tenbusinesstips

TEN REASONS WHY MOST PEOPLE VENTURE INTO BUSINESS

noreply@blogger.com (mohammed ojobaro bakare) — Sat, 13 Oct 2012 16:57:00 -0700

Having gone through several books, manuals, articles, listened to speakers speak at seminars and explored the internet, including major social networks to research reasons why many people go into and what they have benefited from doing business over the years. Most of those I came across are those who started business from scratch, who have also garnered much experience from what they do.

1. FINANCIAL FREEDOM:

A large percentage of people I have encountered went into business to achieve financial security. Financial security means being free from all financial limitations; to make money as one wishes and not be limited to one source. Unlike a salary earner who is limited to one source, most discovered that with one or more business sources of income, they will attract more sources of finance within an extremely short notice to carry out one or more tasks in their businesses, especially for business expansion.

2. TIME MANAGEMENT:

Time is essential in every aspect of life. Having control over your time is extremely important. Most believe that time management helps them to organize themselves and their activities from waking up to bath in the morning to sleeping at night and carrying out their business activities within a time frame.

3. PROVIDE SERVICE OR CREATE PRODUCT:

Essentially you can not be in business without offering a product or service that satisfies your audience for a financial consideration. It may be an existing product or service with your unique selling point or an additional input as an added proposition.

4. TAKE ADVANTAGE OF OPPORTUNITY:

Opportunities regularly present themselves in the business environment. They come in form of trade incentives to encourage the establishment of business in or outside your environment. These may have been a strong reason why many people are in business.

5. KNOWLEDGE (LEARNING):

To gain deep mastery of a particular product, process or knowledge. In simple terms, to be a master at what they do. Every successful businessman is a master in his field because his exposure to that product and processes over the years of operating that business.

6. ACHIEVE AND LIVE YOUR DREAMS:

Most people who went into business as an end to a means to achieve their dreams. Achieving your dreams may include living in a dream house, owning a factory and employing a lot of people, make a lot of money, go on annual vacations to exotic places and be the most sought after individual.

7. PROMOTE AN IDEA:

Your business is about promoting the idea that will bring in money. If an idea is not money generating and not patronized by prospective clients then, that idea is as good thrown in the bin.

8. PASSION:

Build a business around your passion. Studies have disclosed that the most successful people owe their success to their passion for what they do. People in the services industry, such as consultants build their businesses around their passion

9. TO BE RICH:

Yes exactly. Being rich and undoubtedly happy. Many went into business to become rich and be able to live a comfortable lifestyle. Having a comfortable lifestyle means to be able to afford all the good things that will make ones’ life easy.

10. TO BE HAPPY:

Happiness cannot be bought with money. But having money can make someone happy to an extent. It brings an air of contentment to the individual.

Any other reasons why you go into business? Your guess.

TEN THINGS ABOUT INVESTING IN THE STOCK MARKET

noreply@blogger.com (mohammed ojobaro bakare) — Sat, 13 Oct 2012 16:42:00 -0700

Warren Buffets' favorite rules caught up with a lot of investors lately. It’s the recession and since the last quarter of 2007 to date, there has been a series of bankruptcies, liquidations, bailouts and restructuring across various strata of the world economies.
It was a hard lesson and a harder pill to swallow and that is still giving the worlds best strategists sleepless nights. At first, there seems to be no solutions in sight to these problems. Investor’s debts and losses are rising by the day. With the news on Ben Maddof, that seals the big problem with a sledge hammer. I can still imagine so many of his ilk still waiting to capitalize on the existing problems and fleece off investors money to another Ponzi. Good or bad, we are still feeling the consequence of a badly managed economy.
However, we learnt the following lessons about the stock market.

DO NOT FOLLOW THE BAND WAGON

It is not always good advice for any investor to follow the band wagon and buy the most sought after stock in the bourse. The most important and often ignored advise is to ask why that stock price is going up and given much attention. Ask questions on such issues so as not to lose money.

BUY ONLY VALUE STOCKS

Value stocks are those stocks that have weathered the storms in the market. Irrespective of market conditions, rain or high water, investors earn regular dividend income, derivatives such as scrips and splits. The pattern of value stocks is predictable compared to non value stocks.

RESEARCH YOUR TARGET INVESTMENT DESTINATIONS

Research may include studying financial statements, market reports, economic news, business environment, talking to shareholder pressure groups, CEOs, attending the the meeting of shareholders as a guest and newspaper reports. Particular atention must be given to the CEO s annual report as it gives an insight into the operating environment of the target stock.

INVEST FOR THE LONG TERM

No matter your objectives in the stock market, always have a focus on long term investments. Long term investors have gone ahead to create stupendous wealth for themselves because they have delayed instant gratification, built empires through thick and thin and have been consistent investors over a long period of time.

LIMIT YOUR OVER RELIANCE ON YOUR FINANCIAL ADVISERS

A popular adage says that your future is in your hands. No matter how well intentioned, your financial advisers work towards getting their fees. They might cajole you to invest on impulse that might prove disastrous. So keep your eyes and ears open, reason with your head, ask them questions that give answers to the reason why they want you to invest in a particular product.

CONCENTRATE IN A FEW STOCKS AND DONT LOSE FOCUS

The most succesful businessmen and the richest men in the world made money by concentrating their wealth in a very stocks. They hardly buy every thing in sight. Instead of shying away when that stock or firm is in trouble, they take control of it and turn its fortune around for the stakeholders benefit. This is their key secret to success. Invest in only businesses you understand and not complicated ones.

DO THE MATH AND STUDY THE CHARTS

The bulk of financial advice is made up basic computations , ratios and permutations about the health of an organisation or investment destinations. There are now a lot of teach yourself books, written for the purpose of the non-financially literate investors. There are seminars organised for such purpose and they dont cost much. It will take a month of reading such books to understand these tools that can make difference in your decisions.

MANAGEMENT OF THE FIRM

A lot of investors only care or act on business news tips and dont care much about who manages their investments and who manages the firm in which they have invested. With a quality management team, investors are rest assured of moderate returns. Their main focus is to make the their stakeholders happy with their investment.

PUT YOUR EGGS IN ONE BASKET AND WATCH IT

This slogan was borrowed from a major mutual fund manager in my country, Nigeria. The stock market is a basket of opportunities-equal opportunities and all the necceasry care must be taken when making decisions concerning it. No condition is permanent and investors should make alternative plans apart from puttting all their life savings in the stock market. Dividend income generated from stocks can be channelled to new business opportunities or real estate. Therefore, watch that basket.

HAVE AN ENTRY AND EXIT STRATEGY

No matter how long is long term, every industry is subject to change at any given time. A simple innovation can close even the biggest of industry if it fails to innovate. Industry survival cycles are now less as compared to the last two decades. As a kid , i watched movies on VHS cassette on a a video cassette recorder. Now i watch them on DVD. Develop an exit strategy for your stock market investments. They keep you focused.

A REVIEW OF THE AMAA 2011 AWARDS

noreply@blogger.com (mohammed ojobaro bakare) — Wed, 6 Apr 2011 10:18:00 -0700

The just concluded African Movie Academy Awards held in Yenagoa, Bayelsa State was more or less an eye opener to the Nigerian Movie Industry; Nollywood.It caught our film industry like a hurricane and gave us an unforgettable and unforgivable nightmare we will never forget. Our best of the best were turned into the worst of the worst. Nollywood stalwarts went home disappointed and ashamed. We were caught off guard right in our backyard before our very eyes.Finally, our fears, those of a very few were finally confirmed. Is this the end of Nollywood’s reign?

Flash back December 2009 when the ION film festival held in Port Harcourt. An unknown lady mounted the stage at the end of the Awards to express concern about the quality of films produced by Nollywood. She warned of the dire consequences of producing less qualitative movies and told our producers present point blank to urgently do something about otherwise the unexpected might happen.Her fears have been confirmed.

Movies from Democratic Republic of Congo, Cameroun, Ghana and United States Of America (as usual) shone like a million stars, winning the major awards, while Nollywood movies carted away less prestigious awards. So what went wrong?

The movie of the year at the awards took a bit above five years to produce and I believe the same applies to most or all of the foreign films that took home awards. My point here is: most of our local movies are not products of research. They are just produced to make money and gain momentary popularity.Movie producers in Nigeria should better research their stories before depicting it so as to make an impact on the world.

The quality of stories is an important one too. I believe that if we get the stories right we could also be on our way back to dominate movies in Africa and the Caribbean. Most scripts are either modified remakes of American movies or even African ones or just regular stories that we hear every that. I do not intend to castigate their performance, but the story quality is comparable to that we see on a popular children’s television programme, Tales by Moonlight. The world wants original stories from Africa, because we are rich in history and culture.The African Continent is yet to quantify the impact of the South African movie Sarafina simply because it depicts a passing phase in their history.

Adequate publicity should be given to movies produced locally on a periodical basis. When you don’t publicize your services, you actually lose money.

Movie critics and practitioners should establish an independent film review mechanism within the industry. That will give the viewing public an opportunity to appraise your performance.

It is very clear now that next years’ awards might not be in our favour if we do not put our house in order and prepare. The only constant thing in the world is change. A stitch in time saves nine.

God Bless Nigeria. Amen.

Ten Requirements Of Establishing A Business

noreply@blogger.com (mohammed ojobaro bakare) — Sat, 4 Dec 2010 10:40:00 -0800

Whether you are retiree or retired employee and you want to go into business, there are several factors to consider before doing so. Money, success and power is what most of us seek at this critical time as most of us approach our middle age, but there are more important issues to be addressed. In my interactions with friends and personal research, I came up with a list of issues you should or must consider before finally establishing a business of your own.

1) COURAGE:

You must have the courage to implement your business ideas. The courage to keep your head when the times are good or strong when the times are worst and be able to carry your employees along at all times. Orientation and re- orientation about happenings around you will help you shape yourself as well as your business.

2) BUSINESS PLANS:

Every successful business came to existence as a result of a plan. Not just a plan but a good plan. A good plan consists of short, medium and long range plans incorporated into one plan called the corporate plan. Every aspect of a business must be considered when writing or initiating a plan. Find an experienced planning professional to draft out a plan for your business.

3) ADVISORS:

Every business needs advisers who can assist the owners and managers move it positively forward. Cogent advice is required by sound legal advisers, accountants, human resources and other consultants in various fields related to that business are needed to help propel that business to stay focussed on its niche.

4) PERSONNEL:

Every business needs the right personnel to help achieve its goals. When hiring staff, one must consider the ones with experience first because they need less training on how to handle issues and are better utilised in strategic positions or departments.

5) LOGISTICS:

This is important for those going into manufacturing. Moving your goods from your factory or place of production to your distributors or final consumers is important. What matters is for your products to get to the final consumer and in good time.

6) FINANCE:

How much money do you have to establish a business of your own? How much will that business require starting up? Whats a one year budget like for every department: personnel, production and marketing? What is the cost of setting up and, maintaining infrastructure if you live in the underdeveloped economies? What sacrifices are you ready to make financially to fulfil your dreams? How about counterpart finance? Taxation? Answer these questions positively and you are ready to be in business.

7) NETWORKING:

Setting up a business will also bring networking opportunities from the outside world. Your membership in a trade association or professional body will not only expose you but give you a voice in your industry. Your opinions and recommendations begin to count among your peers and that brings you recognition.

8) PATIENCE AND PERSEVERANCE:

No business grows overnight. On the average it takes like five to seven years to nurture your business to enable it mature to a standard business and another five or seven years to make it a fringe player in its industry and another ten years to enable it become a big player world wide.

9) CONTINOUS IMPROVEMENT:

Attend seminars, read books and interact with experienced people, exchange ideas and seek new ways to improve your business. Read everything you can lay your hands on your industry as it gives you the advantage to remain with current trends.

10) INTEGRITY:

Integrity is built over the years one has been doing business. It is an over flogged issue but nevertheless, one has to build it with every dint of sweat, trust and hardwork it requires. People willing to do businesses with you will like to know more about you and your business. People are willing to take you as a mentor to nurture their talent and guide them on the basics rudiments of business.

The question remains are you ready to go into business? Lets take a leap of a lifetime.