Recommended
Recommended
More Related Content
Similar to MANAGING AN ENTREPRENEURSHIP.pptx
Similar to MANAGING AN ENTREPRENEURSHIP.pptx (20)
Recently uploaded
Recently uploaded (20)
MANAGING AN ENTREPRENEURSHIP.pptx
- 1. MANAGING AN ENTREPRENEURSHIP Matt. 25: 14 – 30 Dcn. J. O. Oluyori
- 2. INTRODUCTION Our Lord Jesus Christ is an entrepreneur Matt. 25:27. He frowns at unenterprising and those who give excuses for not being productive Matt. 25: 27-28. This assertion is further reinforced by prominent position which money is accorded in the Bible. No wonder money is being referred to as a defence in the Bible Eccl. 7:12 Below are the statistics which confirm the prominent position of money in the Bible; There are more reference to money than hell in the Bible
- 3. INTRODUCTION Cont’d Money is mentioned 125 times whereas hell is only mentioned 55 times in the Bible (KJV Bible) There are more than 2,000 verses in the Bible concerning money. 16 out of 38 parables of Jesus Christ are money related. Hence, it is a high level of ignorance to still regard teaching about money in a church as an heresy. It remains undeniable fact that money is not only instrumental to preach gospel effectively in this generation, it is highly essential to serve God well. Eccl. 10:19
- 4. INTRODUCTION Cont’d You will agree with me that it is much more easier for a poor man to enter hell, than for a rich man. The reason is that a poor man is highly vulnerable to all manners of temptations compared to a rich or comfortable man. Prof. Peter Okebukola said in a lecture he delivered at University of Ibadan on 9th July, 2018 and I quote “When the level of poverty increases, the level of honesty decreases”. That remains a fact that no one can denies.
- 5. INTRODUCTION Cont’d Regrettably, the case of the wives of the sons of the prophets in 2 Kings 4:1 confirms to us that poverty has no respect for anointing. Entrepreneurship is one of the effective vehicles by which poverty can be eradicated from the body of Christ, after all He became poor that we might be rich. 2 Corinth. 8:9. This could supplement our primary income since it is always better to have strings of income than to rely on only one source of income. We should learn from the principle of garden of Eden that is being watered by four streams. Gen. 2:10-14
- 6. HOW TO DISCOVER ENTREPRENEURSHIP OPPORTUNITIES Solution to persistent problems you are facing are business opportunities e.g. headache of private schools proprietors with schools buses drivers, effective repair of vehicles, artisans involved in building, getting modest residential environment etc Development of new skills: Life is divided into 2 periods; Learning and Earning periods. If you increase your learning, you will increase your earning, since skill is what people pay for. It could involve learning new trade, going for a course e.t.c You can turn your profession to vocation.
- 7. HOW TO DISCOVER ENTREPRENEURSHIP OPPORTUNITIES You can invest in your passion. Identify your area of core competence with the possibility of turning it into business: If there is something that you do that usually draw applause from people, it is an indication that you have strength in that area. Of course, Holy Spirit can direct you as to what you can do.
- 8. HOW TO ACTUALIZE BUSINESS IDEA Start small: Every big project begins small. Starting small gives you opportunity of learning while the business grow. The chances of error and failure is so high at the initial stage of the business. In other to prevent catastrophic loss, wisdom demand little beginning. No wonder, Bible advice that we should not despise the day of little beginning. It could even involve starting with a lean office to reduce overhead. Right Location: Location is so strategic and material to the survival of any business. Hence, there is a need for the business to be located in a right location suitable for such business.
- 9. HOW TO ACTUALIZE BUSINESS IDEA Cont’d Advertise your business: the advert could be in form of announcement in the church bulletin, distribution of flyers, sending of sms e.t.c Initial profit from the business should not be spent but rather reinvested for expansion or diversification. As the business increase in size, engage the service of an auditor: He will help you to examine the records from professional angle, suggest areas of improvement, carry out inventory, prepare financial statement, help to design control system, handle tax matters with various government agencies etc
- 10. KILLERS OF SMALL BUSINESSES Doing business which you have little knowledge about: So many people engage in businesses without first taking time to learn the nitty-gritty of those businesses. I have seen people going into poultry business for instance without learning it. Failure to keep records: This is more common with the small businesses in view of the fact that they are not mandated by any law to do so unlike public quoted companies. Keeping records will allow you to know the performance of the business. We serve God that keep records. Rev. 10:8, 20:12
- 11. KILLERS OF SMALL BUSINESSES Cont’d Not well positioned for competition: We should know that competition is part of business whether small or big, if it has not come, it will definitely come, so be prepared to handle it which could be done through the following; i. Constant improvement in service delivery e.g. Kunle Ara Pharmacy & Pinnacle in Ibadan. ii. Earn loyalty of your customers by offering free service after certain number of patronage, good customer service relationship, discount for bulk purchase, allow return for bad product purchased, attending occasions of major customers, free delivery for bulk purchase e.g. General gas, Ibadan
- 12. KILLERS OF SMALL BUSINESSES Cont’d Failure to separate business money from that of the owner: This practice will make accountability difficult. Also this will enable monitoring of drawing from getting to a dangerous level that could jeopardize the business e.g. Bebereal Ltd Delegation of strategic task to employee without sufficient monitoring or supervision e.g. Eatery in Ado Employee related issues: Having a right employee for your business is germane for the survival of the business. Issues related to employee stems from the following;
- 13. KILLERS OF SMALL BUSINESSES Cont’d i. Engagement of employee through referral without performing background checks. ii. Having employee to do task to which they are not sufficiently knowledgeable. iii. Poor remuneration of employee which will eventually lead to high labour turnover ratio. E.g. Most Nur & Pry Schls iv. Poor internal control which could encourage collusion among staff. Failure to periodically take inventory of stocks to discover and address on time variations if any.