#MondayMarket


12
Aug 2019
Business Communication

Communication is the ability to connect dual listeners. It is the passing of a message; with the message meaning something and evoking the right response. Business communication is used to promote a product/service/organization in order to make a sale. Business communication can be done in the traditional way (Newspaper, print media, etc) or modern ways (web marketing, digital marketing, social media, etc). Two major types of business communication are Internal and External. Internal Communication is communication within an organization; principally between the Human Resources Unit and the department in charge of communication. Internal communication takes three forms: Upward –......

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Lean Management Enterprise 1

Lean Management Enterprise 1

Why do entrepreneurs go into business? What purpose do you hope to achieve when you open up a shop and ask customers to come and patronise you? What exactly do you have that you think other people want? Most entrepreneurs open shop and find themselves under pressure to succeed despite the number of years they have been in business. Worse still, some open shop today and expect to make a profit kill in the first one year of operation; this is not only an unrealistic expectation but also one guaranteed to make you close shop faster than imagined. Your...


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People: Hiring and Firing

People: Hiring and Firing

Running a business requires a lot of efforts and managing the business could be a more difficult task. Whatever business you are trying to build will require the help of other people for you to achieve a great organization. As an entrepreneur, you need creative and intelligent people to help actualise your business or organizational dreams. When people decide to join your team, it’s a personal decision for them and could be a life changing decision as well. Hiring is a lot more difficult in a nasty culture like ours where stealing and cheating is prevalent. As a matter...


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Sales: Top Reasons Your Products Don't Sell

Sales: Top Reasons Your Products Don’t Sell

Launch day comes and goes to the harmonious sound of crickets; no one bought your product. Sure, a couple of your most devoted fans came over to the store or browsed your online store and even clicked the buy button. However, just because not many people bought your product doesn’t mean you don’t have a great piece of collateral you can work at until people are queuing up around the ‘block’ to buy it. Let’s look at some of the top reasons your product didn’t sell: 1. Branding and Marketing – Consumers cannot purchase products they are not aware...


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Determining People Needs

Entrepreneurs preparing to hire their first employees should proceed with caution. It’s costly to commit to an employee’s salary and benefits. And what start-up can afford to have even one employee who isn’t working to full capacity? Firing an employee can mean not only severance pay (and sometimes litigation) but also time and resources devoted to finding a replacement. How can entrepreneurs navigate the pitfalls of hiring? #MondayMarket starts now The first questions you would typically wrestle with are whom to hire, when and where to find good candidates? The following is a rundown of some basics: Which Position?...


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The Failing Entrepreneur

The Failing Entrepreneur

I was the poster child for entrepreneurship – my restless spirit and ability to seize opportunities where other people couldn’t see it earned me the nickname ‘The Bull’. While in university, I chaired the investment club and set up several thriving businesses; I believed in the principle – never pay twice for a service you can render – meaning I would only pay for something I could not do by myself. I executed a lot of deals and in instances where the capital requirement was too large for me; I would structure the deal and earn a commission. My...


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Internal Control Systems: Why And How? Part 2

Internal Control Systems: Why And How? Part 2

In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. This model has been adopted as the generally accepted framework for internal control and is widely recognized as the standard against which organizations measure the effectiveness of their internal control systems. According to the COSO model internal control is “a process, effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories: Effectiveness and efficiency of operations Reliability of financial reporting Compliance with applicable laws and...


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Internal Control Systems: Why And How?

Internal Control Systems: Why And How?

The internal control structure of a company is made up of the policies and procedures set up to provide reasonable assurance that specific business objectives will be achieved. In small business organizations, generally, the ‘owner-manager’ controls all the activities of his/her business by personal supervision and direct participation. For instance; The owner generally purchases required business materials and other assets or business. They oversee the appointment of employees, complete the contract with them through discussion and keep, constant watch over their activities. They sign cheques for payments and since they sign all the cheques, they can easily have an...


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Reap Your Blessings

Reap Your Blessings

Recently I read the story of the chief typist, the senior typist and the junior typist that all worked with a future Vice President. The junior typist was the hardworking one while the others more or less absconded or shirked their responsibilities to be handled by the junior typist. Of course, the junior typist reaped the fruits of his hardwork. He got recommended for a job overseas and he’s lived happily ever after. The unkempt situation at the National Library in Yaba was topical recently. Civil servants receive salaries monthly to man and maintain the library facility, but the...


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Beginners’ Guide to ‘Tech-Preneurship’

Beginners’ Guide to ‘Tech-Preneurship’

An entrepreneur is an individual who, rather than working as an employee, founds and runs a business, assuming the risks and rewards of the venture. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services and business/or procedures. A Tech-Preneur is someone who does all these in the Tech space. Simply put, a ‘tech-preneur’ is an entrepreneur who makes use of technology to fabricate new or innovative products through the process of commercialization. In recent times the rise of technology and ‘smartness’ being the criteria (smartphones, smart TVs and even smart toilets; who knew...


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