HOW TO
MANAGE AND
GROW
A BUSINESS
ENTErPRIsE
IN THE
21ST
CENTURY
BY
SHIGOLD
PUBLISHERS LTD
Email: shina.tayo@gmail.com
Phone: +234-802-913-2074
CONTENT
INTRODUCTION
CHAPTER
ONE: - The Concept of Entrepreneurship
CHAPTER
TWO: - Generating and identifying business ideas and its opportunities
CHAPTER
THREE: - Evaluating your business ideas and products
CHAPTER
FOUR: - Financing your business
CHAPTER
FIVE: - Business planning
CHAPTER
SIX: - Branding and marketing strategies
INTRODUCTION
Most
of the problems the nation is facing in this part of the world are lack of
creativity and thinking minds. We live in a world where people do not embrace
small enterprise but rather depend on daily paid jobs or monthly paid jobs.
That is the essence of our backwardness in Africa, but our color being black is
not responsible, rather we are blind folded. There are evidences that Africa is
a land of unlimited opportunities, which is endured with vast natural resources
but should be considered as a paradox since people still feeds below a dollar
per day.
Once
we can see the opportunities endured in our various locations, then our
problems is half solved regardless of the color of our skin.
The
purpose of this book is to make our entire citizen and most especially our
youth creative since the youth are the leaders of tomorrow, because once a man
is creative, he becomes productive, when he is productive, he becomes
successful and when he is successful, he becomes
impactful.
This
book will be impacting every strata of life, most importantly the youths. One
thing I think could be responsible for the mess we find ourselves is lack of
discipline because when a man is discipline, he will take the bull by the horn.
Discipline in my view can be defined as doing the right at the actual time.
I
believe discipline or self-discipline is the key to success. Being self-discipline
is the ability to get yourself to take action regardless of your emotional
state. Self-discipline is one of many personnel developmental tools available. Self-discipline
can empower you to overcome any addiction, wipe out procrastination, disorder
and ignorance.
Building self-discipline – my philosophy of
how to build self-discipline is best explained by an analogy. Self-discipline
is like a muscle, the more you train it, the stronger you become. The less you
train it, the weaker you become.
The
basic method to build self-discipline is to tackle challenges that you can
successfully accomplish, don’t compare yourself to other people.
A
WHIP- is a convenient way to remember the five pillars of self-discipline;
A- Acceptance, meaning saying yes to or take as true.
W- Will
power, a desire or intention
H- Hard work
I- Industrious
P-
Persistence, continue doing something in spite of difficulty or opposition.
Do you really desire a change for the
better as an individual, then it is time we stop wishing for a change but
rather start working it out.
It is a call
to greatness.
CHAPTER ONE
CHAPTER ONE
The Concept of
Entrepreneurship
Entrepreneurship is the process whereby an
individual become aware of business ownership as an option of viable
alternative, develop ideas for business, learn the process of becoming an
entrepreneur and undertake initiation and development of a business.
An entrepreneur is a person who has the
ability to identify and evaluate business opportunities in the environment. It
can also be described as the person who perceives business opportunities and
take advantage of the scare resources to use them. He bears the non-insurable
risks alone in his enterprise.
To qualify as
an entrepreneur, it is not sufficient to be a business man, just managing an
enterprise. He has to be an originator of profitable business ideas. According
to Joseph Schumpeter, an Austrian Economist, the single function which constitutes
entrepreneurship is innovation, whilst the business director is mostly engaged
in managerial activities which are non-entrepreneurial.
The term
originator means being the founder of a particular business. There are so many
examples of a reputable organization sole foundered by an individual; they
include Dangote group, which was founded by Aliko Dangote, Zenith bank, founded
by Jim ovia, the author of this book, Adelani Adeshina, the founder of shigold
livestock farms is also not left behind in the quest of building a happy and
healthy nation.
For someone to be a successful
entrepreneur, he must possess the characteristics of an entrepreneur. The first
one is that the person must be persistence and must be able to persevere
situations. He must be ready to take risk, self-confidence, hardworking,
optimism and profit oriented.
Entrepreneurship is a concept of
self-fulfilling one’s dreams and aspirations. Most definition of an
entrepreneurship state that it is the starting of an organization to put into
action one’s business plans, by utilizing the available and very limited
resources at one’s disposal.
However, not anyone is cut out to become
an entrepreneur. Leadership skills, and especially self-discipline, are must-have
characteristics of a successful entrepreneur.
Someone who
not only has viable and profitable business ideas, but also the know-how and
personal drive and ambition to implement those ideas can become successful at
entrepreneurship. One important thing again about entrepreneurship is that he
must be a risk-taker. Any business venture is a risk, no matter how small or
big. A good entrepreneur is confident enough of his or her plans to take that
risk and proceed.
The concept of entrepreneurship is
understood as a combination of creativity and innovation. The entrepreneur is
expected to imply strategic planning to assess if the opportunities provided
for growth are worthwhile and how they could be successfully exploited.
Strategic planning is an essential part of the concept of entrepreneurship and
effective application helps to ensure successful operation.
The concept
of entrepreneur involves the owner taking absolute responsibility of empowering
the employees and in turn, affecting sales and profitability of the business.
In the 20th century, economist
Joseph compete (1883-1950) focused on how entrepreneur’s drive for innovation
and improvement creates upheaval and change. Compete viewed entrepreneurship
carries out new combinations; thereby help in rendering old industries
obsolete. Established ways of doing business are destroyed by the creation of
new and better ways to do them.
Business
expert Peter Drunker (1909-2005), took this idea further, describing the
entrepreneur as someone who actually searches for change responds to it, and
exploits change as an opportunity arise.
In the
developing world, successful small businesses are the primary engines of job
creation, income growth and poverty reduction, therefore a crucial strategy for
economic development.
Entrepreneur
is vast becoming a popular subject in the modern era but very few people really
know about its original concept. Most researchers are of the opinion that this
term refers to entrepreneurial activities that receive organizational approval
and resource obligations for the purpose of groundbreaking result. Equipped
description of business entrepreneurship has evolved over the last three decade
through academic work.
For example,
one researcher noticed that corporate innovation is a very vast concept that
includes generations, expansion and completion of new ideas. An innovation can
be anything; it might be a new product or service, an administrative system or
a new plan or program pertaining to organizational members.
There
is need for an entrepreneur to invest in itself, we need to buy and read
business and working bookings, magazines, journals, newsletters, websites and
industry publications. Every person is born as a skillful entrepreneur. Every activity
of a person from the very childhood is a copycat of today’s
modern/sophisticated/successful entrepreneur.
In the journey to manage and grow a
business enterprise, one need to live by the following entrepreneurial concept
am about to explain.
1. Always work with people who are better than you i.e. seek help to
manage most of everything else it takes to run a successful business. Hire
people who will do a better job than you.
2. Do everything right and fair i.e. make sure that you are always
honorable especially with yourself. When it comes to operating your business,
make sure you set it up correctly. Pay every cent of tax that you legally owe.
As long as we take the extra effort to do things right, you will eliminate a
huge amount of stress.
3. Learn to love consequence and happenstance -Things will happen all
the time that will throw off your plans. Turn the stress around and into a
challenge. Turn the opportunity to think of new opportunities.
Consequence is the stuff that artists dream of, it’s what creates
new technologies and drives innovations.
4. Be transparent:- The ideas behind transparency is much more of
human personality trait. It’s for yourself and the peoples that you care about.
It’s for the audience that wants to know when they ask, when you are fair,
transparency will occur naturally because you will be proud and secure to
reveal your true thinking.
5. Create a comfortable environment- A friend once told me about a
miserable phase he went through when he and his friend were living in a
basement with no windows, lots of mosquitoes, dogs barking, mildew, low
ceiling, old carpet, low lighting etc. This situation was affecting his mood.
So when he moved into a more comfortable apartment that was full of light and a
higher ceiling, he regains his spirit. To think of it, website is like spaces too,
so when you create your physical space or your space online, consider making it
as comfortable as possible.
6. Have the spirit that is holy.
7. Listen to your audience, friends and advisers, the more you can get
feedback and audience participation, the more you will understand the positive
and the negative effects of your effort.
8. Time is of essence –In a war, for instance, the side that obtain
the information first about where other side is will have the advantage. The investors
who know the news first will have full advantage. If you have something new
take action before it become old.
9. Treat everyone with the highest regards and pay the people who work
for you greater than their value.
10. Stay in control by given control away- The more you give up control
to other, the happier everyone will be. Not only will the people who work for
you be happier, it will allow more time to focus on the things you do best.
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