Financial Intelligence – By Aniekan Ini-Edem

“You may be a great salesperson or an inspired engineer. You may be terrific with customers and employees. Your concept for a company is probably fantastic. But if you don’t know finance, you’re operating at a disadvantage in the world of business.”

Financial Intelligence for Entrepreneurs,

Money is an important part of our lives. Most of us trade our time for naira. We sometimes choose our careers based on the income potential the career offers. Whatever we learn in schools and colleges might not be useful in our daily life. But we never learn about money management and investment skills, which we use on a daily basis. We get our financial education mostly from our parents and observing other people around us. If our parents don’t have good financial management habits, unfortunately we learn the same bad habits. We don’t realize this until we are in deep financial trouble.

Investing tips

It is the direction of the cash flowing that determines if something is an asset or a liability at that moment. An asset puts money in to your pocket. A Liability takes money from your pocket.
 

Investment is not risky. It is the investor who is risky.
 

Investing is not a race. You are not in competition with anybody else. All you need to do to make more money is to simply focus on becoming a better investor.
 

There was risk in driving the car. But driving the car with hands off your steering wheel is really risky. When it comes to investing, most people are driving the car hands off the steering wheel.

The true investor is prepared for whatever happens. A non-investor tries to predict what and when something will happen.
 

How do you prepare? You need to focus and keep in mind what other investors are already looking for. If you want to buy stocks, then attend classes on how to spot bargain stocks. The same is true for real estate. It all begins by training your brain what to look for and being prepared for the moment investment being presented to you.
 

If you are prepared, which means you have education, experience and find a good deal, the money will find you or you will find the money. When a person finds a good deal, the deal attracts the cash. If it’s a bad deal, it is hard to raise cash.
 

Reduce risk through financial literacy. Learn to read financial statements. Most people cannot. Financial literacy is one of the important investor basics, especially if you want to be a safe investor and inside investor and rich investor. Remember that your expenses are someone else’s income. People who cannot control their cash flow make the people who control the cash flow rich.
 

You don't have to be a genius to invest well.. just learn the basics.
 

Entrepreneurship is a lifestyle. Embrace it.

ENTREPRENEURSHIP IN SOCIETY: ITS ROLE AND IMPORTANCE

According to Robert G. Allen, “Entrepreneurs are the true wealth creators…” Economists and businessmen have no doubt that the private sector is a lot of ways much more efficient than the public sector. However, only a minute percentage of people concur to this position.

The larger number of members of the society are of the view that the reason for the quest for business enterprise is borne out of man’s insatiable thirst for money and other selfish aspiration and they decline to perceive the role business play in contemporary society, the essence of entrepreneurship to individuals, the importance of entrepreneurship to economic development and the importance of entrepreneurship in developing countries- the role that makes business not selfish at all.

Thus, I shall be discussing some of the role and importance of entrepreneurship in society, viz:

1.      Business is the process of production and distribution of ideas, goods and services to complement certain public needs. In the process of accomplishing this task, it has to be flexible and constantly reach the final consumer’s demand: as it would be inconsequential to produce something that nobody wants to buy.

2.      Business aids job opportunities. More so, most jobs business aid in creating, are productive jobs, i.e., people employed by business ventures produce ‘real goods and services’.

3.      Business provides income: here, we come at last to the money matter. However, the income that business provides is by no means restricted to the profit earned by its owner, as it pays salaries and wages to its employees, and this makes the whole business world go round. Thus, they spend their earnings from the business purchasing all kinds of goods and enhance further development of business ventures.

4.      Business plays a role in nation building. It does this in various forms, viz; payment of taxes, which enables the government to maintain all its public and socio-economic institutions and services; by investing money in the development of sciences and technology and setting up new enterprises; by the maximum utilization of local resources, which include those situate in remote rural areas, and in a number of other ways.

5.      Business helps enlighten and educate people and further strengthen their personal growth. Thus, high degree of competition, makes it essential for both employers and their employees to be involved in the constant process of learning and developing their personal qualities, such as creativity, determination, communication skills and vision for new business opportunities.

Therefore, despite the views of the public on this discuss, business is not all that selfish purpose. According to Winston Churchill, “Some see private enterprise as a predatory target to be shot, others as a cow to be milked, but few are those who see it as a sturdy horse pulling the wagon”. Thus, it is more unselfish than a lot of public institutions. It does not exist to satisfy its own needs; as that is a sure way to business failure.
Finally, contrary to the above position, its function is to satisfy in all, the consumers’ demands-our demands, and to earn us a comfortable life. Hence, in one’s decision to venture into a business enterprise, he should bear it in mind that it is a means to be of service to society.

AUTHOR: NNAJI GODBLESS CHIDOZIE

Entrepreneurship is a lifestyle. Embrace it.

 

SSEDC TESTIMONIAL: ERIZ FOODS

ERIZ FOODS emerged when Erigi Zibelayifa an unemployed Bayelsa graduate decide to stop lying around and try the EDC program. He joined the special Bayelsa class in November, 2014. Running with momentum on the energy and information acquired during the training, he started his business that very month with 150,000 from his savings. Thanks to technology he learnt the how to make smooties on the internet at minimal cost. Armoured with the skills, equity and EDC training, Erigi was set and confident to venture into the risky world of business.

He opened his first shop in Nov, 2014.. at Stop Ova Car Wash, Kpansia, made his first millions via relentless persuasion and aggressive marketing. Not rele

nting he added Tasty Shawarma to his value offering, capturing an even wider market. The demand became so high that its supplies couldn’t be fed with one store, he opened another location at 50, Navy Captain Ayeni Street, Kpansia.

A business that started with N150,000 is now worth N1.7 million within 7 months, while meeting the health needs of all ages of individuals. Eriz Foods has 2 locations, provides economic security for at least 3 other individuals depending on it.  It has created jobs for 2 women and 4 men, impacting at least 6 families a month.

In his interview, Erigi expresses his gratitude and appreciation to the EDC for bringing out the entrepreneurial spirit in him. He has really improved in his knowledge of finance and accountability in business and has evidence of proper records of transactions. He specifically mention excellent customer service and marketing as some of the practices he gained from the EDC that had seen him through in the business.

ERIZ FOODS is owned by Erigi Zibelayifa from  Yenagoa, Bayelsa State, Nigeria.

Entrepreneurship is a life style. Embrace it.

SSEDC TESTIMONIAL: ROSEMARY OROK-OYO (TEDDY’S WORLD)

        For Rosemary Orok-Oyo, the saying that “doing small things in a big way pays” aptly captures her story and continued business growth. She started managing her parents clothing business while studying Environmental Education at University of Calabar in 2007. This gave her an idea of what it takes to manage a successful business. She continued with the clothing business after her school but was not getting the results she wanted. And in 2014, she registered for SS-EDC program with one thing in mind “how to boost her clothing business”. But during the program at SS-EDC, an idea to think big and start small struck her and that gave rise to Teddies Popcorn. Today, Teddies Popcorn is one of the best branded and packaged Popcorn in the city and can be found in all the major shopping outlets and outdoor events. Her Popcorn business now employs 5 permanent staff in addition to 2 other dependents and is yielding more profit than her clothing business. According to Rosemary “SS-EDC improved my managerial skills and opened my eyes to the opportunities in branding small business like the Popcorn in other to stand out”. Her long term ambition is to own her clothing line and export her outfit to other countries and equally provide a means of employment to people especially young women. And this she has already started with the opening of Teddy’s World – a boutique where she sells clothes, separate from her parents clothing store. To other people waiting to start big or for white collar jobs – “you can start small and build on your success for expansion. Always have a growth mindset which will allow you to grow and learn from criticism – this will allow you succeed”. 

why we do what we do...

ENTREPRENEURSHIP IS A LIFESTYLE. EMBRACE IT