WEALTH CREATION PROCESS............And Management Tips for Success!

ENTERPRISE!

Wealth creation has a process. It has nothing to do with your educational qualification, though that may help. It has a lot to do with your ability to see the needs of people and be desirous to fill it. It has a lot to do with having the right information at the right time.  It also has to do with your ability to discern a business opportunity.

Entrepreneurship is the motivation of a person's thinking and doing abilities in creating and providing valuable services at a profit. Everyone has a unique skill that can earn him income if discovered and developed.

In this write-up, the process of discovering the talent that can put you back into gainful self-employment is our concern. There is a skill you know so well, but you never considered making it a career.  Often times, people have had to remember things they know how to do well to develop them when they lose their traditional job or when their profession is no longer paying them handsomely.

If you are tired of staying at home idle, this write-up is for you.  It is my privilege to share very important step to breaking out of poverty or increase your wealth if you are not poor by turning that skill of yours into a profitable business venture that will handsomely reward your effort and create value. In addition, as is our tradition, we will bring you a living experience of someone who turned his passion for a profitable business that grew into a family business.
 

The beginning of your intention is to identify that passion of your that you do very well.  You may be someone who draws beautiful landscape without much ado, you may be someone who snaps pictures to almost perfection and when friend see it, they will ask who is the photographer that snapped this picture.  

You can be someone who likes nature and you take time to snap the sun when it is in its full strength, you snap the beach, beautiful landscapes, aeroplanes and uncommon things and you have your phone full of these pictures.
Yet, you may be that guy who is good at arranging hotel accommodation for your dad, friends and others.  

You are connected to people that work in hotels and you know how to negotiate rates; it could be that you like to play the drum, name. You may be a good dancer and dance is not recognized as a profession in your culture.  But you have danced when alone, in churches, in parties and you are most happy when you are dancing, then you are the person I am addressing today.
 

POINT 1
The way you identify the vocation or skill, the passion that can be transformed into a profitable business is that thing you do and you are at your best, you are most happy doing it and doing it adds intangible value to you.  Whatever that thing is, be it baking bread, caring for children, driving, playing soccer, snapping pictures, drawing, even eating.  It could be farming and breading chicks, farming watermelon, rearing cows, or goats etc.
 

POINT 2
How long have you taken interest in doing that vocation?  The vocation must be one that you have always have to do very often.  If your vocation is snapping pictures, how often you do that and for how long.  I give you an example.  With my phone, I snap nature anywhere I see a beautiful scene of nature, whether it on Facebook, on the road and my phone has an uncountable collection of beautiful scene.  Many times, I have to delete some 

I do this daily and anywhere I see one. This fact is important because, as you practice the vocation, your skill in the vocation becomes strong.  You must see the evidence of this skill and love for it in your environment.  Some ladies can cook great meals and they are happy cooking.  Make sure you have evidence of this skill around you that people close to you can attest to.
 

TURNING YOUR VOCATION INTO A PROFITABLE VENTURE

1.    Package it as a service: - How? To package that vocation into a service, you start by doing simple business research on the subject to establish the viability of the idea and find people who need the service.
 

a)    Do a little feasibility on the subject by yourself.  Find out the people around you, your circle who need the service or who might need the service.
 

b)    Look beyond your friends, church members to the general public, the people that need the service. If it is daycare, for instance, you look beyond people around you to families dropping their children to school daily on their way to work.
 

c)    Find out what will make them patronize your daycare, is that it is close to the school and therefore easy for the child to walk from school into your Daycare or is it the facilities you have there that will attract the customers.
 

d)    Find out how much established Daycares are charging and the facilities they have. Find out what the existing Daycare does not have that can add value to your service. What kind of care do parents expect? What kind of service do your customers expect, whatever be the service? Make sure you identify what quality service will mean and use this information to establish your own service standard.
 

When you have all this information you are ready to package the service and launch out. Let me warn that from experience, this information should be collected and analyzed with a week or two so that it can the correct reflection at that time.

2. Organize the idea into a Business
The next level in packaging the vocation into business is to arrange/organize your structure for providing the service.   Assuming you are trying to turn the vocation of photography into a business, and you have gathered information of the people that need photography services, when and where they want to be snapped. You will also obtain information about leisure gardens and locations where families relax, the appropriate days and times when the pictures are snapped.  Then you need to know the closest film washing company around the leisure locations and their requirements
 

3. Invest in Materials
The basic materials required to carry out the should be acquired.  With the photographer’s example, you need to obtain a small camera, a set of jean trousers, T-shirts and canvas for the services. With the materials, you know your passion is ready for the next level. It is cost-effective to start from home, so whatever the service might be, please start from the house.
 

4. Create Awareness
The final step in transforming your passion for business is awareness creation.  In the case of Daycare, I mentioned earlier, you print a simple flyer and give it to the parents dropping their kids in the morning, give members of your church, especially young couples.  You should share the flyers when you are ready to start the business.  

Also, be ready to pay a marketing visit to proprietors and inform them about your services and how it will benefit parents who close late. Remember to include the nursing and other cares you are organized to provide to the children.
 

Having put up a structure to transport into full time or part-time business, see the strategies that will distinguish you among other competitors and service providers and follow these guide strictly:
 

Learn the trade/Business formally

You got to the business through passion; there is the need for you to be well-grounded in the profession and in the processes in the industry, so there will be a need for you to obtain a formal education.  Obtain a Diploma or degree on the trade will increase your knowledge of the business and be guided in all its processes.  In Nigeria today, schools are now available for many of the otherwise vocational skills like hairdressing, barbing, photography etc.  Seek out the school and spent six months to one year learning the trade.

The trade has become your profession and you need to understand the business inside out. As a matter of fact, if you are not in a hurry, it is advisable you obtain the Diploma even before you formally open shop for business.  The benefit of specific education, learning the theoretical and practical aspects of a vocation will reflect in your service quality and excellence immediately you open shop. If the training is done, while the business is open on a time schedule, the gains will also reflect as you progress.  Keep it in mind that you need to deepen your knowledge and skill in the business.
 

Identify new markets/Locations

After you are well established in the business, seek new and better market and locations that will launch the business into a more visible entity. Take some objective business assessment of locations and the availability of the service in those areas and identify where it may be ideal to site the business.
 

You may consider a location that will add value to the business.  For instance, a location where a similar service has been well established and prospering can be a good location.  For instance, when Tantalizer fast-food brand started, they decided to tap into the market of well established MR Biggs by opening their Restaurants opposite MR. BIGGs.
 

This was done to take advantage of the fact that people who enjoy snacks already know the MR BIGGS street as the place to buy snacks and with better quality snacks, you are ready to do business.

Introduce Varieties to Serve more people

Introducing varieties is basically expanding the business.  If you are in Supermarket business, introducing varieties will mean stocking more and different products, branching into other service areas that have been left behind like stocking cosmetics, clothing, electronics, household furniture etc.
 

If you are into baking, you bake more varieties according to the taste of your customers. There is no benefit in baking French bread, or exotic fruit bread, malt and apple bread when your customers are not used to it.  Varieties and expansion must be market-driven.  It must be demand-driven.  

When fast food Restaurants in Lagos discovered that Nigerians would prefer local delicacies on their stable, they quickly introduce Eba, Yam, Beans with Vegetable soup etc.  Some fast-food Restaurants on Allen avenue in Lagos introduced Pepper soup etc and the patronage was wonderful.

Find a way to relax your customer and investors, even partners.  Jokes well-thought-out will do well as well as some humour.  You cannot underestimate the disarming effect of good humour.

FIRE...