For the Boys Brigade Nigeria LCCN Fellowship
Online Lecture Series April 2020
Scriptural Charge
Genesis 2:15 The LORD God took the man and put him in the Garden of Eden to work it and take care of it.
Proverbs 10:4 A slack hand causes poverty, but the hand of the diligent makes rich.
Ecclesiastes 9:10 Whatever your hand finds to do, do it with all your might,
Colossians 3:17 And whatever you do, in word or deed, do everything in the name of the Lord Jesus, giving thanks to God the Father through him.
Note*** God hates laziness because laziness leads to poverty, but in whatever we do let it be according to the will of God
Introduction
A lot of times people don’t seems to pay more attention to lectures and talks on entrepreneurship because it seems to present cases that are far from reality by making references to national and international Billionaires like: the Dangotes, The Alakijas, The Bill Gates, the Liu Yongxings, the Jack Mas and the Warren Buffets. Although they are billionaire entrepreneurs they are not to be used as examples for startup entrepreneurs because doing that may detach the learners from reality. In this lectures efforts will be made in bringing reality into entrepreneurship especially for starters.
The general belief about some of these billionaires
There are certain belief about these billionaires that we need to considered:
None of them is working for government but they are influencing the government.
Some belief that Dangote started business with #500. It is important to note that it is not the #500 that get him to where he is now but his business orientation and determination
Bill gates was a university Dropout but he make it not because he was a dropout but because of his vision and innovation
Liu Yongxing is a farmer but a billionaire
A case Scenario
In almost all localities you will find a man with a small kiosk selling some house hold items, when you value the items in the kiosk they may not be up to #50k but you see big boys collecting between #30k to #100k as salary monthly coming to collect items on credit. While the kiosk man will never go to them to ask for credit. Have you ever asked yourself why is this so?
The Concept of an Entrepreneur
An entrepreneur is a person who is action oriented, highly motivated, takes risks to achieve goals
An entrepreneur is a person who establishes his own business with the intention of making profits
An entrepreneur is a one who innovates, raise money, assemble input, choose managers and set the organization growing.
The Concept of entrepreneurship
Entrepreneurship is a process under taken by an entrepreneur to create incremental value and wealth by discovering investment opportunities, organizing enterprises, undertaking risks and economic uncertainty and there by contributing to economic growth
Small Businesses
Small business is a business which is independently owned and operated, not dominated in its field of operation and meets certain standard of number of employee and capital.
Steps in Setting up a small business
The major steps in starting a small business are:
Find out suitable business ideas that are good for you locality
Process the ideas
Select the best idea
Give a practical shape to the selected idea.
Questions to Ask before starting up a Business
Starting a business is not something that you do haphazardly, as such; there are some few questions to consider if you want to go into business for yourself:
How do I come up with a business idea?
Should I build a business from scratch, buy an existing business, or invest in an existing business?
What steps are involved in developing a business plan?
Where could I find help in getting my business started?
How can I increase the likelihood that I’ll succeed?
NOTE*** your ability to find answers to these questions will determine how far you can go in the business.
Why we need to start our Own Business?
What sort of characteristics distinguishes those who start businesses from those who don’t? The most common reasons for starting a business are as follows:
To be your own bosses
To accommodate a desired lifestyle
To achieve financial independence
To enjoy creative freedom
To use your skills and knowledge
Why do people find it difficult to start a business despite the benefits?
A huge number of business ideas never even make it to the grand opening. One business analyst cites four reservations (or fears) that prevent people from starting businesses:
Money: Business is all about money, without money, you can’t get very far. What to do start small with your savings then expand through sponsorship and loans.
Security: A lot of people don’t want to sacrifice the steady income that comes with the nine-to-five job. What to do: don’t give up your day job. Run the business part- time or connect with someone to help run your business – a “co-founder”.
Competition. A lot of people don’t know how to distinguish their business ideas from similar ideas. What to do: figure out how to do something cheaper, faster, or better.
Lack of ideas. Some people simply don’t know what sort of business they want to get into.
How to avoid the difficulties of a small business
Know your business in depth:
Have a Good Relationship with Stake Holders in the same business
Prepare business plan
Managing financial resources
Understanding financial statement
Learn to manage people effectively
Keep in tune with yourself
Take up short professional courses in management (entrepreneurship):
Be sensitive to your customers
In conclusion remember this: The LORD shall open unto thee his good treasure, the heaven to give the rain unto thy land in his season, and to bless all the work of thine hand: and thou shalt lend unto many nations, and thou shalt not borrow.” Deuteronomy 28:12 (KJV)
THANK YOU AND REMAIN BLESSED
Lawsac 