Written by Kenechukwu Ezeonyejiaku

IN this era of unprecedented unemployment in the country orchestrated by lack of jobs, with millions of people chasing a few vacancies, some dying in the process, a recipe of business ideas, and Nigeria’s most comprehensive business handbook designed to inform and spark an entrepreneurial spirit in young people has been published. 

  Buoyed by an interaction with his father where he was told: “People are leaving school but they seem to have been educated on how to look for job”, the author, Mr. Sunkanmi Vaughan, a Pharmacist but with business instincts, said that the conundrum of spending up to six years in the university and then end up looking for job propelled him into writing what he regards as “a legacy that I am leaving for the country”.

  The book, 1000+ Practical Business Ideas And Directory of Money Sources, also available in audio and mobile applications, takes an in-depth analysis of business ideas, providing guidelines on how to approach them and advice on how to succeed in a business.

  He said: “We won’t play the ostrich. We as a people who actually have the capability and the patience to go through details, we have come with solutions that can solve this situation. The people who get to read this book would have crossed the most important hurdle, which is lack of information. How well you now deploy your information is entirely up to you. But I feel strongly that the essential component of our problem, which is the lack of information, this book has actually solved it”.

  While reviewing the book, Dr. Oscar Odiboh who described the book as the only money source further said that it is syrup that could make millionaires out of millions of people.

  He noted that Vaughan’s book reminds him of George Simmels book titled: The Philosophy of Money.

  However, Odiboh noted that Vaughan presented money in the form of ideas in his book. Stating that it was because he subscribes to the proposition of Ralph Waldo Emerson that the key to every man is his thought and could only be reformed by showing him a new idea which commands his own.

  He stated, “Though every of the 1000+ ideas in this book explains itself, Vaughan’s thorough establishment of the relationship between ideas and money indicates without an unnecessary flesh of argument that if you want to reform the poor to be rich, give him a syrup of money ideas and this book is the syrup that could make millionaires out of millions of people. Therefore, if you want to be a millionaire, don’t play games, buy this book”.

http://barasolutions.com/mainGuardian/life-magazine/lafete/164924-1000-practical-business-ideas-directory-of-money-sources-launched

Are you on the verge of requesting for a loan, attending an interview for loan application or awaiting the outcome of your loan application? This write up is written is with you on my mind!

I have received a few emails and phone calls bordering on the topic above and subsequent requests from clients that I advice them on ” how to go about it(loan application and interview process), I mean questions to ask, steps to take and how to negotiate with them in a way to the loan will favour me(him) because I am(he’s) starting up a new biz..”,quoting one of such requests.

Interestingly,I have dedicated a whole chapter to this area of business startup and survival strategy in my book ‘1000+ Practical Business Ideas and Directory of Money Sources’ but I am grateful still for the opportunity offered by these enquiries to remind you of these following steps to observe when having a loan application interview.

1. Have a sound business plan document with you. You can use the business plan templates in my book to develop your own business plan. Remember that documentation is key.

2. Know how much you want and how you intend to pay back the loan so you can state and emphasize this at the interview ( Don’t say “it’s already stated in my proposal”!)

3. State the collateral you are willing to offer,at least be realistic, most loan givers are more comfortable giving loan to someone willing to provide a collateral even if they may not use the value of your collateral to determine the value of your loan or vice versa.

4. If it’s a relatively new business, state some of your previous accomplishments in business.

5. Dress conservatively,be confident and relaxed.
Look into their eyes when speaking.

6. Be as honest as possible. Let them be convinced of your credibility.

7. Pray for favour.I like to remind you that the ‘heart’ of the king ( loan provider) is in God’s hand and can be turned to embrace and favour your request.

8. After the interview,remember to do a letter of appreciation to the loan provider  and if your loan request fails to sail through, humbly and politely request to find out reasons why your loan application was rejected.

Don’t ever give up on your business goal.
I wish you good luck and God speed.

Sunkanmi Vaughan is the author of the most authoritative business opportunity handbook ‘1000+ Practical Business Ideas and Directory of Money Sources‘

Choosing the name for your business is very critical and yet simple to achieve.

It’s somewhat different from creating password and username for your social media accounts.While your social media can be hacked nobody will ‘hack’ your business name. Therefore,simplicity is the rule.
Most importantly,your business name should preferably be a name that can be easily memorized and would make marketing sense.
To assist you achieve this, please consider these following questions

1. What words are uniquely associated with that kind of business(for businesses that you can start,consult my book’1000+ Practical Business Ideas and Directory of Money Sources’).For example, adding words like ‘Safety’ and ‘Electrical’ will make more marketing sense than using your name only if you are into electrical services/manufacturing. While ‘pure’ and ‘thirsty’ will fly if you are going into production of bottled water.

2. Are these words unforgettable offline and online?Yes,just your choice of name can leave a permanent imprint on the minds of people and even throw-up your name and website on Google searches(talking about Search Engine Optimization).

3. Will your name have an unusual spellings?The rule,like I stated earlier,is simple. When creating a name, stay with words that are spelt as pronounced and can easily be spelt by prospective customers. Co-Ca-Co-la easily comes to mind. Such a name is easy to pronounce,spelt and remember.

4. Is the name available and does your preliminary sampling of opinion indicate acceptance?
This is the most important.If the name choices you submitted are not available,you keep trying other name options(I will be willing to assist you in this regard if you contact me) while successful availability of your chosen business name(it would be nice to confirm the level of acceptance of this name by doing a preliminary opinion sampling using your friends,relatives etc)means you now have the opportunity to incorporate that your business with that name and when successfully registered, your business is now an Enterprise, Venture or Limited. Although,you can only use one of enterprise,venture,company or limited at a time and different rates for registration may apply.

As a proof to authenticate that you have successfully registered your business,you will be issued a certificate of Incorporation with the official seal by the Corporate Affairs Commission (CAC).

This certificate is an important legal document that you will need throughout the existence of your business.It would be required by your bank for corporate account opening, processing your Tax Certificate( this is a very important document demanded by banks for every corporate account opening),qualifying for contract jobs from most public and private organizations,becoming members of professional/trade associations like Nigeria Association of Small scale and Medium Enterprises (NASME) etc.

If you are still wondering if it is truly simple, please watch the video below, titled “You can now register your company with just 30K in Nigeria – CAC“

Firstly, there’s truly no perfect time to decide to start a business, the idea of waiting until ‘reality strikes’ is not the way an entrepreneur should think. I have repeatedly encouraged readers of my blog and listeners to my radio show “Biz lifelines with Sunkanmi Vaughan” that you don’t have to wait until you are out of school,broke, out of job or experiencing some financial set back like income delay, salary reduction, asset depreciation etc. before you decide on your choice of business. Today is the best time to start looking out for business ideas that is most appropriate for you.

Secondly, like every great endeavors, starting off your business will experience challenges and you can only match such reality with the right information and knowledge. Source for information from desktop research; reading  business literatures (like “1000+ Practical Business Ideas and Directory of   Money Sources“) relating to your business choice and identify clear and critical questions(including sourcing for funds to start the business)that you need to get answers for before starting off.I will recommend at least three months of such intensive business strategy reading and preparation.

Go out to the field to ask questions directly from people already in that business or professionals who can help you source this information from credible sources. The role of knowledge is very vital and you must submit yourself to a ‘learning curve’ to prepare you for that business.

Thirdly, you must be willing to undergo a period of internship or mentoring by someone who can assist you with information and guidance. The advantage in having this in your plan is to reduce the risk of errors and build on the goodwill and experience of your mentor.Clearly, such partnership is in your own interest.

Fourthly,register your business using names that can be easily remembered and makes ‘marketing sense’,start small and maintain a lean staff.Build collaborations and business relationships that would further provide opportunities for you in the future.

 Finally,keep your personal accounts and business accounts independent. Any expense you undertake in the business using your personal funds must be recorded as a loan to the business. Like all loans, remember to pay yourself when the profits start rolling in!

Frugality! Frugality!! is the watchword, even when the profits start rolling in. Some cash should be reinvested in the business to take up more opportunities as business improves.

As you take the bold step to start your business today, I wish you only success that comes from sound preparation and good luck!

Most of us visit the pharmacy, quickly dash in and dash out with a lethal “poison” we hardly know!In reality,all medicines are poisons; right from drug composition, compounding, storage and eventual dispensing, all handled by the drug expert called Pharmacist,the patient is right on the mind of these professionals! So what is in it for you, what questions should you ask your pharmacist? Why can a medicine suddenly become a toxic chemical? No doubt, you stand to lose nothing if you leverage on your interaction with your caregiver including the pharmacist. If you are an out-patient in a hospital, the pharmacy may be your “last line of defence” against wrong use of your medication and fatalities.

The conversation with your pharmacist is a two-way street: both parties should be listening, asking questions, and offering information. The pharmacist should ask you for relevant information about your medical history, tell you about the medication, and answer your questions while you, in turn,  should ask questions, talk about your concerns, and provide any necessary health information to the pharmacist.You should choose your pharmacist as carefully as you choose your doctor. Find a pharmacist that you are comfortable talking with, and one who takes the time to help you with your medications.

To get the most out of your visit to the pharmacist, make sure you ask the following questions:

1. If the person attending to you is not appropriately attired in the white coat with the name tag, you need to ask if he/she is a registered Pharmacist.
Now, this may look simple but you need to be sure that you are being attended to by a pharmacist!

2. What is written on my prescription? For most prescriptions written long-hand, most patients have difficulty reading the handwriting of the prescrbers.Don’t always assume that you have the right prescription and there could not be spelling error. Some drugs actually sound alike or look alike. e.g Aminophylline and Amitriptyline.

3. What is the medication called?
Each medication has two names: the common (also called generic) name and the brand name. The brand name is the name under which a specific manufacturer markets a product (e.g., Panadol®). The common name is the standard name of the medication (e.g.,Paracetamol). The label on your medication will state the brand name, common name, or both. If more than one company makes a medication, its common name will be the same. The brand name will be different for each company e.g Gsk has panadol® while Emzor’s brand name is Emzor paracetamol, Tylenol in the USA. So in other countries, the brand name may be different, but the common name is usually the same.

4. What is the medication supposed to do(also called Indication)?
Some medications, such as antimalarials, are used to kill the malaria parasite or some used to prevent the malaria parasites from surviving in the blood (e.g Fansidar ®). Others, such as pain medications, are used to control the symptoms like fever and joint pain that come with malaria.It is good to know what to expect from your medication, so that you have a realistic idea of what it can do for you.This would be an opportunity for you to know if the prescriber and the pharmacist’s professional judgment tally.For most times, it does but if not, you will see from the countenance of the pharmacist who may seek further clarification. If not convinced, he may not service the prescription!

5. How should I use the medication?
What is the best time of day is best to use the medication? Some medications must be used at exactly the same times every day to be effective,for example, most antibiotics need to maintain the effective amount in the blood to kill or stop further growth of the disease-causing germ. For others, it is okay to use the drugs at approximately the same time each day, for example ulcer-regimen drugs.

6. Should the medication be taken without or with food?If it’s to be taken with food,what kind of foodis better taken with my medication?
Some drugs are better taken on empty stomach because of the acidity of the stomach when you have not eaten. For example, Ketraconazole, used for treating fungal infection dissolves in the presence of stomach acid. If the acid is not there, it’s”baggage in, baggage out! !”.Such drugs may be excreted without them doing their job in the body. If it can cause serious problem for your stomach, then it’s better taken with food. Pain killers like Ibuprofen can cause stomach ulcer if taken without food while drugs like Arthemether are better and quickly absorbed in the presence of fat and oil so it should preferably be taken with oily food.

7. If the medication is to be taken by mouth, can it be crushed or split?Some drugs must never be crushed before they are taken. They may be bitter, nauseating in smell or corrosive to the mouth while some, like Bisacodyl,immediately lose their potency if crushed. ‘Scored’ tablets are easy to split along the line designed along their middle in the event that you need lower dosing. For example,20mg Lisinopril(used for managing High blood pressure)can be split equally in the middle to get 10mg in the absence of a single unit tablet of 10mg while so drugs like Dequadin are licked.So it’s wrong to assume that all tablets are taken same way!

8. What should I do if I miss a dose?
This is very important if you depend entirely on a medication for sucour. Some drugs automatically”fail” if you miss a dose. Contraceptive drugs is a very good example of drugs you need to know what to do when you miss a dose.
9. How will I know if the medication is working, and when should I expect it to start working?What do I do if it doesn’t seem to be working?
It is important that you know when your medication will start working, and what you can expect it to do. This way, you will be able to monitor to see if it is working, and take action if it is not.

10. How long will I need to use the medication?
Some medications are used for the short term, others for a lifetime. Knowing how long you will need to stay on a medication can help you prepare yourself for a lifestyle change if necessary.For some medications, such as antibiotics, the whole course of treatment must be completed, even if you feel better after a couple of days while for most cardiovascular drugs, HIV, Asthma etc, you may have to take drugs for the rest of your life.

11. Are there any activities, foods, or other medications that I should avoid while taking this medication?
There are many situations, such as driving, drinking, eating, operating machinery, exercise and even sexual libido, that may be affected by a medication . Please ask your pharmacist. Can you imagine a newly married young man on drugs that have a libido-reducing side effect?

12. What are the side effects of this medication? What should I do if they happen? How can I reduce or cope with the side effects? Which side effects need medical attention?
Some side effects are very serious, and require immediate medical attention, while others are milder. It is very important to find out all serious side effects, and have an emergency contact number.Before you decide to stop taking a medication because of side effects, ask your pharmacist whether there is a way to deal with them.

13. Is this medication safe to take if I am pregnant or breastfeeding?This is a question that you must not forget to ask your pharmacist.
It’s seriously unethical to experiment drugs on pregnant or breastfeeding women, so only few drugs can be vouched for to be clinically safe for use in this category of people. The experience of the pharmacist on all the chemical components of the drug and the pharmacology(study of how drugs act on the human body and vice versa) places him in good stead to advice you.

14. How should I store this medication?Poor storage has capacity to result into deterioration of the drug into harmful break down products or contamination of the drugs outrightly by germs or another chemical.So be careful before you change the container of your drug,please ask your pharmacist.

15. Are there any refills on this medication? If so, what do I need to do to get a refill?Not all drugs are qualified for refill so you don’t stock them unnecessarily. Where a refill is recommended, cross-check the fact with your pharmacist.It is very important to be sure of the expiry date of your new refill.

16. Is there any written information about this medication that I can take home?
Please don’t be shy to jot down important points you need to be aware of .Perhaps, you can go over the instructions once more with the pharmacist. 

You must ensure you tell your pharmacist any of these “anys”:

Any information that you would like to have repeated or explained in more detail.

Any concerns or questions that you may have about the medication.

Any side effects or other problems that you have had with any of your medications.

Any reasons you decided not to take one of your medications as prescribed.

It is in your interest to let your pharmacist know your challenges  so he/she may be able to help sort out the problems that have caused you to decide not to take your medication appropriately.

Finally, if your pharmacist thinks that you are taking a medication when you actually aren’t, they may think that the medication is not working, and recommend to your doctor that a higher dose or a different medication should be used.

Don’t feel guilty about telling your pharmacist that you haven’t been taking your medications as prescribed – it is their job to help, and not to judge, you.

See you when next you visit the pharmacy! 

“Born into waste yet they refuse that their lives come to waste”

I read the above quotation from “Dharavi’s Diary” calling for a global action in the development of India’s largest slum-Dharavi; a community that thrives by recycling millions of wastes from all over the world into profits.

The “Dharavi’s Diary” writer saw a slum yet could discover and grab the opportunity for development and production of life-impacting documentary film.

Like the writer of “Dharavi’s Diary”, Bill Gates, the famous founder of Microsoft, in his book, “The Road Ahead”, stated that that “seeing the large Computers made by IBM, he knew it would be difficult to carry such large computers around, consequently,there is tremendous opportunity for the personal computer industry”.It’s such “eyes for opportunity” in the challenge of moving large computers around for use despite the significant relevance of computers that is the single most significant business opportunity that made Bill Gates one of the leading lights in the global PC industry and help him retain his top echelon position of the nouveau rich on the Forbes List year after year!

I grew up learning of the account of a tourist who had once visited a community where people walk barefoot and that single “picture” led that tourist to start a footwear industry in that community. In 2014, the assumed lack of opportunity isn’t as a result of the dearth of opportunity but largely because most of us have been busy doing “Oversight”.The Oxford Advanced Dictionary, 6th edition aptly defined ‘Oversight’ as ‘the fact of making a mistake because you failed to do something or notice something’.

You may have missed on great tremendous business opportunity in 2014 because you made the mistake of ‘oversight’ and very valuable opportunity passed you by.

The focus of this write up is to explain to you how to get opportunities this year,the reason why you permitted opportunities to escape your attention and assist you understand that opportunities in 2015, like past years, will come in different forms, colors and location.

 Let’s start with forms.

 I will like you to take your mind back to the default image of the Devil as a fiery-looking horn bearing figure. This artist’s impression of the devil isn’t in tune with how the devil operates in reality. The devil knows that except he appears attractive and successfully elegant, it would be difficult to attract the attention of anybody and lure someone from the right focus or path.

I learnt this from my experience from temptations that I have overcome and those temptations I got ensnared in.The ‘irony of the devil’ can also be found in the ‘form’ business opportunities present themselves to you in reality.

Some opportunities in 2015 will come in the form of job loss, disappointments and betrayal, salary reduction, income delay etc and such ‘unpleasant circumstances’ hold the opportunity for you if you have the right understanding.

This may just be what you need to follow that business lead, keep up that major appointment, rekindle strained relationship, read a very valuable book like my”1000+ Practical Business Ideas and Directory of Money Sources” you have kept on postponing! What if your opportunity comes in the ‘form of complacency’? You must be fully aware that, regardless of your present comfortable status, 2015 will still offer you great opportunities and it’s high time you start thinking howyou can get  legitimate and profitable returns on your idle funds in the bank, properties, wonderful insight and expertise(you can start working on writing a book or organizing training using your superior experience and expertise of a particular field as the main raw material),contacts and tremendous goodwill from people and relationships you have nurtured and invest in.

You must grab all the opportunities that come your way in 2015.

What about colors of business opportunity?

In High School Physics,I was taught that ‘colour is the light reflected by an object perceived by sight’.

To see the different opportunities in 2015, you must raise your level of perception.

 From your relationships (your success depends on the association you keep and the books you read) to your ability to question every information that you get and avoid “forming busy” while opportunities escape you by.

You must appear radiant and radiate the color of confidence in transparent honesty even in little tasks so that you can be given greater opportunities. I will be frequently providing valuable information to do your self-audit as the year rolls out fully.

If you have a product or brand, it’s time to take a second look at your packaging.It must give out colors that catches the eye of your targeted audience. Stop “dulling yourself”!

Finally, location is going to count in 2015.If you are constantly changing your physical, emotional and psychological location before you can decipher opportunities, you are unstable and you need to start preparing your mind that the opportunités in 2015 will be achieved if you are appropriately positioned in your thoughts, words and deeds.

You must resist the temptation of immediate self-gratificatuon and ensure you pursue any ray of opportunity for business and financial growth. You can not do that if you remain the same way you think, act and talked in 2014! If you do so, you will lose a larger picture of the opportunities in 2015.

This year is yours for the taking!Welcome to 2015.

Sunkanmi Vaughan is the author of the authoritative and most comprehensive business opportunity handbook “1000+ Practical Business Ideas and Directory of Money Sources“.