FAB SCHOOLS NIGERIA

ARTICLE TITLE:   IDEA GENERATION, MONEY CREATION

            The graveyard is the place that has the highest amount of ideas and richest resources that the world has never had. Some lost to lack of belief, lack of optimistic zeal to achieve the unachievable, lack of proper nurturing and branding, and so on. Whatever may be the reasons, the truth of the matter is that one’s idea can be the turning point for the global community.

We as humans have dreams and ideas. These two terms are distinct but still inter-related. An idea is a thought up dream or vision waiting for actualization. But the difference between an idea and a fulfilled goal is that the former is only cooked up in the mind while the latter (i.e. achieved and fulfilled goals) are actually worked upon.

To have an idea is not just the only thing one needs to achieve ones goal but to know the secrets to transforming one’s idea into achievable goals is the catalyst for one’s fulfillment in life. This is also what makes a successful business different from others.

In today’s business world, conglomerates, multinationals and the rest stand out as the top business structures used to motivate small-scale organizations, why is this so? The secret is in the fact that these top entities have become fulfilled and accompanied ideas cooked out of actualized long-term goals.

In order to make your generated business idea to turn out to be an actual business success story you need to follow in the footsteps of the wise-ones, those who have tasted from life and have seen its dynamic faces; just as the saying goes “experience is best teacher”. The following are some tip-bits in making your business ideas come to reality.

(a). Purpose-Identification

Know the reason for your existence, tailor your ideas to your dreams and desires. Match your business ideas to your passion and interest. If you are talented in one way or the other; if you are skilled or gifted in doing one thing or the other, then stream-line your business idea in such direction; that way when you actually face some challenges, your passion would still be your motivator and driving factor for staying in your business line.

(b). Mind-Creation

As earlier said, start with a positive outlook to create a unique idea that when it actually materalise, it would turn-out to benefit you and your community. It must be an entity that would contribute positively to the society.

            You may say that what is the link between a business and the society, the answer is simply called: SOCIETAL/ECONOMIC PROBLEMS. Let your business idea be one that would help to solve a lingering crisis or problem in the society, that way you get the goodwill you want for the business, customer-patronage, good sales and turnover.

Do not follow the crowd; not because you see people making it in a business line, means that you would make it in that business line too. Be unique; brand yourself in such a way that when people see you, they see your business.

(c). Written Documentation

The next thing to do is to put down your ideas in writing, list out the numerous business ideas that you have. If you don’t have proper or adequate skills to start up and run the business successfully then take up one or more courses (academic, vocational or technical training) to boost your business knowledge, leadership skills, business morale and confidence as well.

            In writing down your business ideas; make out a scale of preference, start with those ideas that are of top priority; place those temporarily non-achievable goals as your long-term business goals and link your short-term achievable goals to the long-term ones; in that way you will know your starting point and your finish line; thus your business would have a written down VISION and MISSION this will therefore prevent it from being diverted away with outer distractions.

(d). Goal-setting

In your written document comes a master-piece known as your business plan. This is the blueprint or the foundation on which you build up your business empire. Make strategic, tactical and operational business plans that is, long, medium and short-term goals with specified years or dates for their accomplishments. Also do regular performance appraisal of yourself and staff (present or intending) towards your contribution to the attainment of your business goals or objectives.

Reward yourself with a treat when you achieve certain steps towards the actualization of your business idea or objectives, at the same time update and upgrade yourself on the latest trends in your intending business line for you not to be swept out of the market due to competition. While learning the strengths and weaknesses of your competitors, try to integrate the lessons gained into your business plan in order to enhance the efficient achievement of your business idea or goals.

(e). Risk Analysis

            Then you conduct a SWOT analysis of your strengths and capabilities, weaknesses and inabilities, opportunities and privileges, traits and challenges of the intending business idea.

Consider your present operating market condition; is the environment you intend to start-up your business favourable for business operations?, is the environment endowed with all the needed business resources? (material, capital, human, technological, e.t.c) or do you need to source for your resources elsewhere?; do you have to regularly train your staffs as you are unable to get qualified expertise in your intending organization as at present.

Are you doing business on cash or credit, or cash and credit basis?, what prices, discounts, and so on are you charging on your products?, will they scare/repel or attract more customers to your business? –and- above all the quantity of your business products, efficiency of service delivery and the quantity of goods produced are also to be kept into consideration.

If this is done, do you need to take a loan?, how viable is the type of business, business environment or potential clients to respond to patronize your product in order to incur more revenue that would be used to offset your expenses or debts?

Is your business more capital or labour-intensive in nature?, e.t.c. If you believe that you have the mind to take a risk, then you have the mind to face your challenges. A failure is a coward who walks out of the door at the slightest point of losing a game and facing disappointments when you keep running away from your fears without attacking it and seeing what the result would turn out to be?. Then you are hindering yourself from making mistakes but useful ones that would give you more preventive tips and techniques for avoiding your next pitfall.

(f). Business Survey

This also an integral part of risk analysis as they go hand in hand with each other. Unlike risk analysis which deals more on the individual, business survey deals with the intending business at hand.

Make out questionnaires and give to people in order to know peoples reaction to the existence of your product or service (intending or actual goods and services produced or sold). Also make do with a lot of sample case-failures of failed businesses or business projects/opportunities that other businesses failed to embrace or face.

If you want to be unique, start or innovate a new product or business line that is totally different from other brands but place more emphasis on customer-satisfaction than on profit generation.

And if you the only player in your business market for now do not be too relaxed as few more individuals could rise up to the slate to bring up a business/venture that may match up or surpass your business operations. If you have being well prepared; then you should not be too scared instead switch on to your motivators and provide a product or service that would gain your already lost target audience and to even gain more patronage.

(g). Mentorship

Though on individual consideration this might not be compulsory, but I truly believe that having a mentor or going for business mentorship and networking classes, seminars, awards, e.t.c duly encourages one to put in his/her best for the business. It evens motivate you to be able to motivate others (most especially your staffs) especially when you are introducing your business or new product or service to the public. 

A mentor would simply guide you or how to do your business right, things to avoid and investments to make now or never; this is what most business consultants do. This does not mean that you as an individual is not fit to take rational steps and decision as regards your business and it doesn’t really stop you from accepting or rejecting your mentor’s advice or suggestion; because you are still the boss of your own terrain, so take charge and be independent; just note that a little advice might help you.

Still be careful of the kind of people you meet for business advice, they could just be used by your competitors to get your trade secrets or future business plans.

(h). Team Spirit

Remember the saying “united we stand, divided we fall”. This is not only truly for a nation but for businesses as well. If there is no unity, friendliness, cordial and amicable social relations amongst your staffs, your business directors or management and between management and employees, there your business is heading for doom and you are indeed in a great disaster.

One way of ensuring team-spirit is by having your laid-down norms and values that you and your business hold on to and cherish so dearly. Make sure that every single individual goals and targets. But to subject your workers to always think of your business first before other things shouldn’t be done by cohesion or force but by motivation intrinsically or extrinsically through financial, non-financial resources and other motivators.

Also, take time to study and understand your staffs properly, know their individual interest and problems, if this can be solved by your company’s assistance (for example: granting them loan to buy a car, pay their student’s fees, e.t.c); this would really go a long way to revive their spirit and it will simply show that your business cares for them and puts them in mind always. If for this reason you need to get an human resource manager or expert, counselors, auditors, business consultants or managers and so on, please do so; as these individuals are specialized and fully trained organizational behaviourists whose area of expertise is to syudy and profer solutions to human behavior, psychology and organizational conflicts, problems and issues.

But this should be duly thought-through especially after considering your business size, present financial capacity or ability to keep retaining such experts in your organization or the cost of bringing them from outside into your organization for their routine observation and study for their periodic check-up on your business.

Also, ensure discipline and proper sanctioning of unproductive and unethical behavior exhibited by your business staffs and management always. This will duly keep everyone on their toes and make all members of the business (both staff and management or top business officials) realize the fact that you are in no silly game at all; and that everyone is in for serious business and efficient in terms of their contribution to your business as a whole. Always be professional in your dealings with your director’s staff and customers or clients as well.

(i). Resource Mobilisation

            This simply means the gathering the necessary resources needed for business [land for the business location and siting for raw-material, labour for the provision of quality services or the inclusion of an helping hand in the production of your goods and services, the right kind (in terms of quality and quantity) of labour whether it is skilled, unskilled or semi-skilled that is needed for your production process must also be put into due consideration].

            Then you need to consider the means of sourcing for capital (whether monetary or plants and machinery) and then your own duties as the entrepreneur in charge of your firm.

You must also avoid working as a business man but as an entrepreneur always, know the skills, knowledge and competence needed for you to effectively run your business and then gather all of these resources with immediate and efficient utilization of them, only then can your business soar high like the eagle in the sky.

(j). Little Beginnings

Do not back down at the very time you face any challenge in your business (whether financial issues or the challenges of the public’s initial acceptance of your new business, products or services, or the challenges of investors contributing into larger and well established firms (due to their risk of loss of capital invested in terms of liquidation of the firm) instead of them investing in your own firm, e.t.c).

Whatever the challenges are, do not give up so easily, Rome was not built in a day and as the saying goes “the journey to the top of one’s success starts with just a little step”. Don’t be afraid or scared to take the step; believe in yourself and brace-up to face the challenges of your little beginnings. If you do, then you would eventually move up to the top and certainly have good stories to tell the very end of the day.

NOTE:

With all of these pointers being laid out and carefully followed and monitored in your business line; you are sure to getting your own head start in life. Remember, it all begins from your heart, your mind, your thoughts and your idea. Transform your idea today in order to generate the millions for your tomorrow.

Idea generation and money creation is the reigning thing now, it is what is invoke, do not be found slacking, do not be found wanting and do not be caught unawares. Make a change for yourself, your family and your dependents today. Do make a change now because the world is counting on you to do so. 

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SEASONS GREETINGS FROM US ALL @ FAB SCHOOLS NIGERIA (...impacting the world for good).