ECONOMIC POWER

ACKNOWLEDGEMENT I was inspired by many successful economists and entrepreneurs, therefore i thank them and I thank God for all the wisdom I have because above all, the fear of God is the beginning of wisdom.

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CONTENTS 

Chapter one: Introduction……page 4

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Chapter two: How to be smart and intelligent…..page 12

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Chapter three: How to acquire capital…..page 21

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Chapter four: Successful businesses……page 30

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Chapter five: Acquiring economic potential….page 41

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Chapter six: Strategic business plans…..page 66

 Chapter seven: Elements of economic power; characteristics of successful businesses…….page 71 

Chapter eight: page 87

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Chapter nine: Job strategies ….page 93

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Chapter ten: ……page 108

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Chapter eleven….page 113

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Chapter twelve…..page 117

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Chapter thirteen…..page 120

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Chapter fourteen: How to get rich easily…..page 123

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CHAPTER ONE INTRODUCTION I have great admiration and love for economics from my early days in school. I remember I sat at the front desk of my class room in high school which forced me to concentrate because the teachers’ keen eye was always closer to me and so inspiring me to work hard and concentrate,yeah,which was for my own good.

Recently I sat down to elevate my understanding of economic power through a short private study i conducted. I believed that if I wanted to add anything to my accomplishments it would be through acquiring economic power. Therefore through research from libraries and online knowledge I have acquired a clear picture of what it takes to acquire and keep wealth through knowledge and the power of economics whose dynamics we seek to solve here in this book together.

Economics does not so much as encompass a business idea or theme alone, it rather falls parallel with our social lives and better understood when we view it at this angle. An authority in your life may advise you on several personal things like;how to handle an interview. He or she may advise you on a few principles that guide office etiquette. Those principles are truly fundamental to succeeding and prospering in our personal lives. This is what I hope to give my audience and hope to achieve in this book because I have brought you the fundamental principles of economics that will inspire and help you work towards discovering the excellent economic power and potential we have been seeking.

Like most people say, wealth is power, so if you are seeking wealth, power comes as well though we have to come to the realization that we should not leave power in a few hands because its dangerous. Why? Man tramples on man by nature and he is a selfish animal. This is therefore why we have to set ourselves free from the bondage of poverty to overcome hunger, illiteracy and deprivation. The factors are endless and the consequences we acquire as result of poverty are numerous and diverse.

One day I thought to myself as i counted my salary at the end of the month; this money is so precious to me I want to cry. However I realized almost a quarter of it would go to medication and cosmetics when I calculated. This amazed me as well 4 ECONOMIC POWER: JOYCE WOLAYO

as shocked me terribly because it was mandatory for my health since I wanted to be alive and sustained. Life is important people! Poverty would kill me if I lacked the money to pay for my medical bills. I also needed lotions and creams to keep my body and skin alive apart from making me look fresh and beautiful. This is how I knew I had to work hard towards earning and keeping economic power. 4 | Page By now I would presume you are as excited as me in learning more about economic power through the topics we are covering I have also endeavored to explore the strategies and elements of economic power. Before we acquire something we really want we need to know how to get it and keep it. I really needed my audience to find the secrets to economic power and success. This is my short run objective and the goal is for both of us to succeed and also help others succeed like into millionaires and billionaires. In life everything can be a game and every aspect of life works with a game pattern that helps it succeed like a good recipe that makes the best cakes in town or pizza that you have ever eaten. The economic recipe you need to acquire all your wealth and power needs to be researched, studied and mastered. In the end we get the game that makes everything work to our own tunes.

The wish to have the best business idea that can fulfill all your dreams is my inspiring motive. So I looked at powerful entities which will inspire as examples of economic power. You may not be able to do the same thing as these entities, however it will inspire you and my solution for this is in the knowledge conveyed on HOW TO GET ECONOMIC POWER. This I hope will help you on the journey to being an economically powerful person.

ECONOMIC POWER

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This world is filled with so many needs and wants with little supply to fulfill all those wants hence the gap that exists between the rich and the poor.

Economic power is Condition of having sufficient productive resources at command that give the capacity to make and enforce economic decisions, such as allocation of resources and apportioning of goods and services. This creates our source of wealth and living. In order to unpack and understand economic power, we must revisit the different realms in which power operates, and the various forms that it takes - visible, hidden and invisible Economy is “The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.” Going deeper. “An economy consists of the economic system of a country or other geo-political area, the land, labor, capital and other resources, and the economic agents that participate in the production, exchange, distribution and consumption of goods and services. A given economy is the end result of a process that involves its technological evolution, history and social organization, as well as its geography, natural resources endowment, and ecology as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions.”

An economy is also the result of social power structures, including gender power structures, which determine, for instance, the division of labor and resources, as well as who can influence decision making on economic development pathways and choices. From a feminist perspective, it is ironic that the English word economy is derived from the Greek οἰκονόμος, which meant “to manage the household” – and yet the invisibility of the gendered division of labor, and the lack of value for women’s productive and reproductive work in households, is a persistent feature of economic measurement.

Visible power Visible power determines who has – and who is excluded from – the control over productive resources (land, labor, capital), and decision making over these in the private and public realm. Visible power is held, in the public realm, by political leaders (elected or not), the police, military, and the judiciary as well as by the leaders of multinational corporations and local or national businesses and companies. In the private realm, visible power is held and exercised by the heads 6 ECONOMIC POWER: JOYCE WOLAYO

of households, of clans and tribes, or by the leaders of mafias and criminal networks, all of whom are predominantly men.

Visible economic power is evident in who publicly makes decisions about what a country’s development priorities should be, or how the village council’s budget will be spent, or what crops will be planted in the family’s lands. In the private realm, we see direct power in the division of household labor, in the ownership of household assets like land, house, and other privately-owned resources, in the way food, access to health care and education is distributed.

It is visible power that dictates that women will perform certain household and production tasks that are critical for household survival, but they will not have the right to equal wages, control over their income, inheritance rights, or even control over their bodies in terms of their mobility, relationships, sexual expression, or reproduction. Visible or direct power also explains how the interests of powerful economic and social groups, by virtue of their assets, wealth, position, gender, race, class, ethnicity, or caste, for instance, are able to dominate national and local economic policies, at the cost of poorer people.

Hidden power Sometimes called agenda-setting power, hidden power is about who influences or sets the agenda behind the scenes, and the barriers and biases that determine what are important issues of public policy, whose voices are heard or who is consulted on a particular issue. Hidden or agenda-setting power operates in both the private and public realms, and is again largely exercised by male elites within socially and economically dominant groups and classes. It can, however, also be acquired and deployed by women who have gained indirect power in dominant systems.

In the public realm, we see hidden power operate when private corporations lobby governments to support the patenting of certain drugs that makes them unaffordable for poor patients, or limits the access of developing countries to these drugs, in order to protect their profits. Hidden power is also evident in the nexus, even in democratic contexts, between political leaders and fundamentalist religious lobbies with whom they have covert links, so women’s right to contraceptives or abortion is restricted, even if the majority of women citizens have expressed a demand for these services.

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Think tanks and “policy” centers – usually funded and even set up by private interests also exercise hidden power by generating carefully-designed and biased data that support certain kinds of economic and social policies over others, in order to advance those private interests. These influences are hard for citizens to challenge since the links between these privately-funded studies and public policy making are hard to establish.

Criminal networks are similarly exercising hidden power by influencing decisions and policies about, for instance, cultivation of narcotic plants by farmers, or giving safe passage and refuge to narco-traffickers, or failing to protect populations terrorized by such groups.

And in the private realm, we see how within families, “good women” – those dutifully carrying out the patriarchal agenda and protecting male privilege – often enjoy behind-the-scenes power to influence male decision-makers, and access to family assets and resources.

Invisible power Invisible power, or indirect power, is in many ways the most insidious and problematic of all to challenge and confront. Invisible power is the capacity to shape social norms and beliefs, as well as people’s needs and desires, their selfimage, self-esteem, social attitudes and biases, without any means of being held to account. Ideology - the complex web of theory, belief, and principles - is a huge source of invisible power in today’s world, particularly in the economic sphere.

And there are several actors engaged in constructing the ideologies that form and mediate our norms and beliefs, as well as the justifications for those norms and beliefs. The media and marketing and advertising industries are classic purveyors of such invisible power. And in many parts of today’s world, fundamentalist formations of various kinds, religious organizations, and criminal networks are also exercising invisible power. Women, who have been co-opted into their own subjugation and in the policing and control of other women (and their male children or family members) through the assertion of dominant ideological norms, wield invisible power, especially in the enforcement of norms and beliefs that ultimately undermine their gender interests.

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The media exercises invisible power by constantly making choices about what issues to highlight and what to ignore, and by constructing images and shaping meaning in lasting ways. Every day’s television news is instilling in us a sense of what are the most important issues of the day – but what they ignore and don’t cover in the news is also important. By making some issues invisible, they are shaping our sense of social, economic and political priorities in profound ways that we are barely aware of. They convert, for instance, people fighting for their economic rights into “insurgents”, “separatists” and “extremists”; they decide that the kidnapping or rape of a women’s human rights defender is not news, but the wedding in a royal family in Europe is.

Similarly, private corporations use advertising to exercise invisible power to create new social norms about what is good, desirable, positive, or bad, regressive, negative – the almost universal desire for fairer skin and thin bodies among Southern women, for instance, which in turn affects their sense of self-worth, is testimony to the invisible power of these forces.

Fundamentalists of all types are also using mass media like television to finance soap operas and special channels that spread their messages about the role of women in society, leading to many women “voluntary” rejecting equal rights and reverting to traditional “feminine” roles and behavior in their families.

Technology has also become a source of invisible power. Control and governance of the internet and its content, is a key means used by many repressive regimes to control their citizens. And people, in turn, use the internet to organize, resist, share information, and build their power – as we saw in the context of the 'Arab Spring' most recently - in ways that are often invisible until it finds expression.

This examination of power readily exposes the gender inequalities inherent in visible, hidden and invisible power. In most societies, women, by virtue of their gender, and further based on their class, caste, race, ethnicity, location, ability, sexual orientation, religion, etc., have far less power than men. However, because of these historic disadvantages – particularly in access to direct power - women have often had to learn to use hidden and invisible power in order to resist or influence the decisions that affected them. A large number of women, however, have also gained influence and power by upholding the dominant power structure 9 ECONOMIC POWER: JOYCE WOLAYO

and such women are rewarded in explicit and implicit ways for playing this role. In some contexts, however, women have also risen up and challenged direct, hidden, and invisible power. The women’s movements of the past half a century, all over the world, can be said to have done just this.

Whether visible, hidden or invisible, power is exercised and demonstrated largely through the control of resources, and that economic power in particular is manifested this way. In today’s context, the spectrum of economic resources is growing at an exponential rate, given the commodification of virtually everything from people’s bodies to indigenous herbs and medicines and genetic material. So while it is impossible to list all these, some key economic resources include natural resources that are essential for daily life, such as water, food crops, cooking fuel, heating, grazing and fodder for animals; productive resources for income and livelihood, including land, animals, raw materials, credit; finance and financial markets; employment opportunities; human labor and labor markets; technology; intangible resources like knowledge, information, contacts, influence; markets, access to markets, and the rules of markets; and the body – its deployment not just for labor but for pleasure, as seen with the growth of the pleasure industry.

Women’s access to and control over these and other resources, including resources that they traditionally controlled or managed, is being constrained in new ways. A new range of powerful fundamentalist forces, criminal networks and mafias that have virtually replaced the state in many regions, and transnational corporations accountable to no one are co-opting state actors and machinery too. Violence is being used on an unprecedented scale to target women human rights defenders and violence against women deployed to control and discipline resistance. While none of this is necessarily new, the forms and scale on which it is occurring, and the targeting of women in processes of realigning economic controls is perhaps quite unique. What is also new is the way more and more state actors are abdicating their responsibility of protecting the rights of citizens whose economic rights are being threatened or infringed.

Based on this understanding of power, we may define economic power as the visible, hidden and invisible power to access and control material, human, technological and intangible resources, and the production, distribution and

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exchange of goods and services, both directly and indirectly, that provide the basic conditions for social, physical and psychological wellbeing.

Wealth, by this definition, is constituted not only by the accumulation of material resources, but by the power to control processes and decisions that determine their access and distribution across populations. Poverty, on the other hand, is the result of the exclusion from access to and control over the economic and social resources that determine physical, social, and psychological wellbeing.

What, then, does the transformation of economic power entail? In the context of social justice, transformation can be defined as a profound and radical change in the relations of power that determine the status, privileges, opportunities, entitlements, and access to resources of an individual or group. Transformation of economic power for women’s rights and justice means that women who are currently marginalized in multiple ways, as a result of intersecting oppressions and exclusions, gain equal power to determine the distribution, access to and control of material, human and technological resources, and goods and services that are the basis for social, physical and psychological wellbeing. One of the key goals of such a transformation would be the eradication of gender biases in access and control over economic resources, and in the decision-making processes that shape economic policies. Marginalized women will move from being subjects and victims to leaders and active agents of such a transformation. Indeed, it means that marginalized women’s priorities and visions of a just, sustainable and peaceful world can truly shape and influence the choices we make about the pathways of development, about the relationship of human beings to the planet, and most of all, the structure of human relationships themselves.

CHAPTER TWO: HOW TO BE SMART AND INTELLIGENT 11 ECONOMIC POWER: JOYCE WOLAYO

The Three Types of Intelligence You Need For Success Looking at work groups and organizations, we can ask the question, “Is the leader the smartest person in the room?” What is the relationship between intelligence (IQ) and effective leadership? While academic, or “verbal,” intelligence (IQ) matters, there are other forms of intelligence that are equally important for success in the workplace.

Being smart—having a high IQ—is related to success both on the job and in leadership positions, but the relationship is not all that strong. Smart people can usually figure out how to do a job, and they are good at the more “academic” parts of the position. But to be truly successful requires other forms of intelligence Emotional intelligence has become quite a popular construct, and it involves knowledge of emotions in oneself and others. It is related to ability to build relationships at work, to monitor and control emotional displays, and to display appropriate feelings. It is a lack of emotional intelligence that often derails leaders who act out and throw tantrums or alienate loyal and dedicated workers.

The third important form of intelligence is social intelligence, and it involves understanding social situations, relationships, and knowing what to do in a given situation. Although social intelligence doesn’t get as much attention as the other intelligences, our research shows that it is most important for leadership success.

While it is commonly believed that intelligence is innate and can’t be increased, research on emotional and social intelligence suggests that there are underlying emotional and social skills that can be developed. Just as you can increase your vocabulary and general knowledge througheducation (your IQ), you can also work to improve emotional skills (EQ) and social skills/abilities (SQ).

Emotional intelligence What determines the probable future career success of individuals? Is it intelligence, technical knowledge and skills, their socio-economic background or educational success? Are the forces that make success the same for Generations X and Y as they are for the Baby Boomers? These questions have been researched extensively by recruiters, talent management experts and human behavior researchers in the past decade.

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The answers now point to emotional competencies. When it comes to happiness and success in life, emotional intelligence (EQ) matters just as much as intellectual ability (IQ). Emotional intelligence helps you build stronger relationships, succeed at work, and achieve your career and personal goals.

First, it’s important to note that a distinct North American and particularly American myth has been perpetuated that colors our perspective on career success: The “self-made man” or “anyone can make it to the top” myth. While it may have been true in the last century and the early part of this one, evidence doesn’t support its veracity now.

Researchers for the past century have investigated the determinants of career success. While intelligence has been the most consistent factor in determining job success, the definition of intelligence has expanded to include emotional intelligence. A 2006 study by Accenture of 251 executives in six countries concluded that while intelligence is important for career success, it’s a matter of how you are smart. Interpersonal competence, self-awareness and social awareness — all elements of emotional intelligence — are better predictors of who will succeed and who won’t.

Emotional intelligence (EQ) is the ability to identify, use, understand, and manage emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict. Emotional intelligence impacts many different aspects of your daily life, such as the way you behave and the way you interact with others.

If you have high emotional intelligence you are able to recognize your own emotional state and the emotional states of others, and engage with people in a way that draws them to you. You can use this understanding of emotions to relate better to other people, form healthier relationships, achieve greater success at work, and lead a more fulfilling life.

Emotional intelligence consists of four attributes: Self-awareness – You recognize your own emotions and how they affect your thoughts and behavior, know your strengths and weaknesses, and have selfconfidence.

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Self-management – You’re able to control impulsive feelings and behaviors, manage your emotions in healthy ways, take initiative, follow through on commitments, and adapt to changing circumstances.

Social awareness – You can understand the emotions, needs, and concerns of other people, pick up on emotional cues, feel comfortable socially, and recognize the power dynamics in a group or organization.

Relationship management – You know how to develop and maintain good relationships, communicate clearly, inspire and influence others, work well in a team, and manage conflict.

Why is emotional intelligence(EQ) so important?

As we know, it’s not the smartest people that are the most successful or the most fulfilled in life. You probably know people who are academically brilliant and yet are socially inept and unsuccessful at work or in their personal relationships.

Intellectual intelligence (IQ) isn’t enough on its own to be successful in life. Yes, your IQ can help you get into college, but it’s your EQ that will help you manage the stress and emotions when facing your final exams.

Emotional intelligence affects: Your performance at work. Emotional intelligence can help you navigate the social complexities of the workplace, lead and motivate others, and excel in your career. In fact, when it comes to gauging job candidates, many companies now view emotional intelligence as being as important as technical ability and require EQ testing before hiring.

Your physical health. If you’re unable to manage your stress levels, it can lead to serious health problems. Uncontrolled stress can raise blood pressure, suppress the immune system, increase the risk of heart attack and stroke, contribute to infertility, and speed up the aging process. The first step to improving emotional intelligence is to learn how to relieve stress.

Your mental health. Uncontrolled stress can also impact your mental health, making you vulnerable to anxiety and depression. If you are unable to understand

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and manage your emotions, you’ll also be open to mood swings, while an inability to form strong relationships can leave you feeling lonely and isolated.

Your relationships. By understanding your emotions and how to control them, you’re better able to express how you feel and understand how others are feeling.

This allows you to communicate more effectively and forge stronger relationships, both at work and in your personal life.

How to raise your emotional intelligence All information to the brain comes through our senses, and when this information is overwhelmingly stressful or emotional, instinct will take over and our ability to act will be limited to the flight, fight, or freeze response. Therefore, to have access to the wide range of choices and the ability to make good decisions, we need to be able to bring our emotions into balance at will.

Memory is also strongly linked to emotion. By learning to stay connected to the emotional part of your brain as well as the rational, you’ll not only expand your range of choices when it comes to responding to a new event, but you’ll also factor emotional memory into your decision-making process. This will help prevent you from continually repeating earlier mistakes.

To improve your emotional intelligence—and your decision-making abilities—you need to understand and manage your emotions. This is accomplished by developing key skills for controlling and managing overwhelming stress and becoming an effective communicator Developing emotional intelligence through a few key skills Emotional intelligence (EQ) is built by reducing stress, remaining focused, and staying connected to yourself and others. You can do this by learning key skills.

The first two skills are essential for controlling and managing overwhelming stress and the last three skills greatly improve communication. Each skill builds on the lessons learned in practicing the earlier skills and include: The ability to quickly reduce stress in the moment in a variety of settings The ability to recognize your emotions and keep them from overwhelming you The ability to connect emotionally with others by using nonverbal communication 15 ECONOMIC POWER: JOYCE WOLAYO

The ability to use humor and play to stay connected in challenging situations The ability to resolve conflicts positively and with confidence HOW TO LEARN THE KEY SKILLS THAT BUILD EMOTIONAL INTELLIGENCE The key skills of emotional intelligence can be learned by anyone, at any time.

There is a difference, however, between learning about emotional intelligence and applying that knowledge to your life. Just because you know you should do something doesn’t mean you will—especially when you become overwhelmed by stress, which can hijack your best intentions.

In order to permanently change behavior in ways that stand up under pressure, you need to learn how to overcome stress in the moment and stress in your relationships by remaining emotionally aware. This means that you can’t simply read about emotional intelligence in order to master it. You have to experience and practice the skills in your everyday life.

Emotional intelligence (EQ) skill 1: Rapidly reduce stress in the moment High levels of stress can overwhelm the mind and body, getting in the way of your ability to accurately “read” a situation, hear what someone else is saying, be aware of your own feelings and needs, and communicate clearly.

Being able to quickly calm yourself down and relieve stress helps you stay balanced, focused, and in control—no matter what challenges you face or how stressful a situation becomes.

Realize when you’re stressed – The first step to reducing stress is recognizing what stress feels like. How does your body feel when you’re stressed? Are your muscles or stomach tight or sore? Are your hands clenched? Is your breath shallow? Being aware of your physical response to stress will help regulate tension when it occurs.

Identify your stress response – Everyone reacts differently to stress. If you tend to become angry or agitated under stress, you will respond best to stress-relieving activities that quiet you down. If you tend to become depressed or withdrawn, you will respond best to stress-relieving activities that are stimulating. If you tend to

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freeze—speeding up in some ways while slowing down in others—you need stress-relieving activities that provide both comfort and stimulation.

Discover the stress-busting techniques that work for you – The best way to reduce stress quickly is by engaging one or more of your senses: sight, sound, smell, taste, and touch. Each person responds differently to sensory input, so you need to find things that are soothing and/or energizing to you. For example, if you’re a visual person you can relieve stress by surrounding yourself with uplifting images. If you respond more to sound, you may find a wind chime, a favorite piece of music, or the sound of a water fountain helps to quickly reduce your stress levels.

Emotional intelligence (EQ) skill 2: Beat relationship stress with emotional awareness Being able to connect to your emotions—having a moment-to-moment awareness of your emotions and how they influence your thoughts and actions—is the key to understanding yourself and remaining calm and focused in tense situations with others.

Many people are disconnected from their emotions—especially strong core emotions such as anger, sadness, fear, and joy. This may be the result of negative childhood experiences that taught you to try to shut off your feelings. But although we can distort, deny, or numb our feelings, we can’t eliminate them. They’re still there, whether we’re aware of them or not. Unfortunately, without emotional awareness, we are unable to fully understand our own motivations and needs, or to communicate effectively with others. We are also at far greater risk for becoming overwhelmed in situations that appear threatening.

What kind of a relationship do you have with your emotions?

Do you experience feelings that flow, encountering one emotion after another as your experiences change from moment to moment?

Are your emotions accompanied by physical sensations that you experience in places like your stomach or chest?

Do you experience discrete feelings and emotions, such as anger, sadness, fear, joy, each of which is evident in subtle facial expressions?

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Can you experience intense feelings that are strong enough to capture both your attention and that of others?

Do you pay attention to your emotions? Do they factor into your decision making?

If any of these experiences are unfamiliar, your emotions may be turned down or turned off. In order to be emotionally healthy and emotionally intelligent, you must reconnect to your core emotions, accept them, and become comfortable with them.

Developing emotional awareness: Emotional awareness can be learned at any time of life. If you haven’t learned how to manage stress, it’s important to do so first.

When you can manage stress, you’ll feel more comfortable reconnecting to strong or unpleasant emotions and changing the way you experience and respond to your feelings.

Emotional intelligence (EQ) skill 3: Nonverbal communication Being a good communicator requires more than just verbal skills and the ability to manage stress. Often,what you say is less important than how you say it, or the other nonverbal signals you send out—the gestures you make, the way you sit, how fast or how loud you talk, how close you stand, or how much eye contact you make. In order to hold the attention of others and build connection and trust, you need to be aware of, and in control of, this body language. You also need to be able to accurately read and respond to the nonverbal cues that other people send you.

These messages don’t stop when someone stops speaking. Even when you’re silent, you’re still communicating nonverbally. Think about what you are transmitting as well, and if what you say matches what you feel. If you insist, “I’m fine," while clenching your teeth and looking away, your body is clearly signaling the opposite. Your nonverbal messages can produce a sense of interest, trust, excitement, and desire for connection—or they can generate fear, confusion, distrust, and disinterest.

Tips for improving non verbal communication

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Successful nonverbal communication depends on your ability to manage stress, recognize your own emotions, and understand the signals you’re sending and receiving. When communicating: Focus on the other person. If you are planning what you’re going to say next, daydreaming, or thinking about something else, you are almost certain to miss nonverbal cues and other subtleties in the conversation.

Make eye contact. Eye contact can communicate interest, maintain the flow of a conversation, and help gauge the other person’s response.

Pay attention to nonverbal cues you’re sending and receiving, such as facial expression, tone of voice, posture and gestures, touch, and the timing and pace of the conversation.

Emotional intelligence (EQ) skill 4: Use humor and play to deal with challenges Humor, laughter, and play are natural antidotes to life’s difficulties; they lighten your burdens and help you keep things in perspective. A good hearty laugh reduces stress, elevates mood, and brings your nervous system back into balance.

Playful communication broadens your emotional intelligence and helps you: Take hardships in stride. By allowing you to view your frustrations and disappointments from new perspectives, laughter and play enable you to survive annoyances, hard times, and setbacks.

Smooth over differences. Using gentle humor often helps you say things that might be otherwise difficult to express without creating a flap.

Simultaneously relax and energize yourself. Playful communication relieves fatigue and relaxes your body, which allows you to recharge and accomplish more.

Become more creative. When you loosen up, you free yourself of rigid ways of thinking and being, allowing you to get creative and see things in new ways.

How to develop playful communication It’s never too late to develop and embrace your playful, humorous side.

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Try setting aside regular, quality playtime. The more you joke, play, and laugh— the easier it becomes.

Find enjoyable activities that loosen you up and help you embrace your playful nature.

Practice by playing with animals, babies, young children, and outgoing people who appreciate playful banter.

Emotional intelligence (EQ) skill 5: Resolve conflict positively Conflict and disagreements are inevitable in relationships. Two people can’t possibly have the same needs, opinions, and expectations at all times. However, that needn’t be a bad thing. Resolving conflict in healthy, constructive ways can strengthen trust between people. When conflict isn’t perceived as threatening or punishing, it fosters freedom, creativity, and safety in relationships.

The ability to manage conflicts in a positive, trust-building way is supported by the previous four skills. Once you know how to manage stress, stay emotionally present and aware, communicate nonverbally, and use humor and play, you’ll be better equipped to handle emotionally charged situations and catch and defuse many issues before they escalate.

Tips for resolving conflict in a trust-building way: Stay focused in the present. When you are not holding on to old hurts and resentments, you can recognize the reality of a current situation and view it as a new opportunity for resolving old feelings about conflicts.

Choose your arguments. Arguments take time and energy, especially if you want to resolve them in a positive way. Consider what is worth arguing about and what is not.

Forgive. Other people’s hurtful behavior is in the past. To resolve conflict, you need to give up the urge to punish or seek revenge.

End conflicts that can't be resolved. It takes two people to keep an argument going. You can choose to disengage from a conflict, even if you still disagree.

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CHAPTER THREE: ACQUIRING CAPITAL TO START UP A BUSINESS HOW TO RAISE CAPITAL Instructions Look at your personal savings and assets first to raise the capital you need. Often you can find things you do not need and can sell to raise capital. Using your personal savings and assets is the cheapest way of raising capital.

Start with family and friends. They know you and want to support you. Even though they are your family and friends be businesslike when you approach them and formalize your agreement with a contract.

Try local banks. Bank financing is often hard to get especially for new businesses but try local banks who may be more willing to lend to new businesses. If you have an existing bank relationship try that bank first.

Look for angel investors. Angel investors are private investors who invest in small businesses and seek better returns than traditional investments such as mutual funds. Ask your accountant or attorney if they know any one who would be interesting in investing in your company.

Consider government grants. The government often has grant money for small business that you can apply for. There may be a lot of competition for grant money for certain programs and a lot of paperwork.

Tips & Warnings Look for capital before you need it. Establish lines of credits or relationships with potential partners on an ongoing basis. When the need for capital arises you will have a source to go to.

Be careful about giving up too much of company if you take on equity partners. If you are not prepared to give up some control of your company seek other options _ Determine how much you need to get the idea to market. Create a budget and think of everything that you will need to spend money on. Such things as 21 ECONOMIC POWER: JOYCE WOLAYO

manufacturing, legal costs and marketing should be included in your budget.

Estimate on the high side and plan on contingencies. _2 Make a business plan. You will need to present this plan to banks or other investors to get financing. Describe your business in detail, explain your marketing plan, detail your current finances and give information about any partners you will have.

Connect with suppliers & exporters from China & Asia. Free Service.

Practice your speech. Know your business plan well and be prepared to present it at any time. Anticipate questions you may be asked from potential investors.

Start with family and friends for funding. Your family and friends know you well and want to support you. Share your enthusiasm for your business idea with them.

If they do want to invest, make a formal business agreement.

Try traditional banks for financing. For new businesses that may be difficult. Try smaller banks or credit unions that cater to local small businesses. Consider using your home equity to finance your business idea.

Seek partners for funding. A partner with cash may be what you need to get your idea going. Choose partners carefully. Be certain you can work together. Look for partners who have skills besides money to contribute to the business.

Whether you've been in business one week or five years, an infusion of funds is always welcome. But what type of financing is best for your business? There are so many factors to consider--from the stage of your business to how much it'll cost to get the money--that just choosing a path to follow can be overwhelming.

When you are just starting out, you're not at the point yet where a traditional lender or investor would be interested in you. So that leaves you with selling cherished assets, borrowing against your home, maxing out credit cards, dipping into a 401(k), and asking loved ones for loans. There is a lot of risk involved, including the risk of bankruptcy with your personal finances and soured relationships with friends and family.

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When borrowing from friends and relatives, make sure both parties are protected by putting the loan agreement in writing.

You may have skirted the bank by getting a loan from family or friends, but you should still treat the situation as strictly business. Putting the agreement in writing not only protects both parties but also your relationship. After all, borrowing money is not the same as borrowing the car.

First, you must state how much money you need, what you'll use it for and how you'll pay it back. Next, draw up the legal papers--an agreement stating that the person will indeed put money into the business.

Too frequently, business owners fail to take the time to figure out exactly what kind of paperwork should be completed when they borrow from family or friends.

"Often small-business owners put more thought into figuring out what type of car to buy than how to structure this type of lending arrangement," says Steven I. Levey of accounting firm GHP Financial Group. Unfortunately, once you've made an error in this area, it's difficult to correct it.

Your loan agreement needs to specify whether the loan is secured (that is, the lender holds title to part of your property) or unsecured, what the payments will be, when they're due and what the interest is. If the money is in the form of an investment, you have to establish whether the business is a partnership or corporation, and what role, if any, the investor will play. To be sure you and your family and friends have a clear idea of what financial obligations are being created, you have a mutual responsibility to make sure everyone is informed about the process and decide together how best to proceed.

Most important, says McKeever, "Outline the legal responsibilities of both parties and when and how the money should be paid back." If your loan agreement is complex, it's a good idea to consult your accountant about the best ways to structure the loan..

Whichever route you take, make sure the agreement is in writing if you expect it to be binding. "Any time you take money into a business, the law is very explicit: You must have all agreements written down and documented," says McKeever. If

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you don't, emotional and legal difficulties could result that end up in court. And if the loan isn't documented, you may find yourself with no legal recourse.

Tax Considerations Putting the agreement on paper also protects both you and your lender come tax time. Relying on informal and verbal agreements results in tax quagmires. "In these cases, you have a burden of proof to show the IRS that [the money] was not a gift," says Tom Ochsenschlager, vice president of taxation for the American Institute of Certified Public Accountants. If the IRS views it as a gift because there was no intention to repay it, then the lender becomes subject to the federal gift tax rules and will have to pay taxes on the money if it is more than $13,000. Also make sure the person providing the money charges an interest rate that reflects a fair market value.

If your friend or family member wants to give you a no-interest loan, make sure the loan is not more than $100,000. If you borrow more, the IRS will slap on what it considers to be market-rate interest, better known as "imputed interest," on the lender. That means that while your friend or relative may not be receiving any interest on the money you borrowed, the IRS will tax them as if they were.

No interest is imputed if the aggregate loans are less than $10,000. Between $10,000 and $100,000, the imputed amount is limited to your net investment income, such as interest, dividends and, in some cases, capital gains. To determine the interest rate on these transactions, the IRS uses what it calls the applicable federal rate, which changes monthly. Keep in mind that if you don't put all the details of the loan in writing, it will be very difficult for you to deduct the interest you pay on it. Additionally, the relative who lent the money won't be able to take a tax deduction on the loss if you find you can't repay.

To be absolutely safe, Ochsenschlager recommends that you make the friend or relative who is providing the money one of the business' shareholders. This effectively makes the transaction an investment in your company and also makes it easier from a tax standpoint for your friend or relative to write off the transaction as an ordinary loss if the business fails. (This applies only if the total amount your company received for its stock, including the relative's investment, does not exceed $1 million.)

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In addition, "if your company is wildly successful, your relative will have an equity interest in the business, and his or her original investment will be worth quite a bit more," Ochsenschlager says. In contrast, if a relative gives you a loan and your company goes under, the relative's loss would generally be considered a personal bad debt. This creates more of a tax disadvantage because personal bad debts can be claimed as capital losses only to offset capital gains. If the capital loss exceeds the capital gains, only $3,000 of the loss can be used against ordinary income in any given year. Thus, an individual making a large loan that isn't repaid may have to wait several years to realize the tax benefits from the loss.

If the loan that can't be repaid is a business loan, however, the lender receives a deduction against ordinary income and can take deductions even before the loan becomes totally worthless. (One catch: The IRS takes a very narrow view of what qualifies as a business loan. To qualify as a business loan, the loan would have to be connected to the lender's business.) This will be difficult, so consult an accountant about the best way to structure the loan for maximum tax benefits to both parties.

Making your relative a shareholder doesn't mean you'll have to put up with Mom or Pop in the business. Depending on your company's organizational structure, your friend or relative can be a silent partner if your company is set up as a partnership, or a silent shareholder if you are organized as an S corporation or limited liability company.

Even with every detail documented, your responsibilities are far from over. Don't make assumptions or take people for granted just because they are friends or family members. Communication is key.

If your relative or friend is not actively involved in the business, make sure you contact him or her once every month or two to explain how the business is going.

"When people invest in small businesses, it often becomes sort of their pet project," says McKeever. "It's important to take the time to keep them informed."

And, of course, there are the payments. Though friends or relatives who invest in your business understand the risks, you must never take the loan for granted.

"Don't be cavalier about paying the money back," McKeever says. "That kind of attitude could ruin the relationship."

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The Fundamentals of Leasing Business Equipment Upside: Advantages include getting your hands on needed equipment without paying the costs up front. Lines of credit stay freed up because the leases are not bank loans, and lease payments can potentially be deducted as a business expense.

It is also possible to easily upgrade equipment once a lease expires.

Related: 4 Advantages to Leasing Office Equipment Downside: Leasing can be an appropriate for any business at any stage of development. But when it comes to startup businesses, it is likely the owner will be obliged to put his or her personal credit on the line in order to secure the lease.

Related: When and How to Lease Equipment What it is: From computers and heavy machinery to complete offices, it is possible to lease almost anything for your business. Equipment leasing can provide a lifeline for cash-strapped businesses in need of the tools of the trade.

How to get it: Equipment leasing is basically a loan in which the lender buys and owns equipment and then "rents" it to a business at a flat monthly rate for a specified number of months. At the end of the lease, the business may purchase the equipment for its fair market value (or a fixed or predetermined amount), continue leasing, lease new equipment or return it.

Other downsides include a higher price over the long term, and the lease commits you to keep the equipment for a period of time.

Still, the Equipment Leasing and Finance Association estimates that four-fifths of businesses at least lease some of their equipment -- a testament to the usefulness of the practice.

More Tips: A company selling equipment is often able to make a direct referral to a leasing company with which it does business.

It is a good idea to get a quote from the leasing firm referred by the company that wants to sell you the equipment. The quote should be competitive. After all, the 26 ECONOMIC POWER: JOYCE WOLAYO

company selling products wants to sell as many as possible, and it surely doesn't win any points by referring a leasing company that gouges its customers. But it also pays to get another quote. Usually, the company selling the equipment works with more than one leasing company. Or ask a friend or a business associate for a referral.

Keep in mind that the person making the leasing agreement may be a broker and not be the source of the equipment.

A good rule of thumb is to deal only with financing sources that have operated at least as long as the term of the proposed lease. Get picky when it comes to the terms, especially when it comes to casualty insurance to cover equipment damage and responsibility when it comes to paying personal property tax or handling repairs.

The Basics of Private Loan Guarantees What it is: You find an angel investor or investors -- in other words, wealthy people with credit -- to guarantee a bank loan for your early stage business.

How it works: It is hard to tell how common this practice is. Citing research from the University of New Hampshire’s Center for Venture Research, the crowd funding platform Equity Net reports that nine out of 10 angel investors provide additional support through loans and loan guarantees.

Basically, it is an alternative to bring up when a prospective investor is intrigued by your young company’s potential to grow, but still hesitant to invest too much cash in the business right away. Through a loan guarantee, they can help out more without having to actually turn over cash.

Some angel investors provide lending through a convertible note, which is a loan that can be converted to equity in the business down the road.

Upside: You get more money without having to give up more ownership in the business -- at least not right away. The deal might also be easier to negotiate, because the investor is not forking over money.

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Downside: Because of its nature, the loan's terms will likely be short. That means there's a limited amount of time to make money in order to pay off the loan. There will also be interest and fees to pay to the bank.

You -- the entrepreneur -- will also have more skin in the game, including your own personal guarantee.

How Corporations Raise Capital Large corporations could not have grown to their present size without being able to find innovative ways to raise capital to finance expansion. Corporations have five primary methods for obtaining that money.

Issuing Bonds. A bond is a written promise to pay back a specific amount of money at a certain date or dates in the future. In the interim, bondholders receive interest payments at fixed rates on specified dates. Holders can sell bonds to someone else before they are due.

Corporations benefit by issuing bonds because the interest rates they must pay investors are generally lower than rates for most other types of borrowing and because interest paid on bonds is considered to be a tax-deductible business expense. However, corporations must make interest payments even when they are not showing profits. If investors doubt a company's ability to meet its interest obligations, they either will refuse to buy its bonds or will demand a higher rate of interest to compensate them for their increased risk. For this reason, smaller corporations can seldom raise much capital by issuing bonds.

Issuing Preferred Stock. A company may choose to issue new "preferred" stock to raise capital. Buyers of these shares have special status in the event the underlying company encounters financial trouble. If profits are limited, preferred-stock owners will be paid their dividends after bondholders receive their guaranteed interest payments but before any common stock dividends are paid.

Selling Common Stock. If a company is in good financial health, it can raise capital by issuing common stock. Typically, investment banks help companies issue stock, agreeing to buy any new shares issued at a set price if the public refuses to buy the stock at a certain minimum price. Although common shareholders have the exclusive right to elect a corporation's board of directors, 28 ECONOMIC POWER: JOYCE WOLAYO

they rank behind holders of bonds and preferred stock when it comes to sharing profits.

Investors are attracted to stocks in two ways. Some companies pay large dividends, offering investors a steady income. But others pay little or no dividends, hoping instead to attract shareholders by improving corporate profitability -- and hence, the value of the shares themselves. In general, the value of shares increases as investors come to expect corporate earnings to rise. Companies whose stock prices rise substantially often "split" the shares, paying each holder, say, one additional share for each share held. This does not raise any capital for the corporation, but it makes it easier for stockholders to sell shares on the open market. In a two-for-one split, for instance, the stock's price is initially cut in half, attracting investors.

Borrowing. Companies can also raise short-term capital -- usually to finance inventories -- by getting loans from banks or other lenders.

Using profits. As noted, companies also can finance their operations by retaining their earnings. Strategies concerning retained earnings vary. Some corporations, especially electric, gas, and other utilities, pay out most of their profits as dividends to their stockholders. Others distribute, say, 50 percent of earnings to shareholders in dividends, keeping the rest to pay for operations and expansion.

Still other corporations, often the smaller ones, prefer to reinvest most or all of their net income in research and expansion, hoping to reward investors by rapidly increasing the value of their shares.

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CHAPTER FOUR: THE BEST BUSINESS TO START AND SUCCEED Home-based Businesses There are hundreds, if not thousands of ideas for home-based businesses. Two of the top 10 businesses are in this area -- catering and working as a virtual assistant.

Catering is a good choice if you are good at cooking. You can cook in other people's homes, or make dishes to order. One top catering business involves cooking a week's worth of dinners in advance for busy families to freeze and reheat throughout the week. Virtual assistants are based at home and provide remote services, such as phone answering, correspondence and research. Niche areas include virtual dating assistants or acting as an assistant to virtual assistants.

Cleaning Businesses According to "Entrepreneur" magazine's Franchise 500 survey, two of the top 10 franchises are cleaning services. There are many types of cleaning service – some specialize in homes, other offices or business premises. Real estate agencies use cleaners to get properties ready for sale, especially foreclosed properties. Or you can specialize in areas such as window or carpet cleaning.

Green Businesses Funding for green technology is increasing all the time, which makes a business providing green technology a top business. According to industry analyst Cleantech Group, as reported in "Entrepreneur," green energy companies, such as those producing solar power, bio-fuels and batteries, accounted for 27 percent of all investment by venture capitalist firms in the third quarter of 2010.

Pets A huge number of households own pets, and these pets need looking after, which makes pet care another of the top 10 businesses to start. According to the American Pet Products Association, overall consumer spending in the pet industry grows by around 5 percent each year, with growth in pet health care growing at an even greater rate. Some top ideas in the pet care industry include pet sitting, mobile grooming and services for people who want to keep farm animals, such as chickens and bees, in the city.

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Recycling pickup Most homeowners have pick-up bins for standard recyclables like paper, glass and plastic, but they often don't make the effort to properly recycle electronics and batteries, which can be extremely harmful to the environment when left in landfills. Offer to pick up all the e-waste that's been collecting in their garages — old televisions, broken laptops, defunct cellphones — and bring them to your local electronic recycling facility. Charge per item, by weight, or a flat fee plus travel to and from the location.

Software trainer If you're proficient in a highly specialized software, you can get paid to pass your knowledge on to amateurs and professionals looking to expand their skill sets.

Technical manuals are available for programs like QuickBooks and Final Cut Pro, but these are often expensive and difficult for the average user to get through.

Schedule small group workshops or private sessions, and charge by the hour for a full tutorial of the program. The best part about this gig is that it can be done part time.

Healthcare Consulting The combination of aging baby boomers and the upcoming changes of the Affordable Care Act means that the healthcare industry will rapidly continue to expand. As an independent healthcare consultant, you can offer management and data analysis for organizations like hospitals, labs and therapist offices to help implement solutions to improve efficiency and/or save money. This is a great opportunity to put that marketing or economics degree to use.

Food Truck We included this on our list of business ideas for foodies, and for good reason: a December 2012 study by Intuit and Emergent Research predicted that revenue from the food truck industry will reach $2.7 billion by 2017. A truck is a much less expensive investment than a brick-and-mortar restaurant and, according to Mobi Munch founder Josh Tang, the failure rate for food trucks is just 10 to 20 percent (as opposed to 60 to 90 percent for restaurants). With the right equipment and some great recipes, you can have your mobile eatery up and running in no time.

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Companies are increasingly turning to freelance and contract workers to fill the skill gaps in their staff. It's not hard to imagine that you could build a whole company around providing freelance services of one sort or another. According to Freelancer.com, which lists more than a million freelance projects on its site, the most in-demand freelance services are: data entry, academic writing, Excel projects, data processing, Web search and Facebook-based jobs. Hourly rates start at $30 an hour and stretch into the hundreds.

Mobile consulting It's been said before, but it bears repeating: mobile is now a non-negotiable for almost any business. Finding ways to go mobile is a challenge for many business owners. If your company can provide affordable mobile solutions to businesses that need them you'll find mobile consulting a rich business opportunity.

According to Jamie Turner, founder of a company called "The 60-Second Marketer," there will be ongoing need for mobile assistance. "Research from the 60-Second Marketer indicates that there are more people on the planet who own a mobile device than who own a toothbrush," said Turner, who co-authored the new book "Go Mobile" (Wiley, January 2012) with Jeanne Hopkins. "So it's safe to say that your prospects are using mobile. If you're in business, it's your job to be where your prospects are. Your prospects are in mobile right now."

Translator There's no denying the global marketplace is growing and reaching beyond the borders of China and Mexico. All that cross-cultural communication is creating a growing need for translators, according to the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook, 2010-11 Edition. It predicts a greater demand for interpreters and translators resulting from the broadening of international ties and growth in the number of non-English speakers in the United States will result in a projected 22 percent increase in the number individuals employed in this profession.

Employee-monitoring services Employees are increasingly mobile. In fact, it is estimated there will be 1.3 billion mobile workers by 2015. So how are employers supposed to keep track of what 32 ECONOMIC POWER: JOYCE WOLAYO

their workers are doing? The answer provides myriad business opportunities for entrepreneurs. One company, Exaktime, recently debuted a mobile time clock.

There are also vehicle-tracking time clocks and time-clock apps. But employers often don't have the staff or the time to manage all this new data and distill it to what is needed for payroll and billing.

A company that could provide employee-monitoring services, as well as some additional outsourced human resources functions, would be in great demand right now.

Traveling salon As people live longer, there's an increasing need for senior services of all sorts.

And not all are related to health care. One such service, a mobile salon that travels to customers' residences to do their hair or nails, has nothing but growth potential.

As aging baby boomers move into the senior citizen category, there will be a growing need for these mobile services that help keep boomers looking good without requiring them to make a trip to the salon.

Vending-machine business Increasingly, health-conscious and time-strapped Americans are looking for quick food on the go that is healthier than the soda and chips you usually find in vending machines. This has spawned a whole new industry of health-oriented, unique and specialized vending companies that offer franchisees the chance to own and service as few as one or two machines. One such franchise has had big success putting healthy vending machines in schools, offices, public buildings, etc. Owning a vending-machine business offers franchisees the opportunity to start small and test the waters.

Smartphone repair Smart phones have become indispensible for both business and personal use. But have you ever tried to get one fixed? It can cost as much to as it does to buy one.

Smartphone-repair services are starting to crop up around the country, but for now, this market is wide open.

Contracting 33 ECONOMIC POWER: JOYCE WOLAYO

If you've tried to hire a contractor lately you probably already know that something odd is going on. Anecdotal evidence suggests that many contractors went out of business during the height of the recession and those that survived got lean and mean. Now, as the economy improves and Americans are spending money to improve their homes, they are having trouble finding contractors – electricians, plumbers, roofers, painters and more. Contractors say they are facing a shortage of skilled labor and having trouble finding employees to rebuild their former skeleton crews.

Testing business Apps, websites, e-commerce‌they've become must-haves for any business. But often, they don't work. The reason is that businesses don't test their applications or software carefully enough.

Testing services are in hot demand. One company, SOASTA, offers cloud testing services for clients. There's room in this market for growth. A service that specializes in niche testing would have an edge over broader testing services.

Business services A lot of companies cut back on support staff during the recession and many are reluctant to rehire, even though they need help. This is creating a business opportunity for anyone who can provide marketing, human resources, healthcare management or any other service a business needs. According to Stephanie Scott Harbour, owner of the New York Mom Corps franchise, there is a big demand for services in marketing, finance and human resources. "We are seeing increased client demand for specific functional roles – particularly marketing, finance and human resources. We are hearing from our clients that these departments have been downsized over the past few years, and are now in (sometimes desperate) need of additional support," she said.

Financial planner How could I write a blog post about the best small business ideas and not include my profession? Some of the perks of becoming a financial planner are that you control your own hours, you work with the people you want to work with, and the pay can be very good.

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I don’t want to make it sound, though, that to become a financial planner is easy breezy because it does take a lot of work. It takes a long time, sometimes several years, to build up a client base and getting hired is often times tough, especially if you don’t have a financial background.

Think you have what it takes to my job? Here’s what you have to do to become a successful financial advisor.

There are independent companies like Primerica and World Financial Group that do allow for you to get into the industry, but oftentimes they’ll start you off with you getting your insurance license first. Still, for an awesome profession, it is a nice way to get your foot in the door.

Insurance agent For some people, the job description selling insurance is not that appealing, but the fact of the matter is it pays very well. Whether you’re a pure life insurance agent or a property and casualty, insurance agents can make very good money.

To get licensed, you just have to take some basic tests that will cost you a couple hundred bucks, including studying materials and the actual testing costs. To become an independent life insurance agent, is really easy now days as there are many independent brokerages that you can connect with.

Getting approved for property and casualty can be tough, especially depending on your geographic location. I’m in the process of adding an insurance division to my financial planning practice, and as of now, we’ve had a few obstacles in getting approved by any carriers for the P&C side.

Nonetheless, if you think you like insurance and you want to help people, it’s definitely a good profession, definitely a good small business idea that you can pursue.

Freelance writer Even though I have a blog and you’re currently reading one of my blog posts, the irony to that is that I hate to write. Mostly because it’s not a natural gift and it takes a lot of time and energy and a lot of extra brain juice to crank out a good post; but

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if you’re able to knock out solid articles, in your spare time, this freelance writing might be right for you.

Miranda Marquit, who is a freelance writer for my site, has created a full-time small business out of her freelance writing work. You can read an article she shared about how to be a successful freelance writer where she shares her story.

Being a freelance writer allows her to work no more than 30 hours a week while working at home, and also to be the breadwinner of her family. Not too shabby for having a skill to crank out 70 words a minute.

Make and Sell Clothes For my son’s first birthday, my wife was proud to show off his birthday shirt that a local seamstress had designed on her own. Next thing I know, this was a tradition for all my kids’ birthdays, including other various celebrations, too.

Turns out that Angie Congiardo has built up a very nice small business side income by doing what she knows, sewing.

She does it on the side and has shared with me that the first full year that she kept track, she was able to bring in $11,000 on the side.

Not bad for a small business idea working out of her house.

She does no advertising other than Facebook Fanpage, but as most of you know, that’s free.

If you have a skill in sewing any type of clothing, there’s definitely an opportunity to turn that into a small business.

Notice the P, B, & S shirts to the right?

Those are compliments of Angie herself. Always nice to support local small businesses.

Say cheese Do you have a passion for photography? If you do, there’s definitely a market out there for you.

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I have two friends who both made great money from being a photographer. My closest friend, Jason York of Jason York Photography, turned his love for taking pictures into a full-time business. He now owns his own studio and has become one of the most recognized photographers in our area.

Another friend of ours, who has a full-time job, has been able to produce a very nice side income by taking pictures in the evenings on the weekends. She has done so by, also like Angie, marketing her business on Facebook as her word of mouth.

With the awesome technology that cameras now days and the awesome free editing software programs that exist, taking pictures and getting paid for it has never been easier.

Baby or dog sitting Having three young sons, it’s almost a necessity for me and my wife to get out of the house for some “us” time. When we leave, we want to make sure that we’ve hired a babysitter that we know and trust, and I remember one of the first times that we had a babysitter come in, me and my wife had discussed how much we should pay.

The ultimate conclusion was we should pay a little bit more than they may make somewhere else because we didn’t want to be cheap to our babysitters since this was the person that would be responsible for our kids for the few hours that we were away. As long as young families are popping out babies, there’s always going to be a need for babysitting. Same goes for dog sitting as well.

Every time that we leave on an extended trip, we’ll take our pet boxer, Klaya, to a local dog sitting service. They’ve built up a great reputation in the area of keeping the dogs entertained allowing them to run and play, and also cleaning them up before we arrive home. The point is, the people will always pay top dollar for good care.

Virtual assistant Prior to reading Tim Ferriss’ 4-Hour Work Week, I had no clue was a virtual assistant was. After reading his book, I was so blown away that I was eagerly trying to figure out how I could incorporate one into my life.

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Fast forward to present day, I currently have a virtual assistant that helps out with some of the behind-the-scenes work on my blog. It’s all the administrative stuff that while yes I can do, it’s definitely worth paying somebody else an hourly wage just to take care of it for me.

So what exactly does a virtual assistant do? Essentially, a virtual assistant can do anything that you want that person to do for you. They can schedule meetings, type out emails, answer phone calls, research items online, book travel plans. The better question is what a virtual assistant can’t do.

If you often find yourself wasting time on piddly stuff where you would be more productive doing things that you’re more passionate about and make more money on, then definitely look into hiring a virtual. assistant. There are sites like onlinejobs.ph and odesk.com where you can find a virtual assistant for cheap.

Social Media Manager As Facebook and Twitter continue to grow and other social networks like Pinterest, Google+, and Instagram continue to gain popularity, being a social media manager has never been in more demand.

Many small businesses, brands, or websites are looking for people that are knowledgeable within a social media space that can help them manage all the different platforms that exist. If you like Facebook, if you like Twitter and can add value to another small business on how they can use these tools, then being a social media manager is right up your ally.

Appraisal service One of my former coworkers had been in the appraisal service prior to becoming a financial advisor. He still kept his license open because he’s always getting calls for people needing commercial appraisal service. Whether it be home appraisal or commercial appraisal, as long as people are buying and selling properties, there’s always going to be a need.

There’s not a huge barrier to getting in, a few tests to pass, but once you do, it can be a very lucrative small business. As like any new business, you’ll have to shake 38 ECONOMIC POWER: JOYCE WOLAYO

some hands and make some key connections so people know that you exist, but if you do a good job and build up a good clientele, word of mouth referrals will start to stream in.

10. Consulting Service Are you considered an expert in your field or in a certain niche? If so, then being a consultant might be right up your alley. Many companies prefer to hire consultants as a cheaper alternative to having an employee on the books.

From your standpoint, one of the huge benefits of starting your own consulting small business is that typically start-up costs are very low. You already have the knowledge. Now you just need a fresh looking website, a game plan and a marketing strategy that will put you in front of the right people.

Start a Blog Writing a blog post in your pajamas and getting paid for it is a dream for many.

Many people can turn their blogs into a legitimate small business, but they are the minority.

Blogging takes a ton of work. Behind the scenes on this blog I spend 20+ hours per week managing the daily aspects of the blog. Luckily, I absolutely enjoy it!

How much money can you make starting a blogging business? The sky is really the limit but it takes time.

It took me over 5 months to get my first Google Ad sense check from this blog and that check was a measly $100. Definitely not worth quitting your day job over.

Since then I’ve been able to bring in a consistent nice side income. A few times while my wife was still working she would exclaim, “You’re making more from your blog than I do from my job!”. Hehe…

If you’re interested in learning more about how to make money blogging, check out my latest project, Dollars and Roses, where my wife and I show you how to make money online.

Hairstylist

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If I ever tried to cut my own hair, I would probably be a few fingers shy to having a complete set. That’s why I go to a professional.

The lady who has been cutting my hair for the past several years has bounced around a few salons in the area before she finally just opened her own shop appropriately named after her first name. She has a good client base because she’s good at what she does and hasn’t look back since making the giant leap.

To help cut down costs, her iPhone serves as her business phone line and also her credit card machine using some awesome technology by Intuit. But being cost conscience, her profits are at record numbers and continue to grow while also enjoying the freedom of owning her own shop.

Start a Franchise I had a classmate in high school whose parents owned 4 or 5 McDonald’s franchises in the area. Needless to say, they were loaded! Franchises are great for those that don’t want to worry about creating the idea, they can just run with an already existing business plan and focus their efforts on the business.

A friend of mine who is a serial franchise entrepreneur has opened several Little Caesar’s pizza chains in our area and from what I can tell is doing very good. Not be satisfied with his conquests, he decided to open another franchise, Sports Clips, a hair salon that caters to men. At last count, he’s opened 3 of those and continues to grow his empire.

Every franchise is different so it’s extremely important to read all the fine print before embarking on your franchise journey.

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CHAPTER FIVE: ACQUIRING THE ECONOMIC POTENTIAL YOU NEED TO SUCCEED How to Assess the Market Potential of Your Idea Economic growth is the increase in the market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP. Of more importance is the growth of the ratio of GDP to population (GDP per capita), which is also called per capita income. An increase in per capita income is referred to as intensive growth. GDP growth caused only by increases in population or territory is called extensive growth.[ Growth is usually calculated in real terms – i.e., inflation-adjusted terms – to eliminate the distorting effect of inflation on the price of goods produced. In economics, "economic growth" or "economic growth theory" typically refers to growth of potential output, i.e., production at "full employment".

As an area of study, economic growth is generally distinguished from development economics. The former is primarily the study of how countries can advance their economies. The latter is the study of the economic aspects of the development process in low-income countries.

Since economic growth is measured as the annual percent change of gross domestic product (GDP), it has all the advantages and drawbacks of that measure.

For example, GDP only measures the market economy, which tends to overstate growth during the change over from a farming economy with household production.

The facts are sobering: the majority of small businesses fail within five years of starting up. While there are many reasons that businesses fail, including some that have nothing to do with an owner's skills, it’s also possible that many of those same businesses collapsed simply because they couldn’t get enough customers to buy their product or service. In other words, the owners founded their business on a strategy of “build it and they will come” where, unfortunately, the customers never came. In fact, a recent study undertaken by the Blackbox seed accelerator

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found that many tech start-ups failed because they focused more on their product than on their potential customers.

The good news is that there are a variety of ways you, as an entrepreneur, can conduct some market research to assess the potential demand for your product or service without spending a lot of money or hiring an expensive market research team.

Ask the Right Questions As a first step to determining the potential market for your new product or service, you want to focus on asking a couple of questions of yourself first, says Victor Kwegyir, a business consultant, business motivational speaker, and author of The Business You Can Start: Spotting the Greatest Opportunities in the Economic Downturn. Some of the questions you may want to begin with, Kwegyir says, include: Is this product or service I have in mind going to satisfy a market need?

Who are my potential customers, and where can they be found?

What competition is out there? Is it direct or indirect, local, national, or international?

How distinct is my product from what is being offered by the competition?

Can the product stand the test of changing trends or take advantage of it before it dies out?

Does the law of the land allow for such a business to be established?

At what prices are consumers prepared to buy my product, and can I make any profit at any stage?

Google It While it may seem obvious, using Google and other search engines can be an effective way to gauge the potential market for your idea and whether or not you’ll be facing competition. “Believe it or not, you can do a simple keyword search using either Google keywords or any reputable marketing software such as Market 42 ECONOMIC POWER: JOYCE WOLAYO

Samurai or Magic Bullet to see if your idea already has a demand,” says Jesue Walker, a serial entrepreneur and president of The Ultimate Emergence Company.

Once you have the keyword results in front of you, click on them and pay attention to the right column of the search, which lists the paid advertising. “Click on each of these and see what they are offering,” says Walker. “This is your competition, if any at all. Going back to the search page or keyword results and [seeing] how many times a day and week this keyword is searched for...is the beginning of finding out if you can gain at least one percent to two percent of this market.”

Collect Feedback Getting direct feedback via surveys or interviews can be another very effective way to gauge interest in your product or service. The easiest way to test a new business idea is by crowdsourcing your idea first,” says Ian Aronovich, CEO and president of GovernmentAuctions.org, a site that compiles and provides information about government auctions of seized and surplus merchandise from all over the country. “Get the perspective of a large group that you already know is capable of giving you truthful and helpful advice. Crowdsourcing is quick, easy, and you will get an array of positive and negative criticism.”

To do this, you may want to draw on an increasing number of online tools that will allow you to tap into the wisdom of the virtual crowd for modest prices. Examples include: uSamp, UserTesting.com, UsabilityHub.com, CrazyEgg.com, GutCheckit.com, and Ask Your Target Market. 36 | P a g e You can also consider creating a video, says David Ciccarelli, CEO of Voices.com, where you hire a professional to narrate the features and benefits of your product or service. “Then upload it to YouTube and see the response in the comments,” he says.

If your big idea is a new product, you might also consider pitching it to a product development company like Edison Nation, which, for a modest application fee, evaluates your idea based on the potential market for it.

What you don’t want to do, however, is base your decision on the opinions of your friends and family, says Lolo Siderman, the founder of Gypsywing Media, a virtual ad agency based in Los Angeles. It’s a mistake to ask people you already know, 43 ECONOMIC POWER: JOYCE WOLAYO

she says, because they cannot be objective. “Of course they’re going to tell you it’s a good idea,” she says.

Sell Something, Anything While spending time in front of your computer conducting research and gathering information can be helpful in ascertaining the potential of your product or service, the truth is that the most valuable feedback you can get is whether someone, regardless of what they tell you, will actually hand over money for it. “It is amazing how many people will spend years and hundreds of thousands of dollars on concepts that people ‘really like’ without ever asking them if they would buy it,” says Matt Ferguson, president and CEO of Progressive Health Innovations.

“Even better, also ask the people selling in the space if they could sell it for a certain price.”

The best way to get this kind of feedback, then, is to actually create a prototype of your product or service, even in its most basic form that you can shop around to retailers, distribution partners, or even attendees at an industry trade show.

“I have found there is no sure way to gauge the success of a service type concept except for biting the bullet and start doing it.”

There is actually a name for this kind of company-building approach, Minimum Viable Product or MVP, which was coined by entrepreneur and influential blogger Eric Ries. An MVP approach would be, for example, launching a minimalist website where customers are actually prompted to pay for your product or service before it even exists as a way to guarantee the market potential. That's how Scott Yates tested the idea behind his new company, BlogMutt.com, a site that offers to supply content for company blogs. “It was only when we had real businesses pull out their credit card and sign up for $79—before we even had a site working—that we knew we were on to something,” he says.

Similarly, you could post your product or service on a site like Kickstarter.com, where you ask people to pledge money to support you. A great example of this was the inventor of the TikTok watchband mount for the iPod Nano; he raised $942,978 from customers who pre-ordered his product idea.

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The truth is, in the end, research can only take you so far, says John Schulte, president and chairman of the National Mail Order Association. “You might not get anyone to agree with me, but I have found there is no sure way to gauge the success of a service type concept except for biting the bullet and start doing it,” says Schulte. “Many times you can spend just as much trying to research something (and still not know for sure) as it would cost you to just start doing it.”

Your brilliant idea may indeed be brilliant--or it may need some work. Here's how to find out whether you're ready for startup.

Somewhere between scribbling your idea on a cocktail napkin and actually starting a business, there's a process you need to carry out that essentially determines either your success or failure in business. Oftentimes, would-be entrepreneurs get so excited about their "epiphanies"-the moments when they imagine the possibilities of a given idea-that they forget to find out whether that idea is viable.

Of course, sometimes the idea works anyway, in spite of a lack of market research.

Unfortunately, other times, the idea crashes and burns, halting a business in its tracks. We'd like to help you avoid the latter. Researching your business idea is just what you need to keep your business goals on track.

The Idea Stage For some entrepreneurs, getting the idea-and imagining the possibilities-is the easy part. It's the market research that doesn't come so naturally. "It's a big red flag when someone outlines the size of the market-multibillion dollars-but doesn't clearly articulate a plan for how the idea will meet an unmet need in the marketplace," says Aaron Keller, an adjunct professor of marketing at the University of St. Thomas in neighboring St. Paul and a managing principal of Capsule , a Minneapolis-based brand development firm.

That kind of full-throttle approach can cost you. "Entrepreneurs are often so passionate about their ideas, they can lose objectivity," adds Nancy A. Shenker, president of the ONswitch LLC , a full-service marketing firm in Westchester, New York. "Rather than taking the time to thoroughly plan and research, they sometimes plow ahead with execution, only to spend valuable dollars on unfocused or untargeted activities."

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Market research, then, can prove invaluable in determining your idea's potential.

You can gather information from industry associations, Web searches, periodicals, federal and state agencies, and so forth. A trip to the library or a few hours online can set you on your way to really understanding your market. Your aim is to gain a general sense of the type of customer your product or service will serve-or at least to being willing to find out through the research process. "For example," says Shenker, "if you don't know if your product will appeal to the youth market, make sure you include a sample of that population in your research efforts."

Your research plan should spell out the objectives of the research and give you the information you need to either go ahead with your idea, fine-tune it or take it back to the drawing board. Create a list of questions you need to answer in your research, and create a plan for answering them. "Utilize experts in planning and conducting research sessions," Shenker advises. "They can recommend what type of research is most appropriate, help you develop statistically valid samples and write questionnaires, and provide you with an objective and neutral source of information."

The type of information you'll be gathering depends on the type of product or service you want to sell as well as your overall research goals. You can use your research to determine a potential market, to size up the competition, or to test the usefulness and positioning of your product or service. "If, for example, the product is a tangible item, letting the target audience see and touch a prototype could be extremely valuable," notes Shenker. "For intangible products, exposing prospective customers to descriptive copy or a draft Web site could aid in developing clear communications."

Analysis When working with firms on brand development, Keller first looks at a business idea from four perspectives: company, customer, competitor and collaborator. This approach allows Keller to scrutinize a business idea before even approaching the topic of brand development. Here's what he looks at for each of the four issues: 1. Company. Think of your idea in terms of its product/service features, the benefits to customers, the personality of your company, what key messages you'll be relaying and the core promises you'll be making to customers.

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2. Customer. There are three different customers you'll need to think about in relation to your idea: purchasers (those who make the decision or write the check), influencers (the individual, organization or group of people who influence the purchasing decision), and the end users (the person or group of people who will directly interact with your product or service).

3. Competitor. Again, there are three different groups you'll need to keep in mind: primary, secondary and tertiary. Their placement within each level is based on how often your business would compete with them and how you would tailor your messages when competing with each of these groups.

4. Collaborators. Think of organizations and people who may have an interest in your success but aren't directly paid or rewarded for any success your business might realize, such as associations, the media and other organizations that sell to your customers.

Another approach is to research is SWOT analysis, meaning analysis of the strengths of your industry, your product or service; the weaknesses of your product (such as design flaws) or service (such as high prices); and potential threats (such as the economy). "[SWOT] enables you to understand the strengths and flaws, [everything] from internal information such as bureaucracy, product development and cost to external factors such as foreign exchange rates, politics, culture, etc.," says Drew Stevens, a St. Louis professional speaker and consultant who works with entrepreneurs in researching and marketing their ideas. "SWOT enables an entrepreneur to quickly understand whether their product or service will make it in the current environment."

Whatever your approach to evaluating your idea, just be sure you're meeting the research objectives you've outlined for your product or service. With those goals always top-of-mind, your analysis will help you discover whether your idea has any holes that need patching.

Checking Out the Competition Assuming your research process has helped you uncover your competition, you now need to find out what they're up to. Shenker advises becoming a customer of the competition, whether by shopping them yourself or by enlisting the help of a 47 ECONOMIC POWER: JOYCE WOLAYO

friend. "Visit their Web site and put yourself on their list," she says. "Talk to your competitor's customers, too-ask them what they like or don't like about your competitor's product or service. If you conduct formal research, include a question like 'Where do you currently go for that product or service? Why?'" Your aim is to understand what your competition is doing so you can do it better.

Maybe their service is poor. Maybe their product has some flaws-something you'll only know if you try it out yourself. Or maybe you've figured out a way to do things better, smarter, more cost-effectively. Find your selling point. It's going to be the core of your marketing program, if and when you're ready for that step. It's also going to be what sets you apart and lures customers your way.

After all this-the idea stage, analysis of the idea, competitive analysis-you might find that your idea (and not your competitor's, as you'd hoped) is the one with the holes. Does that mean you need to scrap the whole thing and resign yourself to life as an employee? "Not always," says Keller. "Sometimes it just needs to be reworked or retooled." That can be disheartening if you've already spent X amount of hours in the idea stage, plus X amount of hours on market research-only to find that you're not quite ready to get started after all. But taking the time to refocus your energies and determine why your idea needs some tightening is the best predictor of future success. "No entrepreneur wants to hear that his 'baby' is flawed, but only by listening and reacting to feedback can he give his idea a chance for success," notes Shenker. "Ask yourself, 'Is this a weakness that can be overcome?' If you can't create true value for your customer and your business, then it's time to pick another idea to pursue." Remember, though, that many ideas simply need some fine-tuning. Before you panic and start flipping through your idea books again, closely consider whether you can make this idea work. After all, there was a reason you thought of that idea in the first place. Some ideas that seem like they'll be total duds after doing a little research end up being great successes.

"Ideas that seem like a flop are always interesting to me," says Keller. "Sometimes you look into an idea and find it was just luck-but many times, you find the original founder had some clear insight into the potential. That insight was his or her focus, and it seemed to lead them to success. "I've seen many people launch ideas that I thought were beyond foolish," Keller adds, "but then I learned more about the idea, the customer and the vision-and realized the true risk being taken."

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When Your Idea Is Ready to Go The market research you've conducted thus far ought to be a good indicator of where you need to go next with your idea. One key factor to consider is pricing. You want to do it competitively while also considering what the market will bear. For products or services that have a close competitor, Keller advises pricing with respect to the competitive position.

"Higher-priced positioning requires an idea with enough relevance and importance to customers to overcome the gap between your idea and the nearest competitor," Keller says.

The beauty of being in business for yourself is that you have the option to make changes at will-so if a pricing structure isn't working, you can alter it. "Price high to start-you can always drop the price down," says Keller. "You can never go up."

Shenker adds that you need to be sure your product or service is delivering enough value to command the price you set. If possible, test different pricing offers as you go, and determine what works best.

When you're ready to get started, be sure you're selling where your target market is likely to buy. "Your marketing plan and budget should include a well-crafted distribution strategy," notes Shenker. If you'll sell over the Internet, budget for media to drive new customers to your site. If you'll sell via retail distribution, you might need workers with industry experience to help you reach your target market.

Remember, too, that you can always seek help in this long, arduous process of bringing an idea to fruition. The Internet, your local library, the U.S. Census Bureau, business schools, industry associations, trade and consumer publications, industry trade shows and conferences, and new-product development firms can be invaluable sources of information and contacts. "It's just a matter of seeking knowledge from as many sources as possible," notes Keller. It's also a matter of putting your ego aside and being willing to create a business that will not only survive, but thrive. "If you have an idea, don't be afraid to refine it, retool it, rethink it," adds Keller. "The more you do before you launch, the less you'll have to do [afterwards], and the less painful the lessons tend to be."

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HOW TO CREATE A MARKETING PLAN Firms that are successful in marketing invariably start with a marketing plan. Large companies have plans with hundreds of pages; small companies can get by with a half-dozen sheets. Put your marketing plan in a three-ring binder. Refer to it at least quarterly, but better yet monthly. Leave a tab for putting in monthly reports on sales/manufacturing; this will allow you to track performance as you follow the plan.

The plan should cover one year. For small companies, this is often the best way to think about marketing. Things change, people leave, markets evolve, customers come and go. Later on we suggest creating a section of your plan that addresses the medium-term future--two to four years down the road. But the bulk of your plan should focus on the coming year.

You should allow yourself a couple of months to write the plan, even if it's only a few pages long. Developing the plan is the "heavy lifting" of marketing. While executing the plan has its challenges, deciding what to do and how to do it is marketing's greatest challenge. Most marketing plans kick off with the first of the year or with the opening of your fiscal year if it's different.

Who should see your plan? All the players in the company. Firms typically keep their marketing plans very, very private for one of two very different reasons: Either they're too skimpy and management would be embarrassed to have them see the light of day, or they're solid and packed with information . . . which would make them extremely valuable to the competition.

You can't do a marketing plan without getting many people involved. No matter what your size, get feedback from all parts of your company: finance, manufacturing, personnel, supply and so on--in addition to marketing itself. This is especially important because it will take all aspects of your company to make your marketing plan work. Your key people can provide realistic input on what's achievable and how your goals can be reached, and they can share any insights they have on any potential, as-yet-unrealized marketing opportunities, adding another dimension to your plan. If you're essentially a one-person management operation, you'll have to wear all your hats at one time--but at least the meetings will be short!

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What's the relationship between your marketing plan and your business plan or vision statement? Your business plan spells out what your business is about--what you do and don't do, and what your ultimate goals are. It encompasses more than marketing; it can include discussions of locations, staffing, financing, strategic alliances and so on. It includes "the vision thing," the resounding words that spell out the glorious purpose of your company in stirring language. Your business plan is the U.S. Constitution of your business: If you want to do something that's outside the business plan, you need to either change your mind or change the plan.

Your company's business plan provides the environment in which your marketing plan must flourish. The two documents must be consistent.

A marketing plan, on the other hand, is plump with meaning. It provides you with several major benefits. Let's review them.

Rallying point: Your marketing plan gives your troops something to rally behind.

You want them to feel confident that the captain of the vessel has the charts in order, knows how to run the ship, and has a port of destination in mind. Companies often undervalue the impact of a "marketing plan" on their own people, who want to feel part of a team engaged in an exciting and complicated joint endeavor. If you want your employees to feel committed to your company, it's important to share with them your vision of where the company is headed in the years to come.

People don't always understand financial projections, but they can get excited about a well-written and well-thought-out marketing plan. You should consider releasing your marketing plan--perhaps in an abridged version--companywide. Do it with some fanfare and generate some excitement for the adventures to come.

Your workers will appreciate being involved.

Chart to success: We all know that plans are imperfect things. How can you possibly know what's going to happen 12 months or five years from now? Isn't putting together a marketing plan an exercise in futility . . . a waste of time better spent meeting with customers or fine-tuning production? Yes, possibly but only in the narrowest sense. If you don't plan, you're doomed, and an inaccurate plan is far better than no plan at all. To stay with our sea captain analogy, it's better to be 5 or even 10 degrees off your destination port than to have no destination in mind at all.

The point of sailing, after all, is to get somewhere, and without a marketing plan, you'll wander the seas aimlessly, sometimes finding dry land but more often than 51 ECONOMIC POWER: JOYCE WOLAYO

not floundering in a vast ocean. Sea captains without a chart are rarely remembered for discovering anything but the ocean floor.

Company operational instructions: Your child's first bike and your new VCR came with a set of instructions, and your company is far more complicated to put together and run than either of them. Your marketing plan is a step-by-step guide for your company's success. It's more important than a vision statement. To put together a genuine marketing plan, you have to assess your company from top to bottom and make sure all the pieces are working together in the best way. What do you want to do with this enterprise you call the company in the coming year?

Consider it a to-do list on a grand scale. It assigns specific tasks for the year.

Captured thinking: You don't allow your financial people to keep their numbers in their heads. Financial reports are the lifeblood of the numbers side of any business, no matter what size. It should be no different with marketing. Your written document lays out your game plan. If people leave, if new people arrive, if memories falter, if events bring pressure to alter the givens, the information in the written marketing plan stays intact to remind you of what you'd agreed on.

Top-level reflection: In the daily hurly-burly of competitive business, it's hard to turn your attention to the big picture, especially those parts that aren't directly related to the daily operations. You need to take time periodically to really think about your business--whether it's providing you and your employees with what you want, whether there aren't some innovative wrinkles you can add, whether you're getting all you can out of your products, your sales staff and your markets. Writing your marketing plan is the best time to do this high-level thinking. Some companies send their top marketing people away to a retreat. Others go to the home of a principal. Some do marketing plan development at a local motel, away from phones and fax machines, so they can devote themselves solely to thinking hard and drawing the most accurate sketches they can of the immediate future of the business.

Ideally, after writing marketing plans for a few years, you can sit back and review a series of them, year after year, and check the progress of your company. Of course, sometimes this is hard to make time for (there is that annoying real world

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to deal with), but it can provide an unparalleled objective view of what you've been doing with your business life over a number of years.

What is a strategic business plan?

Business planning is necessary for company growth and success. Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place. A strategic plan includes many elements a business can utilize to attract financing and manage company objectives. To optimize strategic business planning, businesses must clearly define company goals and conduct extensive research to properly understand industry trends.

Definition A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place. Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities. This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry.

Significance A strategic business plan is necessary to optimize market research and to attain optimum market share for your business. The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective. The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled. A strategic business plan helps a company provide better, more targeted service to its clients.

Characteristics A strategic business plan includes extensive market research, industry trends and competitor analyses. A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, 53 ECONOMIC POWER: JOYCE WOLAYO

but a strategic plan will be more specific on how the company will go about achieving company goals. For example, a strategic business plan will attempt to identify a target market, narrow it down to a manageable size, and establish a strategy for acquiring those customers.

Benefits Writing a strategic business plan has many advantages. The plan can serve as an outline for successful completion of company milestones. Company owners are in a better position to not only understand their business but become experts in their industries. A strategic plan helps executives understand the direction in which their company is headed by reviewing past progress and making changes to improve and grow. The plan is an organizational tool that helps to keep a company on track to meet growth and financial objectives.

Misconceptions Many small business owners feel that strategic business plans are for large companies and big businesses. However, according to the Small Business Administration, a strategic business plan can benefit companies of all sizes and can be a great advantage to small businesses. Small businesses may utilize the document to develop the strategies necessary to attract and retain the customers it needs to succeed.

A strategic plan represents a long-term vision for the business and is generally implemented by a company's leaders, which includes the board of directors and CEO they hire. A business plan covers the day-to-day operations and management to govern organization, planning, hiring and spending decisions. Successful companies regularly return to and adjust these plans to keep in sync with changing economic and marketplace forces.

Small Businesses Large, well-established companies must have a clear business plan to ensure that management and employees work in a coordinated way toward company goals.

Conversely, startup companies and small businesses typically rely more heavily on their strategic plans, as the number of employees is relatively small and the long-

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term vision is so closely aligned with daily tasks just to get the company off the ground. As a result, their operational plans need not be as well developed.

Strategic Plans Strategic plans present a company's future, usually opening with key goals, mission statements and a detailed timeline. They lay out the present state of the company, core values, strategic vision, business strategies, allocation of resources and company structure. They are developed by senior management, who must be guided whenever possible by firm data points, accurate market analysis and practical use of cash.

Business Plans Business plans get down to daily operations and how best to achieve the factors outlined within their strategic plans. All constituents, including employees, managers, stockholders, lenders and clients, like to see well-developed plans that lead to smooth operations and reliable deliverables. Divisional managers, such as those in charge of marketing, sales, human resources and accounting, work with senior leadership to write these plans after achieving a clear consensus on problems and performance. They deal with products and services, the competitive landscape, organizational issues, financial status and strategic implementation.

Which to Use Both strategic and business plans are necessary to a company's long-term success.

An assessment should be conducted for each business to determine a clear need.

Strategic plans will give direction, offer a unified vision and correct situations in which employees and managers are following misguided paths. Business plans will formalize operations for those companies lacking internal controls and operating without discipline. Effective plans inevitably enhance the bottom line while freeing companies and employees to reap what they sow.

Basic Approach to Strategic Planning A step by step guide, created by a business or organization, to map out how it will reach goals, and set a foundation so the entire company knows what will happen and what is expected of them. Essentially, it provides a "recipe" or of how to 55 ECONOMIC POWER: JOYCE WOLAYO

achieve a stated vision, for the chosen target market, and how a company serves customers consistently, effectively and profitably every single time.

The plan also serves as a systematic, management tool for problem solving, market planning, product development and preparing business plans. The goal is to integrate all aspects of the business's activities in a mutually supportive system.

When everyone participates in the planning stages, especially for the strategic planning, all will work harder to carry out the plans and projects. Business owners can't buy this kind of motivational interest. Likewise, business owners must be an integral part of such vital activities. Include a variety of people in an organization to participate in any brainstorming sessions, including sales people, perhaps their best customer or other friendly ally, administration, engineering, marketing, finance, distributors and the owner. Five to eight people is ideal.

Skilled, independent facilitator(s) are recommended to assist with the process of developing a strategic plan. An independent facilitator managing the strategic planning process can assure everyone's participation and draw out all opinions.

Small business assistance agencies, incubators, etc., can provide this assistance, as well as product validation, market research, business planning, etc.

The strategic planning process explores essential questions about the purpose of being in business. Owners and employees must answer these essential questions and come up with a consensus on the answers. Answers to these questions will help in determining the seven important elements to the strategic plan. ‐ What is our vision? ‐ What do we do best? ‐ What is our business? ‐ What needs can we satisfy for customers, that competitors cannot provide? ‐ What kind of image do we want? ‐ What do we want to be known for? ‐ What kinds of customers do we want to have? ‐ How big do we want to be? ‐ How many products do we want to have? ‐ What personal needs do we want to satisfy? ‐ What is our philosophy, ethical and social responsibilities, and values? ‐ What value do we want to have to our customers, suppliers and distributors? ‐ Where do we want to be in five years?

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critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition. Some essential points which should to be observed during the review and planning process include the following: Relate to the medium term i.e. 2/4 years Be undertaken by owners/directors Focus on matters of strategic importance Be separated from day-to-day work Be realistic, detached and critical Distinguish between cause and effect Be reviewed periodically Be written down.

As the precursor to developing a strategic plan, it is desirable to clearly identify the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following issues discussed in more detail below: Vision Mission Values Objectives Strategies Goals Programs

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The preparation of a strategic plan is a multi-step process covering vision, mission, objectives, values, strategies, goals and programs. These are discussed below.

The Vision The first step is to develop a realistic Vision for the business. This should be presented as a pen picture of the business in three or more years time in terms of its likely physical appearance, size, activities, structure, scale offerings etc. Answer the question: "if someone from Mars visited the business, what would they see (or sense)?" Consider its future products, markets, customers, processes, location, staffing etc. Here is a great example of a vision: I will come to America, which is the country for me. Once there, I will become the greatest bodybuilder in history.......... I will go into movies as an actor, producer and eventually director. By the time I am 30 I will have starred in first movie and I will be a millionaire...... I will collect houses, art and automobiles. I will marry a glamorous and intelligent wife. By 32, I will have been invited to the White House.

Attributed to Arnold Schwarzenegger who was elected Governor of the State of California in 2003.

The Mission The nature of a business is often expressed in terms of its Mission which indicates in a factual way the purpose and activities of the business in terms of operations, (unique) characteristics, functions, customers, offerings, sectors/segments, scale/scope/penetration, methodologies, technologies, resources etc. Just answer the questions as to what the business really is and does in qualitative terms. If planning for a startup, base the mission statement on the business as it would be once operational - be realistic and practical rather than aspirational.

For example, "to design, develop, manufacture and market specific product lines for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas". A statement along these lines indicates what the business is about and is infinitely clearer than saying, for instance, "we're in electronics" or worse still, "we are in business to make money" (assuming that the business is not a mint !).

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Also, some people confuse mission statements with value statements (see below) the former should be very hard-nosed while the latter can deal with 'softer' issues surrounding the business. The following table contrasts hard and soft mission statements.

Hard

Soft

What business is/doesPrimary products/servicesKey Reason for existence processes & technologiesMain customer groupsPrimary Competitive advantages markets/segmentsPrincipal channels/outlets Unique/distinctive features Important philosophical/social issues Image, quality, style, standards Stakeholder concerns

Compare the following statements: Hard Statement X Corp. designs, develops, assembles and markets systems for data base management. These systems integrate its proprietary operating system software with hardware supplied by major manufacturers, and are sold to small, medium and large-sized companies for a

range of business applications. Its systems are distinguished by a sophisticated operating system, which permits use without trained data-processing

Soft Statement Our mission is to enhance our customers' business by providing the very highest quality products and services possible. Our customer support strategy is based upon total, no-compromise customer satisfaction and we continually strive to offer a complete

package of up-to-date value added solutions to meet our customers' needs. We value 59

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personnel.

above all our long term customer relations.

Intel's original plan, written on the back of a menu (view copy), is an excellent example of a hard statement: The company will engage in research, development, and manufacture and sales of integrated electronic structures to fulfill the needs of electronic systems manufacturers. This will include thin films, thick films, semiconductor devices, and ......... A variety of processes will be established, both at a laboratory and production level ...... as well as the development and manufacture of special processing and test equipment required to carry out these processes. Products may include dioded transistors ....... Principal customers for these products are expected to be the manufacturers of advanced electronic systems ..... It is anticipated that many of these customers will be located outside California.

If you'd prefer a soft statement, use the Dilbert Mission Statement Generator.

When drafting a mission statement, critically examine every noun, adjective and verb to ensure that they are focused, realistic and justified.

The Values The next element is to address the Values governing the operation of the business and its conduct or relationships with society at large, customers, suppliers, employees, local community and other stakeholders.

The Objectives The third key element is to explicitly state the business's Objectives in terms of the results it needs/wants to achieve in the medium/long term. Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders' funds), objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the

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underlying reasons for running the business. These objectives could cover growth, profitability, technology, offerings and markets.

The Strategies Next are the Strategies - the rules and guidelines by which the mission, objectives etc. may be achieved. They can cover the business as a whole including such matters as diversification, organic growth, or acquisition plans, or they can relate to primary matters in key functional areas, for example: The company's internal cash flow will fund all future growth.

New products will progressively replace existing ones over the next 3 years.

All assembly work will be contracted out to lower the company's break-even point.

Use SWOTs to help identify possible strategies by building on strengths, resolving weaknesses, exploiting opportunities and avoiding threats.

For further discussion on strategies, refer to the paper on Devising Business Strategies as well as these items below: Use Hindsight when Strategic Planning, Effect not Equal to Cause when Planning Strategy and SWOTs - Keys to Business Strategies.

The Goals Next come the Goals. These are specific interim or ultimate time-based measurements to be achieved by implementing strategies in pursuit of the company's objectives, for example, to achieve sales of $3m in three years time.

Goals should be quantifiable, consistent, realistic and achievable. They can relate to factors like market (sizes and shares), products, finances, profitability, utilization, efficiency.

The Programs The final elements are the Programs which set out the implementation plans for the key strategies. These should cover resources, objectives, time-scales, deadlines, budgets and performance targets.

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Effect not Equal to Cause when Planning Strategy When reviewing a business it is essential to cut through the symptoms of problems and reach the underlying causes. Questions which can assist in revealing the real causes include the following: "What stopped the business from?"

"What caused the cause of?"

"Why didn't the business achieve a 25% return?"

By way of an example consider why this company may be unable to increase its market share: Because it cannot penetrate major customers because its product range is too narrow because the company doesn't have the capability to produce additional products because of shortcomings in R & D because of a lack of expertise and resource because R & D is not an immediate priority because of a lack of profits because of a high interest burden because the company is over-reliant on borrowings because the shareholders won't/can't raise additional permanent capital.

The moral in this case is that there are no major customers due to undercapitalization !

Also have a look at the discussion on causes of business failure in Devising Business Strategies.

SWOTs - Keys to Business Strategies Having built up a picture of the company's past aims and achievements, the allimportant SWOT (strengths, weaknesses, opportunities and threats) analysis can commence.

Strengths & Weaknesses Strengths and weaknesses are essentially internal to the organization and relate to matters concerning resources, programs and organization in key areas. These include: 62 ECONOMIC POWER: JOYCE WOLAYO

Sales - marketing - distribution - promotion - support; Management - systems - expertise - resources; Operations - efficiency - capacity - processes; Products - services - quality - pricing - features - range - competitiveness; Finances - resources - performance; R&D - effort - direction - resources; Costs - productivity - purchasing; Systems - organization - structures.

If a startup is being planned, the strengths and weaknesses are related mainly to the promoter(s) - their experience, expertise and management abilities - rather than to the project.

The objective is to build up a picture of the outstanding good and bad points, achievements and failures and other critical features within the company.

Threats & Opportunities The external threats and opportunities confronting a company, can exist or develop in the following areas: The company's own industry where structural changes may be occurring (Size and segmentation; growth patterns and maturity; established patterns and relationships, emergence/contraction of niches; international dimensions; relative attractiveness of segments) The marketplace which may be altering due to economic or social factors (Customers; distribution channels; economic factors, social/demographic issues; political & environmental factors) Competition which may be creating new threats or opportunities (Identities, performances, market shares, likely plans, aggressiveness, strengths & weaknesses)

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New technologies which may be causing fundamental changes in products, processes, etc. (Substitute products, alternative solutions, shifting channels, cost savings etc.)

Against an uncertain and shifting background, the objective must be to identify and prioritize the key SWOTs in a one-handed manner (Don't say "on the one hand ...........but on the other hand.........").

Develop Business Strategies Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likely the case, a series of strategies or combinations of tactics will suggest themselves. Use the SWOTs to help identify possible strategies as follows: Build on strengths Resolve weaknesses Exploit opportunities Avoid threats The resulting strategies can then be filtered and moulded to form the basis of a realistic strategic plan - see also Devising Business Strategies for further insights into the development of strategies.

Simple & Short Strategic Plans Notwithstanding that "battles are often lost for want of nails", a company rarely succeeds or fails for minor or trivial reasons. The causes are usually substantial and are often self-evident, at least to an outsider. For example, the business was completely over-borrowed; management was weak; a major new product opportunity was identified; legislation changed; a major competitor went bust or expanded; the company never reinvested.

It should be possible in the course of a few pages to set down the main elements of a business's vision, mission, values, objectives, goals, strategies, SWOTs etc. The compilation of a short report along these lines is likely to prove much more difficult than a lengthy dissertation which mixes up details and principles, and confuses the broad picture.

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Strategic Planning Worksheet To start using the worksheet below, copy the headings marked in red onto a blanksheet of paper (or page in a word processor) and enter short statements about eachitem as per the guidelines above.

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CHAPTER SIX: WAYS TO SUCCEED IN THE BUSINESS YOU OWN How to succeed in your own business! This is how we are going to do it; There is no clear-cut success formula to succeed in business. If there was one, things would have been much easy and we would have never heard stories of business failure. But, if we take a peep into the history of all successful business organizations, we will find close similarities in their method of operation in the initial years. There are certain steps that all these organizations have followed.

These initial methods played a crucial role in their success. Here are few steps that many successful entrepreneurs have used to succeed in business. 1) Every third person that you meet on the street has a business idea. But one in hundred makes an attempt to become an entrepreneur. Many people are afraid to take risk and are not willing to give away their monthly salary. To succeed in business, you need to have a desire to breakaway from the crowd. You need to have the courage to make use of your idea. To dream and an unfathomable desire to achieve that dream are the two basic aspects needed to succeed in business. 2) Your dream is to become the most successful business person in entertainment industry. But you have never visited a studio, does not know anything about movies and above all you have a degree in Information Technology. There is a contradiction here. It is the gilt and glamour that is attracting you to Hollywood. You have no passion for cinema. If you had a passion for cinema, you would have channeled your career for the entertainment industry needs. So your interest lie somewhere else. To succeed in business, you need to find your niche. 3) You learned to walk after several falls.

Initial setbacks should not deter you. You should have a positive attitude towards life and business. At the start of your business, you will make several mistakes.

Take this in the positive spirit and try to avoid repeating mistakes. Treat every crisis as an opportunity to learn and perform. To succeed in business, you should shed all negative tendencies. 4) When you own a business, you get freedom. Quite often this freedom paves way to complacency. You should learn to discipline yourselves. Your business needs hard work and your commitment. You have to commit to your business idea and to all those people who are part of your plans.

These can be your employees, friends or family members. When you are committed, you make the full use of your freedom and soon you will put in the maximum effort. This effort will help you to succeed in business. 5) No tree gives fruit overnight. For the fruit to appear, the tree has to undergo several phases.

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Similar is the success in any business venture. You need to be patient to reap the fruits of your toil. You need to keep your effort through the lean phase. You need to be steady and focused. You should also be ready to accept mistakes and correct them. Flexibility in approach is another key element to succeed in business. 6) A brilliant idea alone will not ensure success in business. You need to learn to adapt your idea to the present day needs. Your idea should reach maximum customers with ease. In the initial years, customers will not come to you. You need to take your product or service to the customer. Be prepared to answer any question from the customer i.e. "What is there in your product or service that other people do not have?" If you have a solid answer to this question, you are right on track. 7) All business involves a certain amount of risk. So, you should be prepared to face the risk. You must have some financial backing to look to, when things go wrong.

Never invest your entire fortune in a new business. Look into all available financial options. It is also wise to take the advice of professionals in financial matters.

These simple steps don't tell the whole story. But they can navigate you through the initial phases and help you to succeed in business.

Other ways to succeed in business 1. Be a Salesperson Never underestimate how important it is to be able to sell. It’s at the top of the list on purpose. Even if you never have to sell to clients (unlikely), you will have to sell your ideas to investors, sell your company vision to prospective employees, and sell consumers or customers on your brand. Selling is absolutely critical to your success, so if you have an aversion to it, you’d better get over that fast.

2. Delay Gratification No business is successful on day one. Almost no businesses are successful after year one. If you think entrepreneurship is the ticket to instant riches, you need a reality check. Not only will you have to work hard for a long-term goal, you will probably have to work hard in the face of what seems like certain failure at times.

3. Discipline Discipline isn’t just about working hard, but you do have to do that. Discipline is also about managing your entrepreneurial tendencies. Many natural born 67 ECONOMIC POWER: JOYCE WOLAYO

entrepreneurs are blessed with a mind that is an idea-generating machine. The good news is that some of those ideas are gold mines. The bad news is that if you continually pursue new ideas, old ideas never get developed to fruition. And I’ve watched one multimillionaire in particular run his business into bankruptcy because every week he was working on something new.

4. Take Risks Just leaving the rat race is a huge risk in an of itself. No wonder so few people do it. And if you have a spouse or significant other, realize that they are risking with you—whether they like it or not. Everyone has a need for some level of certainty, so if you can’t find it in your business, plan on finding it elsewhere—maybe for several years at a time.

5. Build Rapport Note that this is not called “Making Friends”—important, yes, but not the same thing. Building rapport means building respect, a reputation, and hopefully key alliances along the way. Donald Trump doesn’t seem to be the kind of guy you’d call your BFF. But he does have the ability to get people to listen and trust him.

You will need to build relationships as an entrepreneur, no business is an island.

6. Be a Leader While you may be a natural born follower, as a business owner, you will have to be able to lead. That means trusting an inner compass to guide you when there are no outside indications as to what step to take next. It means having people rely on you. And it even means forgoing the road less traveled for bushwhacking your own path.

7. Be Uncomfortable Nobody thinks that running a business is easy. But generally people underestimate just how hard it can be. There can be times as a business owner that for months on end you will be in a state of stress, worry, anxiety, and discomfort. Being an entrepreneur means being able to live and function in this state for extended periods of time, and being able to find a way to shut it off so that it doesn’t consume your personal life as well as your career.

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8. Inspire To be an entrepreneur you need to be inspired. You will likely have to inspire others such as employees and your first customers—who will have to believe in you with no track record. But most of all you will continue to have to inspire yourself, because sometimes your vision is the only thing that can lead you out of one phase of your business and into the next.

9. Focus Related to discipline is focus—the ability to tune out “noise” that can distract you from your goal. That noise could be people who doubt you, busywork, doing too much “social” networking, or perhaps worst of all, the noise inside of your own head of self-doubt, fear, or unrealistic expectations of yourself. Personally, I’ve only heard about these things, I can’t say I know this from experience.

10. Understand Numbers I am extremely number-challenged. I’m the biggest of big-picture thinkers. So there are times when I am working on a project that I think is going terribly—only to finally force myself to build a spreadsheet or break out the analytics and find that I’m actually doing better than I had thought. Unfortunately, the opposite is also true, when I think that I’m kicking ass only to find that the actual return on investment of time, dollars, etc. isn’t where I thought it would be. Truth be told, this is one of the number one reasons people go out of business—they don’t pay enough attention to the cold, hard numbers.

11. Analysis Related to being able to understand the numbers is the ability to look at the numbers in a variety of ways. Sometimes what looks like a dip in traffic/sales/whatever might also be a roadmap to a previously undiscovered opportunity. There are benefits to being a stats-a-holic, which can often times be a key source of consumer insights that larger companies pay hundreds of thousands of dollars for.

12. Ask for Help

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Quite honestly, I don’t know one entrepreneur that embraces asking for help. We seem to have a natural aversion to it, in fact. It doesn’t make it any less important – in fact, it makes it more important, because it usually means that when an entrepreneur finally does ask for help, they probably needed the help something like two months ago. If you have a natural knack for asking for help, good grief, I hope you aren’t reading this, because you should already be working for yourself!

13. Know Thyself Every entrepreneur has strengths and weaknesses. A good entrepreneur plays to his or her strengths. A great entrepreneur plays to their strengths and builds a business that can compensate for their weaknesses. That means knowing what you aren’t good at, admitting it, and structuring your workflow so that you don’t get in your own way.

14. Balance Ego with Humility You have to have high self-confidence to make it in business. I’d go so far to say that a little bit of a big ego can actually be an asset—it helps to get people talking about you and can help to increase your visibility. But there is a very fine line between a healthy ego and being an egotistical maniac. But bring too much humility to the game, and it comes off as self-doubt. Walking the line between the two will never please everyone, either – sorry, it just comes with the territory.

15. Persistence Most of all, to get out of the rat race, you need persistence. You need to fall on your face and get back up. You need to make big mistakes and learn from them.

Sometimes you even need to fail—it may be the only way to succeed. To quote some of my wonderful peers, “Your recovery strategy is what’s important; avoiding mistakes is not.”

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CHAPTER SEVEN: ELEMENTS OF ECONOMIC POWER The key elements of a successful business and enterprenuer.

Economic power consists of economic developments, the building and ownership of economic developments. Economic developments are economic structures and buildings such as houses, shops, hotels, places of worship, places of recreation, sports facilities, cinemas, movie studios, places of education, roads, railways etc.

The building and ownership of economic developments is important because individuals and traditions need to own their own economic developments to economically empower themselves and self-realise themselves. If traditions don’t own their own economic develops then the spirit of such a tradition is oppressed and alienated from having economic power.

Because of phoney socialism the true nature of the political concept of socialism doesn’t have economic power, doesn’t have the ownership of economic developments in the world, and in this work it is asserted that the true nature of the political concept of socialism should be liberated form phoney socialism, and as such true socialism, the true nature of the political concept of socialism, becomes a political concept that desires to become a tradition by desiring to attain the ownership of the necessary amount of economic developments.

Success is often the result of hard work and good planning, and several key elements go into developing a successful company. Business owners measure success in different ways, but there are consistent methods for achieving success that need to be part of your corporate planning and administrative process.

Planning Business and marketing plans are the road maps to becoming a successful company. Your company growth, new product releases, marketing campaigns and revenue should be carefully planned. A business plan guides the overall direction of the company, while a marketing plan develops product advertising, including personnel utilization, budgeting based on sales projections and product distribution strategies. Good planning keeps the company focused on the activities that generate profit.

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Employee Retention Employee relations, competitive salaries, health benefits, career development and a safe working environment are elements of employee retention. A successful company works hard to recruit good talent and keep it. Your company development is stunted when you are constantly trying to replace experienced employees. The successful company invests in training employees and improving skill sets to help develop new products and stay current with industry developments.

Management Your management team develops and administers the plans that help your company move forward. Strong management becomes an important part of other company success elements, such as business planning and employee retention.

When the staff has confidence in management, it will work to make the company plans successful. Without a strong management team in place, a company lacks the guidance and resources necessary to succeed.

Financing It is difficult for a company to move forward and be successful without proper financing. That financing can come from external sources, such as investors or lenders, or it can come from revenue generated by the company. The ability to find financing to match the company's needs is critical in maintaining daily operations and funding the projects that help increase market share. successful leaders share the following characteristics or views: Mission: Leaders know what their mission is. They know why the organization exists. A superior leader has a well thought out (often written) mission describing the purpose of the organization. That purpose need not be esoteric or abstract, but rather descriptive, clear and understandable. Every employee should be able to identify with the mission and strive to achieve it.

Vision: Where do you want your organization to go? A vision needs to be abstract enough to encourage people to imagine it but concrete enough for followers to see it, understand it and be willing to climb onboard to fulfill it.

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Goal: How is the organization going to achieve its mission and vision and how will you measure your progress? Like a vision, goals need to be operational; that is specific and measurable. If your output and results can't be readily measured, then it will be difficult to know if you have achieved your purpose. You may have wasted important resources (time, money, people, and equipment) pursuing a strategy or plan without knowing if it truly succeeded.

Competency: You must be seen by your advisors, stakeholders, employees, and the public as being an expert in your field or an expert in leadership. Unless your constituents see you as highly credentialed--either by academic degree or with specialized experience--and capable of leading your company to success, it will be more difficult for you to be as respected, admired, or followed. Practically speaking, not all executives immediately possess all of the characteristics that spell success. Many leaders learn along the way with hard work. As crises and challenges arise, those at the top of the hierarchy have key opportunities to demonstrate to others that they are in fact, qualified to be leaders. In actuality, greater competency can be achieved as a leader gains more on-the-job experiences.

A strong team: Realistically, few executives possess all of the skills and abilities necessary to demonstrate total mastery of every requisite area within the organization. To complement the areas of weakness, a wise leader assembles effective teams of experienced, credentialed, and capable individuals who can supplement any voids in the leader's skill set. This ability is what sets leaders apart from others. However, the leader needs to be willing to admit he lacks certain abilities and go about finding trusted colleagues to complement those deficiencies.

After building the team, the entrepreneur needs to trust that team to understand issues, create solutions, and to act on them.

Communication skills: It does little good to have a strong mission, vision, and goals--and even a solid budget--if the executive cannot easily and effectively convey his ideas to the stakeholders inside and outside of the organization. He must regularly be in touch with key individuals, by email, v-mail, meetings, or other forms of correspondence. Of course, the best way to ensure other people receive and understand the message is with face-to-face interactions. Getting out of the office or touring different sites is an irreplaceable method of building rapport and sending and receiving messages. "Management By Walking Around," or 73 ECONOMIC POWER: JOYCE WOLAYO

MBWA, meeting employees at their workstations or conference rooms, or joining them for lunch are just a few of the many effective approaches leaders can use to develop positive contacts with employees.

Interpersonal skills: Successful entrepreneurs are comfortable relating to other people; they easily create rapport and are at least more extroverted than they are introverted. These factors help leaders seem approachable, likeable, and comfortable in their position. Those qualities contribute to staff wanting to interact with their leader. They also help motivate employees to do a better job. When workers can relate to their boss, they believe that their boss is more concerned about them, with their performance, and with their output. Furthermore, they believe that they can go to their boss with problems they encounter on the job without fearing consequences for not knowing how to resolve issues. Not all entrepreneurs are adept at interpersonal skills. Those that aren't, might find it helpful to take a course, choose a mentor or locate a therapist to help them build interpersonal skills. The intangible cost is too high to not improve these abilities. In addition, here's where a strong team comes into play. The less experienced leader who is still learning these skills can rely on the team to get out and to "press the flesh," interact with employees, and spread a positive attitude to help develop morale.

A "can do, get it done" attitude: Nothing builds a picture of success more than achievement, and achievement is the number one factor that motivates just about everyone across all cultures. When employees see that their boss can lead and direct, has a clear vision and attainable goals, and actually gains results in a timely manner, then that person's credibility increases throughout the organization.

Entrepreneurs must modestly demonstrate their skills to give their constituents valid reasons to appreciate and value their efforts.

Inspiration: Quite often, employees need someone to look up to for direction, guidance, and motivation. The entrepreneur needs to be that person. Hopefully, Human Resources has hired self-motivated individuals. Nevertheless, there are times, when many employees need the boss to inspire them by word or action.

Employees need someone to look up to, admire, and follow. Even when the production or delivery of services looks like "it is all going well," the leader may at

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times need to step in personally to offer a suggestion or encouragement to ensure that employees perform their jobs in an optimal manner.

Ambition: Resting on your laurels is bad for employee morale and entrepreneurial credibility. Employees need to be constantly striving for improvement and success; and they need to see the same and more in their leaders. When the boss is seen as someone who works to attain increasingly higher goals, employees will be impressed and more willing to mirror that behavior. It's a win-win for everyone.

The Home Business Musts Like any activity you pursue, there are certain musts that are required to be successful in a chosen activity. To legally operate a vehicle on public roadways, one must have a driver's license; to excel in sports, one must train and practice; to retire comfortably, one must become an informed investor and actively invest for retirement. If your goal is success in business, then the formula is no different. There are certain musts that have to be fully developed, implemented and managed for your business to succeed. There are many business musts, but this article contains I believe to be some of the more important musts that are required to start, operate and grow a profitable home business.

1. Do what you enjoy. What you get out of your business in the form of personal satisfaction, financial gain, stability and enjoyment will be the sum of what you put into your business. So if you don't enjoy what you're doing, in all likelihood it's safe to assume that will be reflected in the success of your business--or subsequent lack of success. In fact, if you don't enjoy what you're doing, chances are you won't succeed.

2. Take what you do seriously. You cannot expect to be effective and successful in business unless you truly believe in your business and in the goods and services that you sell. Far too many home business owners fail to take their own businesses seriously enough, getting easily sidetracked and not staying motivated and keeping their noses to the grindstone. They also fall prey to naysayers who don't take them seriously because they don't work from an office building, office park, storefront, or factory. Little do these skeptics, who rain on the home business owner's parade, know is that the number of people working from home, and making very good annual incomes, has grown by leaps and bounds in recent years.

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3. Plan everything. Planning every aspect of your home business is not only a must, but also builds habits that every home

business owner should develop, implement, and maintain. The act of business planning is so important because it requires you to analyze each business situation, research and compile data, and make conclusions based mainly on the facts as revealed through the research. Business planning also serves a second function, which is having your goals and how you will achieve them, on paper. You can use the plan that you create both as map to take you from point A to Z and as a yardstick to measure the success of each individual plan or segment within the plan.

4. Manage money wisely. The lifeblood of any business enterprise is cash flow.

You need it to buy inventory, pay for services, promote and market your business, repair and replace tools and equipment, and pay yourself so that you can continue to work. Therefore, all home business owners must become wise money managers to ensure that the cash keeps flowing and the bills get paid. There are two aspects to wise money management.

The money you receive from clients in exchange for your goods and services you provide (income) The money you spend on inventory, supplies, wages and other items required to keep your business operating. (Expenses) . Ask for the sale. A home business entrepreneur must always remember that marketing, advertising, or promotional activities are completely worthless, regardless of how clever, expensive, or perfectly targeted they are, unless one simple thing is accomplished--ask for the sale. This is not to say that being a great salesperson, advertising copywriting whiz or a public relations specialist isn't a tremendous asset to your business. However, all of these skills will be for naught if you do not actively ask people to buy what you are selling.

6. Remember it's all about the customer. Your home business is not about the products or services that you sell. Your home business is not about the prices that you charge for your goods and services. Your home business is not about your 76 ECONOMIC POWER: JOYCE WOLAYO

competition and how to beat them. Your business is all about your customers, or clients, period. After all, your customers are the people that will ultimately decide if your business goes boom or bust. Everything you do in business must be customer focused, including your policies, warranties, payment options, operating hours, presentations, advertising and promotional campaigns and website. In addition, you must know who your customers are inside out and upside down.

7. Become a shameless self-promoter (without becoming obnoxious). One of the greatest myths about personal or business success is that eventually your business, personal abilities, products or services will get discovered and be embraced by the masses that will beat a path to your door to buy what you are selling. But how can this happen if no one knows who you are, what you sell and why they should be buying?

Self-promotion is one of the most beneficial, yet most underutilized, marketing tools that the majority of home business owners have at their immediate disposal.

8. Project a positive business image. You have but a passing moment to make a positive and memorable impression on people with whom you intend to do business. Home business owners must go out of their way and make a conscious effort to always project the most professional business image possible. The majority of home business owners do not have the advantage of elaborate offices or elegant storefronts and showrooms to wow prospects and impress customers.

Instead, they must rely on imagination, creativity and attention to the smallest detail when creating and maintaining a professional image for their home business.

9. Get to know your customers. One of the biggest features and often the most significant competitive edge the home based entrepreneur has over the larger competitors is the he can offer personalized attention. Call it high-tech backlash if you will, but customers are sick and tired of hearing that their information is somewhere in the computer and must be retrieved, or told to push a dozen digits to finally get to the right department only to end up with voice mail--from which they never receive a return phone call.

The home business owner can actually answer phone calls, get to know customers, provide personal attention and win over repeat business by doing so. It's a researched fact that most business (80 percent) will come from repeat customers 77 ECONOMIC POWER: JOYCE WOLAYO

rather than new customers. Therefore, along with trying to draw newcomers, the more you can do to woo your regular customers, the better off you will be in the long run and personalized attention is very much appreciated and remembered in the modern high tech world.

10. Level the playing field with technology. You should avoid getting overly caught up in the high-tech world, but you should also know how to take advantage of using it. One of the most amazing aspects of the internet is that a one or two person business operating from a basement can have a superior website to a $50 million company, and nobody knows the difference. Make sure you're keeping up with the high-tech world as it suits your needs.. The best technology is that which helps you, not that which impresses your neighbors.

11. Build a top-notch business team. No one person can build a successful business alone. It's a task that requires a team that is as committed as you to the business and its success. Your business team may include family members, friends, suppliers, business alliances, employees, sub-contractors, industry and business associations, local government and the community. Of course the most important team members will be your customers or clients. Any or all may have a say in how your business will function and a stake in your business future.

12. Become known as an expert. When you have a problem that needs to be solved, do you seek just anyone's advice or do you seek an expert in the field to help solve your particular problem? Obviously, you want the most accurate information and assistance that you can get. You naturally seek an expert to help solve your problem. You call a plumber when the hot water tank leaks, a real estate agent when it's time to sell your home or a dentist when you have a toothache.

Therefore, it only stands to reason that the more you become known for your expertise in your business, the more people will seek you out to tap into your expertise, creating more selling and referral opportunities. In effect, becoming known as an expert is another style of prospecting for new business, just in reverse.

Instead of finding new and qualified people to sell to, these people seek you out for your expertise.

13. Create a competitive advantage. A home business must have a clearly defined unique selling proposition. This is nothing more than a fancy way of 78 ECONOMIC POWER: JOYCE WOLAYO

asking the vital question, "Why will people choose to do business with you or purchase your product or service instead of doing business with a competitor and buying his product or service?" In other words, what one aspect or combination of aspects is going to separate your business from your competition? Will it be better service, a longer warranty, better selection, longer business hours, more flexible payment options, lowest price, personalized service, better customer service, better return and exchange policies or a combination of several of these?

14. Invest in yourself. Top entrepreneurs buy and read business and marketing books, magazines, reports, journals, newsletters, websites and industry publications, knowing that these resources will improve their understanding of business and marketing functions and skills. They join business associations and clubs, and they network with other skilled business people to learn their secrets of success and help define their own goals and objectives. Top entrepreneurs attend business and marketing seminars, workshops and training courses, even if they have already mastered the subject matter of the event. They do this because they know that education is an ongoing process. There are usually ways to do things better, in less time, with less effort. In short, top entrepreneurs never stop investing in the most powerful, effective and best business and marketing tool at their immediate disposal--themselves.

15. Be accessible. We're living in a time when we all expect our fast food lunch at the drive-thru window to be ready in mere minutes, our dry cleaning to be ready for pick-up on the same day, our money to be available at the cash machine and our pizza delivered in 30 minutes or it's free. You see the pattern developing--you must make it as easy as you can for people to do business with you, regardless of the home business you operate.

You must remain cognizant of the fact that few people will work hard, go out of their way, or be inconvenienced just for the privilege of giving you their hardearned money. The shoe is always on the other foot. Making it easy for people to do business with you means that you must be accessible and knowledgeable about your products and services. You must be able to provide customers with what they want, when they want it.

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16. Build a rock-solid reputation. A good reputation is unquestionably one of the home business owner's most tangible and marketable assets. You can't simply buy a good reputation; it's something that you earn by honoring your promises. If you promise to have the merchandise in the customer's hands by Wednesday, you have no excuse not to have it there. If you offer to repair something, you need to make good on your offer. Consistency in what you offer is the other key factor. If you cannot come through with the same level of service (and products) for clients on a regular basis, they have no reason to trust you . . . and without trust, you won't have a good reputation.

17. Sell benefits. Pushing product features is for inexperienced or wannabe entrepreneurs. Selling the benefits associated with owning and using the products and services you carry is what sales professionals worldwide focus on to create buying excitement and to sell, sell more, and sell more frequently to their customers. Your advertising, sales presentations, printed marketing materials, product packaging, website, newsletters, trade show exhibit and signage are vital.

Every time and every medium used to communicate with your target audience must always be selling the benefits associated with owning your product or using your service.

18. Get involved. Always go out of your way to get involved in the community that supports your business. You can do this in many ways, such as pitching in to help local charities or the food bank, becoming involved in organizing community events, and getting involved in local politics. You can join associations and clubs that concentrate on programs and policies designed to improve the local community. It's a fact that people like to do business with people they know, like and respect, and with people who do things to help them as members of the community.

19. Grab attention. Small-business owners cannot waste time, money and energy on promotional activities aimed at building awareness solely through long-term, repeated exposure. If you do, chances are you will go broke long before this goal is accomplished. Instead, every promotional activity you engage in, must put money back in your pocket so that you can continue to grab more attention and grow your business.

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20. Master the art of negotiations. The ability to negotiate effectively is unquestionably a skill that every home business owner must make every effort to master. It's perhaps second in importance only to asking for the sale in terms of home business musts. In business, negotiation skills are used daily. Always remember that mastering the art of negotiation means that your skills are so finely tuned that you can always orchestrate a win-win situation. These win-win arrangements mean that everyone involved feels they have won, which is really the basis for building long-term and profitable business relationships.

21. Design Your workspace for success. Carefully plan and design your home office workspace to ensure maximum personal performance and productivity and, if necessary, to project professionalism for visiting clients. If at all possible, resist the temptation to turn a corner of the living room or your bedroom into your office.

Ideally, you'll want a separate room with a door that closes to keep business activities in and family members out, at least during prime business and revenue generating hours of the day. A den, spare bedroom, basement or converted garage are all ideal candidates for your new home office. If this is not possible, you'll have to find a means of converting a room with a partition or simply find hours to do the bulk of your work when nobody else is home.

22. Get and stay organized. The key to staying organized is not about which type of file you have or whether you keep a stack or two of papers on your desk, but it's about managing your business. It's about having systems in place to do things.

Therefore, you want to establish a routine by which you can accomplish as much as possible in a given workday, whether that's three hours for a part-time business or seven or nine hours as a full-timer. In fact, you should develop systems and routines for just about every single business activity. Small things such as creating a to-do list at the end of each business day, or for the week, will help keep you on top of important tasks to tackle. Creating a single calendar to work from, not multiple sets for individual tasks or jobs, will also ensure that jobs are completed on schedule and appointments kept. Incorporating family and personal activities into your work calendar is also critical so that you work and plan from a single calendar.

23. Take time off. The temptation to work around the clock is very real for some home business owners. After all, you don't have a manager telling you it's time to 81 ECONOMIC POWER: JOYCE WOLAYO

go home because they can't afford the overtime pay. Every person working from home must take time to establish a regular work schedule that includes time to stretch your legs and take lunch breaks, plus some days off and scheduled vacations. Create the schedule as soon as you have made the commitment to start a home business. Of course, your schedule will have to be flexible. You should, therefore, not fill every possible hour in the day. Give yourself a backup hour or two. All work and no play makes you burn out very fast and grumpy customer service is not what people want.

24. Limit the number of hats you wear. It's difficult for most business owners not to take a hands-on approach. They try to do as much as possible and tackle as many tasks as possible in their business. The ability to multitask, in fact, is a common trait shared by successful entrepreneurs. However, once in a while you have to stand back and look beyond today to determine what's in the best interest of your business and yourself over the long run. Most highly successful entrepreneurs will tell you that from the time they started out, they knew what they were good at and what tasks to delegate to others.

25. Follow-up constantly. Constant contact, follow-up, and follow-through with customers, prospects, and business alliances should be the mantra of every home business owner, new or established. Constant and consistent follow-up enables you to turn prospects into customers, increase the value of each sale and buying frequency from existing customers, and build stronger business relationships with suppliers and your core business team. Follow-up is especially important with your existing customer base, as the real work begins after the sale. It's easy to sell one product or service, but it takes work to retain customers and keep them coming back.

Before launching your venture, learn these twelve key characteristics of wildly successful entrepreneurs: 1. Follow your dream. All successful entrepreneurs have an idea they want to pursue. They see an opportunity to solve a consumer or business need. Do you have a dream? Having a dream is the key. It’s the starting point. It’s a seed that, if planted, watered, nurtured and cultivated, has a wonderful chance to grow. Do you

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have that new product in mind? Are you ready to go? Then I say: full speed ahead.

Go for it now! Don’t wait.

2. Take the risk. Winners understand and take the measured risks associated with launching a business that may include loss of money, possible failure and health risks. Even with a great product idea that has gained traction with customers, founders face stunning and daunting challenges. Entrepreneurs who are successful have taken significant personal risks to start and grow their businesses. Prior to moving forward, they should have considered, weighed and evaluated each major risk, and recognized the potential consequences of their decisions.

3. Make the sacrifice. Those who start and grow a business will give up many personal benefits to be successful. Sacrifice will include time, relationships and other opportunities. What are you ready and willing to relinquish? If you have the drive (and support from family) you can become one of the many winners.

4. Be persistent. Great entrepreneurs never give up. They never stop trying. They somehow overcome every barrier and climb over and around all obstacles. Nothing gets in their way to achieve utopia. This unflagging attribute is a key characteristic of triumphant business leaders.

5. Know your customer. Successful entrepreneurs know the needs of their customers. They know everything about them. They know what they want, when, where and at what price. Have you done your homework? Those who constantly seek customer perspectives are setting their business up for great achievements.

6. Sell to survive and prosper. Winners know how to sell their products or services. They understand the customers’ satisfaction level with the current competitive offering, the price paid for the product, where it was purchased and details regarding product features, warranties and support. They know how to find, engage and close a sale from customers, over and over again.

7. Take care of your customers. Great entrepreneurs value their customers and go out of their way to take good care of them. These alert entrepreneurs work long hours to win their customers’ hearts and minds and labor every hour to retain and increase their buying activities. Without question, this attitude typifies the very best entrepreneurs.

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8. Hire the right employees. Winners know how to find, select, hire, train, motivate, reward and retain great employees. They thoughtfully eliminate workers who don’t contribute. They elevate those who do and assemble the best team possible.

9. Value your employees. They also know how to keep employees happy and productive. Renowned business builders carefully watch over their employees like a shepherd over a beloved flock. They are kind, respectful, encouraging and highly supportive. This unique attribute is one of the powerful characteristics of awardwinning entrepreneurs.

10. Establish a winning culture. They know that shared values, philosophies and behaviors align and combine to determine the future success of an enterprise. They establish a positive culture that inspires and motivates workers.

11. Call upon mentors. They call upon individuals with experience, skills and a network to guide them.

12. Communicate constantly. They regularly communicate with employees, vendors, investors, suppliers and customers about what’s happening in the business.

TEN CHARACTERISTICS OF A GOOD COMPANY If you asked 10 people what makes a "good company," you would probably get 10 answers. This is partly because "good" means different things to different people.

For example, from a consumer's perspective, a "good" business provides excellent products and services. From a business owner's perspective, a good business is able to support itself. However, most successful businesses have a number of common characteristics.

Plan and Focus Good businesses need good plans. While Ron Finklestein argues in his 2006 "Entrepreneur" article that complex business plans are not required to make a business successful, he also says business plans should be "well thought out and well executed," including financial, marketing and product information. Business

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author Jim Champy also notes that companies should focus these plans on what they do well, even when they expand.

Ambition and Risk-Taking To be successful, a company must be motivated by something beyond financial success. Whether owners and their management teams are fueled by the love of business or the love of the product/service they are providing, they need to get enough out of the business to want to continue through tough times. In addition, successful businesses have owners who are passionate enough about the business to take risks when they realize that these risks can lead to being able to do business better. Business owners must be flexible and ready to jump on board with technology and culture as it changes. However, they must also avoid taking risks without sufficient planning.

Commitment to Employees and Customers According to Finklestein, company culture is an important characteristic of a successful business. By company culture, Finklestein means a business' working environment, and he suggests successful businesses have an environment composed of workers who are suited to the jobs they do and policies designed to motivate them to continue working well. However, Champy also notes that successful businesses also have to take care of their customers, not only offering excellent customer service but also understanding their customers so well that they can anticipate and fulfill customers' needs.

Attitude and Ethics To make their businesses successful, business owners need good attitudes. Without good attitudes, it is difficult to motivate people and far easier to anger them.

According to Finklestein, a successful business often depends on the people you work with, and having a good attitude plays an important role in ensuring you are able to work well with others. In addition to staying positive, successful business owners also need to stay ethical. While it is easy to make unethical short-term decisions, they can hurt the integrity of the company in the long run, making it less successful.

Training and Assessment 85 ECONOMIC POWER: JOYCE WOLAYO

To be successful, businesses need to commit resources and time to training their employees, as well any independent contractors with whom they work. According to Finklestein, the changing nature of business requires training that is not only continual but strongly rooted in the organization's business plan. For this to occur, companies must also implement frequent assessments of their trainings and operations. If an assessment uncovers a weak area, businesses need to address it through revising their methods.

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CHAPTER EIGHT: PERSONALITY POWER IN BUSINESS Man's main task in life is to give birth to himself, to become what he potentially is.

The most important product of his effort is his own personality. ~ Erich Fromm (1900 - 1980) In social science and politics, power is the ability to influence or control the behavior of people. The term authority is often used for power perceived as legitimate by the social structure. Power can be seen as evil or unjust, but the exercise of power is accepted as endemic to humans as social beings. In the corporate environment, power is often expressed as upward or downward. With downward power, a company's superior influences subordinates. When a company exerts upward power, it is the subordinates who influence the decisions of the leader (Greiner & Schein, 1988).

Personality Traits: Five Broad Categories Your personality is formed from feelings, thought patterns, interests, and other behaviors. Individual characteristics is what makes each of us unique. Most personality traits can be understood as aspects of five broad categories (McCrae,1992). The five categories of personality traits are: Neuroticism Extraversion Openness To Experience Agreeableness Conscientiousness Neuroticism Neuroticism includes the attributes of being anxious, self-pitying, tense, touchy, unstable, and worrying.

Extraversion Extraversion can be described as active, assertive, energetic, enthusiastic, outgoing, and talkative.

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Openness To Experience Openness to experience applies to someone who is curious, imaginative, insightful, with wide interests.

Agreeableness Agreeableness implies appreciative, forgiving, generous, kind, sympathetic, and trusting.

Conscientiousness Conscientiousness depicts someone who is efficient, organized, reliable, and responsible.

It is obvious that people possessing personality traits within the categories of Extraversion, Openness, Agreeableness, and Conscientiousness have more effective coping skills than people with traits falling within the category of Neuroticism. "Coping is personality in action under stress", (Bolger 1990).

Do you know what your personality holds key to? Have you ever imagined what you could do if you realized importance of your being? Your personality has the power to make or break the world around you. No, I am not being philosophical about anything. It really means a lot to you as an individual and to your surroundings in a society. Whether we are consciously aware of them or not, every individual has a core set of personal values. Values can range from the commonplace, such as the belief in hard work and punctuality, to the more psychological ones such as self-reliance, concern for others and harmony of purpose. When we read about the lives of famous people, we often see how personal values guided them, propelling them to the top of their fields. This is the power of every individual’s personality. In fact, if we were to examine any company, we would discover that one or more business values was the key to their success. In the same manner, the political parties and politicians subscribe to certain personality types.

Everybody’s personality charges them. The personality holds the key to every individual. Whatever source in which you channelize your energy defines you as an individual. For an individual, committing to and applying values releases fresh 88 ECONOMIC POWER: JOYCE WOLAYO

energies, which always attract success, achievement, and well-being. Likewise, when companies or other institutions adopt values, individuals working at the organization become energized, as do its customers, its products and services, and everyone and everything else associated with that organization.

We can energize our lives by making full efforts to implement the values we subscribe to. Once these values are defined and identifies there is no stopping you.

When we make a concerted effort to implement strategies that will strengthen us, good fortune and lifestyle is sure to follow us. This can come in the form of new opportunities, new sources of income, fame, recognition, remuneration and more.

The benefits could come in both material and psychological form. Sometimes we might even feel that we have good life responses because of this, that is, we see good fortune suddenly knocking on our door.

The power of personality is awesome in shaping our life. You will become what you want if rise yourself above every negativity that you harbor. Each of us is motivated to move our lives in certain directions. The motivation itself comes from the power of our personality. Harbor good feelings for others and you will see the difference.

Instructions on developing a great personality Remain flexible. Most people don't like change, and character change can be painful and uncomfortable. When starting the character-building process, remember that your efforts could turn out just as you planned, better than you anticipated, worse than you expected, or just plain different.

Solicit honest feedback about your existing character. Asking for frank and sincere feedback requires openness and vulnerability. This means that you can and most likely will get your feelings hurt. When this happens, don't brood or sulk; look for truth in the feedback that can be used to build your character-not tear it down.

Learn from your failures. Admit it and accept appropriate responsibility for any failures you make. Do not blame others. If possible, repair any damage, fix the problem, and set the situation right. Identify key lessons learned from every mistake or failure for future improvement.

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Make tough ethical decisions. Improving your character inevitably requires taking a hard stand on moral issues. You may have to swallow your pride, deal with unfairness and be unpopular when making good decisions involving difficult issues.

Handle success properly. Success tests a person's character better than failure does.

If you define success based solely on how many possessions you have; how much money you have in the bank, and fame or achievements; you are in danger of weakening your character.

Character Rules in Business and in Life Character is important in both your business and everyday activities. It consists of a set of behavior traits or the way you conduct yourself. Your behavior or conduct then determines how other people judge your character or the type of person you are.

When you have good or positive character, you act in a manner that is honorable, courageous, compassionate and ethical. It results in being viewed with respect, overcoming the difficult and feeling good about yourself. This increases your esteem and self-respect, as well as allows you to prosper. A bad reputation can even affect your confidence and relationship with others.

Having good character is important to us all in maintaining a good position in society and a favorable opinion of yourself. Having poor character affects whether others want to deal with you or your business.

The goals of most businesses are to gain profits, to lead in the marketplace, and to provide benefits to its customers. The character of all personnel involved in the functioning of a business is important for maintaining an effective organization, both internally and externally.

Good character is needed for internal business activities. When the workers of a company have poor character, there can be losses and increased costs. Poor character among sales representatives and those involved in external business activities can result in lost business and profits.

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But also, good character is also required from upper management. Poor character among upper management results in loss of business and even the downfall of the company. Whatever your role is within a business, your character is also important to that business.

Character: The mechanics How do we develop character? First we decide what it is that we value. A value is one of many goals that we consider more important than passing desires. It is the rudder of a ship that guides us to our destination. And the fuel for the ship is self-control. For example, my wife says she wants to speak to me, but I feel like (desire) sleeping or watching TV. So, what do I do? If I value a good family life, I will use self-control to curb my desire for sleep or entertainment and listen to what my wife wants to say. By doing so, I stay on course and develop my character. Other ways of developing character include hanging out with people of good character, reading biographies of people we respect and following their examples, studying ethics, volunteering, and respecting others. Before choosing someone as a role model for character development, be sure that they can preach a better sermon with their life than with their words. One of the best ways to judge a persons character is to see how they describe anothers.

An additional clue is how they treat the powerless. To grow in character, we should take advantage of every opportunity, for as William James writes, No matter how full a reservoir of maxims one may possess, and no matter how good ones sentiments may be, if one has not taken advantage of every concrete opportunity to act, ones character may remain entirely unaffected for the better.

Ten Character Traits worth Developing 1. Be Honest. Tell the truth; be sincere; don't mislead or withhold key information in relationships of trust; don't steal.

2. Demonstrate integrity. Stand up for your beliefs about right and wrong; be your best self; resist social pressure to do wrong.

3. Keep promises. Keep your word and honor your commitments; pay your debts and return what you borrow.

4. Be loyal. Stand by family, friends, employers, community and country; don't talk about people behind their backs.

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5. Be responsible. Think before you act; consider consequences; be accountable and "take your medicine".

6. Pursue excellence. Do your best with what you have; don't quit easily.

7. Be kind and caring. Show you care through generosity and compassion; don't be selfish or mean.

8. Treat all people with respect. Be courteous and polite; judge all people on their merits; be tolerant, appreciative and accepting of individual differences.

9. Be fair. Treat all people fairly; be open-minded; listen to others and try to understand what they are saying and feeling.

10. Be a good citizen. Obey the law and respect authority; vote, volunteer your efforts; protect the environment.

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CHAPTER NINE: JOB STRATEGIES How to maintain a job worth keeping It is important to have at least some form of employment because it is your first step to acquiring money to save for capital to start your own business or in case this can’t happen it’s your first step to having wealth and power in your environment.

General Office Etiquette Do’s 1) Be friendly and professional when guests come into the office. Introduce yourself, and make small talk (asking about the guest’s journey to the office – “how was traffic?” – is usually a great start, or “how has your day been so far?”). Greet the guest by name. 2) Say “please” and “thank you.”

Mind those P’s and Q’s. 3) Be punctual – it shows that you respect others’ time. 4) Dress appropriately, even on casual Fridays. If you’re unsure whether something is too low cut/high cut for work, put it back in the closet. 5) Keep your work area clean and tidy. Don’ts 1) Discuss your salary or your yearly review. 2) Search for jobs on the job. #TheFastestWayToGetFired 3) Be the source of gossip – there can be legal ramifications. 4) Eat food with a strong scent. Stay away from fish, hard-boiled eggs or anything with garlic and onions.

Cubicle Etiquette Life in a cubicle can be challenging and, with open office spaces, you have to be considerate of co-workers’ workspaces. Here are a few tips to remember: Do’s: 1) Always respect one’s privacy. 2) Take your personal calls outside or in a private room. No one wants to hear and should not hear your personal business. 3) Move your conversations with co-workers from the hallways to a conference room – even if it is work related. Other people are trying to concentrate and focus on their work. 4) Put your cell phone on vibrate or silent.

You may love your Katy Perry ring tone, but it doesn’t mean your coworkers will too. Don’ts: 1) Yell across the room. Kindly get up from your desk and walk over to your colleague’s desk if you have to address an issue, or communicate via email.

2) Carry out confrontations on the open floor. Address your concerns behind closed doors and involve HR when necessary. 3) Put inappropriate screensavers up. They invented #NSFW for a reason. 4) Use speakers if you are in a cubicle (or snap gum, hum or sing). Pop in those ear buds (and make sure they don’t ‘bleed’ 93 ECONOMIC POWER: JOYCE WOLAYO

sound!). 5) Barge into others’ workspace. Treat a cubicle as if it’s an office with a door.

Email Etiquette Email is a very powerful tool when used wisely, and it’s important to be self-aware of how you are coming across to the person on the other end. Since emails can be easily misinterpreted, it is even more important to practice proper email etiquette: Do’s: 1) Respond to emails in a timely manner. 2) Always use proper English – unless u want ppl 2 think u r 13. 3) Always use spell check and re-read your emails twice before hitting send. 4) CC and BCC appropriately. 5) Keep in mind that your tone can be heard through email. 6) Be sure that your email signature has your contact information. Don’ts: 1) Send emails using inappropriate language. 2) Use all CAPS. It comes across AS IF YOU ARE YELLING. 3) Use a ton of colors or graphics embedded in your message.

Not everyone uses an email program that can display them And finally, did you know that there are three simple ways to get that edge and boost your workplace productivity? Well here they are, and they’re very simple: be friendly, be considerate and be respectful. Always practice proper office etiquette and use the suggestions in this article as a starting point to manners that will help you stay efficient and professional on your way up the career ladder.

More rules to live by in the office 1. Don't be too loud. Be mindful of your volume, whether you are talking to a colleague or on the phone. You don't want to invade anyone's personal space.

2. Don't Interrupt your colleagues. When you are in meetings or even simply talking to a colleague in the hall, be mindful of who is talking. You don't want to be disrespectful.

3. Be mindful of office chatter. It is great to work in an office where you also can make friends, but keep chatter to a minimum. You'll know if you have gone on too long when a colleague has to walk with you to continue the conversation.

4. Don't eat smelly food. Tuna, spicy Indian food-eating smelly food can be really offensive, especially in an office with an open floor plan. Save the curry for home.

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5. Hold back on the perfume. To the same point, be mindful of how much perfume that you wear at the office. Some people could be allergic.

6. Office correspondence should be formal. Think of email somewhat like a formal letter. In other words, don't use slang or abbreviations. Also, bear in mind that many companies actually store their employees emails for years, and access them from time to time to check up on their employees.

7. Share the credit. It is just good office etiquette to know when to share the credit with others. You'll come off as a team player, and more importantly, the act of good will is likely to be repaid in spades.

8. Dress for the office that you work in. Plan your office wardrobe to fit with the tone of your office. Look to your bosses for inspiration as to what is appropriate.

9. Keep your phone on silent. Your ring tone can potentially be distracting, so it's best to keep your phone on vibrate.

10. Keep the office clean. Throw your trash out on your desk, don't keep items in the communal refrigerator too long, and be mindful if you are sharing a bathroom too.

11. Don't share too much personal information with colleagues. There are a few reasons why this isn't so good-it can leave you vulnerable and also there is such a thing as TMI, especially in an office environment.

12. Be on time. Being punctual says a lot about your personal values. You want to send the message to your colleagues that you care.

13. Don't take long personal calls at your desk. It is perfectly fine to take a personal call at your desk occasionally, but keep it short so you don't disturb everyone around you. Take the call outside on your cell phone if necessary.

14. Don't play with your hair during a meeting. Refrain from playing with your hair, especially in meetings. You should also refrain from brushing your hair or applying makeup at your desk.

15. Don't come to work if you're too sick. If you are contagious, stay home for the good of the office. Show your diligence by being available online for as much 95 ECONOMIC POWER: JOYCE WOLAYO

of the day as possible. That being said, if you just have the sniffles, you should probably come into work.

Nine ways to keep your job and get ahead Landing that “dream job” is what makes all of us feel successful. However, the road to success only begins when you get the job; succeeding at work takes initiative and hard work. Showing investment and dedication to improve your professional growth and job performance can help lead to a promotion. Most importantly, with our current economic situation, it can help you keep your job.

There are many things you can do to succeed in your career. Here are some tips to improve your chances of achieving workplace success, in spite of any economic ups and downs.

1. Get educated. Most employers prefer hiring and promoting employees who have college degrees. If you know that you have a better chance of getting promoted by having a degree, it would be worth your time and financial investment to obtain a college degree. If you have a degree, consider what skills you can learn in order to improve your job performance. Large corporations frequently offer free software, communication or management training. If your company does not offer courses, research classes being taught in your area; your company might subsidize the cost if you make a case for it.

2. Take on more work. In addition to performing the tasks required of you, research trends and happenings in your industry to share with your colleagues.

When passing along information, consider how it affects your company. Be an expert in your field. By taking this extra step, you will show your boss that you are passionate about your industry and are invested in producing superior quality work. Take on new challenges. One of the best ways to find your “hidden talents” is to try new things.

3. Be proactive. Try to always be a step ahead at work. Anticipate what will be asked of you, and offer your services. Be perceived as a “can-do” person. Make sure you are always informed of what is going on in your company and any opportunities that may arise.

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4. Promote yourself. Think back to when you were hired. What skills did you bring to the table that made you marketable? Remember what makes you unique to your company, and promote

your skills. While it’s easy to get accustomed to a work routine, think of out-ofthe-box ways to leverage your skills to improve your company. Even if your boss doesn’t agree with your idea, he or she should respect your initiative.

5. Manage expectations. From day one, make sure you and your boss are on the same page with what you are expected to deliver. If you don’t know, create your own set of expectations to show your boss, and make changes as needed. If no sixmonth or yearly evaluations are set in place within your company, check in with your boss every few months to confirm you are meeting expectations. Document everything, including project feedback from your boss and colleagues, so you can use specific ways to measure your progress.

6. Learn from your mistakes. We all make mistakes in the workplace. The worst thing to do is try to blame someone else or deny that the mistake was made. The best thing to do is to accept responsibility for your mistakes and learn from them.

Mistakes can help you improve your performance and communication skills with your co-workers and supervisor. Your supervisor will be very impressed if they see you can bounce back from mistakes and keep improving.

7. Communicate with your supervisor. Keeping the lines of communication open between you and your supervisor can only benefit you. The more you communicate with him or her, the more they will keep you posted on current events in your office. Your supervisor cannot watch you all the time and know what you are doing. Send them an e-mail with updates on your work progress and any questions of things you are not sure of. You never want to “assume” anything you are not really sure about, and it is always important to know where your supervisor stands on all work-related issues.

8. Find solutions. Don’t go to your boss every time you have a problem. The more problems you can solve independently, the more responsible and valuable you will look. It will impress your boss if you go to them with a tricky issue and then 97 ECONOMIC POWER: JOYCE WOLAYO

suggest ways to resolve it. Always try to offer solutions; this will give your reputation a boost.

9. Act the part. First impressions are everything and you always want to make sure you dress and act professional at all times. Your attire doesn’t need to be outrageously expensive for you to have credibility. It just needs to be appropriate to the environment you are operating in. Consider clean lines and clothing that makes you feel comfortable and communicates who you want to be. If you’re going for that big promotion, go for it in your appearance as well as your job performance. Colleagues, customers, managers and peers will also pick up what you communicate about yourself in the way you behave.

With the current economic crisis, the fear of being laid off or fired is certainly legitimate, and there are a variety of reasons why people lose their jobs. Taking the right steps to advancing your career can lessen your chances for being laid off or terminated.

These tips can help you secure your career and promote yourself within your company. You don’t have to do all of these tips in one day and you may not have to do all of them to see an improvement in your career. Keep a journal or check list of the tips you think can improve your chances to succeed at work. By writing your goals down, it will be easier for you to see your accomplishments and stick to your plan for success.

Determine Why You Are Unhappy in Your Current Job Do you dislike the work you do day-to-day on the job? Or, are there other problems that affect how you feel about your job? If you like the work and pinpoint other issues as the problem, consider what you can do to resolve these problems before you quit your job.

Good jobs are difficult to find. You don't want to make a hasty decision or burn any bridges until you've thoughtfully considered your options. You may be able to make your job - work.

Following are the six common problems that prompt people to want to quit their job. See if you can find your reasons and use the advice provided to turn your work

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situation around. If you make your best effort and it doesn't work, see: The Top Ten Reasons to Quit Your Job. You Feel Stuck in Your Current Job Are you feeling stuck in your current position with no hope of promotion? You look around your organization and don't see any job you'd like to do next. You may want to explore options with your boss.

Talk to your boss to make sure you're right. Ask about opportunities for lateral moves and for more interesting, skill-stretching assignments. Most workplaces value initiative and people who want to continue to learn and grow.

Consider swapping assignments with a coworker who feels like you do about trying something new. (Ask for your manager's agreement, of course.)

You Feel Unappreciated in Your Current Job You work hard every day, but you don't feel your boss or your workplace recognize your efforts. You can't remember the last time anyone thanked you for your contributions.

Tell your boss you would like her input about how she views your work.

Tell the boss you'd like to sit down with him regularly to obtain feedback, both good and bad, so you can improve.

Offer to chair an employee recognition team that can develop a process for recognizing the hard work and efforts of all your coworkers. After all, if you're feeling unappreciated, you can bet others are, too.

Sometimes, feeling unappreciated has to do with money. Ask your manager for a raise or ask when you can expect your compensation review. Follow up to make sure it happens.

How to Develop an Effective Relationship With Your Boss

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These steps will help you develop a positive, ongoing, supportive relationship with your boss - a relationship that serves you well, your manager well, and, as a consequence, your organization well.

The first step in managing up is to develop a positive relationship with your boss. Relationships are based on trust. Do what you say you'll do. Keep timeline commitments. Never blind side your manager with surprises that you could have predicted or prevented. Keep her informed about your projects and interactions with the rest of the organization. Tell the boss when you've made an error or one of your reporting staff has made a mistake. Cover-ups don't contribute to an effective relationship. Lies or efforts to mislead always result in further stress for you as you worry about getting "caught" or somehow slipping up in the consistency of your story. Communicate daily or weekly to build the relationship.

Get to know your manager as a person - she is one, after all. She shares the human experience, just as you do, with all of its joys and sorrows.

Recognize that success at work is not all about you; put your boss's needs at the center of your universe. Identify your boss's areas of weakness or greatest challenges and ask what you can do to help. What are your boss's biggest worries; how can your contribution mitigate these concerns? Understand your boss's goals and priorities. Place emphasis in your work to match her priorities. Think in terms of the overall success of your department and company, not just about your more narrow world at work.

Look for and focus on the "best" parts of your boss; just about every boss has both good points and bad. When you're negative about your boss, the tendency is to focus on his worst traits and failings. This is neither positive for your work happiness nor your prospects for success in your organization. Instead, compliment your boss on something he does well. Provide positive recognition for contributions to your success. Make your boss feel valued. Isn't this what you want from him for you?

• Your boss is unlikely to change; she can choose to change, but the person who shows up to work every day has taken years and years of effort on her part to create. And, who your boss is has worked for her in the past and reinforced her 100 ECONOMIC POWER: JOYCE WOLAYO

actions and beliefs. Instead of trying to change your boss, focus instead, on trying to understand your boss's work style. Identify what she values in an employee.

Does she like frequent communication, autonomous employees, requests in writing in advance of meeting, or informal conversation as you pass in the hallway. Your boss's preferences are important and the better you understand them, the better you will work with her.

• Learning how to read your boss's moods and reactions is also a helpful approach to communicate more effectively with him. There are times when you don't want to introduce new ideas; if he is preoccupied with making this month's numbers, your idea for a six month improvement may not be timely. Problems at home or a relative in failing health affect each of your workplace behaviors and openness to an improvement discussion. Additionally, if your boss regularly reacts in the same way to similar ideas, explore what he fundamentally likes or dislikes about your proposals.

• Learn from your boss. Although some days it may not feel like it, your boss has much to teach you. Appreciate that she was promoted because your organization found aspects of her work, actions, and/or management style worthwhile.

Promotions are usually the result of effective work and successful contributions.

So, ask questions to learn and listen more than you speak to develop an effective relationship with your boss.

• Ask your boss for feedback. Let the boss play the role of coach and mentor.

Remember that your boss can't read your mind. Enable him to offer you recognition for your excellent performance. Make sure he knows what you have accomplished. Create a space in your conversation for him to praise and thank you.

Value your boss's time. Try to schedule, at least, a weekly meeting during which you are prepared with a list of what you need and your questions. This allows him to accomplish work without regular interruption.

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Tie your work, your requests, and your project direction to your boss's and the company's overarching goals. When making proposals to your boss, try to see the larger picture. There are many reasons why your suggestion may not be adopted: resources, time, goals, and vision. Maintain strict confidentiality.

In your relationship with your boss you will sometimes disagree and occasionally experience an emotional reaction. Don't hold grudges. Don't make threats about leaving. Disagreement is fine; discord is not. Get over it. You need to come to terms with the fact that your boss has more authority and power than you do. You are unlikely to always get your way.

Does the Bad Boss Know?

Start your campaign by understanding that your boss may not know he is bad. Just as in situational leadership, the definition of bad depends on the employee's needs, the manager's skills and the circumstances.

A hands-off manager may not realize that his failure to provide any direction or feedback makes him a bad boss. He may think he’s empowering his staff. A manager who provides too much direction and micromanages may feel insecure and uncertain about his own job. He may not realize his direction is insulting to a competent, secure, self-directed staff member.

Or, maybe the boss lacks training and is so overwhelmed with his job requirements that he can’t provide support for you. Perhaps he has been promoted too quickly or his reporting responsibilities have expanded beyond his reach. In these days of downsizing, responsibilities are often shared by fewer staff members than ever before.

This bad boss may not share your values. The newer generation of workers expect that they can use their vacation time and take action to make work-life balance a priority. Not all bosses share these views. If your values are out of sync with those of your boss, you do have a problem.

Recommended Approach to the Unwitting Bad Boss

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Talk to this boss. Tell him what you need from him in term of direction, feedback and support. Be polite and focus on your needs. Telling the boss he’s a bad boss is counterproductive and won’t help you meet your goals.

Ask the manager how you can help him reach his goals. Make sure you listen well and provide the needed assistance.

Seek a mentor from among other managers or more skilled peers, with the full knowledge of your current manager, to enlarge your opportunity for experience.

If you’ve taken these actions, and they haven’t worked, go to your boss’s manager and ask for assistance. Or, you can go to your Human Resources staff first, to rehearse and gain advice. Understand that your current boss may never forgive you, so ensure you have done what you can do with him, before taking your issues up the line.

You may never hear what the boss’s boss or the HR staff did to help solve your bad manager’s behavior. It’s confidential. But, do allow some time to pass for the actions to have their desired impact.

If nothing changes, despite your best efforts, and you think the problem is that they don’t believe you, draw together coworkers who also experience the behavior. Visit the boss’s manager to help him see the size and impact of the behavior.

If you think the problem is that your boss can’t – or won’t – change, ask for a transfer to another department. This recommendation presumes you like your employer and your work.

If a transfer or promotion is unavailable, begin your search for a new job.

Fleeing is always an option. You may want to conduct your job search secretly, but under the circumstances, it may be time for you to go.

Everything you Need to Know to Succeed in Job Interviews

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The job market has never been more competitive. It is essential that you have the right job search and interviewing skills to stand out from the crowd.

You will find all the help and information you need right here to succeed in your interview and get the job you want.

We provide expert advice every step of the way on your journey to job success. _ Know how to answer common job interview questions. Use the question and answer guidelines and be well prepared. _ Plan the best questions to ask during the interview using the sample questions at the right interview question to ask _ Use the sample interview answers to help you successfully deal with those difficult interview questions _ Interview tips and advice on all aspects of the interview process from how to communicate effectively to controlling your interview anxiety. _ Learn how to master the behavioral interview and be well prepared for behavioral interview questions. _ Prepare for the panel interview and group interviews and know what to expect. _ The phone interview can be nerve-wracking. Know exactly how to handle this type of interview. _ Get expert advice on how to dress for an interview and present yourself in the best way. _ Obtain the most mileage out of a job reference and be well informed about the employment background check. _ Effectively close the interview and know exactly what to do and say at the end of your interview. _ Get help with how to follow up after the interview. Write an interview thank you letter using the sample letters at interview thank you letters

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_ What about the job offer? Negotiate your salary using these simple negotiating salary strategies _ Make the right decision about accepting a job offer and write a job acceptance or decline letter using these sample letters.

List of Strengths and Weaknesses Common strength Communication

Strong work ethic/diligent

Organizational and planning skills

Flexible and adaptable

How it presents at work Written communication skill evident in reports, correspondence. Verbal communication skills evident in presentations, managing conflict, selling, dealing with customers, active listening, meeting participation and negotiation.

Hard working, works extra hours, completes projects before time, takes on more than others, does more than required, maintains a high quality of work, imposes own standards of excellence, works without supervision, follows up on own.

Evident in time management, prioritizing, using resources effectively, meeting deadlines, multitasking, dealing with competing demands, achieving objectives and goals, setting targets, maintaining schedules and calendars, optimal use of available resources, coordination of resources to complete projects.

Able to change activities and priorities to meet new demands, willing to learn new skills and knowledge, make a positive effort to accept changes, able to work and communicate effectively with diverse people, willing to work in 105

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different environments, willing to attempt new tasks.

Decision-making/judgment

Problem solving

Gathering, analyzing and managing information

Training/mentoring

Team work

Gather the necessary information to make a sound decision, come up with viable alternatives, consider pros and cons for each, fully commit to the best action, follow through on decision.

Able to identify and define problems, analyze problems to find causes, find possible solutions, consider the possible outcomes of each solution, decide on the best solution and implement it.

Collect required information efficiently from different sources, integrate information and put it together in a logical format, process information, identify trends and patterns, distribute and communicate information correctly, store and maintain information efficiently.

Willing and able to coach others, enable and facilitate learning, impart knowledge, help people to identify and achieve what they are capable of, assess training and learning needs, develop appropriate learning interventions, adapt teaching/coaching style to meet employee's needs.

Work effectively in a team, contribute to team objectives, communicate effectively with team members, respect, listen to and encourage team members, pitch in, put success of team ahead of individual success.

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Reliable/dependable

Consistent work performance, complete projects accurately and within deadlines, arriving on time, fulfilling obligations, following through on commitments, checks own work, corrects own work, complies with workplace policies and procedures, takes responsibility for own

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CHAPTER TEN: AFRICA’S GREATEST ENTREPRENEURS A book about Africa’s business success stories “Until lions learn to write, hunters will tell their history for them” Review by David Fick.

Africa’s Greatest Entrepreneurs comprises a series of profiles on 16 of some of the most successful and dynamic business people to have emerged from across Africa, with a diverse range of ages and educational backgrounds.

The first chapter is about (1) Wale Tinubu, who began an oil trading business working out of an office that doubled as his family’s garage. Using a loan from his mother as capital to build Oando, today, the company has a market capitalisation of $2bn and a presence in the industry across most of West Africa with interests in exploration, refining, distribution and power plant development. This might sound like an extraordinary rags-toriches story, but plenty more follow.

We next learn about Ghana’s (2) Prince Kofi Amoabeng, who dropped a military career to pursue a profession in finance, evolving from an introductory service linking friends who had money to invest with those that needed to borrow for their businesses. Today, Amoabeng is the chief executive of Unique Trust, a company with a near $30m turnover and 300 employees, ranked as one of Ghana’s bestperforming companies.

Unique Trust is a non-bank financial Institution (Finance House) licensed by the Bank of Ghana. Founded in 1997, they aim at providing customers with fast and efficient short-term loans and real returns on investments.

The company seeks to serve the needs of indigenous traders, exporters and importers as well as business organizations/people not catered for by the traditional banks. Their clients are their most prized assets thus providing them with quality and prompt services is their first priority. From a very humble beginning, UT Financial Services is now the No.2 company in the Ghana Club 100.

Prince Kofi Amoabeng has been on the board since he founded Unique Trust in 1997. He is the Chief Executive Officer of the company, an investment consultant, and a retired military officer (Captain). He is a holder of B. Sc. Admin (Accounting), ICMA, ACMA (UK) & ACA (GH) and has significant experience gained from working with and managing a number of companies. He is also a 108 ECONOMIC POWER: JOYCE WOLAYO

resource person for the Ghana Stock Exchange. Unique Trust is committed to providing timely financial assistance, business education, and advice through short-term financial services to their clients, be they individuals or corporate bodies. Kofi Amoabeng was voted by his peers as Ghana’s most respected CEO for 2007.

Makura next profiles the extraordinary story of (3) Mo Ibrahim, one of the pioneers of Africa’s mobile phone revolution. In fact, Makura was at one time the public relation’s director at Ibrahim’s company Celtel, which perhaps explains why, although Ibrahim says he simply has “no heroes in the business world” and is honestly irritated by what he calls the idolising of business leaders, he was still prepared to be a subject for this book.

(4) Kwabena Adjei’s of Ghana is one of the book’s stranger stories. He is the chief executive of Kasapreko Co Ltd, a company with a $30m turnover.

It began by creating a herbal remedy, Alomo Bitters, that not only claimed to cure malaria but also help men’s sexual performance!

(5) Herman Mashaba is the 50-year-old South African founder of Black Like Me, an extremely successful cosmetics company with a R2bn (approx $200m) turnover.

This is the first of a number of South African entrepreneurs in the book who had to contend with the many obstacles thrown up in the path of black businesspeople by the apartheid system.

Other entrepreneurs had other challenges, such as (6) Strive Masiyiwa of Zimbabwe, the founder and chairman of Econet Group, the second telecoms pioneer to be featured in this book. Masiyiwa spent five years in an epic legal battle with the Zimbabwean government to win a GSM licence that finally loosened the state’s stranglehold on the country’s telecom sector. (7) Kagiso Mmusi is the founder and executive chairman of Pula Holdings, a diversified holding company with total assets of around Pulal70m ($20.83m).

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Ketumile Masire’s vice-president, but his story is less about privilege, more about self-discipline and tenacity. Mmusi began by operating a single petrol station 19 years ago to build one of Botswana’s largest home-grown companies. Sadly, (8) Miko Rwayitare died in 2007, but his remarkable story is told by a close friend, Dr Gabriel Twagira. Rwayitare is the third telecoms pioneer in the book. An electrical engineer, he was perhaps the first African to spot the potential of mobile phone technology building the first pan-African mobile phone network and the first person in Africa to make a mobile phone call.

After selling a major share of the company he founded, Telecel, to the Egyptianbased Orascom, Rwayitare diversified into hotels and was also passionate about the potential of his investment in Goal Technology Solutions, which promised to deliver affordable broadband to almost every home in South Africa by using the national grid power lines.

(9) Nigel Chanakira, like his compatriot Strive Masiyiwa, had to contend with the opposition of the Zimbabwean authorities. Chanakira built a successful financial holdings company – Kingdom Financial Holdings (KFH) – but “got into trouble” when he began to comment on the country’s economic policies.

He fled to South Africa in 2001, during his exile building KFH businesses in Zambia, Malawi and Botswana. He took the chance to return to Zimbabwe in 2004. Most commercial banks were in serious trouble, and KFH was on the brink of failing, but Strive Masiyiwa bought a 25% stake in the business and Chanakira achieved a merger with Meikles Group, one of Zimbabwe’s foremost conglomerates.

The resulting conglomerate, Kingdom Meikles Africa Ltd, has ambitions for a New York listing and wants to raise US$l billion for expansion plans.

(10) Regi Mengi, the Tanzanian media magnate, has an unlikely story. From a humble rural home he did well at school, and joined Coopers, the accountancy firm. But his ambitions were far greater than the accountancy profession.

Like many successful business stories, Mengi’s begins with spotting a business opportunity – he was unable to buy a ballpoint pen in Dar es Salaam. The

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government would not permit the importation of finished pens but he could bring in component parts. From this initial business venture Mengi built a business empire in East Africa with interests in manufacturing, mining, bottling as well as broadcast and print media.

Uganda’s (11) Gordon Wavamunno has a story that closely mirrors the fortunes of his country. From an early age, Wavamunno knew he wanted to be a businessman, and he began by trading in agricultural produce, building a business that secured the Ugandan Mercedes Benz distributorship and encompassed transport, hotels and tourism. Then the turbulent years of the Obote/Amin era saw his efforts almost completely dashed but, undeterred, he resolved to build up his company, Spear Group, again. He persuaded Mercedes Benz to retain him, then moved into textiles and clothing. Since then he has added broadcast media as well as banking, bottled water and pharmaceuticals to his rapidly expanding portfolio, winning the coveted Ugandan Businessman of the Year award for seven years running. Pamodzi Investment Holdings, one of South Africa’s first black-owned and run investment companies, successfully raised $1.3bn in 2007 to become the country’s largest private equity fund. At the helm of Pamodzi is chief executive (12) Ndaba Ntsele, who has another rags-to-riches story, growing up in Soweto and learning business basics at his aunt’s small store. Taking a job as a local government clerk, in his spare time he traded clothes, moved into construction, sold jewellery and electronic equipment and won the Nike concession for the South Africa market. Ntsele and his partner Solly Sithole then created Pamodzi Investment Holdings, buying a hospital, then subsequently investing in a sports marketing company, catering, télécoms, fleet management, finance, IT, automobiles and mining.

Four more southern African business success stories complete this book, two from South Africa itself: (13) Keith Kunene and (14) Richard Maponya as well as (15) Geoffrey Mwamba from Zambia and (16) Daniel David of Mozambique.

(13) Kunene, along with his four brothers, carved out a business fortune by 111 ECONOMIC POWER: JOYCE WOLAYO

getting into university, qualifying in law and starting a business, Kunene Brothers Holdings, with interests in bottling, financial services, business consulting and the motor industry as well as becoming the largest Coca Cola distributor in South Africa.

(14) Maponya, the executive chairman and MD of Maponya Group, is described as one of South Africa’s best loved entrepreneurs. Now in his eighties, Maponya is the man behind the Maponya Mall, his R650m shopping complex in Soweto and it all started about 65 years ago when the young Maponya diverted water from a river by his father’s land in Limpopo to grow and sell vegetables. Leaving school to join a clothing factory, he also started to sell clothes and (after a legal battle in which he was represented by Oliver Tambo) the apartheid state gave him leave to start a business in Soweto selling “daily necessities”. This allowed him to set up a milk business employing five people which grew into a chain of eight discount supermarkets, each grossing about R3m a month, employing a total of 170 people.

(15) Geoffrey Mwamba of the GBM Group currently owns and runs Zambia’s secondlargest maize mill, a 28-strong luxury bus fleet, a traditional beer brewery, and markets foodstuffs. He also plays the money markets. However, although the son of Zambia’s first African minister of agriculture, this 50-year-old entrepreneur began his business empire with a $1,000 loan from his mother.

The book’s final chapter introduces us to Mozambique’s (16) David. Returning from a stint as a miner in South Africa, David stumbled into the entertainment industry, promoting music bands and then theatre shows. David then found a job at the state broadcast company TVM as an admin assistant, rising to become the marketing director. Starting a small marketing company of his own in 1999, Visao, two years later he resigned from TVM to focus on consultancy before becoming a conference organiser. He then hit upon the idea of launching a TV station, found a partner who could provide the broadcast equipment for a share of the business and scraped the money together to start Soico TV, later adding Soico FM, both incredibly successful ventures. At the age of just 40, David is a media mogul and has joined the ranks of Africa’s greatest entrepreneurs.

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CHAPTER ELEVEN :TOP MOST INNOVATIVE COMPANIES IN AFRICA: Safaricom, Kenya Industry: Telecommunications East Africa’s largest mobile telecommunications provider easily ranks as the most innovative company in sub-Saharan Africa. Reason: M-Pesa, Africa’s first SMSbased money transfer service. In 2007, Safaricom launched M-Pesa (M for mobile and Pesa- a Swahili word for money) which lets users deposit, transfer and withdraw funds via text message. A subscriber who wants to send money across simply visits a registered M-Pesa agent with the money and the phone number of the recipient. For a fee of a little over $1, the agent sets up a virtual account for the subscriber, credits the account with the money, and then sends the amount to the recipient’s account. A subscriber can send money even to a recipient on a different mobile network, who can cash it at any M-Pesa agent simply by presenting an ID and entering a secret code. Safaricom also pioneered a service which offers subscribers airtime on credit, introduced the payment of utility bills through the MPesa platform and also runs a robust customer loyalty award programe.

Nando’s, South Africa Industry: Food & Beverages Since opening its first restaurant in 1987, Nandos has expanded to over a thousand locations in 30 countries on five continents. Its success secrets may well lie in its marketing: Nando’s’ numerous provocative yet witty commercials, such as an ad featuring a dimwitted busty blonde and another which depicted Zimbabwean President Robert Mugabe reflecting on happy moments he enjoyed with fallen dictators such as Colonel Gaddafi and Saddam Hussein have made Nando’s’ flagship flame-grilled Peri-Peri chicken a hit among Africa’s young and hip.

Nando’s meals are premised on traditional Mozambiquan-Portuguese dietary patterns and spices such as the ‘Pili Pili’. The company also manufactures a range of sauces which are sold in Nando’s restaurants and in supermarkets.

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In 2010, Advertising Age magazine named Nando’s as one of the world’s top 30 hottest marketing brands. Nando’s also promises to allow anyone to eat free for life if they can prove they have been to all the Nando’s restaurants.

Nation Media Group, Kenya Industry: Media & Entertainment East Africa’s largest media group is subtly transforming itself into an internet and financial services powerhouse. Between 2009 and now, the Nation Media group has launched N-Soko, a classifieds site which competes with Craigslist in Kenya, Twende Twende- Kenya’s first online travel site and Nation Hela, an international money transfer service which allows Kenyans in the Diaspora remit money to their families at home online.

The group’s flagship publication, Daily Nation is the highest-circulating newspaper in the East and Central African region. Daily circulation: 210,000. Its Business Daily newspaper is East Africa’s most popular business journal and its Television and radio stations consistently rank among the most popular among African viewers and listeners.

MTN, South Africa Industry: Telecommunications In 2011, Africa’s largest mobile telecoms operator introduced its MobileMoney Insurance solution, Mi-Life insurance which provides money in the event of death of the subscriber or the next of kin. The Premium payment for insurance is deducted from the subscriber’s MTN Mobile Money wallet once per month. The service is available to the network’s subscribers in Ghana. MTN also wins innovation points for its MTN InternetOnTV, a device that allows users to browse the web from their TV at 3G speeds and MTN Traveller, a mobile App that allows mobile users to browse for, and book accommodation and car rental services using their phones.

Econet, Zimbabwe Industry: Telecommunications

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Zimbabwe’s dominant mobile telecommunications company boasts lucrative operations in Zimbabwe, Botswana, Lesotho, Burundi and Rwanda and even owns a 3G license in New Zealand. Now, Econet is looking to build Africa’s largest solar power company. Last November Econet launched the Econet Power Stationa revolutionary solar power device which will allow individuals and families across Africa to light up their homes, charge their mobile phones and generally utilize energy at a relatively inexpensive cost compared to current solar energy devices currently available in Africa. Also, Econet Wireless in South Africa recently introduced Carry Me Home- a death and repatriation insurance policy exclusively for Econet Call Home customers.

Iroko TV, Nigeria Industry: Media & Entertainment Iroko TV did not invent Nollywood- Nigeria’s immensely popular movie industry, but the Nigerian-based company helped revolutionize and glamorize it. Iroko TV, which has been dubbed the ‘Netflix of Africa’, is the world’s largest digital distributor of African movies. Leveraging on an on-demand TV platform, Nollywood Lovers around the world can watch the latest Nigerian movies by paying a fee of only $5 a month. IrokoTV typically buys the digital rights to the movies from Producers and currently has a catalogue of over 5,000 films and over 500,000 registered users.

Woolworths, South Africa Industry: Retail One of South Africa’s largest retailers, Woolworths sells everything from food and clothing to homeware and electronics. The retail giant is also an emerging player in South Africa’s financial services scene. Through a joint venture with Absa Bank, Woolworths offers financial services such as loans, debit cards and home insurance solutions to its customers. Woolworths also manufactures its own brand of everything from sliced bread to grape juices and ice cream.

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South Africa’s pre-eminent fast moving consumer goods retailer has a portfolio of 450 stores in South Africa, Zambia, Mauritius and Mozambique and a staff strength of 45,000 people.

Pick n Pay was among the earliest retail outlets in sub-Saharan Africa to include financial services in its service offerings. Among other things, select Pick n Pay outlets offer credit facilities on large purchases (like appliances), free of deposit.

Pick n Pay also has a thriving ticket resale service, a travel comparison site and lets customers play the lottery online. Also, in 2010, the South African retail giant became the first to offer customers wine bottled in the eco-friendly PET (Polyethylene Terephthalate).

East African Breweries, Kenya Industry: Food & Beverages East African Breweries is Kenya’s largest brewer. The Company produces, markets, distributes and sells an extensive portfolio of alcoholic beverages including its flagship beer brand, Tusker Beer and spirits such as Baileys, Smirnoff and Black Label. The Company also produces and distributes soft drinks such as Alvaro and Malta Guinness in Kenya, Uganda and Tanzania.

Famous Brands, South Africa Industry: Food & Beverages Famous Brands is Africa’s leading quick service and casual restaurant company. Famous Brands develops, operates and franchises restaurants which prepare, package and sell a menu of priced food items. Some of the restaurants under Famous Brands’ wings include Debonairs Pizza, Wimpy, Steers and FishAways. As of the 2010, the company’s global footprint stood at 1,764 franchised restaurants spread across South Africa, 17 African countries and the United Kingdom.

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CHAPTER TWELVE : The richest man in the world is Bill Gates worth – $77.1 billion Perhaps the most famous icon for wealth and philanthropy in the world, after holding down the second place spot for three years, Bill Gates reclaimed his position in 2014 as the world’s richest person. Gates is known as a prominent American investor, philanthropist, inventor and programmer. He co-founded Microsoft, and also held positions of CEO, chairman and chief software architect at the company before retiring. Through his charitable organization, the Bill & Melinda Gates Foundation, Gates has donated more than $26 billion dollars to philanthropic causes such as enhancing healthcare and reducing extreme poverty worldwide.

Bill Gates came from a family of entrepreneurship and high-spirited liveliness.

William Henry Gates III was born in Seattle, Washington on October 28th, 1955.

His father, William H. Gates II, is a Seattle attorney. His late mother, Mary Gates, was a schoolteacher, University of Washington regent, and chairwoman of United Way International.

Bill Gates - Early Life He had an early interest in software and began programming computers at the age of thirteen. In 1973, Bill Gates became a student at Harvard University, where he meet Steve Ballmer (now Microsoft's chief executive officer). While still a Harvard undergraduate, Bill Gates wrote a version of the programming language BASIC for the MITS Altair microcomputer.

Did you know that as young teenagers Bill Gates and Paul Allen ran a small company called Traf-O-Data and sold a computer to the city of Seattle that could count city traffic?

Bill Gates & Microsoft In 1975, before graduation Gates left Harvard to form Microsoft with his childhood friend Paul Allen. The pair planned to develop software for the newly emerging personal computer market.

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Bill Gate's company Microsoft became famous for their computer operating systems and killer business deals. For example, Bill Gates talked IBM into letting Microsoft retain the licensing rights to MS-DOS an operating system, that IBM needed for their new personal computer. Gates proceeded to make a fortune from the licensing of MS-DOS. On November 10, 1983, at the Plaza Hotel in New York City, Microsoft Corporation formally announced Microsoft Windows, a next-generation operating system.

On January 1, 1994, Bill Gates married Melinda French Gates. They have three children.

Bill Gates Philanthropist Bill Gates and his wife, Melinda, have endowed the Bill & Melinda Gates Foundation with more than $28.8 billion (as of January 2005) to support philanthropic initiatives in the areas of global health and learning.

MS DOS The Operating System History From a Quick and Dirty Operating System a giant walks (ms-dos), in 1980, IBM first approached Bill Gates and Microsoft, to discuss the state of home computers and Microsoft products.

Windows 1.0 To Windows Beyond 2000 Windows is the graphical user interface for IBM and IBM compatible machines, this article discusses the origins of Windows and where Windows is heading.

How to Become as Rich as Bill Gates Instructions Discover your passion at a very early age. Bill Gates discovered programming and software at age 13. In his 1996 memoir, "The Road Ahead," Gates talks about creating his first computer program at this age, a tic-tac-toe game coded in BASIC programming language. At that time, computer use was rented, and Gates was so 118 ECONOMIC POWER: JOYCE WOLAYO

passionate about computing that he created a hack to bypass the operating system at the Computer Center Corporation (CCC) to gain free computing time.

Study and read as much as you can. While Bill Gates is often referenced as a "college drop-out" for leaving Harvard to pursue his entrepreneurial dreams, he was still a top academic performer. He credits his success with reading and engaging in academia. In high school, Gates scored 1590 out of 1600 on the Standardized Achievement Test (SAT).

Start your own company and believe that it has the opportunity to change the world. Bill Gates started Microsoft with the belief that the company would not stop until every home and office desk had a personal computer. Given that lofty goal, Gates and partner Paul Allen had to work tirelessly to make it happen.

Share your knowledge to become an eminent leader in your industry. In 1999, Bill Gates wrote "Business @ the Speed of Thought," which illustrated his ideas about computing and how it could shape business and the world. The book went on to be translated into 25 languages and made available in 60 countries.

Diversify to grow your wealth. In addition to creating one of the world's most successful companies, Bill Gates founded Corbis, an archive of digital art and photography that sells the rights to use its catalog. He is also involved in a private investment firm and a nuclear reactor design company, as well as sitting on the Board of Directors for Berkshire Hathaway Inc., which invests in a wide range of businesses.

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CHAPTER THIRTEEN MEET MANSA MUSA I OF MALI – THE RICHEST HUMAN BEING IN ALL HISTORY When we think of the world’s all-time richest people, names like Bill Gates, Warren Buffet and John D Rockefeller immediately come to mind.

But few would have thought, or even heard of, Mansa Musa I of Mali – the obscure 14th century African king who was today named the richest person in all history.

With an inflation adjusted fortune of $400 billion, Mansa Musa I would have been considerably richer than the world’s current richest man, Carlos Slim, who ranks in 22nd place with a relatively paltry $68 billion.

The list, compiled by the Celebrity Net Worth website, ranks the world’s 24 richest people of all time. The list advertises itself as the top 25, but 26 names appear in the list.

Although the list spans 1000 years, some aspects of wealth appear consistent throughout history; there are no women on the list, only three members are alive today, and 14 of the top 25 are American.

The list uses the annual 2199.6 per cent rate of inflation to adjust historic fortunes – a formula that means $100 million in 1913 would be equal to £2.299.63 billion today.

Mansa Musa I ruled West Africa’s Malian Empire in the early 1300s, making his fortune by exploiting his country’s salt and gold production. Many mosques he built as a young man still stand today.

After Mansa Musa I death in 1331, however, his heirs were unable to hang on to the fortune, and it was substantially depleted by civil wars and invading armies.

Second on the list are the Rothschild family, whose descendants are still among the richest people on the planet. Starting out in banking in the late 18th Century, Mayer Amschel Rothschild’s finance house accumulated a total wealth of $350 120 ECONOMIC POWER: JOYCE WOLAYO

billion. The money has since been divided between hundreds of descendants, many of whom are business leaders today.

Meanwhile John D. Rockefeller, third on the list, is the richest American to have ever lived, worth $340billion in today's USD at the time of his death in 1937.

In comparison, the poorest man on the list is 82-year-old Warren Buffett, who at his peak net worth, before he started giving his fortune to charity, was $64billion.

Here’s the full list of the ‘26 richest people of all time’: 1. Mansa Musa I, (Ruler of Malian Empire, 1280-1331) $400 billion 2. Rothschild Family (banking dynasty, 1740- ) $350 billion 3. John D Rockefeller (industrialist, 1839-1937) $340 billion 4. Andrew Carnegie (industrialist, 1835-1919) $310 billion 5. Tsar Nicholas II of Russia (last Emperor of Russia, 1868-1918) $300 billion 6. Osman Ali Khan, Asaf Jah VII (last ruler of Hyderabad, 1886-1967) $236 billion 7. William the Conqueror (King of England, 1028-1087) $229.5 billion 8. Muammar Gaddafi (former Libyan leader, 1942-2011) $200 billion 9. Henry Ford (Ford Motor Company founder, 1863-1947) $199 billion 10. Cornelius Vanderbilt (industrialist, 1794-1877) $185 billion 11. Alan Rufus (Fighting companion of William the Conqueror, 1040-1093) $178.65 billion 12. Bill Gates (Founder of Microsoft, 1955- ) $136 billion 13. William de Warenne, 1st Earl of Surrey (Norman nobleman, ??-1088) $146.13 billion 14. John Jacob Astor (businessman, 1864-1912) $121 billion 15. Richard Fitzalan, 10th Earl of Arundel (English nobleman, 1306-1376) £118.6 billion 121 ECONOMIC POWER: JOYCE WOLAYO

16. John of Gaunt (son of Edward III, 1330-1399) ÂŁ110 billion 17. Stephen Girard (shipping and banking mogul, 1750-1831) $105 billion 18. Alexander Turney Stewart (entrepreneur, 1803-1876) $90 billion 19. Henry, 1st Duke of Lancaster (English noble, 1310-1361) $85.1 billion 20. Friedrich Weyerhaeuser (timber mogul, 1834-1914) $80 billion 21. Jay Gould (railroad tycoon, 1836-1892) $71 billion 22. Carlos Slim (business magnate, 1940- ) $68 billion 23. Stephen Van Rensselaer (land owner, 1764- 1839) $68 billion 24. Marshall Field (Marshall Field & Company founder, 1834-1906) $66 billion 25. Sam Walton (Walmart founder, 1918-1992) $65billion 26. Warren Buffett (investor, 1930- ) $64billion .

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CHAPTER FOURTEEN: HOW TO GET RICH EASILY Discover the New Rules of Money Learn What Is Happening And What You Can Do About It In these challenging economic times, the world needs a voice it can trust. That voice is Robert Kiyosaki, who predicted the Wall Street meltdown, and is committed to helping people get the financial education they need to succeed. In his latest book, Conspiracy of the Rich: The 8 New Rules of Money he reveals that what appears to be the worst of times is actually an opportunity in the making, and a chance for people to invest in their financial education. To help you master the new rules of money, Robert Kiyosaki has developed an innovative coaching program, where you can learn the strategies successful investors use.

Take a look at where you are right now and then consider where you want to be.

Working with your coach will give you the tools to help you get there. By going through this process, you will come away with a real, workable plan.

Build a personalized financial and CASHFLOW plan Discover your Mission, Passion and Purpose Create an individual strategy toward becoming rich Map out where you want to go and what you'll need to do to get there Personalize an investment plan to help you into the "B" and "I" quadrants Set your plan in motion No Pain, Lots of Gain Most of us chase success by working hard, sacrificing our personal lives and even our health in an all-out pursuit of Mammon. But it doesn't always have to be that way. For a fortunate few, it doesn't mean a Harvard MBA or years spent perfecting a new drug. It just means doing as little as possible and still making more money than you ever dreamed of. As much as industrious overachievers hate to admit it, sometimes all you need to get rich is dumb luck. One Las Vegas woman has won the lotto four times since 1993. A man in the U.K. found buried gold worth 123 ECONOMIC POWER: JOYCE WOLAYO

millions with a metal detector. A family facing foreclosure found a valuable Superman comic book in their basement. Not all stories are so whimsical. Other shortcuts to wealth come with strings attached: Marrying rich, divorce, or lawsuits, for example. Still, the point is that while the average Americans toils for an average wage of $22.59 per hour, according to July data from the U.S. Bureau of Labor Statistics, there are the few who made fortunes without much labor. In other words, for the average wage earner to make a million dollars, he or she would have to work 40 hours a week for approximately 21 years. Doesn't it sound so much easier just to buy a lottery ticket?

Problem: Money! Money is always a problem. We have bills, college, cars, food, houses, and more that we have to pay for. Just when one bill is paid, another comes floating in. It can be nerve wracking, especially when a family or individual is tight on money.

So how does one become rich when money is tight?

Answer: Time, patience, and sacrifice.

Oh, what, you wanted some secret formula to becoming a millionaire. Well, I hate to burst your bubble, but unless you become a celebrity, inherit your family's fortune, or win the lottery, becoming a millionaire is going to take a little work.

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Time: Time plays a huge factor. How old are you? If you are 24, then your chances of becoming rich by the time your 40 or 50 is much higher then if you are now 40. There are so many opportunities when you are young to invest, save, and manage then when you are 40 or 50.

The type of job you have also plays a role. If you are only pulling in $18,000 a year, then your chances of becoming rich will be much harder then someone pulling in $50,000 a year.

The idea behind this article doesn't have to do with the type of job you have, it has to do with what you can do with your current situation to start allowing you to accumulate some wealth.

Patience A million bucks won't fall in your lap tommorow. You have to set things in motion and let time pass to see the results.

There is a great article on discussing how to save money by bringing your lunch to work versus eating out everyday.

If you are like me, you eat out 3 times a week, sometimes more. Well, at $7 per lunch, thats $21 spent very quickly.

Hello, Dollar! wrote a great article entitled Brown-Bag It to Half a Million Here is an excerpt: Brown-Bag It to Half a Million "One of the ways I save money is by bringing my lunch to work four days a week. I'll treat myself to lunch out one day each week, for variety and to hang out with my co-workers.

It's amazing how much this helps me save, and all of it goes straight into our savings account (a.k.a. our future).

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But it can't really be that much, can it? After all, take-out lunches are pretty cheap. Well, that's true, they are, but let's just do the math for fun.

I work in downtown San Francisco. On average, when I buy lunch, I spend $7. This includes an occasional sit-down lunch, but usually I get something to go and bring it back to the office.

When I bring lunch from home, it costs an average of $2 for a sandwich (my favorite is peanut butter and jelly), yogurt, and fruit (hey, this lunch-bringing has the side benefit of also being healthy!). Drinks are provided by my employer, so I don't need to worry about that.

So let's see, four days bringing lunch at $2 plus one day out at $7 equals $15 per week. Eating out every day would cost $35 per week, so I save $20. $20 a week! That's over $80 a month - that covers my utility bills right there. Who couldn't use that?"

I recommend reading the full article.

Thinking about this from a monthly basis, $20 doesn't seem like a whole lot. However, if you save $20 per week for 50 weeks, you are looking at $1000.

Taking the cheap route for food is just one of the many ways one can save money. Another food/money combo is when you go to shop.

Sacrifice In order to become rich, sacrifice is often one of the many methods to do it.

Let's use the food/money combo again.

I would recommend going to Sam's Club (for bulk purchases) or Walmart and buying non-name brand items.

We are a very brand loyal and brand conscious society.

However, by going with the store brand or some lesser known brand, you can often trim $0.50 to sometimes even $1 off individual items. Combine that with coupons when

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