GETTING ENTREPRENEURIAL
WITH PROFESSIONAL PRACTICE
BY
David Chizuoke Stephen Alaribe, MA, FCA, CFAN, FCTI, MIMC, MNIM, FIAL
Chairman / Chief Example Officer
DCS Alaribe Group
ABOUT THE PAPER PRESENTER (SUMMARY)
- Name: Chief DCS Alaribe FCA,
- He Attended Yaba College of Technology (OND & HND – Accounting)
- He has a Masters Degree (Master of Arts) in Christian Leadership)
- He is a member of the following professional bodies:
(a)
(b)
(c)
(d)
(e)
(d)
Fellow of ICAN
Fellow of CITN
Member, Institute of Management Consultants
Member, Nigerian Institute of Management.
Fellow, Institute of Administrators and Leaders
Certified Forensic Accountant of Nigeria (CFAN)
POSITIONS HELD:
1. Chairman /Chief Example Officer DCS Alaribe Group
2. Council Member, ICAN
3. Patron:
a. ICAN, Lagos Mainland District
b. ICAN, Ota and District
4. Past Chairman ICAN, Lagos Mainland District Society
5. Past Chairman, CITN, Lagos District Society.
6. Team Leader /President Institute of Administrators and Leaders.
7. Chairman African Story Tellers and Parables Association
8. Former Vice – President, Full Gospel Businessmen's Fellowship International,
Toyin Executive Chapter, Ikeja, Lagos State.
9. Chairman, Board of Trustees, Umuosoko Awomukwu Development
Association.
10. Others.
GETTING ENTREPRENEURIAL WITH PROFESSIONAL
PRACTICE
LEARNING OUTCOME:
At the end of the paper, the participants are expected to understand.
1.
Meaning of Entrepreneur
2.
Issues involved in Entrepreneurship
3.
The challenges
4.
Qualities required of an Entrepreneur
5.
Way Forward
6.
Conclusion
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BEFORE WE START; LET’s LOOK AT THESE:
Vision denotes strong and specific conviction. You must not only have a vision,
you must declare it and plan for its actualization.
Desire is more important to goal setting than creativity.
Hard work is the key to financial break through
Pastor Enoch A. Adeboye, Open Heavens of 15/5/14
The more information you have, the higher you fly. Bishop David Oyedepo
When a man fears death too much, he can’t write a Will. African Proverb.
There is happiness in madness, only a mad man knows. Chief Dcs Alaribe, FCA
Attitude makes a man not the strength in him.
Any one who stops learning is already old. Henry Ford.
Nothing will happen until you make it to happen.
Those who perform tasks chosen by them are not bored.
For you to be a man of impact, something must push you.
Those who believe in change are in charge.
Ignorance shots the door for possibilities.
If a man is not fruitful, he won’t be fulfilled.
For you get first class, you must be in a class (Dcs Alaribe)
NOW, LETS MOVE TO THE RING SIDE FOR MORE EXCITING ACTION.
Who is an entrepreneur?
One who undertakes a business enterprise ( The Pitman Dictionary)
What is a Business?
A commercial Enterprise carried on for profit (Black Laws Dictionary)
1.
ISSUES INVOLVED IN ENTREPRENEURSHIP:
What type of business do I go into?
- Professional practice
- Agriculture: Fish farming, snail rearing, crop farming, pig rearing
- Business centre: Computer Services, Typing and Photocopying
- Consultancy: Training recruitment, Book Keeping, etc.
- Dry Cleaning.
- Fashion Designing
- Manufacturing: Soap, Body Cream, Sachet Water, etc
- Publishing: Booking Binding, Printing, etc
- Retail Shop: Food Stuff, Provisions, Book and Stationery.
- Social Services: Day Care, etc
- Teaching: Tutorial Centre for GCE, JAMB, ICAN, etc
- Poultry Farming
- Transportation
- ETC
RECORDING KEEPING AND DOCUMENTATION
- Engage external book keepers
- Employ accounting officers
- Do recording yourself
- Others
LEGAL REQUIREMENTS:
- Registration with CAC, NAFDAC, etc
- Business Premises permit
- Partnership Agreement
- Licenses from Local Government
HOW DO I GET STARTED?
- Do I have the vision: The act or power of seeing a dream, a prophetic sight
- Passion
Passion is the difference between success and failure
- Take Action
Leave the Barbers chair
- Write a Business Plan
A written proposal explaining a new business or business idea and usually covering financial, marketing
and operational plans.
- Deciding whether to engage in:
(a) Sole Proprietorship
(b) Partnership
(c) Limited Liability Company
These can also be classified as:
- Small / Micro
- Macro
- Big / Large Enterprise
- Partnership
- Knowing more about business by reading more, attending seminars, networking, etc
- Seek professional advice from relevant professionals such as Chartered Accountants,
Lawyers, Chartered Secretaries, Estate Agents, etc.
THE CHALLENGES OF BECOMING AN ENTREPRENEUR.
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Vision and passion
Government policy
Finance
Getting an office space
Getting the right staff to run the vision with you
Record keeping
Fear of the unknown
Political situation i.e June 12
Protracted and costly registration processes
Nigerian businessmen do not consult consultants and experts
How do you get clients
Your age, state of health.
Social / Environmental factors
Culture /Community behaviour
Academic and Professional Qualifications
Experience, exposure / versatility
National and International Economic situation.
Influence of family members and friends on the business.
RECORD KEEPING AND DOCUMENTATION TIPS:
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Receipts and Payment
Record of Debtors and Creditors
Bank Statements and Reconciliations
Record of Assets.
Adequate information on cheque stubs
Stock Records
Imprest Book
Payroll
Others
Engagement of External Auditors, Professional bookkeepers, Internal
Auditors.
QUALITIES REQUIRED OF AN ENTREPRENEUR:
1.
Integrity:
He should have the qualities of a king even when he has no kingdom.
2. Communication Skills
3. Confidence
4. Diplomacy
5. Belief and trust in God
6. Hunger for information (the more information you have, the higher you fly
– Bishop Oyedepo
7. Passion
8. Discipline
Passion and discipline are keys to success and they confer responsibility.
What is the way forward?
1.
2.
3.
4.
Leaving the barbers chair.
Moving into the jungle Instead of getting contented with a Golden chain.
Join the Milo Club?
Others.
CONCLUSION:
No matter the level of lecture you receive on entrepreneurship, you have to
decide on your own to be an Entrepreneur .
The teacher will open the door, but the student, has to pass through it – Chinese
Proverb.
THANK YOU
QUESTIONS / DISCUSSIONS