A thought or its combination gives birth to an idea or ideas. The distinction between thought and idea lies in the fact that thoughts are suggestions that caught the fancy of the human mind while ideas are the purpose and intent-driven processed thought.

Findings have shown that business ideas don’t originate in a vacuum, and in most cases, they are formed from the deliberate and intentional thought process, brainstorming session, attention to needs in an environment or during a discussion with people of like minds.

In the words of Earl Nightingale “Whatever we plant in our subconscious mind and nourish with repetition and emotion will one day become a reality”

WHAT IS A BUSINESS IDEA?

It is important to state from the onset that business idea is not a cast in the shadow or an out of the blue generating concept. The distinguishing elements of a business idea are its intentionality; driven by the value proposition and the goal to make financial gain by offering products or services to the consumers for money.

IS A BUSINESS DIFFERENT FROM A COMPANY?

It is pertinent to make it clear that a business is not the same thing as a company. Though used interchangeably, however, it is erroneous because their purposes are a pole apart and opposites.

Let’s start with a company, it is an incorporated body registered and regulated by law. A company is formed to serve the interest of its owners, investors and its directors and deliver a good return on their investment.

I am sure that you would have heard of companies that were incorporated and had never been in business. That is the truth and examples are varied.

On the other hand, a business is defined by its customers and the ability of the company to meet their needs.

It should be clear also, according to Peter Drucker, the purpose of a business is to create customers, constantly innovative and adapt to their changing tastes and values.

A business without customers would naturally cease to exist and become a liability to its owners.

WHAT ARE THE CHARACTERISTICS OF A GOOD BUSINESS IDEA?

1. IDENTIFY AND SOLVE A PROBLEM.

The viable start point for a promising business is to look around its environment for a problem that it can meet and solve. A Customer pays for a solution and not a product or service. If you have a product that does not solve a problem nobody will be willing to pay for such. Look at Uber transportation innovative solution that makes it easier for commuters to book tax online using an application. The same is being copied today simply because it solves a problem.

• THE IDEA MUST BE COMPELLING ENOUGH TO MOTIVATE THE ORIGINATOR (S) TO MOVE INTO TAKING AN ACTION

Any idea that does not move you into taking positive action at ensuring its realization is still at the level of mere though. Actions here would include putting the idea in writing (Business plan), studying its viability and marketing approach (feasibility Study), considering the sources of raising fund (personal, joint or through co-funding or co-founding with the like of FasterCapital) and considering the product launch (Viable Market Product).

• IT MUST BE CUSTOMER-FOCUSED

The reason why a business exists is to meet the needs of its customers, hence, businesses focus and activities should be customer-centric and customer-driven. Today businesses are paying attention to the feedback of their customers and indeed, customer-focused businesses do wait for feedback but they make their customer co-creator and partners in product design.

• PROFIT ORIENTED

It has been my opinion that profit is not the primary objective of a business; however, it is a reward for a job well done. Unless the customers are satisfied and pleased with your products and services you cannot make a profit. While a business should pay attention to profitability as a measurement for its acceptance in the market, the fundamental should be a satisfied customer. Make him happy, he will come for more.

• UNIQUE (UNIQUE SELLING PROPOSITION)

GOKADA, OPAY, MAX-G, etc. are businesses with unique approaches to transportation using motor-bikes in Nigeria, Africa. It would be realized that hitherto some Federating States had banned the use of motorbikes as means of transportation, however, their business model using a mobile application and internet facilitation prompted their acceptance into the mainstream of public transportation as we speak today.

Any business that would attract the attention of financiers and the customers must be unique and stand out from competitors their selling points must be quality, creativity, first to market advantage and sometimes pricing.

• INNOVATIVE

According to Wikipedia, innovation is defined as “ a new idea, creative thoughts, new imaginations in the form of device or methods”. It went further to say, that Innovation is seen also like the application of BETTER SOLUTIONS that meet NEW REQUIREMENTS, unarticulated needs or EXISTING MARKET NEEDS”.

Attention should be drawn to the fact that innovation is a combination of idea, thoughts, imagination and the offering of better solutions to meet a non-existing or an existing need.”

Innovation is the soul of business and if a business must continue to remain relevant, it must be creative and constantly innovate.

Innovation should be seen essentially as the process or method of “translating an idea into a good or service that creates value” for the customer

• MARKETING

An idea should ultimately be translated into goods and services that the customers are willing to pay for. To achieve this product and service must be designed and taken to the market. The market does not necessarily translate to the physical market it could be virtual or online. Marketing decisions must be properly evaluated and considered crucial in generating a prosperous business idea.

• FUNDING

I have deliberately listed funding as the least criterion in generating a good business idea. It is in actual fact the least because the good idea would sell if the steps highlighted above are diligently followed.

However, for the purpose of this write-up, funding of business idea could be done personally through savings, divestment from an existing investment, raising money from family, friends or financial institutions, sourcing for the fund through angel investors, venture capitalist or through virtual incubators that provide co-founding and, or co-funding.

CO-FOUNDING AND CO-FUNDING THE FASTERCAPITAL APPROACH.

FasterCapital offers unique support for startups and entrepreneurs with outstanding business ideas. Using her network of investors, mentors, and representatives in major cities of the world, the organization goes into partnership arrangement that recognized the original creator (s) of the idea as the rightful owner of the business.

FasterCapital gives expert counsel and technical backing as a stakeholder in the new business through investment of up to 50% and sometimes giving multiple rounds of funding to ensure that the startup products and services are solidly launched the market.

FasterCapital operates a no CASH POLICY meaning that in place of the organization’s investment in the startup EQUITY is held while the entrepreneur is expected to raised or have raised 50% of the remaining capital for the business.

CONDITION OF ACCEPTANCE

1. Bring your idea
2. Your business plan
3. Forecasts
4. Raise 50% of the seed fund
5. Work with a dedicated team

ACCEPTANCE

• Validation of potential business idea
• A thorough study of the business plan
• Evaluation of the Financial forecast
• Validation of the founders
• Receive six votes out of nine from the board of evaluators.
• All done within 7 to 14 days
• Visit to submit your application www.fastercapital.com/entrepreneur/joinus.html and reference Kayode Ibukunoluwa Micah

ACTION TO TAKE: We only accept startups in information technology, software development, Internet and mobile-related businesses.

Contact Kayode Ibukunoluwa-Micah ( Representative) and push your idea farther.

Email: kayodemicah@darachassociate.com

Tel.: +2348033356911

Twitter: @kayodemicah

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While this revelation has cost Facebook approximately $ 80 billion in value since March 16, 2018, Mark Zuckerburg in an attempt to douse the situation had recently published a personal apology and made a pledge that “ We will reduce the data you give an app when you sign in… to only your name, profile photo, and email address. We’ll require developers to not only get approval but also sign a contract in order to ask anyone for access to their posts or other private data. And we’ll have more changes to share in the next few days.

Today more search-lights are beamed in the monitoring, regulations, and management of data and their uses particularly on social media platforms and other avenues through which personal information are collected and shared.
More importantly too and for the notice of all, the European Union has passed into law the GENERAL DATA PROTECTION REGULATION (GDPR) which come into effect on the 25th of May, 2018.

What is GDPR?

GDPR stands for General Data Protection Regulation; it is a European Union fresh data privacy protection and regulation law which attempts to control how companies collect, store and handle personal data or information of their customers’ or other third parties.
The General Data Protection Regulation was agreed to by the European Union Parliament and council on April 27, 2016, and becomes fully operational in the European economic areas on May 25, 2018. It replaces the Data Direction Protection.

HOW WOULD GDPR AFFECT HUMAN RESOURCE MANAGEMENT AND OPERATIONS?

Generally speaking, the General Data Protection Regulation is to normalize and place some level of control on the use of customers’ (both internal and external customer) or clients’ data/information thereby setting in place:
1. An ethical standard on social media usage of employee or applicants information
2. Employee or applicant protection in online media
3. Check on the deliberate misuse of employee or prospective employee’s details
4. Restrain on intentional manipulation of employee or applicant information for business gain without the express permission of the party
5. The exercise of the right to privacy
It will be noted that HR deals with a lot of records both for the company’s employees and as well as job applicants who responded to a job advertisement and those who voluntarily submit their curriculum vitae for possible openings in the organization. The records of current employees, ex-staff of the organization and pool of application letters with personal information and the use to which they are put to falls under GDPR.
It is therefore instructive for HR professionals to work out an appropriate compliant measure particularly for those dealing with clients in the EU economic areas and countries where GDPR is enforced.
It is of note to mention for the sake of clarity that GDPR is not citizenship based but essentially residency, meaning that GDPR applies to data for EU resident or any other nationals from any country residing in the European Union or EU Economic zone.

Click to continue: HOW TO ALIGN HR PROCESSES AND PROCEDURES WITH GDPR

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1. You must have any of item 1 to 3 and # 4
• International Passport
• Authorized Drivers License
• National ID Card
• Your Tax Identification Number (TIN) issued in your country of origin ( when available)
1. You must have an account with a local bank in your country of origin or residence

HOW TO APPLY

Click this link :
httpsss://share.payoneer.com/nav/YakSs7WcbyISTX5zuMwSjMyejm4DWz8gJOloMYHjCvqXf3RKWCs9lrMu2QEDdnqA7DqH2woi0lGVqiDo6cwXFA2,
and follow the next five steps in less than five minutes you are one
• Sign up for a free account
• Fill in your details your name, address as contain in the ID card that you want to use for verification
• Enter alternative shipping address if different from the address on your ID. Note that this is the address that your debit master card will be sent to if you requested for one
• Click ORDER button once you are done
• Wait for an approval notification. It will be sent to your email address.
HOW LONG DOES IT TAKE
• The account will be open almost immediately and bank detail in the US will be sent to you ( My is with Choice Bank Limited and Wire Card Solution Limited)
• Your MasterCard delivery might take some time, say about one to two months. It will be shipped to your address, to ensure that the address is okay with a Postal Code.
About Payoneer

Payoneer is a financial service that provides online money transfer and digital payment service in over 2,000 countries, with over 1,500 currencies having over 4 million users around the world.
It is a quick and easy solution to receiving payments worldwide.
Payment is made into your account and through your self-managed back office, you can transfer from your Payoneer account into your local bank account which you can collect over the counter or withdraw with the customized Payoneer master card at any ATM machine with the MasterCard logo.
Please note that you can only receive payment from companies and not individual, once you registered to ensure that you send a notice to the organizations requesting that they transfer or do |cheque check deposit to your Payoneer account. It is that simple.
Thank you and ensure you use the link: httpsss://share.payoneer.com/nav/YakSs7WcbyISTX5zuMwSjMyejm4DWz8gJOloMYHjCvqXf3RKWCs9lrMu2QEDdnqA7DqH2woi0lGVqiDo6cwXFA2,

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