Entrepreneurial Capitalism - Skills Acquisition, Community Empowerment and Microfinance

What is the strategic link among abundant resources, human development and economic development? What is the critical and strategic connection between human capital and economic progress? Why does income inequality persist in spite of significant economic growth? What are some sure paths to social mobility? What are some sure paths to the middle class-the most critical stabilizing force in all societies? Some answers to these nagging policy questions loom large and inform current debates on prudent policy options to cope with the intractable problem of high unemployment of graduates from institutions of higher learning in developing nations in general and in Sub-Saharan Africa in particular.

A meta-analysis of extant academic literature suggests income inequality is persistent in both developed and developing nations in spite of demonstrable and significant economic growth. There are many theoretical, structural and empirical reasons for the widening gap between return to capital and labor on one hand, and compensation to management and workers on the other. For example, capital tends to be more productive, more mobile and receive very favorable tax treatment than labor in many jurisdictions.

Further, global competition, innovation, slower productivity growth, and marginal rate of technical substitution may be depressing wages even in developed nations. Moreover, the benefits of globalization continue to accrue more unevenly to highly skilled labor than to low skilled labor. Finally, periods of economic growth tend correlate with increasing income inequality because different economic sectors as well as individuals do not grow at the same pace.

As we have already explained in many publications on this topic, human capital analysis deals with acquired capabilities which are developed through formal and informal education at school and at home, and through on the job training, experience, and mobility and longevity in the labor market. Please note that nations as well as individuals are portfolios of distinctive competencies that derive from resources and capabilities. Many nations in the developing nations have plenty of resources but lack capabilities-the ability to put them to productive uses.

Clearly, mere possession of resources alone is a necessary but not a sufficient condition for economic development. Functional human capital that manifests in enhanced productivity and innovation is the critical and strategic link between resources and economic development. A preliminary analysis of macroeconomic data indicates that the problem of economic stagnation is not peculiar to developing nations nor confined there. Indeed, for many years in developing nations such as Nigeria, significant percentage of all graduates from institutions of higher learning are underemployed, have contract jobs with no employment benefits or no jobs at all even after the National Service and certification.

Many labor market experts and social observers are apt to point to the glaring lack of requisite knowledge and employable skills in high demand. While this may be true, lack of functional education that leads to employment is only part of the problem. There is significant and gathering empirical evidence suggesting that many of the employed university graduates in Nigeria go without pay or regular compensation for extended periods of time and still others are on contract employment with meager income and no employment benefits or guaranteed ongoing employment.

Before you postulate that skills acquisition is neither a panacea nor the fastest way to employment, please note that employable knowledge and skills are necessary but not sufficient condition for social mobility. This explains in part why many graduates from Colleges of Education and Technical Colleges in very high demand in tightening labor markets do not fare significantly better than those from Liberal Arts or even Business and Engineering Schools.

Therefore, the purpose of Skills Acquisition projects adopted by the Okwelle Skills Acquisition Center (OSAC) is to help graduates and entrepreneurs take effective steps toward functional education, knowledge and skills acquisition, self-employment, self-reliance and financial independence. As sure paths to the middle class and upward social mobility, any knowledge and skills acquisition project must focus on producing entrepreneurs-a crop of graduates with burning desire for self-employment, self-reliance and financial independence. The graduates must not only have requisite knowledge and skills of their specific trade but must be entrepreneurs who are business savvy with demonstrable grasp of business management knowledge and skills. Please note that all entrepreneurs are business owners but not all business owners are entrepreneurs.

Entrepreneurs are special breed of business owners that assume every risk in pursuit of profit and financial freedom. Without the entrepreneurial class other factors of production-land, labor and capital including technology remain dormant and are classified in our profession-financial engineering as non-performing assets. As some experts aptly put it, once you decide to work for yourself you never go back working for someone else. Generally, people don not plan to fail, they simply fail to plan. Additionally, freedom whether spiritual, economic or political is indivisible and must be pursued relentlessly. The passionate drive toward financial freedom is the critical difference that sets entrepreneurs apart.

The Okwelle Skills Acquisition Center Model:

The concept of Skills Acquisition as a vehicle for community empowerment and development is not new. The concepts, principles and challenges are well established in the relevant academic literature. Please see a textbook on same topic for a complete historical sketch on Skills Acquisition principles that informed many Trade schools and Technical colleges, Apprenticeship programs, etc before the Nigerian Civil War. The Okwelle Skills Acquisition Center (OSAC) concept is focused on practical and technology-oriented programs of study.

The OSAC predominantly will offer vocation and career-focused, accredited certificate programs to students drawn from the Niger Delta Region with Imo State as hub and magnet for industries. The Okwelle Skills Acquisition Center will fully integrate functional skills and micro-financing to make the vision of self-employment, self-reliance and financial freedom a reality for our graduates. The Private Public Partnership (PPP Model)-OSAC key strategy is well established and proven. When the relationship with the Niger Delta Development Commission (NDDC) is fully formalized, the OSAC intends to leverage our network with global institutions, articulation agreements with institutions of higher learning in United States, Okigwe in diaspora and friends of Okigwe to execute our mission and attain our strategic objectives.

And because our associates live in the target communities, they bring contextual familiarity to community-based issues. This allows OSAC to avoid policies, analyses and programs which are not tethered to reality. OSAC will seek creative collaboration and strategic partnerships by engaging with global institutions such as the World Bank, IMF, USAID and other Civil Society Organizations (CSOs) with common mission and NDDC through information sharing, dialogue, and consultation at global, national and state levels. Knowledge is OSAC strategic weapon.

Some Operational Guidance:

Many new ventures fail. Therefore, a critical objective of effective skills acquisition projects is to help new entrepreneurs minimize the failure rate of new ventures. Entrepreneurs must have a strong grasp of business fundamentals such as effective management of people, process and products. Additionally, entrepreneurs who undertake new business ventures should proceed with a known probability of success. The OSAC project will integrate microfinance, knowledge and skills acquisition with the 3Ms of successful small business venture (Money, Management and Marketing).

As you know, many non-business majors such as architects, dentists, pediatricians, and lawyers, etc go through university without taking requisite business courses. However, upon graduation they become small business owners of private practice. These deficiencies are then made up in a hurry through on the job training or hiring business managers. However, without a working knowledge of the fundamentals of business enterprise, small business owners become totally dependent on business managers. Agency problem arises when the interests of business owners are divergent from the interests of business managers whether they full-time employees or outside help. Agency problem aside, small business owners must understand what the numbers mean to provide effective leadership, oversight and control. Therefore, the OSAC curricula will include the role of appropriate business systems and functional areas of business anchored on sound management principles and current industry best practices.

A preliminary review of failed small businesses indicates a common pattern: Lack of attention to the 3Ms of business enterprise: Money, management and marketing. Additionally, many small businesses ignore the business entity concept: The activities of a business should be recorded separately from the activities of the owners. Indeed, the personal activities of a small business owner should be separate and distinct from the activities of the business entity. Many small businesses get into trouble for failure to draw this distinction, particularly with respect to cash flows and uses of cash derived from business operations.

Proposed Programs of Study

There will be seven programs of study at OSAC: The School of Information Technology, the School of Drafting and Design, the School of Electronics Technology, the School of Business Technology, the School of Agricultural Technology, the School of Health Technology and the School of Nursing. The OSAC will impart skills and knowledge that our graduates can use to pursue employment opportunities in today's world.

The OSAC programs of study will blend traditional academic content with applied learning concepts, with a significant portion devoted to practical study in a lab environment. Advisory Councils will comprise of representatives of local businesses and employers that will help each OSAC program periodically assess and update curricula-learning modules, equipment and laboratory design.

Some Strategic Objectives

(1) Beyond the development of human capacity and the building of a continually growing pool of trained workforce, the OSAC will encourage the culture of self-employment and self-reliance for employment and job creation. The ultimate aim of the OSAC will be to encourage the continuous upgrading of our domestic productive processes and capacities and innovation-the adoption of new ways of doing things.

(2) OSAC envisions Financial Literacy seminars under the rubric of Business Technology program that will afford our communities access to income-generating workshops, empowering and reinforcing their self-reliance. Okwelle Skills Acquisition Center with integrated Microfinance programs will provide access to credit, adequate training and cultivating in our graduates the importance of saving and investment.

(3) OSAC plans to provide tools and training to increase farming production at the local level. The Niger Delta Region in general and old Okigwe-Otanzu Otanchara in particular have the natural endowment and the requisite human capital to become the food basket of the South-East. OSAC will encourage community farms where they can implement new techniques and fully mechanized agriculture and industrial food processing.

Prof. James Gaius Ibe, is the Principal-At Large/Chairman, of the Global Group, LLC-Political Economists and Financial Engineering Consultants; and a senior professor of Economics, Finance and Marketing Management at one of the local universities.

Article Source: https://EzineArticles.com/expert/James_Gaius_Ibe/74593

7 Things You Can Do EVERYDAY To Become A BETTER Entrepreneur!

Becoming a successful entrepreneur is not something that happens over night. It's a daily battle to be your best version of yourself all the time. It takes constant work and self-education.

If you want to run a successful business you have to plan for the future. You should have weekly, monthly and yearly goals. Most importantly it takes action to be successful with those goals. Here are seven things you can do every day to become a better entrepreneur and accomplish all of your goals.

1. Always work on one project at a time.

We are most effective when we are working on one project at a time. Make sure to stick to your plan for the day until moving on to another project. This is crucial in order for each project to be excellent. Remember, were not striving for perfection, were striving for excellence.

2. Don't give your time away to others.

One of the best ways to ruin a productive day is to give into distractions. We all know that distractions come from just about anywhere and they can be very tempting to give into. When we are distracted we lose focus and then lose all control over what were doing. I know that it can be difficult to be the one saying "no" all the time to your friends parties and random beach days but this is a very important part of being a successful entrepreneur.

3. Plan each day the night before.

When we fail to plan we are planning to fail. Without a plan for the day it's very easy to end up at the end of the day wondering why you haven't gotten anything done. Being a successful entrepreneur requires self discipline and a daily plan. Try getting the most difficult task of the day done first thing so that the rest of your day will feel a lot easier and you won't wast a lot of your energy thinking about that "difficult" task all day.

4. Wake up earlier.

Deciding what time to wake up is a personal choice and a lot of people want to be entrepreneurs so that they can wake up when they choose. It is important to feel well rested to get the most out of your day but make sure your not sleeping more than you need to. After all remember that the early bird gets the worm. When you wake up before everyone else you can use the quiet time to meditate on what your plans are for the day and also get some exercise in to clear your mind. This is an important formula for many very successful entrepreneurs.

5. Start your day with a positive attitude.

Right when you wake up begin to think of things that you are grateful for. If this is something that you have trouble with you can read affirmations to yourself to assure that you are feeding your mind what it needs. It can be very difficult to have a positive outlook when the first thing you do is checking your Facebook or emails. There's so much negativity on the internet that it's very important for us to feed our mind with what it needs the most first thing in the morning.

6. Respect your work-life boundaries.

As entrepreneurs, it can be very easy to go weeks without leaving your home. After all there is nobody telling us to stop working or when to start working. We'll maybe the wife/husband but we all know how that goes. We're all about getting the most out of our days and pushing it to the limit. Don't forget to spend time with people that are important to you and on hobbies that you enjoy. This is all part of living a good life.

7. Stay organized.

Staying organized is essential to getting the most out of your days. You want to have a DMO (daily method of operation. Set up a schedule of exactly how many hours and when your going to work on certain tasks. This will save you lots of time and you can get right what you need to do. Yes there will be things that come up everyday that can take you away from your schedule but it will be easy to make these adjustments as they come up.

There are more than seven things to put on this list, of course, but these are a good start to get you on your way.

Overall, the main goal of entrepreneurship is to create freedom in your life and make an impact in the lives of those whom your business serves. To do that, you need a plan, focus and constant growth both personally and in your business. Set yourself up for success each day, and strive to get better.

Were these helpful? There are others out there that could use this advice, feel free to share around and drop me a comment if you found this helpful!

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6 Simple Tips To Help Entrepreneurs Handle Challenges

It's not that entrepreneurs are born with it, but the mindset of becoming one and doing things differently is what makes them a different breed.

Life of an entrepreneur is not easy. Every step towards success requires a lot of hard work, planning, perseverance and persistence.

Nothing comes by luck. Leadership, Patience, time management and of course a positive attitude is a must for them.

A famous quote from Picasso "it took me a lifetime to become a master" clearly explains what it takes for entrepreneurs to become a success.

Every day is full of Struggles. Luxurious things are far gone. They live in the world where the opportunity if doesn't knock on the door, they build one. That's how entrepreneurs think and go on.

The challenges they face and how they handle them is worth understanding.

At times being an entrepreneur has its challenges. You find yourself sitting in a corner finding it difficult to come up with simple solutions to the challenges in hand.

I have had a chance to work with quite a few entrepreneurs and have seen them handle challenges using simplest of techniques.

Here are 6 simple tips which will help any entrepreneurs handle challenges:

1. You Can't Walk Alone

See, the question is not how they handle the problem but what creates the problem.

Is it the team? Is the team doing the job properly? Or, something is not fitting?

A team's performance can very well be the difference in between success and failure of an Entrepreneur. Proper team with positive thinking can lead you to the top of stairs.

If you are an entrepreneur and spending most of your time in a negative environment you are landing nowhere. Finding good team is a key factor to handle the challenges faced. With a good team you can delegate work and make them a part of your struggle, where every struggle leads to positive results.

2. Approach Problems with Positive Thinking and a Proper Strategy

Problems are a part of daily routine for startups. Nothing can be accomplished without positive thinking and strength to face those problems.

Every time you see yourself failing, don't give up. Stress is a factor of negative impact.

Focus and think of the positive things in life. A simple thought related to past successes or the very reason you started your company are well enough to take you out of negativity.

Take your time, think and get your act together.

There is no way you cannot overcome the challenge at hand.

3. A Healthy Routine Leads to a Healthy Mind

Some of the most neglected things by entrepreneurs are the most essential elements to help them succeed. Every day you meet entrepreneurs who have back trouble, sleeping disorder which adversely affects their work. The simplest things in life-like sleep, exercise, healthy diet and time management are the most neglected ones.

Entrepreneurs forget that the best way to deal with the challenges they face in day today life involves a healthy body and a healthy mind frame. To dedicate your self to work requires a dedicated mind, which can only be possible if you are well fed, well slept and follow a daily routine of exercises.

Entrepreneurs are all about dedication. Trust me, working all day and night without proper food proper sleep does not allow your body to work with 100% efficiency. It inadvertently leads to health-related issues and stress.

4. Learning to Handle Multi-Tasking

Multi-tasking is a challenge. Entrepreneurs must multi task every minute, every hour.

Inability to multi task effectively takes a toll on the work entrepreneurs do. Don't mix up everything or you will end up sitting in the corner of your field. It is impossible to focus on one particular thing at a time, there is team handling, money management, business plans creation, etc, etc.

But if you mix up everything thing, there will be no work happening as per the plan. Try making a timetable or a schedule your week. Follow your routine, it's a slow process but working likewise will help you longterm.

Also, usage of scheduling, task management apps or simple schedules like Google calendar can help you plan your work and handle the challenges of work in a smart way.

5. If You Don't Understand, Ask

Over the time of entrepreneurship, entrepreneurs at times turn in to aloof creatures who are afraid of asking their team for help or owning up to mistakes.

To ask someone for help is a difficult job for them which at times, makes their life more difficult.

There can be challenging tasks which their team members can do better than them but they being the boss will find it hard to own up and do the job themselves.

Asking queries to someone who works under you does you no harm. In fact, it shows you as a mature personality who has no qualms in asking what they do not understand.

6. Add Challenges To Your Daily Routine

It's for sure that you as an Entrepreneur will have challenges, problems every time you take a new step. Don't try to run from them or avoid. Do not let Procrastination become a part of your life.

Avoiding challenging tasks and putting them for a later date will only make them more difficult for you.

These are some lessons for those trying to setup startups.

Mistakes are a part of our day today life but learning from them and ensuring they are not repeated in future is what makes successful Entrepreneurs.

Entrepreneurs think differently, work differently as they are busy building something out of the box, disrupting existing marketspace and building innovative products.

A positive attitude and discipline is all they need to handle day to day challenges.

Jasmeet has been actively writing about politics, movies and his entrepreneurship experience for last few years. His views are a pure reflection of how he interprets the day to day happenings and how it affects the common public. Now i have addressed some major challenges faced when starting a business.

Article Source: https://EzineArticles.com/expert/Jasmeet_Singh/321947

Starting a Service Based Company

Every individual has to take into account, a basic set of guidelines when it comes to starting a service catering Company. The value of service should meet the expectation level of a customer in order to become popular. Many Companies agree that the value of a service should be measured by what the customer is willing to pay for, than on the cost of the services provided.

The purpose of any Company's Service Management department is to ensure that it has the right combination of services in order to balance the investment it has made and the ability to meet business outcomes. Service Management department should contain a catalogue of all services that the Company has promised to its clients it will deliver, the services currently delivered and those that have been taken off the field of its competitors. It should also focus on the aspect the revenue received because of services.

For example, an individual starts a small Company based on services on which he/she is experienced. There will be important factors that he/she has to concentrate on. Some of the important factors that he/she has to consider are: demand, finance, knowledge, problem management and business relationship.

Demand: The popularity of demand stems upon the fact that any new individual starting a Company based on services should have understood, anticipated the importance of influence that the customer can have for his/her type of services. The owner as well the staff should keep tabs on "capacity" to confirm that the services promised to the customer will be provided on time and when it is needed.

Finance: A proper method and source of funding is needed by a Company for designing, developing and delivering services that should comply with the needs of the customer. The financial aspect should have information on costs, issues, benefits and problems that have to be tackled.

Business relationship: A transparent relationship should be established and maintained between the Company and customer. It should also identify customer needs and ensure the services promised to the customer are provided even if the requirements change according to circumstances. Normally, a receptionist or service desk is the first point of contact for a service oriented Company. Extreme care has to be taken in this aspect, because a Company will have excellent parameters and staff but if the service desk is not up the mark, it will lose its position in the market within a short frame of time.

Knowledge: The very purpose is to share ideas, information and experience to confirm that these factors are available at the opportune moment at the required time. A database of issues, problems tackled should be maintained as this will not only save cost but also time in rediscovering knowledge.

Problem Management: An experienced individual or efficient team should be in place to tackle any kind of problems. The team or individual should take steps in the direction to not only solve the problem, but should also identify the root cause if any, keep a tab on recurring problems, design workarounds if needed and minimize the time to restore service as quickly as possible.

A team that is interested in constant learning and redefining themselves according to the circumstances should be selected.

SathyaNarayana B has done Masters in Applied Geology and is interested in writing articles on martial arts, pet care, travel, herbal remedies, daily health tips, recent IT trends, recent IT courses.

Article Source: https://EzineArticles.com/expert/Sathya_Narayana/808334

Why Do Entrepreneurs Struggle?

Great Day, Attractive Thinker! It Is a Great Day to Be Alive!

As an Entrepreneur, there are a lot of goals to be accomplished! Products have to be created, services must be provided, and customers and clients need to be served! When pursuing new goals, the mind must also be aligned with the goal in order for it to be accomplished. The mind is currently "set" to the current status of the business. When the conscious desire is to reach a new goal, the subconscious mind must be informed! Everyone has 2 minds: a conscious mind (this is the mind that you use everyday to get through your day) and a subconscious mind (this is where your core beliefs, true feelings, and emotions are).

When these 2 minds are not aligned, it presents a struggle. This struggle appears as a starting and stopping motion. You attempt to take action on your goal and you're actually stopped in your tracks. The conscious mind attempts to move forward on the goals that you have for your business, yet because the subconscious mind is not engaged in the process, it pulls you right back to where you were. It's just like getting dressed to go on a family vacation. You walk out of the front door to load up the car and you turn around and your family is still in pajamas, simply lounging around in the living room. You're moving forward, but they weren't informed!

In order to end the entrepreneurial struggle, the subconscious mind must be informed of your new goals. These new goals must become your new beliefs in order to become your new reality! Repetitive affirmations, vision boards, meditation, and visualization of your new goals are life-altering tools that imprint your new goals into your subconscious mind.

Your Attractive Thinker Assignment:

Create a Vision Board with Your New Business Goals!
Create a Set of Empowering Affirmations that Support Your Goals!
Meditate and Visualize Your Goals at Least 3 Times a Day!
Speak Your Goals with Boldness and Confidence Daily!

With daily repetition of these practices, you'll reach your goal in record time! You'll begin to spot opportunities that will help you to accomplish your goal. Unexpectedly, people will show up that have the exact resource that you need to accomplish your goal. You'll receive ideas that will expedite your goal and take you further/faster! Consistency is key!

~Think, Attractively!

Dr. Toni Hatton provides Entrepreneurs with life-altering tools that uproot the mental barriers that hinder their life and business success! Visit The Attractive Thinker at http://www.theattractivethinker.guru and get your FREE Audio Download, "Turn Your Problems Into Your Solutions!" My Life's Work is to Make Your Life Better!
Remember, It's Not What You're Going Through, But How You're Viewing It!

~Think Attractively!

Article Source: https://EzineArticles.com/expert/Dr_Toni_Hatton/2097473