Presentation on theme: "GROW Your Business Building Your Capacity to ENTREPRENEURSHIP WORKSHOP 1 Bolaji Olagunju."— Presentation transcript:
GROW Your Business Building Your Capacity to ENTREPRENEURSHIP WORKSHOP 1 Bolaji Olagunju
2 You are all welcome to Covenant Christian Centre Entrepreneurship Workshop. It is my hope and prayer that you will ultimately achieve your goals for attending the workshop. I promise to keep it as real as possible so we can all learn as well as develop the inspiration to act on the knowledge acquired. I will like to take questions at the end of the session so kindly jot down your questions as I go through my session.
3 Introduction Setting The Stage – Bridging the Greatest Gap in Life The Five Critical Success Factors for Business Growth – You, the Business Owner – Capital/Resources – Opportunities – Building the Business – The top Non-negotiables in Life & Business Conclusion – Top 10 Books you MUST read
4 Bolaji Olagunju Lead Consultant/CEO, Workforce Management Centre Limited Executive Vice Chairman – Institute of Workforce Development, A federal ministry of Education accredited National Career Centre and a Public Sector Consulting Firm. Started my business in 2004. We have about 35 core staff and more than 2100 non-core staff. Champions League Winner!
8 I have 4 things I will like to achieve with my session: – Add value by sharing my experience and what I have learnt in the process of building one of the leading indigenous consulting firm in Nigeria – Share practical Strategies, Tools and Techniques that we can take away and implement – Hopefully inspire you enough to take act on the knowledge & insight you acquire from the various sessions – Learn as much as I can as well and have fun in the process
9 Bridging the Greatest Gap in Life Setting The Stage
10 Setting the Stage – Bridging The Greatest Gap in Life What the greatest gap in Life is? What is that Gap in our lives – business, family, personal, etc, that if we close/address will have the MOST profound positive impact on whatever we are involved with? That gap that if successfully bridged, has the potential to LITERARILY TRANSFORM OUR LIVES? How many people here really, really, really desire to succeed in life. So much so that they are willing to learn whatever they need to learn to succeed? Please stand up on your feet and let us do a workout session
11 Vs Common Knowledge Common Practice Honesty is the key....the truth shall set you free! Workout Session!
12 Setting the Stage – Bridging The Greatest Gap in Life It is common knowledge that people who want to be successful in life MUST have a DAILY PLAN – a well thought-through, critical daily to do list clearly detailing what MUST be accomplished that day. It is common knowledge that people who want to be the best in their field MUST study at least 1 hour a day compulsorily in their field of endeavour in order for them to become extremely capable and confident individuals. It is common knowledge that people who want to live be healthy and live long life should exercise for at least 30 minutes, 3 times weekly, watch what they eat carefully and go for medical check-up at least once a year.
13 Setting the Stage – Bridging The Greatest Gap in Life In order to attain financial freedom in life, it is common knowledge that we MUST cultivate the habit of saving at least 10% of all our income. As Christians, it is common knowledge that we should write down our confessions and consistently make these confessions several times on a daily basis. It is common knowledge that aside learning from other peoples mistakes, we should learn from our own mistake so that we dont keep repeating the same mistake over and over again by writing down lessons we have learnt in a journal and constantly reminding ourselves of these lessons.
14 Setting the Stage – Bridging The Greatest Gap in Life At the beginning, we all stood up to demonstrate that we have the desire to succeed. Yet, most of us cannot even get ourselves to do what we know we MUST do? Why is it that even though we know, yet we dont do? I AM FULLY PERSUADED THAT IF ONLY WE CAN PUT INTO PRACTICE WHAT WE KNOW, MOST OF US WILL BE VERY SUCCESSFUL INDEED. Iron rusts from disuse; stagnant water loses its purity and in cold, water becomes frozen; even so does inaction sap the vigor of the mind. Leonardo Davinci Quotes
15 Setting the Stage – Bridging The Greatest Gap in Life The greatest Gap in life is the Gap between Knowing and Doing! The problem is not Knowing, it is Doing! This gap is so huge that almost everybodys ambitions, dreams, aspirations, desires, motivations end up being buried in this gap and yet, it is very huge, waiting to swallow more.
16 As an entrepreneur, the extent to which you are able to bridge this gap, that is the degree to which you will experience phenomenal success in your business endeavours! The Bridge is DISCIPLINE & DETERMINATION! Setting the Stage – Bridging The Greatest Gap in Life
17 The Five Critical Success Factors for Business Growth
18 The Five Critical Success Factors for Business Growth
19 You, The Entrepreneur – The Timothy Effect – Relationship Between Learning and Earning – The Mathew Effect
20 The Timothy Effect in Business What is the Timothy Effect in Business? Culled from the bible passage : 2 Timothy 2:5 - And if a man also strive for masteries, yet is he not crowned, except he strive lawfully. There are 7 distinct principles of Mastery that can be culled from this perception expanding principle.
21 The Relationship Between Learning and Earning One of the greatest lesson I learnt early in business is the relationship between Learning and Earning. It is a profound relationship and one that has the potential to transform your life and business. I realized that the more I learn, the more I can earn. Therefore in order to increase my business earnings, I must grow my capacity to learn. This was a no brainer. So I started what I will term the most exciting journey in the world – the journey into the world of knowledge. I have had a perception expanding experience on this Journey. I have been to the best of the best Learning Centres all over the world but before I share that, let me make a confession.
22 The Relationship Between Learning and Earning However, the formula did not work for me at first. It didnt work because the learning I was engaged in was not focused. Unfocused learning is not effective and does not help anybody. The first question anybody seeking growth should ask and find answers to is this – What must I learn to succeed in my business? What are those none negotiable things I need to know to be the best I can be? Here are some of the non-negotiable competencies that MUST be acquired and used by Entrepreneurs seeking to grow their businesses
23 Your LOB Time Management, Planning & Organizing Business Acumen & Financial Intelligence Execution Skills Sales & Marketing Relationship Management Presentation/Public Speaking Skills Talent /People Management Customer Service Strategic Planning and Thinking Non- negotiable Competencies… Remember, you must learn with application focus and implementation intention. Knowledge itself is not power, it is applied knowledge that is Power! The Relationship Between Learning and Earning
25 The Matthew Effect What is the Matthew Effect in Business? It's based on the biblical passage in Matthew 25:29 – "For unto everyone that hath shall be given, and he shall have abundance. But from him that hath not shall be taken away even that which he hath." A number of interesting facts and statistics illustrate the point that those who are successful are most likely given the kind of special opportunities that lead to further success. To whom that has, more shall be given. He that does not have, that which he has (but doesnt realise that he does) shall be taken away. Circle of Control /Influence and Circle of Concern
26 THE SPHERES OF PERSONAL RESPONSIBILITY Circle of Influence Circle of Concern Circle of Influence Circle of Influence Circle of Concern The Matthew Effect
28 Types of Business Capital Time Relationship Competence People Confidence Passion Money There are 7 main types of Capital in Business namely:
29 Opportunities The greatest business opportunities in the world are found in ordinary businesses that are able to do things in extraordinary way The way you think about your business affects everything else, especially the opportunities that you are able to see and harness Change the way you think and you will get better business results, Guaranteed!
30 Opportunities There are 3 things that you need to consider regarding available business opportunities. They are: – Key Frustration Areas.... – What is the one thing....... – The bigger, the better
31 Opportunities Key Frustration Areas Every business have them but very few business owners see them for what they are – Opportunities rather than problems. What if the way you think about problems actually keeps you from solving them? When you know what the real problems are, you can create real solutions that work.
32 Opportunities Key Frustration Areas I want you to pair up for a simple 2 minutes exercise Turn to the person beside you, discuss your business idea briefly with your partner and ask them to play the role of your customer and tell you they type of frustration they have or might experience when dealing with your type of business. Share briefly for 1 minute, then reverse your role.
33 Opportunities What is one thing....... What is one thing that is difficult to do in your LOB but if you are able to do it successfully, it will blow your customers mind. The right answer to this question will help you create a unique and extraordinary business.
34 Opportunities The bigger, the better....... The same effort it will take to build a small business is the same effort it will take to build a bigger business. Understand that growth is an absolute phenomenon in a business. If a business is not going, it is dying. What got you here, wont get you there......
35 Building the Business What do you need to know to build an effective Business? – Organisational Design Principle – Understand Business Model – Business Systemization
36 Building the Business Organisational Design Organization/PurposeStrategy/PlanOrganisation StructureJobsPeople
37 Building the Business Understand Business Model – 9 Building Blocks of a Business
38 Building the Business Business Systemization To create consistent and predictable results!
System: n. any formulated, regular, or special method or plan of procedure. What is a system?
Why Systems? Deliver Your Brand Promise, On Time, Every Time Company Growth and Expansion Without Chaos (Possible with a Systems-dependent, Not a People-dependent Business) Consistent Business Results Creates Company Value Drive Innovation
42 The top 10 Non- negotiables for Business Growth
43 Top 10 Business Non-negotiable 1)Avoid debt and make sure you have Business Savings 2)If you dont learn how to do anything else, make sure you learn How to Sell 3)Implementation NOT Idea is the Secret to Success 4)5Ps of a Successful Business - Prior Preparation Prevents Poor Performance 5)The BIGGEST room in the world is the room for improvement 6)Accept responsibility 7)Beware of the ECT – Earning Capacity Threshold 8)Model of Success – Get a Coach/Mentor 9)Pick your battles and obey the law of Holes 10)Learn to live One Successful Day at a Time 10 Business Non- negotiable
44 Seven Lifes Non-Negotiable Daily Personal Development Activities Weave them into the fabric of your day... – Daily Spiritual Activities – Daily Health Activities – Daily Personal Development – Daily Acts of Kindness – Daily Family Time – Daily Relationship Nurturing – Daily To-Accomplish Activities
45 Introduction Setting The Stage – Bridging the Greatest Gap in Life The Five Critical Success Factors for Growing Your Business – You, the Business Owner – Capital/Resources – Opportunities – Building the Business – The top 10 Non-negotiables Conclusion
46 Building the Business Conclusion – 10 Books you MUST read – The E-Myth Revisited By Michael Garber – Getting Things Done By David Allen – Road Less Travelled by M. Scott Peck – 80/20 Principle by Richard Koch – The Greatest Salesman in the World by Og Mandino – Automatic Millionaire by Davic Bach – Science of Getting Rich by Wallace D Wattles – Outliers by Malcolm Gladwell – 7 Habits of Highly Effective People by Steven Covey – Extraordinary Entrepreneurship by Stephen Harper