Building Your Capacity to GROW your Business

Report
Building Your Capacity to
GROW Your Business
ENTREPRENEURSHIP WORKSHOP
Bolaji Olagunju
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• You are all welcome to Covenant Christian Centre
Entrepreneurship Workshop.
• It is my hope and prayer that you will ultimately achieve
your goals for attending the workshop.
• I promise to keep it as real as possible so we can all learn as
well as develop the inspiration to act on the knowledge
acquired.
• I will like to take questions at the end of the session so kindly
jot down your questions as I go through my session.
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• Introduction
• Setting The Stage – Bridging the Greatest Gap in Life
• The Five Critical Success Factors for Business Growth
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You, the Business Owner
Capital/Resources
Opportunities
Building the Business
The top “Non-negotiables” in Life & Business
• Conclusion
– Top 10 Books you MUST read
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• Bolaji Olagunju
• Lead Consultant/CEO, Workforce Management Centre Limited
• Executive Vice Chairman – Institute of Workforce Development, A federal
ministry of Education accredited National Career Centre and a Public Sector
Consulting Firm.
• Started my business in 2004. We have about 35 core staff and more than
2100 non-core staff.
• Champions League Winner!
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• I have 4 things I will like to achieve with my session:
– Add value by sharing my experience and what I have learnt in the process
of building one of the leading indigenous consulting firm in Nigeria
– Share practical Strategies, Tools and Techniques that we can take away
and implement
– Hopefully inspire you enough to take act on the knowledge & insight you
acquire from the various sessions
– Learn as much as I can as well and have fun in the process
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Setting The Stage
Bridging the Greatest Gap in Life
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Setting the Stage – Bridging The Greatest Gap in Life
• What the greatest gap in Life is?
• What is that Gap in our lives – business, family, personal,
etc, that if we close/address will have the MOST profound
positive impact on whatever we are involved with?
• That gap that if successfully bridged, has the potential to
LITERARILY TRANSFORM OUR LIVES?
• How many people here really, really, really desire to
succeed in life. So much so that they are willing to learn
whatever they need to learn to succeed?
• Please stand up on your feet and let us do a workout session
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Workout Session!
Common
Knowledge
Vs
Common
Practice
Honesty is the key....the truth shall set you free!
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Setting the Stage – Bridging The Greatest Gap in Life
• It is common knowledge that people who want to be successful in
life MUST have a DAILY PLAN – a well thought-through, critical
daily to do list clearly detailing what MUST be accomplished
that day.
• It is common knowledge that people who want to be the best in
their field MUST study at least 1 hour a day compulsorily in their
field of endeavour in order for them to become extremely
capable and confident individuals.
• It is common knowledge that people who want to live be healthy
and live long life should exercise for at least 30 minutes, 3 times
weekly, watch what they eat carefully and go for medical
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check-up at least once a year.
Setting the Stage – Bridging The Greatest Gap in Life
• In order to attain financial freedom in life, it is common
knowledge that we MUST cultivate the habit of saving at
least 10% of all our income.
• As Christians, it is common knowledge that we should write
down our confessions and consistently make these
confessions several times on a daily basis.
• It is common knowledge that aside learning from other
people’s mistakes, we should learn from our own mistake
so that we don’t keep repeating the same mistake over
and over again by writing down lessons we have learnt in
a journal and constantly reminding ourselves of these
lessons.
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Setting the Stage – Bridging The Greatest Gap in Life
• At the beginning, we all stood up to demonstrate that we
have the desire to succeed.
• Yet, most of us cannot even get ourselves to do what we know
we MUST do? Why is it that even though we know, yet we
don’t do?
• I AM FULLY PERSUADED THAT IF ONLY WE CAN PUT INTO
PRACTICE WHAT WE KNOW, MOST OF US WILL BE VERY
SUCCESSFUL INDEED.
“Iron rusts from disuse; stagnant water loses its purity and in cold,
water becomes frozen; even so does inaction sap the vigor of the mind.”
Leonardo Davinci Quotes
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Setting the Stage – Bridging The Greatest Gap in Life
• The greatest Gap in life is the Gap between
Knowing and Doing!
• The problem is not Knowing, it is Doing!
• This gap is so huge that almost everybody’s ambitions, dreams,
aspirations, desires, motivations end up being buried in this gap and yet,
it is very huge, waiting to swallow more.
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Setting the Stage – Bridging The Greatest Gap in Life
As an entrepreneur, the extent to which you are able to bridge
this gap, that is the degree to which you will experience
phenomenal success in your business endeavours!
The Bridge is DISCIPLINE & DETERMINATION!
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The Five Critical
Success Factors
for Business
Growth
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The Five Critical
Success Factors
for Business
Growth
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• You, The Entrepreneur
– The Timothy Effect
– Relationship Between Learning and Earning
– The Mathew Effect
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The Timothy Effect in Business
• What is the Timothy Effect in Business?
• Culled from the bible passage : 2 Timothy 2:5 -
“And if a man also strive for masteries, yet is
he not crowned, except he strive lawfully.”
• There are 7 distinct principles of Mastery that can be
culled from this perception expanding principle.
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The Relationship Between Learning and Earning
• One of the greatest lesson I learnt early in business is the relationship
between Learning and Earning. It is a profound relationship and one that
has the potential to transform your life and business.
• I realized that the more I learn, the more I can earn. Therefore in order to
increase my business earnings, I must grow my capacity to learn. This was a
no brainer.
• So I started what I will term the most exciting journey in the world – the
journey into the world of knowledge. I have had a perception expanding
experience on this Journey. I have been to the best of the best Learning
Centres all over the world but before I share that, let me make a
confession.
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The Relationship Between Learning and Earning
• However, the formula did not work for me at first.
• It didn’t work because the learning I was engaged in was
not focused. Unfocused learning is not effective and does
not help anybody.
• The first question anybody seeking growth should ask and
find answers to is this – What must I learn to succeed in
my business? What are those none negotiable things I
need to know to be the best I can be?
• Here are some of the non-negotiable competencies that
MUST be acquired and used by Entrepreneurs seeking to
grow their businesses
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The Relationship Between Learning and Earning
Nonnegotiable
Competencies…
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Your LOB
Time Management, Planning & Organizing
Business Acumen & Financial Intelligence
Execution Skills
Sales & Marketing
Relationship Management
Presentation/Public Speaking Skills
Talent /People Management
Customer Service
Strategic Planning and Thinking
Remember, you must learn with application focus and implementation
intention. Knowledge itself is not power, it is applied knowledge that is Power!
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The Matthew Effect
• What is the Matthew Effect in Business?
• It's based on the biblical passage in Matthew 25:29 –
"For unto everyone that hath shall be given, and he shall have abundance.
But from him that hath not shall be taken away even that which he hath."
• A number of interesting facts and statistics illustrate the point that those
who are successful are most likely given the kind of special
opportunities that lead to further success.
• To whom that has, more shall be given. He that does not have, that
which he has (but doesn’t realise that he does) shall be taken away.
• Circle of Control /Influence and Circle of Concern
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The Matthew Effect
THE SPHERES OF PERSONAL RESPONSIBILITY
Circle of
Influence[1]
Circle of
Concern[1]
Circle of
Influence[1]
Circle of
Influence[2]
Circle of
Concern[2]
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Capital/Resources
Ingredient for success.
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Types of Business Capital
There are 7 main types of Capital in
Business namely:
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Time
Relationship
Competence
People
Confidence
Passion
Money
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Opportunities
• The greatest business opportunities in the world are
found in ordinary businesses that are able to do
things in extraordinary way
• The way you think about your business affects
everything else, especially the opportunities that
you are able to see and harness
• Change the way you think and you will get better
business results, Guaranteed!
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Opportunities
• There are 3 things that you need to consider
regarding available business opportunities. They
are:
– Key Frustration Areas....
– What is the one thing.......
– The bigger, the better
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Opportunities
• Key Frustration Areas
• Every business have them but very few business owners
see them for what they are – Opportunities rather than
problems.
• What if the way you think about problems actually
keeps you from solving them?
• When you know what the real problems are, you can
create real solutions that work.
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Opportunities
• Key Frustration Areas
• I want you to pair up for a simple 2 minutes exercise
• Turn to the person beside you, discuss your business
idea briefly with your partner and ask them to play the
role of your customer and tell you they type of
frustration they have or might experience when dealing
with your type of business.
• Share briefly for 1 minute, then reverse your role.
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Opportunities
• What is one thing.......
• “What is one thing that is difficult to do in your LOB but if
you are able to do it successfully, it will blow your
customers’ mind”.
• The right answer to this question will help you create a
unique and extraordinary business.
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Opportunities
• The bigger, the better.......
• The same effort it will take to build a small business is the
same effort it will take to build a bigger business.
• Understand that growth is an absolute phenomenon in a
business. If a business is not going, it is dying.
• What got you here, won’t get you there......
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Building the Business
• What do you need to know to build an effective Business?
– Organisational Design Principle
– Understand Business Model
– Business Systemization
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Building the Business
• Organisational Design
Organization/Purpose
Strategy/Plan
Organisation Structure
Jobs
People
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Building the Business
• Understand Business Model – 9 Building Blocks of a Business
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Building the Business
• Business Systemization
To create consistent and predictable results!
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What is a “system”?
What is a “system”?
System: n. any formulated, regular, or
special method or plan of procedure.
Why Systems?
Deliver Your Brand Promise, On
Time, Every Time
Company Growth and Expansion
Without Chaos (Possible with a Systems-dependent, Not
a People-dependent Business)
Consistent Business Results
Creates Company Value
Drive Innovation
There are lots of systems around you
The top 10 “Nonnegotiables” for
Business Growth
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Top 10 Business Non-negotiable
10 Business
Nonnegotiable
1)
2)
3)
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9)
10)
Avoid debt and make sure you have Business Savings
If you don’t learn how to do anything else, make sure
you learn How to Sell
Implementation NOT Idea is the Secret to Success
5Ps of a Successful Business - Prior Preparation
Prevents Poor Performance
The BIGGEST room in the world is the room for
improvement
Accept responsibility
Beware of the ECT – Earning Capacity Threshold
Model of Success – Get a Coach/Mentor
Pick your battles and obey the law of Holes
Learn to live One Successful Day at a Time
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Seven Life’s Non-Negotiable Daily Personal
Development Activities
• Weave them into the fabric of your
day...
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Daily Spiritual Activities
Daily Health Activities
Daily Personal Development
Daily Acts of Kindness
Daily Family Time
Daily Relationship Nurturing
Daily To-Accomplish Activities
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• Introduction
• Setting The Stage – Bridging the Greatest Gap in Life
• The Five Critical Success Factors for Growing Your
Business
–
–
–
–
–
You, the Business Owner
Capital/Resources
Opportunities
Building the Business
The top 10 Non-negotiables
• Conclusion
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Building the Business
• Conclusion
– 10 Books you MUST read
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The E-Myth Revisited By Michael Garber
Getting Things Done By David Allen
Road Less Travelled by M. Scott Peck
80/20 Principle by Richard Koch
The Greatest Salesman in the World by Og Mandino
Automatic Millionaire by Davic Bach
Science of Getting Rich by Wallace D Wattles
Outliers by Malcolm Gladwell
7 Habits of Highly Effective People by Steven Covey
Extraordinary Entrepreneurship by Stephen Harper
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..The measure [of thought and study] you give [to
the truth you hear] will be the measure [of virtue
and knowledge] that comes back to you..
Mark 4:24
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Thank You.
[email protected]
www.wfmcentre.com

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