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Niom Consulting We help businesses, organisations and institutions grow beyond the owner's imagination.

Leadership Vs Management Leadership is not management Management is concerned with producing order and consistency throu...
14/05/2022

Leadership Vs Management

Leadership is not management

Management is concerned with producing order and consistency through planning, budgeting, organizing, and controlling, while leadership is concerned with producing change and movement by vision building, motivating, aligning people and communicating (Kotter, 1990).

This is not to imply that leadership is 'good' and management 'bad' but to recognise that they serve different purposes and require different skills.

Management serves us well in static situations, however, more dynamic situations require leadership.

Successful entrepreneurs are both successful leaders and good managers.

Working from home may have several benefits. A 2020 research published in Harvard Business Review compared how valuable ...
08/04/2022

Working from home may have several benefits.

A 2020 research published in Harvard Business Review compared how valuable are the activities workers pursue at home and those in the office.

The research concluded that "In 2020, respondents say their work is more important, less tiresome, less easily offloaded and contributes to the company’s objectives. Not only is their work important, they feel important as well!"

Do you think remote work has really come to stay?

TWO THINGS YOU SHOULD BE SURE OF BEFORE YOU LAUNCH YOUR BUSINESS.One of my favourite quotes about ideas is that given by...
14/03/2022

TWO THINGS YOU SHOULD BE SURE OF BEFORE YOU LAUNCH YOUR BUSINESS.

One of my favourite quotes about ideas is that given by the Billionaire founder of Meta, Mark Zuckerberg, as part of his speech at the Harvard commencement speech in 2017.

“Ideas don’t come out fully formed. They only become clear as you work on them. You just have to get started” He said.

Nothing can be closer to the truth. But the big question is, at what point, should I launch my idea to the public?

Of course, even Mark did not launch Facebook the first day he conceived the idea. So, what should be the index for measuring the market readiness of my idea?

Well, two things determine whether a business can get off the ground successfully and sustainably: a validated market opportunity with customers willing to pay for a product or a service; and a product or service that addresses such an opportunity.

Having one of these and not the other is like standing on one leg, of course you know that you will fall at any slightest push.

Have you identified the real problems that you want to solve?

The next big question is whether they are people that are willing and able to pay for that solution. You can find that out through deep interviews of your potential users and customers.

Then you’ve got to be sure that your product and service is exactly solving that problem. This you can do through prototype testing of your actual product with your real customers.

If you do this correctly, then you have reduced the odds of failure once you launch

Of course, the word “reduced” is not “removed”. They are still some other factors you will have to fight. Now answer this question. How ready is your solution for the market?

Do you need help? We are willing to help.

For this month’s edition of SME Spotlight, we had an interesting time interacting with phenomenal Temitope Egbeleke.Temi...
10/03/2022

For this month’s edition of SME Spotlight, we had an interesting time interacting with phenomenal Temitope Egbeleke.

Temitope is the Founder and CEO of Wigs and more, a company providing ready-made and bespoke high-quality wigs for women across the world. She has been in the wig business for over ten years and has moved from almost no capital to a multi-million naira business.

She did not only give us a deep insight into the Wig industry but also let us gain some valuable lessons from her ten-year experience as an entrepreneur.

Here are some five key business lessons for every entrepreneur must learn irrespective of your business.

Read more here
http://niomconsult.com/five-business-lessons-from-temitope-egbeleke/

Putting your customers First - Why and HowLast year, I had to use the service of a logistic company and one was recommen...
10/03/2022

Putting your customers First - Why and How

Last year, I had to use the service of a logistic company and one was recommended by a friend. As one who has never used a logistic company twice because of a bad experience with them, I was not expecting so much from this company either. But, the company 'choked' me with love. Guess who has used it over again and recommended it to others. Me!

What did the company do that others did not do? The company is customer-centric. Trust me, their drivers can be very annoying (typical of every logistic company) but the management always put my interest first. As an entrepreneur, you need to be customer-centric.

Consumer-centricity entails prioritizing and placing the customer at the centre of all you do. You may think to yourself, "That'll be simple." That is something I am capable of. Is it, however, really that simple? Being customer-centric includes more than simply emphasizing the importance of the customer. It's all about getting to know your customers so you can anticipate their wants, requirements, and communication preferences, provide meaningful experiences and form long-term relationships. Customer-centricity is a strategy as well as a culture. To be acknowledged by the final decision maker: the customer, it must be engrained in an organization.

Being customer-centric has numerous benefits for your business. Like my story, I am a returning customer for the logistic brand, recommended friends and family. Brands that have successful understood their customer and made them a priority have higher retention rates, more referrals, and greater revenue.

If customers are not happy, you don't have a business. Always remember you are in business for them and because of them. Customers should be part of the organogram...lol.

Several people have misunderstood and misinterpreted the concept of entrepreneurship. In fact, I was one of them. Howeve...
03/03/2022

Several people have misunderstood and misinterpreted the concept of entrepreneurship. In fact, I was one of them. However, in my entrepreneurial journey, I discovered that the majority of what people believe about entrepreneurship and entrepreneurs is a myth.

Here are the top five myths about entrepreneurs and entrepreneurship that people believe

http://niomconsult.com/the-five-most-common-entrepreneurship-myths/

Leadership styles for EntrepreneursToday we will continue our journey of the ten leadership styles entrepreneurs can dep...
21/02/2022

Leadership styles for Entrepreneurs

Today we will continue our journey of the ten leadership styles entrepreneurs can deploy to grow their businesses. Let's look at the pacesetter and transformational leadership styles.

Pacesetter leaders are primarily concerned with results; they frequently set high expectations and hold their employees accountable for reaching their objectives. While the pacesetting leadership style is motivating and beneficial in fast-paced workplaces where team members must be stimulated, it is not always the ideal option for team members who require mentorship and criticism.

Transformational leadership is a leadership style that can motivate others to make beneficial changes. Transformational leaders are usually vivacious, enthusiastic, and energetic. These leaders are not just concerned and involved in the process; they are also focused on ensuring that each member of the group succeeds. It's an ideal leadership style for raising other leaders.

Have you used any of these styles recently?

Share with us...

Be an Entrepreneur not just a Business PersonSomeone might wonder if there is a difference between entrepreneurship and ...
19/02/2022

Be an Entrepreneur not just a Business Person

Someone might wonder if there is a difference between entrepreneurship and business. An entrepreneur is a business person but a business person is not an entrepreneur (Read this again).

The factors that distinguishes both personnel are "Solution-driven" and "Value-added" mindset.

A business person is not necessarily about solving problems but more about the profit while an entrepreneur is about solving problems, adding value and of course making money.

Entrepreneurship is business with a 'glam'. Other characteristics that differentiate both are:

1. Innovation
2. Resource optimization
3. Risk taking
4. Scouting for blue ocean; new niche
5. Creativity

Guess what? An entrepreneur ends up making more than a business person. Think about the likes of Flutterwave, PiggyVest, Uber; they are into business to solve problems.

So, which would you prefer, to be a business person or an entrepreneur?

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