sustainability after school: imperative of entreprenueship and professionalisim 2017 oyedokun

SUSTAINABILITY AFTER SCHOOL: IMPERATIVE OF

ENTREPRENEURSHIP & PROFESSIONALISM

Being a paper delivered at the Re-union programme of HND Accountancy set

2004 of the Osun State College of Technology, Esa-Oke, NigeriaOn December 23, 2017

Chief (Dr.) Godwin Emmanuel, Oyedokun

HND (Acct.), BSc. (Acct. Ed), MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus & Econs.), MSc. (FACI),

MTP (SA), Ph.D (B&F), ACA, FCTI, ACIB, MNIM, CNA, FCFIP, FCE, FERP, CICA, CFA, CFE,

CIPFA, CPFA, ABR, IPA, IFA CertIFR

[email protected]

+2348033737184, +2348055863944 & +2348095419026

President, ACFE Lagos Chapter

Chief Technical Consultant/CEO

OGE Professional Services Ltd

WORD ON MARBLE

“Don't let the opinions of the average man sway you.

Dream, and he thinks you're crazy. Succeed, and he

thinks you're lucky. Acquire wealth, and he thinks

you're greedy. Pay no attention. He simply doesn't

understand."

-- Robert G. Allen

FIRST THING FIRST

Take a sheet of paper

What of your PEN?

Ok take it too

Now,

write out at least 10 of your business ideas in order of

interest/priority

Friday, December 29, 2017 6

Reasoning skills- Let do it together in

class

Skills


Reasoning skills- Let do it together in

class

Skills


Take Home- 151, 131, 51

Skills Forensic Accounting

INTRODUCTION

For anyone who values financial security and

ultimately desires financial freedom, creating at least

one additional stream of income is no longer a luxury.

It has become a necessity.

Diversifying your income stream is crucial to protect

yourself and your family against the unavoidable ups

and downs of economic and industry cycles.

Because of the financial risks that come from relying

on one source of income, such as a job or a business,

consider creating at least one or more additional

streams to generate cash flow.

WORD ON MARBLE

“The easiest thing in the world is to come up with the

excuse not to do something. I found out that the most

important thing in life is to stop saying, I wish and to

start saying, I will….."

-- David Copperfield

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SUSTAINABLE DEVELOPMENT

Sustainability is said to be the practice of reserving

resources for future generation without any harm to

the nature and other components of it. Sustainable

development ties together concern for the carrying

capacity of natural systems with the social, political,

and economic challenges faced by humanity.

Sustainability science is the study of the concepts of

sustainable development and environmental science.

There is an additional focus on the present generations'

responsibility to regenerate, maintain and improve

planetary resources for use by future generations.

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SUSTAINABLE DEVELOPMENT

Sustainability is said to be the practice of reserving

resources for future generation without any harm to

the nature and other components of it.

Sustainable development ties together concern for

the carrying capacity of natural systems with the social,

political, and economic challenges faced by humanity.

Sustainability science is the study of the concepts of

sustainable development and environmental science.

There is an additional focus on the present generations'

responsibility to regenerate, maintain and improve

planetary resources for use by future generations.

PROFESSIONAL

A professional is a person formally certified by

a professional body.

One need to belong to a specific profession by the

virtue of having completed a required course

of studies and/or practice.

A professional is a person whose competence can

usually be measured against an established set of

standards.

He/she is a person who has achieved an acclaimed

level of proficiency in a calling or trade.

CHARACTERISTICS OF A

PROFESSIONAL

Professionalism also has to do with how you conduct yourself

during your business affairs.

True professionals possess a number of important

characteristics that can apply to virtually any type of

business viz:

Appearance;

Demeanor;

Reliability;

Competence;

Maintaining Your Poise;

Phone Etiquette:

Organizational Skills; and

Accountability.

CHARACTERISTICS OF A

PROFESSIONAL

The future belongs to the competent. We need to be

multifaceted in our competence and become charismatic

communicators with technical competence and excellent

people skills, especially in negotiating.

This means developing the habit of learning everywhere,

every day.

You inspire others, both personally and professionally,

through your actions and the environment you create.

When you are professionally accountable, people watch what

you are doing as well as listening to what you’re saying.

My dear colleagues, you will agree with me that working

with professionals is a pleasure, and I have been fortunate to

work with some truly exemplary ones.

There have been a few who liked to be treated as

professionals without having to work and act like one.

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ENTREPRENEURSHIP

MULTIPLE AND PASSIVE

STREAMS OF INCOME

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STREAMS OF INCOME

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STREAMS OF INCOME

Generate income from more than one sources.

Must be legal, otherwise, it would be termed

corruption.

A passive income stream:

Earns income for the owner without needing much more

additional effort.

Help to supplement your income because they are

inexpensive to create, low risk, easy to duplicate and any

time of day.

Could be earned on money you invest or property you rent

out, but many people earn it over the Internet.

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STREAMS OF INCOME

Motivating factors:

Flexible

Scalable

Sustainable

Enjoyable

Inexpensive

http://images.huffingtonpost.com/2015-08-26-1440630307-8967473-2016HP01.png

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DEVELOPING AND MANAGING MULTIPLE/PASSIVE

STREAMS OF INCOME

Consider the following points on developing and managing

multiple streams of income:

Don't quit your full time job, if you currently have one

Take advantage of your passions, hobbies or unique skills

Start a blog or a newsletter

Write a book, an e-book or just a booklet

Create a product

Earn rental income

Invest in a business as a silent partner

Purchase the rights to royalties

Invest in dividend securities

https://www.entrepreneur.com/article/270486

WORD ON MARBLE

“It is not what you do once in a while, it is what you

do day in and day out that makes the difference….."

-- Jenny Craig

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STREAMS OF INCOME

Create a website or blog

Become an affiliate marketer

Sell information in the form of e-books

Offer advertising space

Refer visitors to businesses you trust

Focus on your primary passive income

stream first

Reinvest your passive income

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STREAMS OF INCOME

Repackage your products

Hire someone else to manage existing

income streams

Affiliate marketing

Start a freelance business

Network marketing

Real estate

Royalties

Participate in surveys and paid focus groups

https://www.entrepreneur.com/article/290372

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STREAMS OF INCOME

http://images.huffingtonpost.com/2015-08-26-1440631087-3047929-ScreenShot20150827at1.08.13am.png

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STREAMS OF INCOME

Focus first on passive income streams that you

create once but they continue to generate income

Next, focus on income streams that can expand

your business

Choose and set-up one income stream at a time

Wait until one income stream is up and running

before starting the next

Drop an income stream if it isn’t working

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STREAMS OF INCOME

Establish financial security

Clarify your unique value

Identify your market

Build a community

Ask your community about their desires

Create a solution

Plan the launch

Find a mentor

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ADVANTAGES AND DISADVANTAGES OF MULTIPLE

INCOME STREAMS

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INCOME STREAMS

Benefits of Multiple Income Streams

It’s easier to create several small income producing streams over

one large one. For example, it’s easier to create three streams that

earnN100,000 than one stream that earns N1000,000.

It reduces the risk of being left without any income. If you are laid

off or one source of income drops, you have other sources to help

you get by. Especially in home business, which has an ebb and

flow, you can offset the dry spells by having another source of

income.

It helps you avoid boredom in work by having different things to do

every day.

You can create income streams based on your interests, talents,

and passions.

WORD ON MARBLE

“Remember the feeling you get from a good run is far

better than the feeling you get from sitting around

wishing you were running…."

-- Sarah Condor

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INCOME STREAMS

Disadvantage of Multiple Income Streams

It’s difficult to keep on top of all tasks that need to be done for every

income stream.

It’s a balancing act to give enough attention to each income stream

to keep them growing and profitable. Barbara Winter likens it to

plate spinning.

The start-up time for each income stream is time and energy

consuming.

It should be noted that even with the challenges, the benefits

outweigh the potential problems; especially if you build additional

income related your existing home business

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GENERATING BUSINESS IDEAS

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GENERATING BUSINESS IDEAS

Meet new people

Keep a “pain point” journal

Tap into your interests

Explore new ways of thinking

Travel

Go online

Do your market research

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SUMMARY AND CONCLUSION

Multiple or passive Streams of Income means one

generate income from more than one sources.

In this time of recession, professionals of your

caliber can not do but think as if there is no

“BOX” in order to general addition or better put,

multiple streams of income.

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A lot of people have interest in setting up a

business.

Most of these individuals have money but they do

not know what to invest in or what business to

start.

Now to the average mind, there seem to be

scarcity of ideas but in this presentation, it was

revealed that there exit abundant opportunities.

All you need to do is to work on your perception

and develop the ability to see these opportunities.

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Business ideas are all within you and within your

environment.

Some of these business ideas emanate from

analysis of market and consumer needs, while

others emanate from a long research process.

But the truth still remains that business

opportunities abound.

So if you are interested in starting a business, but

you do not know what product or service to sell,

then refer to this presentation for sources of small

business ideas and opportunities.

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The development that meets the needs of the present

without compromising the ability of future generations

to meet their own needs is concluded to mean

“Sustainable development” and it implies economic

growth together with the protection of environmental

quality, each reinforcing the other.

The essence of this form of development is a stable

relationship between human activities and the natural

world, which does not diminish the prospects for

future generations to enjoy a quality of life at least as

good as our own and he interest of our school (Osun

State College of Technology Esa-Oke).

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RECOMMENDATIONS

Whichever is the case, we had done our part as

students of this school at a time past and we are

set and resolved to continue to serve the school for

its developmental progress in committee of school

in Osun state and in Nigeria in general.

We then need to lead, represent and hold

ourselves in unity to enable a sustainable

development that our children unborn would be

able to inherit our good legacy.

This is Quranic and Biblical in Nature.

WORD ON MARBLE

“So why not get on the run today and achieve that

dream? That goal? That desire? Dream it, believe it,

pursue it and achieve it. "

-- CITN newsletter committee

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APPRECIATION

I thank you all for your rapt attention since.

Thank you for listening!!!

I would be available for any clarifications with

respect to this lecture and on any other issue that

would help us individual and collectively.

QUESTIONS AND ANSWERS

Thank you

sustainability after school: imperative of entreprenueship and professionalisim 2017 oyedokun

Small Business & Entrepreneurship