Things Entrepreneur Do Wrong (2)
By Denrele Onikosi
About two Wednesday’s ago, I shared with you something entrepreneurs do wrong and I made a promise to share with you some business plan mistakes they make. A business plan cannot be said to be good mainly because it was well written until the purpose for it’s writing is achieved, to attract interest from banks, investors etc.
Here are a few business plan mistakes to avoid
Procrastination: Perhaps you have a perfectly good idea of a basic business plan in your head, but are just too busy to spend some time really thinking it through and writing it down. The next thing you know, you need to get financing to open or expand the business. Or perhaps you simply grow to the point where the old, informal plan is hopelessly outdated. Maybe you decide to introduce a new product or enter a new market. Worse, someone wants to buy the business outright, and suddenly you realise that they need a written plan to be able to show the maximum value of the company. Procrastinating the development of your business plan can jeopardise or kill your future growth. It can reduce your ability to take advantage of opportunities when they present themselves. And that would be more than unfortunate. It would be silly.
Confusing cash flow with profits:
This is very easy to do when all the numbers are just theoretical assumptions. But, there is a huge difference between the two. You can’t pay the bills with anticipated year-end profits. You have to have cash flow today, this week, this month, and this quarter to actually stay in business. Accountants understand a principle that many first-time (and a few second time) entrepreneurs don’t: profits are an accounting concept, NOT money in the bank. You can spend your money in ways that don’t impact your profits – such as purchasing your inventory – that can absolutely kill your cash flow. You might have a “profitable” business model all right - if only you can get the customer to pay you! As important as profits are, don’t neglect your cash flow, or you will be left scratching your head, wondering how in the world your business failed with such good profits.
Over-valuing the Business idea:
This was the bane of the Internet bubble of the late 1990s. Everyone rushed to place enormous values on the “idea” of an Internet economy without stopping to realise that they have to actually have a business built to support it: they needed to have employees who show up every day, phones that ring, orders placed and fulfilled, customers served and paying their bills. Back then, investors unbelievably focused only on how long their investment capital would last – their “burn-rate” – while forgetting the basic fundamentals of viability and profitability altogether. Fortunes were lost as a result. In retrospect, it seems incredible.
Remember, ideas really are a dime a dozen. An idea man is of little value unless he can also executed. It is the man who can execute an idea that is truly valuable – a fact not lost on lenders. That is because successful execution of a viable, profitable business plan is rare. And, as Adam Smith, the great economist taught, “that which is rare in a free market is of far greater value.” It is called the law of supply and demand.
Loss of Focus:
Too often, a business plan outlines so many priorities that none of them really carry any weight. If everything is a priority, then someone has forgotten what a priority actually is. When a business plan has more than three or four main points, it is unfocused and diluted. The more unfocused the business plan is, the more likely that the people are either distracted, or are going to be. The human intellect is really only capable of processing a single thought at a time. Though we may take a certain amount of pride in our ability to “multi-task,” the truth is that we never actually entertain two different thoughts simultaneously. We actually have to switch rapidly between the different thoughts or concepts that are presented to us. So, the unfocused or cluttered business plan presents a far greater opportunity for failure because we are not engineered for success in that environment.
Thinking the plan is finished once printed:
A business plan is not worth the paper it is printed on unless it is implemented and produces results. Inevitably, as a plan is implemented we learn that it needs to be constantly modified along the way. Sometimes we have to recognise that our written dreams need to be modified as the result of our experience. No matter how well thought through the plan is, portions of it will almost immediately be replaced as soon as implementation begins. This is why a business plan is never really finished as long as the business still operates. It is a living, developing, changing document that reflects the business realities of today. When the assumptions of today’s realities are no longer accurate – which can happen in a matter of minutes, it seems – then the business plan has to adapt to the new realities.
Focusing too much on long-term: Sure, every entrepreneur wants to build a successful, long-term business. But the fact is that none of us really know what is going to happen in three or four years, much less in 10 to 20 years. Yet, frequently business plans contain that kind of long-term forecasting. In reality long-term details in a business plan are not very helpful. It is only guess work at best.
On the other hand, the details over the next 3, 6 and 12 months are vital. Who is doing what, and when? Things just don’t happen by themselves, so who is going to make them happen? How is the company going to generate a positive cash flow for each month of this coming year? Those are the important questions that can’t be glossed over.
Hope you find these tips helpful? Stay focused, to your business success.
• ‘Denrele Onikosi is a business image consultant resident in Lagos. He can be reached on 234-8054641442, conegelicsconsulting@gmail.com
Last week, I published the President's Inaugural Speech on this site. I personally read it over and over again even before publishing. Unlike I expected, the speech did not communicate measures or steps the new administration would take in tackling the problems facing Nigeria and Nigerians. However, there is something I see in the speech, the Sincerity of Purpose with which he is assuming office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.
I don't know how many people see it that way, but what I and people like me always seek out is fundamentally the question that keeps burgling the minds of all capitalists: "WHAT IS IN IT FOR ME?" So touching is the President's Speech but What is in it for me? What is in it for Nigerians? What is in it for you and me as investors?
These are the issues we are going to consider for the following days; "What is in the President's Speech for Investors and the Business Community?" We are going to review the speech in line with the President's posture and willingness to deliver as it is being materialized by the results we are going to get from the various steps he is taking from now on.
You are called to join in this discussions to see opportunities where you are. Contribute and share views; Together, let us achieve FINANCIAL FREEDOM!
To All my Fans on this Site!
My intentions for creating this site was to make it the No. 1 informative site on the one and only most important discipline in this life, which most unfortunately is not taught in any University of the World: "MAKING MONEY" both Online/Realtime and Offline/RealWorld.
But due to so many circumstances, plus the Nigerian Factors, which are insurmountable, it has become almost impossible for me to deliver on regular basis. For this, I sincerely apologize but I promise that things will definitely improve from now.
However, I am going to step up just don't get tired of visiting, most importantly, Invite your friends. Link this site, Bookmark, copy, save, do anything but don't sell my site!
I have taken time to restructure my site in ways that will make it easy for you to maximize benefits and navigate so easily. Follow every necessary link and get to your destination.
• For Business Opportunities within and outside Nigerian, Click here
• When you need ideas to develop your abilities and professionalism in investment, managing, business and general Capacity Building, Click here
• To know more about other services we offer offline (in real world), Click here
• Don’t ever miss out in any of our previous posts and articles. Just follow this Link and move to our Blog Archives
• If you want to know more about me or you want to contact me personally (Offline/Online), follow this Link
Remember, if you find anything interesting, Share it!
If you have any comment or opinion, Post it!
Make it a duty to leave a comment and take part in our Polls. It’s so GOOD!
Visit again and again! You’re Welcome!! Always!!!
I read this Article on Entrepreneurship and feel it would be good for my fans, hence I paste it here unedited. So ENJOY!Things Entrepreneur Do Wrong (2)
By Denrele Onikosi
About two Wednesday’s ago, I shared with you something entrepreneurs do wrong and I made a promise to share with you some business plan mistakes they make. A business plan cannot be said to be good mainly because it was well written until the purpose for it’s writing is achieved, to attract interest from banks, investors etc.
Here are a few business plan mistakes to avoid
Procrastination: Perhaps you have a perfectly good idea of a basic business plan in your head, but are just too busy to spend some time really thinking it through and writing it down. The next thing you know, you need to get financing to open or expand the business. Or perhaps you simply grow to the point where the old, informal plan is hopelessly outdated. Maybe you decide to introduce a new product or enter a new market. Worse, someone wants to buy the business outright, and suddenly you realise that they need a written plan to be able to show the maximum value of the company. Procrastinating the development of your business plan can jeopardise or kill your future growth. It can reduce your ability to take advantage of opportunities when they present themselves. And that would be more than unfortunate. It would be silly.
Confusing cash flow with profits:
This is very easy to do when all the numbers are just theoretical assumptions. But, there is a huge difference between the two. You can’t pay the bills with anticipated year-end profits. You have to have cash flow today, this week, this month, and this quarter to actually stay in business. Accountants understand a principle that many first-time (and a few second time) entrepreneurs don’t: profits are an accounting concept, NOT money in the bank. You can spend your money in ways that don’t impact your profits – such as purchasing your inventory – that can absolutely kill your cash flow. You might have a “profitable” business model all right - if only you can get the customer to pay you! As important as profits are, don’t neglect your cash flow, or you will be left scratching your head, wondering how in the world your business failed with such good profits.
Over-valuing the Business idea:
This was the bane of the Internet bubble of the late 1990s. Everyone rushed to place enormous values on the “idea” of an Internet economy without stopping to realise that they have to actually have a business built to support it: they needed to have employees who show up every day, phones that ring, orders placed and fulfilled, customers served and paying their bills. Back then, investors unbelievably focused only on how long their investment capital would last – their “burn-rate” – while forgetting the basic fundamentals of viability and profitability altogether. Fortunes were lost as a result. In retrospect, it seems incredible.
Remember, ideas really are a dime a dozen. An idea man is of little value unless he can also executed. It is the man who can execute an idea that is truly valuable – a fact not lost on lenders. That is because successful execution of a viable, profitable business plan is rare. And, as Adam Smith, the great economist taught, “that which is rare in a free market is of far greater value.” It is called the law of supply and demand.
Loss of Focus:
Too often, a business plan outlines so many priorities that none of them really carry any weight. If everything is a priority, then someone has forgotten what a priority actually is. When a business plan has more than three or four main points, it is unfocused and diluted. The more unfocused the business plan is, the more likely that the people are either distracted, or are going to be. The human intellect is really only capable of processing a single thought at a time. Though we may take a certain amount of pride in our ability to “multi-task,” the truth is that we never actually entertain two different thoughts simultaneously. We actually have to switch rapidly between the different thoughts or concepts that are presented to us. So, the unfocused or cluttered business plan presents a far greater opportunity for failure because we are not engineered for success in that environment.
Thinking the plan is finished once printed:
A business plan is not worth the paper it is printed on unless it is implemented and produces results. Inevitably, as a plan is implemented we learn that it needs to be constantly modified along the way. Sometimes we have to recognise that our written dreams need to be modified as the result of our experience. No matter how well thought through the plan is, portions of it will almost immediately be replaced as soon as implementation begins. This is why a business plan is never really finished as long as the business still operates. It is a living, developing, changing document that reflects the business realities of today. When the assumptions of today’s realities are no longer accurate – which can happen in a matter of minutes, it seems – then the business plan has to adapt to the new realities.
Focusing too much on long-term: Sure, every entrepreneur wants to build a successful, long-term business. But the fact is that none of us really know what is going to happen in three or four years, much less in 10 to 20 years. Yet, frequently business plans contain that kind of long-term forecasting. In reality long-term details in a business plan are not very helpful. It is only guess work at best.
On the other hand, the details over the next 3, 6 and 12 months are vital. Who is doing what, and when? Things just don’t happen by themselves, so who is going to make them happen? How is the company going to generate a positive cash flow for each month of this coming year? Those are the important questions that can’t be glossed over.
Hope you find these tips helpful? Stay focused, to your business success.
• ‘Denrele Onikosi is a business image consultant resident in Lagos. He can be reached on 234-8054641442, conegelicsconsulting@gmail.com
Last week, I published the President's Inaugural Speech on this site. I personally read it over and over again even before publishing. Unlike I expected, the speech did not communicate measures or steps the new administration would take in tackling the problems facing Nigeria and Nigerians. However, there is something I see in the speech, the Sincerity of Purpose with which he is assuming office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.
I don't know how many people see it that way, but what I and people like me always seek out is fundamentally the question that keeps burgling the minds of all capitalists: "WHAT IS IN IT FOR ME?" So touching is the President's Speech but What is in it for me? What is in it for Nigerians? What is in it for you and me as investors?
These are the issues we are going to consider for the following days; "What is in the President's Speech for Investors and the Business Community?" We are going to review the speech in line with the President's posture and willingness to deliver as it is being materialized by the results we are going to get from the various steps he is taking from now on.
You are called to join in this discussions to see opportunities where you are. Contribute and share views; Together, let us achieve FINANCIAL FREEDOM!
To All my Fans on this Site!
My intentions for creating this site was to make it the No. 1 informative site on the one and only most important discipline in this life, which most unfortunately is not taught in any University of the World: "MAKING MONEY" both Online/Realtime and Offline/RealWorld.
But due to so many circumstances, plus the Nigerian Factors, which are insurmountable, it has become almost impossible for me to deliver on regular basis. For this, I sincerely apologize but I promise that things will definitely improve from now.
However, I am going to step up just don't get tired of visiting, most importantly, Invite your friends. Link this site, Bookmark, copy, save, do anything but don't sell my site!
I have taken time to restructure my site in ways that will make it easy for you to maximize benefits and navigate so easily. Follow every necessary link and get to your destination.
• For Business Opportunities within and outside Nigerian, Click here
• When you need ideas to develop your abilities and professionalism in investment, managing, business and general Capacity Building, Click here
• To know more about other services we offer offline (in real world), Click here
• Don’t ever miss out in any of our previous posts and articles. Just follow this Link and move to our Blog Archives
• If you want to know more about me or you want to contact me personally (Offline/Online), follow this Link
Remember, if you find anything interesting, Share it!
If you have any comment or opinion, Post it!
Make it a duty to leave a comment and take part in our Polls. It’s so GOOD!
Visit again and again! You’re Welcome!! Always!!!
I read this Article on Entrepreneurship and feel it would be good for my fans, hence I paste it here unedited. So ENJOY!Things Entrepreneur Do Wrong (2)
By Denrele Onikosi
About two Wednesday’s ago, I shared with you something entrepreneurs do wrong and I made a promise to share with you some business plan mistakes they make. A business plan cannot be said to be good mainly because it was well written until the purpose for it’s writing is achieved, to attract interest from banks, investors etc.
Here are a few business plan mistakes to avoid
Procrastination: Perhaps you have a perfectly good idea of a basic business plan in your head, but are just too busy to spend some time really thinking it through and writing it down. The next thing you know, you need to get financing to open or expand the business. Or perhaps you simply grow to the point where the old, informal plan is hopelessly outdated. Maybe you decide to introduce a new product or enter a new market. Worse, someone wants to buy the business outright, and suddenly you realise that they need a written plan to be able to show the maximum value of the company. Procrastinating the development of your business plan can jeopardise or kill your future growth. It can reduce your ability to take advantage of opportunities when they present themselves. And that would be more than unfortunate. It would be silly.
Confusing cash flow with profits:
This is very easy to do when all the numbers are just theoretical assumptions. But, there is a huge difference between the two. You can’t pay the bills with anticipated year-end profits. You have to have cash flow today, this week, this month, and this quarter to actually stay in business. Accountants understand a principle that many first-time (and a few second time) entrepreneurs don’t: profits are an accounting concept, NOT money in the bank. You can spend your money in ways that don’t impact your profits – such as purchasing your inventory – that can absolutely kill your cash flow. You might have a “profitable” business model all right - if only you can get the customer to pay you! As important as profits are, don’t neglect your cash flow, or you will be left scratching your head, wondering how in the world your business failed with such good profits.
Over-valuing the Business idea:
This was the bane of the Internet bubble of the late 1990s. Everyone rushed to place enormous values on the “idea” of an Internet economy without stopping to realise that they have to actually have a business built to support it: they needed to have employees who show up every day, phones that ring, orders placed and fulfilled, customers served and paying their bills. Back then, investors unbelievably focused only on how long their investment capital would last – their “burn-rate” – while forgetting the basic fundamentals of viability and profitability altogether. Fortunes were lost as a result. In retrospect, it seems incredible.
Remember, ideas really are a dime a dozen. An idea man is of little value unless he can also executed. It is the man who can execute an idea that is truly valuable – a fact not lost on lenders. That is because successful execution of a viable, profitable business plan is rare. And, as Adam Smith, the great economist taught, “that which is rare in a free market is of far greater value.” It is called the law of supply and demand.
Loss of Focus:
Too often, a business plan outlines so many priorities that none of them really carry any weight. If everything is a priority, then someone has forgotten what a priority actually is. When a business plan has more than three or four main points, it is unfocused and diluted. The more unfocused the business plan is, the more likely that the people are either distracted, or are going to be. The human intellect is really only capable of processing a single thought at a time. Though we may take a certain amount of pride in our ability to “multi-task,” the truth is that we never actually entertain two different thoughts simultaneously. We actually have to switch rapidly between the different thoughts or concepts that are presented to us. So, the unfocused or cluttered business plan presents a far greater opportunity for failure because we are not engineered for success in that environment.
Thinking the plan is finished once printed:
A business plan is not worth the paper it is printed on unless it is implemented and produces results. Inevitably, as a plan is implemented we learn that it needs to be constantly modified along the way. Sometimes we have to recognise that our written dreams need to be modified as the result of our experience. No matter how well thought through the plan is, portions of it will almost immediately be replaced as soon as implementation begins. This is why a business plan is never really finished as long as the business still operates. It is a living, developing, changing document that reflects the business realities of today. When the assumptions of today’s realities are no longer accurate – which can happen in a matter of minutes, it seems – then the business plan has to adapt to the new realities.
Focusing too much on long-term: Sure, every entrepreneur wants to build a successful, long-term business. But the fact is that none of us really know what is going to happen in three or four years, much less in 10 to 20 years. Yet, frequently business plans contain that kind of long-term forecasting. In reality long-term details in a business plan are not very helpful. It is only guess work at best.
On the other hand, the details over the next 3, 6 and 12 months are vital. Who is doing what, and when? Things just don’t happen by themselves, so who is going to make them happen? How is the company going to generate a positive cash flow for each month of this coming year? Those are the important questions that can’t be glossed over.
Hope you find these tips helpful? Stay focused, to your business success.
• ‘Denrele Onikosi is a business image consultant resident in Lagos. He can be reached on 234-8054641442, conegelicsconsulting@gmail.com
Last week, I published the President's Inaugural Speech on this site. I personally read it over and over again even before publishing. Unlike I expected, the speech did not communicate measures or steps the new administration would take in tackling the problems facing Nigeria and Nigerians. However, there is something I see in the speech, the Sincerity of Purpose with which he is assuming office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.
I don't know how many people see it that way, but what I and people like me always seek out is fundamentally the question that keeps burgling the minds of all capitalists: "WHAT IS IN IT FOR ME?" So touching is the President's Speech but What is in it for me? What is in it for Nigerians? What is in it for you and me as investors?
These are the issues we are going to consider for the following days; "What is in the President's Speech for Investors and the Business Community?" We are going to review the speech in line with the President's posture and willingness to deliver as it is being materialized by the results we are going to get from the various steps he is taking from now on.
You are called to join in this discussions to see opportunities where you are. Contribute and share views; Together, let us achieve FINANCIAL FREEDOM!
To All my Fans on this Site!
My intentions for creating this site was to make it the No. 1 informative site on the one and only most important discipline in this life, which most unfortunately is not taught in any University of the World: "MAKING MONEY" both Online/Realtime and Offline/RealWorld.
But due to so many circumstances, plus the Nigerian Factors, which are insurmountable, it has become almost impossible for me to deliver on regular basis. For this, I sincerely apologize but I promise that things will definitely improve from now.
However, I am going to step up just don't get tired of visiting, most importantly, Invite your friends. Link this site, Bookmark, copy, save, do anything but don't sell my site!
I have taken time to restructure my site in ways that will make it easy for you to maximize benefits and navigate so easily. Follow every necessary link and get to your destination.
• For Business Opportunities within and outside Nigerian, Click here
• When you need ideas to develop your abilities and professionalism in investment, managing, business and general Capacity Building, Click here
• To know more about other services we offer offline (in real world), Click here
• Don’t ever miss out in any of our previous posts and articles. Just follow this Link and move to our Blog Archives
• If you want to know more about me or you want to contact me personally (Offline/Online), follow this Link
Remember, if you find anything interesting, Share it!
If you have any comment or opinion, Post it!
Make it a duty to leave a comment and take part in our Polls. It’s so GOOD!
Visit again and again! You’re Welcome!! Always!!!
I read this Article on Entrepreneurship and feel it would be good for my fans, hence I paste it here unedited. So ENJOY!Things Entrepreneur Do Wrong (2)
By Denrele Onikosi
About two Wednesday’s ago, I shared with you something entrepreneurs do wrong and I made a promise to share with you some business plan mistakes they make. A business plan cannot be said to be good mainly because it was well written until the purpose for it’s writing is achieved, to attract interest from banks, investors etc.
Here are a few business plan mistakes to avoid
Procrastination: Perhaps you have a perfectly good idea of a basic business plan in your head, but are just too busy to spend some time really thinking it through and writing it down. The next thing you know, you need to get financing to open or expand the business. Or perhaps you simply grow to the point where the old, informal plan is hopelessly outdated. Maybe you decide to introduce a new product or enter a new market. Worse, someone wants to buy the business outright, and suddenly you realise that they need a written plan to be able to show the maximum value of the company. Procrastinating the development of your business plan can jeopardise or kill your future growth. It can reduce your ability to take advantage of opportunities when they present themselves. And that would be more than unfortunate. It would be silly.
Confusing cash flow with profits:
This is very easy to do when all the numbers are just theoretical assumptions. But, there is a huge difference between the two. You can’t pay the bills with anticipated year-end profits. You have to have cash flow today, this week, this month, and this quarter to actually stay in business. Accountants understand a principle that many first-time (and a few second time) entrepreneurs don’t: profits are an accounting concept, NOT money in the bank. You can spend your money in ways that don’t impact your profits – such as purchasing your inventory – that can absolutely kill your cash flow. You might have a “profitable” business model all right - if only you can get the customer to pay you! As important as profits are, don’t neglect your cash flow, or you will be left scratching your head, wondering how in the world your business failed with such good profits.
Over-valuing the Business idea:
This was the bane of the Internet bubble of the late 1990s. Everyone rushed to place enormous values on the “idea” of an Internet economy without stopping to realise that they have to actually have a business built to support it: they needed to have employees who show up every day, phones that ring, orders placed and fulfilled, customers served and paying their bills. Back then, investors unbelievably focused only on how long their investment capital would last – their “burn-rate” – while forgetting the basic fundamentals of viability and profitability altogether. Fortunes were lost as a result. In retrospect, it seems incredible.
Remember, ideas really are a dime a dozen. An idea man is of little value unless he can also executed. It is the man who can execute an idea that is truly valuable – a fact not lost on lenders. That is because successful execution of a viable, profitable business plan is rare. And, as Adam Smith, the great economist taught, “that which is rare in a free market is of far greater value.” It is called the law of supply and demand.
Loss of Focus:
Too often, a business plan outlines so many priorities that none of them really carry any weight. If everything is a priority, then someone has forgotten what a priority actually is. When a business plan has more than three or four main points, it is unfocused and diluted. The more unfocused the business plan is, the more likely that the people are either distracted, or are going to be. The human intellect is really only capable of processing a single thought at a time. Though we may take a certain amount of pride in our ability to “multi-task,” the truth is that we never actually entertain two different thoughts simultaneously. We actually have to switch rapidly between the different thoughts or concepts that are presented to us. So, the unfocused or cluttered business plan presents a far greater opportunity for failure because we are not engineered for success in that environment.
Thinking the plan is finished once printed:
A business plan is not worth the paper it is printed on unless it is implemented and produces results. Inevitably, as a plan is implemented we learn that it needs to be constantly modified along the way. Sometimes we have to recognise that our written dreams need to be modified as the result of our experience. No matter how well thought through the plan is, portions of it will almost immediately be replaced as soon as implementation begins. This is why a business plan is never really finished as long as the business still operates. It is a living, developing, changing document that reflects the business realities of today. When the assumptions of today’s realities are no longer accurate – which can happen in a matter of minutes, it seems – then the business plan has to adapt to the new realities.
Focusing too much on long-term: Sure, every entrepreneur wants to build a successful, long-term business. But the fact is that none of us really know what is going to happen in three or four years, much less in 10 to 20 years. Yet, frequently business plans contain that kind of long-term forecasting. In reality long-term details in a business plan are not very helpful. It is only guess work at best.
On the other hand, the details over the next 3, 6 and 12 months are vital. Who is doing what, and when? Things just don’t happen by themselves, so who is going to make them happen? How is the company going to generate a positive cash flow for each month of this coming year? Those are the important questions that can’t be glossed over.
Hope you find these tips helpful? Stay focused, to your business success.
• ‘Denrele Onikosi is a business image consultant resident in Lagos. He can be reached on 234-8054641442, conegelicsconsulting@gmail.com
Last week, I published the President's Inaugural Speech on this site. I personally read it over and over again even before publishing. Unlike I expected, the speech did not communicate measures or steps the new administration would take in tackling the problems facing Nigeria and Nigerians. However, there is something I see in the speech, the Sincerity of Purpose with which he is assuming office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.
I don't know how many people see it that way, but what I and people like me always seek out is fundamentally the question that keeps burgling the minds of all capitalists: "WHAT IS IN IT FOR ME?" So touching is the President's Speech but What is in it for me? What is in it for Nigerians? What is in it for you and me as investors?
These are the issues we are going to consider for the following days; "What is in the President's Speech for Investors and the Business Community?" We are going to review the speech in line with the President's posture and willingness to deliver as it is being materialized by the results we are going to get from the various steps he is taking from now on.
You are called to join in this discussions to see opportunities where you are. Contribute and share views; Together, let us achieve FINANCIAL FREEDOM!
To All my Fans on this Site!
My intentions for creating this site was to make it the No. 1 informative site on the one and only most important discipline in this life, which most unfortunately is not taught in any University of the World: "MAKING MONEY" both Online/Realtime and Offline/RealWorld.
But due to so many circumstances, plus the Nigerian Factors, which are insurmountable, it has become almost impossible for me to deliver on regular basis. For this, I sincerely apologize but I promise that things will definitely improve from now.
However, I am going to step up just don't get tired of visiting, most importantly, Invite your friends. Link this site, Bookmark, copy, save, do anything but don't sell my site!
I have taken time to restructure my site in ways that will make it easy for you to maximize benefits and navigate so easily. Follow every necessary link and get to your destination.
• For Business Opportunities within and outside Nigerian, Click here
• When you need ideas to develop your abilities and professionalism in investment, managing, business and general Capacity Building, Click here
• To know more about other services we offer offline (in real world), Click here
• Don’t ever miss out in any of our previous posts and articles. Just follow this Link and move to our Blog Archives
• If you want to know more about me or you want to contact me personally (Offline/Online), follow this Link
Remember, if you find anything interesting, Share it!
If you have any comment or opinion, Post it!
Make it a duty to leave a comment and take part in our Polls. It’s so GOOD!
Visit again and again! You’re Welcome!! Always!!!
I read this Article on Entrepreneurship and feel it would be good for my fans, hence I paste it here unedited. So ENJOY!Things Entrepreneur Do Wrong (2)
By Denrele Onikosi
About two Wednesday’s ago, I shared with you something entrepreneurs do wrong and I made a promise to share with you some business plan mistakes they make. A business plan cannot be said to be good mainly because it was well written until the purpose for it’s writing is achieved, to attract interest from banks, investors etc.
Here are a few business plan mistakes to avoid
Procrastination: Perhaps you have a perfectly good idea of a basic business plan in your head, but are just too busy to spend some time really thinking it through and writing it down. The next thing you know, you need to get financing to open or expand the business. Or perhaps you simply grow to the point where the old, informal plan is hopelessly outdated. Maybe you decide to introduce a new product or enter a new market. Worse, someone wants to buy the business outright, and suddenly you realise that they need a written plan to be able to show the maximum value of the company. Procrastinating the development of your business plan can jeopardise or kill your future growth. It can reduce your ability to take advantage of opportunities when they present themselves. And that would be more than unfortunate. It would be silly.
Confusing cash flow with profits:
This is very easy to do when all the numbers are just theoretical assumptions. But, there is a huge difference between the two. You can’t pay the bills with anticipated year-end profits. You have to have cash flow today, this week, this month, and this quarter to actually stay in business. Accountants understand a principle that many first-time (and a few second time) entrepreneurs don’t: profits are an accounting concept, NOT money in the bank. You can spend your money in ways that don’t impact your profits – such as purchasing your inventory – that can absolutely kill your cash flow. You might have a “profitable” business model all right - if only you can get the customer to pay you! As important as profits are, don’t neglect your cash flow, or you will be left scratching your head, wondering how in the world your business failed with such good profits.
Over-valuing the Business idea:
This was the bane of the Internet bubble of the late 1990s. Everyone rushed to place enormous values on the “idea” of an Internet economy without stopping to realise that they have to actually have a business built to support it: they needed to have employees who show up every day, phones that ring, orders placed and fulfilled, customers served and paying their bills. Back then, investors unbelievably focused only on how long their investment capital would last – their “burn-rate” – while forgetting the basic fundamentals of viability and profitability altogether. Fortunes were lost as a result. In retrospect, it seems incredible.
Remember, ideas really are a dime a dozen. An idea man is of little value unless he can also executed. It is the man who can execute an idea that is truly valuable – a fact not lost on lenders. That is because successful execution of a viable, profitable business plan is rare. And, as Adam Smith, the great economist taught, “that which is rare in a free market is of far greater value.” It is called the law of supply and demand.
Loss of Focus:
Too often, a business plan outlines so many priorities that none of them really carry any weight. If everything is a priority, then someone has forgotten what a priority actually is. When a business plan has more than three or four main points, it is unfocused and diluted. The more unfocused the business plan is, the more likely that the people are either distracted, or are going to be. The human intellect is really only capable of processing a single thought at a time. Though we may take a certain amount of pride in our ability to “multi-task,” the truth is that we never actually entertain two different thoughts simultaneously. We actually have to switch rapidly between the different thoughts or concepts that are presented to us. So, the unfocused or cluttered business plan presents a far greater opportunity for failure because we are not engineered for success in that environment.
Thinking the plan is finished once printed:
A business plan is not worth the paper it is printed on unless it is implemented and produces results. Inevitably, as a plan is implemented we learn that it needs to be constantly modified along the way. Sometimes we have to recognise that our written dreams need to be modified as the result of our experience. No matter how well thought through the plan is, portions of it will almost immediately be replaced as soon as implementation begins. This is why a business plan is never really finished as long as the business still operates. It is a living, developing, changing document that reflects the business realities of today. When the assumptions of today’s realities are no longer accurate – which can happen in a matter of minutes, it seems – then the business plan has to adapt to the new realities.
Focusing too much on long-term: Sure, every entrepreneur wants to build a successful, long-term business. But the fact is that none of us really know what is going to happen in three or four years, much less in 10 to 20 years. Yet, frequently business plans contain that kind of long-term forecasting. In reality long-term details in a business plan are not very helpful. It is only guess work at best.
On the other hand, the details over the next 3, 6 and 12 months are vital. Who is doing what, and when? Things just don’t happen by themselves, so who is going to make them happen? How is the company going to generate a positive cash flow for each month of this coming year? Those are the important questions that can’t be glossed over.
Hope you find these tips helpful? Stay focused, to your business success.
• ‘Denrele Onikosi is a business image consultant resident in Lagos. He can be reached on 234-8054641442, conegelicsconsulting@gmail.com
Last week, I published the President's Inaugural Speech on this site. I personally read it over and over again even before publishing. Unlike I expected, the speech did not communicate measures or steps the new administration would take in tackling the problems facing Nigeria and Nigerians. However, there is something I see in the speech, the Sincerity of Purpose with which he is assuming office as the President and Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria.
I don't know how many people see it that way, but what I and people like me always seek out is fundamentally the question that keeps burgling the minds of all capitalists: "WHAT IS IN IT FOR ME?" So touching is the President's Speech but What is in it for me? What is in it for Nigerians? What is in it for you and me as investors?
These are the issues we are going to consider for the following days; "What is in the President's Speech for Investors and the Business Community?" We are going to review the speech in line with the President's posture and willingness to deliver as it is being materialized by the results we are going to get from the various steps he is taking from now on.
You are called to join in this discussions to see opportunities where you are. Contribute and share views; Together, let us achieve FINANCIAL FREEDOM!
To All my Fans on this Site!
My intentions for creating this site was to make it the No. 1 informative site on the one and only most important discipline in this life, which most unfortunately is not taught in any University of the World: "MAKING MONEY" both Online/Realtime and Offline/RealWorld.
But due to so many circumstances, plus the Nigerian Factors, which are insurmountable, it has become almost impossible for me to deliver on regular basis. For this, I sincerely apologize but I promise that things will definitely improve from now.
However, I am going to step up just don't get tired of visiting, most importantly, Invite your friends. Link this site, Bookmark, copy, save, do anything but don't sell my site!
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any article published previously. So Enjoy..........!Bellow is President Goodluck Jonathan’s Inaugural Speech On the Occasion of His Swearing-in as President, Commander-in-aChief of the Armed Forces of the Federal Republic of Nigeria on Sunday, 29th May, 2011
PROTOCOL
1. My Dear Compatriots, I stand in humble gratitude to you, this day, having just sworn to the oath of office as President, Commander-in-Chief of the Armed Forces of our great nation.
2. I thank you all, fellow citizens, for the trust and confidence, which you have demonstrated through the power of your vote. I want to assure you, that I will do my utmost at all times, to continue to deserve your trust.
3. I would like to specially acknowledge the presence in our midst today, of Brother Heads of State and Government, who have come to share this joyous moment with us. Your Excellencies, I thank you for your solidarity. I also wish to express my gratitude, to the Representatives of Heads of State and Government who are here with us. My appreciation also goes to the chairperson of the African Union and other world leaders, our development partners, and all our distinguished guests.
4. I want to specially thank all Nigerians for staying the course in our collective commitment to build a democratic nation. To members of the PDP family and members of other political parties, who have demonstrated faith in our democratic enterprise, I salute you.
5. At this juncture, let me acknowledge and salute my friend and brother, Vice-President Namadi Sambo; and my dear wife, Patience, who has been a strong pillar of support.
6. I thank her for galvanizing and mobilizing Nigerian women for the cause of democracy. In the same vein, I owe a debt of gratitude to my mother and late father. I cannot thank them enough.
7. I cannot but paytribute to our late President, Alhaji Umaru Musa Yar’Adua, with whom we won the Presidential election four years ago, when I contested as his running mate. May God bless his soul.
8. I also wish to pay tribute to our founding fathers, whose enduring sacrifices and abiding faith in the unity and greatness of our country, laid the foundation for the nation. We take enormous pride in their contributions. The pivotal task of this generation is to lift our fatherland to the summit of greatness.
9. Your Excellencies, Distinguished Ladies and Gentlemen, earlier this year, over seventy-three million eligible Nigerians endured all manner of inconvenience just to secure their voters cards,in order to exercise the right to choose those that will govern them.
10. At the polls, we saw the most dramatic expressions of the hunger for democracy. Stories of courage and patriotism were repeated in many ways, including how fellow citizens helped physically challenged voters into polling stations to enable them exercise their franchise. The inspiring story of the one hundred and three year-old man, and many like him across the country, who struggled against the physical limitations of age to cast their vote, is noteworthy.
11. Such determination derives from the typical Nigerian spirit of resilience in the face of the greatest of odds. That spirit has, over the years, stirred our hopes, doused our fears, and encouraged us to gather ourselves to build a strong nation even when others doubted our capacity.
12. Today, our unity is firm, and our purpose is strong. Our determination unshakable. Together, we will unite our nation and improve the living standards of all our peoples whether in the North or in the South; in the East or in the West. Our decade of development has begun. The march is on. The day of transformation begins today.We will not allow anyone exploit differences in creed or tongue, to set us one against another. Let me at this point congratulate the elected Governors, Senators, members of the House of Representatives and those of the States Houses of Assembly for their victories at the polls.
13. I am mindful that I represent the shared aspiration of all our people to forge a united Nigeria: a land of justice, opportunity and plenty. Confident that a people that are truly committed to a noble ideal, cannot be denied the realization of their vision, I assure you that this dream of Nigeria, that is so deeply felt by millions, will indeed come to reality.
14. A decade ago, it would have been a mere daydream to think that a citizen from a minority ethnic group could galvanize national support, on an unprecedented scale, to discard ancient prejudices, and win the people’s mandate as President of our beloved country. That result emanated from the toil and sacrifice of innumerable individuals and institutions, many of whom may never get to receive public appreciation for their effort.
15. Only a couple of days ago, I received an entry on my Facebook page. It was sent by Mr. Babajide Orevba. He wrote to inform me that I had lost
a great fan. That fan was his father, Mr. Emmanuel Bamidele Orevba. The deceased, the son told me, was no politician, but had campaigned enthusiastically for my ticket. Tragically, overwhelmed by the joy of our victory, he collapsed, and passed on three days later. I pray God Almighty to grant his soul eternal rest.
16. The success of the 2011 elections and the widespread acclaim which the exercise received was due to the uncommon patriotism and diligence exhibited by many Nigerians, including members of the Armed Forces, National Youth Service Corps (NYSC) and others. Unfortunately, despite the free, fair and transparent manner the elections were conducted, a senseless wave of violence in some parts of the country led to the death of ten members of the NYSC and others. These brave men and women paid the supreme sacrifice in the service of our fatherland. They are heroes of our democracy. We offer our heartfelt prayers and condolences in respect of all those who lost their lives.
17. In the days ahead, those of us that you have elected to serve must show that we are men and women with the patriotism and passion, to match the hopes and aspirations of you, the great people of this country. We must demonstrate the leadership, statesmanship, vision, capacity, and sacrifice, to transform our nation. We must strengthen common grounds, develop new areas of understanding and collaboration, and seek fresh ideas that will enrich our national consensus.
18. It is the supreme task of this generation to give
hope to the hopeless, strength to the weak and protection to the defenceless.
19. Fellow citizens, the leadership we have pledged is decidedly transformative. The transformation will be achieved in all the critical sectors,
by harnessing the creative energies of our people.
20. We must grow the economy, create jobs, and generate enduring happiness for our people. I have great confidence in the ability of Nigerians to transform this country. The urgent task of my administration is to provide a suitable environment, for productive activities to flourish. I therefore call on the good people of Nigeria, to enlist as agents of this great transformation.
21. My dear countrymen and women, being a Nigerian is a blessing. It is also a great responsibility. We must make a vow that, together, we will make the Nigerian Enterprise thrive.
22. The leadership and the followership must strive to convert our vast human and natural resources into the force that leads to a greater Nigeria. The Nigeria of our dreams must be built on hard work and not on short cuts. Let me salute the Nigerian workers who build our communities, cities and country. They deserve fair rewards, and so do the women that raise our children, and the rural dwellers that grow our food.
23. The moment is right. The signs are heart-warming. We are ready to take off on the path of sustained growth and economic development. In our economic strategy, there will be appropriate policy support to the real sector of the economy, so that Small and Medium Enterprises may thrive. Nigeria is blessed with enormous natural wealth, and my Administration will continue to encourage locally owned enterprises to take advantage of our resources in growing the domestic economy. A robust private sector is vital to providing jobs for our rapidly expanding population. But this must be a collaborative effort.
24. We must form technical and financial partnerships with global businesses and organizations. We live in an age where no country can survive on its own; countries depend on each other for economic well-being. Nigeria is no different. Returns on investment in Nigeria remain among the highest in the world. We will continue to welcome sustainable investment in our economy.
25. We will push programs and policies that will benefit both local and foreign businesses, but we must emphasize mutual benefits and win-win relationships. The overall ongoing reforms in the banking and financial sectors are therefore designed to support the real sector of the economy.
26. To drive our overall economic vision, the power sector reform is at the heart of our industrialization strategy. I call on all stakeholders, to cooperate with my administration, to ensure the success of the reforms.
27. Over the next four years, attention will be focused on rebuilding our infrastructure. We will create greater access to quality education and improved health care delivery. We will pay special attention to the agricultural sector, to enable it play its role of ensuring food security and massive job creation for our people.
28. The creation of the Nigerian Sovereign Investment Authority will immensely contribute to strengthening our fiscal framework, by institutionalizing savings of our commodity-related revenues. With this mechanism in place, we will avoid the boom and bust cycles,and mitigate our exposure to oil price volatility.
29. The lesson we have learnt is that the resolution of
the Niger Delta issue is crucial for the health of the nation’s economy. In the interest of justice, equity and national unity, we shall actively promote the development of the region. I believe that peace is a necessary condition for development.
30. Fellow citizens, in every decision, I shall always place the common good before all else. The bane of corruption shall be met by the overwhelming force of our collective determination, to rid our nation of this scourge. The fight against corruption is a war in which we must all enlist, so that the limited resources of this nation will be used for the growth of our commonwealth.
31. I am confident that we have every reason to lookto the future with hope. We owe ourselves and posterity the duty of making this country respectable in the comity of nations. Nigeria, as a responsible member of the international community, will remain committed to the maintenance of global peace and security. We will continue to play an active role in the United Nations. Our role in the African Union, ECOWAS, and the Gulf of Guinea will be enhanced to ensure greater human and energy security.
32. Your Excellencies, Distinguished Ladies and Gentlemen, this is a new dawn for Africa. We fought for decolonization.We will now fight for democratization. Nigeria, in partnership with the African Union, will lead the process for democracy and development in Africa. In particular, we will support the consolidation of democracy, good governance and human rights in the continent. Africa must develop its vast resources to tackle poverty and under-development.
33. Conscious of the negative effect of insecurity on growth and development, my Administration will seek collaboration at bilateral and multilateral levels, to improve our capability in combating trans-border crimes. In this regard, we will intensify our advocacy against the illicit trades in small arms and light weapons, which have become the catalyst for conflicts on the African continent. All Nigerian diplomatic missions abroad are to accord this vision of defending the dignity of humanity the highest priority.
34. My fellow countrymen and women, Nigeria is not just a land of promise; it shall be a nation where positive change will continue to take place, for the good of our people. The time for lamentation is over. This is the era of transformation. This is the time for action. But Nigeria can only be transformed if we all play our parts with commitment and sincerity. Cynicism and skepticism will not help our journey to greatness. Let us all believe in a new Nigeria. Let us work together to build a great country that we will all be proud of. This is our hour.
35. Fellow Compatriots, lift your gaze towards the horizon. Look ahead and you will see a great future that we can secure with unity, hard work and collective sacrifice.
36. Join me now as we begin the journey of transforming Nigeria.
· I will continue to fight, for your future, because I am one of you.
· I will continue to fight, for improved medical care for all our citizens.
· I will continue to fight for all citizens to have access to first class education.
· I will continue to fight for electricity to be available to all our citizens.
· I will continue to fight for an efficient and affordable public transport system for all our people.
· I will continue to fight for jobs to be created through productive partnerships.
37. You have trusted me with your mandate,and I will never, never let you down.
38. I know your pain, because I have been there. Look beyond the hardship you have endured. See a new beginning;a new direction;a new spirit.
39. Nigerians, I want you to start to dream again. What you see in your dreams, we can achieve together. I call upon all the Presidential candidates who contested with me to join hands with us as we begin the transformation of our country.
40. Let us work together; let us build together; let us bequeath a greater Nigeria to the generations to come.
41. I thank you! God bless you all! And God bless the Federal Republic of Nigeria.
On Services
On Capacity Building
On Business Insights
WRITING A BUSINESS PLAN
Writing a business plan is so simple. Most people write business plans but not all entrepreneurs know how to write an effective business plan.
Here are some basic information an effective business plan should contain:
1.
OUT LINE OF A BUSINESS PLAN
Introductory Page
a. Name and address of business
b. Name(s) and address(es) of principals
c. Nature of Business
d. Statement of Financing needed
e. Statement of confidentiality of report
2. Executive Summary
Three to Four Pages Summarizing the entire business plan.
3. Industry Analysis
a. Future outlook and trends
b. Analysis of competitors
c. Market Segmentation
d. Industry forecasts
4. Description of Venture
a. Product(s)
b. Service(s)
c. Size of Business
d. Office equipment and Personnel
e. Background of entrepreneur(s)
5. Production Plan
a. Manufacturing Process (amount subcontracted0
b. Physical Plant
c. Machinery and Equipment
d. Names of suppliers of raw materials
6. Marketing Plan
a. Pricing
b. Destination
c. Promotion
d. Product Forecast
e. Controls
7. Organisational Plan
a. Form of Ownership
b. Identification of Partners or principal shareholders
c. Authority of Principals
d. Management team background
e. Roles and responsibility of members of organisation
8. Assessment of Risk
a. Evaluate weakness of business
b. New Technologies
c. Contingency Plans
9. Financial Plan
a. Performa income statement
b. Cash flow projections
c. Performa balance sheet
d. Break-even analysis/profit graph
e. Sources and application of funds
10. Appendix (contains backup materials)
a. Letters
b. Market research data
c. Leases or contracts
d. Price list from suppliers
Writing a business plan is one thing but making it effective is another. That is where the work of experts begins.
However, you too can become an expert if u let us teach you!
On FOREX Insights
JOB SECURITY
Job security goes with financial security.
You have job security when you fulfil Rich Dad’s 3 steps to Financial Success:
1. Employment
2. Business
3. Investment
The first is what you can advise yourself when you are thinking of building a career, while the second and the third are what you let experts advice you.
If you already have the first (Employment), you are not yet secure until you have the second (Business). When you have the second, you have not actualised your potential until you have the third (Investment). That is when you can say you are on your marks.
The relationship between Employment, Business and Investment is like the relationship between the three phases of plan, which are short-term, medium-term, long-term respectively.
In actual money activity, it could be likened to the following:
1. Employment - Working for money
2. Business - People working for (your) money
3. Investment - (Your) money working for you
They serve as a Tripod on which your Financial Freedom Stands!
I have spent years learning the whole theory about making money. I have gone a step further in experimenting on the three basic steps to FINANCIAL FREEDOM and, believe me, it was wonderful!
Now is the time for practical implementation!
For YOU who are my friends and friends of my friends, I have chosen to share this with you step by step as I implement them, at least the ones I can share for free! But believe me, those free ones to can take you to whichever level you want to be in Financial Status.
Simply follow me every day as we take these steps one after the other! I said, everyday! Take every damn info seriously, review them critically, experiment, explore, post your comments, and most importantly, follow me in my practical steps for they will surely lead you to your financial freedom!
I will take time in explaining them one after the other. So follow me on!
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