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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
Abeokuta Business School is the Business and Executive arm of Crescent University. On the other hand, Crescent University is the pioneer Islamic, co-educational tertiary institution in Nigeria.
Abeokuta Business School has a goal to
develop entrepreneurs who implement (not just understand) practical knowledge of
business education thereby filling the gap in Nigerian Business Education. It
is located at Km 2, Kobape road, Oke Mosan, Abeokuta.
Seeing that LEAD Resources has a vision
to be the indisputable knowledge, leadership and real solutions provider in
Africa, LEAD Resources continually seeks to collaborate with institutions that
are driven towards “knowledge revolution.”
Therefore, LEAD Resources is working to forge a synergy an sign an MOU with Abeokuta Business School to organize executive education workshops, seminars and capacity building interventions in the school.
Abeokuta Business School will have the responsibilities
of oversight of the courses and provision of certificates for successful students.
On the other hand, LEAD Resources will take on the responsibilities of
development of course contents and designing of suitable capacity development
methodology for the achievement of the objectives of the courses.
Business and Executive Courses
Thus far, LEAD Resources has proposed to run 13 executive courses. Eight of these courses are based on Digital Economy Competency while five are based on Government and Public Finance Management.
The proposed courses are as follows:
Drivers of Digital Economy
Digital Business
Understanding Digital Transformation
Digital Marketing
Leading Digital Transformation
Digital Strategy
Data Science and AI
Building Digital Social Business
Leading Economic Development
Leading Sub-National Government
Managing Regulatory and Enforcement Agencies
Mastering Public Finance Management
Public Finance Management
The tentative fee per course is N150,000 while the duration of the training is 2 – 3 days. Meanwhile, a plan is underway to organize a Business Outlook Seminar for CEOs, HR Personnel, Public and Private Finance Management Experts in 2020. For enquiries or more information, contact us here.
