BUSINESS: Why I don't play party politics - RICHARD BRANSON

Read a very good book recently called Democracy Ltd by Bobby Friedman. He has investigated the funding of UK political parties
and how money and donations have changed the landscape of British politics. Bobby is an excellent writer who manages to make what
could be a very dense subject into a riveting page-turner.
He concludes that it is much better for there to be government funding for parties rather than parties being beholden to big business, unions
and wealthy individuals. Personally, this is an idea I would wholly endorse.
As a businessman I have always stayed out of supporting one party or another. Businesses have got to maintain strict impartiality when it
comes to competition issues. If you do end up supporting a political party, if they ever end up
making a decision in your favour, it looks bad all round. If you go against a party and they make a decision against you, it looks equally
bad.
I am often asked if I would ever consider entering politics and my answer is always no. I believe it is possible to have a far greater
positive impact by focusing upon important issues I care passionately about, and remaining independent of any political ties. But his should not deter others from doing so.
Countries need some of their most talented people to become politicians.
On occasions I will speak out about a range of topics from drug reform to supporting entrepreneurs – sometimes backing the
policies of one party or another from across political divides.
An excellent example of this is The
Elders, the fiercely independent group of world leaders who work tirelessly for peace and human rights. Together, they help resolve
conflict and tackle issues ranging from women’s rights to climate change. By being independent, they are often able to have a far
greater impact than in their days as heads of state.
Thank you.

BUSINESS: How to become a successful entrepreneur in Nigeria

The push toward the achievement of the millennium development goals in this 21st century puts a lot of emphasis on the need to re-think the strategies that the government has to put ion place so as to ensure that the populous is empowered. The empowerment of the citizens of Nigeria will go a greater length in eradicating poverty that has stricken the country as well as eradicating or reducing the level of unemployment in the country. This will increase the county's GDP and contribute a great deal in the development of the country. This can be greatly achieved through the encouragement of the populous to take up entrepreneurship as a means of earning a livelihood.

In the United States of America which is the largest economy in the world, entrepreneurship is responsible for the creation of over 60% of the jobs in the market. The US government recognizes the entrepreneurial ventures as a critical success factor in the country in the strength and the recovery of the economy that leads to a sustainable future. The government also believes that the small business ventures improve the country's competitiveness on a global scale. This lead the US government to develop incentives such as tax cuts, subsidies and ease of acquiring financial resources aimed at this sector in order to improve its services.

In comparison to other countries that have developed in the past years such as china, the rapid development of this country has been largely spiraled due to the removal of bureaucracy, financial limits and ownership limits on entrepreneurial ventures initiated by the Chinese. These small and medium enterprises in the various sectors such as IT, financial sector and the retail sector are also responsible for the rapid growth of some countries such as Brazil and India.

The efficient management of entrepreneurial ventures has a lot of benefits to the economy. This management may be guided by the skills, resources, vision and resources available to the entrepreneur. The benefits associated with entrepreneurship are job opportunities creation, diversification of the economy, equitable distribution of the resources and income, rural development, mobilization of domestic savings for investment, adoption of new technology, development of new skills and the development of the economy towards sustainable development.

Nigeria is a country that is endowed with a diverse number of natural resources such as minerals and a highly skilled work force. Despite this, the country is faced with a number of challenges. The unemployment rate is pegged at 6% and still growing day after day and many of the skilled workforces are underemployed. Currently in Nigeria, the oil industry is the major economic driver; the oil industry generates over 80% of the foreign exchange earnings and contributes about a half of the country's GDP. The workforce of Nigeria is also growing at a rate of 2.5% and is estimated to be at 47 million and growing. The overdependence of the economy on oil leaves the country vulnerable in the long run due to price fluctuations in the international market. Such economic realties necessitate the need to diversify the economy from the oil sector, commercial sectors and the industrial sectors into others. This will create more employment opportunities that will absorb more of the workforce leading to a decrease in the unemployment levels in the country.

Why Many Nigerian Entrepreneurs Diversify

There are various reasons that have been put forward by countless experienced business coaches and specialists as to why individuals venture into the world of entrepreneurship in the Nigeria. The majority of the entrepreneurs desire to succeed and get out of poverty or unemployment. They end up taking up entrepreneurial activities with a lot of zeal in order to achieve financial success and power. The key consideration that will lead to the success of the business is giving 100% undivided attention to the business. Majority of the successful entrepreneurs have succeeded through this. The over dependence on the oil sector and the conflict that is experienced in the Nigerian oil delta puts doubt on the sustainability of the industry in the economic and political stability of the country.

Aspects that guide Entrepreneurs to failure

Regardless of many grievances about the tribulations faced by entrepreneurs in Nigeria in establishing and running of business enterprises, some entrepreneurships convert into dreadful reputes. Consequently, it is very imperative to find out information regarding the causes of failure among entrepreneurs. They include:

• A number of entrepreneurs consume the business investment capital instead of the profits; this makes the business have less capital base which affects the venture and may end up in closure. This is attributed to the fact that the entrepreneurs are so quick in changing their lifestyle status as soon as the business starts making some profit.
• The need to enrich them faster is the primary reason as to why many Nigerian entrepreneurs seek to venture into entrepreneurship. This makes them unnecessary risks that may lead into failure since it distorts the reality of the business.
• Many Nigerian entrepreneurial ventures are also affected by the personal failures of the entrepreneurs. This is experienced mainly in the management of the workforce. Other factors such as the mismanagement of funds, poor business management skills have been identified to be the main reasons why most businesses fail in Nigeria. This was found to cause about 30-35% of many business failures.
• The disparity between the access to funds and the knowledge of running is one of the reasons that lead to failure. This is due to the fact that many owners who have the capital to initiate the businesses do not have the necessary expertise to run the business efficiently and most of the time the business ends up in failure due to interruptions from the owner who insists of becoming the manager. The government of Nigeria should take this into consideration and tackle these issues for the success of the entrepreneurs in the country.
• Many of the Nigerian entrepreneurs want to prove that they are successful in entrepreneurship and outshine others. This aspiration to impress others is potentially suicidal to the entrepreneur as well as the business venture. Entrepreneurship is mainly a self-gratification project and the entrepreneur should be pleased with their achievement and neglect the applause other accord the enterprise.
• Nigerian businessmen want the business enterprises to be significant lasting through various seasons and hope that the demand for their products is constant. This may cause them to over commit in multiple events in order to maintain this. This can be detrimental to the venture. An entrepreneur should identify one opportunity that will offer the required returns and devote to that opportunity. Source: article base

9 'Mindsets' You Need to Switch From Employee to Entrepreneur

Mindset is probably the major determinant of success in pretty much every walk of life. In other
words, the thinking patterns you habitually adopt largely govern the results you achieve. But different circumstances and situations require
different mindsets, something that anyone looking to leave paid employment and strike out on their
own, must be aware of. Unfortunately, not all would-be entrepreneurs understand the dramatic mindset shifts required, without which business
success is unlikely.

So how, as a one-time employee, will you have to think differently to succeed?
1. You’re responsible for all decisions - good and
bad. Entrepreneurs have an incredible opportunity
to create something from nothing, in a way that’s
not possible working for someone else. But this
means making big decisions about what must be
done, when and how. You can’t wait for things to
happen, or for someone to tell you what to do, you
must make them happen. Successful
entrepreneurs also understand that opportunities
may be short-lived, and so develop a sense of
urgency that helps them achieve their goals.
2. You need to hold both short and long-term visions simultaneously. Work for others and you
are mainly responsible for ensuring that what needs to be done now, is done. As an entrepreneur, you have to project your mind forward, thinking about the potential pitfalls and
opportunities that lie around the corner, and making decisions based on uncertainty. This requires you to come to terms with the fact that
what you do, or don't do, today, will have an impact on your business three months, even five years down the line.
3. Feeling uncomfortable is your new ‘comfort zone.’ As an employee, you’re used to thinking
‘inside the box’ rather than outside it. As an entrepreneur, there is no box. You see what others don’t, test new ideas, seize new territory, take risks. This requires courage, a thick skin and the ability to keep going despite rejection and skepticism.
4. Learning is a continuous journey. As an employee, you have a job description, requiring a specific skill-set. Being an entrepreneur involves
learning many new skills, unless you have the funds to outsource what you're not good at or don't want to do. That could be learning to set up
a spreadsheet, getting investors on board, marketing your ideas, crafting your perfect pitch, or using unfamiliar technology. What needs to be
done, has to be done - there is no room for excuses.
Mindset
5. Numbers don’t lie. Where numbers are concerned, it’s enough for most employees to know what’s coming in and what’s going out. As an entrepreneur, you’d better learn to love numbers fast, because your cash flow is what will keep you in – or out of – business. Ultimately, it’s your sales, costs, profit and loss that will
either give you sleepless nights or an enviable lifestyle. But without the guiding light of numbers, your business will be continually heading for the rocks.
6. Love your business, but be objective. As an employee, you can go on doing something you
dislike just for the salary. As an entrepreneur, you will need to love your business because of the
effort and long hours required. But you mustn’t fall into the trap of thinking and acting like an
employee in your own company, working ‘in’ rather than ‘on’ the business, a ‘technician’ rather
than the person who steers it forward.
7. Enjoy breaking rules. As an employee, breaking the rules could mean dismissal. Entrepreneurs on
the other hand, aren’t interested in the status quo – they’re always looking for ways to do things
differently. That means acquiring a global perspective, always peering over the horizon, or at least towards it, to where the next big thing is
waiting.
8. Time isn’t linear. As an employee, you have a timetable to work to. As an entrepreneur, while
you might not be tied to a desk or computer 24/7, you will always be thinking about your business,
what it’s doing well and what it could be doing better. There will be no respite – you will live and breathe it.
9. Start now. Most people under-estimate the time it takes to make the transition to entrepreneur, so it’s sensible to start shifting your
mindset while you’re still employed, perhaps even setting up a business to run alongside. This could
give you the opportunity to develop skills and build experience while still enjoying the safety- net of a salary, something that at some point you
will almost certainly need to give up if you want to grow your business.
So, employee or entrepreneur? Is it time to switch? The choice is yours.