Archive for 2013

The Power of Prayer for Business

Some integrate prayer in their work life and others avoid it. Here is a practical approach to harnessing the power of prayer regardless of your religious beliefs.
 

 
 
In Vietnam, i have read and have been impressed by the consistency of prayer and ritual in every shop or office. In any establishment, you will typically find a small altar with burning incense and offerings to Buddha and/or Cai Shen. It made me aware of my own use of prayer relating to my business, and my observation of others who do the same in Western culture.
I have certainly witnessed on many occasions the following prayers by people I know:
• Praying to close that big deal.
• Praying to make payroll at the end of the month.
• Praying that your expensive new marketing campaign will work.
• Praying your employees will get it right this time.
• Praying your client won't see the big mistake you made.
• Praying that something not so good happens to your competitors.


But real prayer is about focus and discipline, traits that have great relevance to daily business performance. People of any religion who pray regularly use the dedicated time and ritual to organize their thoughts and feelings. Those who do so daily find meditative value in clearing their mind and grounding their soul, so they can deal with people in a strong, calm, and centered manner. Daily prayer gives you the space to focus on what is really important and at the same time mentally and emotionally prepares you for what ever is coming your way, be it challenge or opportunity. (Hint: It's always both and sometimes in the same occurrence.)
You don't need to be a religious fanatic or even believe in a particular god to use prayer effectively in business. Here are some basic components:

1. Be Thankful

Whether it's God, Buddha, Mother Earth, Allah, Ganesh, the Force or even just the universe around you, express your gratitude for the many wonders of the world and the fact that you get to enjoy them every day.

2. Be Humble

Acknowledge that no matter how successful you are or how many people you employ, you are a small part of something bigger. Accept that your role has impact and requires commitment to make the world a better place.

3. Be Hopeful

There is nothing wrong or selfish about asking the universe for good things to come your way. Prayer connects you with powerful forces to improve your life. But recognize that the universe is not Santa Claus. Ask for that which you are ready to be worthy and deserving.

4. Be Open

So often what I think I want turns out not to be what I really need. And what's more, had I received my original desire, I would never have experienced the events in my life I now treasure most. The universe has its own way of answering prayers. Express that you are open and ready to accept whatever comes and make the most of it.
People ask me all the time if prayer has contributed to my success over the years. It has indeed helped me through challenging times and also helped focus me in abundant times.  Here is how to incorporate these prayer components into daily 10-minute ritual:
1. Begin with a powerful Hebrew prayer, which glorifies God and his kingdom (the world around me).
2. Express gratitude for nature, my health, my family, and my friends, wishing them peace, good health and happiness.
3. Say the following prayers related to business and goals:
• Praised be God, who shows me opportunities, and gives me the courage, strength, and wisdom to pursue them to their fullest extent.
• Praised be God, may you grant favorable results to my business, cash flow, and to all my deals and transactions.
• Praised be God, may you support me in my pursuit of the Awesome Experience.
Prayer is obviously very personal and individual. For some, discussion of a religious subject is taboo when it comes to business. But you don't need to proselytize to benefit from faith and prayer in your daily business life. Just find 10 minutes a day by yourself to focus your soul and be at one with the universe.

Diamond Bank launches Branchless Banking on BankOne platform

London-listed Nigerian banking behemoth Diamond Bank has intensified its focus on delivering financial services to the under-banked in the informal sector by launching its “branchless banking” service on BankOne, a mobile banking application which allows instant account opening and registration. The application is designed and developed by AppZone, a fast-growing technology company. The integration of the branchless banking on the BankOne platform, will allow Diamond Bank acquire and easily migrate all mass market accounts and ensure customers get quality service.

 BankOne shall be deployed alongside Diamond Bank’s core banking platform to ensure an up-to-date record of customers using the new product plus a robust central accounting and reporting system. The pilot phase of this value-added service named ‘Beta Friends’ will involve the recruitment and deployment of agents to the streets of Lagos to promote the new product. These agents will be armed with mobile phones equipped with the BankOne mobile banking application which will enable them to open bank accounts on the field and also issue instant debit cards.
 This unique banking product is tailored to provide target customers with “branchless” access to basic financial services via more than 10,000 ATMs nationwide as well as through numerous mobile Agents. A range of value added services including Mobile Banking, Inter-Bank transfers, and bills payments are also available to customers. To facilitate this, Appzone has integrated the Bankone system into Diamond Bank’s core banking platform to enable real-time visibility of transactions as they occur on customer accounts and integration into Interswitch’s system to facilitate ATM access.
 The partnership between Diamond Bank and Appzone will lead to a significant surge in the number of accounts created for customers in the informal sector which in turn shall contribute to the Bank’s target of delivering quality financial services to customers in this sector of the economy. BankOne is the leading core-banking and electronic payments platform for microfinance and primary mortgage banks. BankOne’s parent company AppZone has partnerships with five commercial banks and two financial switches in Nigeria.

businessdaynigeria.com

30 Things to Stop Doing to Yourself



When you stop chasing the wrong things you give
the right things a chance to catch you.
As Maria Robinson once said, “Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”  Nothing could be closer to the truth.  But before you can begin this process of transformation you have to stop doing the things that have been holding you back.
Here are some ideas to get you started:
  1. Stop spending time with the wrong people. – Life is too short to spend time with people who suck the happiness out of you.  If someone wants you in their life, they’ll make room for you.  You shouldn’t have to fight for a spot.  Never, ever insist yourself to someone who continuously overlooks your worth.  And remember, it’s not the people that stand by your side when you’re at your best, but the ones who stand beside you when you’re at your worst that are your true friends.
  2. Stop running from your problems. – Face them head on.  No, it won’t be easy.  There is no person in the world capable of flawlessly handling every punch thrown at them.  We aren’t supposed to be able to instantly solve problems.  That’s not how we’re made.  In fact, we’re made to get upset, sad, hurt, stumble and fall.  Because that’s the whole purpose of living – to face problems, learn, adapt, and solve them over the course of time.  This is what ultimately molds us into the person we become.
  3. Stop lying to yourself. – You can lie to anyone else in the world, but you can’t lie to yourself.  Our lives improve only when we take chances, and the first and most difficult chance we can take is to be honest with ourselves. 
  4. Stop putting your own needs on the back burner. – The most painful thing is losing yourself in the process of loving someone too much, and forgetting that you are special too.  Yes, help others; but help yourself too.  If there was ever a moment to follow your passion and do something that matters to you, that moment is now.
  5. Stop trying to be someone you’re not. – One of the greatest challenges in life is being yourself in a world that’s trying to make you like everyone else.  Someone will always be prettier, someone will always be smarter, someone will always be younger, but they will never be you.  Don’t change so people will like you.  Be yourself and the right people will love the real you.
  6. Stop trying to hold onto the past. – You can’t start the next chapter of your life if you keep re-reading your last one.
  7. Stop being scared to make a mistake. – Doing something and getting it wrong is at least ten times more productive than doing nothing.  Every success has a trail of failures behind it, and every failure is leading towards success.  You end up regretting the things you did NOT do far more than the things you did.
  8. Stop berating yourself for old mistakes. – We may love the wrong person and cry about the wrong things, but no matter how things go wrong, one thing is for sure, mistakes help us find the person and things that are right for us.  We all make mistakes, have struggles, and even regret things in our past.  But you are not your mistakes, you are not your struggles, and you are here NOW with the power to shape your day and your future.  Every single thing that has ever happened in your life is preparing you for a moment that is yet to come.
  9. Stop trying to buy happiness. – Many of the things we desire are expensive.  But the truth is, the things that really satisfy us are totally free – love, laughter and working on our passions.
  10. Stop exclusively looking to others for happiness. – If you’re not happy with who you are on the inside, you won’t be happy in a long-term relationship with anyone else either.  You have to create stability in your own life first before you can share it with someone else. 
  11. Stop being idle. – Don’t think too much or you’ll create a problem that wasn’t even there in the first place.  Evaluate situations and take decisive action.  You cannot change what you refuse to confront.  Making progress involves risk.  Period!  You can’t make it to second base with your foot on first.
  12. Stop thinking you’re not ready. – Nobody ever feels 100% ready when an opportunity arises.  Because most great opportunities in life force us to grow beyond our comfort zones, which means we won’t feel totally comfortable at first.
  13. Stop getting involved in relationships for the wrong reasons. – Relationships must be chosen wisely.  It’s better to be alone than to be in bad company.  There’s no need to rush.  If something is meant to be, it will happen – in the right time, with the right person, and for the best reason. Fall in love when you’re ready, not when you’re lonely.
  14. Stop rejecting new relationships just because old ones didn’t work. – In life you’ll realize that there is a purpose for everyone you meet.  Some will test you, some will use you and some will teach you.  But most importantly, some will bring out the best in you.
  15. Stop trying to compete against everyone else. – Don’t worry about what others are doing better than you.  Concentrate on beating your own records every day.  Success is a battle between YOU and YOURSELF only.
  16. Stop being jealous of others. – Jealousy is the art of counting someone else’s blessings instead of your own.  Ask yourself this:  “What’s something I have that everyone wants?”
  17. Stop complaining and feeling sorry for yourself. – Life’s curveballs are thrown for a reason – to shift your path in a direction that is meant for you.  You may not see or understand everything the moment it happens, and it may be tough.  But reflect back on those negative curveballs thrown at you in the past.  You’ll often see that eventually they led you to a better place, person, state of mind, or situation.  So smile!  Let everyone know that today you are a lot stronger than you were yesterday, and you will be.
  18. Stop holding grudges. – Don’t live your life with hate in your heart.  You will end up hurting yourself more than the people you hate.  Forgiveness is not saying, “What you did to me is okay.”  It is saying, “I’m not going to let what you did to me ruin my happiness forever.”  Forgiveness is the answer… let go, find peace, liberate yourself!  And remember, forgiveness is not just for other people, it’s for you too.  If you must, forgive yourself, move on and try to do better next time.
  19. Stop letting others bring you down to their level. – Refuse to lower your standards to accommodate those who refuse to raise theirs.
  20. Stop wasting time explaining yourself to others. – Your friends don’t need it and your enemies won’t believe it anyway.  Just do what you know in your heart is right.
  21. Stop doing the same things over and over without taking a break. – The time to take a deep breath is when you don’t have time for it.  If you keep doing what you’re doing, you’ll keep getting what you’re getting.  Sometimes you need to distance yourself to see things clearly.
  22. Stop overlooking the beauty of small moments. – Enjoy the little things, because one day you may look back and discover they were the big things.  The best portion of your life will be the small, nameless moments you spend smiling with someone who matters to you.
  23. Stop trying to make things perfect. – The real world doesn’t reward perfectionists, it rewards people who get things done.
  24. Stop following the path of least resistance. – Life is not easy, especially when you plan on achieving something worthwhile.  Don’t take the easy way out.  Do something extraordinary.
  25. Stop acting like everything is fine if it isn’t. – It’s okay to fall apart for a little while.  You don’t always have to pretend to be strong, and there is no need to constantly prove that everything is going well.  You shouldn’t be concerned with what other people are thinking either – cry if you need to – it’s healthy to shed your tears.  The sooner you do, the sooner you will be able to smile again.
  26. Stop blaming others for your troubles. – The extent to which you can achieve your dreams depends on the extent to which you take responsibility for your life.  When you blame others for what you’re going through, you deny responsibility – you give others power over that part of your life.
  27. Stop trying to be everything to everyone. – Doing so is impossible, and trying will only burn you out.  But making one person smile CAN change the world.  Maybe not the whole world, but their world.  So narrow your focus.
  28. Stop worrying so much. – Worry will not strip tomorrow of its burdens, it will strip today of its joy.  One way to check if something is worth mulling over is to ask yourself this question: “Will this matter in one year’s time?  Three years?  Five years?”  If not, then it’s not worth worrying about.
  29. Stop focusing on what you don’t want to happen. – Focus on what you do want to happen.  Positive thinking is at the forefront of every great success story.  If you awake every morning with the thought that something wonderful will happen in your life today, and you pay close attention, you’ll often find that you’re right.
  30. Stop being ungrateful. – No matter how good or bad you have it, wake up each day thankful for your life.  Someone somewhere else is desperately fighting for theirs.  Instead of thinking about what you’re missing, try thinking about what you have that everyone else is missing.

 

INSPIRATION: Timing is Key!!


This is a post i shared this morning as a note on my facebook page.... http://www.facebook.com/notes/oluwaseyi-oshea-ilubanwo/timing-is-key/10151497709801448
Its exactly 3years,1month and 8days since I wrote a note on this platform (April 20, 2010). As i was preparing for work this morning, I tuned to a radio station (inspirational fm 92.3) which has birth and inspired this note. My wish and prayer is that it will touch and inspire you...
TIMING IS KEY!
Let me start with this illustration; A man with one wrist watch will always be sure of what the TIME says but another man with Two wrist watches might not be able to say for sure what TIME it is. TIMING is everything in life, for everything there is a right TIME; for it to happen or for it to be executed. People often say " I don't have TIME" its a big lie.... Its because the person have failed to plan and misplaced his/her priorities. The Holy book says " There is TIME for everything under the earth " but if You believe that you don't have enough TIME, you tend to procrastinate which makes you to have lesser TIME to achieve your set goals.
You cannot afford to wait for perfect conditions. Goal setting Is often a matter of balancing TIMING against available resources. Opportunities are easily lost while waiting for perfect conditions... So Friend, you'll see that when ever you plan and set a goal, you always meet your target.
I learned that we can do anything, but we can't do everything... at least not at the same TIME. So think of your priorities not in terms of what activities you do, but when you do them. TIMING is everything.....
Don't forget to share with your friends. Good morning...

Cadbury, UBA, PZ lead other large capitalised stocks in returns

In terms of price appreciation, the shares of Cadbury Nigeria plc, United Bank for Africa plc, and PZ Cussons plc outperformed other largely capitalised stocks at the Nigerian Stock Exchange, BusinessDay trend watch has found.
The largely capitalised stocks at the Nigerian bourse make up the NSE-30 index, a basket which tracks the top 30 companies in terms of market capitalisation and liquidity.
Share price appreciation of these companies over a five-month period (January to May) showed that Cadbury Nigeria plc has gained 91.34 percent or N26.49 from N29 as at January 3, 2013 to N55.49kobo at the close of trade on May 31, 2013. In this period, the yield-to-date of the Nigerian Stock Exchange All Share Index stood at 34.60 percent.

Also in terms of returns to equity holders, United Bank for Africa plc came second among companies in the NSE-30 basket after its share price rose by 86.62 percent or N3.95kobo from N4.56kobo to N8.51kobo.
On the other hand, the share price of PZ Cussons plc appreciated by 85.05 percent or N23.44kobo from a year open level of N23.44kobo to N51, placing it on the league of top three in terms of returns,
According to analysts at Meristem Securities, “Across emerging, frontier and developed markets around the globe, Nigeria remains an investment hub for investors desiring good returns. Analysing data across markets show the much of potential returns across instruments that Nigerian markets (fixed income and equities) present.”
Cadbury Nigeria plc, United Bank for Africa plc, and PZ Cussons plc outperformed large cap stocks like UACN plc, Unilever Nigeria plc, Access Bank plc, Diamond Bank plc, FCMB plc,  Fidelity Bank plc, Guaranty Trust Bank plc, Julius Berger Nigeria plc, Skye Bank plc, Union Bank of Nigeria plc, Zenith Bank plc,  Ecobank Transnational Incorporated plc, and GlaxoSmithKline Consumer Nigeria plc.
Other companies that make up this Index are Dangote Flour plc, Dangote Sugar Refinery plc, Flourmill Nigeria plc, Nestle Nigeria plc, Ashaka Cement plc, Dangote Cement plc, Guinness Nigeria plc, International Breweries plc, Mobil Oil Nigeria plc, Nigerian Breweries plc, Total Nigeria plc, Lafarge Cement WAPCO plc, Stanbic IBTC Holdings plc, and FBN Holdings plc.
Following the top three performers in the review period are stocks like Lafarge Cement WAPCO plc; Julius Berger Nigeria plc, and International Breweries plc. The share price of Lafarge Cement WAPCO plc also appreciated by 78.25 percent or N43.04kobo from N55 to N98.04kobo; Julius Berger Nigeria plc gained 62.34 percent or N21.6kobo from N34.65kobo to N56.25kobo; while International Breweries plc garnered 62.22 percent or N10.08kobo from N16.2kobo to N26.28kobo.
“The Nigerian bourse remains relatively attractive on a comparative basis with other emerging and African markets. The equities market remains largely positive relative to the general mood of 2012. We expect the continuous flow of foreign funds which will possibly be buoyed by expectations of impressive second-quarter (Q2) results to keep the market upbeat; comparable macros seem to align with this assertion. A comparative analysis of emerging markets, developed markets and frontier markets reveals that the NSE All Share Index (ASI) has a lower Price-Earnings (PE) ratio, suggesting that the market is fairly undervalued when compared to these markets. Though some stocks have significantly gained in the year, some others remain fundamentally underpriced,” Meristem analysts added.
Our trend watch on other large cap stocks showed that UACN plc gained 38.10 percent, or N16 from N42 to N58; Unilever Nigeria plc rose by 44.22 percent or N20.85kobo from N47.15kobo to N68. Access Bank plc rose by 18.77 percent or N1.77kobo from N9.43kobo to N11.20kobo. Union Bank of Nigeria plc rose by 51.07 percent or N3.83kobo from N7.5kobo to N11.33kobo. Dangote Cement plc gained N66 or 52.8 percent from N125 to N191.
Also, Stanbic IBTC Holdings plc rose from N11 to N16.01kobo, adding N5.01kobo or 45.55 percent. Dangote Sugar Refinery plc garnered N2.8kobo or 41.79 percent from N6.70kobo to N9.50kobo. Ashaka Cement plc rose from N18.40 kobo to N27, after adding N8.6kobo or 46.74 percent. Nestle Nigeria plc appreciated from N700 to N1001.01kobo after its share price gained N301.01kobo or 43 percent.
Diamond Bank plc gained 35.29 percent or N1.8kobo from N5.10kobo to N6.90kobo. FCMB plc gained 11.11 percent or N0.5kobo from N4.50kobo to N5. Fidelity Bank plc garnered 24.19 percent or N0.6kobo from N2.48kobo to N3.08kobo. Guaranty Trust Bank plc rose from N25.05kobo to N28.50kobo, representing N3.45 gain or 13.77 percent.
The share price of Zenith Bank plc appreciated by N2.4kobo or 12.12 percent from N19.80kobo to N22.20kobo; Ecobank Transnational Incorporated plc rallied by 36.55 percent or N4.09kobo from N11.19kobo to N15.28kobo;  and GlaxoSmithKline Consumer Nigeria plc gained 28.60 percent or N12.9kobo from N45.10kobo to N58.
Also, Dangote Flour Mills plc gained 12.20 percent or N1 from N8.20kobo to N9.20kobo; Flour Mills of Nigeria plc gained 36 percent or N23.4 percent from N65 to N88.40kobo. Nigerian Breweries plc gained 18.44 percent or N27.7kobo from N150.21kobo to N177.90kobo; Total Nigeria plc gained 36.02 percent or N43.43kobo from N120.57kobo to N164; FBN Holdings plc rose by 10.50 percent or N1.72kobo from N16.38kobo to N18.10kobo; while Mobil Oil Nigeria plc gained 8 percent or N8.75kobo from N109.25kobo to N118.
Equity holders of Skye Bank plc and Guinness Nigeria plc were not favoured in the period under watch following the decline in both companies’ share price. Skye Bank plc lost 5 percent or N0.25kobo in the five-month period from N5 to N4.75; while Guinness Nigeria plc declined by 0.27 percent or N0.75kobo from N276.75kobo to N276.

[businessdaynigeria.com]

Aliko Dangote Is Africa's First $20 Billion Man - Forbes


Dangote has been named Africa's first $20billion man, thus becoming one of the top 25 richest people in the world.

From Forbes
Nigerian billionaire and Africa’s richest man Aliko Dangote has become the first African entrepreneur to lay claim to a $20 billion fortune as the stock value of his largest holding, Dangote Cement, leaped just about three-fourths since March when Forbes released its annual ranking of the world’s richest people.
Aliko Dangote’s 93% stake in the cement company is now worth $19.5 billion. Add this to his controlling stakes in other publicly-listed companies like Dangote Sugar and National Salt Company of Nigeria and his significant shareholdings in other blue-chips like Zenith Bank, UBA Group and Dangote Flour; his extensive real estate portfolio, jets, yachts and current cash position, which includes more than $300 million in recently awarded Dangote Cement dividends, Dangote is now worth more than $20 billion.
Put into context, the Nigerian billionaire is now among the top 25 richest people in the world, richer than Russia’s richest man, Alisher Usmanov, richer than India’s Lakshmi Mittal and running neck and neck with India’s Mukesh Ambani. He is catching up to such Americans as Google’s billionaire founders Larry Page and Sergey Brin.

The unprecedented surge in Dangote Cement’s share price is largely a market response to the company’s impressive 2013 Q1 results.

The cement manufacturer’s unaudited results for the three months ending March 31 showed that the company’s pre-tax profit rose to $339 million, representing an 80.6% increase from last year and a strong indicator of the company’s future earning potential. The results also indicate a 79.5 % rise in its earnings per share over the corresponding period last year.

Explaining the company’s share price boost in an email to Forbes, Carl Franklin, Dangote Cement’s Head of Investor Relations in the U.K said that in the first quarter of 2013, the company had a huge increase in demand across Nigeria, gas supply improved considerably and the capacity was much more ramped up.

“So Q1 was the first sign of just how profitable we can be in Nigeria. The amazing thing is that 66% of our gas-fired production in Q1 was done at 84% gas. Imagine what would happen to margins if we did the same amount at 95%. This has given investors a good sense of what we can really do when everything goes in the right direction,” Franklin said.

With a current market cap of $20.5 billion, Dangote Cement becomes the first Nigerian company to achieve a market capitalization of over $20 billion.

“It’s certainly a landmark for a Nigerian company and we’re proud to be the first to achieve it. Obviously we are focusing on building long-term and sustainable value for shareholders through our investments in Nigeria and Africa. Nigeria is a very entrepreneurial country and I can assure you that other companies will follow us in achieving this.”

Other companies might eventually achieve this, but it’s going to take a bit of time. Dangote Cement currently accounts for more than a quarter of the total market capitalization of the Nigerian Stock Exchange. The second largest company on the Nigerian Stock Exchange (NSE) is currently Nigerian Breweries, West Africa’s largest manufacturer of Alcoholic and non-alcoholic beverages. The company has a market cap of $8.5 billion.

Dangote debuted on the FORBES billionaires list in 2008 with a fortune we pegged at $3.3 billion. His fortune dropped to $2.5 billion in 2009 and plunged further to $2.1 billion in 2010. His fortune surged  557% in 2011 to $13.8 billion after he took Dangote Cement public. He dropped to $11.2 billion in last year’s rankings, but rebounded at $16.1 billion this year. Since March, his fortune has jumped another 30%.

Dangote was destined to shine in business. At age 8, he apparently gave packets of sweets he had made to the house servants to sell for him. His father Mohammed Dangote was a successful businessman and an associate of his maternal uncle Alhaji Sanusi Dantata. Dantata and his brother controlled the trade in kola nuts and livestock conducted by 200 agents. Dangote started building his fortune over three decades ago after taking a loan from Sanusi Dantata. He started trading in commodities like flour, sugar and cement.

He became a billionaire by later manufacturing these items. He started making pasta, salt, sugar and flour in 1997. But he found his gold mine in cement, when he was awarded a government’s state owned cement business in 2000 and began building his own plant in 2003. He listed Dangote Cement in 2010.

Today, it is Africa’s largest cement company providing cement to Nigeria and other African countries that otherwise would likely have to pay to import much of the materials.

Dangote still likely has bigger ambitions. He told Forbes Wealth Editor Luisa Kroll at Davos in 2011 that he expected his firm to have a market cap of $60 billion within five years. At $20.5 billion, Dangote Cement still has a long way to go to live up to that dream, and while it is quite unlikely that Dangote Cement could hit a $60 billion Market Cap by 2016, don’t write it off as ‘impossible’. With Dangote, you never know.

FG to create 3.5 million jobs in Agric sector by 2015 –Okonjo-Iweala

In a bid to reduce its teeming unemployed population, Nigeria will generate about 3.5 million jobs in the agricultural sector by the end of 2015.
jobs in Nigeria

This was disclosed at the weekend by Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, at a briefing by African Ministers of Finance at the ongoing World Bank/IMF meeting in Washington DC.
Okonjo-Iweala said this is achievable due to investments the Federal Government has made in the sector in the last few months, leading to an improvement in the value chain, and the way agriculture is being carried out in the country.

According to the minister, “It is important that once you have established micro economic stability, you should be able to look at how the growth is impacting, and that is why the Nigerian government has taken some steps to ensure that we create jobs and also improve on the standard of living of the people.
“For instance, we are planning to be self-sufficient in rice production by 2015, and that is why the current Minister of Agriculture has said that agriculture is no longer to be seen as a project, but as a business”, she added.
She emphasised the need for African countries to work harder at creating their own markets, work on internal demand and reduce barriers among African nations, to be able to stimulate growth and reduce the continent’s vulnerabilities.
She said the continent is concerned about its growth rate and that is why it is saying that the Eurozone and other developed countries need to work harder so that growth rate in those regions does not slow down, as that will affect African countries.
Okonjo-Iweala also disclosed that African countries are now looking at how to attract private sector activities in order to confront some challenges they face.
“We know growth is uncertain and because of the impact of the demand of our products, we also face some vulnerability; and also, there is the problem of youth unemployment and infrastructural deficiencies, among others.
“We know all of these exist and we are working hard in our respective countries to tackle them so that this growth can be translated to wealth in the lives of the citizenry”, she said.
She therefore called on African nations to strengthen corporation within the region to help the continent put in place a development framework that will be good for the entire continent

HTC by Matthew Appleton


This business may have estimatedtheir revenue by looking at past results and comparing their curent prices and products with the prices and products of their competitors. This will allow them to see into the minds of their customers and tell them if they should increase funds in advertisements or lower their prices.

For the development period, the company needs to be able to accommodate a loss and afford to fund the product itelf. The product may, upon launch, continue to be a loss for the business (advertisements, press conferences, events) until the growth phase. At this point, the incme should raise and reasult in profit for the business. As a result of this cycle, the business is in bigger tension in the risky period of development and especially launch.

An objective needs to be realistic, achievable and take into account the resources available. An example would be to impriove their market share standing by 15% in the next year. In a start up business, objectives would mainly revolve around starting success.

To add value to a product, the company could include an extra feature, such as improve the HD screen. For a cheaper addition in value, the company could incluie a deal, such as HTCs current free 25GB offer.

China Wants to Ban Superstition, Mandate Science

china
China's on a mission to ban superstition, according to Reuters. In a rare public forum, the head of China's State Administration of Religious Affairs, Wang Zuoan, announced the government's official position on religion: that it pretty much sucks.
And toss out those fortune cookies while you're at it. Zuoan told state-run newspaper, the Study Times:
For a ruling party which follows Marxism, we need to help people establish a correct world view and to scientifically deal with birth, ageing, sickness and death, as well as fortune and misfortune, via popularizing scientific knowledge.

Zuoan ascribed China's rising fervor for the hip, new trend of religion to China's economic boom, which made people want to search for something reassuring amidst their newly complex lives.
China's religious population is at least 100 million people, with Christians, Muslims, Buddhists, and Daoists comprising the majorities. They're all technically protected by their constitution, but rights groups note that the country controls religion with an iron grip, says Reuters.
Earlier this month, a Chinese lawyer said he was beaten up by 10 police officers after being told he couldn't defend practitioners of Falun Gong, a spiritual practice which officials call an "evil cult", Reuters reported.
Luckily (if that word is still allowed), Zuoan acknowledged that he can't turn China atheist in a single night. "Religion has been around for a very long time, and if we rush to try to push for results and want to immediately 'liberate' people from the influence of religion, then it will have the opposite effect and push people in the opposite direction," he said.
[Image via Shutterstock]

10 Eye-Opening Books Every Entrepreneur Should Read


These books reveal the truth of how organizations really work, and it's not pretty.
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As anyone who reads this column knows, I'm a huge proponent of positive thinking.  However, positive thinking is delusional unless it's based upon a clear understanding of how the business world really works.
Put another way: We can't make the world a better place unless we can first see things as they really are. I've already pointed you at the "Top 10 Motivational Books of All Time" in order to help you prepare to make the world for the better.
The books on this list show you exactly what we're up against.

10. How to Lie With Statistics

Darrell Huff's classic 1954 tome explains how business people, politicians, and the news media misuse "the truth" specifically to mislead. As a touchstone and reality check, this book keeps you from being duped by others. As a weapon, this book gives you vast power over the ignorant masses. Please handle with great care.
Best quote: "A well-wrapped statistic is better than Hitler's 'big lie'; it misleads, yet it cannot be pinned on you."


9. The No Asshole Rule

As much as we all wish it were different, there's no denying that some people are jerks and that sometimes we're going to end up working with them. The expletive in the title sets the tone for this book, which also provides suggestions for avoiding, transcending, or even utilizing these inevitable corporate sphincters.
Best quote: "Two-faced backstabbers...who have enough skill and emotional control to save their dirty work for moments when they can't get caught, are tougher to stop--even though they may do as much damage as a raging maniac."

8. The 4-Hour Workweek

Hard work and long hours are the key to success, right? Well, maybe not. In this widely praised (and criticized) book, author Timothy Ferriss asks you to rethink the concept of work, revealing the sad truth that 90 percent of what you're doing may be not just unnecessary but actually detrimental to achieving the life you desire.
Best quote: "Alternating periods of activity and rest is necessary to survive, let alone thrive. Capacity, interest, and mental endurance all wax and wane. Plan accordingly."

 
7. The Peter Principle

Most businesses aspire to create meritocracies where the brightest get promoted while the mediocre get culled out of the company. Unfortunately, there's a downside to this strategy, according to authors Laurence Peter and Raymond Hull. As companies grow and change, all staff members (including CEOs) end up in over their heads.
Best quote: "Anything that works will be used in progressively more challenging applications until it fails."

6. Crazy Bosses

The business press tends to lionize the heads of large corporations, treating them as giants among the rest of us mere mortals. This classic by Stanley Bing reveals the petty side of corporate privilege: the extreme narcissism of the powerful and privileged psychopaths who've clawed their way to the top.
Best quote: "After nearly 6,000 years of evidence on the subject, one thing stands clear: the people who end up as leaders in any organization, large or small, are often the craziest guys around."

5. 21 Dirty Tricks at Work

In this horribly fascinating book, authors Mike Phipps and Colin Gautrey explain the most common ways that bosses, co-workers, and employees attempt to manipulate one another. More important, it provides specific advice for thwarting these attempts and getting what you want at work.
Best quote: "Dirty tricks are more than just a career-threatening nuisance; they also form part of the political backdrop to all the great recent organizational scandals.

4. Don't Bring It to Work


Ever wonder why some people act childishly at work? Wonder no more. Workplaces have a tendency to reproduce the family dynamics of the people who work there, explains author Sylvia LaFair. She describes the dysfunctional types, then provides suggestions to help them evolve beyond their emotional limitations.
Best quote: "The reason most organizational programs abort is that they fail to deal with our life patterns, which are at the foundation of workplace anxiety, tension and conflict."

3. Poorly Made in China

According to author Paul Midler, the real story behind outsourcing to China isn't how much cheaper it is to manufacture there; it's how Chinese manufacturers destroy product quality and weaken brand names. Once you read this, you'll know why just about everything you can buy in the U.S. (but made in China) feels like a second-rate replica.
Best quote: "American companies...were no match for savvy Chinese industrialists who often went out of their way to manipulate product specifications to widen profit margins."

2. The Complete Yes Minister


Based on the acclaimed BBC TV program of the 1980s, this hilarious book describes exactly how faceless, nameless bureaucrats wield the vast power of inertia to frustrate attempts by clueless "leaders" to move organizations in new directions. Read it once, read it twice, and you won't get fooled again.
Best quote: "It's called 'the law of inverse relevance': the less you intend to do about something, the more you have to keep talking about it."


1. The Dilbert Principle

Still one of the best (and certainly the funniest) business books ever written. Author and cartoonist Scott Adams looks into the very soul of the business world and captures the absurdity of much that takes place there, puncturing every bloated corporate balloon that ever floated past a cubicle.
Best quote: "We're a planet of nearly six billion ninnies living in a civilization that was created by a few thousand amazingly smart deviants."

5 Most Destructive Phrases in Business

To be a better business leader, you need to avoid these five destructive phrases like the plague.

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How often have you been in a productive business meeting only to have it come to a grinding halt because of something someone said? It happens all the time. A negative comment or a pessimistic concern can not only bring down morale, it can derail an entire strategy. I am convinced that there is no limit to what a team can accomplish if they were to eliminate these five destructive phrases.

1. "I can't (fill in the blank)."

Few other words in the English lexicon irk me more than the word "can't." Okay, technically, it is two words conjugated. Nevertheless, "can't" is a killer. It is one of the most commonly used ways of dodging and dishing off responsibility. It is just another way of saying "won't," as in "I won't do what I need to do to get it done." Remember, whether you think you can or think you can't...you're right.

2. "That's not the way it's done."  

Like every paradigm throughout history, at some point or another, things change. Conducting business status quo may keep you on the current trend, but to be a standout, you must do and think unlike anyone else. Great ideas and concepts come from disruptors who drive outside the lines, and nothing revolutionary ever came from doing things "the way they are done."

3. "That's impossible."

My dad once told me that the only thing that is impossible is for a man to have a baby.  Everything else is in the realm of possibility. I replied by saying, "You can't make the sky green." He then proceeded to draw a picture and color the sky green. It was an exaggeration, but I got the point. We are limited only by the limitations we place on our own realm of possibility. And, by his rationale, even my dad was wrong.  Arnold Swartzenegger had a baby.

4. "If we only had money."

Many entrepreneurs and managers, myself included, often dream and quip of the endless business possibilities we would have if only we had the flexibility of a huge financial war chest at our disposal. Unfortunately, you do not have Apple's $150M cash reserve, so get used to it. Remember, however, that even Apple started out in a garage with very little money.

5. "The problem is (fill in the blank)."

There are 7 billion people in the world. Of them, 6.999 billion of them are really, really good at identifying problems (note: that is not a scientific study). The rest are the successful business leaders who are really, really good at identifying solutions. The only time the word "problem" should come up in a meeting is if it is preceded with the words "I think I've have found a solution to the ..."
If you want to differentiate yourself as a business leader, then 86 these phrases from your vernacular. It goes beyond thinking positively, as you need to act positively as well. And, in order to encourage your colleagues to do the same, I suggest having a "Phrase Jar" at your next meeting. Punish anyone who utters one of the above phrases by requiring them to contribute one dollar to the jar. Require them to deposit two dollars for the word "can't."  It is that destructive and annoying, and let's face it, it is actually two words conjugated.
What other phrases do you find destructive? Please share below!

NIGERIA: 185 Killed, 2000 Houses Razed In Borno Town As Soldiers And Boko Haram Fight


At least 185 persons including women and children were reported to have been killed by either gunshots or fire after suspected Boko Haram gunmen engaged soldiers of the Joint Task Force in a deadly shootout that left the commercial border town of Baga in Borno State completely burnt down.
Local government officials, who spoke to PREMIUM TIMES, said 185 persons died, at least 2000 houses, 64 motorcycles and 40 cars were burnt in the wake of the attack.
The Borno State Governor, Kashim Shettima, visited the town on Sunday and was told by residents that soldiers were responsible for the torching of houses that led to the death of many.
PREMIUM TIMES gathered that scores of others are currently hospitalised with various shades of burnt injuries.
Residents said most casualties, especially the aged ones and children, died as a result of the conflagration that engulfed the entire town.
Governor Kashim Shettima, who visited the town on Sunday, became emotionally drenched at the sight of charred houses,vehicles and how homeless residents took refuge in the bush.
The Commander of the Task Force, Brigadier General Austin Edokpaye, explained that the fire that consumed the town and resultant deaths should be blamed on the Boko Haram terrorists who opened fire on soldiers while hiding in the mix of civilians.
A local trader in Baga told PREMIUM TIMES that the attack started at about 8 p.m. on Friday and was continued the next day.
“Only God can understand what we have done to deserve this. But the soldiers were mindless that night in their approach; they killed and burnt our houses, chased everyone into the bush including women and children. So far we have buried 185 corpses. – some were burnt beyond recognition; others are hospitalised with various degrees of burnt,” said the resident who begged to remain anonymous.
Governor Shettima who drove through the burnt town amidst heavy motorcade of security personnel condemned the incident which he said was a ‘nasty occurrence’.
At the town’s hospital, the governor had to commiserate with women, children and aged men receiving treatment for various degrees of burnt caused by the fire.
Bashir Isa, a grocery merchant, told PREMIUM TIMES that “everyone has been in the bush since Friday night; we started returning back to town because the governor came to town today.
“To get food to eat in the town now is a problem because even the markets are burnt. We are still picking corpses of women and children in the bush and creeks.”
Brigadier General Edokpaye denied allegations by residents that the shootout was unprovoked.
“We lost an officer during the attack on our men on patrol. We’ve received an intelligence that some suspected Boko Haram members usually pray and hide arms at a particular mosque in town. It was around that mosque that our men were attacked with several of them injured and an officer died.
“When we reinforced and returned to the scene, the terrorists came out with heavy firepower including RPGs which usually has a conflagration effect,” the army chief said.
Governor Shettima pleaded with fleeing residents to return to their burnt homes as a committee had been empannelled to provide a palliative compensation for the loss they suffered.
He also called on the commander to “take full charge” of his operation and ensure he personally supervises his field officers from time to time “in order to avert such nasty incidences in the future.”

3 Phrases That Will Get You Noticed

When these phrases are used appropriately and wisely in group and team situations, they will put you in a natural leadership position.

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I spend a lot of time helping leaders with succession planning--essentially, helping them develop other leaders.
What's interesting is what happens just before the developing begins.
Truth is, leaders aren't developed from scratch. What happens instead is that someone is first recognized as a potential leader and then the development begins.
So what is it that leaders look for in those they think might have the potential for leadership? How are future leaders recognized? By a lot of things, obviously, many of them idiosyncratic to the corporate environment within which they will work.
However, when I help senior executives make this decision, one thing comes up frequently: how the leadership candidate conducts him- or herself in group situations--and specifically, how he or she contributes to group discussions.
There are three phrases in particular, variants of which I hear remarked upon time and again when they're used appropriately and wisely in group and team situations:


1. "I have nothing to add."

You know the person who simply has to contribute to every single item under discussion, irrespective of whether or not he or she has anything of note to contribute? Don't be that person.
Doing so shows only fear (that you might be outshone by someone else if you don't speak to every point) or bumptiousness (you believe you actually do know something about everything under discussion, however esoteric).
Be confident in your own potential leadership abilities to simply state you have nothing to add when, um, you have nothing to add.

2. "I don't understand what you mean by..."

Don't want to seem stupid in front of colleagues? Fearful that if you don't know the meaning of every acronym thrown around that you'll be dismissed as not "with it"? Get to the back of the succession line.
Potential leaders talk like 6-year-olds when necessary. "I've never heard that phrase in this context before--could you help me understand what you mean by it?" won't get you laughed at (unless you work with jerks, in which case, you have deeper problems). It will get you recognized as genuine and trustworthy.

3. "I recommend that we..." 

There's a type of team member who will avoid making any statement that involves some risk on his or her part. Whether it's being asked to express an opinion or make a recommendation, he or she will wiggle like a trapped squirrel rather than be definite about his or her own views.
This usually comes out of a fear of being wrong (sometimes it's genuine shyness, but that's rarer than you'd think), and people who are afraid of ever being wrong don't make good leaders.
I don't suggest that you start throwing around your opinions on every matter under the sun (see Point One above), but if you want to be considered for future leadership, I do recommend you fully think through those issues in which you are involved and make your recommendations clearly and without vacillation (opinions can come later; share them if and when you're asked).
Want your leadership potential to be recognized? Try using these three phrases--or whatever version of them you're comfortable with--next time you're working in a group or team.


Tim Horton’s Doughnuts

How did this business estimate revenue/costs?

This business would have measured their reach globally amongst consumers and profiled them according to their spending habits. They would have also gotten quotes from different suppliers of raw ingredients and the machinery associated with doughnuts, they would also evaluate if they need more employees for their new products and factor that in to their cost. Their costs would also increase because they need to promote their new doughnuts and might even need to expand into new markets for their special doughnut. They would also factor in the change in logistics and adapt accordingly.


Sources of Finances:
Every business needs finance. There are a number of financial support sources firms can use to obtain funding. Some sources of finance are short term, which means they have to be paid back within a year whilst others are long term; this means they can be paid back over many years.
Internal sources of finance are funds found inside the business. EG, profits can be kept back to finance expansion. Alternatively the business cans sell assets (items it owns) that are no longer really needed to free up cash.
External sources of finance are found outside the business. EG, banks.

Sources of external finance to cover the short term include:
•         An overdraft facility, where a bank allows a firm to take out more money than it has in its bank account.
•         Trade credits, where suppliers deliver goods now and are willing to wait for a number of days before payment.
•         Factoring, where firms sell their invoices to a factor such as a bank. They do this for some cash right away, rather than waiting 28 days to be paid the full amount.

Sources of external finance to cover the long term include:
•         Owners who invest money in the business. For sole traders and partners this can be their savings. For companies, the funding invested by shareholders is called share capital.
•         Loans from a bank or from family and friends.
•         Debentures are loans made to a company.
•         A mortgage, which is a special type of loan for buying property where monthly payments are spread over a number of years.

Here is a helpful PowerPoint about all the different sources of finance. http://www.docstoc.com/docs/55448428/Different-Sources-of-Business-Finance---PowerPoint

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