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Author: Lead Resources
Business Enterprise Training (BET) is an initiative of Lead Resources to educate entrepreneurs about financial analysis, digital business models and the digital economy while giving them the leverage they need for access to finance. It is targeted at entrepreneurs with a drive to start or scale up their businesses.
For entrepreneurs to access loans from institutions such as the Central Bank of Nigeria (CBN), it is legally required that they are trained by a recognized Entrepreneurship Development Institution (EDI) such as Lead Resources. The mission of BET is to raise functional entrepreneurs who can start and/or scale their businesses by accessing small interest loans from financial organizations to achieve their business goals.
Last week, Lead Resources held her first BET for the year 2021. Associate Solutions Architect (ASA) Adetoyese Oyedunmade (Team Lead, BET Team) coordinated this cohort, and she was ably assisted by ASA Itua Emmanuel and ASA Francis Edobor. The training held for 2 days (4th and 5th March 2021).
As is the norm, the last cohort of BET was a blended training, that is, part online and part offline. Every participant was required to take some basic online courses here, and present the required certificates from the undertaken courses. Subsequently, the offline training held at the head office of Lead Resources, Abeokuta, Ogun state.
On the first day of the offline training (4th March 2021), Mr Olufemi Johnson, the designated trainer of this cohort, taught the BET participants on Organizational Structure, Digital Business Models, Financial Planning, Marketing, etc. These topics were treated as independent, interconnected courses. The training, seeing as it was one filled with experienced businessmen, was more practical than theoretical. This first class lasted for 4 hours.
On the second day of the offline training, Mr Olufemi Johnson did a recap of all he taught in the previous class. He delved deeper into topics such as Business Plan Compilation and Executive Summary and ended with the crux of the convergence – Introduction to the NIRSAL Platform and Simplified Online Credit Business Plan Questionnaire. The participants were taught how to successfully access loans from NIRSAL and other financial organizations to start and/or scale their businesses. This second class lasted for 4 hours.
Afterwards, certificates were awarded to the BET participants, and feedback was received for better execution. The participants have gone on to apply their knowledge, and gain access to finance the right way.
Are you interested in finance to start and/or scale your business? Let Lead Resources give you the knowledge that gives you the leverage. Start by clicking here.
AUTHOR
Tomiwa Babajide is an Associate Solutions Architect at LEAD Resources, a charismatic administrator, an SDGs advocate, a creative writer and a graduate of Microbiology. She is adept in transdisciplinarity, novel and adaptive thinking and virtual collaboration. She is zealous to provide real-time solutions to challenges in the polity. She loves to eat crackers and drink yoghurt, and she can pray and go on road-trips for Africa.
SDGs Solutions Convergence is a programme adopted by Ogun State Bureau of Information Technology, in collaboration with LEAD Resources, to train Civil Servants from various Ministries on how to identify problems, and proffer and implement relevant solutions in their Ministries.
Two editions of the SDGs Solutions Convergence have been facilitated by LEAD Resources at Ogun Tech Hub. The Solutions Convergences covered an introduction to the Sustainable Development Goals, the application of Design Thinking in Problem Solving, and the need to leverage emerging technologies to generate relevant solutions.
Last week, a dry run of the previous Solutions Convergence was facilitated by LEAD Resources at Ogun Tech Hub. This was done to equip the staff of the Bureau of Information Technology (BIT) with the knowledge required to conduct a Solutions Convergence for the Ministry of Finance and the Auditor General’s Office. Simply put, the dry run was aimed at “training the trainers.”
The dry run held for two days. On the first day, the participants of the dry run were reminded of what they were taught in the previous Solutions Convergence. They were given extra materials and tips for effective training. They were also taught how to carry participants along when conducting their Solutions Convergence for the Ministry of Finance and the Auditor General’s Office.
On the second day, the participants of the dry run were divided into three teams to conduct a test Solutions Convergence by themselves. By so doing, the areas for improvements were spotted for corrections. At the end of the dry run, the participants saw the need to put more effort into preparing for the Solutions Convergence for maximum output and solutions generation.
At LEAD Resources, we pride ourselves as solutions architects that seek to contribute to the achievement of the Global Goals by proactively identifying opportunities, stimulating innovations, and generating solutions to problems/challenges in our polity.
Connect with us to get updates on our initiatives and offerings:
Email: info@leadresources.com.ng
Facebook: facebook.com/LeadResourcesNG
Twitter: @LEADResourcesNG
Instagram: @LEADResourcesNG
AUTHOR
Oluwatobiloba Dairo is an Associate Solutions Architect at LEAD Resources, where she is exploring a rapid Knowledge Acquisition path, building digitized competencies relevant for Career Development, and stimulating solutions for individuals, organizations, and the Government. She is a graduate of Mathematics and an advocate of women in Leadership. She is interested in Financial and Data Analysis.
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Responsibility
Responsibility is a germane quality in a human’s personality.
Responsibility is simply “doing the right thing.” Doing the right thing means living a life where you bear the consequences of every action you take while keeping others in mind. Responsibility is the moral quality of individuals being ethical, accountable for their actions, and conscious of the impact of their decisions on society.
People are not born with a sense of responsibility. Being responsible does not happen magically by the snap of the fingers. It is a quality that people should cultivate until it becomes part of their personalities.
It encompasses personal and professional development. A successful person must be responsible for his future. He must be a man of his words and a go-getter. When you are responsible, you become a better person and gain the respect of others.
5 QUESTIONS TO DETERMINE HOW RESPONSIBLE YOU ARE
Answer the following questions with a “Yes” or a “No”.
- Do you always fulfil your promises to others?
- Do others consider you as a reliable person?
- Do you have long-term goals for your life?
- Do you take practical steps to develop yourself?
- Do you help others to solve their problems?
If your correct answers to the questions above were “Yes”, you are a responsible person. If you answered “No” to any of these questions, you have areas to develop to become more responsible.
HOW TO BE A RESPONSIBLE PERSON
- Develop yourself.
- Constantly work towards your life goals.
- Be reliable. Start from simple things like fulfilling little promises to others. You may write your tasks in order not to forget them.
- Control yourself in different situations. The ways you respond to situations prove your level of maturity and responsibility.
- Help others.
Everyone has different interpretations of responsibility and different kinds of responsibilities. However, resolve to perform your responsibilities in life, and be responsible, as irresponsible people are always liabilities in the long run.
AUTHOR
Folakemi Oyeyemi is an Associate Solutions Architect at Lead Resources, a strategic human capital development social enterprise that helps organizations become the best they can be using world-class tools and practices. She is a Mathematician and is also passionate about entrepreneurship.
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Setting Personal Goals
“If you don’t know where you are going, you will probably end up somewhere else.”
Lawrence J. Peter
Many people feel lost. They work hard but never seem to do anything worthwhile. One reason people feel this way is that they haven’t spent much time thinking about what they want from life and haven’t set themselves formal goals.
The process of goal-setting helps you choose where you want to go in life by identifying what you want to achieve and where you have to concentrate your efforts.
There are three basic steps in the personal goal-setting process:
- Understand: Understand yourself by knowing what motivates you and what you want to achieve.
- Collect & Create: Compile an extensive list of what you want to achieve.
- Prioritize: Is it worth your time, is it relevant and is it sustainable?
One easy way to ensure you achieve your goals is to set SMART ones.
- Specific
- Measurable
- Attainable
- Relevant
- Time-bound
REVIEWING YOUR LIFE GOALS
Goal-setting is not enough. Reviewing your goals regularly is quite important to determine whether they are still relevant, and whether you are on track. If not, you need to adjust them in line with your current situation.
By reviewing your goals, you can measure your achievements. If you fail to achieve one step, you can reassess your situation and try new approaches.
Keeping your goals defined and updated as your situation changes is one of the ways to stay motivated throughout your journey in life.
ACHIEVING GOALS
When you’ve achieved a goal, take your time to enjoy the satisfaction of having done so. If the goal was a significant one, reward yourself appropriately. This helps build your confidence.
Also, absorb the implications of goal achievement, and observe the progress that you’ve made towards other goals.
With the experience of achieving a goal, review the rest of your goals if:
- You learned something that can lead you to change them.
- You noticed a deficit in your skills despite achieving your goal. Take deliberate steps to fix this.
When setting your life goals, it is good to base them on your strengths, but ensure they are relevant and ultimately achievable. To achieve more, I repeat, set SMART goals.
For more insights and practical solutions on personal talent management and goal-setting, contact Lead Resources here.
AUTHOR
Adetoyese Oyedunmade is an Associate Solutions Architect at Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.
Budgeting is an aspect of Personal Finance that literally makes people shiver in fear😁 This is because it forces people to face the reality of their finances, and only the courageous can do that. Hence, people usually neglect it altogether. For this reason, I will not go into the “boring” intricacies and technicalities of budgeting – the part that scares people. I will keep this as simple and interesting as possible. My aim is to help you understand your need for a simple budget for your personal finance.
WHAT IS A BUDGET?
A budget is an itemized summary of intended expenditure coupled with expected revenue for a length of time. Simply put, it is an estimate of income and expenditure for a period. Cambridge dictionary defines it as “A plan to show how much money a person or organization will earn and how much they will need or be able to spend.” You may define it as “A list of all planned income and expenses, a plan for saving and spending for the near future.” From the definitions above, you can see that a budget is not something you create off-hand. It ought to be a written plan (on a piece of paper or PC).
WHO NEEDS A BUDGET?
There are different types of budgets for different people and situations. A budget can be created for an individual, a household, a business, an NGO, a State, a Nation, etc. Wherever a person or a group of persons make use of money on a regular basis, there is a need for a budget.
TYPES OF BUDGET
A simple Google search will give you many kinds of budget, making you more confused. However, I have classified budgets into 3 types, namely:
- PERSONAL BUDGET – For individuals, families and households.
- BUSINESS BUDGET – For NGOs, SMEs and companies.
- ADMINISTRATIVE BUDGET – For schools, churches, LGAs, states, nations and other administrative systems.
Also, budgets could be classified as SURPLUS, DEFICIT or BALANCED.
It is a SURPLUS Budget when your income exceeds your expenditure for a set period. This should be everyone’s financial goal. This implies that there is more money for savings, investment and other things you want.
It is a DEFICIT Budget when your expenditure exceeds your income. Unfortunately, this is the situation many people find themselves in. They always run out of money to fund their expenses. This calls for a red alert as radical measures must be taken to remedy this situation. You need not worry though. You will know how to solve this problem by the time you are done reading this article.
Lastly, a Budget is BALANCED when your income equals your expenses.
WHY YOU NEED A BUDGET FOR 2021
I could list a thousand and one reasons why you need a budget. You might even know more. You may have learnt them in your Accounting or Economics class in Secondary School and may have attempted questions on them in your final external examinations (WAEC, NECO or JAMB). But what stops you from implementing them? Lol.
Perhaps, the most important reason you need a budget is that “Human wants are unlimited while the resources to meet them are scarce.” Sounds familiar, right? Yes, this is what you were taught in Economics. In addition, there are a lot of things, people and circumstances competing for your money. They want to take it away from you however they can – legally or illegally (Ask the victims of failed Ponzi schemes😂).
Unless you create a budget, which is basically a PLAN on how you want to spend your money, it is easy for these “human wants” to take your money away and leave you in poverty. If you experience the frustrations of not having enough for the things you need or begging for the necessities of life, you will realize you need a budget. I hope you don’t get to this point. Instead, realize that a budget is critical to financial control.
In summary, having a budget is important because it ensures that you have enough for the things you need (and things that are important to you) however and whenever you need them.
KEY ELEMENTS OF A BUDGET
When drafting a budget, there are certain things you must take into consideration, namely:
- INCOME: This is the amount of money that comes in weekly or monthly. This includes all your sources of money – both passive and active income.
- FIXED EXPENSES – These are the expenses that don’t change easily as they are paid regularly (monthly). Examples are rent, insurance premiums, taxes, debt payments, interest payment on a loan, child support, etc.
- PERIODIC EXPENSES – These are expenses that are less frequent. They come in periodically or unexpectedly. Examples are car repairs, home maintenance, gifts, appliance repair, loans, etc.
- VARIABLE EXPENSES – These include every other thing that you need for daily living. They are called “Variable” because they vary from time to time. They include food, utilities, phone bills, TV subscription, gas, fuel for car and generator, clothing, education, medical bills, transportation, entertainment, name them. They are usually the most difficult category of expenses to track because they fluctuate a lot. When trying to fix your deficit budget, variable expenses are usually the first place to start trimming.
HOW TO DRAFT A SIMPLE BUDGET MASTERPLAN
In other to draft a budget successfully, you will need some basic tools, namely:
- Pen
- Notebook or PC
- Calculator
STEPS TO CREATE A BUDGET THAT WORKS FOR YOU
- DETERMINE YOUR PRIORITIES: To be frank, even if you were given all the money in the world, you would still wish for a million things. So, since your income is limited, you should arrange your needs and wants in order of importance.
- HAVE A GOAL: Once you know your priorities, set financial goals and deadlines for each goal. When you define your goals (What are you saving for?), your amounts (How much do you need to save?), your deadlines (When do you need that money?), you can create a budget – a roadmap – to achieve your goals.
- CREATE A LIST: Write down and categorize all your expected income and expenses in vertical order of importance. Don’t forget to divide them into Fixed, Variable and Periodic Expenses.
- HAVE A PLAN: After creating the list, you need to have or create a plan, that is, determine how you intend to meet your needs and what percentage of your income you will allocate to each need.
- CALCULATE: This is the stage where you have to apply basic arithmetic. Calculate the real figures and determine how much you need to allocate for each expense. Wherever you get stuck, use a calculator. In the end, you should have a lot of figures.
- EXECUTE: Finally, get into action. You aim should be to spend exactly or below what you have budgeted.
HOW TO STICK TO YOUR BUDGET MASTERPLAN
The thought of sticking to your 2021 budget from January to December should not give you goosebumps. Simply follow these guidelines:
- Place your budget somewhere you can see every day.
- When you feel like giving up, remind yourself why you created the budget in the first place.
- Most importantly, have an accountability partner – someone to hold you accountable for the way you spend your money. If you’re married, your spouse can be your accountability partner. If you aren’t, your best friend, pastor, parents or anyone you can trust can be your accountability partner. Better still, you may join my SBM Program to have an experienced Financial Intelligence Coach as your accountability partner.
In summary, taking charge of your finances in 2021 begins with having a Savings and Budget Masterplan. Now that you have learned how to create these plans, it is time to put your knowledge to work so that 2021 will be a remarkable year for you.
N/B: This article is an excerpt from a webinar which was first published on my Facebook community – Financial Intelligence Forum (FiFo). Join the community to access my past and future publications.
For an in-depth course on financial literacy and how to manage your personal finance, I recommend that you enroll for LEAD Resources’ Digital Economy Emerging Managers’ (DEEM) programme as more practical measures of attaining financial freedom in the digital economy have been distilled therein.
AUTHOR
Obot Essiet Jr. is an Associate Solutions Architect at LEAD Resources, a Financial Intelligence (FINTEL) Coach and a Co-founder/COO of Naiyuan Mart, a Chinese-Nigerian procurement and manufacturing company. He runs a blog and a community on Financial Intelligence. He is passionate about helping people journey towards financial freedom through practical financial literacy solutions. Obot Essiet Jr. loves writing, gardening, watching adventurous movies, cycling and playing chess.
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The Need to Work
People say that having nothing to do for a long period is bad for one’s mental health. It is also said that an idle mind is the devil’s abode. I believe that this is true. Research shows that being idle for a long period can lead to anxiety, depression, poor concentration, poor thinking capacity, forgetfulness, and even decline in memory.
Most times, we think of work as paid employment, that is, the exchange of services for money. Although this definition is technically correct, it does not adequately describe why work is necessary.
In Physics, work is defined as a force causing the movement or displacement of an object. Every human has the ability to exert some force that changes his or her state or the state of an object.
Therefore, work may be more meaningfully defined as an activity involving mental or physical effort carried out to achieve a goal. It produces something of value for yourself or other people. This definition highlights that work has a purpose. It is productive. Productivity keeps one’s mental health in check. Like a car parked for a long time, the brain deteriorates if left idle.
Work can be created. You should engage in some sort of work every day whether you are being paid or not. It may be as simple as reading, cooking, doing the dishes, nursing a baby, creating a playlist or taking a music class. Work to achieve a goal. Regardless of how meagre it seems, work uses brainpower. You can also practice mindfulness by taking a quiet stroll. This helps to eliminate the anxiety that comes with being idle.
LEAD Resources is a place where idleness is not an option. We pride ourselves as knowledge leaders who are gainfully engaged in thinking through problems till solutions are generated. Using world-class skills and techniques, we incubate ideas till they come alive and develop human capital till they become digitally competent and relevant to society.
Be like LEAD Resources. Idleness is not an option!
AUTHOR
Oluwatobiloba Dairo is an Associate Solutions Architect at LEAD Resources, where she is exploring a rapid Knowledge Acquisition path, building digitized competencies relevant for Career Development and stimulating solutions for Individuals, Organizations and the Government. She is a graduate of Mathematics and an advocate of Women in Leadership. She is interested in Financial and Data Analysis.
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Business Idea Development
Before you start a business, you need to have an idea that can birth the business. Generating a business idea is not an easy task; sometimes, you may experience an “idea block.”
According to Wikipedia, a Business Idea is “A concept that can be used for financial gain that is usually centered on a product or service which can be offered for money.”
When thinking of ideas for a business (old or new), it is very important to carry out research, pay attention to details and follow a rigorous development and review process. Follow me…
MARKET NEEDS
Before an idea is generated, it is wise to carry out research to identify the needs of your target customers.
CREATION
Brainstorming is the key to Concept Creation. You must also keep track of all ideas (as no idea is a bad idea), evaluate them and determine which is most valuable and profitable.
ASSESSMENT
This involves market research where data about your idea is collected and analyzed. You must assess all aspects of an idea before moving to the next stage.
PLANNING
A well-defined business plan will steer your business in the right direction and increase the chances of having a successful product launch.
DEVELOPMENT
At this stage, your ideas will be developed. You should create manufacturing and operations processes and market testing plans.
TESTING
This stage involves a test market that is as close as practicable to a real market. Here, your prototype will be released to the public. The prototype will be tracked and your test market results will determine whether your idea is valid enough to become a product.
LAUNCH
A successful product launch should address whether you have:
- A sufficient number of products in existence.
- Correct planning and marketing strategies.
- Appropriate documentation for your product.
Business Idea Development can be high-risk, time-consuming and money-consuming, especially if the wrong steps are taken. This is why we go beyond offering courses on Business Enterprise Training at LEAD Resources. We incubate your ideas and give you all the necessary support for a successful product launch.
Need some help? Contact us for organizational support here.
AUTHOR
Adetoyese Oyedunmade is an Associate Solutions Architect at Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.
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Leaving a Legacy
The whole world was shocked by the news of the death of Diego Maradona. Condolences and goodwill messages poured in from various parts of the world in solidarity with the family. At this point, the beauty of the world of football was revealed again as factors like nationality, race or religion didn’t matter – everyone mourned the loss of Diego Maradona.
If you read the biography of Diego Maradona, you will get a sense of the many achievements and successes he attained. His achievements are so numerous that you may nearly miss the fact that he struggled with drug and alcohol addictions. Despite the challenges he faced, he was always determined to pick himself up and he continued to strive for excellence. Diego Maradona won’t be forgotten by the people of Argentina and the various clubs he played for because of the countless trophies he won with and for them. His legacy lives on.
You do not have to be a skilled footballer like Diego Maradona to leave a legacy. Leaving a legacy encompasses positively impacting the people around you, making a difference in their lives and leaving a lasting footprint.
When I was in Junior Secondary School, I could not conceive the thought of becoming a school prefect. Why? It had never happened before in the history of the school that a school prefect would be chosen from the Junior Classes. However, I was about to be shocked…
I can never forget this day: We were gathered for morning assembly, and this day would be different because the prefects for the new academic session were going to be announced. Suddenly, my name was called, and there I was, shocked to my bones. I couldn’t understand what was going on because I was a Junior Secondary School student, and it was unheard of for a Junior Secondary School student to become a school prefect.
The fact that the school made that decision made me realize that the little things I had been doing since my admission into Secondary School had an impact on both the students and the teachers of the school. My reality helped other students to believe that the “unthinkable” was indeed thinkable and doable. In Senior Secondary School class 3 (SS3), I eventually became the Senior Prefect.
You too can leave a legacy. According to Joan Moran, here are some tips for leaving a great legacy:
- Reflect and decide what’s important in your life.
- Support the people and causes important to you.
- Pursue your passions because they are infectious.
- Share your blessings with others.
- Be a mentor to others.
At LEAD Resources, we provide mentorship and consultancy through multiple programmes such as Career Pathways, Digital Economy Emerging Manager’s Programme, Mainstream Successor Generation, etc. Regardless of your age band, financial capacity and caste, we have a programme tailored to making you a better person and leaving a lasting legacy. If interested, contact us here.
AUTHOR
Edobor Francis is an Associate Solutions Architect of Lead Resources. He is a graduate of Accounting. He is also a Sports Enthusiast, so when he’s not working, you can find him on a football pitch.
In the digital world where customer engagement is premium, creating great products matters more than ever. With both digitally transformed tech and non-tech companies striving to deliver digital products, Digital Product Management has emerged as a new function in the digital world.
The job description of Product Managers (PM, for short) is ambiguous – it differs across companies and industries. To know the important roles of a Product Manager, we must know what Product Management is.
WHAT IS PRODUCT MANAGEMENT?
Product Management is the process of managing the lifecycle of a specific product of a business. It cuts across the phases of idea generation, product development and product marketing. It is a function at the heart of an organization as it strives to balance the needs of providing the customers’ wants and creating value for an organization as much as operationally possible.
Now that we technically know what Product Management is, let us discuss the roles of a Product Manager.
THREE IMPORTANT ROLES OF A PRODUCT MANAGER
- Product Strategy
- Team/Stakeholder Communication
- Managing the Product Lifecycle
PRODUCT STRATEGY
A product strategy is a high-level plan describing what a business hopes to accomplish with its product, and how it plans to do so. Product Managers develop the product strategy for execution.
TEAM/STAKEHOLDER COMMUNICATION
Product Managers persuasively communicate the product strategy using a product roadmap to key stakeholders across their organizations: Executives, Investors, Development Team, etc. They sustain ongoing communication across their cross-functional teams throughout the development process and beyond. They also ensure all decisions made concerning development, marketing, etc. reflect and support the product strategy.
MANAGING THE PRODUCT LIFECYCLE
Product Managers manage the lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.
At Lead Resources, assisting businesses and organizations to build sustainable digital products is our forte. We offer consultation and incubation services to technology and non-technology startups. For more information, you can contact us at info@leadresources.com.ng or call 08097777094.
AUTHOR
Itua Emmanuel is an Associate Solutions Architect at Lead Resources and a Digital Marketer and Product Manager at Lanepact Ecosystems, a tech solutions organization that aids individuals and organizations to build sustainable solutions. Itua Emmanuel is also a business enthusiast and during his free time, he watches anime or reads a book.