Everyone has a talent.  So maybe yours is blowing milk out your nose… it’s still a talent.  And most talents can be monetized.  The key is to find your talent and then turn it into a scalable business.  Too bad many folks get stuck on the “finding the talent” part.  Here is a list of 55 ideas, all contributed by the TPE community, on how to find your hidden talent.  You have it!  Now find it:

Sorry, no excuses allowed: First, figure out what benefits you are getting by not finding your own talents. For example, are you really afraid to try something new because it might not work, so not letting your talents surface gives you an excuse for not succeeding – or do you just feel safer being able to blame your problems (boredom, lack of money) on someone or something else? Once you know what you are gaining by not seeking out your own talents, it is easier to let go of those old outdated beliefs about yourself and move on to new ideas.

Personal development and leadership coaching (3)know

For a man to achieve all that is demanded of him, he must regard himself as greater than he is (Johann Goethe).

Personal development is a broad term that largely refers to the various ways and processes by which people are able to assess their personal attributes, talents, dispositions, skills and other qualities in relation to their life goals and potentials. It describes the personal drive of a person for continuous improvement in one or more area(s) of his or her life. It also proves the desire of such a person to achieve certain heights and/or levels of personal excellence and distinction through diligence, constant learning, capacity building and goal setting.

Personal development is not only the greatest investment that a person can ever make; it is also the greatest motivator of personal transformation. It is thus the best indicator of the power of a person’s inner self to access his or her internal (mind) resources to compel desirable change. That is why the people who actively seek, and constantly invest in personal development are dream clients for any coach.

For a team leader or any leader for that matter that operates as an internal coach, getting people to buy into a corporate vision is usually made much easier if and when personal goals dovetail into corporate goals. The leader, who is for all practical purposes a coach-leader thus emphasises the needs, desires, processes and strategies for achievement of goals, because it is a win-win situation for all. Such a situation therefore demands constant assessment of goals and desired outcomes.

It is this constant and continuous assessment that inspires and motivates the quest for more knowledge and drive for achievement, especially by the individual in positioning for excellence. Although personal development is a personal and individually-driven process, it almost always requires the inputs of other people, such as the coach who can through their engagements create and add value to the process. As a matter of fact, within the corporate business sector, that is what is required of a truly inspirational, visionary and transformational leader.

The fact cannot be overstated that the major responsibility of any team leader is to continue to facilitate the unlocking and unleashing of individual and corporate potentials, so that personal and corporate goals are achieved as desired. That is the why it is so important that leaders at various levels of responsibility, especially in the business arena also seek continuous personal development. The best way is to also be a coach and mentor, as well as a leader to others. The resultant effect is that the dreams of the leader becomes realised as he or she helps others to achieve their dreams.

The truth is that people naturally have the craving for a sense of belonging, acknowledgement and recognition. Therefore, the leader who is perceptive, supportive and eager to listen is able to build great rapport with people. Such a leader is therefore better placed to create confidence, self-belief, responsibility and accountability in people by acting as a team coach. The usual response is that people are personally inspired to act rather than being pushed to do their leaders’ bidding.

There is hardly a better and more sustainable way than this to encourage personal development in people. It is definitely the best way to facilitate the unlocking and utilisation of individual gifts of people for the benefit of the entire team. That is why coach-leadership is so powerful, because the major aspiration of every coach-leader is to impact peoples’ lives through positive influence. The goal is always to inspire such people to commit to making the same difference in the lives of others. Therein exist the critical element of continued personal development and the reality of the kind of influence that other people can make at some stages in a person’s life. 

Having lots of money and occupying high positions have never been the true measure of success. So, true success in life cannot just be about being exceedingly affluent. Rather, it is more about making positive influence through whatever affluence may exist. The extent and sustainability of your positive influence determines not just your success, but also your significance. Success is good and must be desired, but bringing significance to the lives of other people is more enduring, hence more fulfilling. The question should therefore always be about whether there is significant influence through much affluence.

This is what ties personal development, leadership and coaching together, because what we try to do in every leadership coaching is to support the leader to set and achieve goals of true influence (significance). The most successful leaders in this regard are those that help to move their people to the highest possible levels of personal development and empowerment. But, this comes with a high price of selflessness, humility and extreme servant-leadership. That is the price that transformational leaders have to pay, but the rewards are always great at the end. Are you ready for personal development? You can read more about the transformational power of coaching at www.ceedcoaching.com.

Advancing ICT based Entrepreneurship education in Nigeria: The MTN Link forum example

In today’s world, technology and innovation are driving many economies in no small measure. Exciting trends are sweeping across the world. In the advanced economies such as the US, UK, Japan, and China, technological knowledge is fast becoming a strategic asset for economic development. Technological advances and ICT based businesses are gathering pace. Advances in information and communications technology are occurring on a tremendous scale. For countries tapping into the new ideas, innovations and technologies that proliferate in a knowledge-driven economy, there is abundance of wealth and opportunities for them.

Entrepreneurship and technological entrepreneurship in particular are now considered as the engine for economic development. Most developed and emerging economies have adopted Technology Business Incubation to fast-track the creation of new technology-based enterprises because of its more than 80 percent success rate of new venture creation. Its multiplier effects include technology/knowledge transfer, employment generation and wealth creation. Technology-driven and knowledge-based developments not only exhibit tremendous business potential, it also offers a range of innovative applications beneficial to various sectors of the economy and society at large.

In business, knowledge is more than important. It takes you beyond where you can ever imagine; it reduces your error rate, it keeps you safe and helps you maximize your greatest potential. Knowledge is the take-off point of any kind of value, business and national development.

Technology industry is pivotal to the success of building a tech entrepreneurship ecosystem in Nigeria. It is the most dependable way of creating both job and wealth in the 21st century. So, for Nigeria to solve her high rate of youth unemployment, over-dependent on crude oil and  to build great economic backbone for the future, there is need to invest in entrepreneurship education, particularly, technological entrepreneurship.

Over 80 percent of Nigeria GDP comes directly from crude oil. This mono-cultural economy has created more problems than it has solved. It has resulted into irony of a rich country, poor people. However, the time is now ripe to change the configuration and embrace technological-driven economy. To bring economic freedom and prosperity to its people and help tackle the menace of poverty in the country, Nigeria needs a change of direction.  The forces of change outside Nigeria are driving the need for change within it. Therefore, to maintain itself on a par with the rest of the world, and to be able to compete successfully in the fast moving world, Nigeria has to radically reform itself and embrace knowledge-driven economy.

It is in recognition of this that the leading telecommunication network in Nigeria, MTN, has over the last four months provided a platform-MTN Link Forum for young business professionals and budding entrepreneurs to learn new skills and follow the latest trend in technological world in order to take their businesses to the next levels. The MTN Link forum is an idea sharing platform where those who have built successful businesses using the new technology, share and encourage young Nigerian business owners to follow same route in creating wealth for themselves and the nation at large.

Jonathan Doerr, managing director of Nigeria’s leading online trading firm while relaying his experience at the Port Harcourt edition of MTN Link Forum, recently reinstates the need for Nigerian entrepreneurs to source for new ideas that can transform their lives and create jobs from developed countries and domesticate it here in Nigeria. In his words, “Nigerian entrepreneurs can take business ideas that have proved successful in America and Europe and domesticate them in line with realities in the country”.

According to him, “online retail business had been thriving in America and Germany before it was introduced into Nigeria with little adjustment in the area of delivery and payment. You don’t necessarily need to pass through the stress of product development; there are products that have been developed elsewhere. You only need to modify them, and replicate it here in Nigeria and it will be an instant success just like Jumia”, he says.

Kazeem Mustapha, a Medical Doctor and Health Insurance expert while speaking on the importance of technology in today’s world, says, “in any business that you are doing, you have to befriend technology. You have to befriend technology for information, for operational efficiency and most importantly, as your businesses are growing, you are confronted with challenges that your brain alone cannot cope with, you have to depend on latest technology that can help you maximise your potential”.

The main source of value and competitive advantage in the new economy is human and intellectual capital. With a population of about 160 million people, Nigeria, in theory has the capacity to make a successful transition into a truly knowledge driven economy.

Just like the US, China and Japan, it is also possible for Nigeria to become a knowledge-driven economy. However, this can only be achieved if the Nigerian government and other multinational companies can follow the path laid down by MTN in promoting the transfer of new ideas and technological-based businesses in the country. 

Two businesses worth undertaking

There are two businesses worth taking a shot at owing to their high return on investment (RoI) and short payback period. The businesses have bright prospects as long as the prospective entrepreneur can look beyond profitability now and focus more on market penetration and potentials, process description and raw materials sourcing, among others, experts say.

Experts at the Federal Institute of Industrial Research Oshodi (FIIRO) have compiled a list of 50 tehno-investment opportunities for the micro-, small- and medium-scale enterprises (MSMEs). Start-Up Digest has picked out two of such businesses with highest RoI and not-too-long payback period.

One of such businesses is soy-ogi production. Soy-Ogi is a fermented maize breakfast cereal, which is low in protein. It is the traditional Ogi, fortified with soybeans to improve the protein content.  Experts identify the raw materials requirements as soybeans, maize and vitamin premix. These are all locally available.

“The demand for Soy-Ogi is high in Nigeria,” says FIIRO, headed by Gloria Elemo.

“Target buyers are adults of all age categories living in Nigeria, ECOWAS sub-region and Nigeria in Diaspora with focus on all levels of income,” says FIIRO.

According to the experts, the process of preparation involves corn Ogi wet cake and soybeans cake. The processes involved in corn Ogi wet cake preparation are weighing and cleaning. steeping and milling, sieving, fermenting, sedimenting, dewatering and granulating.

Similarly, soybeans cake preparation involves weighing and cleaning, roasting and de-hulling, cooking and milling as well as dewatering and granulating. Machinery and equipment that should be acquired for the production of this are flash dryer, steeping tank, grains destoner, sedimentation tank and milk pump. Others are disc mill, roaster, hydraulic press, cake granulator, pressure cooker, centrifugal sieve, mixer, powder filling and sealing machine.

RoI on this investment is 74.6 percent, while return on equity is 189.9 percent. Payback period for this business is 1.9 years, while the break-even point is 34.3 percent.

Estimated cost of machinery and equipment depends on the capacity, which could vary from 500kg to 2.5 million tons per day.

Secondly, entrepreneurs can also move into solid minerals processing, which has 93.5 percent RoI, 165.6 percent RoE, 1.1 years payback period and 33.3 percent break-even point.

Experts say solid minerals business is now a gold mine as the country is aggressively looking away from crude oil to diversify into other productive areas. The sector presents bigger opportunities as it is still largely unexploited , according to the Nigerian Investment Promotion Council (NIPC).

One of such solid minerals which should be of interest to entrepreneurs is the precipitated calcium carbonate, which applies to the commercial types of calcium carbonate produced by precipitation process.  The raw materials used here are limestone and carbon dioxide.

“There is high demand for precipitated calcium carbonate In Nigeria. The demand is largely found in the paper, food, paint, pharmaceutical and plastics industries,” says FIIRO.

Processes involved include crushing, calcinations, hydration, Co2 collection and purification, carbonation, screening, drying, milling and packaging.

Machinery and equipment involved are vertical shaft kiln, hydrator (stainless steel), carbonator, electromagnetic separator, rotary dryer, pulverizer, heat exchanger, scrubber and weighing scale.

The estimated cost of the machinery and equipment depends on the capacity, which could vary from two to five tons per day, says FIIRO.     

Gloria  Elemo, director-general/CEO, FIIRO said,  “In an effort to make research results relevant to human needs, FIIRO has engaged in the promotion of its research results and transfer of same to the investing public,” she said, the FIIRO Investment Day and Technology Week held on Wednesday in Lagos.

According to Elemo, Nigeria can no longer continue to depend on the external sector but must place emphasis on the MSMEs to harness the country’s sizeable domestic market  and abundant resources to ensure steady supply of vital products to the economy.

G.U Ugochukwu

Real estate: Some tips for new investors

An investment in real estate is likely to be one of the most significant financial decisions you will ever make. A tremendous sense of pride, fulfilment, stability and security comes with owning your own property, particularly your own home.

Increasing property prices and the demand for quality rental accommodation mean that, with a carefully selected and well-managed rental property, landlords can enjoy a return on investment not just from capital appreciation but also from the steady stream of passive income. Even where there are downturns in property values, properties generally continue to rent and often without a corresponding decrease in the rental income.

Most people borrow to buy property. Before you buy a property, be sure that you can actually afford it and are able to service and repay the debt. Having a pre-approval in place will save you time and energy as the lender would already have reviewed your financial status to determine how much you can afford and how much they are prepared to lend you.

Apart from the actual purchase price of a property, which reflects its location, features, age and condition, there are other significant transaction costs that come to bear including lenders fees, valuation and survey fees, estate agents fees, legal fees, transfer taxes, stamp duty and insurance cover.

Whilst the documentation requirements can be cumbersome and can make investing in real estate somewhat tedious, it is important for the security of your investment that all documentation reflecting the true title of the property is in place.

Seek professional advice to determine the most appropriate structure. There are implications for you and your heirs for holding title in your name, in the name of your beneficiaries as well as in the name of a trust or a limited company.

Real estate is relatively illiquid and it is risky to invest with a short-term view. Like stock market investing, the property markets go through cycles. Maintain a long-term outlook as it usually takes time, patience and energy to reap the benefits from this investment class.

“Investment is most intelligent when it is most businesslike,” according to Benjamin Graham. Do your homework. Every investment comes with a degree of risk and real estate is no different. Of course you can never cover all the unknowns and you cannot accurately predict what the property will be worth in five years, but you can certainly get some sense of its prospects.

We have all heard the old adage: “location, location, location.” The value of property and the success or failure of this investment is largely dependent upon its location. Neighbourhoods change; market conditions, community issues, the local economic and political environment, poor enforcement of regulatory policies – these can all affect an area adversely and diminish property values considerably.

Unfortunately, the property market, as other financial markets, can be fraught with some unsavoury characters so be very careful with whom you are dealing. Choose your agent carefully; a tested, dependable, and responsive professional who comes recommended, has sound market knowledge. Be cautious of high-pressure sales pitches; they can be very persuasive yet a “once in a lifetime opportunity you cannot afford to miss” can turn out to be the worst investment you ever made.

The right tenant can be a joy, but the wrong tenant can make a landlord’s life a misery. Request for references and always follow up on them.

As performance in one asset class will help offset any downturn in another as economic and market conditions change over time, it is advisable to spread your risk amongst a range of assets including stocks, bonds and cash rather than concentrating on the property market.

Real estate has long been regarded as a sound and tested investmentclass that has proven its worth over centuries to be a stable and profitable investment, a trend that long-term investors are likely to continue to enjoy.

Nimi Akinkugbe

Handling the unexpected

There’s nothing harder to plan for than unexpected events that impact your life and finances. Yet loss of a job, the death of a loved one, illness or other unexpected occurrences happen at one point or another in most of our lives.

The key to successfully surviving these life-changing events from a financial perspective is to anticipate hard times. Shore up your financial situation before you are hit with an unexpected expense, so you will be covered in the event something happens.

The Importance of an emergency fund

Because we cannot predict when life will throw us an unexpected challenge, it is important for everyone to build and maintain an emergency fund with three to six months’ worth of living expenses. The key to building an emergency fund is to set money aside every month, no matter how small the amount. This Emergency Fund calculator can help you get started.

Financial experts recommend that, unlike retirement funds, emergency savings should be kept fairly liquid, in a savings account or a money market fund. Hopefully you will never need it. But if you do, you’ll be glad it’s there.

A new financial picture

Once the immediate financial matters are taken care of after an unexpected life event, it will be time to take stock of your new financial situation and create a plan for yourself moving forward. Whether you have faced job loss, divorce, illness or another event, you should create a new budget reflecting your situation. This is the first step toward financial security and rebuilding your emergency fund, which you may have tapped into to manage a financial crisis.

To develop a budget, write down your current expenses, indicating whether each expense is a necessity or a luxury. Pulling out recent credit card bills and bank statements can help with this process.

Next, estimate your monthly income, including only income that you are certain you will receive. Then compare your income to expenses. If your expenses are higher, you will need to trim your expenses until your income is higher than your expenditures.

You can learn much more about budgeting and utilise our free budgeting worksheet here.

Between savings and investment, which is better for you?

Financial experts have advised that it is important for one to build investment culture rather than leaving money in the bank. This is because investment, with its high returns, has the potential of enhancing ones earning capacity than savings does.

According to them, though it is good for one to save, but it is also good for the person to learn to invest good portion of the savings in a long-term plan, capable of yielding returns.

Studies have shown that saving a good portion of one’s income each month is only an opportunity to have access to the money whenever the person is in needs it, such that at the end of the day, the income is used in taking care of the person’s immediate or unexpected needs.

Olumide Emmanuel, an investment adviser, opined that depositing one’s entire money in bank is a costly choice because in the bid to avoid liquidity risk involved in investment, one ends up getting lower returns, but investment brings higher returns that can secure ones future.

Also, studies has it that the current Nigerian economy with unstable Naira value including high inflation rate, makes it difficult for people to leave say N500,000 in a bank and it get the same value in a year’s time. As a result, it has been seen to be far better to invest such money rather than keeping it in the bank for inflation to eat it up.

Experts’ view that investments provide higher returns, but come with lower liquidity risk and fluctuating values, which one can manage by aligning the appropriate investment perspective for the products considered in line with one’s goals. Thus, funds for immediate needs and emergencies should be kept in banks, while the ones for meeting long-term goals should be held in investments that give better returns.

What are these investment options?

1.      Think of buying land if you want to be a house owner in the future because investment in landed property is hard to depreciate.

2.      Invest in shares and stocks, though there is liquidity risk involved but if you are a smart investor, you will be smart to sell-off your shares or stocks at maturity stage.

3.      Explore the option of building your own house or buying finished residential or commercial property, and you will not regret it because the risk volume is low.

4.      Have you thought of investing in bond or debenture, it can also pay you in the future than banking your entire earnings.

 However, always remember to review and modify your investment choices periodically to ensure that they are suitable for your current investment goals.