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PRACTICAL APPROACH TO BUSINESS ENTERPRISING

By Mallam Shafiee Olabanjo 08025493572

HIGHLIGHTS
Introduction The Big Question Clarification of Terms Our Glorious Past Evolving characteristics of an entrepreneur Business Failure and Nigeria Experience Causes and Symptoms of Business Failure Tips for running a successful business Conclusion

INTRODUCTION
The control of every nation is premised on three (3) things: Political Power, Military Power and Economic Power. Any one, group of people or tribe that control any of these determines the direction of the nation. Pathetically Muslims are as group are not in the scheme of things.

THE BIG QUESTION

THE BIG QUESTION


1. To protect our dignity

2. To protect our faith.


3. To be relevant in our family. 4. To be relevant in our society. 5. To understand the dynamics of business/trade. 6. To facilitate our CALL TO ISLAM

CLARIFICATION OF TERMS

Business is any legal venture, activities that is undertaken for the purpose of making profit. An entrepreneur is the person who perceives the market opportunity and then has the motivation, drive and ability to mobilize resources to meet it (DiMasi, 2010). An entrepreneur is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inherent risks and the outcome (Wikipedia, 2010).

OUR GLORIOUS PAST


All the prophets of Allah(swt) were shepherd. Rasul(saw) was also a Merchant,had a boss, was trust worthy, successful in business and had a business mentor The companions, Abubakr, Umar, Abdrahman ibn Awf etc. Our forerunners were successful business mogul and this never affect their deen. Fiqh of the trade ( case of Umar).

DEVELOPING ENTREPRENEURSHIP SKILL


Innovative

Imitation
Risk

Bearing Dynamism Focus Financial Literacy Customer-centric Good Human Relation Result Oriented Self Confidence Tolerance

BUSINESS FAILURE AND NIGERIA EXPERIENCE


Business operations are greatly affected in Nigeria by many factors and these had led to many organizations, businesses in Nigeria closing shops. The national survey conducted by MAN in 2009 showed that 834 manufacturers shut down their facilities in 2009.

CAUSES OF BUSINESS FAILURE


Poor development of Business Plan Lack of financial literacy Wrong choice of business Wrong location Lack of understanding of the dynamics of the trade. Lack of business management skills. Not being customer focused

CAUSES OF BUSINESS FAILURE


Poor quality and standardization Integrity issue. Lack of guidance Stiff competition

RUNNING A SUCCESSFUL BUSINESS


Running a successful business in Nigeria just like other parts of the world is not accidental. This requires special attention on the business right from the idea generation stage to the success stage and beyond.

RUNNING A SUCCESSFUL BUSINESS


Idea Generation Stage Idea Development Stage Feasibility Stage Implementation Stage Waiting Stage Success Stage.

SOME BUSINESS IDEAS


Eateries/ restaurants Child Care Centres Schools Madrasah Internet Caf Delivery Services Farming- Fish Pond, Poultry Event Managers/ Olopo

SOME BUSINESS IDEAS


Supermarket Barbing Saloon Schools Kerosene Business Computer Services Sales of Frozen Foods

SOME BUSINESS IDEAS


Eateries/ restaurants Child Care Centres Schools Madrasah Internet Caf Delivery Services Farming- Fish Pond, Poultry Event Managers/ Olopo

CONCLUSION
In conclusion, in order to run our business effectively, we should the ready and willing to do the following four (4): Seeing what our competitors have not seen. Thinking what they are yet to think Doing what they dont do yet Praying more than they do.

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