who starts a business and offers human relations management services, but never worked in an HR firm or as an HR administrator for a company!
Experience readily brings the judgment you would need to manage your business. This is the single most important skill needed in the service industry (and perhaps, in all types of businesses).
All hope is not lost if you are just a fresher. You can start a particular service business, and do well even if you have not worked professionally in a similar field. “How?” you ask. I will tell you now.
Let me identify two types of experience. These are: 1. Hands-on Experience; and 2. Self-Acquiring Experience.
Hands-on experience is the type of training you get as a result of your involvement in a particular activity. Here, you learn the skill first-hand; you make mistakes/errors and get corrected. Over the years, hands-on experience has proven to be the most accepted method of staff training, and many companies are aware of this fact. An accountant just starting off cannot, in any way, be compared with one with many years of hands-on experience. Likewise, a veteran sales person will, in most cases, outsell a beginner.
It is, however, worthy of note that acquiring corporate experience is not limited to the hands-on level. In the self-acquiring experience level, you engage in a conscious, self-acquiring exercise in order to be ahead of the game in your chosen career path.
The following are methods you can quickly use to become an experienced business person:
1. Read books authored by people who have several years of hands-on experience in the field that interest you. For instance, one of the professional books that have shaped my career is The Corporate Communications Bible by Robert Dilenschneider. In just one book, I was able to acquire public relations “wisdom” which had took the author several decades to learn!
2. Attend professional training/short courses. Attending programmes of this nature gives you unique opportunity to listen to experts as they teach. In most cases, you get opportunity to ask questions and practice what you have learnt.
3. Subscribe to and read newsletters regularly (whether paper or electronic-based). Newsletters offer unique information that may not be found elsewhere. Your self-acquiring effort may just pay of by reading one more newsletter.
4. Associate with ‘senior’ friends. You have no business spending your time with people who don’t know as much as you do. Pitch your tent with people who have gone ahead of you (and are successful) in similar business. Have them mentor you. By doing this, their experience rubs on you.
5. Apply what you have acquired. It is important to note that acquiring does not equal applying. You need to apply the wisdom acquired. Start small. Offer a kind of service that you can proffer immediate solutions to. The more you use what you know, the more you get skilled in the art, and the more you become experienced in that area! In the words of Dr. David Oyedepo, “Every fact you locate and apply puts you in control of life’s circumstances.”
Friday, May 21, 2010
Has Your Small Business Adopted Integrated Marketing Communications?
Integrated Marketing Communications (IMC) is a broad concept that involves the totality of ways or strategies a company uses to convince its publics (target audience) to buy its products, services or both – especially through advertising, marketing and public relations.
Marketing communications, at best, draws a business organization towards the direction of sales by using various tools such as billboards, the internet, SMS, direct mailing, brochure, special event, photography, TV and radio commercials, press releases, corporate social responsibilities, pricing strategy, product information, etc.
Gone are the days when someone opens a shop, erects a signpost and expect customers to troop in. Obviously, business has gone beyond this primitive idea.
In modern business organizations, IMC has taken the centre stage. The marketing departments of many medium and large-sized companies now than ever include advertising and public relations in their policies, actions and inactions.
IMC plays a vital role in today’s competitive marketplace where people are constantly filled with all sorts of commercials; hence, the marketing communication must be unique, timely, informative, usable, creative and memorable.
The marketing communications effort of any organization becomes effective when their advertising campaign attract sales; when their web site provides an intended effect; when their bulk SMS campaign keeps the phone ringing; and when their sales representatives make huge sales with little effort.
The small business owner should, therefore, focus on his business demeanor: how the organization communicates, interacts, persuades, informs, relates, publicizes, promotes, and how it chooses and uses its words in sales pitches.
It is, however, not needless to say that budding entrepreneurs should take short courses in marketing, business communication, advertising, and public relations. And a regular study of write-ups in these subject areas is advisable.
Marketing communications, at best, draws a business organization towards the direction of sales by using various tools such as billboards, the internet, SMS, direct mailing, brochure, special event, photography, TV and radio commercials, press releases, corporate social responsibilities, pricing strategy, product information, etc.
Gone are the days when someone opens a shop, erects a signpost and expect customers to troop in. Obviously, business has gone beyond this primitive idea.
In modern business organizations, IMC has taken the centre stage. The marketing departments of many medium and large-sized companies now than ever include advertising and public relations in their policies, actions and inactions.
IMC plays a vital role in today’s competitive marketplace where people are constantly filled with all sorts of commercials; hence, the marketing communication must be unique, timely, informative, usable, creative and memorable.
The marketing communications effort of any organization becomes effective when their advertising campaign attract sales; when their web site provides an intended effect; when their bulk SMS campaign keeps the phone ringing; and when their sales representatives make huge sales with little effort.
The small business owner should, therefore, focus on his business demeanor: how the organization communicates, interacts, persuades, informs, relates, publicizes, promotes, and how it chooses and uses its words in sales pitches.
It is, however, not needless to say that budding entrepreneurs should take short courses in marketing, business communication, advertising, and public relations. And a regular study of write-ups in these subject areas is advisable.
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