10 CEO's who made huge mistakes

It’s true that no one is perfect, and this shows itself in the business world as much as it does anywhere else.

While entrepreneurs strive to do their best, mistakes are sometimes unavoidable. However, we small business owners can take some comfort in the fact that we’re not at the helm of a massive corporation where a mistake can cost millions. As you’ll see, even CEOs of some of the world’s biggest corporations get it wrong sometimes.

Bill Gates: Ignore upcoming areas of your business at your peril

There’s no denying that Bill Gates is a visionary, founding Microsoft in 1975 and monopolizing the tech industry for decades. However, one area where he fell short was in ignoring the search engine market. While Microsoft introduced MSN Search in 1998, the site purely used an existing search engine, Inktomi, to gather results. It seems all Gates’ attention was focused on browsers, allowing Google to come along and become everyone’s search engine of choice. In 2009, Microsoft introduced Bing, but it has never measured up to the popularity of Google.

If we can learn anything from Gates’ mistake, it’s that you shouldn’t ignore your competitors or an upcoming area in your field, particularly in the technology sector. Technology is evolving all the time, and it’s in your best interests to keep up, adapt quickly, and stay one step ahead whenever possible.

Ronald Johnson: Know your customers, or face losing them

When Ronald Johnson took the helm of the failing J.C Penney corporation in November 2011, he received a warm welcome. Many were intrigued to see what the former head of retail at Apple would bring to the company.  

Unfortunately, a series of bad judgments followed, including firing the company’s long-time ad agency, laying off 10% of its corporate staff and thousands of middle managers, and ridding the stores of sales and discounts. The company saw its revenue drop by 25% in 2012, and Johnson was unceremoniously ousted from his position in April 2013.

While Johnson’s radical changes may have worked elsewhere, in this instance it shows the importance of knowing your audience. Avoid making the same mistakes by carrying out focus groups, speaking with your customer base, and keeping communication open to see how your customers would react to big changes in the way you operate. 

Richard Branson: Don’t underestimate your competitors

With over 100 companies under his “Virgin” brand, it’s not surprising that Richard Branson will have had a few failures along the way.

One of his biggest mistakes since starting his business came in 1994, in the form of Virgin Cola. Originally only available in Virgin cinemas and on their planes, the market shares for the drink peaked at only 0.5% in the three years it was on sale in the US, while the UK producers went bust in 2012. While Branson could afford to make such a big mistake, it’s unlikely the majority of businesses could. Branson said, “I’ll never again make the mistake of thinking that all large, dominant companies are sleepy!”

Branson’s mistake demonstrates the importance of never underestimating competitors, and shows that it’s vital to carry out detailed market research before releasing a new product into an already saturated market. However, perhaps the biggest lesson we can take from Branson is that we shouldn’t be afraid to take risks, but we should be aware that they might not pay off!

Steve Ballmer: Perform thorough market research before commissioning a new product

During his 14 years as head of Microsoft, Steve Ballmer was constantly coming up against Apple’s newest technology, and often falling behind. For example, the Zune, Microsoft’s answer to iTunes, came out five years too late and was widely panned.

However, the biggest mistake of Ballmer’s tenure is largely classed as being the Surface RT tablet. Unfortunately for Ballmer, the Surface didn’t sell and the company lost over $900 million on it.

Like some of the other CEOs in this list, Ballmer let his competitors get the jump on him. If you are releasing a product, make sure that it stands out from the ones produced by your rivals.

Tim Cook: Only launch a product once it’s truly ready

While Cook’s run as CEO of Apple was an overall success, he did run into a few problems along the way and made some mistakes, notably the Apple Maps fiasco. 

In 2012, Apple launched its iOS 6 Maps, which was riddled with bugs, such as inaccurate location placement, mangled satellite imagery, and lack of basic points of interest in big cities, as well as the confusing replacement of native transit directions with third-party routing apps. While bugs are par for the course in the initial stages, launching the app in that state caused confusion for users and left many at Apple red-faced, with the blame ultimately falling on Cook.

The Apple Maps fiasco shows the importance of thorough testing of new products before release and the damage that can be done to a brand should it ignore that stage. Fortunately for Apple, the damage was not long lasting, but that’s not to say that other brands would be forgiven quite so easily.

Philip Clarke: Honesty is the best policy

While Philip Clarke was CEO of Tesco, he made many mistakes, the most notable of which were financial. In September of 2014, news broke that the supermarket chain had overestimated its half-year profits by £264 million.

The chain of errors that resulted in the overstating of the company’s profit are now under investigation, with Tesco’s credit rating under review, their shares slumping, and the possibility of executives having to face MPs over the mistake.

As is generally the case, Clarke proves that honesty is the best policy. His mistakes attest the importance of accountability—not to mention accounting! Finally, don’t try to pull the wool over your stakeholders’ or customers’ eyes, it’ll only come back to bite you.

Mike Jeffries: Think before you speak—remember, you are representing your brand 

Abercrombie & Fitch’s CEO Mike Jeffries’ words came back to haunt him when an interview he gave stating the store only wanted “thin and beautiful people” to shop with them resurfaced.

The original interview from 2006 re-appeared online in 2013 and caused outrage among the public and celebrities alike. The company—and Jeffries in particular—came under fire for the comments which stated the shop was “exclusionary,” with its target market being only thin people.

Jeffries later issued an apology for his comments via the company’s Facebook page. His behavior highlights the importance of thinking before you speak; a CEO doesn’t just represent themselves, but also an entire company. In this internet age, your words can come back to haunt you—so think before you speak.

SEE ALSOHow to Get Funding From Billionaire Investor Mark Cuban

Tony Hayward: Be accountable—hold your hands up when things go wrong

Tony Hayward, Chief Executive of BP, had a lot to deal with when an explosion at the Deepwater Horizon oil rig sent over 130 million gallons of oil spilling into the Gulf of Mexico.

While it might not have been Hayward’s “mistake” as such, the way he dealt with the aftermath most definitely was. The CEO referred to the BP oil spill as “relatively tiny” compared with the “very big ocean,” a statement which was met by disapproval from environmentalists everywhere. The blast in April 2010 killed 11 people and cost BP more than $40 billion; by July of that year Hayward was out of a job.

If Hayward’s actions can teach us anything, it’s to accept responsibility for mistakes and don’t try to downplay them. We all make mistakes from time to time, and while you might not be able to change the situation, you can control how you deal with it. 

David Petraeus: Mix business with pleasure and risk irreparable damage to your reputation 

While serving as Director of the CIA, Petraeus began an affair with his biographer Paula Broadwell; for a man whose job was all about secrets, he didn’t do a very good job of concealing his own. To communicate covertly, the pair shared a Gmail account where they would write emails to one another, but would only ever save them as drafts rather than sending them.

While this might have seemed like a cunning plan, it wasn’t cunning enough—the affair was uncovered by the FBI. The ensuing FBI investigation resulted in the end of Petraeus’ career as head of the CIA and the affair became a full-blown scandal. Petraeus’ situation proved that it’s not a good idea to mix business with pleasure—it’s as simple as that!

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Reed Hastings: Don’t ignore the user—they can make or break your brand

Reed Hastings, CEO and cofounder of Netflix, felt the public’s wrath in September 2011, when he announced that the DVD section of US Netflix would become separate from the streaming service and renamed Qwikster.

While the website was pitched as a way to make it more convenient for users to access DVDs, customers felt it had the opposite effect. Fortunately for Netflix users, the ill-advised decision was short lived, and by early October of the same year Qwikster was no more.

CEOs should see Hastings’ mistake as a warning not to ignore your customer. As with many of these situations, it’s important to thoroughly research changes to your business model that will significantly impact your customers. Don’t ignore your user base and think that brand loyalty alone will see you through major upheaval.

What can you learn from their mistakes?

The mistakes made by these CEOs often stem from an error in judgement—from dismissing competitors to thinking they’re above suspicion. While you will make mistakes as CEO, heed any warnings, be sure to thoroughly research new product ideas, keep an eye on competitors, and never underestimate the general public—they have the power to make or break a brand!

ABOUT THE AUTHOR Will Bridges is an HR Consultant at Unum, one of the UK’s leading financial protection insurers. Unum specialise in providing Income Protection through the workplace, and are committed to helping the UK’s workforce get a back-up plan.

Read more: http://articles.bplans.com/10-ceos-who-made-huge-mistakes/#ixzz3Yxtu1VhS

What is it that Millionaires have that make them millionaires ?

Ever wonder what makes a millionaire different from your average Joe? Why is it some are “meant” for riches while others are “meant” for poverty? Well, it is simply a choice.
When you realize that to have success is to simply choose success is when you will see results in your life. Now you’re probably wondering how does somebody choose success?
If you were to go back and study all of the successful entrepreneurs, for example Ford, Edison, Gates, they all had one thing in common: The Mindset For Success.
It’s not just luck or by chance that people are successful nor does someone happen to just make a million dollars. The elite realize that there are exercises, daily practices, and knowledge that can get anyone to the top and this knowledge is accessible to anyone who truly desires wealth in their life.
Now, how does someone jump over the gap from being an employee to becoming a successful entrepreneur and living a lifestyle of absolute freedom and abundance? Well, without the right training, without daily mental preparation, this task would seem insurmountable. However, with the right people mentoring you and with the knowledge that can get you basically anything you desire, YOU CAN’T FAIL! The only x-factor is you; do you really believe that you weren’t meant to have success and wealth in your life, but that wealth and success were meant for others? Ask yourself, are you truly ready to leap from mediocrity to excellence?
By  Martin   Brown
Culled from Financelights.com 

The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them

Culled from financelights.com


A large number of people who start their own business do not realize how much work and time will be involved. They fail to carry out any primary research and as a result become quickly overwhelmed.
Perhaps the first question to ask yourself then is whether you are in fact ready to start your own business. Do you have an entrepreneurial mindset? Are you committed to spend all the time you need to succeed? And are you ready to take massive action?
At first, you will have to wear many different hats; you will be the CEO, the general manager, the accountant, the salesperson, the computer technician, the secretary, the receptionist. You must therefore prepare yourself because there will be days when you are disappointed, depressed, or frustrated. You have to realize that success will not happen overnight. And it may take a year or two before you achieve your expected results.
To avoid these disappointments, here are ‘The 12 Most Common Mistakes New Entrepreneurs Make & How to Avoid Them':
Mistake # 1 – Failure to spend enough time researching the business idea to see if it’s viable
Numbers of new entrepreneurs have often failed because they were not truly interested in the business; they were more interested in making money. It is important to start something that you really like, because you will be spending a lot of time on it.
Your assignment – Spend all the time you need working on your business plan, which should include: your mission statement, your business strategy, research on your target market (demographics), industry analysis (size, economics, trends, success factors, challenges, etc.), your marketing plan, your financial projections and sales.
Mistake # 2 – Failure to determine whether the business actually adds value
The most sustainable businesses, those that withstand the test of time, provide value by performing a service that people need.
Your assignment – Make sure your products or services provide value and benefit to your clients. Be ready to solve any business problems that your clients may have.
Mistake # 3 – Failure to gain a complete and total understanding of the business
Every business has drivers; hot buttons and key levers. What drivers exist in your business?
Many business leaders, executives and management consultants would say that success largely depends on attention to detail.
Your assignment – Understand all the aspects of your business, and of particular importance, know how to present them in an easy and simple manner.
Mistake # 4 – Failure to describe the business in only one or two sentences
No doubt you’ve experienced the entrepreneur whose business is so technical or complex that he cannot explain the concept in plain English. Or, it takes 20 minutes to convey the purpose of the business. What value or benefits does your business offer?
Your assignment – Have an efficient 15 to 60 second elevator pitch that introduces you, your business’ mission, focuses on the benefits you provide and makes you and your business memorable.
Mistake # 5 – Failure to conduct the primary research
There are many great ideas you can latch on to, but the key in business is to make sure the idea-the central theme or mission of your business venture-can attract customers and generate sales and profits. A great idea in and of itself is not enough to start a business.
Your assignment – Take the time to gain experience, study the business, understand what makes the business work (how to serve the customers and generate profits) and what leads to losses.
Mistake # 6 – Failure to contact professionals who can help you get started
Numbers of new entrepreneurs ask their friends and family for advice when starting a new business. The problem is that they often ask people who have never started a business; so in reality, these people are not in a position to offer sound advice.
Your assignment – Get a mentor or two. Surround yourself with experts who possess skills and expertise that you lack. Team up with professionals who can complement your strengths and cover for your weaknesses.
Mistake # 7 – Failure by underestimating financial requirements
Do you know how much capital you need to start your business? Do you know the market, did you calculate your cost, did you project your sales, do you know the number of clients you need? Do you know how long it will take before you get your first benefits or before you will run out of money?
Your assignment – Invest the time to work on ALL aspects, especially the major ones, of your business before you start.
Mistake # 8 – Failure to make marketing a priority
Many new entrepreneurs start their business without determining their target, niche and demography first and as a result have failed to attract any clients. Marketing should be one of your top priorities. Devising a marketing plan will help you determine how to promote your products or services and create a system that will generate more clients for your business.
Your assignment – Dedicate a good portion of your time and energy to working on and implementing your marketing plan. Set up a meeting with yourself once a week to work on your marketing plan and whatever happens never cancel this meeting; it is essential for your business.
Mistake # 9 – Failure by under-budgeting the marketing costs
Today the world is overcrowded with businesses and probably
a number of those in your market perform essentially the same functions as you do. This means that you have to differentiate yourself from them by making your business stand out. Publicity is essential to your livelihood; otherwise you will not attract any customers.
Your assignment – Make sure you have a strategy that puts the word out there. Provide adequate publicity, business cards and marketing materials that project a professional image. Don’t try to save money on these; they are reflecting your business. A cheap business card or flyer will not make a professional impact.
Mistake # 10 – Failure to focus on the business
Many new entrepreneurs are energetic and enthusiastic people (which is essential to success), but they can also be overly optimistic and pursue too many targets and directions at once. This typically results in mediocre results. Define your business’ mission as succinctly and narrowly as possible. When you move in too many directions at once, especially in the early days of your business, you are likely to fail to execute anything correctly; so you end up working “on the business” instead of “in the business.” In other words, you will spend all your time operating each task on your own. You won’t have the time to sit back, and decide on the best way to develop your own marketing plan, create new products, or improve your services.
Your assignment – Know you goals. Put them in writing. Make sure they are realistic, specific and measurable and that you set yourself a deadline to achieve them.
Mistake # 11 – Failure by over-marketing
Once you have developed your product or service and have perfected your offering, you may think that your offering is the best in your marketplace. But unfortunately, to be efficient you can’t sell to everyone. You need to select a specific target market and stick to it. By doing this you will have a more efficient message and will more likely achieve success much sooner.
Your assignment – Carefully determine your niche, your demography, your ideal clients, where they go, what they read, what their hobbies are, etc. Once you have a full understanding of your client’s profile you will then have a full understanding of how and where to find more of them.
Mistake # 12 – Failure to follow-up with clients
Many new entrepreneurs are often so desperate to constantly find new clients that they neglect the clients they already have and in fact end up losing business. Statistics show that it takes seven more interactions to secure a new client than to sell more to a repeated client. So develop and maintain a useful and organized follow-up system to offer new services to your clients and don’t let them slip away.
Your assignment – Constantly and consistently communicate with your current clients.
Start a newsletter, offer special sales, create new products to upsell, join affiliate programs if you don’t have your own products. People who have already bought from you will appreciate it when you recommend other products. Statistics show that up to one out of three clients will take advantage of this new offer. It is essential to build a very, very special relationship with your clients. They are your best audience.
If you have a business idea, but are unsure how to get started, or already own a business, but have not yet achieved the results or success you were hoping for, check out my book: “Start Your Dream Business Today! The Proven 11 Steps to Start and Grow Your Own Business”, a simple yet informative and easy to follow step-by-step guide to everything a new entrepreneur should know when starting a business.
By  Martin   Brown

The Answer Is In The Challenge - Malaria patient builds test app

Ugandan App for Pain-Free Malaria Test

I was particularly moved when I read the story of Brian Gita and his friends (known as Code 8) at Makerere University in Uganda who worked together to build the app for testing for Malaria one of the greatest killers in Africa. Just a few months before that, Brian was bedridden suffering from Malaria. It was while he was on his sick bed that conceived the idea to build this app.

As a mentor, I often tell my mentees that the existence of problems / challenges should not mean the end of the road but instead should be seen as opportunities to propel us towards overcoming the challenges. No other story captures this better than this story. Brian could have resigned himself to fate or prayed and wished that somebody else somewhere will do something about Malaria. But he took up the challenge and today the world has Matibabu - the painless and bloodless test for Malaria.

When next you are faced with a challenging situation instead of wishing that help will come from an outside source, look within. You just might be the person the world has been waiting for.







SAO

PowerTalk: 10 Timeless Tips for Becoming a More Powerful Communicator

Part of our evolutionary process is learning how to communicate
more effectively and efficiently. Few of us have had much
training in the matter, and most of us have experienced the
consequences of communication breakdowns. We all know what
doesn’t work, and how badly it feels to be unheard and
misunderstood.

I learned how to speak from a man who didn’t know how to listen.
I once worked for a CEO who had no space or time for my emotions
or conversational process–so I wrote an article called “Who’s
Listening?” for a newsletter I created every month. Since I had
been so thrown off guard by his apparent disinterest in the
“whole” me, I was led to question what it was about my own
communication style that made it hard for us to talk.
These are the questions I asked myself and ultimately included
in the article. I hope they help.
1. Are you being negative? Nobody enjoys being in the presence
of negative energy. Try listening to yourself as you speak. Pay
attention to your tone of voice. If you are whining, stop it. If
you are being cynical or complaining, stop it. For one week, try
turning your complaints into requests and see if you notice a
difference in how your ideas are received.
2. Do you share opinions, but not your inner self? When’s the
last time you were in the presence of a powerful speaker? What
do you remember about what the speaker said? Chances are,
whoever was talking was sharing some personal story,
illustrating a point with an anecdote. Listeners get enrolled in
a conversation when the speaker actually shares something
meaningful about his or her life. Rich communication never
occurs by accident. It takes intention and attention. Think of
the most engaging conversationalist you know. Next time you hear
that person, listen for how much of themselves they really
share. Try sharing something personal next time you’re in a
conversation with someone who’s important to your life. Trust
them enough to admit a fear of yours, to tell a story from your
childhood, or to share a vision you have for the future. We are
all waiting to have these conversations, but no one wants to go
first. Try going first.

3. Are you planning what you want to say while others speak,
instead of listening? This one always backfires. It’s a dead
giveaway. People know when you’re doing it because your
responses to their speaking are usually inappropriate, and
communication breaks down rapidly. No one listens back to
someone who hasn’t listened to them. Instead of spouting off
your opinions immediately after a person has spoken, ask them
something about what they just said. Pay attention to their
speaking and they will pay more attention to yours.
4. Do you live up to your word? Did you ever know someone who was always going to do this and always promising to do that and never came through? Did you stop listening to that person after awhile? The world is full of dreamers and planners, but it’s people’s actions, not their dreams, that inspire us. Open up and share something you’ve accomplished that you’re proud of. If you have something you want to accomplish, ask for support. People will not take us seriously if they see we do not take our own words and commitments seriously.
5. Have you created an environment for listening? It is not
easy to listen to someone in a room where TV’s and radios are in
competition with humans. If real communication is important to
you, try turning off the tube and finding a commercial-free FM
station that plays music conducive to conversation. Classical
music stimulates the alpha waves in our brains, and keep our
creative juices flowing.
6. Do you speak as a victim of circumstances or as a creator of possibilities? People who speak as if the world were out to get
them have a difficult time finding listeners. No one wants to
get pulled into the emotional quicksand that a “victim” seems to
be buried in. Consider how you respond as a listener to other
people’s tales of woe? Do you tire quickly in that context? Do
you get depressed and feel burdened? Energy is contagious. If
you speak as the one who’s designing your life, rather than as a
victim of other peoples’ actions, you will empower yourself and
others.

7. Does your listener know the value of your relationship with her or him? Establishing a background of trust and relatedness
is critical to communication. The better sense a person has of
you and of your commitment to the relationship, the more open
will they be to your speaking. If what needs to be communicated
is difficult or risky, it often helps to begin by stating what’s
at stake for you and how important honesty is to the
relationship.
8. Do you inquire about what may be important to your listener
or do you mostly talk about yourself? One way to ensure that
your listener is with you is to include her or his interests in
your conversation. The next time you have coffee with your
neighbor or sit next to your co-worker in the cafeteria,
initiate a conversation about something you know that person is
interested in. If she’s a ski enthusiast, ask her about her
favorite places to ski. If he’s into computer games, strike up
a conversation about an article you read on the subject. People
listen up and open up when you show a genuine regard for
something they’re interested in.
9. If people listened to you like you listen to others, would
you be satisfied? Most of us have a person in our life who plays
the role of listener when we really need to talk about
something. If you have such a person, consider what particular
skills this person has at listening. Why did you pick her or him
as your sounding board? What is it that makes you trust them?
What body language do they exhibit when you speak that lets you
know they’re with you? Is it helpful to have people give you
advice when you share something difficult, or would you prefer
they just listen and let you sort things out in their presence?
Can you be present to someone’s pain without trying to solve all
their problems? Observe how you listen the next time someone
shares something difficult and see if you can refrain from
offering advice and platitudes.
10. Are you complaining to the wrong people? It doesn’t help
anyone to complain to people who have no power to change things.
If something is wrong, find out who’s in charge and take your
concern to the right person.

By Lauren Neal
Published by Business Financial range 
http://business-financialrange.com/?p=1068

Is Automation Responsible for Unemployment? Part 1

Sina Adelaja-Olowoake

Following the wave of unemployment that swept through many countries around the world recently, many researchers have hit the road trying to find out what was responsible. 
The first major cause often advanced is the credit crunch. While some believe that this cause alone is responsible for the current high unemployment, there are those that say this plus a host of other factors are the reasons why many people remain unemployed today. 
One of those other reasons advanced is  automation. Wikipedia describes automation as various control systems  for operating equipment such as machinery, processes in factories etc with very minimal human input. 
It is plain to see immediately that as human input decreases in the production of goods and services, it is bound to have a negative effect on the labour market. 
At first when automation was limited to the production lines, many people welcomed it as it had a drastic effect on the cost of finished goods making them cheaper and more readily available. 
Today automation has taken on a  more visible role and nowhere else is this more obvious than on the high streets.
Gone are the days of human traffic wardens. These have now been replaced by traffic cameras that record the offence and send this to a central station from which the penalty notices are then issued and sent out. 
The supermarkets continue to reduce checkouts with human operators. Today the self checkout has become the preferred check out mode for a lot of customers. Also supermarkets now provide delivery services to those who order online
Banks have now perfected a system that allows customers withdraw or deposit cash and cheques without talking to bank cashiers. 
The famous Routemaster buses in London which used to be the cynosure of all eyes because of it's unique shape and conductors has now been redesigned and relaunched without conductors. Passengers must now have little cards which they touch against a yellow point to allow them ride on the bus. 
But are all these enough evidence to blame automation solely for the massive across the world? 
What about a lot of countries especially in places in Africa where automation is still a very limited part of production? 

Picture courtesy of www.ibabuzz.com 

Picture courtesy of www.flickr.com

To be continued

JOB SEEKERS TO JOB CREATORS

The key to real success in life is finding a need and meeting it. - Anonymous

Job seekers to job creators ..making the necessary transition..

By Sina Adelaja-Olowoake.

The beginning of a new year is usually greeted with great optimism and hope especially by people who have experienced some form challenge or another in the previous year.

To this end I believe that a lot of job seekers will be looking forward to this year and hoping that it comes with loads of good fortune enough to get them out of their misery despite the gloomy economic outlook for most countries around the world.

Many would even go on to make resolutions around finding a job. That in itself is not a problem – the problem is usually centred on the how. How do you find a job?

In other words what should the unemployed do this year to bring about a change in their circumstances?

In my experience as an employment coach I have noticed with great displeasure the wrong mindset often displayed by most graduates when they talk about employment.  It is mostly in relation to being engaged in white collar job roles or being employed by someone else or an organization. Very little thought is given to self employment or entrepreneurship so when there is talk about employment what most are talking about wanting to work for some other entity apart from themselves.

I wonder if this is as a result of parental control and influence where most parents in Africa tend to guide their wards towards certain professions or is this the result of our outdated educational system designed by colonial masters to continually produce clerks and administrators.

Or is it just another selfish approach at ensuring that no matter what, the individual’s salaries are guaranteed with little or no risk on his/her part.

Whatever the reason, this has got to change because recent studies have shown that despite the tough economic climate, more jobs are being created via self employment than any other routes. And I strongly believe this will be the trend for the foreseeable future.

Therefore unemployed graduates need to make this much needed mental transition from job seeking to job creation.

Most universities in the United States of America. United Kingdom, and most parts of Asia are now recognizing this fact by creating specialized departments dedicated to entrepreneurial studies thereby producing job creating graduates instead of jobseekers.  

This is the right approach most job seekers need to take this year. There are hundreds of entrepreneurial ideas waiting to be tapped and majority of them do not even require huge sums of money to start. What is required is functionality and creativity. To take a look at situations with an entrepreneurial mindset.

Dr James V. Green of the University of Maryland who originated the Opportunity Analysis Canvas encourages individuals to “think entrepreneurially, see entrepreneurially and act entrepreneurially”. If followed through many small and seemingly inconsequential ideas suddenly take on a life of their own and most go on to cause the rise of many industries.

For example the beauty makeovers industry in Nigeria. A decade or so ago it was virtually unknown and perhaps even unthinkable. Today it is a huge money spinner and puts food on the table for most families. Apart from the training process, it costs very little to roll out.

The poor state of education across the country gave birth to a series of private supplementary school initiative run by graduates. Through this they not only became employed but were able to employ fellow graduates.

There are so many other examples where simple ideas have gone on to become huge money spinners and employment generators. One of such is the sachet water industry otherwise known as pure water. Someone somewhere made a decision to change the status quo. Today the whole of the African continent is littered with sachet water factories. This is the kind of thinking required to cause real change in the unemployment market.

Job seekers must not be afraid to make this transition. Being a graduate should not limit one to working only in a particular field but should inspire imagination and awaken the creative ability within to engage in almost any legitimate enterprise.

saocareercoach@gmail.com