BUILDINGFINANCIAL EMPOWERMENTThrough Successful Entrepreneurship

ByObiora Madu

CEO/Multimix Academy

Essence of Empowerment

. . . is enactingthe vision.

Vision is defined

. . . as taking a stand for a preferred

future.

Vision implies

• Taking responsibility• Acting congruently• Agreeing to change

“Insanity: doing the same thing over and over again and expecting different results.”Albert Einstein, (attributed) US (German-born) physicist (1879

Courage

• Facing harsh realities.• Examining our own contribution to

problems• Putting our authentic view into

words in a straight-forward manner.

Your Personal Mission Statement:

• A Foundation for Your Future

A statement of mission is probably the single most important strategic document you can have . It establishes a firm foundation providing clear guidance for all significant decisions.

Who is an “Entrepreneur”“one who surveys the potential of their

business environment, identifies opportunities to improve it, marshals

resources, and acts to maximize operational opportunities”.

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1–8

Entrepreneurs—Challenging the Unknown

• Entrepreneurs–Recognize opportunities where

others see chaos or confusion

–Are aggressive catalysts for change within the marketplace

–Challenge the unknown and continuously create the future

Creativity and Innovation

• Creativity leads to innovation • “Innovation is the specific instrument of

entrepreneurship. The act endows resources with a new capacity to create wealth. Innovation, indeed, creates a resource.” (Drucker)

• Entrepreneurship is all about innovation • Innovation is economic or social, rather than

a technical term

4 WAYS TO SUCCESSFUL ENTREPRENUERAL PATHS

• 1. HARVESTING A GIFT-Discovering what you do very well and get people to pay for it

• 2.PURSUING A PASSION-Discovering what you love most and finding a way that people will gladly pay you to do it.

• 3.FOLLOWING A MISSION-Finding the work you feel uniquely called to do to make a contribution to improve the world and make it a better place.

• 4. CAPITALIZING ON YOUR ASSETS-Defining your abilities, experiences and resources and using these assets to make a living

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CREATING SUCCESSFUL SMEsThe business must connect with the entrepreneur:• Consistent with your dreams• Suits your temperament• Calls upon your talent and skills• Builds your esteem• Keeps you motivation• Holds your interest• Energizes and fulfills you.

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ENTREPRENEUR TEST• ARE YOU AN ENTREPRENEUR?Answer each question by checking YES or No Yes No1. When I am faced with a challenge, I am confident that I can work through it 2. I want to be financially independent and be rewarded for my accomplishments3. Trying something new is exciting even if the risk of failure is significant4. I’d prefer to gain independence and control my destiny5. Building a new enterprise is important to me6. My experiences during my youth and early career have shown me the benefit

of starting a new enterprise7. Starting a new business some day soon is always in my thought8. I like working with others and can provide leadership when called upon9. Our society and my family provide a strong supportive base for my initiatives

I wish to enter10. I possess good technical skills and strong relationship skills in the industry I

wish to enter

COUNT THE NUMBER OF TIMES YOU ANSWERED YES

The Only Place to Start is Where You Are

Start with what you have, not with what you don’t have. Opportunity is always where you are never where you were. To get anywhere you must launch out for somewhere or you will get nowhere.

Hamilton Mable said, “The question for each man to settle is not what he would do if he had the means, time, influence and education advantages, but what he will do with the things he has.” God will always give us an ability to create what we need from something that is already here.

Do what you can,with what you have,

where you are. - Theodore Roosevelt

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DISPISING THE DAYS OF SMALL BEGINING

“Small opportunities are often the beginning of great enterprises” - Demosthenes

The best Time of The is now

• Do you put off until tomorrow what you should have done yesterday?

• When you kill time, you kill those callings God has placed within you. The Living Bible’s version of Ecclesiastes 11:4 says, “if you wait for perfect conditions, you will never get anything done.”

• The first step to overcoming procrastination is to eliminate all the reasons and excuses for not taking immediate action.

Financial Freedom is a choice, not a dream. Anyone can be financially free.

You choose how your life is going to look and you’re responsible for making it happen. No one is going to do it for you.

You are the CEO of your own life, financial freedom is not only your choice, it is your responsibility.

There are two kinds of habits -- habits that you do and habits that you don’t do.

You are either in the habit of brushing your teeth every morning or you are in the habit of NOT brushing your teeth every morning.

You are either in the habit of saving and investing or you are in the habit of NOT saving and investing.

A man with One Watch Knows what Time it is; A man with Two is never quite sure.

Indecision is deadly. Have you ever noticed that some of the most miserable people you know are those who can never make a decision? When the mind is in doubt, it is easily swayed by slight impulses, opening the door to many wrong decisions.

Many times indecision causes things to go from bad worse. The middle of the road is the most dangerous place to be.

A useful way of making goals more powerful is to use the SMARTT usually stands for:• S Specific • M Measurable • A Attainable • R Relevant • T Time-bound• T Trends

SMART Goals:

IDENTIFYING YOUR GOD GIVEN DESTINY

• What do you do effortlessly?• What do people crowd you about?• What are you willing to work for without

pay?• If you had $1 million dollars what will you

invest all the money without looking back?• What have people been telling you they

think that is your talent?

CTRITICAL ISSUES FOR SUCCESS

• What business are we into• What is our core competence• What is our USP?• Who is our target market?• Who is our ideal client?• To what extent have we satisfied this market?• What strategies shall we use to stay ahead of

competition?• How do we position our firm?• What is our mission and vision?

• Inventing a new product• Marketing someone else’s product• Secondary packaging• Taking advantage of a fashion opportunity• Identifying marketing gaps and shortages

and filling them• Improving existing products or services• Finding use for waste materials

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Some of the broad areas to be considered include:

• Wrong bearing – Running with the joneses• Big bites• Mortgaging Ethics – dishonesty• Credit sales• Profit first• Absence of a plan• Taking the market for granted• Ignoring your competitors• Not having accounting books• Ignoring your competitive edge

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PITFALLS TO AVOID

How to Avoid the Pitfalls

• These same studies have indicated that entrepreneurs can increase their changes for success if they:

1. Know their business in depth.2. Develop a solid business plan in writing.3. Manage financial resources.4. Understand financial statements.5. Learn to manage people effectively.6. Keep in tune with who they are.

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Eight reasons why many small businesses fail.

3 FEET FROM GOLD

•Many of life's failures are people who did not realize how close they were to success when they gave up. - Thomas Edison

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FINALLY• What Is Luck?

WHERE OPPORTUNITY MEETS PREPAREDNESS

• What Is The True Meaning Of POOR

PASS OVER OPPORTUNITIES REGULARLY

QUITTING HOW CAN I KEEP GOING WHEN I FEEL LIKE QUITTING? • 2 Corinthians 4:7-10 . . . We are pressed on every side by

troubles, but we are not crushed and broken. We are perplexed, but we don’t give up and quit.

• Acts 20:22-24 . . . Now I am going to Jerusalem, drawn there irresistibly by the Holy Spirit, not knowing what awaits me. Paul faced unimaginable hardship yet finished the course.

• 2 Timothy 4:7-8 . . . I have fought a good fight, I have finished the race, and I have remained fait

The Bible recognizes that life is difficult and at times

overwhelming. Faith does not prevent hardship, but it does offer resources, encouragement, and hope to help us persevere when we feel like quitting.