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Tekedia Mini-MBA Next Week Session Will Be On Jobs

By
Ndubuisi Ekekwe
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0

We have about two weeks to conclude the first edition of Tekedia Mini-MBA. In the next week’s session, we will do something a little different – we will provide contents on career and jobs, recognizing the challenges some members may be going through as a result of job losses due to Covid-19 pandemic. To accommodate that, we will move next week’s session into the final week.

Please check the Board for a webinar which the team is scheduling on career and jobs. We have updated the Board accordingly with this new session which was not originally scheduled.

 

https://www.tekedia.com/mini-mba-2/

Use One Oasis & Double Play To Capture Value As You Serve Customers [Video]

By
Ndubuisi Ekekwe
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2

You need to capture value for your enterprise even as you create value for customers. IT improves productivity but sometimes the web not only improves efficiency in the utilization of factors of production but also helps to transfer or destroy value. So, there is the risk that you could be doing great things for your customers but the value created, you are not capturing. If you allow that redesign, your enterprise can collapse.

In this video, I challenge us to use the One Oasis Strategy and Double Play Strategy to build business models that will ensure that we capture enterprise value even as we create for customers. Skype creates great value for customers but it has struggled to capture most value; so, Skype remains a sojourner, constantly being passed around by buyers and sellers. Do not be like Skype.

I will be sharing in the Board as we round up this edition of Tekedia Mini MBA. Our focus now is Execution and execution that captures value in markets.

 

 

https://www.tekedia.com/mini-mba-2/

Reinventing Yourself – Best Opportunities and Investments That Will Boom Now and Beyond

By
Oleghibe Moore Kingsley
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9

“If you can’t figure out your purpose, figure out your passion. For your passion will lead you right into your purpose.” BISHOP T.D. JAKES

Well, let me start this article in an unusual manner by appreciating every single reader and particularly all those who have dropped comments, emails and even direct calls to me. They are testaments of your approval, admiration and adulation of me and the nudge to further serve you and the generality of the reading public with more articles.

This article is a continuation of last week’s edition with the caption: COVID-19: RE-INVENTING YOURSELF AFTER THE LOCKDOWN. In it, I climacterically laid foundation on the practicums that are expected of you for a new normal. I would advise new readers to look out for the article in this same platform to get updated.

As a continuation going forward, COVID-19 has altered the very fabric of our system and new normal is evolving day in and out. To some, it may crystallize into a moment of fulfilling their purpose and calling and pushing them into comfort, affluence and fame. Too others, not wanting to sound negative, it may be their doom-days if urgent steps are not taken to reinvent themselves. But first, they must adjust by introspecting on the right steps to take.

Here below, I shall enumerate about 10 businesses/jobs and investments that will be on hot demand if the right skillsets are acquired and you may as well be on your way to financial freedom and sustainability. They will be discussed in their briefest forms and you can either write me or seek more knowledge from your mentors. Remember, one of the nuggets I dropped last week is that you need mentorship. This is very expedient for startups.

The first among my list is DIGITAL MARKETING. Digital Marketing is a marketing component that uses the internet and online based digital technologies like computers, mobile phones and other digital media to promote products and services. Businesses want to cut down costs and avoid digital disruption and still wish to break even and add to the bottom line. So digital marketing is a quantum leap for businesses to reach out to customers. Position yourself by acquiring new skills in this alluring space and increase your cash flow in order to maintain the living standard that you seek.

Another business that would boom is the STOCK MARKET INVESTMENT. Warren Buffet, the richest investor globally gives this as his contribution to all those who may wish to invest in the stock market. Hear him “be fearful when others are greedy and be greedy when others are fearful.” Markets globally are crashing now and this is the best time to invest in the stock market particularly in shares of companies with very strong fundamentals. I really do not advise investors to buy penny stocks considering what has happened in the last 10 years. Stocks of most insurance companies that were in this category had all been delisted from the stock market daily trading list and many investors lost money. My take: invest in the stocks of companies that have consistently in the last 5 years paid out dividends to their shareholders. You can find that in manufacturing, banking and beverages sub-sectors. Mind you, you need to be a smart investor and expert guidance is very critical here. Remember, money is involved.

Besides, ONLINE EDUCATION is now the hot cake and cash-cow. Schools and other online educational institutions have suddenly discovered a new normal and how children can be taught in the comfort of their homes using the power of the internet. Universities particularly those of the Western world have continued classes. They have been online using Zoom, WhatsApp, Udemy, etc to continue delivery of lectures. So you need skills to relearn and be able to penetrate the space to make good money for yourself; the aftermath of COVID-19 would accelerate great changes. 

In addition, ONLINE COLLABORATION TOOLS is another lucrative business or skill to acquire. Though, it is interrelated with online education but it is about you being able to synergize using Microsoft tools, Google Analytics, Google Hangouts, and YouTube etc. I am happy that many youths have taken to comedy, entertainment, video games, video cartoons, and video streaming. But for you who are yet to decide, please see this as a money spinner.

The big one is e-commerce. Alibaba, the Chinese online store was established about a decade ago in a period of lockdown. When many Chinese could not go out to buy groceries and foodstuff, this online store took it upon itself to serve their needs and millions of dollars were made as a result. So you can collaborate with e-commerce giants in Nigeria by way of affiliation and then help market their products. All you need to do is get approval and enter into agreements. So when you advertise their products on your channels and people see these products and get to like them through your link and buy; a percentage of what was bought will be paid directly to you without you lifting a pen or owning the products. Many millionaires are smiling to the bank as a result of affiliate marketing.

AGRICULTURE is the biggest employer of labour in sub-Saharan Africa which includes Nigeria. But many youths have ignored this age long profession and it is a big cash-cow. Everyone needs food and there is food scarcity everywhere. There are places in the North and hinterland where their produce gets rotten because they do not know how to market them for commercial benefits. So I urge you to go into the agriculture value chain. Locate some of these places and buy at a very ridiculously low price, transport them to the cities, sell in the open market. With this, your bank account will be in green. Many would say but I do not know anywhere in the North. Learn to take mitigated risk. Someone can guide you. Dangote that everyone celebrates today started as a trader in merchandising, simply put: buying and selling. Nothing can stop a determined soul. You can make it!

Recently, GIG ECONOMY found its way into the knowledge economy. Entrepreneurs and success coaches talk a lot about the gig economy. It means an economy where the labour market is characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. Over 60% of jobs in Nigeria today are dominated in the informal sector and they are the gig economy. Figures from the Bureau of Statistics says over 60% is contributed to Nigerian’s GDP, meaning this is where the money is. Gig workers also enter into agreements with online companies to provide services to the company’s clients. People advertise their services in Jiji, etc. Customers go there to check and contact workers. Recently, I helped a family contact a CCTV engineer. It was through the same means. Things you can find in the gig economy: are video editing service, video coverage, photography services, freelance writing, logistics, dry cleaning, dog training, vet services, online coaching and many more. Take advantage of the gap needs in your environment and see how you can hone your skills and turn them to money.

People in this part of the world do not value NETWORK MARKETING. Network marketing does not suffer any recession. What it requires is the willingness and the ability of people to actually put in their best. There are very strong network marketing outfits around; and every now and then, their members are making good millions in naira by just registering and playing to the rules. If you have a challenge in joining one, write to me, I shall recommend one or two to you.

This is not very common among us because we do not value numbers particularly when it has to do with population. This is an anonymous saying “I prefer to earn $1 from 1 million persons to earning $1,000,000 from one person.” This is the power of leverage and consortium. A consortium is two or more persons or companies coming together to take up a project that one person or company cannot independently carry. By this, I urge people of like minds to form COOPERATIVE SOCIETIES and get them registered; and with this, you will be able to do much more than one person can. For more details please inbox me.

Finally, seek cheap loans from STATES AND FEDERAL GOVERNMENT FINANCIAL WINDOWS. For people living in Lagos, Lagos State Government in 2016 created LAGOS STATE EMPLOYMENT TRUST FUND. Here, over 11,000 loans have been given out to people who merited it after undergoing training and thankfully, the loans were given at a single digit interest rate that is under 10% interest per annum. This is far better than what is obtainable with microfinance and mainstream banks.

Another one is NIGERIA INCENTIVE-BASED RISK SHARING SYSTEM FOR AGRICULTURAL LENDING (NIRSAL), established by the Federal Government and during this lockdown; FG gave 50billion naira through the Central Bank of Nigeria (CBN) to support medium and small-scale micro enterprises. Though, many complain of not being able to access this loan but people access it after all. What are you waiting for? Nothing good comes easy until you chase it. So, stop sitting on the fence and complaining and expecting to be served buffet on a platter of gold. Go out there and do the needful.

In conclusion, the list above may not be exhaustive. There are still others that space will not permit me to mention. But nevertheless, the ones mentioned here, when implemented conscientiously can create financial sustainability and freedom for whoever does.

I leave you with the words of Fyodor Dostoyevsky “the mystery of human existence lies not in just staying alive but finding something to live for.” What are you doing for yourself?

Reflection on Tax Exemption in Cross River State

By
Ozioma Okey-Kalu
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0

I watched an emotional video clip showing Governor Ben Ayade of Cross River State, expressing his deep dissatisfaction over the collection of tax from low income earners. The governor broke down in tears while expressing his pains that many low income earners live in abject poverty and that he couldn’t do much to help them. For this, the governor decreed that henceforth, low income earners will be exempted from paying tax in Cross River State.

This speech on the tax exemption for low income earners, given by Governor Ben Ayade, took place during the inauguration of an anti-tax agency headed by Bishop Emma Isong. This agency is tasked with ensuring that low income earners were not forced to pay tax. Among the low income earners listed are the taxi drivers, okada riders, hawkers, small saloon owners, farmers, “mama puts”, and so on. He saw the collection of tax from these groups of business owners as inhumane and unlawful.

The kind gesture of Gov. Ayade towards the poor is well received by many Nigerians, who see it as a sign of sympathy from a leader that understands the plight of his people. They applauded his kind gesture and hoped that many other governors would follow suit. But then, maybe Nigerians shouldn’t celebrate just yet. A lot of work still needs to be done if this exemption will touch the lives of the poor. In fact, the state needs to collaborate with several other agencies for this to work.

However, I am not a tax or a finance expert. But from the little I know, I think the following observations from the video clip may call attention to the people of Cross River State and the appropriate authorities to re-evaluate their master plan.

  • Committee Members

I believe the Governor understood the implication of constituting a committee that is made up of only religious leaders to handle affairs of state. Permit me to say that religious leaders are experts in their field – religion – and not in politics or state governance. My little knowledge of religion and politics shows that they move in different directions because they don’t agree at all. I have also known that most religious organisations banned their leaders from meddling in state politics so that they could perform their functions as the conscience of the leaders without bias. Besides, history has shown that when religion and politics become one, the state suffers.

Another problem with the constitution of the committee members is that they are not the ones that impose tax and levies on people. I mean, why didn’t the governor consider inviting local government chairmen, NURTW chairmen, union heads, and other agencies that impose and execute tax collection? What about the law enforcement agents, why weren’t they part of the committee? What will clergy men and women do against these tough, blood-thirsty, do-whatever-it-takes-to-collect-the-levy agents when they don’t even have law enforcers in their team? These are my observations anyway, they may be inaccurate.

  • The Exempted Tax

I actually got confused when the Governor talked about people collecting illegal taxes. I don’t know if he wanted to abolish the collection of illegal taxes or if the legal taxes will become illegal with the implementation of the directives. However, I know that tax collection is not done by the state government alone. In local markets, I see local government agents, town agents, village agents, Igwe agents, and what have you, collecting dues and levies from hawkers and petty traders. There is even the levy that is paid by people for using lands that are considered private properties. What I mean here is that some local markets are sited in private properties and both buyers and sellers pay to transact businesses there. Most times, buyers pay their own levy when they buy goods that need haulers or, like they do in Onitsha Army Barracks Tomato market, when they buy goods in bulk.

The point I am trying to make here is that the governor was not specific on whether he is exempting these low income earners from paying taxes that are levied by the three tiers of government, or if it is only the one levied by the state government. Believe me, if other levies are still in existence, then nothing changes. The greatest challenge of these small business owners is not from the state government, but from constituted unions, agencies and so on.

  • Transfer of Responsibility

I was not impressed when the Governor said the citizens should desist from paying taxes and all. He, as a Nigerian living in Nigeria should understand the helplessness of Nigerians towards the law enforcers. It’s not today that governors have been banning taxes. Even he, Governor Alade, has banned payment of tax by low income earners in his state some years ago. But did it work? Obviously it did not.

All I am trying to say here is that the governor should forget about the citizens helping themselves. There is nothing any civilian can do to tax and dues collectors. If he truly wants to help, he should ensure that the facilities he put in place are functional and should be strong enough to enforce his directives.

  • Laxity in Government

This is not supposed to come in here but somehow, it is here. It is actually unheard of that a public office holder resists the collection of tax because his administration could not provide basic amenities for the citizenry. The governor questioned the right of the government in collecting produce tax when they didn’t provide fertilizers, irrigations and other basic facilities needed by farmers. I have never known my mother to collect free fertilizers but I know she always buys good ones at subsidised rates from the local government. The only problem we can see here is that they are not always available because business owners buy them in bulk to sell at higher rates. So, if the government of Cross River State could not provide farmers with fertilisers, or make improved seeds and seedlings available to them to buy, then that government should be faulted.

  • The Exemptees

Permit me to call them “exemptees” here. Now, who are these people exempted? What is the modality for exempting them? How can they tell if that woman that sells Ofe Akwu by the corner is not making more profit than Genesis restaurant? Or who can tell if that hawker that is exempted by the government does not, in a week, make more than triple of what that heavily taxed civil servant makes in a month? Sometimes the size of a shop does not directly indicate the size of the business. People can borrow to open something that seems big because they see that as a business strategy. This does not mean that they are not low income earners at that point in time. I just hope this new directive will not be a case of robbing Peter to pay Paul.

I applaud Cross River State governor for his courage in exempting low income earners from paying tax. His well-meaning gesture will help small business owners to rejuvenate at this point in history. But then, he needs to play his card well so that his good intentions don’t turn out wrong.

King Donald J. Trump, the Oba N’Obi II of Emirate Social Empire

By
Ndubuisi Ekekwe
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0

King Donald J. Trump, the Oba N’Obi II of Emirate Social Empire, hereby desires to revoke Twitter’s domain.

Please read the piece from Samuel’s article. I just want to give King Trump his honour on this entry.

Just when it is thought the relationship between conservatives and social media platforms could get better, it went presidentially sour. On Wednesday, the US President Donald Trump threatened to ‘strongly regulate’ or shut down social media platforms for perceived attempts to muzzle conservatives.

“Republicans feel that Social Media platforms totally silence conservatives’ voices. We will strongly regulate, or close them down, before we can ever allow this to happen,” Trump tweeted on Wednesday.

This was coming after Twitter applied a fact-check to two of his previous tweets that called mail-in voting fraud. It is the first time the social media platform is putting a fact-check on Trump’s tweet, even though his tweets are believed to be full of controversies and unsubstantiated claims. The action appears to have triggered a threat response from Trump, escalating what members of the Republican Party believe to be an unfair treatment deliberately targeted at conservatives.

Eziokwu, Gaskiya, Ooto.

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