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Tag Archives: BI Empowerment Team

Business Partnership (Pt 2) – Opeyemi Komolafe

Business Partnership 2 In business relationships, integrity on your part and the part of your clients, vendors, financiers and employees cannot be over emphasized, however, in a business partnership it is completely non-negotiable. Apparently I am back to this topic of integrity, click here to read Part One. It can never be overstated. Imagine having a business partner who is completely unpredictable, someone you can’t trust to deliver on a job, someone you cannot assign as a signatory to an account, someone with whom you cannot take a well deserved vacation, I can go on and on but my point is clear. Having a business partner means you agree to some extent with the personality, value system and priority rating of that individual. You are better off facing the challenge of running a business on your own than having a partner who keeps you up at night, raises your blood pressure and has you keep your Account Officer on speed dial. We’ve spoken at length about integrity in one of my previous posts. As we did for ourselves, in picking a business partner, kindly ask yourself these questions based on what you know about this person. “As a person, what ...

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Challenges New Entrepreneurs Face Pt2

Hi BIE readers , you can refer to the part 1 of this post. Here… not to miss out on the points, for those just reading this, this is a brief introduction to the post. ‎ The economy is not smiling in a lot of countries in the world right now, especially countries that were totally dependent on oil as income. A country like Nigeria has been one of the greatest ones hit since the fall in oil prices and this has led to a lot of pay cuts, job losses and a hard time for employers to even pay salaries. This situation has forced a lot of people to seriously begin considering entrepreneurship like never before. Here are the final 6 challenges you may face as a new entrepreneur and ways to conquer them. 7. Dealing with the stress of not having a steady income: To me, that was one of the greatest challenges I faced. Many times I would say to myself, “Wow! I should have received a credit alert today, if I was still under paid employment”! At those difficult times, it is your passion for rendering the service that keeps you going. 8. Managing your money: ...

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Challenges Entrepreneurs Face In Business

BY TOKUNBO FASORO The economy is not smiling in a lot of countries in the world right now, especially countries that were totally dependent on oil as income. A country like Nigeria has been one of the greatest ones hit since the fall in oil prices and this has led to a lot of pay cuts, job losses and a hard time for employers to even pay salaries. This situation has forced a lot of people to seriously begin considering entrepreneurship like never before. Entrepreneurs emerge from every angle. I would like to discuss a few challenges you may face as a new entrepreneur and ways to succeed them. Doing anything that generates income, not specifically something you believe in and are passionate about: If you do something you believe in, you can get other people to believe in it. Your interest and passion is what drives you when other things are failing. Picking the right business: Make sure your business is providing a solution; it must be the answer to a problem, a response to a need. Ensure you deliver what you have promised. Finding your clients: If you have a good product or service, people will come to ...

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Money or Passion? Which would make you happy?

The major problem with most people is that they put making money before fulfilling their dreams or their passion. I have a lot of friends who have gotten into banking just because of the money, fast forward to 10 years down the line, they want to get out to pursue their passion. Unfortunately, 10 years have been wasted on being average.  Working for free is definitely a lot of sacrifice, but nothing good comes easy. We make sacrifices to succeed sometimes. I remember the first employee I took into my company was earning five times what I was offering her in her previous employment. Honestly, I must tell, you I didn’t want to take her because I felt she would be dissatisfied. But she made the decision to move because she wanted to build a career in Human Resources (HR). I asked her “How will you cope? Honestly, this is a start up and I definitely cannot do much”. You wouldn’t believe what she said to me! She said “I should be paying you ma for teaching me” At that point, I saw the determination and the willingness to learn in her, and  I took her in just with a little increase to ...

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Walking Your Way To Career Success

BY TOKUNBO FASORO It’s finally here. “Walking Your Way To Career Success” all Glory to God. This is a journey of over 18 months. It highlights “Secrets to Career Success, Breaking the Ceiling, Successful Entrepreneurship, The Exceptional Curriculum Vitae and Winning at Interviews“. All written from personal experiences and  the experience I gained on the job as an HR Consultant and an Entrepreneur working and interacting with young people. A very interesting and practical book for every young person who desires Career Success. Entrepreneurs who wants to succeed in their personal and professional lives. Made very affordable so every young person can afford it. It’s 1,500 Naira only. Of course you can decide to pay more or buy 50 books or more to impact the youths in your environment, Church or in the Universities. Share on: WhatsApp Post Views: 23

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INTEGRITY: A NECESSARY GOOD IN BUSINESS

Integrity…………. a core value that is listed on every organization’s wall, physical or virtual, yet is one of the scarcest commodities in business relationships today. Let’s look at the meaning of integrity. The Oxford Learners’ Dictionary defines integrity as “The quality of being honest and having strong moral principles”. The Cambridge Dictionary adds a clause at the end of that …………..”that you refuse to change”. As an entrepreneur, your reputation is a large part of your business, and your clients, your vendors, your staff should be able to bank your words. You should run your business in such a way that if you ask for a loan extension it will be approved, if you ask a vendor to deliver and be paid later they oblige, if you promise a client a delivery within a certain timeline they won’t need a backup plan,………..you get my drift! Unfortunately, integrity as an entrepreneur is not suddenly endowed from heaven immediately you start a business, it starts from having integrity as an individual first. Your business is an extension of your person; your values; your ethics. If as an individual you are not known for reliability, honesty, dependability, quality, excellence, morality, etc it won’t ...

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Entreprenuers And Money- Opeyemi Komolafe

Its amazing the number of businesses which start each day. I don’t have statistics, but using the numbers from my circle of influence alone, they’re a lot.  A key question is “Why don’t some of them live beyond a month, six months or beyond its first cycle of product sale/delivery?” A lot of reasons could be the cause for this but a popular one is ‘LACK OF CAPITAL’. Excuse me, please what happened to the capital you started with, and the profit you made from your first cycle? Then you begin to hear answers like; “I had bills to pay”, “I paid myself a salary”, “I kept a few items for myself”, “I had to take care of some pressing needs”, etc It is fine to spend your profit on the above, but to spend your capital is completely unacceptable. A popular cliche in certain circles is “Don’t eat your seed because it is your future”. Your capital investment is necessary for continuity of your business, while your profit is important for expansion of your business. Eating up both of them leads to the death of your business. There is someone very close to me who is a sales guru. ...

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How I Got An Office Space Through Networking

There is a saying that “Even a lone ranger has a horse”. No man can live in isolation. When I ventured into entrepreneurship, I was working from home at the time. There was a need to get an office space and I had been praying desperately for one. At that time, I had started an Entrepreneurship Management class at the Pan Atlantic University and you can trust that I ensured I spoke to everyone in class. I would leave my group and go to other groups just to meet people. It was something I really loved doing. One day, in the middle of my program, I had a brilliant Idea, which today has grown into BI empowerment, but I didn’t know how to go about it then. I decided to have a chat with the Director of the program. As I began to describe my idea to him, he bluntly told me I could not pull the idea through without an office space, and in a polite way told me that our discussion would continue when I get this space. Extremely depressed and demotivated, I began to walk down the staircase confused in a confused haze. Immediately I got downstairs, ...

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Working With Your Friend As A Co Founder

I read this articles online and  I could completely relate to it,  I had once found myself in the same situation sometime ago and also didn’t handle it well. Reading this article made me realize the mistakes I made. Be inspired when learning from this. Should I Work With My Best Friend As Co founder? By Brett Fox I had a very close friend who was a co-founder of my company.  Here’s what happened: “You have an EQ of zero!” Ken yelled at me. “What the hell is an EQ?” I asked. “Perfect!” Ken screamed back. Then he hung up the phone. Those were the last words Ken ever said to me. Just like that a twenty-year friendship and business relationship ended forever. Ken was a co-founder of my company. More importantly I considered him a close friend. I had lunch with Ken the day before to have our weekly 1:1. I pushed him pretty hard at lunch because he wasn’t performing well. I looked down at Ken’s feet and he wasn’t wearing socks. It triggered a memory of when we were raising money. We were in a diligence meeting with a VC and I vividly remembered the VC looking ...

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The Keys To An Enduring Business

By Opeyemi Komolafe In the world today, we hear about so many businesses which do not outlive their creator/founder/owner. The business is meeting needs, providing goods and services for  thousands or even millions of clients, but shortly after the owner dies or retires, the business is run aground. As an entrepreneur, no matter what grand innovative ideas you have, no matter how fantastic your business acumen is, you cannot live beyond one lifetime. To ensure that your business; your legacy endures for generations: You must set up systems and structures. You must replicate yourself. You must pour yourself into others. You must select a group of future leaders into which you will transmit your way of doing things, your ideology, your creativity, your morality, your principles, your standards and your personality. It should be so effectively done that when you are absent, things should run as well as if you are on ground or even better. This select group of people should spend time with you getting to know how you think, how you react in situations, how you get inspired with ideas and what you envision the business to be.  You should have laid down documented policies and standard ...

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