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…
Before an idea is generated, it
is wise to carry out research to identify the needs of your target customers.
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.
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.
A well-defined business plan
will steer your business in the right direction and increase the chances of having
a successful product launch.
At this stage, your ideas will
be developed. You should create manufacturing and operations processes and
market testing plans.
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.
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.
Adetoyese Oyedunmade is an Associate Solutions Architect at Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.
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).
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
What do I derive joy
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:
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:
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
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
Customers, e.g. IoT,
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.
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:
Business Enterprise Literacy.
“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
Access to Finance through Business Enterprise Development
Start Up School Nigeria/Scale Up Academy
Emerging Managers’ Programme
Research into Innovation
Personal Talent Management
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:
He gave the ten jobs in highest demand in 2020 and encouraged the youths to explore and acquire skills in these areas:
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.
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
human capital to become effective players in the economic development of Remo
a sustainable system for stimulating and developing the Small and Medium Scale
Enterprises ecosystem in Remo land.
providing conspicuous benefits for the populace via the operations of the
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
The following are the objectives of this
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
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
General SDG Awareness
Digital Economy Competencies
Personal Talent Profiling and Management
Solution Conference and Design Thinking
Community Solution Clusters
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.
LEAD Resources was awarded a contract to design and develop the premiere online, socio-cultural platform for Ogun state by the Digital Economy Advisory Group (DEAG). This platform would serve as the “Wikipedia for everything Ogun.”
Between October and December 2019, all hands were on deck as regards this project. All Associates of LEAD Resources actively contributed their quota to the development of this platform as coordinated by the Technology and Innovation team of LEAD Resources, Marcellus Nwankwo and Ayo Lala.
This platform was named, “Hamora.” This name is a derivative of the Yoruba word, “Amǫrawa,” meaning, “We know who we are.” This depicts that via this platform, the people of Ogun state can contribute and harness relevant information about their past in order to create a better future.
Hamora is a crowdsourcing platform which allows for the indigenes of the state to share their own content about history, artifacts, commerce, business, projects, festivals and related socio-cultural topics. This will enhance the participation of all classes of indigenes of Ogun state and ensure the promotion of the core values of Ogun state. Of course, other states may subscribe to this development too!
In a nutshell, the aim of Hamora
platform is identifying, creating, managing, proposing and promoting a single
and harmonized platform for exhibiting interphase between social and cultural
activities that affect the daily lives of individuals in the state.
The objectives for developing the Hamora
data on the history, heritage and other socio-cultural aspects of Ogun state
from certified and trusted sources.
the fundamental, cultural practices and heritage of Ogun state so as to create
an ecosystem to facilitate the growth of the people’s identity.
structuring and facilitating the growth of Ogun state’s heritage for effective
value communication and exchange.
previous, current and upcoming tools, techniques and technology for promoting
social and cultural practices in the state.
The Hamora platform is ready and will be launched soon. Stay tuned!