turning talents,ideas,passion into cash

8/8/2019 Turning Talents,Ideas,Passion Into Cash

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TURNING TALENTS, IDEAS, PASSION INTO CASH

by

Goodluck Idawu07061535892

The effect of the global recession has hit hard on the faces of so many andmore people are about to be victims. Large corporations which use towarehouse a great chunk of workforce are downsizing and scary questions arebeginning to arise. Where do I go from here? How do I face the new realities of life? There are always options available. You can choose to resign to fate or tolook inwards and fight hard. For those who will choose to fight, there are ideasthat might come to mind that could be one sure escape from slavery andpoverty. We are all embodiments of very unique gifts, talents, strengths,passion, ideas; everyone has something inside that’s capable of liberating him,only a few discover them and take action.

This presentation is not one about entrepreneurship per se but a preface to it.Its aim is to help us identify the talents that God has given us and how todevelop and profit therein.

The parable of the Talent in Matthew 25 explains how a master, whileembarking on a journey gave his servants talents. You will recall that althoughhe gave those talents each according to their several abilities; he neverinstructed them on what exactly to do with the talents or what his expectationswere from them. It is our individual responsibility therefore to discover whatgifts we have and find avenues of expressing them. Our gifts and talents bear

potentials capable of liberating us from financial slavery but first you mustdiscover and utilize them. Be reminded that the master expects us to profittherein at least a hundred percent.

Can you really make money doing what you love?

Yes

But you have to discover that turning a hobby, talent, passion, idea orinvention into a profitable business requires a unique STRATEGY.

Have you ever wondered why there are so many people with talents whoselives are still far from experiencing any meaning? Most talented people onlyparade themselves as theorists with unquantifiable units of knowledge but noproofs because they are poor. Talents, Ideas or Passion in itself are noguarantee for success. It is the ability to convert them into profits thatguarantees success. If they were, then why do you and I know highly talentedpeople who are not successful.



Take for instance, a highly talented singer who has not waxed an album ortrain his voice to bring out the best in him; such person is unlikely to makesuccess out of his gift. How about those brilliant chaps back in the days, in ourschools and colleges, we soon find out later in life that their academic exploitshasn’t moved them farther than the walls of their various learning institutions. They have faded away with time because for most of them, they haven’t been

able to convert their knowledge to action for “the great aim of education is not knowledge, but action”-Herbert Spencer.

I have attempted to reduce this entire presentation into four (4) basicquestions and I have tried to proffer solutions to these questions in the form of lessons. This presentation therefore is divided into four basic questions andfour lessons. The lessons inherent if correctly applied should serve as roadmapfor future success.

How do I identify my talents, passion and a good idea?

Are my ideas, talents and passion enough in itself to succeed?

What are the other attributes must I possess to succeed?

How do I convert my ideas, talents and passion to cash (profits)?

LESSON 1

DEFINE YOUR PASSION, NEXT DISCOVER YOURSELF

“Everyone should carefully observe which way his heart draws him and then

choose that way with all his strength”-Guy Kawasaki

The first step in turning talents into profit is to decide exactly what yourpassion is. What is that thing you like to do? What activities give you thegreatest feeling of importance, satisfaction and purpose? What do you want tobe remembered for? If money was no longer an issue in your life, what wouldyou rather be doing everyday? If you are not still sure, perhaps you shouldlisten closely to what people say about you.

The importance of this is simple, it takes sometime before most newbusinesses are able to reach their profit zone and this requires patience and

commitment. Your passion therefore is the fuel that keeps your engine runningeven in the face of disappointments and setbacks.

After discovering your passion, next discover yourself. Get a clear mentalpicture of what your success looks like. What does success mean to you? Doesit mean helping a lot of people find their purpose in life or does it meanproviding some means of livelihood to people? The answers to these questionswill determine how you structure your business. What does your ideal day looklike? Do you see yourself interacting with people? Then you might consider



setting up a service company. Do you like to work alone? Then perhaps a homebased business is the way to go. Do you envision yourself overseeing a team of workers? Then a factory or office employing hundreds might be in your future.

Everyone’s picture of success is different and your passion will reflect that.

LESSON 2 YOU CAN HAVE TALENTS AND REMAIN POOR“Now there was found in it a poor wise man, and he by his wisdom delivered the city, yet no man remembered that same poor man”. Verse 15

“Then said I, Wisdom is better than strength; nevertheless, the poor man’swisdom is despised and his words are not heard” Verse 16ECC 9:15-16

You will agree with me that as long as there are people in the world there will

be plenty of talent. If that were enough everyone would reach their potentialbut that isn’t always the case. There are things people need in addition to theirtalent. Once an idea or talent has being identified, what is required to bring tobirth that idea is to take a definite course of ACTION.

Action is the most defining force in the actualization of one’s ideas. Once youhave thought through an idea thoroughly using tips I will explain in lessons 3and 4, the next stage will be the implementation of that idea. Staying too longon the ideation stage weakens the energy initially gathered because an ideacomes with a lot of enthusiasm and drive. Bill Glass submits thus “When youget an insight or inspiration, do something about it in 24hours or the odds are

against your ever acting on it” and Benjamin Franklin concurs” To succeed, jump as quickly at opportunities as you do at conclusions” and John C.Maxwell buttresses” What ever is worth doing is worth doing immediately”

The Philosophy that has helped me in my personal career pursuits is THINK andACT FAST, when an idea comes to mind, think through it and act immediately.Start something in earnest and grow from there. John C. Maxwell says, “Youdon’t need to be great to start, but you need to start to be great” . The hardestthing about getting started is getting started; you know, no one ever achievedsuccess by planning for gold. Don’t wait to develop the perfect product orservice, good enough is good enough. There will plenty of time for refinement

later and remember you should be selling, not strategizing about selling.Anthony Robbins says” that the one thing that separates winners from losersis that winners take action”.

Define exactly how your idea benefits your target consumers and find meansof presenting your products to them in the simplest possible way. Yourproducts should be simple to understand and use and services must be easilyunderstandable and not needing long explanations.



LESSON 3

THINGS THAT DO NOT REQUIRE TALENT

Having identified your talents and the need to proceed to Action, anyoneseeking to succeed must know that there are attributes he must possess in

addition to Talents. These attributes are the building blocks upon which Talentthrives.

Attributes such as Preparation, Punctuality, Efforts, Patience, Teamwork,Unselfishness, Commitment, Right Attitude are fundamental to the success of any individual or enterprise and do not require any talents.

A person with the wrong attitude towards life is doomed before the start.” Good attitude among players do not guarantee a team’s success but bad attitude guarantees its failure” - John C. Maxwell. No matter how talented themembers of a team are, they need collaboration to succeed. Selfishness will

make the team always fail regardless of individual skills or talents.

So as an individual striving to succeed, you must be committed to work,possess resilience, and develop the right attitudes to work. These are referredto as Talent Plus.

LESSON 4

DEFINE YOUR BUSINESS MODEL

A review of a good business idea presents itself with four basic questions that

must be properly answered before action is taken. The inability or failure toproperly proffer solutions to these questions may mean doom for the businesseven in the short run. Because businesses are run for profits, all ideas must bescrutinized properly. Therefore, when a business idea comes to mind, certainsalient questions should be asked in order to determine whether it is profitdriven or philanthropy. Just before you act on your idea, check out my acid test for discerning a good business idea.

Where is the money in the idea?

This is the primary question. If the idea is not going to generate income, it’s

not a business idea. It may mean philanthropy or a promotion piece and allthat is outside the context of this presentation. A good business always has aviable income model. You must be able to distinctively identify the incomestream in the whole idea.

Who has your money in their pockets?

This question involves defining your customer and the pain that he feels.Having identified your customer, the next step will be to create unique



products that will meet customers’ needs and surpass their expectations. Themore precisely you can describe your customers, the better.

How are you going to get the money into your pockets?

Funny as it may seem, this question is the most important of all three. It

centers around creating a sales mechanism to ensure that your revenueexceeds your costs otherwise you are not in business, the one with the mostsales is not necessarily the one with the best products but the one with thebest delivery system. How do you deliver your products to your targetcustomers?

What is your unique strategy?

Your strategy is the direction of your organization over the long term. Itdetermines its scope and helps you achieve an advantaged position within achallenging environment. Simply put, your strategy is your slight edge in a

highly competitive market. It is so important; some refer to it as your KILL.

It addresses 6 key issues in terms of

Direction-Where the business is trying to get in the long run

Scope-Which markets should your business compete in and what kind of activities are involved in such markets

Advantage-How can the business perform better than competitors?

Resources-What skills, assets, finance, relationships, technicalcompetence, and facilities are required in order to be able to compete.

Environment-What external environmental factors affect the businessability to compete?

Stakeholders-What are the values and expectations of those who havepower in and around the business.

Everyone seeking to achieve success in business must of necessity employ amix of unique strategies to beat competition. A plethora of business strategiesexist in business and economic literature; while no one can be regarded as thebest approach, I will strongly suggest that you look them up and find out whatexactly works for you. Superior customer service, quality product delivery,pricing etc are various strategies available to reach customers. A goodunderstanding of consumer needs is key in choosing which mix of strategieswill work for you. However, in today’s highly competitive environment,‘Consumer Worship’ cannot be undermined.



Always remember you owe your generation a duty to succeed. God alsoexpects us to profit with all that He has given us and we really can.

turning talents,ideas,passion into cash

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