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JOB

EIGHT
SEVEN

Iseribhor Okhueleigbe and Nomtai Kaduno

ISBN 978 - 978 - 49327 - 4 - 5


Copyright 2009 by Iseribhor Okhueleigbe and Nomtai Kaduno
First Edition
All rights reserved. Written permission must be secured from
the publisher to use or reproduce any part of this material,
except for brief quotations in critical reviews or articles.
Entrepreneurial / Motivational
Published by Dizamedia Nigeria Limited.
10A Fanaha Business Suites, No 7 Bozoum Close,
Off Ademola Adetokunbo Crescent (Behind AP Plaza)
Abuja.
Sponsored by Bureau de Pen Ltd
and EWT Microfinance Bank, Abuja, Nigeria.

DEDICATION
To all who, in response to the prayer for abundant job
opportunities, answer May I be one of those who will provide
the jobs rather than answer Amen and perpetually
remain at the receiving end.

ACKNOWLEDGEMENTS
We are grateful to God Almighty whose benevolence, provision and
unmerited favour made this project a huge success and who, from
the outset of the work to the end, constantly gave us insight to affect
lives positively.
To our parents and family members, the Kadunos and the
Okhueleigbes, we feel deeply grateful for your ever-present love and
support. Our collective success owes so much to your timely and
priceless support and counsel.
Our profound gratitude also goes to staff of Bureau de Pen Ltd whose
effort made this work a reality. Your commitment to the success of
the work is invaluable and inestimable.
We will not forget to mention Dr Paul Enenche for his encouraging
messages and inspired writing, many of which were of use to us.
Also, to the June 2009 set of Living Faith's Word of Faith Bible
Institute (WOFBI) lecturers whose lectures gave the needed insight
for the conception and birth of this work, we say a big thank you.
A fair account of the success of this work will never be told if we forget
to express our heartfelt gratitude to members of the Evangelical
Church of West Africa Wuse II Abuja and especially to members of her
Youth Fellowship for their support, brotherliness and inspiration. The
poverty of the human language makes it impossible to fully express
our minds to you. Also, to the Investment Board of the same
Fellowship, we express our gratitude for your encouragement and
effort aimed at empowering youth for wealth creation.
We are particularly indebted to Ms Chubiyojo Meriga for her
painstaking proofreading and editing of this work. The work is as
much as yours as ours. Also, to Mr Iyako Joseph and Barr. Shadrach
Bako, we express our heartfelt gratitude for your great leadership
qualities and invaluable contributions to our success story.
To the duo of Messrs Yashim Bivan and Terna kaikyenge thanks so
much for your unwavering support for the publishing and eventual
printing of this work. Thanks a million times.

FORWARD
Are you frustrated and feeling used by your employer? Are you
working hard but earning peanuts? May be you are among the many
hardworking people with nothing to show for it. Then this book in
your hand is a perfect solution to your problem.
This particular book is written not only to encourage you never to
despise the little beginning, but to provide a how-to-invest, where to
invest and where to source funds for investment.
The secret of getting ahead is just getting started. All things being
equal, ceteris paribus, every person would want to be financially
empowered and become an employer of labour. In this book, the
authors present 150 available businesses one can invest in and offer
ideas on how to go about setting up a business venture.
I consider myself fortunate and privileged that the authors of Job
Eight Seven would request me to forward such an important book
that promises to change your life, if only you get started. The
circumstance of your birth is not a determining factor of the height of
success which you will attain in life. The book in your hand is a
goldmine to be explored and exploited.
Here is a book worth grabbing hold of, written by young persons who
are worth following.
Mr Iyako Joseph
Chairman, EW2 Total Concepts Ltd

CONTENTS
INTRODUCTION
ONE: In the beginning
BEFORE GOING INTO BUSINESS
TWO: What isn't true about business?
SOME BUSINESS MYTHS
THREE:Why do I need financial empowerment?
WHY YOU NEED MONEY
FOUR: Why am I still here?
PERSONAL REASONS SOME PEOPLE ARE POOR
FIVE: What available businesses do I choose from?
VIABLE BUSINESSES IN NIGERIA
SIX:

How and where can I raise money for my business?


FINANCING YOUR BUSINESS

SEVEN:How do I go about setting up a business enterprise?


SOME START-UP REQUIREMENTS
EIGHT:How do I document my business ideas?
BUSINESS PLAN
NINE: How do I manage the office and workers?
OFFICE/PERSONNEL MANAGEMENT
TEN: Are there additional things I need to know?
MISCELLANY

INTRODUCTION
The last time you transacted business and you were given change,
you counted the money given to you. What actually did you intend to
find out by counting it? Did you count it to verify if it was complete or
to confirm if you had been overpaid? Your response is as good as
ours. In fact, that wasn't the first time you did that except that you
might not have noticed your tendency to nearly always do so. The
fact that you are more keen to finding out if you have been
shortchanged rather than checking for an overage isn't an indictment
on you; it is simply a pointer to some inherent virtue lying within you,
which is that you appreciate the value and importance of money and
that with little assistance you may become successful business-wise.
However, the only difference which places a divide between people is
how to draw money to oneself, which many see more in paid job than
self-employment without a thought for the surplus value of the
enterprise.
If anyone has ever experienced the attendant psychological hurt in
knowing that you are capable, qualified and willing to work, but no
job is available to you, the rationale for this piece in your hand
therefore needs no emphasis. The failure of government has never
been made so manifest as the realization that over 120,000
Nigerians are churned out by the NYSC every year, with less than
10% of them having gainful employment. And this unemployment
problem is worsened by a legacy of years of operating a monoeconomy. But the social problem of growing unemployment has a
solution which is strapped in the walls of individuals' minds, if only
they will look inward. The human mind is capable of imagining
awesome things and creating vast opportunities. Surprisingly,
despite this the problem of unemployment remains because many
Nigerians have not considered self-empowerment via selfemployment.
A major intellectual difficulty that often confronts writers is the one of
maintaining dual personality in simultaneously writing for two
dissimilar audiences, which are the amateur in the field that the work
is addressing and those who are professional. In putting this work
together, we were no exception to, or insulated from, this difficulty.
The work is written with so much simplicity to endear it to all
categories of users and it lends itself to easy grasp as it details many
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of the concerns in business management that more often than not


become pitfalls to business people. A purposeful examination of the
contents of this work will therefore benefit the one who has long had
hope in paid employment, as it will make you look inward through its
vast sea of opportunities laid at your fingertip.

CHAPTER ONE
In the beginning

We can chart our future clearly and wisely


only when we know the path which has
led to the present.

BEFORE GOING INTO BUSINESS


There are several reasons people opt for business rather than paid
employment. Some of them are negative while others are positive,
and below are some of them. In case you are currently passing
through any of these or a combination of them, you may need to find
out if you have a great and better future in establishing and
managing your own business.
Negative reasons
1.
Lack of job
2.
Job dissatisfaction
3.
Pay dissatisfaction (inadequate salary)
4.
Absence of job security
5.
Loss of paid employment (sack or retrenchment)
Positive reasons
1.
The need to exercise one's skill and/or training
2.
Desire for independence or autonomy
3.
Sudden availability of capital to match a particular commercial interest
4.
Positive nudging or influence of friends and/or family
members
5.
Sudden availability of business opportunities as a result of
changes in demographic structure, lifestyle, social
environment, political landscape, economic level, technology,
etc.
Important pre-business questions
No matter the passion or fervour to start a business, endeavour to
ask yourself some or all of the following questions and you may even
write the responses down and keep the document securely for future
reference.
1.
How much do I know about this business?
2.
Am I a good manager of people and resources?
3.
Do I have leadership qualities to help me succeed?
4.
Have I got to know all the risks involved in this business
venture?
5.
Do I have good public relations?
6.
Have I thought of ways to raise the finance for the business?

Ways of creating and identifying business opportunities


One mark of an entrepreneur is his ability to identify new business
opportunities and make adequate use of them, see the needs of
people and improvise or develop a means of satisfying such need.
There are several ways of doing this.
1. Invention
As an entrepreneur, you can invent a product or service and thereby
create business opportunity for yourself and others. The invention of
the video camera, for instance, created media coverage business,
just as the creation of buses resulted in mass transit, auto-mechanic
and auto-repair businesses.
2. Sub-invention
The existence of one invented product or service can lay the
foundation for the invention of another, which will bring about
business opportunity for business-minded persons. The invention of
papyri and books led to the building of libraries and archives, book
binding business, photocopying business, scanning business,
shredding machine business, etc. The GSM revolution laid foundation
for the rise of such businesses as phone call, phone repair, recharge
card production and sales, recharge card production seminar, etc.
3. Dissatisfaction
An entrepreneur can create a business opportunity if he is
dissatisfied or constructively critical enough of certain products and
services to the point of thinking and recommending practicable
solutions. For instance, earpiece has been considered the result of
criticism of the direct use of phone strapped to users' ears, which is
believed to emit harmful waves especially to children. The invention
of seat belts for car occupants traces its origin to criticisms of deaths
recorded in auto-accidents, even at the slightest mishaps.
4. Partial imitation
Imitating a particular product or service can help an entrepreneur to
identify and create a business opportunity. Such imitation should
however be for the purpose of improvement and enhancement rather
than piracy, intellectual property theft and faking. For instance, one
can create business opportunity from improving coconut cream if one
is able to remove some perceived harmful constituents of raw
coconut.
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5. Workplace experience
Dissatisfaction from one's workplace or former office can be a
platform for the execution of a business idea. Through one's work
experience, one becomes aware of certain lapses and deficiencies
associated with a particular service or product. A former bakery staff,
for instance, knows the reason for certain customer complaints and is
able to work towards addressing such complaints once he establishes
his. Relying on experience from his workplace, an aspiring
entrepreneur is able to know that stopping passengers in a decent
restaurant midway in their journey for a free and well prepared meal
will endear the passengers to that particular mass transit, though
unknown to some of them the meal is part of their transport fare. By
so doing, he has been able to create business opportunity for himself
as he takes off his business.
6. Franchise
As an entrepreneur, you may have the opportunity to start business in
a different locality using another business's licence or permission,
though you have the task of striving towards achieving the excellent
quality for which the franchisor (the original company) is known.
7. Personal experience and concern
One's personal concern can help create a business opportunity for
that person. For instance, the problem of repeated rape of women can
make one to develop a substance such as cream or a device such as
anti-rape which will produce smell that results in penile weakness or
lack of libido in the rapist. Also, for instance, the fact that Nigerians
are hardly meticulous in many of their activities or practices can make
someone to come up with a suggestion that governments should
introduce total quality management to schools. If it flies, this will lead
to the writing of books, hosting of seminars on TQM and employment
of teachers for this particular subject.
8. Counter-product
Producing a product or service that has the ability to counter an
existing problem can lead to business opportunities for an
entrepreneur. Anti-virus products are good examples of this. Such
products could be preemptive or curative in that they prevent or cure
respectively. Getting one for HIV/AIDS, fibroid, cancer, Ebola and
exam malpractice will definitely be a money spinner. Conversely, you
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may generate business opportunity by adding value to an existing


product or service.
Ways of going into business
1. Self-start up
As a business person, you can go into business by starting from
scratch which is often made possible through the help of your
business plan. A self-start up business has the advantage of building
the very kind of business you intend. It however has the demerit of
encountering unforeseen pitfalls and unanticipated problems
through which one can incur losses.
2. Second-hand business
You can also start a business by buying an already existing business
from someone in which case the foundation has already been laid for
you as a launch pad. This has lots of advantages among which is
having existing customers which would have been a challenge for
you. Also, the teething problems that are usually associated with new
businesses are bypassed.
3. Franchise
You can also start off a business by permission, licence or exclusive
right to use an existing business's name, method or trade mark for
the payment of loyalties. This process helps you to circumvent some
of the pitfalls of new businesses. In your locality, and relying on the
name and reputation of the franchisor, you can easily enjoy the
patronage of customers who have been using the earlier products.
4. Inheritance
As a business person, you can start a business which has been
handed to you as a bequest or legacy. Usually, the death of a parent
or family member may bring about this.
Merits and demerits of self-employment
Having decided to start a business due to any of the pull or push
factors mentioned above, it will do you some good weighing the pros
and cons of self-employment, and below are some of them. (There is
no clear-cut differentiation of entrepreneur, business owner and
business owner-manager in this work as such perceived difference is
still a subject of debate even in many business management
discourses.)
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Merits
1.
You have job security and are not afraid of being fired by
someone for any reason.
2.
It usually helps you avoid the dishonesty involved in
falsification of age in order to get a job.
3.
You save yourself the difficulty of seeking for job and regularly
attending interviews.
4.
You can be your own boss or give out the management of the
business to someone of your choice.
5.
You have the flexibility of deciding your own hours of
operation, opening and closing when you like.
6.
Such basic decisions as working conditions and the location of
your business are in your power to decide.
7.
It pays off financially unlike when you work for someone else.
8.
You have the right to manage the business the way you like.
9.
You become versatile or multi-talented since you may be
involved in many things yourself.
10.
You have the satisfaction that comes from personal effort.
11.
Depending on your profit level, you may even pay yourself
more than you deserve.
12.
You experience the joy of giving meaning to people's lives as
you engage them in paid employment.
Demerits
1.
You may need to learn to handle certain new things outside
your core areas of interest, which you will probably not wish to
subject yourself to e.g. filing, decorum, negotiations, public
relations, marketing and sales duties, financial planning and
accounting, administrative and personnel management, etc.
2.
You may have to work for longer hours than you would if you
were hired by someone.
3.
You may be involved in taking risk e.g. borrowing money to
start the business, bringing a completely new product to
market or making investments.
4.
Your income may not be steady, especially at the teething
stage.
5.
You may have to take certain decisions against your will e.g.
employing a friend or relative.
6.
You may have to contend with the problem of often being
misunderstood due to certain corporate decisions.
7.
Even at your off hours, you are unconsciously occupied with
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business advancement and office concerns.


Reasons some small-scale businesses fail
As you plan to set up a business venture, it will be good you know
some of the reasons many small-scale businesses fail and learn to
avoid such pitfalls. As a business person, you must learn to study the
past if you would divine the future. We can chart our future clearly
and wisely, says Adlai Stevenson, if we know the path which has led
to the present. If you are aware of the reasons your predecessors
failed and you mind them, you're less likely to fail. Not only in Nigeria
do businesses fail, it does elsewhere even in developed economies.
Over one thousand small business enterprises, many of them less
than five years into existence, fail each year in the United States
alone.
1. Wrong location. Citing a piggery in one of the northwestern states,
for example, is a recipe for business failure if your target market is
within those states.
2. Over-investment in fixed assets and thereby leaving too little fund
or none at all for the day-to-day running of the business.
3. Government policy. Such government policy as an outright ban on
sachet water production could lead to business failure. Also,
indirect policy can cause the folding up of businesses e.g.
government decision to allow communications companies to
import recharge cards can end several calls-related small-scale
businesses in Nigeria such as recharge card production.
4. Inflation and economic recession which make it impossible for
customers to patronize your products or services.
5. Unplanned expansion of the business.
6. Less efficient or unproductive workforce.
7. Lack of expert knowledge by business owner.
8. Poorly motivated workforce.
9. Poorly trained staff.
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10.Mismanagement of funds.
11. Inadequate record keeping.
12.Lack of differentiation between personal property and business
property.
13.Time mismanagement.
14.Indiscipline.

15

CHAPTER TWO
What isn't true about business?

Lend only what you can afford to lose,


but not in business.
In business, it may not be true that
'money lent is an enemy made'.

SOME BUSINESS MYTHS


Having shown interest in starting a business venture, you may start
to hear many stories peddled around about business and business
people. While some of these may be true, some are distorted facts
and others are totally false. Surprisingly, many of these stories are
spread by people who have never gone into business themselves and
others are spread by those who went into business but failed, never
tried again and are probably looking for excuse to justify themselves.
Until you go into business yourself, you may never find out how false
these stories are.
Myth # 1: Success in business is predestined.
This is false, because it may as well be true that whoever succeeds in
business is the one who was predestined to be a successful business
person. Ceteris paribus, all men have an equal chance of being
successful in life. However, one's environment, family background,
people and surrounding factors, such as information, learning
facilities and commercial opportunities, may push one person
upward on the rung of success ladder faster and better than another
individual. In business, the idea of predestination is anything but
hoax.
Myth # 2: Successful businesses always have successful
beginnings.
If 'teething stage' is an enduring business concept, it is then untrue
that a successful business must have, or usually has, a smooth
takeoff. The first few years of many businesses are usually mired in
daunting challenges the problem of competition, staff welfare,
unanticipated concerns, unfamiliar bureaucratic bottlenecks,
payment of public utility bills, etc. The process isn't different from the
novel experience of a new couple with their first baby. There are
many things they navely take for granted and do not anticipate,
making the child weaning process an unpleasant experience. Once
the entrepreneur overcomes these initial challenges, the business
would usually gain stability and profit will begin to come in as
anticipated.
Myth # 3: Huge capital is required to start a great business.
It may be true that one requires huge venture capital to start off a
great business enterprise, but this is not always the case. Think big,
start small is a business concept that is fast gaining currency. Many
of the giant companies without which a fair and complete history of
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the world won't be told had a humble start but expanded their
frontiers with the passage of time. The histories of Coca Cola,
Microsoft, Daar Communications Plc, and Peugeot are a testament to
the humble beginnings of many future giants. Ford Motor Company
had a humble beginning in a one-room brick factory and
metamorphosed to become one of the world's greatest industrial
empires. In business, always think big but start small, and though
your beginning may seem little, your end promises something
uniquely different.
Myth # 4: In business, profit before customers.
Experience in commercial enterprise does not lend credence to this;
it is the reverse. Customers matter far more than profit since your
ability to satisfy your customers and meet their needs is what keeps
you in business. Repel your customers or accord them a secondary
status and you risk business failure.
Myth # 5: The first are the most successful.
The belief that the first people to come into a particular business
always have the greatest share of the market is false. As long as the
one who arrives last in the business landscape can study the reasons
for the failures of the first arrivals and what their teething problems
were, the business person can build on such knowledge and become
great or even greater. It is often said that Microsoft was not first with
the word processor or spreadsheet, yet it has dominated all in that
sphere.
Myth # 6: The you-are-a-good-teacher-so-start-a-lessonbusiness advice.
The fact that one is good or proficient in a thing does not necessarily
make them an automatic success when they extend same into fulltime business. That your friends and relatives commend your
excellent cooking doesn't make you a great cook or caterer. The
Spaniards aren't wrong when they observed that There is more to
dancing than a pair of dancing shoes. Don't forget that along with
your specialty, you will be involved in buying, budgeting, payrolling,
managing employees and paying taxes and utility bills.
Myth # 7: Good friends always form a great partnership.
It is not true that good friends always make successful business
partners. With the benefit of hindsight, there are certain reasons that
18

your friends are your friends and they don't necessarily go well with
conducting business. It has been observed that friends do not usually
have the same work habits. Also, people change greatly when it
comes to money matters. Even if friends don't take advantage of
each other, in life things happen to the point that as long as the
partnership remains, one is liable for decisions made by the other
party at which point the chord of friendship snaps.
Myth # 8: Failure is a bad omen.
This is false. In fact, failure could even be the foundation on which
one's success story is built. Failure is only a problem when you allow it
to be the final stage; otherwise it's just learning if you don't repeat it
next time.
Myth # 9: Knowledge is power.
Like gold which is of no use if it can't be mined, unapplied knowledge
is only a potential; it empowers no one. Apply your knowledge in
business and it will empower you to succeed.
Myth # 10: Every customer is equally valuable.
Set aside the notion that every customer is equally valuable, because
over time you will come to realize that some customers are worth
more than others. As it appears, some customers are more trouble
than they are worth. Endeavour to treat all your customers as
valuable, but in deciding how to stretch scarce resources like time
over different customer needs, one may be more valuable than
another.
Myth # 11: Having more customers is better than having
fewer customers.
This position calls for a thorough analysis. Some companies go out of
business because they have too many customers or too much
demand for their product. Imagine your company does audio-visual
recording, it can get inundated with demands and not be able to keep
up the coverage. It then happens that the clients who are delayed in
getting their events covered are unhappy and may cancel their
orders. In fact, the unexpected happens when word starts to spread
that your company is incompetent in meeting customers' demands.
Also, having too many customers all demanding your primary scarce
resource can wear you down and lead to poorer quality and errors in
production.

19

Myth # 12: A business plan is not important.


Your business needs one even if you don't need funding from anyone.
A business plan gives you perspective and focus and uncovers things
you didn't even know you needed to know, which in turn helps you
come up with solutions to potential problems. It gives you direction
and may even help you realize you need more finance or less than
you earlier thought. It also helps you to intimate your staff with the
objectives and goals of your business.
Myth # 13: Once I'm rich, I will be happy.
This is a business fallacy that has endured over time. Although
wealth may initially create excitement and happiness, it is usually
short-lived. Like the young woman who believed once she got
married she would be happy in life, you soon realize how insatiable
the human nature is, especially when it comes to acquiring assets
and amassing wealth.
Myth # 14: Money lent is an enemy made.
While this Portuguese maxim may be acceptable in everyday
context, it goes against the grain of lending businesses such as the
financial sector. You only become an enemy to the lender if you
decide to put your integrity on the line by acting dubiously or
mismanaging the funds lent to you. In business, do not be afraid of
borrowing if you have adequately studied your projections and plans.
Myth # 15: Never burn a penny candle in search of half a
penny.
A Nigerianized version of this will be Never burn a twenty naira
candle in search of ten naira. Since customers are considered to be
always right (just to keep them), one may afford to literally buy a ten
naira adhesive to patch a torn five naira note to be given out as
change to a mean customer who wouldn't stop visiting your shop on
account of her change. In business, needs must when the devil
drives.
Myth # 16: One only needs intelligence to succeed in
business.
No doubt, intelligence plays a crucial role in business, especially with
regards to creativity and innovation. It is however not an alternative
to experience. In fact, a mixture of both intelligence and
entrepreneurial experience will make an excellent mishmash in
manoeuvring a business in turbulent waters.
20

Myth # 17: The end justifies the means.


This belief is an affront in the face of honest dealings in business
relations. The belief is aimed at suggesting that once the outcome
of a dealing is what is desired, or the purpose of a thing is what is
achieved, that particular thing need not be questioned, criticized or
condemned. This justifies even the worst form of behaviour to
succeed in business without considering next time. In business, as
in driving, your first accident may be your last, so don't cheat to
succeed as you may thereafter never be trusted by clients.
Myth # 18: Never cross the bridge until you get to it.
In business, planning is crucial. There is no wise man who intends
to build a house that won't sit himself down and consider the cost
and needs. By such action, he has resorted to anticipation,
crossing the proverbial bridge before actually arriving there.
Business bears no different account. If you decide to ignore
projections in business, you risk losing your investment. The ship
owner, before unberthing his ship for a long voyage, has studied
the weather conditions and observed that it will be favourable for
the trip. The future marketer, prior to her bulk purchases of palm
oil for storage, has projected and foreseen that few months from
now, the prices of red oil won't nosedive to her peril, having
pictured her society as having no advanced storage system to pose
a veritable competitive threat.
Myth # 19: Lend only what you can afford to lose.
This is true in everyday context just as it is often proverbially said
that money lent is an enemy made, but not in business. The
presence of collateral and/or referees erases the fear inherent in
the lending and borrowing business. As a shrewd business person,
if your trade is lending, be sure you have got a security worth the
said amount or something higher to cover the extra charges before
granting the borrower any possessive right.

21

CHAPTER THREE
Why do I need financial empowerment?

No one would remember the good


Samaritan if he only had good intentions;
he had money as well.

WHY YOU NEED MONEY


The reason for your being financially empowered transcends far
beyond your subsistence and other personal needs. One needs
financial empowerment for a variety of reasons.
1. To meet basic needs
One of the first essential things money does for the possessor is that
it makes it possible for them to cater for their basic needs without
looking up to others. Such needs as food, shelter and clothing are
basic to humans and having money helps you meet them
satisfactorily. With money, you do not just feed on what is obtainable,
but on what you desire; you do not just dress based on what is
convenient, but on what is proper and decent; you do not just reside
where you find yourself, but where you actually wish to. Thus having
money helps you to live, not at the fringe of existence, but at the
core.
2. Assisting pro bono publico
Having money puts you in a better position to work 'for public good' in
being of help to those in need. According to Russell Conwell, [I]t is
not easy to do much good without much money. Paul Enenche
adds: The hospitals where people are helped and prevented from
dying before their time are built with money; industries that employ
thousands of people thereby wiping out joblessness as well as giving
meaning and livelihood to thousands of families are built with
money. Besides helping oneself, financial empowerment places
one in a better position to alleviate many human sufferings
occasioned by poverty. It elevates you above the latitude of
continually wishing to assist and not being able to. Daily, many
deaths wouldn't be recorded if money were at the disposal of the sick.
Many a dropout or miscreant mightn't be what they are if they had
the financial means to escape that hurting label.
3. Unmasking of identity
If you want to know who a man is, put him in authority is a popular
Czech saying. An extension of this time-honoured observation to
monetary concerns will mean that financial empowerment helps
uncover your real identity, helps unmask someone's true and hidden
colour and exposes their true personality. Conversely, poverty hides
one's true self. If your response to plea for assistance has always
been a feeling of sadness at not having to give, the genuineness of
your intention will be made known when you are in control of cash.
23

Someone might be humble, unassuming and quiet because the long


blades of poverty have trimmed them and caged their true identity.
Over time, financial power helps expose this pretence and veiled
deceit.
4. Independence
Financial empowerment creates independence in that you do not
need to always look to others for help. In fact, it makes people look up
to you. Being independent in this regard does not mean that one
becomes an island, not needing others. It simply means if you wish to
carry out a project you become self-sufficient, not begging people
and trying hard, even against your wish and self-esteem, to
ingratiate or please them despite their crass indifference to your
plight. Sometimes one still does not get the desired assistance after
such debasing experience. You might have heard over and over again
how a young woman had to spend a night or so in a hotel room with
either an employer of labour in order to secure a job or for financial
assistance in order to enable her meet basic needs or foot the
hospital bill of a family member. Except you've been poor, you may
not settle for the reasoning that poverty creates dependence.
5. Investment
With money one can make the investment of his or her choice with
little or no difficulty. Finance promotes you from being an idealist to a
realist. Also, money creates more money. Once moneyed, you have a
better chance of expanding your financial frontiers, because money
reproduces itself. When you are financially buoyant, financing
capital-intensive projects won't be a problem to you, unlike when you
are not financially buoyant.
6. Economic trust
Having money guarantees one some economic trust. It is said that
the richest people and firms are often the most indebted. This is to a
great extent true since people tend to have confidence in you that
you can pay them for their services to you when you are wealthy. Your
financial buoyancy often helps erode their mistrust as they either
lend to you willingly or do business with you sometimes to their
disadvantage. This is one of life's many advantages that the poor do
not enjoy.
7. Self-confidence
24

Self-confidence in this sense is the faith and self-assurance you have


in your person that you are able or capable of achieving something
desired without failing. Like some have-nots, you don't amount to
failure while you are still at the planning stage. Since you have the
confidence in your being able to carry out your plans, you are settled
and calm in charting your mental course with proprietary poise. This
self-confidence further gives you some self-worth. It does not make
you unnecessarily economical or endlessly ringing the changes.
8. Elevation of social status
Other than good character, nothing elevates one's social status as
money. Having money helps raise you to levels in life that you might
not have even allowed yourself to conceive or imagine. In politics, the
man desiring a seat as a municipal chairman, gubernatorial
candidate, legislator or president knows pretty well that mere wishes
won't catapult him to that Olympian height he needs money to
translate that noble dream to reality. Whether he is eventually
assisted to achieve that or gets self-sponsorship, the fact remains
that money aided his flight to that impressive position.
9. Expressed aspirations
Having money for your use gives your dreams and aspirations the
desired expression. Every time you dream of a laudable project and
you end up jettisoning it as too high or lofty, check very well and see if
lack of finance isn't the root but subtle cause. This does not mean that
once you have money, you implement whatever project you imagine.
This isn't true since the rich are more prudent than the poor whose
wastefulness is sometimes the cause of their being beggarly. With
money at your disposal your plans are hardly aborted. One thing is
true of human plans: all things such as finance put in place, if the
human mind can fully imagine and correctly picture it, it can be
achieved.
10. Absence of pressure
More often than not, every challenge is a problem to the poor. News
of resumption of school by kids, a visit from home by a relation, the
electricity metre running too fast, a spouse falling sick, increase in
pump price of fuel, etc are all events that shouldn't have been, yet
they are inevitable. The metre will not stop counting simply because
a poor man resides there, nor will fatigue and headache cease to be
the outcome of an over-busy day for a spouse just because her
25

better-half lacks money. Having money naturally creates the needed


understanding of the inevitability of life's challenges and the poise to
deal with them even with a smile as though they are a host of
opportunities.
11. Respect
Besides character, one other salient thing that earns one respect in
life is financial power. It gives the possessor respect both within and
outside his home front, in private and in public. Depending on who
the receiver of such respect is, arrogance or humility may be the
reciprocity. But what matters is what has been attracted to the holder
of the financial wherewithal.
12. Erasure of pretence
Lack creates pretence but wealth erases pretentious contentment.
There are things people need in life and unless they have the financial
power to meet them they pretend they're not needful or feign
ignorance of their worth. Each of us is like a bird given wings by
money; otherwise like the famous ostrich, we may never experience
the delight of having to soar high above the very clouds we once
looked up to see as unreachable. Man is empowered to live above
pretence through the possession of money.
13. Exposure
Exposure matters in life. If people's mentality must not be restricted,
their reasoning not be parochial and their horizon unbroadened, they
need exposure to distant places and unfamiliar terrains. The sweet
lessons of the history class will only uplift the spirit if hauled from the
confines of the classroom to a more practical realm where they can
be appreciated by the senses. Money exposes you and enlivens your
world, bringing you in contact with personages and places that would
for life have been a fantasy to meet and visit respectively.
14. Answer life's call
Each person has an assignment for which he or she exists a call to
the freedom of men, like Nelson Mandela and Martin Luther Jr; a call
to end long distance trekking through the automobile, like Henry
Ford; a call to alleviate the suffering of the underprivileged, like
Mother Theresa. More often than not, this call is made possible if the
financial means is available.

26

CHAPTER FOUR
Why am i still here?

It is not easy to do much good on


earth without much money.

1. The geography-of-wealth belief


Some people believe that unless they travel out of their current place
of residence or country they will never make it in life. They view theirs
a failed system with no chance of offering anything good. They
further extend this contention to explain that money is geographical
in nature some countries or states, by reason of their geographical
location, are better situated to make it than other countries or states.
They therefore believe that until they travel out of their country or
state for greener pastures they will remain in poverty. The
misconception that it's always greener on the other side of the
garden has the inherent possibility of impoverishing those who
profess it and never take advantage of opportunities around them
until they leave that area. They however ignore the truth that some
rich folks exist in their neighbourhood and some poor souls are
languishing in their desired destination. Unfortunately, many never
actually leave where they are for the desired greener pastures and
therefore remain perpetually poor. Like oxygen, wealth is equally
spread and has no link with location.
2. Dishonest dealings
Somewhere, a signpost warns drivers: 'Drive carefully! Your first
accident may be your last.' Nothing about the human character ruins
a business like dishonesty. It repels customers, dwindles one's
commercial fortunes and shifts the footfall from you to your rivals. If
punctuality is hailed as the soul of business, honesty is the spirit the
core, the inner man. A track record of integrity, honest dealings and
transparency in business increases customer confidence in you. A
single act of dishonest bargain, such as cheating a customer or
adulterating your products, may repel a customer from patronizing
your business as long as you remain in business. More harm is done
when that unhappy client warns others to beware of you. It can even
rubbish long years of excellence and its attendant boom. This vice
can cause a business to plummet in gains and cripple it resulting in
the insolvency of the business owner.
3. Erroneous belief
For some religious reason, some folks are honest and sincere in
virtually all they do, especially in their dealings with others. This is
the category of people who would count their change after a
transaction, not to check whether it is complete, but to ensure they
haven't been overpaid in order not to cheat the other party. It is
28

indeed a rare virtue in a third world country like Nigeria which is


mired in the lingering problem of mistrust and dishonesty in public
dealings and it is highly commendable. However, this set of people
has the belief that by being honest, sincere and fair to others, they
will become financially successful in life. Honesty and sincerity of
purpose alone won't lead to financial prosperity or success. One must
be industrious, enterprising and consistent in this respect to achieve
any meaningful success. To maintain this belief with folded arms will
lead ultimately to penury and frustration.
4. Duesenberry effect
Among the many habits which engender and tend to poverty is the
propensity to consume without a corresponding production rate and
it is usually associated with the poor in their attempt to measure up
with their rich neighbours. According to the economist, James
Duesenberry, humans have a tendency not only to keep up with their
rich neighbours, but to also surpass them in terms of consumption.
He also explained that once some people attain a particular income
level and standard of living, they are reluctant to come down to a
lower level of consumption during recession, retirement, loss of job,
unexpected negative situation, etc. To be able to sustain their
consumption pattern amidst the current short-run, they will prefer to
reduce their savings, a situation that eventually results in poverty.
For instance, rather than cook at home, some folks frequent fast food
stores; instead of treating e.g. malaria symptom in a public hospital,
they opt for private clinic without any logical reason. Even when
residing in the suburb will in no way deprive them of any urban
benefits, they count as cheap and mean such residence and settle for
the costlier urban centre. And with time, the result is poverty.
5. Goalless living
The greatest tragedy in life is not death, says Myles Munroe, but
life without a purpose. It is impossible for a player in any game to
score or secure points in the absence of a goalpost. Day in day out,
year in year out and even all life long, some people live without
setting goals for themselves of what they wish to achieve. If at the
start of a year you set such goals for yourself as I'll stop using foul
language, I'll draw up a business plan from my many ideas, I'll obtain
an international passport, I'll learn to drive, I'll start a language class,
etc no matter the combined forces that affront your year, some of
these will be achieved, even in detention or in ill health. Every
29

winner, observes Dennis Wheatley in The Psychology of Winning,


knows where he/she is going on a day to day basis because winners
are goal- and role-oriented. For some people to escape the poverty
web, they must remain focused and goal-oriented.
6. Complacency and absence of desire
Some people live and approach each day, week, month and year
complacently or without ambition they lack the needed desire that
propels people to financial greatness. This is a sure recipe for failure.
No man arrives a future that was never pictured (by him), writes
Mathew Izibili. The direction a man sets his eyes is the direction he
must follow. Don't approach life casually; desire something a
blissful future life, your career, home, business. In case anyone has
found justification for being poor in the rich man and Lazarus
allegory, let it be made clear that it was the personal wish of Mr
Lazarus to feed on the crumbs from the rich man's table; no one
compelled him to thus feed. There is no evidence he ever desired
feeding with the purple-linened men of his days. As the Yiddish
people believe, God will require from every man the delight he
deprived himself of in life. The world is helpless when it meets a man
without desire. Desire something great as long as it is not immoral or
illegal.
For many poor people, they clearly need what the writer, Rick
Warren, calls mental shift to understand that desiring prosperity in
life is far from being a transgression of any known tenet. There is a
great force released when desire is expressed. Your desire is the
platform upon which your success tower is envisioned and built, it is
the womb in which your future greatness is conceived and eventually
birthed. For anyone strapped in the hedges of financial lack, having a
great but moral desire is key.
7. Mediocrity
The desire of every business person is to increase the footfall in their
business through customer-friendly measures and attitudinal
adjustments. Unfortunately, many business people ward off
customers and the financial investment they yearn for as a result of
mediocre services something less than excellent. These mediocre
practices ruin their businesses and bring them low patronage.
Making commitment to excellence is a basic step on the success
journey. Settling for excellence is a choice and has nothing to do with
30

talent, luck or favourable conditions. With time excellence will bring


fortune your way but mediocre services will ultimately end one in
want.
8. Visionless living
No doubt, where vision is lost disaster is inevitable. Someone who
has no vision of the kind of life he wants to live in the near future is
bound to settle for anything since a beggar has no choice. In
response to a question on how he managed to give the world so many
inventions, the great scientist, Thomas Edison, replied, Because I
never think in words, I think in pictures. Inability to envision your
success and ideal future is a likely cause of poverty.
9. Negativity and inertia
Some people are just too pessimistic to make headway in life. They
seem bogged down by life's many restraints and seeming challenges.
They have lost faith and confidence in living and thus view every
opportunity that will lead to success as utopian something that
simply cannot be achieved, yet in contemporary times the one saying
it cannot be done is interrupted by the one doing it, with many a feat
being daily achieved against all odds. This work is a means to spur
you forward on the path of greatness and inspire you to see yourself
as a success. When you can determine what a man will think, says
Carter G. Wilson, you don't need to concern yourself with what he
can do. Simply put, when you can make someone think of
themselves as success, their very nature will create events around
them to succeed. No man can make you a failure without your overt
or implicit consent. Many are poor for not being disposed to confident
entrepreneurial moves. Never be a laid-back person.
10. Anti-'little beginning' policy
Some unemployed folks have the personal policy of not giving
attention or a second thought to any job vacancies in the newspapers
that occupy less than a quarter of a page they will only read through
half or full page job adverts. They want to work in rich and well known
companies with enviable track record. They do not believe in 'dream
big and start small'; they aspire to begin at the highest rung in their
career ladder. This lifestyle tends to lack and want and is the bane of
poverty among some people. Learn from this shared experience: If
there's any better caption than 'Changing Lives for Good' that's
exactly what [GSAF is]. I sent in a prayer requestfor a job via text
31

message sometime in June '08. The following day you


respondedthat good job has opened [for] me. Thereafter, I
reluctantly took up a security job (an opportunity in disguise) which
eventually landed me in a foremost oil company (edited). In life, the
way up is often down, and for lack of this knowledge many are poor.
11. Limited mentality
It is said that great minds discuss ideas, average minds discuss
events, small minds discuss people. The limitation of some minds
does not create the needed capacity to handle the wonders wrought
by money and does not dare imagine the comfort created by wealth.
This condition often stems from long-term privation. Two examples
will suffice. If you ever have the privilege of tying a fowl to a stake,
especially during some festive season, observe what happens when
you change your mind and decide to release it. It hardly leaves and
will continue to walk around the stick that hitherto held it, in the
instinctive belief that the rope is still intact. Besides the initial step to
free it, it may even take you another one to chase it away from that
vicinity of bondage. For some people the story isn't different. Just as
the fowl could not imagine its freedom to roam unrestrained, many
people's long-term romance with poverty seems to have done so
much damage to them that they can't imagine being free from lack,
living in opulence and being so empowered to partake in similar
endeavours as the well-to-do.
Similarly, imagine travelling with a complete rural boy to some of the
world's most enviable cities Paris, Vancouver, Saint Petersburg,
Cape Town, Sydney and New York. His rural setting does not impart to
him the capacity to appreciate the wonders of this sophistication, and
he lacks the vocabulary and imaginative power to have his
experience accurately worded and pictured respectively to his fellow
rural dwellers upon his return. And as such, he can't fully enjoy what
he lacks the capacity to comprehend, and so he continues to remain a
poor rural boy even in an urban castle. Many poor folks aren't
different they cannot imagine what it is to have money and live a
decent life. A reorientation and association with rich friends may help
disabuse their minds and improve their thinking and eventually their
state.
12. Indolence
Many people have a sit-back attitude. They feel lazy engaging in
32

anything profitable. Even when they spend time in planning and


developing a business idea, they lack the energy to take off and it
tends to poverty over time.
13. Unpreparedness for opportunities
Many people's poverty is not the result of absence of opportunities,
but lack of preparation for opportunities when they eventually come.
Seize opportunity by the beard for it is bald behind is a popular
saying among the people of Hungary. More often than not, many
poor people see crowds in a week-long event and yet do not imagine
what economic benefits they can personally turn the occasion to as
long as that does not run counter to the programme's objective.
Rather than prepare for opportunity, they wait for it and when it
arrives they are taken unawares.
For some other persons, [they] are able to recognize an opportunity
(only) after it has already passed them by, writes John C. Maxwell in
Your Road Map For Success. Opportunities are seldom labeled.
That's why you have to learn what they look like and how to seize
them. One major secret of success in life is for one to be prepared
when it comes. Opportunity is repelled by the man whose hands are
tied to his body by lack of preparedness. Of course, no man climbs a
ladder with his hands in his pockets. As Ellen Metcalf advised, I
would like to amend the idea of being in the right place at the right
time. There are many people who were in the right place but didn't
know it. You have to recognize when the right place and right time
fuse and take advantage of that opportunity. There are plenty of
opportunities out there. You can't sit back and wait.
14. Fear of the unknown
People's fear of the unexpected sometimes makes them unwilling to
venture into business. There is no commercial enterprise that is
immune to or insulated from risks. Not even petty trading or sachet
water business is secure against such risks like task force invasion or
government ban. Many poor people haven't seen reason to tamper
risk-taking with prudence. Many, for the fear of failure, have become
a failure. Every adversity, comments Napoleon Hill in You Can Work
Your Own Miracles, every unpleasant circumstance, every failure,
and every physical pain carries with it the seed of an equivalent
benefit. Fear is a mental disease and it springs from the well of
ignorance that does not believe that unless one succumbs to failure,
33

one hasn't failed. Since the disease of ignorance can be cured in the
school of knowledge, this knowledge that one isn't a failure simply
because one has failed should suffice. One broken dream is not the
end of dreaming, says Ivy Preston, still build your castles even
though your castles fall. People should not be afraid of setbacks in
business. In life generally and in business particularly, learn to be
courageous. Life shrinks or expands in proportion to one's courage,
says Anais Nin. If only people can reason in this direction, they can
rise above subsistence.
15. Extravagant spending
Wasteful or prodigal living is the enemy of financial prosperity. The
wasteful lifestyle of some people tends naturally to poverty. The
amount of time they spend on phone calls that are far from being
commercially viable, if subjected to the lessons of frugality, can be
halved with some money saved for another occasion. Also, rather
than settle for wholesale purchases of e.g. foodstuffs, they prefer
petty purchases of same. They celebrate every birthday and honour
every invitation to a lavish ceremony. By so doing, their resources
dwindle and they are unable to save for future use. To escape poverty,
you must learn to be economical.
16. Link to the past
Many people court poverty when they live in their past rather than
enjoying where they are on their way to their destinations. No one
who lives in the past has a place in the future. Enjoy today and take
advantage of its many opportunities in expectation of tomorrow.
Don't be tied down by your past setbacks. Yesterday should be in the
tomb; work towards the birth of what lies ahead. When hope folds its
hands and looks back, writes George Elliot, it becomes regret. And
as Thomas Edison did observe, In the pursuit of greatness, you must
forget the word 'disappointment' and the word 'impossible'. Poverty
is inevitable when one refuses to advance and continually yields
willingly to the failures of their past. One should never lament what he
or she can't change. Inability to understand this makes many poor for
fear they might fail again.
17. Ambivalence
Some people do have highly innovative minds to become financial
giants, and they may even know whom to meet and how to go about
some businesses, but indecision on when to take the step is their
34

Achilles' heel or weakness, which has the likely danger of


impoverishing them in no distant future. Indecisive people, says
John Mason, are like a blind man looking in a dark room for a black
cat that isn't there. To be successful involves a level of mental
development that dares to make decisions, take risks and is opposed
to procrastination.
18. Lack of innovation
Napoleon Hill once noted that There is no limitation to the mind
except those we acknowledge. The human mind is capable of
imagining awesome things a powered heavier-than-air flying piece
of equipment called plane, a destructive weapon called bomb, a
wave-defying system called television, a crushing machine called
mill, an inexplicably fast device called computer, a borderless
communication aid called telephone, a sky-reaching structure called
skyscraper, a health restoring petite called drug. Despite this ability
for innovation common to all men, some people do not see it a duty to
engage in profitable reasoning. They cannot think fast or imagine
ways of making money. They unconsciously allow others to think for
them. In life's train, they take the back and passenger seat. And they
must be led and fended for. Many people with this mental attitude are
verged on poverty or subsistence at best. As Robert Schuller
contends, No one has money problem, people only have idea
problem.
19. Lack of savings
Some people's poverty requires no special diagnosis other than the
clear truth that they lack the habit of saving money. They live on all
they get and feel safe in the precarious arms of the belief that
tomorrow will always attend to its needs. The one who saves for the
future has comparative financial advantage over and above the one
who considers investment secondary. Whereas the former has
something to fall on to better his lot, the latter doesn't

How to cultivate savings habit


1.
Eat to your satisfaction before going out for shopping. And if
you must go with someone e.g. your kids or spouse, insist
they do the same. Also, always make a clear budget of your
intended purchases.
2.
Exercise restraint and have total control over your desires and
35

appetite.
3.
Always make bulk instead of petty purchases e.g. always buy
a bag of rice, a gallon of cooking oil, a sack of salt, etc instead
of buying in cups and bottles.
4.
Don't pay for what you didn't demand for. Never pay a
photographer for an unsolicited photo. Fight sentiment and
pity with resoluteness.
5.
Avoid ostentatious and sybaritic lifestyle; sacrifice today's
pleasure for tomorrow's enjoyment.
6.
Cut down your list of parties and ceremonies to attend. You
need not attend or celebrate every birthday unless it has some
financial benefits for you.
7.
Revisit illogical and senseless resolutions such as changing
your wardrobe every six months.
8.
Be rational or thoughtful about your expenditure. Ask to know
why you need the thing you are about to buy.
9.
Have more accountants as friends than social workers whose
sense of pity is legendary.
10.
Avoid over-excited people who will always invite you to a party
or ceremony.
11.
Plan and rehearse what you wish to say before making a
phone call. A brief message has greater impact than a verbose
conversation watered down by much talking.
12.
Avoid visiting mechanic workshop with much cash or ATM
card. If you know you don't have much money with you, you
recommended.
13.
Don't always keep much cash at home or take much cash with
you when leaving for an event such as a ceremony or social
gathering.
14.
Unless you are a thoughtful spender, and depending on your
bank's automated teller machine policy, don't demand for an
ATM card from your bank. Similarly, always keep your cheque
book(s) at home.
15.
Convince yourself that not all wants are necessary.
16.
If you have none, open a bank account at all costs, even if it is
in a microfinance bank. You may even make it a fixed deposit
so that you are not tempted to always make withdrawals.
17.
If you have an account, decide forthwith how much you will
pay into it every month as an earner, and from which source
you wish to furnish the account with money if you are
unemployed. In fact, set a monthly, bimonthly or annual
36

18.
19.

20.

21.
22.

23.

deposit target and be bent on meeting it.


Consider investing in real estate instead of always dealing
with raw cash.
Learn the habit of fixing things yourself. You can mend your
clothes or fix electric sockets yourself rather than always
calling for an electrician under the guise of giving the repair a
professional touch.
If possible and convenient, always be with change so that no
one shortchanges you with the excuse that they don't have
change to complete your payment. You lose N7,300 yearly if
you lose N20 daily.
Endeavour to always haggle or bargain before buying; don't
accept every price presented to you.
Preference for home-made goods rather than foreign
products may help you economize since the former are
cheaper and usually not subjected to chemical treatments.
In case you have a car, learn to avoid going to the mechanic
workshop with much cash or ATM card. If you are aware you
lack a reasonable sum with you, you will be compelled to
haggle prices.

37

CHAPTER FIVE
What available businesses should
I choose from?

There is more to dancing than a pair


of dancing shoes.

VIABLE BUSINESSES IN NIGERIA


1.
2.
3.
4.
5.

6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

21.
22.
23.

Acting
Abattoir (slaughtering and butchering business)
Aluminum work
Ambulance service
Animal husbandry
a. cattle rearing
b. dog rearing
c. goat rearing
d. piggery
e. rabbit rearing
f. sheep rearing
g. snail farming
Artistry
Baking
Banking
Bar
Barbecue
Bead making
Bike and cycling race service
Bike riding (okada or achaba)
Biscuit production
Body cream / lotion making and sale
Bookshop service
Bottled and can drink production
Boutique
Building block production
Building work
a. masonry
b. ceiling
c. glazing (glass fixing)
d. joinery
e. plastering
f. plumbing
g. roofing
h. scaffolding
i. tiling (tile fixing)
j. wiring
Bureau de change
Business centre
Call centre (phone call)
39

24.
25.

Candle production
Car service
a. cab/taxi
b. car hire
c. car repair
d. car sales
e. driving school
26.
Carpentry
27.
Carpet and rug sales
28.
Catering (cooking for sale)
29.
Cement sales
30.
Charcoal business e.g. for barbecue
31.
Chips production e.g. plantain chips
32.
Choreography band
33.
Cleaning service
34.
Clothes dying
35.
Clothes selling
36.
Coaching and teaching
37.
Compaq disk production
38.
Computer programming
39.
Computer software creation
40.
Cyber caf
41.
Daycare
42.
Decoration of events venue
43.
Drawing and cartooning
44.
Dry cleaning
45.
Editing
46.
Entertainment and amusement (comedy)
47.
Estate agency
48.
Event organizing
49.
Eye glass production
50.
Farming
a. crop farming
b. grain
c. fruit farming
d. tuber farming
51.
FOREX trade
52.
Fruit farming / sale (orchard)
a. apple
b. avocado
c. banana
40

53.
54.
55.
56.
57.
58.
59.

60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.

d. cabbage
e. cherry
f. corn
g. citrus
h. coconut
i. garlic
j. grape
k. lemon
l. lime
m. mango
n. mushroom
o. okra
p. onion
q. orange
r. pawpaw
s. pineapple
t. tangerine
u. watermelon
Fruit juice production
Fuel supply with tanker
Furniture making
Garri merchandise
Greeting card production
Gymnasium (fitness centre)
Hair business
a. barbing
b. hair dressing
c. hair plaiting
Handkerchief production
Hat design
Hearse service
Holiday lessons / coaching
Honey extraction
Horticulture
Hospital management
Hotel management
Ice block production
Ice cream production
Intellectual property sale
Interior decoration
Interlocking tiles production / fixing
41

73.
74.
75.
76.
77.
78.
79.
80.
81
82.
83.
84.
85.
86.
87.
88.
89.
90.

91.
92.
93.
94.
95.
96.
97.

98.
99.
100.
101.
102.
103.

Key cutting
Knitting
Kunu drink making
Lipstick, lip gloss, eye lead production
Mechanic practice
Metal and steel work
Milk production
Milling service
Mobile advertisement service
Morgue service
Mortgage
Musical band
Nanny service
Newspaper and magazine production
Orchestra and theatre management
Paint making
Painting and spraying
Palm business
a. palm cream
b. palm kernel
c. palm oil
d. palm soap
e. palm wine
Panel beating
Paper production
Park and garden creation and maintenance
Pedicure and manicure
Pen and pencil manufacturing
Perfume making
Petroleum product sale
a. cooking gas
b. diesel
c. engine oil
d. kerosene
e. petrol
Petty trading
Pharmaceutical service
Polythene bag production
Popcorn making
Pottery and carving
Printing press
42

104.
105.
106.

107.
108.

109.
110.
111.
112.
113.
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.
124.
125.
126.
127.
128.
129.
130.

Publishing
Recharge card production
Recreation and amusement centre
a. boat cruising
b. horse riding
c. merry-go-round
d. seesaw
e. swimming
f. swinging
Refuse clearing with truck
Rental service
a. canopies
b. chairs
c. generator
d. sound system
Research and reporting
Resort
Restaurant and fast food service
Rosette making
Sachet and bottled water production
Sale and repair of computers, generators, electronics, etc
Sale and repair of gas cylinders and parts
Sale and repair of handsets
Sale of building materials
Sand supply with tipper
Saw mill
School management
Security service
Seminar presentation
Sewing
Shoe making
Shoe polish production
Silo (grain storage) service
Soap making
Solar energy
Song composition for sale
Sports centre
a. basket ball
b. golf
c. handball
d. lawn tennis
43

131.
132.
133.

134.
135.
136.
137.
138.
139.
140.
141.

142.
143.
144.
145.
146.
147.
148.

149.
150.

e. snooker
f. soccer
g. table tennis
h. volley ball
Sports view / cinema
Stone supply with tipper
Studio business
a. art
b. music
c. photo
Sugar production
Supermarket service
Tailoring and fashion business
Textile mill
Thrift management
Transport service
Undertaker service
Vegetable farming / sale
a. beetroot
b. carrot
c. cucumber
d. lettuce
e. parsnip
f. pepper
g. pumpkin
h. radish
i. swede
j. tomato
k. turnip
Video coverage
Vulcanizing
Water supply with tanker
Web design and maintenance
Wedding planning
Welding and fabrication
Wholesale or retailing of essential items
a. fish
b. meat
c. palm / groundnut oil
Wood business e.g. for furniture
Writing for publishing or sale of copyright
44

a.
b.
c.
d.

freelancing
ghost writing
prose
script writing

Some businesses and surrounding factors


You might find out you need to have some information about certain
business more than the mere listing above. You may even want to
know who is into such business and learn from them. The information
below will help you achieve this since it is based on actual field
research of selected business people. However, the availability of raw
materials in some places may be responsible for the sharp or subtle
difference you will notice when you eventually conduct your personal
market survey. For instance, while a business that has onion or beef
as raw material may require less amount to operate in the north,
furniture business will enjoy cheaper prices in the south due to
abundant forests.
Business venture
Printing press.
Viability
Highly viable.
Competition
High-level competition.
Reliability in getting job done and good job keep one in business.
Take-up fund
N650,000 to N800,000.
Available market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Registration with local printers' association may be required. Printing
machine (e.g. Monlit, about N400,000), desktop computer, 3KVA
generator, photocopier, big- and small-size stapler, working tools
such as screw driver, and spanner, scanner, stabilizer, shop, signpost,
printing ink, pack/rim of papers, printer (laser jet), desk/chair,
45

bench/pew for customers, staff.


Return on investment
If there is high patronage, one can recoup the invested fund within
the first year of operation.
Business risk
There is nearly always a lack of patronage in January and February of
every year. One may be compelled to register with the local printing
union against one's wish. One may lose a customer or suffer loss if
not meticulous or careful in ensuring there are no mistakes e.g. in
omitting the venue or date of an event in a printed invitation card.
Epileptic electric power supply.
_______________________
Business venture
Seminar presentation and general writing.
Viability
Average.
Competition
High.
Take-up fund
N2,500,000 and above.
Available market (demand)
High.
Take-off requirement (e.g. registration, union affiliation,
tools)
Multimedia projector, Desktop and laptop Computers, Generator
(e.g. 2.5 KVA) a well-stocked library of books and newspapers, sound
system, office space, a CAC-registered company, staff (very
important), Vehicles, etc.
Current location
Abuja.
Return on investment
46

A single major contract could help one recoup total take-up fund.
Business risk
Low patronage, fracas in a seminar venue, delayed payment for
contract, dissatisfaction by client for alleged poorly written work.
Contact
0805 921 5999
0803 529 0882
0802 357 1323
0702 687 1060
_______________________
Business venture
Beauty make over.
Viability
Amazingly viable.
Competition
Very, very high.
Take-up fund
Between N50,000 and N150,000.
Available market (demand)
Very much available.
Take-off requirement (e.g. registration, union affiliation,
tools)
Basic makeup like very good powder (in at least five colour range of
Nigerian women), lip-gloss, mascara, eye colours, brushes, bags or
sack, creams, extraction tools (for facials).
Location
Abuja.
Target market
Female folk.
Return on investment
47

Recouping invested take-up fund is possible within six months.


Business risk
Carelessness, stealing of trade tools is possible, inadequate
maintenance of tools, fluctuation in power supply, fastidious
customers.
Contact
0803 787 7158
0805 960 6515
abrakson@yahoo.coom
www.brushstrokez.biz
_______________________
Business venture
Catering services.
Viability
Highly feasible.
Competition
Very high.
Take-up fund
About N1 million.
Available market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Business name (registered or not), cheffing dish, plates, pots,
cutlery, gas cooker.
Current location of business
Abuja.
Return on investment
Within one year, invested fund can be recouped.
Business risk
48

Very minimal.
Contact
0803 590 9950
_______________________
Business venture
ICT / Business branding.
Viability
Highly viable.
Competition
Very high.
Take-up fund
N5 million.
Available market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Desktops and laptops; network adaptors; computer stationeries;
knowledge in networking, graphic designs, programming, web
design, data management.
Current location
Abuja.
Target market
Everyone.
Return on investment
Invested fund can be recouped within one year.
Business risk
Business risks vary greatly.
Contact
0803 383 1326
49

0803 972 5061


0806 244 7003
_______________________
Business venture
Audio-visual production.
Viability
Average.
Competition
Very high.
Take-up fund
Between N1,000,000 and N5,000,000.
Available market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Cameras (HDV/HD types), mixer. DVD recorder, DV recorder, audio
mixer, monitors, tripods, a configured desktop computer for editing,
software (capture cad, etc), connection cables, CD duplicators, CD
printer, DV tapes, DVD/VCD disks, external hard disk, iPod.
Location
Abuja.
Target market
Event owners, celebrants, etc.
Return on investment
A single contract or job can help you recoup your total investment
(e.g. a job to cover a week-long programme or a political party
congress).
Business risk
Fire outbreak, rain, carelessness e.g. having a camera fall off,
frequent power outage, power upsurge, fracas at a recording venue,
piercing of cable by high-heel shoes by especially women or sharp
50

objects.
Contact
0807 713 2317
0702 595 1487
0803 890 6399
dsun33@yahoo.com
_______________________
Business venture
Recharge card retailing / wholesaling.
Viability
Very viable.
Competition
Very high.
Take-up fund
At least N30,000 for retail and N500,000 for wholesale.
Available market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Painted and registered kiosk / cube, stool, waste-bin, broomstick,
padlock.
Target market
Everyone.
Location
Abuja.
Return on investment
One make up to or more than 80% of initial capital monthly (where
there is high patronage).
Business risk
Environmental authorities' routine raids, fraudsters, unfavourable
51

weather.
Contact
0803 297 9795
_______________________
Business venture
Honey sales.
Viability
Very high.
Competition
High.
Take-up fund
N120,000.
Available market (demand)
Very much available.
Take-off requirement (e.g. registration, union affiliation,
tools)
Registration of company, NAFDAC certification, containers, labels,
etc.
Current location
Abuja.
Target market
They are mostly diabetic patients, persons avoiding sugar intake and
households generally.
Return on investment
Return on investment can be recouped almost immediately after
take-off.
Business risk
Low risk as long as you take precaution against adulteration.
Contact
52

0803 787 3045


0805 532 0712
_______________________
Business venture
Web design.
Viability
Average.
Competition
Low.
Take-up fund
N120,000
Ready market (demand)
Low.
Location of business
Abuja
Customers
All business owners, government agencies, NGOs, etc.
Take-off requirement (e.g. registration, union affiliation,
tools)
Laptop or desktop, software (Dreamweaver), Internet connection,
one's own web domain.
Return on investment
One can recoup the invested fund within fifteen months to two years.
Business risk
Epileptic power supply.
Relatively low patronage compared with some other businesses.
Contact
0703 893 1391
xanderonov@yahoo.co.uk
________________________
53

Business venture
Environmental services.
Viability
Highly feasible.
Competition
Low.
Take-up fund
N1 million
Customers
Business people, property owners
Location of business
Abuja, Kaduna.
Ready market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Office space, warehouse, vehicle, CAC registration, EHRECON
registration.
Return on investment
Invested fund can be recouped within four to six months.
Business risk
Fire outbreak.
Epileptic electricity supply.
Contact
0803 246 7763
Business venture
Carpentry / furniture making.
Viability
54

Highly feasible.
Competition
High.
Take-up fund
N2 million
Ready market (demand)
Very high.
Take-off requirement (e.g. registration, union affiliation, tools)
Plaining machine, moulding machine, tape, saw, jack plane, square,
hammer, chisel, jacking stone, sawing or circular machine,
sandpaper machine, spraying machine, cramp, pack of nails,
shop/warehouse.
Return on investment
One can recoup the invested fund in four to five years.
Business risk
Fire outbreak.
Epileptic electricity supply.
Government policy such as ban on deforestation can affect wood
supply.
Termite invasion.
________________________
Business venture
Clothing and apparel (customized).
Viability
Highly feasible.
Competition
High.
Take-up fund
N100,000 N200,000
Ready market (demand)
56

Very high.
Take-off requirement (e.g. registration, union affiliation,
tools)
Sacks, sewing machines, fabric materials, cutting tools, paints.
Location of business
Abuja, Kaduna
Customers
Everyone since everybody wears clothes.
Return on investment
One can recoup the invested fund twelve months.
Business risk
Meeting customers' tastes in terms of design, sizes and fabric is
sometimes a difficult task. (The business is mainly based on requests
by customers.)
Contact
0806 561 6624
0702 579 9199
mybivins@yahoo.com
________________________
Business venture
Park or recreation centre.
Viability
Highly lucrative.
Competition
Low due to the large expanse of land required and the amount of
investment involved.
Take-up fund
This depends on the location; more cost-intensive in state capitals.
Ready market (demand)
Demand is high if it situated close to an urban area.
57

Take-off requirement (e.g. registration, union affiliation,


tools)
Large expanse of land, pirate ship, mine tram coaster, tea cup ride,
bicycle (bark bike), frog jump, bumper boat, go cart, games, horse
race (carousel), computer games, merry-go-round, swing.
Return on investment
N/A
Business risk
A rival park with better or more sophisticated facilities may result in
poaching of customers and eventual low patronage.
Epileptic power supply may hamper the smooth operation of some
fun machines.
Deaths and injury to customers often occasioned by inability of
customers to properly operate some equipment may scare some
others away.
Modern recreation activities are alien to Nigerians, and as such many
may find parks an awkward place to patronize.
___________________
Business venture
Frame production.
Viability
Seasonally viable.
Competition
Very high since no formal training is required to carry out the
business.
Take-up fund
About N10,000 to N15,000 (unless imported frames are included).
Ready market (demand)
Demand varies from season to season since seasonal frames such as
Valentine, independence day and new year have more demand.
Business location
Edo
58

Take-off requirement (e.g. registration, union affiliation,


tools)
Hammer, frames, glass, pack of nails, writing and drawing tools, tiny
steel parts to fasten the back to the side.
Return on investment
Within the first few months.
Business risk
It is not dependable since it is seasonal.
Contact
0805 841 2072
0803 329 1464
_______________________
Business venture
FOREX trade.
Viability
Viable but not dependable.
Take-up fund
About N200,000 (unless you wish to start trading from a cyber caf).
Location of business
Abuja
Take-off requirement (e.g. registration, union affiliation,
tools)
Laptop, FOREX trade software, Internet connection, alternative
power source.
Return on investment
Invested fund can be recouped within months if there is no outright
loss of financial deposit.
Business risk
The FOREX market is highly unpredictable.
Continuous trading could be wearisome since global trading is 24
59

hours.
Contact
0703 893 1391
xanderonov@yahoo.co.uk
(Additional info: You can subscribe to www.trade400.biz for trade
signals such as when to buy and sell.)
___________________
Business venture
Boutique (foreign clothes).
Viability
Highly viable.
Competition
Very high.
Take-up fund
N35,000 to N45,000.
Ready market (demand)
There is always demand for exotic wears.
Take-off requirement (e.g. registration, union affiliation,
tools)
Hangers with nails, rope to spread clothes, sacks, desk and/or show
glass, transport to the point of purchase (Lagos).
Point of purchase
Materials may be purchased at Oshodi market, Mushin market and
wharf in Lagos.
Return on investment
Within one month.
Business risk
Rain could be disruptive.
Inability to select rare wears.
Armed robbery attack if one travels with cash.
59

_______________________
Business venture
Book sales.
Viability
Average.
Competition
High.
Take-up fund
About N100,000.
Location
Abuja
Ready market (demand)
Average
Take-off requirement (e.g. registration, union affiliation,
tools)
Desk, chair, shop, nylon for covering against rain.
Return on investment
Within two to four months (depending on point of sale).
Business risk
Sunshine, rainfall, termite (if they stay too long in a particular spot).
Contact
0805 118 2694
0803 310 7271
0803 349 6006.

60

CHAPTER SIX
Why do I need financial empowerment?

No matter how sublime your biz idea is,


it may die with you or be usurped by a
better one. Edmond Halley once visited Isaac
Newton to discuss a problem he (Halley)
was finding difficult working on, only to
discover that Newton had already
conceived it and solved it! So, be fast
in implementing your ideas.

FINANCING YOUR BUSINESS


Sources of business funding
Finance is central to any business venture. The takeoff as well as
continuity of any business is dependent on the availability of finance
which is often spelt out in the business plan of the business person or
company. Sources of funding however vary from one individual to
another and from one company to another. While some are internally
generated, others are externally generated; also some sources are
safer and better than others. Unless venture capital is available to
you as an entrepreneur/business manager, you stand the risk of not
being able to transform your business ideas into something
meaningful.
1. Personal savings
Sometimes called owner's equity or owner's funds, personal savings
are generated from one's personal savings or income. The first step
to take when sourcing for funds to foot your business bill is to fall
back on your personal savings. The very fact that such personally
generated funds create no liability to the business venture and do not
attract any form of interest makes it the preferred source of funding.
One veritable means through which your external financiers
measure your commitment is your ability to show them how much
you have personally raised to support yourself. In the absence of
something substantial, they are scared and believe you can't
manage their money.
2. Kith and kin
After the business person himself, another source of finance for a
business is financial assistance from friends and members of one's
family. This requires you to share your business idea with them and
show them where they can come to your aid. Your friends and family
members will usually agree to fund your business if they are
financially buoyant and based more on emotion than reason. The
reasoning that this is our own is usually what moves them and this
is to your advantage. However, you still need to make your idea clear
to them for them to understand what they are funding, even if the
financial assistance is a loan. For some lucky persons who have
extended family members who are well-to-do, raising the needed
amount within a short time may not be a problem as he will have
several persons to approach. But you must guard against family
members' interference with your business such as frequently making
62

financial demands and recommending people, even incompetent


ones, for employment and hire, simply because of their financial
support to you.
Besides lending you financial support, their counsel and wealth of
experience is invaluable. Why not necessarily discouraging you, they
may help give shape to some of your vague ideas, and where they
cannot help they may be able to direct you to someone who can
assist. In your family are people who have studied you over time and
are sure that, for instance, your generous spirit will make your
proposed petty trading business fold up even before it takes off. Any
financial and advisory support you get from your kith and kin will
certainly not put undue pressure on you in terms of repayment as the
other options would. And since you are getting financial assistance
from many of them, you may need to be guided by the take-up fund
stated in your business plan rather than taking undue advantage of
unsuspecting friends and family members.
3. Financial institutions
Bank loans are a sure way of funding businesses. But having a good
business plan, idea and collateral ready is not a guarantee for the
immediate approval of a loan by any bank. In fact, if banks are the
sources of finance for your business, ensure that you raise the
amount you wish to borrow. This is because of the inevitable
reduction in the amount that will eventually be approved for you due
to certain deductions. As a matter of tradition, Nigerian banks may
not approve a loan for someone who hasn't patronized them for a
minimum of six months. As you take a loan from a bank to start your
business, do not forget that repayment must be made, the time for
such repayment isn't eternity, and that interest rate is part of such
repayment.
In case your business is securing contracts for execution, especially
from government bodies, it is not advisable to take loans from banks
for such purposes unless there is a strong written agreement that the
payment for the contract will be made as soon as it is completed.
Below are some reasons a bank may not want to grant loan:
i. Absence of a business plan.
ii. Precedents: If past businesses similar to yours performed below
....expectation, yours may not be fortunate enough to receive a loan.
63

iii. Inconsistencies and discrepancies in your business plan,


......feasibility study or verbal analysis.
iv. Unfavourable past personal records e.g. bankruptcy.
v. Insufficient collateral or poor guarantor(s).
vi. If you have not been banking with the bank.
vii. If you are suffering from a terminal disease.
4. Esusu group
Thrift-oriented societies exist majorly for the purpose of helping
people make savings and raise money to finance their projects. One
should note that it is the accumulation of what you make available to
a thrift society that it offers you in bulk later when the need arises. It
is like harvesting what has been long sown when most needed. If
one has been in the habit of patronizing several thrift societies,
raising a substantial amount for a project or business may not be a
problem.
5. Partnership
As a means of raising funds, a business person can increase the
capital base of his business through the admission of more partners
or business associates. This is done through the sale of shares to
new partners. When raising funds through this means, be wise
enough in admitting people, not only on the strength of their finance
but also on the basis of their business acumen and understanding of
the particular business. Unless this is considered early, you stand
the risk of later regret. However, be reasonable and flexible where
required rather than being overly rigid. After all, your great idea, no
matter how sublime and revolutionary, may die with you or be
usurped by a better one in no distant time. Edmond Halley, a
respected English scientist, once visited Isaac Newton in Cambridge
to discuss a problem he was working on, only to discover that
Newton had already conceived the same problem and solved it! An
exact model of that beautiful biz idea of yours, surprisingly, is in the
mental wombs of several other people simultaneously.
6. Sponsorship
One can raise money for business through participation in a
business idea contest. Some groups, especially investment bodies,
champion such activities with a view to empowering young
entrepreneurs with viable business ideas. Like business angels, they
sometimes come with a dual mandate to empower you and to
64

profit from your empowerment by being part of your business. Do


enough research because you will be asked intelligent questions.
Remember, a swallow doesn't make a summer; research well into
the market opportunities and demand for the product to ensure that
it is not a business with just one lifetime opportunity. Appear
optimistic and cheerful even if your business idea is uncommon and
sounds queer a cheerful look makes a dish a feast. Be clever
enough to make an upward review of your take-up budget when one
of the options given to you by such investment body is that both of
you fund the business fifty percent each. By reviewing it upward, not
necessarily with a view to being dishonest but because you may not
have the requisite fifty percent on your part, you wisely save
yourself the trouble of looking for your own part of the payment once
they have released theirs when you are supposed to be busy
investing the fund.
Similar to this is the idea of raising money for small scale business
through participation in business-oriented essay competitions which
can sometimes be found on the web with participation open to
everyone irrespective of their nationality. No partnership with the
sponsors is usually required from this. However, beware of fraudrelated sites. Like banks, the disadvantage of investment boards is
that some of the officials who are privy to your idea may pilfer a part
or the whole of it and implement it themselves. Some of these
boards carry out their business idea programme on televisions
where thousands of viewers listen to your presentation and may
even steal the idea.
7. Temporary appropriation
In the course of your search for funding, using other people's money
in your custody may be helpful. If you are in charge of keeping
money for some persons, either your business associates or some
other persons with long-term retainership, you may make wise use
of such accumulated funds after a careful projection that it will be
recouped and reimbursed before or when needed. This sounds risky,
but the fact remains that no business is insulated from risk. Even
when you invest your savings in a business, it may suffer such
setbacks as glut in market which may compel you to sell out at
cheaper rates, delayed sales, change in business or financial policy
by government or even outright losses. What is obtainable in
business is risk minimization, not absence of risk. According to
Alexander Dumas, Business is O.P.M., Other People's Money,
65

(managed) with integrity, dignity and honesty.


8. Life insurance policy
Your life insurance policy, if you have any, can be used to raise shortterm credit from your insurance company if you haven't defaulted in
paying your premiums. More importantly, it can be used to apply for
a loan from a financial institution. In the instance of default on your
part, you can lose your policy to your creditor. However, you may not
be able to borrow above the cash value of your insurance cover. It
should be clear to you as a borrower that while your indebtedness
lasts, you may not enjoy your insurance cover as stated ab initio in
your policy document, as you cannot have your cake and eat it.
9. Business angels
Meeting a group of business-minded persons who have an eye for
business viability, profit making and investment matters may be
rewarding in terms of getting funding for your business. Business
angels, so called because of their timely intervention when required,
usually have ready cash to support your business but not without
some benefits accruing to them. More often than not, they may not
just readily give out cash without a thorough analysis of your
commercial idea and business plan. Their financial support is given in
exchange for equity share or for agreed percentage of your business
profits, which they usually decide.
Having perused your business plan and the surrounding factors, such
as how you wish to handle competition, cash flow, return on
investment and business risk satisfactorily, they will give you the
condition upon which they are prepared to do business with you. As a
business-minded person and one who desires success in life, these
procedures shouldn't irk you since such is usually the price to pay for
assistance. On their part, they have to have a detailed knowledge of
what they are about to invest their hard-earned money. Be honest
and sincere with your estimates, costs and projections. Also, be
prepared to give away some of your rights to the business for the
sake of funds. In this wise, business angels may not really be angels
after all.
10. Barter
Barter refers to the practice of exchange of goods and services. This
can also be applied to business financing. If, for instance, yours is a
67

security outfit lacking accommodation to take off, you may


approach an estate agency for office space while agreeing to
provide security services to the agency. A cleaning firm can do
likewise just like the security outfit in exchange for cleaning
services. An information technology firm can approach a bank to
fund the purchase of computers in exchange for IT services.
11. Advance payment
Like some old businesses, if as a new business venture you can get
customers to make advance payment before supplying them goods,
it will be a great opportunity of using their money to make
purchases and deliver to them.
12. Sale of personal assets and valuables
After a thorough analysis of the viability of your business idea, if it is
clear to you that it holds so much gain you may decide to raise
money to fund it by selling some of your valuables such as jewellery,
clothes, furniture (if they don't constitute key ingredients in the
business you intend to go into) and assets such as land (if it is
different from the one you wish to start the business). Proceeds
from the sale could be a dependable launch pad to start off as an
entrepreneur. Bear in mind that it is not impossible for you to get
back assets once the business flourishes.
13. Government agencies
Raising finance for your business sometimes requires applying for a
loan, and securing a loan sometimes requires you to form a
cooperative. Such government bodies as National Directorate of
Employment, the Nigerian Agricultural Cooperative Bank, the
National Poverty Eradication Programme, microfinance banks and
community banks may be helpful to young entrepreneurs in this
direction. In the case of the National Poverty Eradication
Programme, specific projects such as automobile repair seem to be
a priority. Although securing loans from some of these bodies may
be cumbersome and bogged down by bureaucratic bottlenecks, one
can afford to be patient when faced with no other option.
14. Business plan restructuring
A meticulous revisit and review of your business plan can perform
some wonders, which is that you realize the need to cut down what
you need to start off your business. Find out the minimum cost, as
67

opposed to the maximum cost, required to commence operation.


Once this is done you may, for instance, find out that the car you
pencilled down in your business plan as vital can be kept in view or
can be temporarily replaced with public transportation, or that a
Nissan may be able to do the job of the proposed four-wheel drive
jeep. You may also find out that you may be able to start off by
renting a place instead of long-term lease, or even start the business
in a makeshift structure instead of a costly plaza, with some staff
telecommuting or working on flextime basis. After all, you could even
come to the harmless conclusion that you can commence operation
from the suburb rather than the city centre.
Check the number of staff you initially wrote down and you may
discover that you can pay one staff to perform two functions, in which
case reducing the number of people under your care, the amount of
office space needed to accommodate them, the number of furniture
for their use and even the tap water they will drink and water they
might have used in flushing the water cistern after use. If you are
meticulous enough, you ought to know that your annual expenditure
as a business outfit is a function of the gradual accumulation of little
expenses. Having done this, redraw the business plan.
15. Alternative investment
To raise money for a beautiful and viable business, one may need to
consider temporarily going into an alternative business. Once you
have successfully raised the required amount, you may commence
operation in the earlier one. An entrepreneur who has a plan to
establish a rental business may invest her limited funds in producing
envelopes and greeting cards for sale as a means of gradually raising
funds for rental business. She may even start with renting out chairs
first, then chairs and canopies later, and finally chairs, canopies and a
sound system.
16. Credit associations
In neighbourhoods, tribal meetings and offices, members
sometimes form a kind of credit group or a contribute-and-receive
thrift-like plan whereby a certain percentage of your salary or
proceeds can go into the plan monthly within a period of twelve
months. Each month, one member receives the contributions of all
twelve. With such plan, one can raise sizeable figure to aid one's
business idea. This plan works better for traders and salary earners.
68

17. Sale of business idea


To raise money for your business, you may sell your business idea in
the form of a business plan to some rich folk without denying you the
benefit of going into the same business. In doing this, you may need
to go far away from where you wish to do the business to avoid undue
competition from the buyer of your business idea by the time both of
you are into the same venture. The problem with this kind of source
is intellectual theft of your business idea which often comes after the
prospective buyer has heard all the business secrets and then tells
you he is not interested.
18. Business fair
Some organizations, especially religious ones, sometimes carry out
business fair for their members to be able to showcase their
handiwork and craft. At such occasions, if your business idea is one
that can be exhibited, you may come across someone who is
interested in partnering with you or sponsoring your idea and
bringing it to fruition. It is advisable that prior to such event you print
business cards and flyers that will help market your business to
others. Negotiations in this respect aren't different from the
sponsorship and business angel cases.
19. Leasing of assets
If you own assets such as real estate, facilities or equipment and you
lack the outlay or requisite fund to start off your business, once you
are sure of the business's viability, you may put any of them on lease
unless they are part of the things needed for your business. A
building, land, sports ground or trade tool can be held under lease
hire.
19. Promos
The Nigerian media is often awash with promotional adverts, such as
'Get a brand new jeep for N500', 'Text WIN to 111 and win
N1,000,000', etc. Such promos are reliable if they are sponsored by
registered and credible bodies, especially telecommunication bodies
such as MTN, GLO, Zain, Visafone, Starcomms, Etisalat, etc. Promos
are more often than not based on luck and a particular one may
require your participation more than once. If you are lucky to become
one of the winners, and you are offered the car which is not your
priority, sell it and invest your money wisely. Endeavour to remain
focused and do not be distracted by the esteem of riding a jeep, since
69

you will ride better jeeps when you are successful in business. Claims
that urge you to send in recharge card to redeem your prize are
anything but reliable.
Similarly, some Nigerian companies especially banks usually have
special promos aimed at offering the public some useful items such
as laptops or benefits. This requires you to make payments for the
items over a long period of time unlike the full payment you make
when purchasing them. If some of the items are part of what your
business needs to take off, you may find out what it takes and take
advantage of the offer while it lasts.
20. Credit purchase
If you are able to talk business over with the supplier of the product
you are trading in, he can allow you to collect items on credit until you
sell them out before payment is made. Trust or guarantor counts
here.
21. Part payment agreement
Just as the name implies, to ensure your business does not suffer
lack of funding you can negotiate with your product supplier to have
part payment of goods while releasing the remainder to you on credit
until sales are made. Upon disposal, you may return and make
payment. This may be unhelpful to business people whose area of
interest isn't products.
22. Gratuity and pension benefits
For individuals who have had the privilege of having worked, starting
off your business with the proceeds from your pensions and gratuity
will be a noble idea. Such finance must however not be wasted.
23. Overdraft
One means of raising finance for your business, though limited, is
through an overdraft payment. This is done when you ask your
banker to pay above your current account balance. In overdraft,
interest is usually paid on debit balance to the account each day.
24. Issuance of shares
To raise funds for your business, you can issue shares to individuals
who may be interested in your business enterprise (if you already
have an established or a CAC-registered company). By buying
70

shares, the buyers qualify as shareholders in your company. Through


this means, you are able to raise some funds to achieve your
business purpose. Such share sales could be in the form of individual
private offer, private offer or private placement.
25. Legacy and insurance bequest
The death of a parent or elderly family member, though painful,
sometimes has the advantage of bequeathing some property or
money to the children or relatives of the deceased, and this can be a
starting point for someone whose interest is setting up a business
venture. Similarly, if you are fortunate to be the beneficiary of an
insurance cover, upon the demise of the insured person the sum
assured automatically passes on to you, which can be used to start
off a business venture.
26. Paid employment
Working and raising money for business through your income is
another means of financing your business idea. Discipline is however
required if this option is available to you. You must cultivate savings
culture and learn to economize. The problem with this choice is that
jobs are not easily secured. For every publicized vacancy, far more
than the required number of applicants apply, making the
competition very high and favouritism a part of the exercise. Another
problem with this option is that either you may lose sight of your
initial plan later on or you may have to contend with the desire not to
resign, since dividing your attention between your job and your
business may be stressful and demanding.
27. Hybridization or mishmash
In your attempt to raise money for your business, you may also need
to consider an amalgamation or a combination of any two or more of
the above options. For instance, a loan from bank and limited funds
from family members could also be complemented with credit
purchase or sale of assets. Adding personal savings to appropriated
funds could serve as a catalyst for the take-off of your business plan.
As a business person, you need to be disciplined and single-minded
as that will help you resist the temptation of misappropriation of
funds or diverting your finances to ventures different from your initial
plan, simply because the money has been made available to you. The
human mind could be funny and sometimes verged on imaginable
71

pranks such as a young man thinking of travelling abroad where the


pastures are said to be greener once he has secured a loan or got
some substantial amount to foot his business idea! Many people fail
in life and emerging businesses suddenly collapse, not because of
lack of ideas or a dearth of venture capital, but due to indiscipline.
One of the basic pillars of entrepreneurship is discipline which must
go with honesty and sincerity.

72

CHAPTER SEVEN
How do I go about setting up a
business venture?

You can make think of himself as success,


His very nature will create events
around him to succeed

SOME START-UP REQUIREMENTS


1. Basic requirements for establishing a company
i.
Original or nonexistent company name
ii.
Well spelt out aims and objectives of the company
iii.
Registered office address
iv.
Names and information of board of directors (a minimum of
two adults)
v.
A lawyer to process the documents at the Corporate Affairs
Commission
vi.
Registration and processing fee (of about N70,000)
2. Basic requirements for securing a contract
i.
A photocopy of payment made to the office from which your
company intends to secure a contract
ii.
A photocopy of certificate of incorporation of your company
iii.
A reference letter from your company's bank
iv.
A photocopy of your company's tax clearance certificate
v.
Preceding three years' annual returns of your company
vi.
Audited account for the past few years
3. Basic requirements for opening a company account
i.
Company documents
?
List of board of directors
?
Allotment of shares
?
Certificate of incorporation
ii.
Recent passport photos of signatories to the account
iii.
Valid national identity card, international passport or driver's
licence
iv.
Copy of public utility receipt e.g. NEPA, telephone or water bill
of company's office
v.
Two different forms duly completed by independent persons
maintaining current account with a Nigerian bank.
vi.
Company seal
vii.
Initial financial deposit (which varies from bank to bank)
viii.
Board resolution appointing a particular bank to be the
company's banker
ix.
Residence permit (for foreigners)
4. Basic office items to have
Letter-headed papers
Complementary card
73

Invoice (and receipt)


Staff identity card
Office files
Envelopes
Notepad
Notebooks
Pack of pens
Personal computer or laptop and accessories
Dictionary
Company stamp
Almanac
Stapler and staple pins
5. Company profile
The following is usually the content of a company profile, which gives
clients a summary of your company's aims and objectives.
Mission statement
Vision
Values
Goals
Services
Milestones (achievements)
Advantages of patronizing the company
The board of directors
Management team
Clientele (if any)
Accreditation and alliances (if any)
Company's facilities
Corporate social responsibilities (if any)
Awards (if any)
Contact addresses
6. Some important job positions
As your business expands, the following are some job positions that
you can't do without. They hold the key to your business success.
Managing Director
Accountant
Human Resources Officer
Marketing Officer
Secretary

55

7. Some basic needs of a modern business centre


Computer
For typesetting, e-mail, Internet
browsing.
Television
For entertainment, news, information.
Radio
For entertainment of customers.
Long-high desk
For arrangement of papers.
Ruler
For measurement of letter-headed
papers.
Photocopier
For photocopying of documents.
Paper cutter
For cutting of papers into desired sizes.
Scanner
For scanning of pictures and Logos, etc.
Binding machine
For binding of documents (spiral
binding).
Laminator
Fo r l a m i n a t i n g i d e n t i ty c a r d s ,
documents, etc.
Computer desks
For positioning computer sets (2 ft
high).
Chairs
For sitting down (both swivel and
armless).
Printer
For printing of documents.
UPS
For power storage.
Stabilizers
To stabilize current/prevent power
fluctuation.
Fan(s)
Preferably ceiling fan.
Stapler
Giant/small (for stapling of
documents).
Air-conditioner
For cooling the systems.
Generating set
For use in case of power failure.
Bench or pew
For customers' comfort.
Screen protector
For eye protection against computer
rays.
Perforator
For perforating papers/ identity cards.
Shredder
For shredding wasted but confidential
papers.
Computer covers
For covering computers against dust
after use.
Waste-bin
For dumping of waste.
Extension boxes
For plugging of electrical appliances.
Safe
Pin safe, diskette/flash safe.
Vaults
For keeping cash securely.
Shelf
For keeping items.
56

Small towel
For cleaning of electronic sets.
Calculator
For calculating figures.
Dispenser
For drinking water.
Dictionaries
For checking spellings.
Telephone sets
For commercial calls, etc.
Scissors/pin remover
For manual slicing of papers and
removing pins from papers.
Consumable items
Ribbon, printing / photocopy papers, print
cartridge, toners, spiral rings, hard covers, conquerors, rulers.
8. Sample of contract proposal
As a business person, occasions will arise when you will have to write
proposals for contract, and below is a sample that will help you do
this.

PROPOSAL FOR A HEALTH TRAINING WORKSHOP


We at Life Touch Ltd are interested in training the youths of Abaji Area
Council in the prevention and management of common infections
and diseases around them.

WORKSHOP TOPICS
Specifically, we wish to train the seminar attendees in the following
areas:
?
Swine influenza
?
Lassa fever
?
SARS
?
Meningitis
?
HIV/AIDS
?
Hepatitis
?
Cancer
?
Bird flu

THE COMPANY
Life Touch Nigeria Limited is a corporate organization located in Bwari
in Nigeria's Federal Capital Territory. It is registered under the laws
and ethics of the Corporate Affairs Commission of Nigeria with
registration number 0750259 to embark on health researches,
treatment and sensitization of the public on health management
concerns throughout Nigeria. The Company's other concerns are in
the area of writing / documentation of disasters that have the
77

possibility of causing long-term health problems, such as volcanic


eruption, landmine, wars, famine, plague.
Besides empowering people in health awareness and education, we
also engage in administration-long report in the form of an index
detailing all the major health problems that occurred during a
particular political administration, statistical facts about the
government's health ministry, the various communities under the
administration and the government impact on them health-wise. This
involves a meticulous recording of medical history along side the
administration down to the start of the next administration. This is a
novel development in government aimed at keeping records and
showcasing health achievements for both current and future uses as
an official check on misinformation and falsehood.

WHY HEALTH WORKSHOP?


The incidence of growing health problems in the last few decades has
necessitated the establishment of a body to monitor health report
and sensitize locals on how to manage their health and guard against
epidemic or outbreak of diseases. This attempt will help to reduce
cases of intractable health problems when they are not nipped in the
bud.
Furthermore, the outcome of the workshop will help in fighting the
huge problem of unawareness about HIV which is causing a social
menace in many sub-Saharan African countries. When people are
empowered through information, they become less prone to diseases
which is often a plus to the administration in power.
Similarly, the workshop promises to empower the young people of
this Area Council with the result that the social problem of early aging
and untimely deaths is reduced to its barest minimum. Many deaths
often result from lack of information. The workshop is therefore
intended to focus on the training of locals on modern safety measures
and tools, various websites providing health information, and how to
manage health crises when they occur.

HEALTH WORKSHOP CONTENTS


1.
2.
3.

Reasons health challenges arise


Reasons people should learn to manage their health
Information on managing health
78

4.
5.
6.
7.
8.
9.
10.

Information on tools and facilities needed for health


management
The financial implication of managing health
Sources of health information
One-on-one meeting with Life Touch officials
Comparing health issues in Europe and Africa
Sharing experiences and lessons with local health workers
Questions and answers

AIMS AND OBJECTIVES OF WORKSHOP


This health workshop is intended to train the youths of Abaji Area
Council of the Federal Capital Territory in the area of health
management which will help in reducing early aging, addressing the
problem of specific ailments, teaching on how to combat other health
challenges facing young people which stem from lack of knowledge.
It will also help in creating the needed awareness for the locals as
many people are trained and empowered to personally manage their
health.
As part of our training programmes, we make available some highly
affordable literature and CDs that will further assist them on many of
the health management tools. We have a directory containing
unclassified information of our workshop attendees and they are
given dedicated telephone numbers to call our company in case they
need health counselling as a follow-up to this session. Where we
cannot offer the needed advice, we refer them to local physicians.
All these are aimed at creating the needed opportunities for people to
achieve their best in life, remain healthy and make a decent living as
they successfully engage in their individual life's endeavours.
DURATION OF TRAINING
The health workshop will last for three days Thursday till Saturday
with date and venue of the event decided during contract
negotiations.
WORKSHOP FEE
The fee for each attendee will be discussed during the negotiations.
WORKSHOP PUBLICITY
Life Touch may offer to assist the Area Council authorities in carrying
79

out the public sensitization through its staff (if need be). Besides
using the media such as radio and television, some of the avenues we
may help to relay information about the workshop will be:
Schools
Religious places
Bill boards on the streets
Flyers and leaflets.
CONCLUSION
Life Touch Ltd is committed to satisfying its clients through the
successful discharge of this assignment. The organization has a body
of experienced and seasoned experts whose health knowledge and
personal experiences in Nigeria and abroad will be brought to bear on
the training of participants at the workshop. The occasion promises
to be a watershed in the issue of health management through
personal training.
We look forward to hearing from you and thank you for your
anticipated consideration.
Yours faithfully,
Amina Aruleba

9. Sample of letter of introduction of company


27th August 2009
The Chairman, Abaji Area Council
Through: The Health Supervisory Officer
Abaji, Abuja
Dear Sir,
LETTER OF INTRODUCTION
It is our pleasure to introduce our company LIFE TOUCH (NIG.) LTD
and services to your organization. Life Touch Ltd is constituted by a
team of experienced Nigerians, each with years of multi-disciplinary
experience in health matters.
The main purpose of this correspondence is to intimate you with our
80

capability in the act of training people to manage their health and


combat health challenges themselves. We therefore wish to use this
opportunity to bring our expertise to bear on the solution to health
menace by helping to train the young men and women of this local
government area on the hidden dangers of a care-free lifestyle.
We wish to assure you that we have the wherewithal, in terms of
manpower and resource persons, tools, equipment and logistics to
facilitate a successful health workshop for the benefit of the locals.
Our services are characteristically delivered with great attention to
schedule, quality and result, ensuring value for money for our clients.
We wish to also use this forum to advertize the concern of your
administration for the people and further help publicize your good
intentions.
It is our sincere hope that you will give us the opportunity to be of
service to this local government council and we appreciate you for
your anticipated consideration of this proposal.
Yours faithfully,
Dr Yakubu Gyang
For: Life Touch Nigeria Limited

10. Some samples of memos

Local Option Clothing Organization Ltd


INTERNAL MEMO
From:
To:
Date:
Subject:

Legal Services Department


Human Resources
19th August 2009
Request for two additional staff

I wish to formally request for the immediate employment of two


additional staff, namely a personal assistant and an emissary.

81

You would recall that with the recent expansion of the office and the
current legal issues the department has to attend to, more hands will
be needed to efficiently carry out our duty. Not long ago, two of our
staff were sacked on grounds of gross misconduct. It is on this note I
am requesting for two new employees. Among other personnel
considerations, the would-be personal assistant should have some
experience from a law firm or possess at least a certificate in law.
Thank you.
Prisca Bivan

PALERMO CONTRACTS (NIG.) LTD


INTERNAL MEMO

From:
To:
CC:
Date:
Subject:

Human Resources
Managing Director
Accounts and Legal Services
3rd August 2009
MODALITY FOR THE USE OF OFFICE COMPUTERS

The above subject refers:


Sequel to the general weekly meeting of Monday this week which was
held in the absence of Ms Binta Lankoviri due to her reported illhealth, staff agreed with the MD to share the use of the two office
computers available to staff such that the three staff can
conveniently maximize the use of the two systems.
Prior to this time, the Company Secretary had been using the faulty
system and, for some convincing reason, has decided to using same

11:00 a.m. 2:00 p.m.


CS uses HRs.
CS is deprived for 3hrs.
8:00 a.m. 11:00 a.m. 11:00 a.m. 5:00 p.m.
HR is deprived for 3 hrs. HR enjoys 6 hrs use.
8:00 a.m.

11:00 a.m.

82

2:00 p.m. 4/5:00 p.m.


CS uses Accts.
2:00 p.m. 4/5:00 p.m.
Acct is deprived for 3
hrs.

with effect from tomorrow when this decision is to take off and last till
when the Company is financially buoyant enough to afford another
system. Below is a daily time table that may help you make utmost
use of the shared systems.
Although the six-hour use and three-hour lull timeframe above is
fixed such that, for instance, while the Company Secretary is not
making use of the system, she can think ahead in time what
utmost use she may put the system to once she has it. From the
time table, every staff is entitled to six hours' use of the laptop
and three hours' lull with the break time of 1:00 2:00 p.m.
counted as part of the said time.
Ben Obehi
HR

83

CHAPTER EIGHT
How do I document my business ideas?

The faintest pen is better than the sharpest


memory. If you fail to document your numerous
biz ideas when the take-up capital isn't
available, when it finally comes you may
not remember the details of those ideas.

How do I document my Business Ideas?

BUSINESS PLAN
Along the line, you will need to document your numerous business
ideas since as the English people would say, The faintest pen is
better than the sharpest memory. Putting your ideas down in writing
has lots of advantages for your future business. A business plan is a
written document, a well spelt out body of information which guides
the setting up of a new business or the implementation / rebranding
of an existing one in moving it from its present to a desired state. A
good business plan doesn't have anything to do with length or the
overall info covered in the plan. It's all about figuring out your goals
and the specifics of achieving them.
Your business plan must be free of defects and technical flaws. It
must be a masterpiece or something close to that, reflecting your
intellect and skill even in your absence, showcasing your capabilities
and desire to succeed and take risk, and not without some
meaningful statistics and inerrant projections. It must be able to
anticipate questions such as how to handle competition, manage a
sudden fall in demand for your products, treat customers'
complaints, etc and address them satisfactorily. Below are some key
elements of an idea business plan:
Vision/mission statements
The people
Business profile
Economic assessment
Basic business concepts
Feasibility and specifics
Market survey
Competition
Financial analysis
Reasons for having a business plan
1.
It will define and focus your objective using appropriate
information and analysis.
2.
You can use the plan to solicit opinions and advice from
people, including those in your intended field of business, who
will give you invaluable advice. On many occasions, young
and inexperienced business people forge ahead without the
benefit of input from experts who could save them a great
deal of problems.
85

How do I document my Business Ideas?

3.

4.

5.

6.

7.

8.

A written business plan helps you allocate your resources


judiciously, especially when yours is a small business with
limited resources which you can't afford to waste.
The presence of a business plan helps you avoid the problem
of relying on simple and intuitive planning that is not helpful
to modern businesses fraught with competition.
Your business plan has the possibility of uncovering omissions
and weaknesses in your planning process. There are facts you
never anticipated which your business plan will enable you
come face to face with. Not having one therefore means you
will not have the benefit of knowing and taking advantage of
these facts.
Initially, a business plan is often like an amateur project that
needs to be worked on over time to arrive at its best form. If
you lack one, certain ideas may elude you irrecoverably.
The decision and the very act of putting your business plan in
black and white afford you the opportunity to think through all
the business's objectives and intricacies, with the result that
you gain better understanding and insight into such crucial
issues as competition, market, clients, materials, etc.
As a business person, you can use it as a selling tool in dealing
with important relationships including your creditors,
business partners, investors and financial institutions. In fact,
when applying for loan from a financial institution or business
financiers, your business plan is a basic requirement.

Business plan sample


Below is a business plan sample aimed at helping you prepare yours.
This format must not however be followed if you have something
better, but yours must address the issues presented herein.
Sample business plan for the establishment of a wedding planning
company
SECTION 1: Executive summary
1.1
Business synopsis
This business idea has as its main focus the provision of information
about weddings in Nigeria online and in literature. The business idea
involves meeting wealthy Nigerians and seeking their patronage. To

86

How do I document my Business Ideas?

achieve this objective the company will engage the paid services of
several competent hands, some of whom will be marketers who will
serve as links between the company and the customers; researchers
who will work together with the customers or their agents to gather
relevant data related to the would-be couple that needs publicity;
writers who will analyze the raw data collated by the researchers and
put same in readable literary form; editors, who are to peruse, edit
and carry out the emendation of the written work; and the
webmaster who will post the information on the web after putting
same in web-worthy format.
On a secondary basis, the company will also engage in other forms of
commercial research and writing services, using the same staff
mentioned earlier.
1.2
Mission
To take advantage of Nigeria's information gap to empower ourselves
financially.
1.3
Vision
To establish a commercially viable business that will be renowned for
bringing Nigeria's would-be couples to limelight.

SECTION 2: The business profile


2.1
Description of business
Wedder and Joiner Nigeria Limited (henceforth referred to as Wedder
and Joiner (Nig.) Ltd) is the name of the company to facilitate the
operation of this business plan. It will be established for the purpose
of commercial coverage of weddings. It is going to deal mainly on
research, writing and documentation of Nigerian weddings.
2.2
i.

Services to be offered
Online information publication

Research services

Gathering of data

Analysis of data

Conduct of interview
ii. Photo studio
Taking instant shots and printing same for customers

87

How do I document my Business Ideas?

Framing exotic photos


Framing poetic lines and brief speeches by personages
iii. Video coverage
2.3
The personnel's work experience & educational
credentials related to intended business
The staff of the company will be drawn from the graduate levels, with
bias for graduates of business-related courses and marketing. This
category knows what selling the company to the public is all about.
Here is a list of personnel that I need to work with to achieve this
objective. Marketing executives who will serve as links between the
company and the customers, field researchers who will collaborate
with the customers or their agents to gather relevant data related to
the object of publicity, seasoned writers that will analyze the raw data
collated by the researchers, editors who are to thoroughly peruse,
edit and carry out the emendation of the written work, as well as the
webmaster whose task is web-based. While other workers will be
needed, these have primary responsibilities.

SECTION 3: Market analysis


3.1
Availability of market
This business idea has an infinite number of customers. The
following, also appearing in Table 1 below, are the key customers:
people at all government levels, corporate organizations, community
leaders, heads of tribal associations, political office holders and
famous personalities.

88

S/NO.

TARGETED CUSTOMERS

NO. OF TARGETED
CUSTOMERS

1.

Federal government offices

2.

State governments

Very large (including offices in


36 states and Abuja)
36 (with numerous agencies)

3.

Local governments

774 (prior to

the ceding of

Bakassi)
4.

Ethnic groups

5.

Human settlements
(towns and villages)
Renowned persons
(politicians, traditional rulers,
celebrities, etc)
Corporate organizations,
NGOs, businesses, etc
Religious groups

6.

7.
8.

About 250 (with over 370


languages)
Very large (about 2,178 in
Kaduna State alone)
Infinite

Very large number


Very large number

3.2
Customer benefits
This business plan has lots of customer benefits. First, it will provide
an important database for the Nigerian public and world at large
logging on to the net, especially Nigerian government agencies and
corporate organizations. Second, it will project the couple's rich
image and popularize the couple. For a future political office holder, it
promises to help boost their future chances of success as candidates
for an elective position since they have been popularized via this
means. Moreover, the innovation has the inherent potential of helping
to reduce the problem of planning which is a direct function of dearth
of information and database.
When planning for expansion, the Gombe or Delta State governor, for
instance, may not need to request the presence of Billiri or Ethiope
East Local Government chairman if he needs to know the number of
wealthy married couples in that LGA once the information is on the
web. In this sense, it helps circumvent the avoidable risk of plying the
Nigerian road and helps to manage time. It can become a source of
revenue if a government agency or corporate organization decides to
commercialize some aspect of its web page such that it can only be
accessed by payment via credit card purchase.
3.3
Societal benefits
It is often said proverbially that when the plate is full, its cover will
89

taste of its contents. The overall benefits resulting from this business
also have an impact on the immediate and remote environment.
First, this step will help enrich Nigeria's poor database. Second, it has
educational benefits, especially for students at all levels and
members of the academia who will always need facts about places,
people and events. A Gbagyi, Tiv or Urhobo student in Japan or
Canada, for instance, may not need to contemplate travelling to
Nigeria or visiting the Nigerian embassy before attempting an
assignment on the number of wealthy people who get married in his
hometown once information about these places appears online. It will
save them the costs, time and risk involved.
Furthermore, and as its latent function, our effort, although largely
commercial in nature, promises to bring Nigeria at par with
developed societies which have a high presence on the Internet and
boost UNESCO's attempt to document some aspects of indigenous
tribes' histories and culture for posterity. It will also create a healthy
competition among Nigerian rich folks for online documentation.
3.4
Means of achieving business goal
There is a unique circumstance surrounding this business line that
will help its owners achieve its end. To various would-be couples, for
instance, our persuasive and pushy team of marketing executives will
be armed with reasons that will seek to convince them that their
particular wedding culture and tradition are unique enough to
deserve being protected from assimilation or extinction by means of
the Internet. While not merely using this finding to appeal to their
sentiments, we will make them see reason to preserve their cultural
heritage through their patronage of our services.
Added to this is the fact that the Nigerian political class likes publicity,
both of self and personal achievements. Creating a forum for them to
do what they delight in will certainly always be welcome by them. We
are therefore taking advantage of this self-serving interest of theirs
to remain in business. Besides this, we will be armed with modern
gadgets which will be deployed in our marketing efforts.
Furthermore, a psychological analysis of the mindset of Nigerians will
reveal a subliminal competitive drive which makes Nigerians,
individually or collectively, want to have something simply because
their neighbour has it, even if it is not needed. It is therefore expected
that the presence of a Zaria or Kaltungo couple, for instance, on the
90

will convocate and graduate and create opportunities for us to take


photographs; and festivals will continue to be celebrated throughout
Nigeria and will simply serve to create opportunity for Wedder and
Joiner (Nig.) Ltd to cover same once our financial interest is
guaranteed.
The business growth is shown under three stages: the takeoff stage,
survival stage and expansion stage. Presented in this section is the
intended coverage areas strategized for feasible operation based on
our intended takeoff capital. The capital requirement associated with
each stage is also analyzed.
4.2

Intended coverage plan (years 1-3)


Table 2: Coverage areas (with timeframe)

Geopolitical zone
States

Geopolitical zone
States

Geopolitical zone
States

First year
North Central
FCT, Niger, Nasarawa, Benue, Kogi Plateau and Kwa ra.
Second year
North West and North East
Adamawa, Taraba, Kano, Katsina, Kaduna, Jigawa, Yobe,
Kebbi, Gombe, Bauchi, Borno, Sokoto, Kebbi and
Zamfara.
Third year
South East, South West and South-South
Lagos, Oyo, Ogun, Ondo, Ekiti, Anambra, Enugu, Imo,
Ebonyi, Abia, Delta, Edo, Rivers, Cross River, Bayelsa
and Akwa Ibom.

4.3
Takeoff stage
During this stage, the business market target will be mainly in the
North Central geopolitical zone of the country. This will be the main
area of operation for the first one year. This choice is informed by the
high number of opportunities, in terms of ethnic groups, paraded by
this zone. It must be noted that the coverage area presented in Table 2
must not strictly be followed. Business opportunities from other areas
may alter initial plan in terms of area of operation. But except this
happens, we will remain focused on the intended plan.
4.4

Take-up requirements
92

Internet is enough to whet the appetite of Dutse or Nembe couples for


same, or the accessibility of Igala couples will spur Igbira couples into
yearning for status equalization. We therefore intend to capitalize on
this psychological factor for our commercial benefit.
3.5
Managing competition
Emergence of future rivals is not unexpected. One sign of the viability
of this business plan is the amount of competition that may trail its
emergence. In the event of competition, we wish to see such as an
opportunity to improve on our services. Currently, several companies
which provide online services exist in Nigeria. Their areas of
operation however differ from ours. For now, virtually all such firms
provide online academic services such as registration of students,
payment of school fees/charges and student enrolment in secondary
school exams, such as NECO, WAEC, JAMB, etc.
Nigeria represents a wide business arena where the emergence of
competing firms shouldn't pose a serious threat. Included in this
business plan is the expansion programme through which we wish to
gain wide acceptance soon, such that before any similar company can
gain a sound footing, we will have familiarized ourselves with a good
number of customers and achieved a reasonable level of stability and
coverage. We wish to also aim at better services to gain customer
confidence. A profile of the services we will be offering (Section 2,
Item 2:2) shows that we are not limited to this online service alone.
Thus rivalry in one front does not threaten the future of the company.
3.6
Competitive advantage
This business holds a competitive advantage since it is Nigeria's first
firm to tread this business path.

SECTION 4: Growth plan and operational strategies


(with capital requirement involved)
4.1
Sustaining the business
The market for this service grows constantly since communities will
always exist and increase; people will always get married; people will
always gain awareness to preserve their cultural heritage; future
political officeholders will always seek far-reaching means to gain
popularity; educational institutions will always admit students who
91

The take-up capital for the business to start is analyzed in Table 3


below.
Table 3: Take-up capital

TAKE-OFF STAGE
Primary/immediate needs
Qty
Registration of company
Office space (for the first year)
p. a.
Laptop (model: HP Pavilion DV 6730)
2
Internet access
6 months
Modem (for the net access)
1
Hosting of website
1
Digital camera
1
Mobility (fairly used car)
1
Office equipment (furniture, electronics, etc)

Multimedia projector & screen


1
Staff salary (for the first 6 months)
1
Contingency fund

Total

Cost
Registered
N650,000*
N280,000
N57,000
N25,000
N50,000
N40,000
N500,000
N250,000
N120,000
N300,000
N250,000
N2,522,000

*Investigation shows that office space will be cheaper if rented in a


living area outside the city centre. The above amount includes service
charges which, according to findings, may take up to 15% of the total
rent sum. Such service charges include legal fees, public utility bills
such as electricity and water, and security. Being situated outside the
city centre does not in any way hamper the business interest of
Wedder and Joiner (Nig.) Ltd.
The first quarter will involve only the MD and one marketer while all
other services will be outsourced.
4.5
Survival stage
The business is planned to enter this stage in the second year of its
operation. Coverage area will now be expanded to include two
additional geopolitical zones North West and North East. And
depending on needs, branches may be opened in these geopolitical
93

zones. At this level, the company is expected to have at least fifteen


staff.
4.6
Growth stage
In the third year of its operation, the business will enter this phase
(growth or expansion stage). Coverage will then include three
additional geopolitical zones South-East, South-West and SouthSouth. At this stage of the company's existence, the operational
activities will have spread round the country as a whole, giving us an
edge over likely competitors.
SECTION 5: Projected cash flow
5.1
Introduction
Presented in this section is a projected cash flow based on certain
assumptions such as proposed charges, which from existing
situation, is realistic. These are presented in Tables 6 and 7 below.

S/No.
1.
2.
3.
4.
5.
6.

Customer
State government officials
Local government officials
Ungrouped personalities
Corporate organizations
Academic events and ceremonies
Federal agencies

Table 6: Proposed (but negotiable) charges


The amounts given above are negotiable and only represent major
contracts and each charge depends on the time and fieldwork needed
for completion.
Table 7: Expenditure rate
Item
Wages:
MD
Marketer (1)
Consultants (webmaster & editor)
Customer media publicity*
Contingencies
Total

Rate
N100,000
(already settled in take-up capital)
N80,000 each
N50,000 per customer
N50,000
N360,000

94

*For every wedding about to take place, a local radio or television


broadcast is made for local residents to be aware of its oncoming
presence on the web. For the indigenes of the local government or
tribesmen and women in diaspora, an advert of the wedding, etc will
be made in a national daily to create awareness of its presence on the
net, with the web address publicized.

SECTION 6: Conclusion
6.1
Level of preparedness
As a mark of our preparedness, we already have a list of 372
languages in Nigeria and the states where they are found, a list of 774
local government councils in Nigeria, an online-worthy sample of
Esan ethnic group in Edo State, Afizere in Plateau, Idoma in Benue,
Ijaw throughout the Niger Delta and Nupe in Niger State as well as a
list of 26 major tourist attractions in Nigeria where our photographers
can secure contracts from tourists for coverage. Also, Wedder and
Joiner (Nig.) Ltd has been registered with Nigeria's Corporate Affairs
Commission (CAC). A few contacts have been made, first in terms of
giving out some jobs to capable companies in case we are occupied.
We are in touch with some important persons one of whom is a
popular media personality in Abuja who may facilitate our meeting
with top political office holders, as accessibility is a major problem
with marketing, which is a major aspect of our job.
6.2
Anticipated questions
Question: Based on Table 2 in Section 4, doesn't it mean that
once the company spreads to all the states and LGAs of the
federation, it will have reached the peak of its business
profits, as there will be no more new offices to secure
business?
Answer: Based on Item 4.1, the answer is NO. If the company
secures a contract from Abaji Area Council in 2010, for instance, it
can revisit that same council anytime a new administration assumes
office. Also, unless otherwise stated, the execution of an online
contract will not mark the end of a contract between Wedder and
Joiner (Nig.) Ltd and most of its customers. The continuous updating
of the website with fresh facts and data, at an annual sum of at least
10% of the initial contract sum, is ours.

95

Question: A business is often established on demand, and is


there a demand for this business?
Answer: That a business often starts as a result of demand for its
products or services is an armchair generalization which cannot be
defended against modern reality. Supply creates it own demand. It is
not on record that someone demanded for a car, book or paper clips
before it was manufactured. Rather, someone identified a need and
put the mechanism in place to meet that need. Once the need was
met, and supply made, there was demand. And till date, there is no
end in sight to the demand for cars, books, paper clips, etc. Also, one
marketing principle is to identity a potential customer's latent need
(as opposed to manifest needs such as water, food and shelter),
something he needs but he is not really aware of. Once identified,
take a commercial step to meet that need. Online publicity of
weddings is one of such latent needs of the Nigerian people and
ethnic groups. All we need is informed and aggressive marketers who
will help potential customers identify this need for which supply has
been made or anticipated.
Question: How do the MD and a single marketing staff alone
wish to traverse and cover, for instance, the 119 local
government councils in the six middle belt states and FCT
within one year as shown in Table 2?
Answer: Rather than make peripatetic voyage round these local
government areas meeting staff, we wish to work through their union
called ALGON Association of Local Governments of Nigeria to pass
this information across. We can also be accessed through the web.
We have concluded plans to print at least 120 large posters showing
our activities in photos and enshrining our business intentions to
them. These will be given out to the various local government
representatives in their next national congress where we have
concluded arrangements to show up. Also, we have begun to book for
advert spaces on the websites of many Nigerian churches outlining
our business intentions. Our many contacts phone numbers,
website address, e-mail address, post office box number and office
address are highlighted in these fora.

Sample business plan for the establishment of a printing press and


business centre

96

SECTION 1: Executive summary


1.1
Business synopsis
The primary objective of this business is the establishment of a
printing press in Zaria for the printing of office files, books, receipts,
letter-heads, business cards, notepads and organograms for the
entire academic community. Along side the printing press, we intend
to have a business centre for such services as photocopy, binding and
typing.
1.2
Mission
To establish a viable printing press and business centre to cater for
the university's need.
1.3
Vision
To be an excellent solution provider in terms of printing.
1.4
Guiding principles
Excellence and customer satisfaction.

SECTION 2: The business profile


2.1
Description of business
The intended business name is Zaria Printing Press. It will be a
printing press-cum-business centre for the ABU academic
environment.
2.2
Intended services
i. Printing services

Office files

Official receipts

Letter-heads

Invoices

Almanacs

Events cards and programmes

Identity cards
ii. Business centre services
Type-setting of project works, students' assignments, etc
Photocopying of documents
Binding of documents e.g. students' projects
97

Lamination
Lecture handouts
2.3
Human resources
The business outfit will require the services of two expert typists and
one person with printing experience to support the MD who will also
have experience in both printing and business centre operation. The
printer will be a male staff while one of the typists will be male and the
other female.

SECTION 3: Market analysis


3.1
Availability of market
This business idea has a large body of customers. Lecturers, nonacademic staff, the Ahmadu Bello University authorities and students
are the customers for this business.
Table 1: Target groups
S/NO.

TARGET CUSTOMERS

NO. OF TARGETED CUSTOMERS

1.
2.

Lecturers
Administrative staff

About 150
About 270

3.

Full-time students

About 16,000

4.

Part-time students

5.

Local residents

This varies, but no fewer than


4,000.
N/A

3.2
Location
ABU premises in Zaria, Kaduna State. There is a shopping centre
about to be completed and it is close to the main administrative block
of the school.
3.3
Customer benefits
The printing service of the business outfit will be a welcome
development for both the members of the academia and the students
whose works have had to be taken outside the school premises on
several occasions due to the mismanagement of the school's printing
press and business centre. Also, the attendant delay of the school's
press due to failure of electric power and absence of a generator will
not be replicated in this private venture. Customers will receive
speedy attention as we are prepared to increase our staff strength to
98

meet customer needs.


3.4
i.
ii.
iii.
iv.
v.

vi.

vii.

viii.

ix.
x.
xi.

3.5

Steps aimed at achieving business objective


We will have a bold signboard advertising our new business
centre.
We intend to print flyers detailing our services and distribute
them to students and staff of the school.
We will have service bonanza for our customers for the first
two days of operation.
Customers' works will be done speedily.
We will have a record book to record the time each customer's
work was brought so that we can treat customers equally and
avoid losing them for complaint of partiality.
Except when both printing staff and typesetting staff are
simultaneously busy, one group will have to help the other to
complete its work.
We will work from Mondays through Saturdays to ensure that
customers who can't make it to the shop on week days are
attended to on Saturdays.
For the lecturers, we will later consider employing a
messenger whose work will be to pick up their work from their
offices and deliver the finished work to them.
We will have the major phone lines MTN, GLO and Zain
where we can be reached by any customer.
During the first two weeks of operation, the charges will not
change even if we switch to generator/plant.
Besides the plant, we will have a 2.5KVA generator as support
in the event of light failure and overheating of the plant.
How we intend to manage competition
Emergence of future rivals is not unexpected. One sign of the
viability of this business plan is the amount of competition
that may trail its emergence. In the event of competition, we
wish to see such as an opportunity to improve on our services.
Currently the school authorities have made provision for only
one printing press in the shopping centre. The only rival we
envisage is this very printing press which is moribund. From
personal observation as an alumnus of the institution, its
operation is epileptic and unreliable. In the event that another
printing press emerges, we will have to study their customerfriendly gestures and do either likewise or do something
99

better for our old customers. Thus competition does not in any way
threaten the future of the business.
3.6
Competitive advantage
Being the only functional business centre and printing press in the
proposed area, we hold a competitive advantage as we are close to
the administrative block and will have won the hearts of many
customers before any strong competitive challenge is posed.
SECTION 4: Growth plan and capital requirement
4.1
Sustaining the business
The market for this service grows constantly since we expect to gain
more customers rather than lose them. We intend to continuously
promote a customer-friendly attitude.
4.2
Take-up requirements
The take-up capital for the business to start is analyzed in Table 3
below.

100

Table 2: Take-up capital


S/No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.

30.

S/No.
1.
2.
3.
4.
5.
6.
7.

TAKEOFF STAGE
Business centre
Primary/immediate needs
Computer desks (locally made)
Computer sets
Photocopiers (one Rambo, printing 60
copies per minute)
Laminator
Scanner
Shredder
Refuse bins
Printers (laser jet)
Radio
Chairs (locally made)
Measuring rulers (plastic)
UPS
Stabilizers
Fans
Staplers (big and small)
AC (3 horse power)
Spiral binding machine
Customer pew
Perforator
Extension boxes and fuses
Computer covers (wrapper against dust)
Safes and vault
Pin remover
Calculators
Dictionaries (Oxford and Longman)
Water dispenser for staff
Telephone sets
A pair of scissors
Consumable items: ribbon, papers,
printing cartridge, toner, conqueror
papers.
Shelf
Total

Printing press
Primary/immediate needs
Printing machine
Fuel gallon
3KVA generator and Montan Plant
Tools e.g. screwdriver, spanner, etc
Shop
Signpost
Registration with local

printers

Qty
2
4
1 each

Cost
N2,500
N240,000
N1,400,000

1
1
1
2
2
1
5
2
2
2
2
each
1
1
1
1
each
3
each
1
2
each
1
3
1
-

N13,000
N9,000
N4,500
N200
N34,000
N2,000
N7,500
N200
N7,000
N10,000
N10,000
N4,000
c. N20,000
N12,000
N7,000
N5,500
N1,400
N900
N15,000
N400
N1,000
N3,400
N15,000
N20,000
N250
c. N60,000

2
1

Qty
1
1
1 each
1 pack
2 years
Once

N7,000
N1,905,250

Cost
N400,000
N250
N190,000
N4,000
N600,000
N3,500
N2,000

association

8.

Miscellaneous expenses
Total

N100,000
N1,299,750

Grand total

N3,205,000

SECTION 5: Projected cash flow


101

Table 3: Proposed (but negotiable) charges


S/No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Service
Receipt and invoice (100 in a pack)
Letter-head (100 in a pack)
Business card (50 in a pack)
Binding (price determined by volume)
Typesetting of one page (coloured)
Typesetting of one page (black and white)
Scanning of a page
Photocopy of a page
Photocopy of a page (with generator)
Design of logo
Total amount per month

Price x month
N2,500 x 50 packs
N4,000 x 30 packs
N1,200 x 2 packs
N80 x 500 pages
N50 x 1,000 pages
N100 x 100 copies
N5 x 4,500 pages
N10 x 500 pages
N250 x 5 types
N376,150.00

Table 4: Proposed monthly expenditure (first year)


S/No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

Service
Receipt and invoice (100 in a pack)
Letter-head (100 in a pack)
Business card (50 in a pack)
Binding (price determined by volume)
Typesetting of one page (coloured)
Typesetting of one page (black and white)
Scanning of a page
Photocopy of a page
Photocopy of a page (with generator)
Design of logo
Total amount per month

Price x month
N2,500 x 50 packs
N4,000 x 30 packs
N1,200 x 2 packs
N80 x 500 pages
N50 x 1,000 pages
N100 x 100 copies
N5 x 4,500 pages
N10 x 500 pages
N250 x 5 types
N376,150.00

Table 5: Monthly return on investment (first year)


Monthly income
N376,150

Expenditure
N222,000

Leftover
N62,150*

*This amount represents a conservative estimate of the leftover sum


and the likely income from the production of almanacs, event cards,
identity card production and office files whose number cannot readily
be determined.

Requirements of a new business


You need a feasibility study which is usually field-based and practical
unlike the business plan which is simply on paper. Whether you opt
for the establishment of a new business, franchise, inheritance or
buying one over, each of these has its own merits and demerits. As a
business person, you must make some rational decisions after
careful assessment and evaluation of your strength and weaknesses
102

and know which is best for you, not forgetting the business
environment. For a new business, the following are required.
1. Feasibility study
A study you carry out to find out the technical possibility, economic
viability and social desirability of a particular project or marketoriented activity is called feasibility study. The overall technical
requirement of the project is what the first part of the feasibility deals
with. Through this, you're able to identify the machine and
production technology needed for your desired business as well as
their sources and availability. The nature and sources of materials
needed for your business, skilled personnel as well as building and
spatial arrangement needed for proper installation, safety and
operation are taken into consideration under this finding or study.
Financial projection is the focus of the second aspect of the feasibility
study. It must address such issues as the capital requirement for
setting up the business venture, identify sources of working capital,
cash flow, profitability and otherwise, the market niche your business
wishes to serve, competition and how to handle it. The social
desirability of the project/business comes next to the financial
analysis. Through this, you can think through your plan and be able to
convince yourself that the venture won't fail. It is also seen as a sort
of impact evaluation aimed at measuring the intended and
unintended impact/outcome of your project and its effect on the host
community, as lack of concern for the host could bring your business
to a halt and lead to loss of profit.
2. Putting together the needed resources such as technology,
materials, personnel, etc.
3. Suitable location for the business comes next and such
consideration as nearness of raw materials/supply, market for your
product and laws governing such business must not be undermined
at this point.
4. Identify the market niche to fill, choose suppliers to deal with and
available sources of capital to tap from.
5. Set up marketing channels to use in distributing your products.

103

CHAPTER NINE
How do I manage the office and workers?

The deepest principle in human nature is


the craving to be appreciated. Praise
becomes valuable only when you impart it,
not when you remain silent about it. So,
learn to commend and appreciate your
staff even before you criticize them.
Time management should actually be
called self-management.

OFFICE/PERSONNEL MANAGEMENT
Managing the business
Once you have set up your business, the question of what next
naturally arises. This is where effective administration or office
management comes in. While your staff will be greatly involved in the
management, you have to do all their jobs before they are eventually
employed.
1. Establish office management routines and stick to them
If you want to be organized and keep things running smoothly,
routine tasks need routine procedures. Endeavour to set up routines
for handling paperwork and office systems. For instance, every piece
of paper that comes into your office should be handled once, acted
upon and then filed don't randomly pile them on the desk. Office
systems, such as computers, will need immediate attention. When
the system crashes or a computer-related piece of equipment fails,
everyone in the office should to know who to call and what to do to fix
the problem.
2. Keep records of your business activities
Keeping records is not easy but your business needs it. Try to make
updating records an office routine. When you get a new customer or
client, for instance, it will take you only a few minutes to store their
information in contacts database. And it will only take another minute
or two to update the record after you have spoken to them on the
phone.
3. Learn to criticize wisely
Once in a while, walk around the office and commend your staff for
something well done. The deepest principle in human nature is the
craving to be appreciated, says William James. Praise becomes
valuable only when you impart it, not when you remain silent about it.
Staff sometimes deserve to be corrected for acts of omission or
commission. Learn to always be in charge of your emotions. Don't
criticize someone while you are still fuming with anger; defer it. When
you finally decide on doing that, which of course is important,
endeavour to look for something worthy of commendation that the
staff has done, always does or is doing currently. Commend them for
it and then initiate your criticism with a view to achieve change or
improvement next time, and then conclude by briefly commending
them again. Criticism seldom works when done when done amidst
rage.
105

4. Set up clearly delineated responsibilities


Good office management depends on people knowing who is
responsible for what it's people who are accountable who get
things done. Putting one officer in charge of purchases or ordering
of equipment and supplies will solve the problem and keep things
running smoothly. If you must avoid chaos, the same applies to
computer system administration. Your business needs to have one
person who is responsible for the security of your computer
system and keeping track of things such as accounts, passwords
and software. Besides the officer with the passwords, you should
also have access to such codes.
5. Assign task, not procedure
When you assign a task to your worker, learn to leave them alone
to adopt their own procedure in carrying out the assignment
unless they ask you for that. The procedure you are used to may
not be the best for him or her, and if left alone he or she may adopt
a better and faster method than you thought you knew.
6. Delegate and outsource
As humans, we aren't as versatile as we would want. To ensure you
don't end up doing the things you aren't good at or things you don't
have time and talent for, outsourcing or delegation remain the best
option. Delegating and outsourcing aren't only good at improving
your small business office management, but they also free you to
focus on your area of specialty. But do not over-delegate; there
could turn out to be laziness underlying this practice.
7. Have proper arrangement
Find out if your office is an example in terms of a lack of space such
that when you walk through it you encounter obstructions or run
the risk of tripping over something. If things are not well arranged
you may hate the place. To ensure good office management, you
need to be sure that all the things in the office are arranged for
maximum efficiency and safety.
8. Make business planning a priority
Once you've got staff in your business, involve them in business
planning either formally or informally. Business planning is an
important component of good office management and needs to be
106

part of your regular office management routine. Successful


small business owners spend time weekly on business planning
and many use daily business planning sessions as a tool for goal
setting and growth.
Time managent
As part of the many things that will make you succeed in
business is time management. The following time management
tips will help you increase your productivity as a business
person. And never forget that time management skills are
especially important for small business people who often find
themselves performing many different tasks in the course of a
single day.
1. Convince yourself that time management is a myth. No
matter how organized you are, there are always just twenty-four
hours in a day. Time doesn't change. Therefore, all you can
actually manage is yourself and what you do with the time that
you have. Instead, see it as self-management.
2. Make a priority of your itinerary and events. You should start
each day with a time management session prioritizing the tasks
for that day and setting your performance benchmark.
Supposing you have ten tasks for a given day, get to know how
many of them you truly need to accomplish.
3. Create time management goals. Do bear in mind that the
focus of time management is actually changing your behaviour,
not changing time. A good place to start is by eliminating your
personal time-wasters. For instance, for the next few days
decide that you're not going to answer phone calls while you're
working. Also, you must try to change habits that can interfere
with successful time management.
4. Find out where you're wasting time. Many people are prey to
time-wasters that steal time you could be using much more
productively. Get to know what your time-pilferers are. Get to
know if you spend too much time browsing through a dictionary
for a single word (which you sometimes forget because of
another attractive word you've just sighted), reading email,
browsing the Internet, receiving non-client visitors or making /
answering calls?
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5. Get to implement a time management plan. Track your goals


over time to see whether or not you're accomplishing them or
not.The objective is to change your behaviour over time to
achieve whatever general goal you've set for yourself, such as
increasing your productivity or decreasing your stress.
6. Use time management tools which are available as software.
Whether it is a day-timer or a software, the first step to be able to
physically manage your time is to know where it's going now and
planning how you're going to spend your time in the future. A
software program such as Outlook allows you schedule events
easily as a business person and can be set to remind you of
events in advance, making your time management easier.
7. Just as it is managing an office, get to establish routines and
stick to them as much as possible. Even in the face of crisis, you
will be much more productive if you can follow your self-set
routines most of the time.
8. Learn to delegate and/or outsource. As a business person, no
matter how small your business is you need not be everywhere.
For effective time management, you need to engage some
people. Decide which tasks you would like to delegate or
outsource.
9. Be organized. Find out if you are wasting a lot of time looking
for files in your shelf and in your system. Take the time to
organize a file management system. In case your filing system is
slowing you down, endeavour to reorganize it to the point that
you can quickly lay your hands on what you need.
10. Develop the habit of setting time limits for tasks. For
instance, reading and answering e-mail can consume your whole
day if you let it. Instead, set a limit of one hour a day for this task
and stick to it and once the alarm bell rings, leave whatever
you're doing. It shows the ability to manage yourself.
Employee selection
1. Before the search for candidate
a. Decide the job title and who the candidate will be reporting
.
to.
108

b. Decide when the position needs to be filled and the


.
.
.. remuneration.
c. Decide who will meet and interview the candidate and the .
.. interview venue.
2. Finding your candidate
This involves FAS find, attract and select. Find the best
candidate via media advert, referrals, recourse to unsuccessful
applicants' curricula vitae probably from someone else, using
recruitment agencies, perusing the web, through posters or
public announcements in gatherings e.g. religious meetings
such as youth fellowships.
3. Conducting the interview
a. Prepare and ask questions that help determine the
candidate's qualification for the position. Strike out
questions that may later require apology from you.
b. Decide if the position meets the candidate's criteria which
requires the interviewer to provide brief details of the job
description.
c. Enquire about logistical considerations such as days, hours,
location, etc that might affect the candidate's future work
with the company. If, for instance, the candidate resides in
Gwagwalada in Abuja while the office is located in Maitama, a
journey of some forty-five kilometres, both the distance and
traffic holdup may affect their punctuality.
d. Conduct psychological tests where required e.g. test for
attention to details by asking the candidate to vet/edit a
write-up as a would-be editor; and skills tests such as asking
a candidate to type, drive, attend to customer(s) or answer a
phone call as company receptionist.
e. Know the candidate's salary expectations. Being subjected
to a rigorous interview for a job of fifty thousand naira when
their expectation is something above a hundred thousand
naira could eventually be annoying to the candidate and
time wasting to the interviewer.
f. Be prepared to give the candidate an opportunity to ask
questions, and do your best to answer them.
g. Record the interview result in a manner that will help
determine the ideal candidate as a mix-up will be highly
regretted.
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4. Post-interview concerns
a. Be prepared to use the record to decide the best candidate for
the position. (Do your best to recruit the right candidate since
it is known from experience that most interview candidates put
in their best, dress well and perform well on the interview day.)
b. Invite and make the job offer to successful candidate(s), notify
unsuccessful candidates of their 'status' e.g. via text
massages, negotiate the pay package with the successful
candidate and conduct an orientation.
c. During orientation, first introduce yourself to the new staff,
then introduce him/her to other staff using their designation
e.g. Ms, Dr. From experience, writing out the different stages
of the orientation will help far better.
d. Hand over a copy of the company handbook to the new staff. A
verbal explanation and emphasis of some points in the
handbook e.g. penalty for lateness to work, absence, French
leave, damage to company property, sexual harassment, etc
may be very useful.
HR policies
1. The Employee Handbook
a. Decide how the policies and procedures guiding the company
staff and management should be written or unwritten.
b. If it is written (which is more common and helps spell out
official rights and responsibilities), it should appear under the
title 'Employee Handbook' with the following, among other
issues, as its contents:
(i) Introduction: Mission statement, values and business
philosophy; company history, milestones and setbacks;
company's target market, list of services offered and
marketing plans.
(ii) Staff relationship: Conflict resolution; formal and informal
relationships; workplace romance; sexual harassment;
workplace violence.
(iii)Expense management and overhead costs: Travelling
allowance; estacode, per diem, etc.
(iv)Electronic communication policy: Use of the Internet,
company logos, photos and name; website maintenance;
copyright issues, etc.
(v)Representing the company: Media/public appearance;

110

public decorum.
(vi)Employment and compensation policies: Office hours;
break; overtime; time records; pay period; transfers and
promotions; dress code; personnel records; confidential
information policy; theft of company property;
employment and kith's and kin's considerations; salaries,
allowances and bonuses.
(vii)Time-off policies: Vacation leave; sick leave; French
leave; public holidays; bereavement leave; conjugal
leave; maternity leave; study leave; exit and absence.
(viii)Employee benefits: Pension plan; insurance cover;
health insurance; loan and advances.
(ix)Employee safety policies: Safety rules; substance intake.
(x) Corrective discipline and termination policies: Open door
or otherwise policy; internal complaint procedures;
progressive disciplinary procedures; investigations and
searches; dismissal; resignation.
(xi)Other personnel matters: Job descriptions; organogram
(organization chart), etc.
Performance management
1. Development of a performance management system
a. Setting expectations/goals.
b. Ways of fostering coaching.
Training and development
1. Training and development
a. . New staff orientation and training;
training/retraining methods and programmes.

old

staff

Employee relations
1. Employee relations and retention
a. Fostering effective workplace communication: What
information to share with staff; extent of honesty with
staff; ways of communication to employees; means of
getting information from employees.
b. Reward and recognition plan: Ways of rewarding
achievements, maintaining work-life balance e.g.
telecommuting, flextime, job sharing and compressed
worksheet whether or not they will be permitted.

111

c. Resolving workplace conflicts: Explaining desirable conflicts,


undesirable conflicts, conflict resolution methods.
d. Resignations; exit interview.
Compensation
1. Compensation
a. Salaries and wages; overtime; pay increase; bonuses;
incentives; variable pay.
b. Criteria for considering pay increase: Length of service, level or
position, payment as percentage of the employee's basic salary.
Benefits
1. Benefits
a. Health insurance benefits; retirement benefits; sick benefit;
vacation benefits; study benefits.
Regulatory instruments
1. Laws
a. Company Handbook; Nigerian Labour Law; International
Labour Organization.
How to respond when the unexpected happens
1. Electronics
a. Ways to reduce electronic mail, Internet and computer usage
for personal needs; employees' privacy when using the office
net; protecting the office from employee-sent spam, scam and
browsing of porn-related web pages.
b. Workplace violence.
2. Substance abuse in the workplace
a. Ensuring a drug-free workplace.
b.Monitoring other workplace dishonesty telephone
conversations, possession of firearms, monitoring e-mails,
video surveillance of employees' activities, occasional visits to
employees' desks or offices.
c. Procedure for conducting employee investigations.
Termination and discharge
1. Termination process
a. Pre-termination considerations: Factors to consider when

112

terminating appointment.
b.Termination proper: Carrying out the termination; considering
resignation for termination.
c. Post-termination matters: Compensation and benefits; policy on
giving references to former employees.

Organogram
As you start a company, there will be need for an organizational
chart or organogram, which is a chart showing the different job
positions and who is responsible and answerable to each other.
Your organogram should be so simple as to show a staff his or her
position and department in the organization. Below is a sample
organogram.

Importance of job description


At some point in your business, you need to recruit staff and spell
out their duties and responsibilities to each one. Doing this calls for
job description.
1.
In an interview, it provides clear description of the role for

113

2.
3.
4.
5.
6.
7.

8.
9.
10.
11.

12.

13.

job candidates.
Upon employment, it clarifies employer expectations for
employees.
Having worked in the organization for some time, it provides
a basis for measuring job performance.
For fiscal purposes, it enables pay and grading systems to be
structured fairly and logically.
For human resources, it is an essential reference tool for
disciplinary matters.
When considering better performance, it provides important
reference points for training/development areas.
It provides a structure and discipline for the company to
understand and structure all jobs and to ensure necessary
activities, duties and responsibilities are covered by one job
or another.
It provides continuity of role parameters irrespective of
managers' subjective interpretation.
It prevents arbitrary interpretation of role content and limit
by employee and employer as well as the manager.
Like the company handbook, job description is an essential
reference tool in issues of employee/employer dispute.
It provides neutral and objective (as opposed to subjective
or arbitrary) reference points for appraisals and
performance reviews.
It enables the organization to structure and manage roles in
a uniform way, thus increasing efficiency and effectiveness
of recruitment, training and development, organizational
structure, work flow and activities, customer service, etc.
It helps prevent duplication of jobs and clash of
responsibilities among staff.

Selected samples of job description


1.
I.
ii.
iii.
iv.
v.

MANAGER
Ensure the day-to-day running and success of activities in
the Organization.
Supervise the activities of the heads of departments.
Act as custodian of all Company property.
Act as signatory to all Company accounts.
Chair all management meetings of the Company.

114

vi.
vii.
2.
i.

ii.

iii.

iv.

v.

vi.

vii.
viii.
ix.

x.

3.
i.
ii.
iii.

Where necessary, work with the Human Resources Officer


for appropriate staffing level.
Responsible to the Managing Director of the Company.
LEGAL OFFICER / COMPANY SECRETARY
Provide legal guidance and advice to the Management in
formulating policies for the discharge of its corporate
governance obligations and responsibilities.
Maintain shareholders' register and all other statutory
books in accordance with provisions of the Companies &
Allied Matters Act.
Provide guidance to Management on compliance
obligations under its various licences and provide a
framework for compliance including management of
regulatory interface with statutory regulatory bodies.
Draft/vet all legal agreements between the Company and
third parties and ensure that the interest of the Company is
adequately protected.
Ensure compliance with all laws and regulations (federal,
state, municipal) affecting the conduct of the business of
the Company within the federation.
Anticipate and guard against legal risks facing the
Company and provide legal counsel on issues arising from
actual or anticipated lawsuits.
Collaborate with the Human Resources Officer in effecting
any amendment to the Company Handbook.
Conduct and coordinate research into a variety of legal
issues for the interest of the Company.
Prepare legal pleadings, motions, discoveries, stipulations,
etc and represent the Company and/or its officials in
various legal proceedings.
Responsible to the Manager and perform other duties as
may be assigned by same.
HUMAN RESOURCES OFFICER
Carry out recruitment of qualified personnel to fill vacant
positions in the Organization.
Ensure that the Organization fulfils its legal obligations to
its staff in respect of welfare.
Conduct training for new staff and organize regular career
development programmes for old staff.
115

iv.
v.
vi.
vii.
viii.
ix.
x.
xi.

xii.

xiii.
xiv.
xv.
xvi.

4.
i.
ii.
iii.

iv.

v.

Plan and conduct new employee orientation to foster


positive attitude towards Company goals.
Initiate programmes and events to enhance sociability
and friendship among staff.
Act as advocate of the staff in the Company.
Ensure compensation and benefits administration of staff.
Conduct regular performance evaluation on staff to ensure
they meet Company targets.
Ensure employee safety, welfare, wellness and health
reporting.
Keep proper record of staff activities and information daily.
Keep record of insurance coverage, pension plan and
personnel transactions such as hires, promotions,
transfers and terminations.
Collaborate with the Accounts Department to ensure staff
get their salaries, allowances and compensations early,
including insurance claims and pension benefits for retired
staff.
Represent the Company at personnel-related fora and
investigations.
Make regular recommendations to the Organization's
Management in respect of staff.
Investigate complaints from employees and take
appropriate action as it behoves personnel to so do.
Responsible to the Manager and perform any other duties
as may be assigned by same.
ACCOUNTS OFFICER
Ensure that all Company financial records are kept
accurate and up-to-date.
Ensure that the Organization is operating according to
current and existing standards of financial management.
Responsible for analyzing trends, costs, revenues,
financial commitments and expenses incurred by the
Company to predict future revenues and expenses.
Cooperate with auditors that may from time to
time
be employed to audit the Company's financial
records.
Coordinate payment of clients and ensure that all
payments are done correctly and early and subject to the
Manager's approval.
116

vi.

vii.

Organize quarterly audits and required financial


analyses that may from time to time be required
by the Finance Officer, Manager or Management.
Answerable to the Finance Officer and perform any
other tasks as may be assigned.

5.
i.

ADMINISTRATIVE OFFICER
Manage the day-to-day administration of the
Organization.
ii.
Carry out unit budget preparation and control.
iii.
May work with Human Resources Officer to
analyze jobs to delimit position responsibilities for
use in wage and salary adjustments, promotions
and evaluation of workflow.
iv.
Prepare reports including conclusions and
recommendations for solution of administrative
problems.
v.
Review and answer correspondence.
vi.
Ensure or direct such services as maintenance,
repair, supplies, mail, files and also compile, store
and retrieve management data using a computer.
vii.
Supervise the activities of the logistics unit,
especially the purchases.
viii.
May work with the Accounts Officer in preparing
the Company's budget needs and annual reports.
ix.
May collaborate with the Human Resources officer
to interview job applicants, conduct orientation of
new employees and plan training programmes.
x.
Analyze unit operating practices, such as
recordkeeping systems, forms control, office
layout, suggestion systems, personnel and
budgetary requirements and performance
standards to create new systems or revise
established procedures.
xi.
Collate and submit monthly reports of all
Administrative
staff to the Manager.
xii.
Report to the Manager and perform other tasks as
may be assigned.

117

6.
i.
ii.
iii.
iv.
v.

vi.
vii.
viii.

ix.

7.
i.
ii.
iii.

iv.
v.

MARKETING MANAGER
Engage in the marketing of the Company products to
potential clients.
Negotiate and sign contracts between clients and the
Company.
Act as a veritable link between the Company and clients
in a way that endears them to the Company.
Arrange for hotel accommodation for marketing staff
during outings.
Immediately communicate each contractual agreement
with clients to the Managing Director for appropriate
action.
Report marketing progress to the Managing Director.
Arrange for the logistics and movement for every
marketing outing.
Work hard to ensure full implementation of contract
agreements with clients, such as payment to the
Company.
Responsible to the Managing Director and perform other
tasks as may be assigned by same.
MARKETING OFFICER
Engage in the marketing of the Company products to
potential customers.
Negotiate contracts between potential customers and
the Company.
Respond to customer calls by either inviting them or
meeting them in a manner that endears the customer to
the Company.
Act as the Company's positive image within and outside
the Company vicinity.
Report to the Marketing Manager and perform other
tasks as may be assigned by same.

118

CHAPTER TEN
Are there additional things I need to know?

Every human being carries the


candlestick of success within him or
her, which is often lit by some habits
that must be cultivated over time.

MISCELLANY
Maintaining your position
Every human being carries the candlestick of success within him or
her, which is often lit by some habits that must be cultivated over
time. In your success journey so far, you have noticed that in order to
steer clear of the hazards of penury, one must work hard. You have
also seen that laziness tends to poverty and that to amount to failure
in life, just sit and do nothing. So now that you are successful, you
need to acquaint yourself with one vital lesson how to maintain
your hard-earned position. Absence of this wealth sustenance
culture is the bane of many failed ventures and many grace-to-grass
stories. In your new position, one new concept that must find its way
into your consciousness and vocabulary is prudence. Prudence is the
ability to govern and discipline yourself by the use of reason; it is the
shrewdness associated with the management of affairs, the skill and
good judgment in the use of resources. To be prudent is to exercise
caution or circumspection as to a hidden danger or risk the risk of
losing your position.
Those time-honoured principles that once guided you while you were
learning savings must be revisited. Condition your mind to believe
you haven't yet arrived. As it was when you were in want, cut down
your list of parties and ceremonies and avoid a sybaritic lifestyle.
Unless there is an event, never be in the habit of setting aside
monthly budgets for entertaining visitors. Exercise restraint and
have total control over your desires since your financial resources
aren't limitless. More than ever, always ask to know why you need an
item you're about to buy. Never go for shopping on an empty
stomach, because you will end up exceeding your shopping budget.
Always make bulk instead of petty purchases of household goods and
discipline your family to do likewise. Maintain close ties with your
accountant-friends since they understand what frugality is about.
Don't always keep much cash at home.
Continue to remain steadfast in your conviction that not all wants are
needs. Having opened bank account(s), ensure you set a monthly,
bimonthly and annual targets of what percentage of your income
should go in. Among your accounts, make at least one a fixed deposit
as a defence against the temptation of frequent withdrawals.
Consider investing in realty and shares. During bargains, try to
forget you are well-to-do by haggling prices; don't accept every price
you're given. Then don't forget that being rich does not mean you
120

cannot occasionally lack physical cash. In anticipation of this, have


friends you can easily call for assistance. And once you've got
access to cash of your own, immediately repay them so that they
will be there for you next time. Don't be surprised when you
eventually find out that sustaining wealth is harder than getting
rich.
Corporate social responsibility
Your business cannot be carried out in an island all alone. The fact
that you operate within a community puts you in some position to
also be concerned with the needs of the locals. The society gave rise
to your business venture and your commercial interest is by no
means superior to the people's well-being. According to Myles
Munroe, A stingy man with much wealth is a danger to a world of
poor men. It is therefore your corporate responsibility to consider
them in your plan, and it is only natural that you give back to
society. And businesses that have corporate social responsibilities
enjoy better patronage, usually on sentimental grounds.
Operating a business in a manner that accounts for the social and
environmental impact created by the business is what is referred to
as corporate social responsibility. It means a commitment to
developing some humane policies that make responsible practices
part of your daily business operations. Through it, a business will
embrace responsibility for the impact of its activities on the
immediate environment, consumers, communities, stakeholders
and all other members of the public sphere. According to Debra
Dunn, some people view CSR as charity, philanthropic act or an
allocation of resources that could better be donated by shareowners
themselves. Some businesses also include workers' welfare as part
of CSR.
A company's social responsibility programme has three major
areas: complying with laws, setting and abiding by moral and
ethical standards, as well as philanthropic giving.
For easy understanding of CRS, below are selected lists of some
companies' CRSs which may help you formulate yours:
Our company, Nitty Gritty Ltd will, as part of its CRS, carry out the
following:
1.
Build one daycare centre in every local government area
where we have a branch office.
121

2.
3.
4.
5.

Donate free refuse bins for easy disposal of refuse in every


local government area where we operate, or
Provide a mobile clinic in form of an ambulance on certain
major highways in Nigeria.
Construct a garden and a park in neighbourhoods as our
contribution to encouraging recreation and relaxation.
Provide free business advisory services to Nigerians who
wish to set up their own businesses.

Naija Group Ltd has the following as it CSRs:


1.
Allocate 2.4% of company annual profit after tax to the
conduct of biannual essay writing competition in all
secondary schools in Jaba Local Government Area.
2.
Sink one borehole in every community where a branch of
the company is opened.
3.
Pay % of net salary of every permanent staff of the
company who sustains a major injury in the course of official
assignment.
Masonry and Scaffolding (Nig.) Ltd will be involved in the
following as part of our CRSs to our immediate community:
1.
At least 2.3% of our workforce will be indigenes of
communities where our company has an office.
2.
5% profit from the sale of every pack of our product will be
given to orphanage homes wherever our office is located.
3.
In communities where we operate as a company, we will
provide at least one school bus every two years for both
primary and secondary school children and provide drivers
for same.
TQM
Applying total quality management idea to your business may help
endear new customers to you while retaining the old ones. This is
because of the excellent services they will receive. Despite serious
challenges trailing its application, with determination and
resilience, it can be applied anywhere. TQM is a description of the
culture, attitude and organization of a company that aims to
provide and continues to provide its customers with products and
services that satisfactorily meet their needs. The culture requires
quality in all aspects of the company's business operations, with
things being done right first time and defects and waste eradicated
from operations.
122

Many companies are sceptical about TQM because they have


difficulty implementing it. Notwithstanding, research has shown
that between 20-36% of companies that have undertaken TQM
have achieved significant improvements in quality, productivity,
competitiveness or financial returns. The earlier development has
created doubt in the minds of business owners as to the
practicability and immediate reward for applying TQM. However, on
close observation, it will become clear that successful companies
have a much higher percentage of successful TQM implementation
among them. Although TQM is mostly applied in factories and
industries, it can be applied in other businesses e.g. in reducing
wastes in printing, photocopy, signing cheques, etc.
Some advantages of TQM
1. Elimination of waste
2. Reduction in spending
3. Customer satisfaction and retention
4. Corporate pride
5. Increased profit
6. Non-complacency
Some cheap marketing fora
Produce business cards and distribute to potential clients.
Inform kith and kin about your business and they will in turn tell
others.
Advertise via places of worship such as church bulletin, newsletter,
magazine.
Notify such social groups as tribal meetings, clubs, unions, etc.
Make use of some free Internet advert.
Paste some advert on notice boards e.g. in worship centres, office,
etc.

123

MEMORABLE LINES

MEMORABLE LINES
No one would remember the good Samaritan if he only
had good intentions; he had money as well.
Margaret Thatcher
In life always be prepared; no man sharpens his arrows
on the day of battle.
Paul Enenche
When preparation meets opportunity,
breakthrough is inevitable.
Anonymous
To ensure enjoyment does not shock you in
heaven, prosper on earth.
James Icheme
When hope folds its hands and looks back,
it becomes regret.
George Elliot
What separates the last man on the queue
from the first is time.
Anonymous
Prosperity can only be lasting if it is
based on justice.
Theodore Roosevelt
The desire of acquiring the comfort of the world hunts the
imagination of the poor, and the dread of losing
them that of the rich.
Alexis de Tocqueville

124

Blessed are those that come to God without expectation,


for they shall go home disappointed.
Felix Eki
God is helpless when He meets a man without desire.
'Dapo Ambolu
Poverty is like punishment for a crime you didn't commit.
Eli Khamarov
A stingy man with much wealth is a
danger to a world of poor men.
Myles Munroe

125

Bibliography
Okongwu, D. and Saleh, U. Fundamental Issues in
Entrepreneurship, Apex Books, Lagos, 2004.
Jhingan, M. Macro-Economic Theory , Vrinda
Publications, New Delhi, 1997.
Davidow, H. and Utal, B. Total Customer Service,
Happer Perennial, New York, 1989.
Inegbenebor, A. (ed.) The Fundamentals of
Entrepreneurship, Molthouse Press, Benin, 2006.
Owualah, I. Entrepreneurship in Small Business
Firms, G-MAG Investments, Lagos, 1999.
Enenche, P. Seeds of Destiny, July edition, 2009.
Bobb and Delly G. The Word for Today, August,
September, October edition, 2009.
Napoleon, H. You Can Work Your Own Miracles,
Fawcett Books, New York, 1971.
Munroe, M. Applying the Kingdom, Destiny Image
Publishers, Bahamas, 2007.

126