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Posts Tagged ‘Growth’

If there were one thing central to doing business, that would be towards developing your self. And that exactly what famous entrepreneurs go through.

Well, it’s only between them and themselves after all. The battles they have to get through and the risks they needed to confront to be able to get from square one to the second juncture of your business will all pour down as instruments for their own self-realization.

Since personal development is different from one person to another, we cannot give an actual characterization or pattern for various stimulus (e.g. risk taking, failure of business transactions, lack of funds, etc.), even as we see them unfolding for famous entrepreneurs.

If you want to be like them, it would not harm if you follow these guidelines.

Discovering where you are good at is one of the earliest stage in becoming an entrepreneur of your own business. Knowing your forte and turning it into productive means will not only produce a good source of income for you but will also extensively nurture you as a person. There is no telling how much you would improve once you become the founder of a business you decided to take.

As many of us would agree, getting the most of life’s lesson will only be possible if you are taken at the center of all the challenges. That way, you would get to experience things first hand. And you would learn to cope up with the pressing problems in ways you thought would have been impossible if you were not the captain of it all.

In a sense, venturing into business entrepreneurship does not only mean that you’ll get better (or worse) financially. It also requires you to develop yourself full-blown depending on your reactions to specific risks and problems you would have deal with.

Operating a new enterprise or embarking on a new operation you have not done before is surely a thing that would create developments in you. Before you do you must know the risks and be able to prepare yourself with the possible failures that are their eternal parts. The way you would handle them will be able to test your limits and will be used as boundary points when similar undertakings come in the course of your business. You must know that you alone is accountable for all your decisions in attempt to make your own business grow. You must understand that it is not those who labor for you or those who share the capital with you who will spell the success. It is you, as the entrepreneur will decide what courses to take. Thus you’ll either lead your group to success or failure.

With each trials you have, you and your group will meet new changes that will require you to go with the flow or to go beyond it. Both ways, you will hone yourselves. Both ways, you will learn to cope. And both ways your personalities will be taken into newer heights. Thus you will develop.

Therefore, personal development in the business world is largely dependent on how you manipulate factors.  

Chances are small that you would not grow, even if your business fails. The fact that you have taken responsibilities on things that only few take is reason enough for you to consider as a pathway for self-realization.

Business entrepreneurs are specifically knowledgeable of the opportunities that lay in their paths. They are keen to various chances in pursuing growth in areas like professionalism and personal development.

Some may not actually realize the extent of their progress. Nevertheless, once something is changed in them and that something has changed towards good, there is absolutely a degree of productive change which whether they choose it or not, will be applied to other things important to wholesome living.

As we have repeatedly implied, the opportunity for personal development is high in the business world. Business entrepreneurs, to be able to meet success, should have a good combination of attitudes, skills, beliefs systems and training. All these would work together towards extending product services to those that need them.

People who have been through extreme hardships are those who are most beautiful. They have learned to take risks and turn those risks into opportunities. They have learned to compromise their present leisure in exchange for future growth. They have learned to welcome failures and prove other people’s doubts wrong. They have learned through their everyday business battles that it is always too late for giving up.  

With a population of 148 million and the second largest economy in the continent after South Africa, the state of Nigeria’s economy is a bundle of extreme contradictions. The US sources 10% of its crude imports from abundant oil fields in the Niger Delta, a region that is also home to one of the largest know natural gas reserves in the world. Despite these natural endowments, Nigeria is crippled with rampant poverty and depressing macroeconomic indicators and human development indices. Unemployment is endemic and more than 54% of its population lives on less than $1 per day. Decades of political turmoil, civilian unrest and large scale government mismanagement are largely to blame for this state of Nigerian affairs.

The return of democracy in 1999 paved the way for economic reforms and the adoption of an ambitious plan to take Nigeria to the top 20 world economies by 2020. A massive subsequent reprioritisation of economic policy initiatives has brought home tangible results: currency reserves grew fivefold between 2003 and 2006, while GDP growth averaged more than 7%. However, and because of long-standing systemic imbalances, per capita GDP dipped from $444 in 1997 to $430 in 2004, even as poverty levels actually increased.

The bulk of the problem has been Nigeria’s overdependence on oil and gas exports that fetched it an estimated $600 billion in the last five decades, but made little difference to the non-oil sector, which floundered in a climate of policy negligence and inadequate financial and technical support. The thrust of Nigeria’s renewed economic objectives must be on entrepreneurship development, taking into account its mammoth human resource capability, and in a manner that makes inclusive yet rapidly accelerated economic growth possible. Weaning away dependence on non-renewable resources with the simultaneous promotion of micro, small and medium enterprises (MSMEs) is crucial to achieving both the 2020 objective and Nigeria’s Millennium Development Goals.

MSMEs have been responsible for the rapid growth of a multitude of economies around the world, historically beginning with the UK and America to gradually Europe, Latin America and lately in considerable parts of South and East Asia. Currently, more than 90% of all enterprises in the world are estimated to be MSMEs, accounting for up to 80% of total employment prospects. In OECD countries, the MSME component is as high as 97% of total business activity, contributing between 40% and 60% of GDP1 in member countries. These statistics hide a wealth of ideas for Nigeria, in the context of its economic development targets.

First among them is the fact that wholesome MSME growth is fundamental to the expansion of rural economies as part of sustained macroeconomic development. MSMEs comprise a diverse mix of agriculture-based, production, services and trade sectors; classified on the basis of asset value and employee base on a given scale of maximum and minimum scores for both counts. They often represent an extreme variety in terms of size and structure, right from rural artisan guilds, through small machine shops to emerging software and IT firms. They are by definition dynamic and comprise a wide range of growth-oriented skill sets, with special needs in terms of innovative solutions, technology and equipment and knowledge up-gradation. The central requirement in promoting them, however, is the development of a viable microfinance industry with built-in ease of access for small and medium enterprises.

At the policy level, Nigeria has taken proactive steps to promote MSME initiatives, the most notable being a legislative amendment that requires commercial banks operating in the country to set aside 10% of pre-tax profits for investment in smaller businesses. Both the IMF and World Bank currently run separate outreach programmes to aid Nigerian micro-financing through tailored procedures for streamlining credit evaluation and monitoring micro-loans. The effectiveness of these measures has been borne out to some extent by recent developments.

In June this year, the Nigerian government announced the disbursement of $20 million2 in small-scale industry loans. This is a significant achievement considering it multiplied out of the $8.4 billion initial World Bank grant to the sector in 2006. Policy makers negotiated the habitually poor access to loan and equity capital in Nigeria with the introduction of new micro-financial institutions that afforded wider and deeper funding solutions.

Despite this initial euphoria, the overall Nigerian MSME productivity and growth potential remains acutely constrained. Business development services continue to be generally underdeveloped in terms of projected potential, and especially poor in rural areas outside the major urban focus centres. Besides inherent infrastructural deficits, MSME growth rates are being further affected by lack of entrepreneurial knowledge, especially the ability to identify rewarding business opportunities.

In view of Nigeria’s past and present ground realities, an appropriate environment for rapid growth in this key sector calls for certain basic enforcements, including:

* Effective government regulation and oversight of microfinance institutions (MFIs) and operations.
* MFI reinforcement through constant evaluation of best practices and sustainability.
* Capacity enhancement of loan disbursement schemes for wide-area applicability.
* Greater coordination between the various agencies involved – public, private and donor.

There is for sure no short cut or panacea to the enterprises endeavour. The World Bank outlines the broader perspectives of the MSME development programme in Nigeria with five priorities3: enhancing the breadth and depth of finances available to MSMEs, creating markets for business development services, providing technical and capacity building support, resource allocation for access to global best practices, and lastly, funding for execution, review and monitoring of individual projects.

The existential value of MSMEs derives from the fact that they provide products and services that their larger counterparts do not or cannot do. Recognising and leveraging this potential is only half the job. The real challenge for Nigeria does not end at achieving the fullest prospects of MSMEs, but on then integrating their success to create a more inclusive economy that is without the flaws that have nagged the widest majority of its populace for the better part of half a century.

The Business Intelligence Market Outlook: Key drivers, market challenges and vendor strategies for future growth

IT majors need a new rallying cry to get big businesses and wider user communities excited about new types of IT systems, driving IT spend across the wider economy. There is a sense of agreement among the leading IT vendors that Business Intelligence (BI) is that rallying cry. Key IT vendors such as IBM, SAP, Oracle, Microsoft and SAS have made a series of acquisitions in the space, and the centrality of Business Intelligence in their overall marketing messages is testimony to the emergence of Business Intelligence as the ‘next big application of the future’.
This report closely examines the Business Intelligence supply side, looking at how BI vendors are performing in the context of helping organizations to understand their past state, comprehend their present state and predict what to expect in the future.
Beyond the BI supply side, this report assesses the state of the global BI market from the demand side perspective. Demand side analysis investigates the uptake of BI globally, investments on current BI use and planned future use, and usage of BI in key verticals such as banking and insurance, healthcare and pharmaceuticals, government, retail and telecom.

Key features of this report

• Definitions of key terms
• Provides Business Intelligence market sizing and forecast to 2013.
• Analysis of proprietary data related to Business Intelligence usage gathered from surveys of CIOs across a wide variety of vertical sectors and geographic regions, and of leading BI vendors.
• In-depth examination of key vendor offerings and strategies.
• Case studies of organizations that have adopted Business Intelligence.
• Analysis of key technological and market issues affecting Business Intelligence market growth.
Scope of this report
• Establish the size of the BI market and identify growth drivers and patterns.
• Understand the challenges that still stand in the way of BI market development.
• Identify the types of organization that are adopting BI by size and vertical industry.
• Identify the buy-side priorities in the context of BI usage.
• Gain insight into future BI usage by enterprise functions and components
• Gain insight into the offerings and strategies of key and emerging vendors in the BI space.
• Gain insight into the direction in which the BI market is heading and what it could offer in the future.

Key Market Issues

• BI is increasingly becoming a central theme in most major IT offerings. Key IT vendors such as IBM, SAP, Oracle, Microsoft and SAS have made a series of acquisitions in the space, and the centrality of Business Intelligence in their overall marketing messages is testimony to the emergence of Business Intelligence as the ‘next big application of the future’
• Growth of the BI market has been phenomenal. BI is probably one of the very few segments of the IT market which has seen double digit growth in this difficult economic climate.
• Mega-acquisitions have had a far-reaching effect on BI market development. The impact of IBM, SAP and Oracle’s entry into the BI market through their recent BI pure play acquisitions is propelling these IT majors to position themselves further away from being fixated with a particular type of data format, towards enhanced understanding and capabilities of managing diverse data types and formats.

Key findings from this report

• The global Business Intelligence market was worth around $8.4bn in 2008, and is forecasted to grow to $13bn by 2013.
• Market growth will be driven by factors including acquisition synergies resulting from data management providers acquiring pure play BI vendors, leading to new types of business analytics services and therefore new market opportunities. Other key drivers include increasing uptake of BI and business optimization, an overarching need for business transparency, better corporate governance and the need comply with stricter regulations.
• Of those organizations which do not currently use BI tools, the biggest barriers to uptake are cost and complexity.
• A lack of mining capabilities for unstructured data such as text, incompatibility of BI solutions with inter-vendor ERP/CRM systems, and lack of understanding of available BI services among the mid-market users are major stumbling blocks for wider adoption of BI.
• The vendor landscape is heavily dominated by the big five: IBM Cognos, SAP BusinessObjects, Oracle Hyperion, SAS and Microsoft.SAP. BusinessObjects and IBM Cognos lead the global BI market followed by SAS, Oracle Hyperion and Microsoft.

Key questions answered

• How big is the global BI market?
• What is driving BI market growth?
• What types of organizations use BI? In which enterprise functions? For what purposes?
• What are the main priorities for organizations, and how does that relate to their usage of BI?
• Who are the leading players in the BI vendor space? What are their growth strategies?
• What does the future hold for BI?
• How can BI deliver real value to the end user?

To know more about this report & to buy a copy please visit :
http://www.visionshopsters.com/product/3870/The-Business-Intelligence-Market-Outlook-Key-drivers-market-challenges-and-vendor-strategies-for-future-growth.html

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