Business

Hobby or NGO?
1

Luqman Adeoye

Molumo

Director ± Ideal Global Investment Resources Limited Director ± ISRAL Manufacturing Company Limited Director ± IRC Limited Director ± De Ideal Agro Allied Services Limited Director ± cetis mira limited

2

What is Business?

3

1. Business

according to web definitions

‡ a commercial or industrial enterprise and the people who constitute

it. ‡commercial enterprise: the activity of providing goods and services involving financial and commercial and industrial aspects. ‡occupation: the principal activity in your life that you do to earn money.

‡A business (also called a company, enterprise or firm) is a legally recognized organization designed to provide goods and/or services to consumers. ...
4

Business characteristics
‡ Creation

of utilities: Business denotes creation of utility

and service for satisfaction of human wants. Business helps in the creation, distribution and production of utilities. ‡Recurring activities: Business activities are recurring in nature. Recurring purchase and sales are regarded as identifying marks of the business.
5

6 . Because of this reason goods acquired for the sake of personal consumption are excluded from business. ‡ Mutual benefit: Business activities are not sided affairs because both the parties are benefited.Business characteristics ‡ Transfer cont¶d of title: The goods produced or purchased by the business are made with the intention of sale or transfer of title from the seller to the buyer. The buyer gets the benefit of having the goods and the seller gets the benefit of having money.

7 .Business characteristics ‡ Expectation cont¶d of earning: Business provides a way of living to the businessman because he intends to earn profit.

Critical Success Factors for Business 8 .

and your focus on them is key..... and to secure your financial future. Ultimately. more visible examples. Without profits (or deep pockets). your employees. 9 .. your vendors and suppliers. And. The current banking and financial crisis immediately comes to mind.Critical Success Factors for Business ‡ Profits are essential for your business to succeed .. Profits make the difference between the success or failure of your enterprise. You don't have to look far to find examples of businesses imploding due to lack of profits.they are what pays you.. those are just some larger. to pay your bills.. profits are the essential key ingredient for business survival .. small businesses are at even more risks... you can't last long. The very existence of your business depends on a steady-stream of profits. They're the essence of being in business and are the fruits of your labor.. your salary...

managers and professionals are completely unaware of their lost profit opportunities. the customers/clients that receive only occasional communications (if any). wasted utilization of assets. cross-sells and add-on sales that could have been part of a given transaction. Here again. and advertising process as a total package . capital. energy. 10 .and you can begin to see a sad pattern. business owners.and are limiting their incomes without even knowing it. the unrealized intangible opportunities that exist in your customer/client or vendor/supplier relationships . In many cases. or under-realized profit potential in your transactions. Just think of all the leads that don't get proper follow-up. marketing. you won't have to look far for examples.and capture the money that most businesses miss.. test. It's a pattern of profit opportunities gone by.. Think about your sales.. and resources produce more for you .and create.Critical Success Factors for Business cont¶d ‡ Most businesses miss profit opportunities on almost every transaction or customer/client relationship . the up-sells.. and put in place processes that take advantage of strengths in your business. Make your expenditure of time.

bulk sales (wholesale).you stand a better chance of leveraging your business in new ways. and so on.that is. 11 . joint ventures. relying on only ONE primary source of profit? The majority of businesses rely on fewer than five profit sources .Critical Success Factors for Business cont¶d ‡ Stability and security comes from creating a "Web of Profits" in your business. an interconnected approach that integrates a variety of profit sources and activities together into a single unit of functionality . when you create a "Web of Profits" in your business . even worse.and think in terms of "profit centers. Do you have a number of different sources within your business to support you? Or. But. are you relying on only a few? Or. a collection of different channels of profit from individual sales of products or services (retail). ownership interests. licensing and/or other arrangements." In other words.

an interconnected approach that integrates a variety of profit sources and activities together into a single unit of functionality . bulk sales (wholesale).and think in terms of "profit centers. a collection of different channels of profit from individual sales of products or services (retail). Do you have a number of different sources within your business to support you? Or." In other words. when you create a "Web of Profits" in your business . joint ventures. even worse. and so on. are you relying on only a few? Or. 12 .you stand a better chance of leveraging your business in new ways. licensing and/or other arrangements.that is. relying on only ONE primary source of profit? The majority of businesses rely on fewer than five profit sources .Critical Success Factors for Business cont¶d ‡ Stability and security comes from creating a "Web of Profits" in your business. ownership interests. But.

Critical Success Factors for Business cont¶d Understanding of Market: ‡Sensitivity to changing market needs ‡Understanding of how and why customers buy ‡Innovative response to customer needs ‡Consumer loyalty ‡Linkage of technology to market demand ‡Knowing when to shift resources from old to new products ‡Long-term view of market-development and resources ‡Ability to target and reach segments of market ‡Identification and positioning to fulfill customer needs ‡Unique positioning advantage ‡Strong brand image and awareness ‡Understanding of competitors' capabilities and decision rules ‡Prevention of price wars ‡Aggressive commitment when required ‡Maximizing payback from marketing response to resources 13 .

Critical Success Factors for Business cont¶d Decision making: ‡Marketing research quality ‡Information system power ‡Analytic support capability ‡Develop human resources ‡Attract the best personnel ‡Managerial ability and experience ‡Quick decision and action capability ‡Organizational effectiveness ‡Learning systematically from past strategies 14 .

What is a hobby? 15 .

drawing.Reading. telling stories etc. 16 . often in one's spare time. watching TV and movies. talking. Hobby according to web definitions ‡ avocation: an auxiliary activity ‡A hobby is an activity or interest that is undertaken for pleasure or relaxation. listening to music.1. ‡Examples include . collecting stamps.

Why is hobby important? 17 .

Why hobby is important in our life? All work and no play makes jack a dull guy! 18 .

Why is hobby important in our life? Cont¶d It¶s important to me to have somewhere where I can temporarily shut my worries away. some persons have an impulse to do a certain activity and they focus their attention and energy on the accomplishment of that ³project´. Besides spending times with our families. That is what happens when one has a HOBBY! 19 . I am then able to focus on something that in the long run might achieve something really positive.

Reveals a Talent or Passion: Hobbyists often find a talent or passion they may not have known they had before. 20 . Others might find they have a niche for or some other craft after only one attempt. But the only way you¶ll ever discover this hidden talent is to try. People tend to think more clearly when enjoying their favorite hobby. only to find out they¶ve always had a hidden talent for playing it anyway. The first step is to find something that you¶re interested in. The mind wanders and hobbyists often come up with some of their best ideas while enjoying their favorite time-passing activity.Why is hobby important in our life? Cont¶d Time for Ourselves: One of the biggest advantages of a hobby is it allows for quiet time. you might find that you¶re better at it than you ever could have guessed. without the distractions of the outside world to bother them. Some people have sat down at the piano to learn how to play. From there.

Hobbies Offer a Time of Relaxation: Most hobbies are an ideal way to relax.Why is hobby important in our life? Cont¶d Use a Hobby as a Networking Tool: Depending on your hobby. you may have the opportunity to meet new people and with the importance of networking this is always a good thing. Coming home from work and sitting down to enjoy your favorite pastime helps to take your mind off of the stresses of the day. Hobbies have a way of implying you enjoy working with others because most hobbies are not individual activities. Hobbies also help you unwind before bed so you can get a better night¶s sleep. forums and clubs that are specifically designated for many particular hobbies. You¶ll find hundreds of message boards. 21 .

What is NGO? 22 .

NGO ‡ This according to web definitions is a widely used term for various organizations that are not part of government. «is almost synonymous with nonprofit or voluntary organization. The term is not usually used for corporate enterprise. environment and human rights. nor for religious institutions.1. particularly those focusing on development. 23 .

The International Covenant of Civil and Political Rights.Characteristics of NGOs Voluntary: NGOs are formed voluntarily by citizens with an element of voluntary participation in the organization. whether in the form of small numbers of board members or large numbers of members or time given by volunteers. and controlled by those who have formed them or by elected or appointed boards. Independent: NGOs are independent within the laws of society. developed by the United Nations in 1966 and since ratified by 135 countries. The legal status of NGOs is based on freedom of association²one of the most basic human rights. grants the right to assemble. 24 .

or prospects of people or society as a whole. engage in revenue-generating activities. 25 . Not self-serving in aims and related values: The aims of NGOs are to improve the circumstances and prospects of people and to act on concerns and issues detrimental to the well-being. NGOs have employees who are paid for what they do. Boards are not usually paid for the work they perform. but may be reimbursed for expenses they incur in the course of performing their board duties. NGOs may. in many countries. circumstances. Like other enterprises. but must use the revenue solely in pursuit of the organization¶s mission.Characteristics of NGOs Not-for-profit: NGOs are not for private personal profit or gain.

Back to the beginning« 26 .

Back to the beginning« Business. 27 . Hobby or NGO? Questions you must answer.

5. Do you have more than just an intention to engage in business? If you are still setting up or preparing to go into business. Do you have a purpose of profit as well as a prospect of profit? It is important that you are able to show how the activity can make a profit. even if it does not make a profit in the short term. Does your activity have a significant commercial purpose or character? Consider whether the activity is carried on for commercial reasons and in a commercially viable manner. 4.Back to the beginning« 1. you might not have actually begun business yet. 6. Is there repetition and regularity to your activity? Consider whether you undertake at least a minimal level of activities appropriate to your industry. 2. 3. 28 . Is your activity of the same kind and carried on in a similar manner to businesses in your industry? The manner of operation is consistent with industry norms.

licences or qualifications. organised and carried on in a business-like manner? This may be indicated by: business plan. and a registered business name. Is your activity better described as a hobby. scale and permanency of your activity? It is more likely that your activity constitutes a business if the size and scale of your activity is: consistent with businesses in the same field or with industry norms. What is the size. recreation or sporting activity? If the manner in which you undertake your activity shows that it is more properly considered a hobby. even if not in the short term. 7. 8. 29 . Is your activity planned. However. and sufficient to allow you to make a profit. then it will not constitute a business.Back to the beginning« 6. a hobby may turn into a business. recreation or sporting activity.

and whether you have a business plan. Other factors that may be taken into account when considering whether a business exists include: how much time you put into the business activity whether there is significant capital investment from yourself or others the extent of advertising whether the activity involves the exercise of specialist skills.Back to the beginning« 9. 30 .

TakeTake-Aways «just realities ­ WHY YOUR BUSINESS MAY N 31 .

1. We all have had setbacks in life. Failing does not mean we are failures. MindsetWinners are struck but not destroyed. 32 .

and guess what happens in the middle of the road? You get run over.2. Lack of Conviction People who lack conviction take the middle of the road. 33 .

34 . go along to get along because they lack confidence and courage.People without conviction do not take a stand They stand.

35 .They conform in order to get accepted even when they know that what they are doing is wrong. They behave like part of a herd.

3. Losers always have a book full of excuses to tell you why they could not. 36 . Rationalizing Winners may analyze but never rationalize. That is a loser's game.

We hear excuses like«« 37 .

38 .‡ I'm unlucky ‡ I'm born under the wrong stars ‡ I'm not good looking ‡ I don't have contacts ‡ I don't have enough money ‡ The economy is bad ‡ If only I had the opportunity ‡ If only I didn't have a family The list can go on and on««.

4. Not Learning from Past Mistakes 39 .

some only live. 40 . Wise people learn from their mistakes.Some people live and learn and learn.

Failure is a detour. It is a delay.People who do not learn lessons from history are doomed. Experience is the name we give to our mistakes. not a defeat. Failure is a teacher if we have the right attitude. not a dead end. 41 .

42 . Lack of Discipline Discipline Anyone who has accomplished anything worthwhile has never done so without discipline.5.

Niagara Falls would not generate power unless it were harnessed. and avoiding distractions and temptations. 43 . Steam does not move the engine unless it is confined. sacrifice.Discipline takes selfcontrol. It means staying focused.

6.Poor self-esteem is a lack of self-respect and self-worth. Poor Self-Esteem Self- 44 . It leads to abuse of one's self and others.

One's self is not to be found but to be created. 45 . They are trying to find themselves.People with low self-esteem are constantly looking for identity.

Idleness and laziness are consequences of poor self-esteem and so is making excuses. 46 . Idleness is like rust that eats into the most brilliant metal.

Fatalistic Attitude 47 .7.

They attribute success and failure to luck. 48 . They resign themselves to their fate.A fatalistic attitude prevents people from accepting responsibility for their position in life.

49 . that regardless of their effort whatever has to happen will happen.atttitude« They believe and accept the predestined future written in their horoscope or stars.

They wait for things to happen rather than make them happen.Hence they never put in any effort and complacency becomes a way of life. 50 .

Persist in what must be done and resist what ought not to be done. persistence and resistance resistance. Lack of Persistence More people fail not because they lack knowledge or talent but because they quit.8. 51 . The total secret of success lies in two words.

52 . I Thank you all for your attention.While I hope seeing some of us in the business world.

Sign up to vote on this title
UsefulNot useful