Tracing The Path of An Entrepreneur

Presented by

Dr. Uchechukwu S. Ogah, OON, FCA, FNIS

@

National Stadium, Surulere, Lagos

20th – 21st November 2015

Powered By: Full Gospel Businessmen’s Fellowship

Outline Overview What Makes an Entrepreneur Vision Purpose Time as Resource Manage Your Finance Develop Character Staff Recruitment Use of IT Try to Stand Out Success Factors Take Action The God Factor Conclusion

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Overview An Entrepreneur is one with the

ability to see and evaluate

business opportunities, gather

the necessary resources to take

advantage of them and nurse them to success.• A Risk Taker• Entrepreneurs are people who look at life differently

by finding ways to be innovative and profitable.• Being an Entrepreneur is definitely not for the faint

hearted; but it does open up amazing opportunities to run with your ideas

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DeterminationHigh Level of ConfidenceCraves LearningUnderstands Failure as Part of the

GamePassionate about His VisionHighly AdaptiveExpert at Networking Ability to Diversify

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Vision The act or power of imagination, a thought, concept,

or object formed by the imagination (Webstar) A clearly defined vision sustains the entrepreneur;

otherwise he will be discouraged/distracted by challenges

Look around you; there is NOTHING that was ever created that was not imagined (Vision). The entire world was created by God’s imagination (Gen 1:3 – Let there be light)• You must be passionate about your vision and drive it with all it takes

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Working With Vision

Create your own Vision of what and how you see yourself ◦ We are all programmed to want the best for ourselves, so

write your vision down CLEARLY ( Very Important)◦ Do not hold back on what you want, for we are limited

only by our imaginations which is further worsened by our experiences.

◦ Be Futuristic – the only thing constant apart from God is Change

◦ Do not let events happen to you – Create or be the event◦ Open your Heart and ask God to direct you

Note that a lot of us will see the vision but not all of us will Act: the odds are in favour of only those who act.

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Purpose Purpose is the reason for which something is done or

created or for which something exists. To make a success of your venture, an entrepreneur

must define his purpose i.e. that inner urge he intends to fulfil.

You must ask your self that critical question:

Without purpose that is bigger than yourself, you are more likely to serve only yourself.

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Purpose

As Man was created in the image and likeness of GodGenesis 1:28

“Be fruitful and multiply and fill the earth and subdue it and have dominion over the fish of the sea and over the birds of the heavens and over every living thing that moves on the earth.”

Our Purpose as ChristiansLuke 10:27Love God above all, Love your neighbour as you would love

yourself

Great minds have purpose but little minds have wishes – To live a life of purpose is the purpose Of Life (Anonymous)

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Time as a Resource

Time is single most important resource Served to all equally (24 hours a day)Can not be stored or saved Extremely expensive

◦ Time value of money Unfortunately, it is easily wasted BE smart about how you spend your time

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Manage Your Time Create a periodic plan (Per day, Week, Month and Year). Plan

your day before it unfolds. Do it in the morning or even better, the night before you sleep.

Peg a time limit to each task. Use a calendar. . Use an organizer. Organisation is the key to effective management. Know your deadlines.  Learn to say “No”. Don’t take on more than you can handle. Target to be early. Time box your activities. Focus.  Block out distractions.  Track your time spent. . Prioritize. (very Important). Delegate. 

Note: 100% Time Management can not be achieved, therefore, do not dwell so much on a particular short -come but on your ability to overcome such on the next assignment.

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Manage Your FinanceFinancial Management is a key

leadership skill for entrepreneur.It is simply the planning , organizing,

directing and controlling the

financial activities such as

procurement and utilization of funds

of the enterpriseIt is focused on the need to

drive improved business performance

which can be sustained for longer term.•Efficiently and effectively manage your cash flow

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Develop Character

Honesty, Integrity and Trust are the most important resources of a person Integrity is a resource that can be exchange for value

One can buy goods on trust with integrity Capital migrates to those with tested integrity

May your words remain your bond No matter how proficient or skilful you are, you can

never go far without integrity. Integrity ensures that business is done ethically

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Staff Recruitment Hire people that have passion for the

jobTrim your staff strength during start up

so that it does not overstretch your budget

Hire staff that are motivatedGive employees opportunity for career development• Hire people with talent and skill

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Use of IT Information Technology (IT) drives

innovation in a world that is highly competitive and digitalized.

keeping up with the changes can be a challenge for start-ups.

It's important to identify trends that will affect your business and stay ahead of the curve.

Use IT to create business valueEngage IT systems that are adaptable to

changing business needs and conditions

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Try to Stand Out Specialize your marketing tactics by focusing on a few

and becoming really good at them. Focus your goals on one thing at a time and conquer it

before moving on to another goal. Don’t take on too much at once and spread yourself thin.

Be efficient and effective with your time. Productivity is the key to success. The Pareto Principle states that 80 percent of your results should stem from 20 percent of your effort, so eliminate the inefficiencies in your work.

Don’t shy away from outsourcing tasks. This can allow you to dedicate your time to more important things and improve your business’s productivity.

Invest in creative for your business. This will build your brand and make your product or service noteworthy to consumers

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Try to Stand Out Contd.

Clarify your vision. To grow your business, you have to know where you are going. Establishing a direction involves crystalizing a vision for the ideal, future state of your business.

Organize your business around your end goal. Once you have a clear understanding of where you are going, then you have to organize your business to get there

Keep tabs on your progress. Setting a vision and getting organized are great, but to create long-term change, you have to keep yourself honest along the way.

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Success Factors Unrelenting ambition: If there is one key thing that

would set apart those who are successful in business and those who give up, it would be this: the ability to just keep on going

Problem solving: Problem solving is the key — particularly during those times when enthusiasm is low and you are under stress. You’ve got to try and keep making more good decisions than bad, which sounds a lot easier than it actually is.

Resilience of financial insecurity: If you’ve come to entrepreneurialism after leaving a role in the corporate world, then you will have some adjusting to do in terms of your financial expectations.

Team work: If you look at many of the world’s top companies, you’ll notice they have one thing in common: they were started by more than one person.

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Success Factors Contd.

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Take Action Everything that has been said so far is useless

without action ◦ The act of getting up to make things happen ◦ Hardwork has never killed any one but it is

important that we work smart. • About half of what separates successful

entrepreneurs from the non-successful entrepreneurs is pure perseverance.

• In the course of taking action, don’t confuse your path with your destination. Just because it is stormy now does not mean you are not headed for success.

• Definitely, there will be obstacles, doubters and mistakes. But with hardwork, there are no limits to success.

• Know that Business Opportunities are like Buses; there is always another coming.

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The GOD FactorDo what you can do and then rely on

the God Factor. The God factor is that extra factor in

the equation which defies even the laws of nature and make impossible things possible.

In making plans, remember that God is in control of the situation, and that HE is able to change hearts and situations, and make things happen that are beyond our abilities.

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ConclusionIt is time for you to start by applying all

theseprinciples. Wisdom is profitable to all

whoare willing to learn.

Above all, Trust in the Lord Your God; for it

is He who gives you power to make wealth.

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Thank You.

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