Categories
Finance and Accounting

Creating a Budget Masterplan for 2021

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: 

  1. PERSONAL BUDGET – For individuals, families and households. 
  2. BUSINESS BUDGET – For NGOs, SMEs and companies.
  3. 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: 

  1. 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. 
  2. 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.
  3. 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. 
  4. 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: 

  1. Pen
  2. Notebook or PC
  3. Calculator

STEPS TO CREATE A BUDGET THAT WORKS FOR YOU 

  1. 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.
  2. 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.
  3. 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. 
  4. 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. 
  5. 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. 
  6. 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: 

  1. Place your budget somewhere you can see every day. 
  2. When you feel like giving up, remind yourself why you created the budget in the first place. 
  3. 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.
Obot Essiet Jr.

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. 

Categories
Management Consulting Sports

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:

  1. Reflect and decide what’s important in your life. 
  2. Support the people and causes important to you. 
  3. Pursue your passions because they are infectious. 
  4. Share your blessings with others. 
  5. 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.

Categories
Entrepreneurship

Invisible Economics and the Chain of Consequences

In his book, “The Fortune at the Bottom of the Pyramid,” C. K. Prahalad asserted: “Private Sector could have the greatest impact through creating profitable businesses serving the 5 billion people who represent the “invisible, unserved market.”

The worst thing that could happen to a people is not rejection or death; it is to be INVISIBLE, to be unnoticed. People aren’t just markets. They have dignity, choices, fears and needs that must be served. Sometimes, people are not really invisible; the onlookers are just blind. A society with few entrepreneurs is one with many blind citizens. Blind citizens cannot identify and explore resources, potentials and abundance hence, they perpetuate poverty.

Poverty is the testament that the dignity of a person has been threatened and his needs have been disregarded by self and others. It is the certificate of servitude issued by naïve societies and accepted by clueless citizens who have learned, accepted and endorsed self-helplessness. Poverty is the limit on alternatives. Abundance is the limit breaker. Abundance increases the quality of life; the quality of life improves with access; access is the inclusion of the excluded.

There are deep-seated motives that pass the test of reason and justify the need for entrepreneurship, enterprise, innovation and commerce. They, by far, outweigh the obvious need for survival and exchange. Citizens must organise, learn and self-educate to spot, earn and satisfy their dignity if ever they will disembark from the voyage of despondency. People of all races, cultures and tribes are beings of needs – needs craving attention. Entrepreneurs must be enabled to arise and arise to these cravings.

The Private Sector can institutionalize an enabling environment and push for equal opportunities thereby supplementing the deficiency of bad governance. The Private Sector can democratize access to ease, wealth and bliss. In an organised mode, the Private Sector can guarantee access to credit and uphold the currency of the Nation. This is required to engage the invisible economy and undo its chain of consequences.

LEAD Resources is an ecosystem enabler. We work to support the seamless catalysis of entrepreneurs and innovators. With fit-for-purpose capacity-building programmes such as our Business Enterprise Training and Digital Economy Emerging Managers’ programme, we contribute our quota to end poverty. To learn more about these programmes, contact us here.

AUTHOR

Elkanah Oluyori is a Digital Economy and Innovation Evangelist who is passionate about nation-building and community organizing. He has authored several relevant publications to this effect. Currently, Elkanah is an Associate Solutions Architect at Lead Resources, where he delivers Management and Development Consultancy to citizens, enterprises and the government. Owing to his vast experience in working with local and international development agencies, he leads Strategic Partnership at Reformers of Africa and coordinates West African Network on Peacebuilding (WANEP), FCT.

You may reach him via the following links:

Categories
Finance and Accounting

An Introduction to Financial Literacy

According to Wikipedia, financial literacy is the possession of the set of skills and knowledge that allow an individual to make informed and effective decisions with all of their financial resources.

Most of us believe that having more money or getting a bigger pay at work will reduce our financial stress and solve half of our problems. However, we fail to realize that one’s financial wellbeing is considerably more determined by how they manage and spend their money rather than how much money they make. Your beliefs about money and your spending patterns greatly influence your potential to create wealth. 

Financial literacy covers topics such as budgeting, expense tracking, investing, debt, taxes, emergency funds, retirement savings and estate planning.

WHY IS FINANCIAL LITERACY NECESSARY?

Financial literacy is necessary because it equips people with the knowledge and skills needed to manage money effectively. What do I mean? Financial literacy ensures that every financial decision you make is backed by a rationale that empowers you to be confident and secure in your choice. 

Statistics from a study in 2019 by the Financial Industry Regulatory Authority (FINRA) in America showed that lack of financial literacy cost Americans a total of $295 billion in 2018. Some of the households which participated in the study reported annual losses of up to $2500 due to poor financial decisions. Furthermore, it was stated that 63% of Americans could be categorized as “financially illiterate.” This buttresses the fact that financial literates make better money decisions than those who are not. Imagine how much you will be able to do if you can track your expenses, seal the loopholes in your purse and save more money?

Also, we must intentionally seek financial literacy because it is a subject that is rarely taught in our conventional education system even when much of what happens outside the four walls of school revolves around money management. Without financial literacy, even a well-educated and gainfully employed graduate can slide into bad debt and poverty. 

FINANCIAL INTELLIGENCE AS A PRODUCT OF FINANCIAL LITERACY

In my words, financial intelligence (FINTEL) is the basic knowledge of how money works and the application of this knowledge in making financial decisions that make life better. It is the knowledge and skills gained from understanding finance and accounting principles in the business world. This understanding, financial intelligence, can only be gained through financial literacy. 

There are three types of education: academic, professional and financial education. The primary school system places much emphasis on basic literacy skills such as reading, writing, speaking and solving arithmetic. Students are graded based on their ability to develop these skills and apply them in solving real-life problems. Very little or nothing is taught about financial education and money management in higher institutions. Hence, you must be deliberate about educating yourself on money. As you strive to build your intelligence quotient, also work on your financial intelligence. 
 
Interestingly, the skills gained in FINTEL are NOT innate; rather, they are learned and can be developed at all levels. So, you don’t have to worry about having a low grade in this. You can improve no matter the level you are. Contrary to popular beliefs, financial intelligence is NOT the state of having a lot of money. It is neither a goal nor a course that you are graded for. Rather, it is the means to the goal of financial freedom!

QUESTIONS TO HELP YOU GAUGE YOUR FINANCIAL LITERACY

It is easy to assume that you are financially literate because you “know yourself.” However, your personal finances need extra attention if you want to live well. The only way to get a better handle on your personal finances is by identifying what you don’t know and putting in the effort to get educated.  

Here are a few questions identified by Bayportsa to help you identify your financial literacy gaps: 

  1. Budget: Do you have a monthly budget that includes all of your basic expenses, debts and savings?  
  2. Expenditures: Are you tracking your expenses and do you know about how much money you spend to cover living expenses over a period of three to six months? 
  3. Debt: Are you in debt? Are you taking active steps to reduce your debts? 
  4. Emergency Funds: Do you have emergency funds that can help you to get through an event like losing your job or crashing your car without having to borrow money? 
  5. Savings: Do you pay yourself first? What percentage of your income goes into savings? How do you manage your savings? 
  6. Investing: Are you investing and growing your money? Do you understand how compound interest grows invested money? 
  7. Insurance: Do you understand the importance of insurance? Do you have insurance to protect you in the event of a major life emergency? 

If you answer “No” to two or more questions, you have some learning to do. 

HOW TO INCREASE YOUR FINANCIAL LITERACY

  1. Read self-help books on financial education. Follow authors like Robert Kiyosaki, Dave Ramsey, T. Harv Eker, Brian Tracy, etc. 
  2. Read blog posts and articles on personal finance in newspapers and magazines. Some popular blogs include investopedia.com, entrepreneur.com, forbes.com, Business Insider, Bloomberg and fintelcoach.com. For a steady supply of information, you may subscribe to their email newsletters. 
  3. Watch YouTube videos on money management.
  4. Attend financial literacy seminars online and/or offline and take notes. 
  5. Take an online course on any aspect of financial literacy that you want to master.
  6.  Listen to podcasts and radio programmes on financial management. 
  7. Get a competent financial intelligence coach or personal finance expert to give you financial advice. 
  8. Join a community of people who learn about financial intelligence. This allows you to ask questions and learn faster from other people. 
  9. Practice and share your knowledge. Put your newfound literacy into practice. Draw up and stick to a budget. Save. Invest. Don’t just learn and keep the knowledge you acquire to yourself. Teach others whenever you have the chance. This is the best way to consolidate your knowledge. 

BENEFITS OF FINANCIAL LITERACY

In an article by Georgiasown.org, it was stated that financial literacy is important because it helps people become self-sufficient and achieve financial stability. Financial literacy enables people to save money, distinguish between wants and needs, manage a budget, pay bills, buy homes, pay for college and plan for retirement. In a nutshell, it helps you create a realistic roadmap for making financial decisions all through your life.

Financial literacy empowers people. Although I am not trying to imply that you need to become a financial guru or accounting expert, however, knowing how interest rates work, the difference between stocks and bonds and the factors that impact your financial wellbeing will give you a sense of financial security and control over your life. 

Need I say that financial literacy decreases your stress level? When you lack financial education, anything that resembles credit, interest rates or investments seems intimidating and leaves you feeling at a disadvantage. When people are well versed in the state of their finances, they have the information needed to take action, modify their investment portfolio or continue with their current strategy. 

Furthermore, understanding your finances helps reduce the risk of becoming a victim of fraud. Some tactics are easy to believe especially when they come from someone who seems to be knowledgeable and well-intended. A basic level of financial education will help you recognize red flags and, at the very least, talk with a trusted advisor before making financial commitments. 

In conclusion, financial literacy is an essential life skill that every person, whether employee or entrepreneur, should deliberately learn and hone. If you stay committed to personal development and investment in financial intelligence, you are on the pathway to achieving financial freedom. 

If you would like to take an in-depth course on financial literacy and how to manage your personal finance, I recommend that you enrol 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.

Obot Essiet Jr.

ABOUT THE 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 Jr. loves writing, gardening, watching adventurous movies, cycling and playing chess. 

Categories
Human Capital Development Technology and Innovation

LEAD Resources Commemorates World Youth Skills Day (WYSD) 2020

On 15th July 2020, LEAD Resources joined YALI and NACCIMA to commemorate the World Youth Skills Day (WYSD). WYSD is designated by the United Nations to celebrate skillful youths who channel their competencies towards causes that benefit the society. By so doing, WYSD creates awareness about the value of youth skills development.

LEAD Resources commemorated WYSD by hosting a seminar themed, “The competencies the youth should develop to leverage on COVID-19 era opportunities.” The speakers at the event were Alhaji Popoola (Ogun State Coordinator, NACCIMA Youth Entrepreneurs) and Mr. Kehinde Sogunle (Chief Solutions Architect, LEAD Resources).

WYSD
LEAD Resources Commemorates WYSD 2020

How to Leverage Your Skills for Growth

Alhaji Popoola was the first speaker at the event. He taught, “How to leverage your skills for growth.” He stated that he was particularly pleased that the event was commemorated at a time where many have lost hope in Nigeria. The aim of his presentation was to help the youths identify skills (often regarded as useless) and determine how to make the contribute their quota by engaging their skills.

He explained that many youths regard their skills as irrelevant for income generation. He gave an example of a friend that loves to iron who established a laundry business that is scaling. Leveraging skills for growth begins by identifying one’s skills. He suggested that youths ask themselves the following questions to identify their skills:

  • What can I do effortlessly?
  • What do I derive joy in doing?
  • What are my parents and grandparents good at?
  • What skill do I believe can make me a better person?

Next, he emphasized the principle of apprenticeship. Submitting to a mentor helps one refine a crude skill to the end that it becomes money-spilling. Everyone needs to follow successful mentors to know the ups and downs to generating income from their skills as well as what made them successful.

He gave the following tips in submitting to mentorship:

  • Understand that building a brand takes effort, patience and determination.
  • Allow your mentor to determine the time-span of your apprenticeship.
  • Note the points that your mentor makes at every opportune time.
  • Determine to be a voice in your choice industry.
  • Avoid bad company and societal influence.
  • Connect with people of like minds.

He informed the youths that his organization, NACCIMA, pools information about relevant opportunities such as:

  • Training with GIZ for the growth and commercialization of tomato and chili pepper.
  • Access to CBN COVID-19 response loan (as well as multiple kinds of loans).
  • Aso-oke textile production in an organization in South Africa.

He encouraged the youths to connect with organizations such as his, play their roles and benefit from the influx of information to develop their skills and/or scale their businesses.

He wrapped it up by emphasizing that in this digital era, businesses become seamless, efficient and worthwhile when digital competencies are integrated in the administration of one’s skills. He said, “If you want to work for the future, learn whatever you need to learn including AI.”

“If you want to work for the future, learn whatever you need to learn including AI.”

Alhaji Moruf Popoola, Ogun State Coordinator, NACCIMA Youth Entrepreneurs

The Competencies the Youth Should Develop to Leverage on COVID-19 Era Opportunities

After acknowledging the efforts of NACCIMA and YALI in raising skilled youths especially in the heat of the COVID-19 pandemic, Mr. Kehinde Sogunle (Chief Solutions Architect, LEAD Resources), the second speaker for the day, took the stage at the WYSD celebration.

He started out by pointing out the fact that following the outbreak of COVID-19, a new era has emerged. Due to the restricted movement of all peoples for over 90 days, it is scientifically proven that this new lifestyle has been formed. He gave examples of how convergences happen online via the use of networking tools as opposed to unnecessary physical meetings.

Therefore, he highlighted the need to develop necessary competencies to thrive in this new era. He gave the following framework for personal discovery:

Self-Discovery – Self-Development – Self-Mastery – Self-Actualization

He said, “There are two types of people in life: Those who live with purpose and those who don’t.” In addition to the simple steps given by the first speaker, he gave the following steps to personal discovery:

  • Understand why you are here.
  • Identify where you are going to.
  • Have confidence in your convictions.
  • Determine how to arrive there (character and competence).

He said, “Those who create their life purpose are often able to live with extraordinary energy and motivation to overcome challenges.” He gave the example of the situation the Nigerian teachers have found themselves in: the inability to teach in classrooms and get paid. He explained that teachers in this age can thrive by sharing knowledge using new age tools and techniques to leverage their skills.

“Those who create their life purpose are often able to live with extraordinary energy and motivation to overcome challenges.”

Mr. Kehinde Sogunle, Chief Solutions Architect, LEAD Resources

Purpose is an intersection of the following:

  • What you love doing.
  • What you are good at.
  • What the world needs.
  • What you can be paid for.

Furthermore, he taught the concept of the virtual realm. The virtual realm is the realm between the physical realm and mental realm. For example, people wrote on paper tangibly but now write on devices intangibly. The former exemplifies the physical realm while the latter exemplifies the virtual realm.

He made the audience understand that this is the new normal for the new economy, the digital economy. He gave the elements of traditional economy:

  • Resources, e.g. Raw materials.
  • Secondary, e.g. Manufacturing.
  • Tertiary, e.g. Real estate.
  • Quaternary, e.g. Education.

He also gave examples of the elements of the digital economy:

  • Resources, e.g. Big Data.
  • Infrastructure, e.g. Data Carriers.
  • Services, e.g. Software-as-a-service.
  • Customers, e.g. IoT, eCommerce, eLearning.

The Business and Sustainable Development Commission gave a projection that a staggering $12 trillion & 380 million new jobs will be enabled by the digital economy in 2030. Especially in Africa (the continent with the largest and youngest workforce), the youths need to develop the new age skills to create solutions, play in the Digital Economy and make Africa great.

He taught that regardless of what a person studies, he or she can find a niche in the virtual economy. He highlighted that the critical areas and business imperatives that Africans can engage among the 17 global goals:

  • Food & Agriculture.
  • Transport, Infrastructure & Logistics.
  • Health.

Albert Einstein said, “We can’t solve problems by using the same kind of thinking we used to create them.” Mr. Kehinde Sogunle explained that the problems we created in the traditional economy and physical space can only be solved in the digital economy and virtual space.

“We can’t solve problems by using the same kind of thinking we used to create them.”

Albert Einstein, Theoretical Physicist

Furthermore, he encouraged the youths to choose to contribute to the global goals by leveraging technology. He explained that they will get value if they resolve to attain them.

After it was established that accelerated acquisition of knowledge and skills is required, he taught that it is wise to subscribe to the offerings of transition organizations such as LEAD Resources that help raise a new breed of competent youths that can take the world by storm.

He said, “Education + Vocational Skills + Computer Literacy are not enough to guarantee employability and entrepreneurship in the Digital Economy.” He stated that the required competencies for the digital economy are:

  • Digital Literacy.
  • Financial Literacy.
  • Business Enterprise Literacy.
  • Talent Management.

“Education + Vocational Skills + Computer Literacy are not enough to guarantee employability and entrepreneurship in the Digital Economy.”

Mr. Kehinde Sogunle, Chief Solutions Architect, LEAD Resources

He stated that LEAD Resources’ offerings for new age competencies include:

  1. Enterprise Development
  • Access to Finance through Business Enterprise Development
  • Start Up School Nigeria/Scale Up Academy

2. Digital Conversion/Leverage

  • Digital Quotient
  • Digital Economy Emerging Managers’ Programme
  • Digital Economy Conversion Programme
  • Turning Academic Research into Innovation

3. Personal Talent Management

  • Personal Assessment
  • Personal Digital Profiling & Management

4. Successor Generation Streaming Initiative

To learn more about these offerings, click here. He added some other relevant avenues for the youths to upskill such as:

  • IBM Digital Nation
  • Google Digital Skills
  • LinkedIn Opportunity

He gave the ten jobs in highest demand in 2020 and encouraged the youths to explore and acquire skills in these areas:

  1. Digital Marketer
  2. IT Support
  3. Graphic Designer
  4. Financial Analyst
  5. Data Analyst
  6. Software Developer
  7. Project Manager
  8. Sales Representative
  9. IT Admin
  10. Customer Service

Mr. Kehinde Sogunle rounded off with the parable of the sower in the Holy Bible. He encouraged the youths to have hearts that are fertile soils by choosing to develop their skills, acquire competencies and revolutionize their world, one day at a time.

To subscribe to relevant updates and opportunities for youths, click here.

Categories
Human Capital Development Technology and Innovation

The Core Offering of LEAD Resources: Digital Economy Emerging Managers’ (DEEM) Programme

ABOUT LEAD Resources

LEAD Resources is a strategic human capital development social enterprise with a focus on governance, enterprise and technology hinged on generating opportunities, stimulating innovation and creating solutions to address challenges in the polity.

ABOUT DEEM

The Digital Economy Emerging Managers’ (DEEM) programme is LEAD Resources’ intensive 3-month internship for graduates designed to equip them with practical knowledge of and competencies for the Digital Economy.

The DEEM programme provides measurable on-the-job training that yields performance allowances and commissions during the internship. The DEEM programme is the core offering of LEAD Resources.

The DEEM programme aims to develop talented youths by providing:

  • Awareness of the Digital Economy
  • Talent management
  • Industry-based projects
  • Guided work experience
  • Wholesome mentorship
  • Networking opportunities
  • Advocacy and ambassador opportunities

JOB OFFERS

Listed below are some of LEAD Resources’ partners offering business development, project management and executive assistance jobs. The DEEM programme provides a fast-track, intensive training to equip participants with the competencies required for the jobs below (and many more).

  • An Oxygen Production Plant: This facility is at construction stage and will be commissioned in Ogun state. The plant aims to supply sufficient oxygen to health institutions in Ogun state and environs.
  • A United States Health Diagnostics Device Company: This company seeks a digital health diagnostics representative to interface with hospitals, health management organisations and high-net-worth-individuals that require personalized healthcare.
  • A Precious Metals Buying Platform: This technology platform seeks regulators to manage transactions for solid minerals in Lagos while interfacing with the executives and service maintenance developers in Abeokuta.
  • A Domestic Gas Production and Marketing Plant: This company seeks executive assistants for profiling and accountability duties.
  • A Tertiary Education Management Platform: This platform seeks innovators and developers for:
    • A locally and internationally certified blended learning platform.
    • A robust university management platform.
    • An internationally recognized online assessment platform.

PHASES OF THE DEEM PROGRAMME

PHASE 1: CAPACITY BUILDING

This is the first phase which occurs during the first 5 weeks of the DEEM programme. It comprises a set of introductory classes and tutelage training on the following:

  • Introduction to LEAD Resources, our partners and projects
  • Introduction to LEAD Resources’ collaboration platforms
  • Mercer/Mettl personality profiling
  • Video-based reflections
  • Questions and answers
  • Digital Economy Competency roadmap learning
  • Delivery of 9 DEEM modules: Here, the competencies required for the Digital Economy are taught extensively in 9 modules by world-class facilitators who are professionals in these fields. The classes are highly engaging as all participants are required to share their views, lessons learnt and practical applications to real-life situations.

OVERVIEW OF THE 9 MODULES OF DEEM

PILLARS SELF ENTERPRISE TECHNOLOGY
PRINCIPLES Character Entrepreneurship Digital Economy Principles
PRACTICES Financial Literacy Business Models & Digital Transformation Emerging Technology
TOOLS Talent Management Digital Social Business Data Science & AI
GOALS CITI – Creative, Intelligent, Talented, Innovative Disruptive Leapfrog, Enabled, Valuable, Leverage, Scales
  1. Character –  This is the first course in the DEEM programme. Here, the participants learn, unlearn and relearn the pillars of character and the proper work ethics to breakthrough, thrive and retain relevance in the 21st century.
  2. Financial Literacy – This is a course wherein the participants are equipped with the knowledge and skills to effectively manage and grow personal and organizational financial resources. They are given insights into principles and measures for making the best decisions towards the achievement of financial goals.
  3. Talent Management In this course, the profile, skills and brand of each participant are objectively assessed. This is to the end that the participants reposition themselves (showcase their strengths and work on their weaknesses) while morphing into competent players in the Digital Economy.
  4. Entrepreneurship – Here, participants are enlightened on the principles of value creation and exchange. They are educated on the fundamentals of starting, sustaining and scaling organizations in the Digital Economy.
  5. Business Models & Digital Transformation – In this course, participants are given insights on harnessing technology for optimal business performance in the Digital Age. They are taught how to create digital business models.
  6. Digital Social Business – Here, participants learn how to acquire, build and retain customer relationships across various media channels so as to sell value and achieve desired goals. They are taught how to collect and harness big data for big profit.
  7. Digital Economy Principles – This course provides participants with guidelines and measures for operating as competent players in an economy that is driven by digital technologies. Participants are taught to play in the global economy regardless of the apparent limitations of their immediate environment.
  8. Emerging Technologies – This course introduces participants to the world of novel technologies such as Augmented Reality and Internet of Things to the end that participants learn to leverage them to be at the forefront of the Digital Economy.
  9. Data Science and Artificial Intelligence – The 21st century has presented the world with the 4th Industrial Revolution wherein data is king. Participants are taught how to harness big data so as to predict future outcomes and simulate desired customer experiences in any venture.

PHASE 2: EXPERIENTIAL LEARNING

This is the second phase which occurs between the sixth week and tenth week of the DEEM programme. It involves the practical application of all principles learnt and competencies gained in the first phase of the programme hence deepening the learning experience. It covers the following:

  • Digital Economy Competency tasks and activities
  • Acquisition of professional badges and certifications
  • Individual and collaborative assignments within the organization
  • Engagement in internal projects of LEAD Resources for real work experience
  • Interaction, consultancy sessions and submission of feedback to facilitators

PHASE 3: MONITORING AND EVALUATION

This is the third phase which occurs between the eleventh week and twelfth week of the DEEM programme. This is the period for the review and assessment of all the competencies gained. Here:

  • The performance of each participant is assessed and recorded
  • A Mercer/Mettl learning and development assessment is carried out
  • Each participant is required to develop a personal action plan for career and/or business by the application of new knowledge and tools

PHASE 4: GUIDED ENGAGEMENT

This is the fourth phase which occurs during the 13th week of the DEEM programme. Here, each participant is guided into an appropriate career path. This phase provides the following:

  • An online forum for mentorship by facilitators and interaction with peers
  • Lifetime access to all lecture materials (recordings, lecture notes and books)
  • After graduation, retention of successful participants or referral to our partners and clients

FOR WHOM

DEEM is designed for graduates who have completed the mandatory NYSC year or will complete it in about 2 months. Therefore, the minimum qualifications are:

  • Bachelor’s Degree or HND equivalent
  • NYSC call up letter or certificate

Other requirements include:

  • Proficiency in the use of Microsoft Office Suite and the Internet.
  • Proficiency in the use of English language (spoken and written).
  • Learning agility and zeal to upskill.
  • Critical thinking and stress management.
  • Ability to work under minimum supervision.
  • Communication and presentation skills.
  • Ability to handle confidential matters.
  • Ability to develop SMART goals and prioritize accordingly.
  • A good laptop and smartphone.

SUBMISSION GUIDELINES

To apply for the DEEM internship:

  1. Register via the link: https://bit.ly/leadinternship
  2. Submit your CV and cover letter (letter of motivation) through the registration form.
  3. Note that the deadline for submission (for the third batch of participants) is 11:59 pm on Friday, 25th September 2020.
  4. Anticipate the response of the organization if shortlisted.

N.B: LEAD Resources is equal opportunity employer hence applicants of all genders, religions and races are encouraged to apply.

Got questions? Visit our DEEM webpage here.

Categories
Entrepreneurship Human Capital Development Technology and Innovation

LEAD Resources to Collaborate with Remo Growth and Development Foundation (RemoGDF)

LEAD Resources is in the process of entering into a collaboration agreement with the Board of Directors, Remo Growth and Development Foundation (RemoGDF). The purpose of this collaboration is to engage in strategic Human Capital Development initiatives for the indigenes of Remo land.

On the 29th of February 2020, LEAD Resources scheduled a meeting with Mr. Abiola Ogundeko, the Director for Youth Development, RemoGDF, towards the establishment of this collaboration wherein a “3-point agenda” was proposed.

DEVELOPMENT OF SMALL AND MEDIUM ENTERPRISES

The first agenda is the activation, development and encouragement of Small and Medium Enterprises to be true catalysts of the economic development of Remo land.

The following are the objectives of this agenda:

  • Improving human capital to become effective players in the economic development of Remo land.
  • Building a sustainable system for stimulating and developing the Small and Medium Scale Enterprises ecosystem in Remo land.
  • Rapidly providing conspicuous benefits for the populace via the operations of the ministry.
  • Supporting Remo land by achieving the objective of creating effective public and private collaborations in the programme.

CONVERSION OF DORMANT SCHOOL BUILDING TO TECH HUBS

The second agenda is the conversion of uncompleted and dormant model government school buildings in Remo land to Technology Hubs.

The following are the objectives of this agenda:

  • Improving human capital to become effective players in the economic development of Remo land.
  • Collaborating with more government programmes (such as Ogun Job Portal) to channel technology solutions towards the administrative challenges of the government in catering for the wellbeing of citizens.
  • Building a sustainable system for stimulating and developing the Information Technology ecosystem in Remo land.
  • Rapidly providing conspicuous benefits for the populace via the operations of the Technology Hubs and stimulating the activation of Technology hubs in other zones of Ogun state.
  • Supporting the government to achieve the objective of creating the path for emergence of the state as a leading player in the digital economy.

LEAD Resources believes that the conversion of one of the old, model schools in Remo land to a Technology Hub for Ogun state will symbolize the commitment of Remo community to Human Capital Development, empowering the people with relevant competencies for this digital age.

LEAD RESOURCES TO SERVE AS MODEL FOR YOUTHS IN INNOVATION AND ENTREPRENEURSHIP

The third agenda of the collaboration is for LEAD Resources to serve as a model in Nigeria for building innovation and entrepreneurship capacity in Nigerian youths. This cause is towards raising competent youths for the achievement of the Sustainable Development Goals (SDGs) and active participation in the Digital Economy.

At LEAD Resources, we believe the youths can be developed and mobilized for the overall acceleration of Nigeria. Via a structured process of providing relevant education and harnessing talent and energy, the Global Goals – living well, living happy and living large – can be the new normal for the Nigerian youth. LEAD Resources seeks to accomplish this by engaging the youths in pragmatic trainings of the Digital Economy Competence Systems such as:

  1. General SDG Awareness
  2. Digital Economy Competencies
  3. Personal Talent Profiling and Management
  4. Solution Conference and Design Thinking
  5. Community Solution Clusters
  6. Start Up and Scale Up Academies

In conclusion, LEAD Resources is enthusiastic to collaborate with RemoGDF towards the implementation of these initiatives which will foster creativity, innovation and entrepreneurship amongst Remo indigenes while also enabling the community (and beyond) to achieve the Sustainable Development Goals.