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Soon, ALL Digital Products Will Be FREE

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If markets are perfect, the marginal cost of a digital (online) product will be absolute zero. Marginal cost of a digital product comprises mainly of transaction and distribution costs. Most times, transaction costs (e.g. debit card fees) are expended whether offline or online, and consequently unavoidable. But distribution costs (e.g. the cost of serving an additional user in your blog) tend to near zero in the digital space. 

It is this inherent feature of the marginal cost that makes online scaling easier. Scaling means adding more users, triggering network effects – a positive continuum where just having more users makes digital ecosystems more useful and valuable to users. The most important feature in Facebook is that it has many people therein; every other thing is sub-optimal in value. Yes, if you make a better website than Facebook but without the people, not many people will care.

As you examine this construct, it is evident that winning in the digital space will mean pricing at the lowest possible price factor. Interestingly, as the web advances, online markets will become more perfect. That means, marginal cost will tend to absolute zero; near zero marginal cost means free digital products for users.

Platforms like Facebook and LinkedIn are already offering many services free because their distribution costs are near zero. So, already the web has attained an equilibrium point where distribution cost is moving towards absolute zero. However,  the transaction cost remains stubbornly non-zero since many online transaction services like payment require fees.

In coming years, blockchain and cryptocurrency will make transaction cost to shift to near zero. When that happens, many services like banking, remittance and payment services which cannot be offered FREE today will become free. Those emerging “advanced apps” on the internet will make transaction cost disappear.

As you build, watch how this evolving paradigm will shape pricing of your digital products. 

Beyond Just Talent

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Wolfgang Amadeus Mozart (1756 – 1791), is considered by many as the greatest composer of all time (though there are still debates going on as to whether he really is). At the age of 5, he had started composing and playing before European royalty. A genius of classical music, Mozart by far had the talent any musician in any generation would want to have. 

There are so many talented individuals around;  sometimes while walking down the streets, I see kids with miniature trucks and excavators they had built themselves with people gathered around them cheering and supporting them in the little way they can. A lot of things could be seen from the street view point. I’ve seen very talented footballers, musicians, craftsmen, welders, etc, all not getting what many perceive to be the required recognition and sometimes we just can’t say why. There are great scholars and academics not getting the publicity or attention many people think they really need or not actually living up to expectations. 

It happens all the time so then what can we do?  First, it is important to state that different people want different things in life, and the definitions of success might also depend on the one who is defining it. So what one person considers as success might not mean a thing to another. But isn’t our talents supposed to do us some good? Otherwise what need is there for one to have a talent? I think so.

And back to Mozart, despite his musical ingenuity, he still struggled financially for most of his life as this extract from the billboards put it:

“Yet Mozart earned a reputation for money-grubbing, and evidence abounds that he squandered much of his cash. Among the items on display at the Musikverein are handwritten letters in which Mozart begged his patrons, publishers and acquaintances for huge sums to settle his debts. . . No one disputes that Mozart’s wealth was long gone by the time he lay on his deathbed. Researchers at Salzburg’s International Mozarteum Foundation say records of Mozart’s estate indicate that his widow barely had enough cash to bury him, and that he owed thousands, including debts to his tailor, cobbler and pharmacist.”

This is not in anyway trying to equate success with the acquisition of things, as I personally don’t even believe in that. Many people play music to entertain and make other people happy and this they consider to be the most important criteria for evaluating their success.

From experience (mostly those of others) then I can say that for one to benefit the most from his talent, he also has to have the following qualities: Self discipline and Hard work.

The consistency and dominance of Cristiano Ronaldo and Lionel Messi for over a decade is a clear indication of the relevance of these two qualities. Many footballers whose names I wouldn’t like to mention failed to capitalize on their talents making them fall short of the expectations placed on them as a result of the talent they had but never truly maximized.

Other than the above, for any talent to benefit an individual in the way the individual wants it to, the following should be considered :

  • What Does the Individual Want  from the Talent?
  • What is the Relevance in my immediate Location?
  • Will it be Appreciated in this Time and Age?

What an individual wants from his talent must be clearly defined. This helps to determine how the person in question goes about utilizing his talents. Many people learn to play a musical instrument just to have a good time and entertain friends and family, many scientists go into science purely for the satisfaction of contributing something relevant to the service of humanity, many teachers teach not because it is going to make them wealthy but because of the passion they have for the profession or young people. What do you want? 

The relevance of one’s talent in a particular location is so crucial that it will be foolhardy not to consider it. What need is there for an astronaut in a community that needs a polio vaccine? What need is there for a Robotics Engineer in a village without power supply?  Moving to a location of relevance may be desirable.

The book The Great Gatsby by Fitzgerald was not successful until many years after the death of the writer. I don’t know if there is anything he could have done about it,  but that gives us a reason to look at the age we live in. Are we in the age of posting letters or in the age of electronic instant messaging? Is Nigeria currently prepared for 5G  or 5G experts have to wait till a future date?

I don’t know how this article helps anyone, but you just have to see if it can. As you consider, I wish you all the best.

How To Beat That Presentation

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Amo from South Africa talks to Patrice C. McMahon, , director of Global Engagement, before the lecture. 20 Students from southern African countries are on the UNL campus for 4 weeks as part of UNL study of the U.S. Institute on Civil Engagement. January 17, 2014. Photo by Craig Chandler / University Communications

Making a presentation is arguably the hardest part of being a student. As a student you could either be one that talks a lot but get cold feet in public or be someone who doesn’t talk a lot but makes quite an impressive speech in public or be someone who doesn’t even talk much and still cannot make any meaningful impact in public presentation, but whichever group you belong, a few tips can turn things around and bring out the best in you when making a presentation.

When I was pursuing my bachelors’ degree back in school, you will be doing yourself a huge disservice if you chose me to defend a group project in front of a panel, because I would gasp for air! Funny right? It was really difficult. But along the line I realized that it was not a permanent situation, and that  I could change all that, so I went searching and discovered the tips needed to make a good presentation. This tips worked so well for me. I couldn’t worry too much about my shakiness or panic attacks; I finally learned a way to drive my point home in a relaxed manner and in my own words.

So here we go the 5 basic presentation tips.

BE YOURSELF

This statement is very much underrated mostly because of its frequent use from around the globe. Everyone tells you to be yourself, at home, at work, in places of worship, basically everywhere. You could say “oh I’ve heard that too many times, just not working” but it’s never enough until you understand its contextual meaning. It’s more like get in touch with your inner child; become more aware of your thoughts; follow your intuition; RULE YOUR WORLD! Professionally act like you own this place; be in charge

SHOW YOUR PERSONALITY

You do have a personality, bring it on. Use your body, do not let the body use you; gesticulate; use your hands; walk around a fixed position. Make impressions; bring up scenario; tell a story within time constraint; make them laugh and hit the nail on the head.

FINISH BEFORE TIME

There is something about leaving people at the climax, when you begin in time, make your point as succinct as possible, be concise and confident; take your time, pause in between points to allow it to sink into the minds of your audience. Finish well and in time. If you have 10mins for a presentation, there is no crime finishing at the 8th minute. My uncle will always say “leave the stage while the applause is still on”.

BE AUDIBLE

Speak loudly enough to catch your audience’s attention, if there is a provision for a microphone, hold it with one hand for most of the time.

PRACTICE, REHEARSE

As they say, practice makes perfect. It is not just about knowing what to say, you have to practice how you are going to say it. Call a few friends together and rehearse in front of them. Get them to tell you where you are lacking that you should improve on and enjoy yourself. 

My Experience At The ILO’s Global Youth Employment Forum 2019

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The ILO’s Global Youth Employment Forum 2019 ended with deliberations, key action plans, and thoughts that will contribute to the frameworks for today and tomorrow. Through  series of Tripartite fishbowl discussion, Keynote speeches, Roundtable sessions, Tripartite fireside chat panel discussion, and Panel dialogue that featured over 100 young representatives from government, trade unions, workers, employers’ organizations, and civic society organizations from over 60 countries across the world. 

In some of the topical issues, it was clearly marked that young people are anxious about the future of work and what will influence the future of work. The energies of young people, the potential of young people, and the voices of young people needed to be heard.  

In another submission, “Workers were duly recognized as the creators of wealth for the world”. Their input and ideas towards transformative processes needed to be regarded. 

Mr. Guy Ryder, ILO Director General, stated in an action statement during his opening speech that “we need to stop, think and take action”. We need to stop and look at the barriers that exist, the barriers that are impeding us from making progress towards decent jobs creation, do a reflections and brainstorm to come up with ideas and thoughts that will contribute toward achieving the sustainable development goal 8, and collaborate to take practical steps and actions that will ameliorate the effect of over 255 million young people who are unemployed; and over 136 million young people who are working in extremely hard, and  living in poverty. Of which, 60% of these statistics are from Africa.  

We explored innovative and emerging issues that are critical to key economies. With a definite call to action to create framework for enabling youth employment opportunities and enablers within the digital, green, lavender, blue and orange economies. We also engaged in an intergenerational dialogue, reflection, and commitment to champion the call for action from now to 2030. 

An open market for youth employment solutions was also Featured such that 17 selected Young Participants exhibited best practices, new ideas and broadcast recent achievements on youth Employability and Entrepreneurship. 

My work at Social Impact Africa was also selected to be Exhibited. I contributed by discussing key ideas that will reduce youth unemployment, foster partnerships, and prepare for the future of work in rural Nigeria through teaching basic Employability and Entrepreneurship Skills in both primary, secondary and tertiary schools as well as setting up innovation workspaces and hubs that will be devoted to quality R&D in youth unemployment solutions, build strategic partnership, synergy and support towards reducing the unemployment rate within Nigeria. 

There were areas of key action plan which I believe will be of great benefit towards defining the future of work. And they are: 

  • Pro-employment: Discussion on microeconomic policies that will contribute to economic growth and development; 
  • Investment in quality education and skills that are needed by youths and that will help them be relevant in the future.  
  • Promoting youth Entrepreneurship and Employment Solutions.  
  • Been respectful of the rights of young workers. 

I appreciate all the contributions and investment by United Nations Inter-Agency Network on Youth Development and in Partnership with International Labour Organization (ILO) towards promoting decent jobs and Economic growth in Africa and all across the world.

Steal But Never Plagiarize

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There’s nothing new under the sun. Everyone is going through it or have gone through it.
Even as a writer, we all steal. But it should be done in a professional way.
I could be inspired by your work and decide to turn into mine or use it as a basis to write mine.
It is acceptable as long as I give credit to you.

However, there’s a big difference between stealing a writer’s work professionally and plagiarism.

Plagiarism is likened to intellectual laziness. Taking someone’s projects, word-for-word as your own without citation or credit.
It is more like taking your expensive car as mine without your permission. How will you feel about that?

Tim Denning said, ”I don’t care if you plagiarize my posts on LinkedIn. You know why?
First of all, I am honored that you deem them good enough to copy in the first place. It means a lot.”

He further added, ”secondly, even if you take a post that I wrote which has over 10,000 engagements on it and copy it as your own, it won’t have the same result for you.”

Reasons why people plagiarize:

  • To go viral.
  • The feeling of making money by going viral
  • They likened going viral to success

No matter how much you steal another person’s work, you will never get the same results. Besides, it is painting you bad.
The words of the content are not what makes it get high engagements with the world; it’s the person that wrote it and the people who have watched the creators journey over a long period of time.

It is the result of consistency and quality that have been shown over time. You can’t copy become a millionaire by going viral, you become a millionaire by solving problems.
”Even if you do go viral, from experience, it won’t change your life.” – Tim Denning.

When you copy and paste someone else’s work as your own, you are only cheating yourself. It’s like claiming to be a doctor when you know within yourself that you are a farmer. Nothing beats the truth. You can deceive the world but don’t deceive yourself.

Here is what happens to you when you plagiarize other people’s work:

– People will feel deceived
– People will fish you out and show the world how horrible you are.
– You will lose credibility overnight.
– Your reputation is at stake
– You could land yourself in trouble if the creator takes a legal action

There are better ways to copy others work without losing your reputation:
Reach out to them before using it
Give credit to them
Rewrite it in your own words

”That is why I don’t care if you plagiarize my work. It won’t make you a success or go viral.? You can’t beat putting in the work and being honest in the process. There is no shortcut.” – Tim Denning.

Instead of aiming to go viral, aim to give value. When you bring value, you solve problems.
Going viral is for a while but the value you give will stand the test of time.