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10 Effective Leadership Qualities you should Have

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10 Effective Leadership Qualities you should Have

The success and growth of any company is significantly dependent on the leadership qualities of its managers.

Every individual at the top position who wants to lead his/her employee with competence, needs certain leadership qualities. Some of these qualities can be learned, while some of them are character traits – inherent in such a leader.

To develop and build on your leadership skills you ought to have a natural sense of authority and feeling comfortable in a position of leadership, which is the best way to make your employees trust you and allow you to lead. Based on research, the following describes the ten leadership qualities deemed most important, they were propounded by psychologists and recruitment consultants.

1. Inspiring and Motivating

For any leader to be successful notably, they must motivate the people around them to achieve more, go the extra mile to become better in their work.

The motivation I am talking about goes beyond simply providing verbal encouragement; it can involve offering team members who are putting in their absolute best tangible rewards for their effort through recognition, improved responsibility, and even physical rewards.

Saddling employees with better autonomy and avenue to show how productive they are at work is key to maintaining high motivation.

2. Communication

Leaders need to be very communicative. Being open when discussing critical issues, solving problems alongside your employees (teammates), or forming objectives with employees are crucial elements of good leadership. As a leader, it is your job to chair team meetings, give compelling presentations and consult effectively with clients.

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3. Positivity

In any establishment, positivity (positive energy) has the potential to provide the extra support that employees need during stress and challenging times.

Your ability to exude excellent skills in empathy and friendliness, as well as managing stress and conflict proficiently, are good examples of a positive leader.

4. Delegation

A great leader knows that delegating work to team members, rather than taking it all on themselves, is the most effective ingredient to successful projects. Knowing when to assign work effectively also shows that the leader can identify the strengths and weaknesses of their teammates.

They will use expectations, collective performance, and resources to ensure that the project is completed as a team, rather than in isolated parts.

5. Creativity

When it comes to identifying workable solutions or making the best decision, the way forward is not always a straight line. That is why it is important for a leader to be innovative, decisive, and creative when their responses are needed in critical situations.

 6. Trustworthiness

As a leader, when you position yourself in such a way that employees are uncomfortable or scared to approach you, then the trust between you and your teammates will be broken.

When employees have confidence in their leader’s integrity, it becomes beneficial for honesty and accountability in the organization. A trusted leader is usually amazingly effective.

7. Responsibility

As a leader, you must not shy away from responsibilities. You ought to carry the responsibility for both failures and successes on your shoulders. This means assuming full ownership for the actions and inactions of yourself or your team, as well as showing willingness to accept blame and find solutions when required.

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8. Time Management

A leader’s responsibility does not end in managing relationships within the workplace. It is also imperative that they look at the bigger picture when it comes to the completion of tasks, especially managing timelines and keeping to schedules. Providing realistic deadlines and communicating them clearly to the employees and understanding the need for flexibility in time of change.

9. Influence

A leader must possess the ability to influence their employees positively. For instance, encouraging an employee to ‘buy in’ to a project, go outside their comfort zone or enhance productivity. A leader should have the influence to encourage that improvement. A positive influence is an important skill that can help a leader to support their employees and encourage them to go further and do more.

10. Decisiveness – One of the must have leadership qualities

One of the most important qualities a leader should have been the ability to Understand what decision to make and when to make it at every given point in time. Being able to give answers to questions accurately and effectively ensuring that schedules are not interrupted is key to good leadership.

However, let us understand these:

-For any individual who wants to advance to the leadership position within a business or industry, some level of management skills is required in that progression, because when it comes to applying for higher-level roles, especially in most competitive industries, the criteria for recruitment will not just end at an individual’s formal training or specialist insight.

This is because leadership skills have the potential to help a candidate stand out. Recruiters will evaluate the soft skills of every candidate – and leadership is one of the most important skills to exude.

A new manager may have the capability and knowledge to demonstrate excellent work and maintain high organizational standards but may lack the leadership skills necessary to inspire and motivate others to do the same.

–Leadership skills are profitable and essential to the success and developmental aspirations of the company. Leadership skills are particularly important in every industry, whether you are a doctor, engineer, mechanic, or a regular office worker.

They are the basis for effective productivity and collaboration beyond technical knowledge. Great leadership has the potential to offer massive benefits to companies in the long term.

-Leadership skills can affect everyone in the workplace. For a workplace to be toxic free, healthy, productive, and consistent, quality leadership skills from managers and team leaders are required.

A job is not merely to get the work done, in the modern workplace, it is more of working in collaboration and perfect harmony with others. – from understanding people’s different perspectives and managing conflicts, to building working relationships and a quality team.

Web 3.0: What is it, and why should you care?

Oluwaseun Sanni
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Web 3.0: What is it, and why should you care?

The internet has come such a long way. Today, the number of things we can do with our smartphones and computers (more like small and big computers) would have been unimaginable in 1991 when the internet was invented. Today, you can transfer files, communicate, socialise, shop and do all sorts with your smartphone.

But what if I told you there is a lot more we can do with the internet? Yes, there are more possibilities, and we have only scratched the surface thus far. A proof of this is the introduction of the metaverse and all that it comes with. Ladies and gentlemen – Web 3.0!

What is web 3.0?

In Web 3.0, data-driven and semantic web-based applications came to be through machine-based knowledge of data. As a result, Web 3.0 makes websites more intelligent, connected, and open.

Following the shift from Web 1.0, an information provider where people read websites without interacting, to Web 2.0, an interactive social network that allows collaboration among users, Web 3.0 will likely impact the design of websites and how the public interacts with them.

As a result, we can describe Web 3.0 as “read-write-execute.” In its abstract form, this is difficult to imagine. A good example is semantic markup and web services.

Understanding Semantic markup

Semantic markup is used to bridge the communication gap between humans and computerised applications. Providing context to data on the web is one of the biggest challenges because applications cannot understand what is relevant to data. Data could be transformed into a form that humans understand via natural language and can be interpreted by software applications via some semantic markup (or data interchange formats).

Although still in its infancy, this concept – formatting data so that software agents can understand it – is what is meant by Web 3.0’s “execute” part.

Read Also: What is this NFT everybody is talking about?

Software for supporting computer-to-computer communications over the internet is called a web service. Web services are not new and are often implemented through application programming interfaces. Shutterstock, a popular website for sharing photographs, provides a web service that allows developers to search for images programmatically.

Many web services exist. Combining semantic markup with web services can produce a web 3.0 experience – applications that can communicate directly with each other and interpret information for humans.

The problems with web 2.0

Back then, people who wanted to publish online used their computers to run their web servers. A good understanding of technology was needed, but information was disseminated throughout the internet.

Thanks to the growth of the web, companies were able to build web publishing platforms that removed technical barriers. Unsplash, for instance, allows photographers to upload their photos to the internet and share them with others.

Similarly, YouTube made it easy for anyone to create video content, while WordPress made it easy for anyone to create blogs.

Online access has been made easier by social media in particular. Web 2.0 is generally referred to as the period when all of these services took off.

As a result of this development of easy-to-use publishing technologies, the internet became more centralised, and some of its potentials were lost.

The decentralised web

According to proponents of decentralised webs, today’s web is plagued by three major problems: openness and accessibility, censorship and privacy, and the archiving of information.

Accessibility and openness refer to the tendency of centralisation to lock people into specific services. It’s difficult, for example, to give someone access to your Apple’s iCloud photos if they have a Microsoft OneDrive account since those two accounts aren’t connected.

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People like Doctorow and Berners-Lee are deeply concerned about the second issue – censorship and privacy. Governments and companies can monitor internet use relatively easily with centralised web services. In the social media industry, for example, companies profit by selling personal data.

When we use social media, fitness trackers, and health apps to document our lives, we produce a lot of data about ourselves. By agreeing to the terms of service of social media companies, we freely provide this personal data.

Loss of historical record

Another problem with today’s web is that it is ephemeral. Information changes constantly, and websites go offline, so there is little that remains. In the ‘digital dark age,’ as Vernon Cerf termed it, much of the material on the internet won’t exist in 50 years as there will be no historical record.

One of the prime examples of the loss of history occurred when GeoCities, which hosted millions of personal websites, was acquired by Yahoo and subsequently discontinued.

Decentralised web technologies have already begun being developed and are based on technologies you may already know.

Peer-to-peer to the rescue

Peer-to-peer networking (or P2P, more simply) is one of the critical technologies to support a decentralised web. There’s a good chance you are already familiar with this concept since it’s the technology behind BitTorrent – the software used to illegally download new episodes of Game of Thrones by millions of Australians.

Instead of residing on a single server, P2P networks distribute information among thousands or millions of computers. Unless you own the files, it’s difficult to take the website offline since the contents of the files are distributed and decentralised.

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These networks also allow the retention of the information uploaded to them, thus providing archives of old information. More of these P2P networks are already being created by companies like MaidSafe and FreeNet.

Other technologies, such as encryption and blockchains, provide even higher levels of security, making transactions on these networks complicated to track and highly safe.

This combination of technologies could protect internet users’ privacy and make censorship much more difficult. It could also make it possible to securely pay creators for online content without using a third-party intermediary.

Artists could make a song available online so people can buy it directly from them without using a recording company or an online music service.

Web 2.0 vs web 3.0

Websites and applications that provide end-users with content created by users are considered Web 2.0. Many websites today utilise Web 2.0, mainly focusing on user interaction and collaboration. Another primary focus of Web 2.0 is to provide users with universal connectivity and communication channels.

As opposed to using just the content that others have contributed, Web 3.0 focuses on providing relevant content to each user through technologies like machine learning and artificial intelligence.  While Web 2.0 allows users to contribute and, in some cases, collaborate on-site content, Web 3.0 is likely to transfer these tasks to the semantic web and AI technology.

Technologies that make Web 3.0 a reality

  1. The Semantic Web

You can think of the Semantic Web as a data web. In the future, web principles will extend from documents to data.

Data from different applications should ideally be linked together to create new use cases for users. For example, the possibility of looking back at your calendar and rediscovering the photos and music you listened to and did on specific dates.

There are three components of the Semantic Web Stack: RDF (Resource Descriptive Framework), RDFS (Resource Descriptive Framework Schema), and OWL (Web Ontology Language). Together, the tools mentioned above will result in a collection of semantically linked information instead of a group of HTML documents.

  1. Decentralised Technology

Blockchain and peer-to-peer networks are two of the vital decentralised technologies contributing to creating the new decentralised web. Peer-to-peer networks have existed since the 1990s, allowing computers to act as nodes to share files with one another. In the age of Web 3.0, peer-to-peer networks will become even more relevant.

The power of peer-to-peer networks has been harnessed by relatively new blockchain networks. To scale systems of decentralisation among larger groups of people, Web 3.0 blockchains integrate cryptography and consensus algorithms and peer-to-peer technologies.

It is an alternative to traditional databases, which we currently use for most of our online activities.

  1. 3D Interactive Web Technology

User experiences could be revolutionised with three-dimensional design. With e-commerce and geospatial contexts, the boundaries between the physical and the online have become almost nonexistent. 3D interactive web technology encompasses virtual identity management applications, virtual location management applications, and clients with 3D rendering features.

We can expect virtual identities to reach the same level of popularity as email addresses and mobile phones one day. Users’ identities and avatars could be managed by virtual identity management systems. To provide immersive 3D experiences across different web spaces, sharing virtual identity information across relevant client programs would be possible.

For this system, it may be necessary to use virtual location management systems, which would provide geospatial information and connections to make it easier to access virtual identities.

Hardware such as Google glasses can help to enhance the 3D experience as they have certain features that enhance interactivity, such as voice commands, visual searches, and 3-dimensional views online.

  1. The Social Web

We can define the social web as the combination of structures, interfaces, and web services that support human social interaction. As social networking sites acquired more relevance in users’ lives, Web 2.0 was also known as the social web, a phase of the web’s evolution where interaction between users increased considerably.

Web 3.0 would be significantly limited without the involvement of humans who meet, collaborate, and share content online. Existing applications have already laid the foundations for future interaction in the Web 3.0 space, which many don’t know. Facebook, Myspace, and Flickr are social web applications that new Web developers will build around utilising more advanced technologies.

Social media in Web 3.0 will probably be characterised by decentralised technology to some extent. Incentives may be used to reward users for their participation on social media platforms built on blockchain networks, resulting in platforms that operate without a centralised authority. An example of such a platform is Minds.

In Conclusion

With web 3.0, experts claim that the world is about to undergo a digital revolution.  Even though it bears many challenges, it can bring tremendous change to everyday life and the way businesses are conducted. In order to truly understand Web 3.0’s impact, more practical applications need to be implemented. This will eventually come over time and with seamless adoption.

The Metaverse explained: All you need to know

Oluwaseun Sanni
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The Metaverse explained: All you need to know

When I wrote about NFT, I promised to dig into some of the other buzzwords in the world of tech. This is me keeping that promise, starting with this one that may change our world as we know it—introducing Metaverse!

You should have heard about the Metaverse by now; so hard to miss it with how popular it has become, especially after Facebook announced the change of its company name to Meta. In the video where he made the announcement, Mark Zuckerberg talked about how the company is positioning itself for the Metaverse, which he believes will change how we socialise, learn, shop and carry out our other daily activities.

Mark Zuckerberg announces Facebook change of name to Meta, talks about the Metaverse project

What is Metaverse?

Metaverse is a combination of two words – Meta and Verse. As for the first, Meta, it’s typically a prefix in computer science that means ‘about’. For instance, Metadata is a type of data that tells more about other data.

On the other hand, Verse derives its meaning from the Latin word vertere, which literally means ‘to turn’. So “Universe” actually just means “one turn”.

Based on the above, we can conclude that the metaverse means data turn or data turning? Not exactly. The word Metaverse came to be through the combination of Meta to the verse in Universe, not necessarily based on the original meaning of the word verse, but instead based on its deductive meaning as it relates to the world as we know it.

Away from the word’s etymological meaning, Metaverse is a virtual-reality space where users can interact with a computer-generated environment and other users (Oxford Languages). Think of it as an imaginary world where everything possible in the world as we know it today would also be possible. Mind-blowing!

History/evolution of the Metaverse

The Metaverse, like anything else, went through different phases, with several contributory factors to get to where it is today. You probably already know that the number one important factor here is the internet – without the internet, the Metaverse concept would be inconceivable. Others include:

1992 – Snow Crash

In 1992, science fiction author Neal Stephenson conceived the concept of the “metaverse,” where humans act as avatars and interact with software agents in a three-dimensional virtual world inspired by the real world.

1993 – Proof of Work

In the context of computer security, the term and concept were introduced to prevent email spam. Over time, proof of work became one of the primary ways to verify and legitimise transactions on a blockchain, specifically computer-based currency mining.

1998 – B-Money

Computer engineer Wei Dei developed a decentralised, distributed cryptocurrency called b-money. Although it never happened, some concepts were similar to those found in Bitcoin, which emerged years later. A key component was the use of Proof of Stake, an alternative mining algorithm based on the developer’s current cryptocurrency holdings rather than raw computing power.

2002 – Digital Twins

Then at the University of Michigan, Michael Grieves presented the concept and model of the digital twin at a Society of Manufacturing Engineers conference in 2002. Digital twins were introduced by Grieves as a model of product lifecycle management.

2003 – Second Life

In 2003, Philip Rosedale and his team at Linden Lab created the online virtual world Second Life. This was an essential precursor to today’s Metaverse worlds. It was a less-than-optimal experience due to low bandwidths and slow “res” times for Second Life users. Despite this, there are still over a million active Second Life users, each spending over four hours a day in this virtual world.

2006 – Roblox

The online platform offered users the opportunity to create and play games developed by other users. When the pandemic began in 2020, it became a significant source of interaction among young people, ranking third among games in terms of gross sales.

2009 – Bitcoin

In 2009, Satoshi Nakamoto, the mysterious creator of bitcoin, mined the genesis block of bitcoin (block number 0) for a reward of 50 bitcoins, which launched the bitcoin network.

2009 – Blockchain

In addition to creating Bitcoin, Satoshi Nakamoto also created blockchain to serve as the public ledger of Bitcoin transactions.

2010 – Play-to-Earn Technology

The Gacha system began as a game in MapleStory in the early 2010s, based on the concept of capsule toy vending machines. To earn currency, players would engage in random draws from a set of items based on predetermined rarities, often to earn powerful in-game rewards by collecting all the items in one set.

2011 – Ready Player One

Many young people were introduced to the concept of virtual reality through this novel by Ernest Cline. Steven Spielberg’s 2018 film adaptation made the idea even more vivid and became more popular.

2012 – NFTs

An NFT or “Nifty” is a Non-Fungible Token representing a unique item rather than fungible tokens like Bitcoin, which are interchangeable. NFTs have been around since December 2012 with the creation of coloured coins, in which additional information is incorporated onto bitcoins to become unique instead of fungible. A young Vitalik Buterin was the man who spearheaded this effort to improve the Bitcoin blockchain.

2014 – Vitalik Buterin

Paypal came to life when Peter Thiel’s Confinity merged with Elon Musk’s X.com in 1999. eBay bought PayPal three years later for $1.5 billion, making Musk and Thiel extremely wealthy. In 2010, Peter Thiel announced the creation of the Thiel Fellowship, a $100,000 grant meant to encourage students under the age of 22 to leave school and pursue other careers. Vitalik Buterin, the co-creator of Ethereum, was one of the grant recipients in 2014.

2015 – Ethereum

The Ethereum Network, along with the Ethereum blockchain, was launched in July 2015 by Vitalik Buterin and Gavin Wood.

2015 – Decentraland

In 2015, this platform’s first iteration was introduced. It assigned “land” based on a proof of work algorithm. Real estate plots in the game have sold for more than $100,000 due to the 2021 NFT boom.

2015 – Smart Contracts

Nick Szabo coined the term “smart contract” in the early 1990s to refer to “a set of promises specified in digital form and protocols that enable parties to perform on those promises.” Following the launch of the Ethereum blockchain, the term “smart contract” has become more specific to general-purpose computations performed on a blockchain.

2016 – Pokémon GO

A virtual world was overlaid on the real world for the first time in Pokémon Go. This gaming app uses GPS technology to locate, capture, train, and battle virtual creatures, dubbed Pokémon, that appear to be in the player’s real-world location.

2016 – The DAO – Decentralized Autonomous Organizations

In May 2016, a crowd-funded token sale launched the DAO, which set the record for the most extensive crowd-funding campaign in history. The plan was to create a decentralised venture capital fund based on Ethereum’s blockchain. Using a vulnerability in The DAO code, users could siphon off one-third of the project’s funds into a subsidiary account in June 2016. This led to the demise of The DAO as an entity. However, the concept of decentralised autonomous organisations (DAOs) is still relevant, albeit greatly improved from lessons learned from DAO’s experience.

2017 – Fortnite

Upon its release, this multi-player video game became a massive success, and it got many people interested in the look and feel of the metaverse and cryptocurrency.

2018 – Dai Stablecoin

Adding a stablecoin to an otherwise volatile crypto market was one of the goals of Dai Stablecoin. Pegged to the US dollar, a centralised Dai Stablecoin became considerably less volatile and more reliable than cryptocurrencies whose value has no link to any fiat currency or linked to other cryptocurrencies.

2018 – Decentralized Exchanges (DEX)

Bancor was hacked and lost $13.5 million, causing a significant PR setback for cyber currency exchanges. Despite their uncertain legal and regulatory foundation, DEXes still serve a purpose as a way for people to transact in their cyber currencies person-to-person instead of through centralised exchanges.

2018 – Axie Infinity

The popular NFT virtual reality game, Axie Infinity, was introduced in 2018. By mid-2021, it was the platform with the highest total market value of all play-to-earn games.

2020 – COVID

In the wake of COVID’s outbreak in 2020, most of the world’s population was on lockdown, leaving them with few options. Because of this, the Metaverse has quickly become a popular destination for young people, gamers, and those who want to make money online. Metaverses are rebelling against real-life institutions in today’s polarised world – the more ingrained they are, the more they are at risk.

2020 – Decentralized Apps (Dapps)

Over $2 billion worth of tokens has exchanged hands on six major blockchain platforms. There has been a move towards cutting out the middleman, as open-source, transparent applications have continued to emerge to enable games, DEXes, Defi, and other acronymised uses. Despite the belief that dapps are an emerging trend, the first dapp was the Bitcoin app over a decade ago.

2020 – First Concert in the Metaverse

Approximately 30 million people watched Travis Scott and Marshmello perform in Fortnite in April 2020.

2020 – Solana

A blockchain dapp, Solana, was introduced in April 2020. SOL, the cryptocurrency used by this dapp, is mined with an alternate proof of stake algorithm (POS) instead of Ethereum. Furthermore, ownership issues were clarified and simplified with Solana’s “proof of history” consensus tool, which inserts timestamps into its blockchain.

2020 – Alien Worlds

A wildly popular dapp, that uses a multi-metaverse interplanetary plot to have NFT characters interact in a decentralised organisation to perform tasks such as mining tokens. By 2021, Alien Worlds had more than 2.5 million users, but its significance goes beyond that – the purpose of the game is to teach people about cryptocurrencies and crypto-mining.

Source: Futurist Speaker

How will the Metaverse work?

From an individual point of view, it would mean that you could meet up with friends or potential friends no matter where they are. Additionally, compared to facetime or chatting, it would offer a far richer, almost real-life experience. However, as with any new medium, active “players” are essential for success. 

How will the Metaverse affect businesses?

It will provide a range of opportunities for businesses. Virtual offices will be like nothing else we’ve ever seen. Companies with offices in different countries will probably feel a lot more connected. You could attend virtual meetings with international colleagues and even arrange a virtual after-work social event with this new technology. Additionally, businesses could hire employees based in other locations to a greater extent. Another significant aspect of this is that it also offers employees the opportunity to learn different technologies more efficiently. Virtual reality allows us to create simulated scenarios to train employees without physically having them present.

However, its success beyond the VR goggle phase will require further development. With time and different iterations, we can assume it will be as seamless as some episodes in Black Mirror, where it is just a sort of device you wear around your neck. We should also consider the issue of security, and how we can protect our integrity and individuality regardless of whether or not we are on the internet. Although we are already doing so, considering you as an individual will be travelling data between networks instead of a chat message, it is worth considering.

How will the Metaverse affect politics?

In terms of politics, while this aims to bridge the distance gap and create a globalised world, it also threatens equality. Not everyone can afford a smartphone or laptop, and the internet connection is still relatively slow in some parts of the world (Nigerians say hi). There is no doubt that this will have a role to play here since we can assume that those who cannot afford a phone will also not be the first to purchase a VR headset—adding to the gap between connected and disconnected people.

Conclusion

Metaverse is one more proof that change is inevitable, and all you have to do is embrace it. Is it going to be perfect from the go? I think not. It’s going to come with its challenges with several criticisms and critics. But it’s only going to keep getting better.

Can it possibly be used for ulterior motives by big tech companies and fraudulent individuals? You can’t rule any of these out judging by antecedents. But, again, it will keep getting better, and the positives sure outweigh the negatives.

9 Effective Ways to Enhance Your Personal Development – ExpertsNG

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9 Effective Ways to Enhance Your Personal Development – ExpertsNG

Personal development has to do with the process of consistently and consciously improving on yourself in the various spheres of your life. It is the conscious endeavour of personal growth whereby you improve on your personal skills, knowledge, proficiencies and talents. However, the key element to personal development is the growth in your personal life which enables you to seek self-fulfilment and proactively reach your utmost potential.

Personal development/self-improvement is a lifelong process that enables you to assess your abilities, set goals, and then take actions that would help you to achieve those goals and to utilize your potential. The utmost goal of personal development is to be a self-fulfilled person. That means living consciously at your full potential and reaching real happiness in your life. Below are some effective ways you can build on yourself.

1. Get Rid of Your Fears: Fear can be a hindrance to your growth and progress. If you are not bold in public speaking, for instance, take an artist class or incorporate in a group that helps people become great public speakers. If you be afraid of taking risks, get yourself a mentor who can aid you in making good decisions and building your confidence. Improve and learn by trying out things you are not comfortable doing because of fright. If you are a shy person, try starting a conversation or introducing yourself to new people whenever you find yourself in a gathering/meeting.

2. Adopt the Attitude of Reading: Reading can enhance your rationale and vocabulary and keep you informed. It can also stabilize your mind and improve your critical thinking skills. Achieve this by setting a goal to read at least one educational or motivational article per day, or one book per month.

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3. Be Open to Learning New Things: Learn a new skill or acquaint yourself to researching. You can, for instance, take a course to learn another language, a new software program or how to write creatively. Engage in attending an online seminar on personal development topics such as entrepreneurship or digital marketing.

4. Ask for Feedback from Well-meaning People:  Consult a family member, friend, colleague, or manager, and ask them to give you feedback on your recent project or accomplishment. Use their positive feedback as well as their constructive criticism to find ways to improve. Sometimes all you need is an outside, unbiased opinion to get a unique perspective.

5. Observe Successful People: Observe and learn from the people that inspires you. This could be someone you know, such as a mentor, family member or public figure. Find out the qualities you admire in them and try to replicate those qualities on yourself.

6. Network with Productive People: By interacting with people who are productive in their endeavours, you can learn innovative ideas and understand how to do things differently to get better results. You can also identify with people and develop relationships that might help you in the future. Network with people from different organizations and shared interest groups or attend conferences and activities on topics that interest you.

7. Have a Personal Journal: Having a journal and writing things of personal concern on it every day or every week can help you gain self-awareness and reflect on those things. They can be your dreams or goals you have set to accomplish, writing them down will help you to remember and reinstate them in your subconscious mind.

8. Engage in Meditation: Many people engage in meditation to gain clarity and awareness on their life’s purpose and to reduce stress and anxiety. Meditation can aid you to focus on your self-development and goals in a healthy, positive, and tranquil way. Scheduling a break from work or quiet time for yourself can help you to relax and focus.

9. Get a mentor: If you need help finding ways to build your self-development, get yourself a mentor. A mentor could be a manager, professor, someone you admire or a professional personal growth mentor.

While personal development skills can be beneficial and vital to all parts of your life, these practices can be useful in your workplace and help you advance in your career:

• Be an active listener. One of the effective ways of being a good communicator is paying attention to what other people are saying. Concentrate on understanding what your colleagues and clients are saying so you can remember the information they are passing across and respond well. Adopt the use of effective and professional listening and communication skills in everything, from phone conversations to job interviews.

• Learn to Work Well with Others. Your ability to work and associate well with others makes you a valued team member. You should be capable of collaborating and motivating others. Cultivate a social skill that would help you to build relationships with colleagues, customers, acquaintances, and clients of diverse backgrounds.

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• Have an Organized time, work, and materials. Have well planned out tasks so you can carry them out quickly and easily. Prioritize your projects if you are managing more than one. If you are well-organized, you will be able to manage your time well, meet your deadlines and collaborate effectively with others.

• Don’t shy away from challenging situations. Whenever you are faced with a problem, evaluate your options to determine the best solution. Know when to seek advice or research different scenarios like the problem. People who can work through complex problems and think critically trying to solve the problems usually make good decisions at work and in life.

• Believe in yourself. When you believe in yourself you are likely to exude notable confidence in your decisions, and this will make others believe in you as well. This positive energy can help motivate and instil confidence in those around you. You are bound to manage challenges and reach your targeted goals if you approach them with confidence.

• Be Flexible and Adapt to change. Be flexible so you can manage changes that may occur at work and life easily. Adaptable individuals can function well both alone and, on a team, manage impromptu and multiple projects, work under a variety of conditions, and welcome innovative ideas. Your ability to respond well to change can also make certain situations less hectic for everyone involved.

• Be truthful. Honesty is fundamental to a positive relationship with colleagues and supervisors. Practice good morals and stand by your values. Integrity tends to earn you respect, satisfaction and a good reputation at work.

• Be devoted and enthusiastic about your job. People with decent work ethics tend to be more productive, trustworthy, and determined to deliver quality work. This dedication can help your complete tasks on time and motivate your peers.

• Guide those around you. To be a good leader requires confidence, vision, and communication. People who have developed these leadership qualities can help their team progress and be productive without being controlled.

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What is this NFT everybody is talking about?

Oluwaseun Sanni
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8
What is this NFT everybody is talking about?

No term has confused me more than NFTs and its relatives such as Defi, Metaverse, Web 3.0 and others in recent time. You will agree that cryptocurrency’s introduction and massive adoption have opened the flood gate of new tech buzzwords. For starters, you have new cryptocurrencies being introduced to the market almost on a daily basis. I just heard of one that is increasing in popularity by the day. They said the name is $Shibi (funny, because shibi is a spoon in Yoruba language). Someone is probably working on plate crypto as we speak.

Anyways, as I learn more about each of those other terms, I will be here to share with you. But for now, what is NFT?

I came across NFT first on Twitter. Some random guy somehow found his way to my TL to announce that he sold a piece of art as NFT for about $100,000. I know the prices of artwork can be very unpredictable to a layman like myself (for instance, why is Monalisa painting that expensive? why?) but from the reaction on this post, that artwork wouldn’t have sold for that much in physical market. So, safe to say this was the beginning of my confusion with NFT; 

Today I know a lot more about NFT, and I’m going to make sure you know as much as I do by the end of this read. Let’s go!

What is NFT?

NFT stands for non-fungible token. Non-fungible tokens are digital assets that are unique and not interchangeable. To better understand what NFTs are, you should know that the opposite of NFTs are fungible assets which include money and even bitcoin. For instance, you can swap your N10,000 for $24. This is however not possible with an NFT because it’s not interchangeable.

Did you know that people were also sceptical about paper money when it was first introduced? Well, now you know. So, whatever scepticism you have about NFT now will most likely not stand the test of time.

Digital objects are used to create NFTs which represent tangible and intangible items, such as:

  • Art
  • Music
  • GIFs
  • Designer sneakers
  • Videos and sports highlights
  • Virtual avatars and video game skins
  • Collectibles

A reason to buy an NFT is its emotional value, which is not so different from what you get when you purchase an item in the real world…unless you’re an absolute utilitarian. For instance, lip gloss is not a necessity. People, mostly ladies, buy it because how it makes them feel – emotions. The same applies to digital assets like GIFs, images, videos, or other types of media.

Another reason is that you believe it’s valuable…and only going to increase in value. Yes, it is possible to profit from an NFT by buying and reselling it at a profit.

what is nft?
Bought for $3,600, but the buyer now wants to sell for $16,300

Are NFTs new?

NFTs have become popular in recent times, but that does not mean they are new. Andrew Steinwold found that their origin goes back to 2012 blockchain-backed Colored Coins, but the CryptoKitties, which had everyone buying virtual cats in 2017, brought them into the mainstream.

NFT interest has exploded recently, as evidenced by Google search trends. CryptoKitties’ creators have created Top Shot, a platform that lets NBA fans sell, buy, and trade highlights, and digital artwork.

How do NFTs work?

NFTs are fundamentally part of the Ethereum blockchain at a very high level. Like bitcoin and dogecoin, Ethereum is a cryptocurrency, but its blockchain also supports NFTs, which can store extra information that makes them different from, for instance, an ETH coin. By the way, NFTs can be used in other blockchains as well.

Here is where NFT gets a bit complicated. A work of art could be going for a million dollars, and you, a random Joe, could still be able to download the same piece of art for free. That makes no sense, does it?

what is nft?
What you get with this is a copy, not the original thing

Well, a digital file can be copied unlimited times, including the artwork that comes with an NFT.

However, NFTs provide something that cannot be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just as in the case of a physical piece of art). Putting it in terms of physical collection: anyone can acquire a Monet print. However, the original can only be owned by one person.

How to buy your first NFT?

If you’re interested in starting your own NFT collection, you will need a few key items.

As a first step, you must get a digital wallet where you can store your NFTs and cryptocurrencies. Depending on what currencies your NFT provider accepts, you might have to purchase some cryptocurrency. Coinbase, Kraken, eToro, PayPal, and Robinhood now allow you to buy crypto with your credit card. The money can then be transferred to your preferred wallet from the exchange.

As you research options, you’ll need to take fees into account. A percentage of your transaction is often charged when you buy cryptocurrency on exchanges.

Common NFT terms and meaning

  • NFT – Non-fungible token
  • Non-fungible – Unique
  • Token – Certification of uniqueness stored on the blockchain that can represent any physical or digital good
  • Certified – Real
  • Gas – A fee required to complete a transaction on Ethereum. It’s like a processing fee for bank transactions.
  • Taxes – Paid for the ability to transact
  • Mint – To create an NFT
  • Pfp – A type of NFT made to be used as a social media avatar. Look around; they are now widespread on Twitter.
  • Floor – The cost of buying the cheapest NFT in a collection that’s available for sale
  • OS – OpenSea, which is the current largest marketplace for NFTs
  • To ape in – To buy into a new NFT or coin project
  • Hodl – To not sell (i.e. hold) your NFT or coin. It directly translates to Hold on for deal life.
  • FUD – Fear, uncertainty and doubt
  • Weak hands/paper hands – Those who sell their NFTs early and end up missing out on future profit
  • Pumping – When an NFT or coin price is going up pretty fast, usually because someone with a massive influence on social media said something positive about the project
  • DYOR – Do your own research
  • NFA – Not financial advice
  • Rug pull – When NFT project developers abandon it and run with the money. Fraud basically.
  • NGMI – Not going to make it, i.e. missing out on an opportunity to make money
  • WGMI – We are going to make it. Basically, the opposite of NGMI
  • Gwei – Cent is to dollars what Gwei is to Ethereum
  • Airdrop – A free NFT usually given as a reward for holding another NFT
  • Burning – Destroying your NFT, usually to reduce supply and, by implication, increase the price of remaining relevant NFTs
  • Sniping – Getting a great deal
  • Sweeping the floor – Purchasing all the NFTs in a project that are available at a floor price
  • Breeding – The process of making a new NFT out of an existing one

10 EFFECTIVE WAYS TO RESTRUCTURE YOUR VISION IN 2023

Favour Victory
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309
10 EFFECTIVE WAYS TO RESTRUCTURE YOUR VISION IN 2023

To have an unobstructed vision is more like knowing what is most imperative to you at the deepest level. You can have numerous visions that link up with each other, and when you feel them fully within yourself you will come to realize where you are and where you want to be.

Your vision and the feelings you attach around it have a huge influence on your everyday experiences and choices. Creating a clear and purposeful vision of the life you want is one of the most effective tactics to achieving the life of your dreams.

Having a Vision for Your Life is More Important than Individual Goals.

Having a vision is different from having goals.

•Goals are how you set out to achieve something

•Goals are not always in alignment with what you want and need, because they can come from a place of extreme expectations and negative beliefs.

•Goals have the tendency of making you feel like a failure. They can easily produce stress and tension – just look around. We live in a goal-driven world!

Your vision on the other hand:

Embodies your utmost values and your perception of the future without being too generic.

A vision comes from the inside, because it makes you understand why you are doing what you do, and it makes you enthusiastic/motivated on following up on it.

Your vision is accompanied by a strong intuition, which is why it is sustainable and more likely to be achieved.

Your vision leads you on a clear path to your personal and professional dreams.

Tapping into your vision will relieve you from self-doubt and enable you to attract what you want.

Your vision is your root. The stronger your vision is the deeper you are rooted and less affected by the fierce winds around you.

Having an unclouded vision will support you daily in:

-Living your life to the fullest, it will guide and support you through challenging times.

-It will give you the clarity you need on your next step and help you in finding your purpose and place in life.

-Your vision is what you need in taking smart and sustainable decisions and setting your boundaries in line with where you want to be.

Vision will help you to concentrate your time and energy on the things that support your life’s vision, instead of chasing the things that do not. And it will help you to feel good along the way regardless of what people think, and you will do those things with so much ease.

However, if you feel like you are still walking in the dark and that you have no sharp vision and direction for your life. If you still feel lost as though you are just going round in circles, I implore you to brace up as most men feel like that at some point in their lives. Having a written statement of your vision can help. And here are ten ways that can help you set a vision for your life.

1. Endeavor to resolve old wounds.

It can be quite daunting to embrace a new vision for your life if you are still bruised by old wounds that have not healed completely. Spend some time in introspection, -free your mind from all resentments you are harbouring in your heart. -forgive anyone you need to forgive, -seek for wise counsel, -have a sincere resolution within yourself about the things that are happening around you. Start the restoration process so you can move on.

“Set a vision for your life that would make the world better for you and others.”

2. Understand that it is not all about you.

If you are someone who thinks highly of himself and your importance, it is important to understand that you are not the centre of the world. Endeavour to have a vision for your life that would make the world better for others.

3. Explore your passion and talents.

To have an unobstructed vision you must identify your passion and talents, that way you will have a clue of what your purpose is in life, which will enhance your vision.

Suggested: Things You Must Know to Effectively Invest in Nigeria

4. Spend time with people you admire.

Identify and associate yourself with people you admire. Inquire from them how they got to where they are now, and why they do. With that, you will have a glimpse of how to start off your own journey.

5. Envision what you want your life to look like.

To have a sharp vision, you need to make a definite decision on -what you want your life to look like soon, what type of man/woman you want to be, how you would like your family to look like, and what career you would like to venture in.

6. Do not limit yourself.

You must have it in your mind that you are not limited to anything. If you can conceive anything in your mind, then it is possible. Do not give room for fear and lack of confidence to shorten the depth of your vision. Dream big because no dream is impossible to achieve.

7. Don’t let people’s opinion influence your vision.

You may have loved ones who may mean well for you but may be timid and feeble minded. So, taking their opinion may prevent you from dreaming big and having an unobstructed vision.

Suggested: “I Used to Prefer Science Subjects” – Novelist and Scriptwriter, Lois Burutu

8. Write down your mission statement.

To make your vision valid and definite, ensure to write it down and place it where you can always see it. This will help to reinstate it in your subconscious mind. Also, write down all the action steps you need to take to actualize your vision, and place it close to your vision so that you can have your eyes on them till you actualize your vision.

9. Find people that will seek your accountability.

Have positive and well-meaning people who will encourage you and hold you accountable to stay focused on your course. Ask them to keep you pressed on it.

10. Be flexible.

In as much as standing firm on your vision is important, you must understand that change is needed when you encounter certain circumstances. This does not mean that you should let go of your vision, rather, making slight adjustments is required.

7 Ways To Prevent Business Failure

Olufemi Akinyemi
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284
7 Ways To Prevent Business Failure

Business failure by definition is a business that has closed or ceased operations for whatever reason.

The result of a business failure in most cases is the loss of creditors’ investments in terms of funds, time and other investments put into such a failed business.

Whether you’re starting a business or expanding one, one of your primary concerns may be avoiding business failure. The percentage of businesses that fail within their first few years is quite alarming.

Unfortunately, business failure is commonplace: 20 percent of small businesses fail within their first year, and 96% fail over 10 years. What’s even wild is that the remaining 4% aren’t necessarily successful – most of them may just be staying afloat – barely surviving.

How can we prevent small business failure? Let’s explore the some reasons why businesses fail and learn how to overcome business failure, they can be avoided. But first, what does failure mean to you?

Eight Primary Reasons Why Businesses fail and How To Prevent Business Failure

Many business owners want to know why business fail; many more want to know how to prevent failure. This article is an expose and guide on how to navigate these business pitfalls. Plesae let me know your thoughts on the comment section.

Business failure Definition – Failure is a relative term. What others may consider as failure may be seen as pivoting or something else by others. For the purpose of this article, a business is deemed a “business failure” if it has ceased to exist.

However, there may be entirely legitimate reasons why a business may cease to exist, irrespective of the number of years it has existed. For example, the owner may be considering retirement and decide to shut down the business rather than try to sell it or transfer ownership; this isn’t a failure.

Here Are Some Causes of Business Failure

Why Businesses Fail

Failure is interesting – It’s part of making progress. you never learn from success, but you do learn from failure.

James Dyson, British inventor

1. Problems with business plans

The foundation of a successful business is a solid and realistic business plan. Your plan should detail your business’s goals, how it will achieve those goals, as well as potential problems and solutions. It is important as a business owner to understand these major pitfalls and how to prevent failure.

Having a business plan and following it is essential to prevent failure. Trying to double your spending or change your strategies will only lead to business failure. Keep your business plan constantly updated – No business plan is extensively accurate. If it is inaccurate, it is better to find out what is wrong, fix it, and follow a new strategy rather than making significant changes based on a few quick observations.

If you make more mistakes, the more expensive your business will become and the greater the likelihood of failing. You could prevent failure by having a well researched and solid business plan.

2. Failing to Conduct Adequate Market Research

Imagine that you’ve always wanted to open a real estate agency business, and now that you have the means to do so, you lose sight of the fact that the real-estate market has collapsed, and there are already too many agencies in the area, making it extremely difficult for you to break into the business. (Note that this is only an example and does not represent the current state of Real Estate). 

In addition to conducting a solid market research, you could prevent failure by studying what you business competitors do in the market.

3. Bad location, online presence, and marketing

If foot traffic is your business’s primary source of revenue, the wrong location could be catastrophic. However, a weak online presence could be just as dangerous. Nowadays, your company’s online presence and social media strategy can be as important as its physical location. Having an online presence will make people aware that they can give you their business. If your business needs are already there, the next step is showcasing your availability and visibility.

Marketing is similar to this. You must not only make sure your marketing reaches people but the right people as well. Make sure your marketing strategy aligns with the audience you are trying to reach. An Internet company may not benefit from giant billboards, just as heavy-construction businesses may not benefit from online advertising. When the need for your product or service is already established, ensure you’re reaching out to the people who need it.

4. Insufficient funding

Cash is king. Supervise your cashflow and avoid going into unnecessary business debts.

When you have just started a business and things aren’t going well, and your business is struggling, it’s not a good time to ask for another loan. As an entrepreneur, you can plan to start with enough money to finance your business until the point where cash starts to flow into the business.

At the beginning, stretching your finances might mean that your business never gets off the ground, and you’ll still owe a lot of money.

5. Too rapid expansion

what is nft?
Why busineses Fail

After your business has been established and considered successful, it’s time to expand. However, expanding is like starting all over again. Be aware of the new markets and areas into which your business plans to expand to. Make sure that when you expand, you do not lose the scope and focus of your company. It is important to understand new products and services.

Businesses that expand too rapidly and do not take the time to research, strategise, and plan, may suffer unnecessary financial drain and ultimately lead to a failed business.

6. Staying rigid

Don’t get complacent after you do all your planning, set up your business, and gain customers.

It is possible that the market need you’re fulfilling won’t always exist. Keep an eye on market trends and know when to adjust your business plans and strategy. Not reacting appropriately to changes in the marketplace is as risky as not growing.

Though some businesses thrive at the time when they need to change or adapt, their successes make it difficult for them to realise that in order to be successful, you need to embrace change. In most cases businesses stay rigid for fear of business failure in an unchatted territory.

Companies such as Music or Blockbuster videos can serve as examples of how a thriving industry can undergo dramatic changes such that if they refuse to adapt to changes in the marketplace, they end up as failed businesses. Examples of such businesses are: Blacberry, Enron, and Kodak.

You can adjust your strategy to remain successful by staying on top of major trends.

RELATED: The Global Companies that Failed to Adapt to Change

7. Not Providing Adequate Value

Most entrepreneurs do not understand how to provide real value to their customers. It is important to know what your customers want and how to solve their pains. If your business does not provide adequate value to an adequate number of customers to derive profit, then it would inevitably fail.

How many businesses fail each year?

More than half of all small businesses fail within a year, according to the SBA estimates in a March 2013 Forbes article. Also from the SBA, 10 to 12 percent of small businesses with employees close each year. In contrast, sole proprietorships fail three times more frequently than this. Some of this can be attributed to the ease with which sole proprietorships can be opened and closed.

Fundera’s research also found that about 20 percent of small businesses fail within their first year based on several research and studies. Thirty percent of businesses will fail within the second year. Nearly half will fail by the end of the fifth year. Approximately 30% of businesses will remain by the end of the decade, representing a failure rate of 70%.

Read also: How to start a consulting business in Nigeria

Industries with the best survival rates

The industries projected to be the fastest-growing in the next few years are alternative energy, health care, and information security. Entrepreneurship success rates in these fields are expected to be more than average.

Occupational growth for solar and wind energy installers and technicians is predicted to be 63% and 57%, respectively, by 2028. In that period, home health care aide jobs are expected to increase by 37%, and physician assistant and nurse practitioner jobs by 31% and 28%, respectively. The number of jobs for information security analysts is expected to rise by 32%.

Jobs are also expected to grow in the following industries by 2028:

  • Software development: Jobs in software development are projected to go up by 26%.
  • Physical therapy: Physical therapy assistants and aides will likely see 27% and 23% growth, respectively.
  • Forestry: Positions for fire inspectors and prevention specialists are expected to grow by 24%.

Industries with the lowest survival rates in Nigeria

From 2018 to 2028, a diverse set of industries will likely experience declines, including:

  • Communications equipment manufacturing (-24%)
  • Wired telecommunications carriers (-127%)
  • Apparel and leather manufacturing (-40%)
  • Printing and related activities (-85%)

Source: Bureau of Labour Statistics

In conclusion

All of these reasons why businesses fail shouldn’t scare or discourage you from starting your business. On the contrary, the aim is to arm with helpful information to know the pitfalls to avoid, especially as a new business.

Although the rate at which businesses fail in the first two years are around 20%, it does not mean that your business has a high rate for failure. By researching and planning your new business, you can avoid many pitfalls and stand a good chance of making it to 15 years and beyondand probably have the chance to take your business to the level of an IPO.

Things You Must Know to Effectively Invest in Nigeria

Taiwo Sotikare
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295
Things You Must Know to Effectively Invest in Nigeria

Many Nigerians know the importance of investment for financial freedom and security. They know the right investment can turn them into an overnight millionaire. While they can equally lose tons of money if it turns out to be the other way. And that is why many of them are very reluctant when it comes to investing money in Nigeria. 

Hundreds of times, people ask me daily how they can invest their money in Nigeria.

“Which investment platform can I recommend?”

“Should I join a particular trending Ponzi scheme business or buy some cryptocurrency and hold?”

“My friend told me there is money in Agriculture and if I can invest one particular amount, I will be getting a particular amount in return. What is your say to this?”

The inquiries are endless. 

Something often struck my mind in all efforts to provide suitable responses to most of these questions. Many Nigerians don’t really understand the full concept of what investment means. They only have a vague idea, and that is why making investment decisions is complex to them.

What is an investment?

An investment is anything you acquire that can yield either extra income in the future or appreciation. Appreciation is the term used to describe an increase in an asset’s value over time. Purchases of goods as investments are made not to consume the goods but rather to use them in the future to generate wealth. 

In simple layman’s terms, investment is anything that, if you purchase it now, has the potential to generate a higher return. 

What are the things you must know to invest in Nigeria effectively?

1. Understand The Investment Market

Generally speaking, taking the path of investing your money in Nigeria can be very confusing. At times that it seems like all you are doing is gambling. As a matter of fact, the two involve risk and choice – the risk of staking your money with the hope of higher returns in the future. The only difference is that gambling depends heavily on chance, and the returns often come quickly. However, investment can be easily scaled with an excellent technical analysis of the market. And this is why you need to understand the market you are venturing into. Why do you want to invest your money? Which platform do you find fascinating that you are willing to dig through the nooks and crannies? Below are a few popular investment opportunities you can explore. Take your time to research it and see the one that interests you most. 

  • Stocks & Indices
  • Forex and CryptoCurrency
  • Bank Savings & Fixed Deposit
  • Mutual Funds or Unit Trusts ETFs
  • ETFs o
  • Bonds
  • Real Estate
  • Commodities
  • FGN Savings Bond (FGNSB)

Whichever forms of investment you are planning to venture into, you must create time to understand the market to invest in Nigeria effectively. 

2. Set up your investment goals

To effectively invest in Nigeria, it is important you have a defined goal. As in, why do you want to become an investor in Nigeria? Why not just venture into one kind of business or use the money you want to invest in having a fulfilled, luxurious vacation? What do you want to do with the return on investment (ROI)? When do you want to use the interest you will generate from this investment? Asking yourself those simple questions will be a great starting point in your investment journey as a Nigerian. They will also help you decide which investment plan is best for you. You wouldn’t venture into real estate when you know that you will need the money back in less than 6 months. 

3. Define Your Investment Strategy 

After establishing your investing goal, the next line of action is defining your investment strategy. One of the things many Nigerians get wrong when it comes to investment is following the crowd. This can never work. You, as an investor, need to define the best strategies that work for you. 

What is your regular income? How much can you invest for long-term gain; how much can you stack for short-term gains? What are your impious like? Are you a risk-taker, or do you prefer to play it safe? What happens if this investment goes to zero? All these questions will help you analyze 

4. Find the Right Platform

Now that you have your goals set and you know the best strategies that work for you, it is high time you start looking for the right investment platform that matches your metrics. You can check here to read 20 different ways you can invest your money in Nigeria. Whichever platform you want to settle for, ensure it aligns with your investment goals and strategies.

5. Follow the rule of thumb 

Like I have established at the beginning of this article, investment can be a likeness to gambling at times. They both involve staking your money for a higher return. As such, there is a rule of thumb when it comes to investing your money, especially in a country like Nigeria.

“Don’t put all your money inside one basket.” I understand. I suggest you stick to the market you know. However, taking your time to explore other investment industries shouldn’t be a herculean task, especially now that you have one that you find more reliable. Just look for a means to diversify.

As a beginner, it will be fantastic if you still stay within the same circle. For example, instead of using all your capital to buy Shiba coins, you can consider investing a portion in other coins like Etherium, Doge, and even bitcoin. That way, you aren’t putting your money into one basket. And for senior investors, rather than investing all your money in real estate, you can invest a portion of your money in share with a promising company. 

Also read: How to Choose Between Investing and Trading

6. Consider stacking in long term 

Generally, a good investment takes time. Most short-term investments often require high risk, which might not be a good option for beginners. Plus, long terms investment often has higher returns. So, you must consider this when venturing into investment in Nigeria. It is okay if the market fluctuates. So far, you are in for long-term gain; you don’t have to overwhelm yourself. Rather than selling the stock or coins because it is dropping, giving it sometimes until it appreciates will save you from losing your capital and interest.

7. Be Willing to Learn

Investment is a risky business venture. You are at the stake of risking money, so don’t, and it is essential you know this if you want to do well as an investor in Nigeria. Going through the stress to understand the area you want to specialize in is worth working towards. Always be open to learning from other successful investors in your area of interest. Read financial and investment books. Join communities that can help you grow as an investor. Be open to corrections. Network with other investors. 

8. Remember this is Nigeria 

I wish I could sugarcoat this for you without brewing it directly to your face. However, since I am more concerned about opening your eyes to essential things you must know to help you maximize your investment journey in Nigeria, it will be unfair if I fail to mention this to you.

Nigeria’s economy is not entirely stable, and government decisions in the financial market can sometimes be very funny. You can’t entirely predict how things can go. Take a quick look at how the ban on cryptocurrency forces crypto traders and investors need to start cutting corners to carry out simple transactions that they could have run directly with their bank. Look closely at the conflict between CBN and fintech firms in the country. Imagine if you had a share with AbokiFx when the CBN started their accusation with him. Just take a close look and see for yourself. All these factors can be so funny that you must watch twice before investing in the country. 

Simple tips to help you maximize your investment career in Nigeria 

1. Invest in Dollars, not Naira

The Nigeria economy is never stable. The Naira currency keeps depreciating day by day, and investing your money in Naira can make you lose a huge substantial amount of money due to economic inflation. Instead of putting your money in a Fixed deposit, it would be more rational to invest in a foreign share or cryptocurrencies.

2. Avoid Network marketing; it never lasts

Network marketing, relatively close to Ponzi Scheme, is one of the trendiest investment schemes in Nigeria. Once every 3 months, one network marketing always pops up in the Nigerian industry, and people often flock to it. The absolute truth is network marketing in Nigeria is not a reliable form of investment; instead, it is more like a Ponzi Scheme. Talking about MMM, Racksteli, givers forum, to mention a few, are purely Ponzi schemes. 

3. Investment is not a get-rich-quick venture.

Don’t jump into any forms of investment because you are looking for a get-rich-quick venture. If your regular income is not enough to venture into an investment, consider boosting your income through different business forms before considering joining the investment. You can also make the sacrifice of looking for an avenue to generate regular income. Don’t invest when your regular payment is insufficient to help you survive. You can consider savings instead.  

5 Major Reasons Why Businesses Fail Fast

Olufemi Akinyemi
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705
5 Major Reasons Why Businesses Fail Fast

Businesses don’t just fail, they fail after they have given off certain pointers that most business owners either ignore or are not equipped enough to see.

Businesses fail for several reasons and many factors could be attributed to those reasons why businesses fail.

Like in life, however, we must learn from our mistakes and know that there is no such thing as failure; we fail only when we give up.

Entrepreneurship and risk-taking are ‘synonymous words’ – and business failure happens when business owners are unable to mitigate company-specific risks while simultaneously bringing a product or service to the marketplace at a price point that meets consumer demand levels. 

Studies show that many businesses don’t exist for more than one year, some last five years and others, ten years. This may be due to an over-confident knowledge-of-the-market point of view that the business owner assumes or otherwise.  

To avoid being in the statistic, business owners – or intending owners – need to understand the reasons why businesses fail, and how each challenge or crisis can be managed or avoided altogether.  

Some other reasons why businesses fail include mismanagement, lack of funding, faulty infrastructure or business model, lack of systems and structure and misplaced marketing initiatives.  

6 Quick Summary of Reasons Why Businesses Fail 

See also: Know Your Worth

  1. Financial hurdles – This is one of the major reasons why businesses fail because the owners start without proper funding.  
  1. Mis-management – if a business insists on retaining inadequate management team, a pattern will be created and it may lead to business failure.  
  1. Ineffective business planning – businesses fail because the owners don’t prioritise effective business planning.  
  1. Misplaced marketing campaigns – Business owners often fail to prepare for the marketing needs of a company in terms of capital required, prospect reach, and accurate conversion-ratio projections.   
  1. Lack of personal growth – business owners cannot stop learning once the business has launched. They need to invest in themselves.  
  2. Lack of a solid system and structire – As an entrepreneur, the best way you might have a chance of claiming back your life while building a successful business is to set up effective processes, systems, and structures.

Financial hurdles  

Another major reason why businesses fail has a lot to do with financial management.

Working capital or lack of capital should be an indispensable conversation when setting up a business. Many times, business owners understand how much is spent on daily operations, including funding payroll, paying fixed and varied overhead expenses, such as rent and utilities; and ensuring that outsourced tasks are well-funded. 

However, owners of failing companies are less in tune with how much revenue is generated by sales of products or services. This disconnect leads to funding shortfalls that can quickly put a small business out of operation. 

Business owners also fail to prioritise financially effective pricing on products and services. Many times, to beat the competition, small business owners take the price far lower with the intent to entice customers. While this is successful in some cases, businesses that end up closing their doors are those that keep the price of a product or service too low for too long. When the costs of production, marketing, and delivery outweigh the revenue generated from new sales, small businesses have little choice but to close down. 

Why businesses fail

How to avoid this problem?  

Business owners should learn to be realistic with their budget and be willing to fund the business from their pockets during the startup or expansion phase. Also, business owners should research and secure multiple financing options before funding becomes a problem. When the time comes to obtain funding, business owners should already have a variety of sources they can tap for capital. 

Mis-management 

Business owners are usually the only senior-level person in a company, especially if the business just launched operations. And, while the owner may have the skills necessary to create and sell a marketable product or service, there may exist a lack of attributes of a strong manager, which should exist since there are other people in the business to manage.  

How to avoid this problem? 

The business owner can outsource activities where is a lack of skills or time. A strong management team is one of the first additions a small business needs to continue operations well into the future. It is important for business owners to feel comfortable with the level of understanding each manager has regarding the business’ operations, current and future employees, and products or services. 

Ineffective business planning 

Small businesses often overlook the importance of effective business planning prior to launching. A sound business plan should include, at a minimum: 

  • A clear description of the business 
  • Current and future employee and management needs 
  • Opportunities and threats within the broader market 
  • Capital needs, including projected cash flow and various budgets 
  • Marketing initiatives 
  • Competitor analysis 

Challenges are unavoidable, but business owners who fail to address the needs of a well-laid out plan before launching will meet bigger challenges than they can take. Also, a business that does not regularly review an initial business plan—or one that is not prepared to adapt to changes in the market or industry—meets potentially insurmountable obstacles throughout the course of its lifetime. Lack of planning is one single reasons why businesses fail.

How to avoid this problem? 

Entrepreneurs should avoid scenarios that lead to reasons why businesses fail by having a solid understanding of their industry and competition before starting a company. A company’s specific business model and infrastructure should be established long before products or services are offered to customers, and potential revenue streams should be realistically projected well in advance.  

Misplaced marketing campaigns 

These are two problems with the same name. Many times, business owners fail to prepare for the marketing needs of a company in terms of capital required, prospect reach, and accurate conversion-ratio projections. When companies underestimate the total cost of early marketing campaigns, it can be difficult to secure financing or redirect capital from other business departments to make up for the shortfall.  

If you can effectively put the required work into your marketing campaign, you would have perhaps avoid another major reasons why businesses fail.

How to avoid this problem? 

Business owners need to have realistic projections in terms of target audience reach and sales conversion ratios. Businesses that do not understand these aspects of sound marketing strategies are more likely to fail than companies that take the time to create and implement cost-effective, successful campaigns. 

Because marketing is a crucial aspect of any early-stage business, it is necessary for companies to ensure that they have established realistic budgets for current and future marketing needs. Also, companies need to understand the totality of the market before they launch – the target audience, how they behave, how they view the business, their changing needs.  

Lack of personal growth 

Many entrepreneurs do not invest in themselves. They do not read nor research, neither do they attend seminars and workshops that can increase their knowledge base.  

Personal development of your attitude and communication skills is a must. It is hard work and it takes discipline. You will have a hard time succeeding without protecting and working on your attitude. No one gets ahead in life without building themselves with new knowledge. 

Conclusion

Remember, businesses don’t just fail, they fail for several reasons that in most cases we have noted but fail to work on. To ignore signs of reasons why businesses fail is to sign the death warrant for your business.

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7 Facts You Don’t Know About Tiwa Savage’s Recent Scandal.

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7 Facts You Don’t Know About Tiwa Savage’s Recent Scandal.

Following the release of Tiwa Savage’s s*x tape a week ago, things have become known. So many things that you do not know.

This scandal became the affair of the public long before the s*x tape was released. It first came to the knowledge of everyone from an interview that she had with a notable New York City show, ‘The Angie Martinez Show’ on the 8th of October 2021.

According to Tiwa Savage, a short intimate video that she made with her current boyfriend was leaked from her boyfriend’s snapchat. She was blackmailed a day before her interview with Angie and she said that she told herself, she was not going to fall for her blackmailer’s tricks.

This video eventually came out a week ago and since then, Tiwa Savage has been trending with over forty-thousand search queries in a day on google. The effects of this scandal have been both positive and negative. However, the insults and criticism that she has received from this scandal is so derogatory. Some of these negative responses came from Sonia Ogiri, a Nollywood actor, and Daddy Freeze a social media personality, among others.

Below are some of the reactions of Nigerians after Sonia Ogiri and Daddy Freeze held a live video, analysing the scandal.

what is nft?

But do you know that this scandal has skyrocketed the publicity of her EP by 10% according to Spotify records?

Do you also know that since the release of her scandalous video, the streaming of her lead single with Brandy, ‘Somebody’s son’ has also doubled?

I bet you did not know that.

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These are ten facts that you do not know resulted from Tiwa Savage’s recent scandal.

1. Slut-shaming and Fan Wars

Following the scandalous event, Tiwa Savage has been s*xualized and slut-shamed. Some people have said she wants to be like Kim Kardashian, others said that she wants to trend, while other people have s*xualized her most intimate body parts.

Many girls, mothers and girlfriends alike have said that at her age, she should not be recording her most intimate moment. She has been called derogatory names. Others have used demeaning sarcasm to describe her s*xuality.

While all these have been going on, Tiwa Savage’s diehard fans have also come to her rescue. Most of her fans have refused to let anyone put her down because of this scandal. Their support has been portrayed with Tiktok videos, comment fights and comebacks.

2. High Rate of Trend Results.

According to Google trend results, trend results from YouTube, and Twitter, the search query, ‘Tiwa Savage’ has noticed a spike, and this has been a story that everyone wants to hear and share.

3. High Spike of Streams on All Her Albums.

Tiwa Savage was popularly known after her single, ‘Kele Kele.’ After this scandal surfaced according to popular streaming mediums like YouTube, search engines have noticed a 15% spike in all her singles and albums. This is because she began to trend after the scandal and people who did not know her for her music became interested, in knowing more about her, especially bloggers and interviewers.

This of course will also spike her revenue and net worth. Of course, we all know that in as much as this scandal has caused a whole lot of damage on her reputation, it will also give her money.

All her albums from Mavins Records that is owned by Don Jazzy was streamed as well.

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4. Criticism.

This is the hardest part of this kind of publicity. Of course, people got to know her and stream her music, but it also had an extremely negative effect. She has received so much criticism from her peers, fans, and haters alike. Some of her colleagues are berating her for allowing herself to be recorded. Others are confused as to why it is only her face that is shown in the short clip.

Others are saying this scandal is a publicity stunt for her to trend and for her to sell her music.

5. High Stream Record of Her Most Recent EP

Tiwa Savage’s most recent Ep, ‘Water and Garri’ which consists, Work Fada, Ade Ori, Tales by Moonlight, Somebody’s Son, and Special Kinda is highly streamed. Her album according to trusted networks have also been sold out massively. This is because of the situation of things and because the songs in her album, especially ‘Somebody’s Son’ embodies spirituality and is soothing according to listeners. This scandal further sold out her Ep and lead single to a whole different dimension.

Her lead single connotes love and acceptance. In her interview with HOT 97, she says her lead single ‘Somebody’s Son’ is a song of acceptance and love.

The song has been widely accepted by fans and non-fans alike because of the message it passes across and the publicity Tiwa has received lately. So, the scandal is not a total loss.

6. Loss of Brand Deals.

As a brand ambassador, you are meant to hold a certain image of the brand and so, most brands will not want to strike a deal with someone with so much scandal attached to their reputation and name. So, there is no doubt that she must have been ditched for a few if few ambassadorial deals. Those deals cost money and so, she has lost money as much she has gained money.

7. Disappointment from Close Family and Friends.

Tiwa Savage in her interview with Angie Martinez, in her show says she is scared to tell her mum about this recent scandal. She is scared about her mum’s reaction will have when she hears about the scandal. At that point, she was contemplating allowing her mother to hear from the news about the scandal. This is because she knows that no one wants their child’s intimacy to be out there in the open. She fears hurting her mother’s feelings and her brothers too.

Tiwa Savage, who lost her dad said that she imagines how her father would have felt if he was here to experience this scandal.

To wrap up these results that you did not know about, the fact that she opened about her blackmail before her blackmailer sows how strong she is. You might have seen her in her most intimate moment but that does not change the fact that she is a courageous woman.

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