Dear Friends,
I got an email yesterday asking me to advice on what an entrepreneur needs to do to suceed in Nigeria. I decided to start with guaranteed ways to lose money using certain case stories. It's amazing how naive Nigerians seem to be about proper busines practices. It's called a business and NOT play. So I have decided to put together a series of proven ways to lose money in Nigeria. The rest are published on my personal blog.
HOW to lose money in Nigeria
1. Don't get financing Right.
Business in Nigeria gups up money. Accept that reality. Most times, people under estimate how much their business cashflow needs. If you think you need N200,000 better prepare to find financing of at least 3 times that amount cause as soon as you start running in everyday operations, you'll discover you need more and it'll be too late to start looking for more investors to loan or borrow you money.Nigeria's Naira is not as valuable as before. How long does it take before you exhaust N1 000? It takes me one phone call.
2. Jump in before you assess the risk
The simplest of businesses can defeat you if you don't assess the risks. Thats why you need a business plan and a menthor who can candidly assess the risks. Several firms have folded up in Nigeria because they did not factor the cost of energy into their operations. Recently, Dunlop folded up cause of energy concerns. Ask even your neighbourhood barber and he'll tell you that the largest of his expenses are on Energy to power up generators. Recently in my firm, my managing partner discovered that we spent more on power supply than we spent on Phone calls cause we kept running on generators and the fuel and maintenance figures were high. We had to make a decision toreplace our computers with Laptops with 5hr battery life for all staff. We cut energy expenses by 80%.
3. Invest in a dying market cycle...
Wake up, Nobody is going to buy pentium 2 computers. Don't bother importing them. One of my clients is stuck with millions of inventory they can't sell. Watch the trends. Don't start up a Newspaper house, in two years, Nigerians will start reading news delivered straight to their Amazon Kindle- If you want to invest money into an expensive press, you'll be losing. The trends show that Newspresses will become more obsolete, think twice.... think twice before you lose N20 million
to be continued tomorrow
Nov 7, 2008
Support For Nigerian SMEs
Hello dear Nigerians,
I'm Dr. Ibidapo Agunbiade, and I provide consulting services Businesses and Entreprises through my audience company. As part of my contribution towards the development of Nigerian and West African Entrepreneurs, I have decided to provide FREE online business and management advice to start up firms for the next 9 months.
It'll take my time but I guess It's time I started contributing too. I might not be able to provide free financing or equity capital like some folks have suggested but I'll give you a listening ear and some of the difficult and FRANK management consulting My firm bills some of our clients for.
Already, i get a lot of mails asking for advice ranging from startup financing i.e. ( finding investment angels) to structuring partnerships and joint venture deals in Nigeria and the rest of West Africa. I possibly can't reply all emails I get so I have decided to answer some of the questions on a personal blog dedicated for just that purpose [url]www.dapoagunbiade.blogspot.com[/url] .
I'll be answering those entreprise and investment questions one by one.
A few days ago, someone mailed me and asked what deals My SME development team is currently working on, I'd just like to say for the records that I don't comment on our client's businesses until I'm sure that the deal(s) have sailed through.But anything else, feel free to ask me. So if you have any questions, hit me up at my new email:[email]dapoagunbiade@yahoo.com[/email]. I reserved this mail for exactly that purpose. While i might not be able to menthor everyone one on one, I'll definitely reply your mail within 72hours. I promise.
All the best in your entreprise growth. With the right entrepreneurial and management practices, I'm sure you'll suceed. Cheers
Your Friend and Coach (in business)
Dr Ibidapo Agunbiade
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog [url]www.dapoagunbiade.blogspot.com[/url]
I'm Dr. Ibidapo Agunbiade, and I provide consulting services Businesses and Entreprises through my audience company. As part of my contribution towards the development of Nigerian and West African Entrepreneurs, I have decided to provide FREE online business and management advice to start up firms for the next 9 months.
It'll take my time but I guess It's time I started contributing too. I might not be able to provide free financing or equity capital like some folks have suggested but I'll give you a listening ear and some of the difficult and FRANK management consulting My firm bills some of our clients for.
Already, i get a lot of mails asking for advice ranging from startup financing i.e. ( finding investment angels) to structuring partnerships and joint venture deals in Nigeria and the rest of West Africa. I possibly can't reply all emails I get so I have decided to answer some of the questions on a personal blog dedicated for just that purpose [url]www.dapoagunbiade.blogspot.com[/url] .
I'll be answering those entreprise and investment questions one by one.
A few days ago, someone mailed me and asked what deals My SME development team is currently working on, I'd just like to say for the records that I don't comment on our client's businesses until I'm sure that the deal(s) have sailed through.But anything else, feel free to ask me. So if you have any questions, hit me up at my new email:[email]dapoagunbiade@yahoo.com[/email]. I reserved this mail for exactly that purpose. While i might not be able to menthor everyone one on one, I'll definitely reply your mail within 72hours. I promise.
All the best in your entreprise growth. With the right entrepreneurial and management practices, I'm sure you'll suceed. Cheers
Your Friend and Coach (in business)
Dr Ibidapo Agunbiade
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog [url]www.dapoagunbiade.blogspot.com[/url]
Nov 6, 2008
Rules to stay on top of your game (in Business)
Hello dear,
Here are a few rules I apply to get on top of My Game (in Business)
1. My day starts with God. He provides the purpose, Direction, clarity and helps me sort through the insanity of conflicting priorities. Business inWest Africa is tough enough. Imagine not knowing what to do at all.
2. Next, I build on confidence.
Confidence inspires others. I need to provide purpose, direction, clarity and a sense of meaning for others around me.
Clean teeth inspires confidence,Neat clothes inspire confidence,A clean shave inspires confidence,A good smell inspires confidence,Proper Knowledge inspires confidence, A tidy office inspires confidence,My internal man exerting control over my external environment inspires confidence in me.
3. Identify strong time blocks and weak time blocks. Some things can be done easier at some times than at other times. A key component to staying on top of my game is
to understand timing and my energy bursts and allocate high energy periods to my core priorities.
4. Attend to my core priorities first. For me, this will always be a battle but it is needed to maintain excellence. Some things can only be done by me. I do them first. Within the 2 hr limit I set, my phone goes off and I disappear. A rising public figure like me :-) should not always be available, otherwise i'll be worth less when I show up.
5. I work fast. I work hard. I learn fast, I unlearn the no longer valid. In today's world of rapid change, what you've learnt is irrelevant. It's what you need to unlearn that matters. My laptop computer and the internet are two powerful tools I make use of। I can't imagine how I got this far without them.
Read more on http://www.dapoagunbiade.blogspot.com/।- Dr. Ibidapo Agunbiade's personal blog.
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog www.dapoagunbiade.blogspot.com
Here are a few rules I apply to get on top of My Game (in Business)
1. My day starts with God. He provides the purpose, Direction, clarity and helps me sort through the insanity of conflicting priorities. Business inWest Africa is tough enough. Imagine not knowing what to do at all.
2. Next, I build on confidence.
Confidence inspires others. I need to provide purpose, direction, clarity and a sense of meaning for others around me.
Clean teeth inspires confidence,Neat clothes inspire confidence,A clean shave inspires confidence,A good smell inspires confidence,Proper Knowledge inspires confidence, A tidy office inspires confidence,My internal man exerting control over my external environment inspires confidence in me.
3. Identify strong time blocks and weak time blocks. Some things can be done easier at some times than at other times. A key component to staying on top of my game is
to understand timing and my energy bursts and allocate high energy periods to my core priorities.
4. Attend to my core priorities first. For me, this will always be a battle but it is needed to maintain excellence. Some things can only be done by me. I do them first. Within the 2 hr limit I set, my phone goes off and I disappear. A rising public figure like me :-) should not always be available, otherwise i'll be worth less when I show up.
5. I work fast. I work hard. I learn fast, I unlearn the no longer valid. In today's world of rapid change, what you've learnt is irrelevant. It's what you need to unlearn that matters. My laptop computer and the internet are two powerful tools I make use of। I can't imagine how I got this far without them.
Read more on http://www.dapoagunbiade.blogspot.com/।- Dr. Ibidapo Agunbiade's personal blog.
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog www.dapoagunbiade.blogspot.com
A Bleak Day
Hello Dear,
Today signals one of the lowest points in my life and I want to let you into my personal world. Sometimes in today's world, we face down moments and days that all seems bleak. Even the most successful of us face these days and we just have to plough ahead. This is the hope that we have in being Believers in the God who created the heavens and the earth. Today, I botched up a presentation that I had over a year to prepare for. I could see disappointment written over the faces of the assessors. I was embarrassed myself but I realise that every failure is an opportunity to bounce back up. No one is a failure until s/he has decided not to get back up again. I have the opportunity to get back on track and I have decided to take it and use it.
There is an analogue even in the world of business. If you want to double your success rate, double your failure rate. There's a world of opportunity out there for you in business, in career and also in your professional and family life. Do not let your failures of today to stop you. Be strong, be bold and keep on keeping on. Remember these words, Nobody has it easy. Nobody. Even the president of this great Nation doesn't. I want you to believe that whatever difficulty you are going through presently will soon be over. Tomorrow will break forth Brightness on you. Don't give up. you are more powerful than you really think you are.
Your friend and menthor
Dr Ibidapo Agunbiade.
www.dapoagunbiade.blogspot.com
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog www.dapoagunbiade@blogspot.com
Today signals one of the lowest points in my life and I want to let you into my personal world. Sometimes in today's world, we face down moments and days that all seems bleak. Even the most successful of us face these days and we just have to plough ahead. This is the hope that we have in being Believers in the God who created the heavens and the earth. Today, I botched up a presentation that I had over a year to prepare for. I could see disappointment written over the faces of the assessors. I was embarrassed myself but I realise that every failure is an opportunity to bounce back up. No one is a failure until s/he has decided not to get back up again. I have the opportunity to get back on track and I have decided to take it and use it.
There is an analogue even in the world of business. If you want to double your success rate, double your failure rate. There's a world of opportunity out there for you in business, in career and also in your professional and family life. Do not let your failures of today to stop you. Be strong, be bold and keep on keeping on. Remember these words, Nobody has it easy. Nobody. Even the president of this great Nation doesn't. I want you to believe that whatever difficulty you are going through presently will soon be over. Tomorrow will break forth Brightness on you. Don't give up. you are more powerful than you really think you are.
Your friend and menthor
Dr Ibidapo Agunbiade.
www.dapoagunbiade.blogspot.com
Dr. Ibidapo Agunbiade is West Africa's expert on Business and Entreprise Development. He resides with his family in Lagos, Nigeria and can be reached for speaking engagements on 234-8035693658, 234-7094084776 or visit his personal blog www.dapoagunbiade@blogspot.com
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