MIND YOUR BUSINESS

The world economy is changing; and it is as a result of technological advancement and innovative ideas. As people are losing jobs due to the invention of new softwares and machines, new jobs are being created, opportunities are increasing and so is wealth.

When computers were introduced to business in the 1990s, many typists thought they would lose their jobs but it only enhanced their performance and created more jobs. The introduction of the internet has reduced postage volume and created jobs and opportunities for cybercafé owners, computer engineers, technicians, hardware & software merchants. What would be your first reaction if new marketplace demands require an absolutely paperless workplace, where pen and paper are old fashioned? People must learn to change with marketplace innovations and explore the opportunities available. If your job disappears, explore fresh opportunities. The jobs of the past, such as farming and hunting are no longer being practiced by the majority of the population, like we had in the hunting and in the agrarian societies of the Stone Age. Most farmers’ and hunters’ great grandchildren are now in air-conditioned offices in the oil & gas, banking and telecoms industries. This may soon change too. Be ready to change with change. Move with the tides of time.

Technological revolution, which began in Britain in the 18th century, moved the world from agrarian economy to industrial economy. Goods that were traditionally made in homes and small workshops were now manufactured in large factories. It led to massive economic, social, infrastructural growth and development. This empowered Europe and America to become the most powerful in the world in the century ahead, as Africa (Egypt), which had depended on agrarian economy, was unable to keep in step with the change. So, it had to be left behind.

Again, technology was responsible for the advancement from industrial economy to information economy, with the development of computer softwares and the increase of information. So, the world has transited from Stone Age to agrarian society, from agrarian society to industrial revolution, and from industrial revolution to information society.

The next wave is gradually upon us by this economic meltdown. Wealth is changing hands. Global paradigms are shifting. I see entrepreneurship, planted on the rich soil of sound vision- becoming the next move. Many new but small companies will be formed by young, inexperienced executives while some old, large organisations will be submerged in the economic hurricane. Inexperience will be one of the strengths that will help these new companies to grow because these new CEOs will not govern their companies like the CEOs of the past. In critical times that demand change, experience may become a hindrance as it may stifle the desired evolution. Myles Monroe defines experience as “being an expert in the past.” Not in all cases, but sometimes, the past could be an enemy of the future.

These new companies, most of which will initially operate from the homes of their CEOs, will drive the future and they will become the Fortune 500 corporations of the decades ahead. In fact, I see a new workplace scenario where employees will work remotely from the comfort of their homes nationwide and via the internet. They will conduct their business meetings online and still achieve their corporate goals. With doses of sound vision, strong leadership, steady cash flow, growing sales figures, a great product/service and determination, these cottage industries would evolve into multinationals.

We are standing at the threshold of history. We are in a transition period in the history of the world economy. The world is changing, things are changing and people need to re-configure their mental framework to embrace these changes. During transitions such as this, money changes hands, jobs change, social status change, paradigms change, leadership changes…change just happens everywhere. Do you see the evolution?


How To Embrace The Change

1. Register your dream company- get a lawyer to register it with the Corporate Affairs Commission, CAC. Because it is centrally done in Abuja, it may take between 2-3 weeks before the process is completed. You may wish to 1st register it as an enterprises or go ahead to register it as a limited liability company (Ltd.). Either of them can be owned by one or more persons. The former is for small businesses (supplies, printing jobs etc) and has no share capital while the latter is for big businesses and has a share capital. Ensure that the “objects” of the company stated in the MOU (Memorandum of Understanding) cover as many areas of trade you wish to practice. It costs up to N20, 000 to register an enterprise, while an Ltd is about N70, 000 (all negotiable). Suggest many names to the lawyer as the name may already be in use by another company.

2. Open a bank account, design a logo/business card for the company- opportunities can come knocking anytime. Owning a business while in paid employment helps to trap opportunities and prepare for unforeseen circumstances.

3. Watch out for opportunities- opportunities for supplies or logistics may come knocking in your workplace or that of your contacts.

Plant today the company of the future. Work each day closer to your dreams. Mind your business.