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Home Blog Page 5414

Smart to-do-list for an entrepreneur

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There may be nothing more frustrating for an entrepreneur than a day without a schedule, except a day where you have scheduled a lot more than you can possibly get done. Just like we sometimes loosely say that there will always be work to do on a farm, there is always so much to do in a startup and as you scale up and expand, the list grows.

In drawing up a list or setting a goal, there are recommendations to make it SMART – Specific, Measurable, Attainable, Realistic, and Time-bound. These are general recommendations but entrepreneurs find them useful. I would like to add one or two things you should ask before adding any item to your to-do list as an entrepreneur.

Is it important?

There are a lot of things to do, ranging from mundane or routine tasks to highly critical ones. Before entering a task into your schedule, calendar, or to-do list, ask yourself whether the task is important?

Can it be ignored without dire consequences? Is it one of those things you just do for the sake of doing it, and not because it really achieves anything in the long run? If the task is not important, skip it. You want to keep your list as lean and practical as possible, instead of crowding it with unimportant tasks that may tire you out.

Can it be delegated?

Some tasks are important, but you do not absolutely have to be the one to get them done. There are tasks that can be delegated to someone who is equally competent on your team. If it can be delegated and you are certain that the assignee can deliver the same or even better quality than you would, take it off your list and delegate it. If you do not have a team member who can handle it, you have to do your analysis and decide if it would be cheaper (time and money) to outsource. This can help you free up your calendar a bit and focus on higher priorities.

Can it be postponed or rescheduled without consequence?

A task may be important but not so time-bound that you cannot reschedule it. Can you do it tomorrow? If you have decided that this task cannot be delegated but is not time-bound either, you can move it down your to-do list. This tip is not a way to justify procrastination, but simply means you should appreciate your time as a valuable, finite resource and decide to attend to the most pressing matters first.

Does the task unlock other tasks?

Does this task unlock other tasks? Are there other things I will not be able to do until I get it done?

A task may not be important on its own, but might be a gateway task that unlocks some important tasks. When I say gateway, I mean it opens the way to other tasks which cannot be done unless it is out of the way. For instance, there could be a not-so-important meeting which is holding back other employees or staff from carrying out their own tasks. As a team, you work in a chain and these are tasks that you need to get done for others to get their tasks done too.

Once you have spotted out a gateway task, place it at the top of your list and get it done.

Can it be automated?

We are in a digital age that may soon be largely powered by artificial intelligence. If it is possible to automate a task, especially recurring tasks, get it automated as soon as possible.

Accelerate your leadership ascent and advance your career playbook with Tekedia Mini-MBA

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Welcome to Tekedia Institute. We run an amazing business school which has attracted professionals and students from 39 countries. Our Faculty members come from Microsoft, Shell, Flutterwave, Nigerian Breweries, Jobberman, Coca Cola, and other great organizations.

Thrice weekly, I personally coordinate live Zoom sessions on the mechanics of business systems. We bring our Faculty and Guests on those sessions, covering industries and business domains. REGISTER today and join us here .

TEKEDIA Mini-MBA: $170 or N90,000 naira and runs for 12 weeks virtually. Rated 5 stars by innovators and project champions like you. Accelerate your leadership ascent and advance your career playbook with the best cost-for-value business education in Africa.

  • – Prof Ndubuisi Ekekwe
  • Lead Faculty, Tekedia Institute

2022: Winning Consumers and Corporate Clients in Nigeria Requires State Strategy, Not National Strategy

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By the third quarter of every year, businesses usually start looking forward to what the next year holds for them in terms of generating revenue and being profitable. This period is used because it must have been clear to the owners and employees that the strategy crafted for the outgoing year has delivered what it was expected to bring or not. Thus, both the owners and employees are expected to put on their strategic thinking caps and come up with new strategies and tactics that will be used during the new year.

Like other markets in the world, Nigeria is a country that requires multiple strategies, not just a mono-strategy, due to unpredictable socioeconomic and political indicators. Businesses are affected both positively and negatively during the current fiscal year. In our experience, businesses are also forced to change their pricing strategies due to the irregular inflation rate.

With a few days to go until the year 2022, analysts have reported how micro and macroeconomic indices would equally force businesses and buyers to change their strategies and tactics during the year. Projected demand for goods and services and corporate performance in terms of revenue and profitability might not be realised because significant changes would occur in the political environment.

Political activities in 2022 would be substantial because politicians and political parties would intensify their efforts towards winning various positions in 2023. Therefore, political changes would more likely surprise market expectations. Businesses that have products and services that connect with politics directly are likely to gain more than others. Beyond political interference, we also expect positive performance from a number of businesses in the utilities, transport, services, public administration, mining, manufacturing, construction, and agriculture sectors of the economy.

For the year 2021, it is clear that the federal government performed well in some areas of the economy and failed in others. Both the failure and the success could be attributed to the strategies and tactics employed. This is also applicable to the state governments. From the National Bureau of Statistics and the Debt Management Office, it is obvious that some states did well, while a large number of them failed to utilize available resources in their domains for huge revenue generation.

A local business newspaper reported that: “The National Bureau of Statistics (NBS) says the 36 states and the federal capital territory (FCT) recorded N849. 12 billion in internally generated revenue (IGR) in the first half of 2021. The figure represented a 39 percent increase year-on-year after the coronavirus pandemic impacted revenue generation. Amongst the Internally Generated Revenue categories, PAYE contributed the highest which amounted to N488.1 billion.

This was followed by revenue from MDAs which amounted to N173.56 billion. The least category was Road Tax with a contribution of N16.75 billion in the first half of 2021. Internally Generated Revenue by Zones in the first half of 2021 shows that the South-West zone recorded the highest revenue which amounted to N385.41 billion, followed by the South-South zone with N156.17 billion, while the North-East zone recorded the least internally generated revenue with N42.92 billion.”

Finding the Right Strategy

In line with these premises and outcomes of our analysis, local and foreign businesses need state strategy, not national strategy. A strategy that considers national characteristics alone would not win state markets. Likewise, a state strategy that failed to consider the individuality of towns and cities in each state would help businesses. For instance, it has been projected that “Nigeria will be dealing with cost-push inflation in 2022.”

This type of inflation is driven by an increase in wages and raw materials (such as petroleum), which pushes up the cost of production. There is evidence that the federal and state governments would increase salaries in 2022, but it is obvious that many citizens would face some challenges because of the government’s readiness to remove fuel subsidy This implies that businesses should devise a strategy to help them win over consumers and clients who will be hit harder. This is necessary because a good strategy should not only be relevant to a company’s situation. It must also be a fit for the internal and external factors.

The FinQuest Finance’s Vision

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Many are raising $millions but this is one startup which has touched me on their mission: they invented a mechanism to offer 0% interest education loans to young people. It did not make sense but they have been running this playbook that one has to pay attention. Because in Tekedia Institute they have worked with us and funded many of our members, I can confirm that it is real.

As I look for a really impactful company in the ecosystem, I want to commend FinQuest Finance for inventing a lending platform to offer 0% interest loans to people. It is very commendable even in this ecosystem with limited credit infrastructures. 

The platform adopts a zero-interest structured financing model. It designs a flexible repayment plan to suit an individual candidate’s financial strength. It also offers mentorship and guidance to its applicants. (The merchant discounts the order and it looks like the modern buy now pay later, but designed for education.)

I admire what they are doing and we wish them  high-growth  2022 operations.

— LinkedIn Post Version

Many are raising $millions but this is one startup which has touched me: they invented a mechanism to offer 0% interest education loans to young people in Nigeria. As I look for a really impactful company in the ecosystem, I want to commend FinQuest Finance. Their mission is admirable in this ecosystem with limited credit infrastructures.

And I want to wish the team high-growth  2022 operations. Team, see this as my “wave” to all of you, right from Obafemi Awolowo University (OAU) where you guys started building the models to now you are scaling. Keep doing whatever you are doing because you will unlock futures for many people.

(Tekedia Institute has used them and we’re impressed that the young people they fund actually repay the loans.)

NEXT Supermarket Good Samaritans – Good People, this is the spirit of a good neighbour; that is the African way.

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Fellow Citizens, I was touched on this report. I never get many things wrong here because I do not break news; I prefer to analyze broken news. So, when the news made rounds that people were looting things from the burning NEXT Supermarket, I simply ignored, waiting for time to tell the truth.

And time has responded: no one looted anything; ordinary people simply moved items from a burning supermarket to a safe place.

Good People, this is the spirit of a good neighbour; that is the African way. To our citizens, we commend all of you.