Monday, December 24, 2012

How To Open a Speech or Presentation

At a recent corporate storytelling workshop for Microsoft, I was asked a question that I hear frequently: "How do I open my speech?" Several others in the room agreed that the first two or three minutes of a speech are often the most awkward.

Is it that way for you, as well? Do you have a hard time getting started, but once you get going, you're all right? If so - welcome to the club.

In this article, I'm going to share what has worked for me and helped me build a lucrative speaking business. I'll also share the results of my research into what transforms a good speech into a Dynamite Speech.

How To Open a Speech or Presentation

I used to have a lot of anxiety before I gave a speech. I knew most of what I was going to say - not word for word - but in general. I knew what stories I was going to tell and what quotes I was going to use, and the overall sequence of things. What freaked me out was what I was going to say first.

I knew that telling a joke was out of the question because I can't remember jokes. Plus, any rule that is supposed to work for everyone - such as "always open with a joke" - is obviously a stupid rule! If there is one thing that I've learned from my own experience as well as from other speakers, it's that there is no ONE single way that works for everyone.

One day I was at the theater, sitting in the audience waiting for the curtain to go, and I had a revelation. I remembered all of the plays I had acted in and how the first line of each play was specifically chosen to set the stage for everything that came after it.

That got me thinking about the most powerful speeches I'd ever heard. They all started out with something meaningful. They didn't start with the speaker thanking anybody or talking about how wonderful it was to be in Buffalo, New York in January (because it's cold as heck). The first words out of their mouths were meaningful. They said something provocative or asked a provocative question.

I also realized that while I'd seen people start out with loud rock or disco music as they ran up the aisle from the back, for me, the most powerful openings were simple and direct.

Here are a few options for opening your speech, taken from my Dynamite Speech System.

Opening #1 - The Provocative Statement or Question Opening

Walk out to the center of the stage or room. Stand still and get centered. Let the silence sit there for a few seconds to build anticipation. Then, make a provocative statement such as: If you want your content to stick, emotion is the fast lane to the brain.

Another option is to ask a provocative question such as: When you give a speech, do you talk too much?

Notice how each of those statements is a bit contrarian. I love to combine two elements that are logical opposites. They make you think. The idea that you will get content to stick to the brain with emotion is illogical. The idea that you can talk too much while giving a speech is provocative.

What can you ask or say as your opening that will set up one of the main points of your speech? After you say it, pause. Let the statement or question hang there in space. Then move on.

Opening #2 - The Quote Opening

Find a provocative quote that seamlessly introduces your main point or premise.

Opening #3 - The Story Opening

Start by telling a story. Stories are an immediate attention grabber and activate your listeners' imagination. Make sure you choose the right story to open with. It can't be too dramatic or hilarious. Your Crucible and Imbroglio stories need to go in the middle of your speech. Choose a story that makes one of your main or the main point of your speech. You may begin the story up front, take it through to Step 4 - Encounter the Obstacle, and then stop. You can then close your speech with the resolution of the story, beginning with Step 5 - Overcome the Obstacle. Another option is to tell the entire story, make the point and then move on.

Opening #4 - The Rapport Builder Opening

If you've done your homework and used a pre-program questionnaire to discover the issues your audience is facing, you can open with a few statements that let them know that you understand their pain. Three or four sentences that address their current situation are all that you need to create a bond and let them know you're not going to give a generic rah-rah speech. Perhaps you can mention the name of someone in the audience who you spoke to on the phone before the meeting or conference. Then, give a speech that customizes your concepts and solutions to their needs and issues.

The main thing I want you to consider for your opening is to start strong. Know exactly what you're going to say. Don't waste time with chitchat about the weather or the city you're in. Get right to it. Surprise them. Shock them. Make them think.

I also don't believe that it's necessary or effective to thank the meeting planner up front. If you're going to do that at all, do it at the end.

What has worked for me is to memorize the first three or four sentences of my speech and to use the same opening over and over. Knowing exactly what I'm going to say and precisely how I'm going to deliver those lines, gives me confidence.

It helps that the words I say are part of my branding. If you've ever heard me speak, you know that there are a number of power phrases - provocative statements if you will - that are consistent from speech to speech and audience to audience. I don't make up something new every time and I don't mess with what works.

If you've been asked to deliver a sixty-minute keynote speech, every minute counts. The first sixty seconds is critical to how your audience perceives you. My advice is to write and memorize your opening. Deliver it the same way time after time. Tweak it when necessary until you have it down to the precise statement that creates the effect you're looking for.

Open strong and close with confidence.

How To Open a Speech or Presentation
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Doug Stevenson, president of Story Theater International, is the creator of The Story Theater Method and the author of the book, Never Be Boring Again. He provides keynotes speeches, corporate training and individual speech and story coaching.

His 10 CD - How to Write and Deliver a Dynamite Speech audio learning system, is a workshop in a box. It contains an 80-page follow along workbook. Learn more at: Dynamite Speech Home Study Course

Some of his clients include: Microsoft, Hewlett Packard, Century 21, Volkswagen, Oracle, The Department of Defense, GlaxoSmithKline, The American Medical Association, The Irish Management Institute, Amgen, The Denmark Ministry of Finance, UPS, The Internal Revenue Service, The National Education Association and many more.

Doug can be reached at 1-800-573-6196 or 1-719-573-6195 or at: http://www.storytheater.net

Subscribe to his RSS feed on his blog at http://www.dougstevenson.com

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Friday, December 21, 2012

Applying For an Infant Passport

Traveling with an infant brings unique challenges for first time parents. Car seats, diaper bags, changes of clothing and more become part of the new travel routine. Along with all of the standard baby gear, there may be one more thing to consider bringing along: an infant passport.

Passports are becoming increasingly important. Most borders cannot be crossed today without a passport, even the Mexican and Canadian borders. Infants are not exempt from this requirement. You cannot add an infant to a U.S. passport. Every citizen, including babies, must have his or her own passport. Anyone trying to cross a border with an infant who doesn't have a passport may be regarded with suspicion. Carrying a passport for an infant when you travel is just as important as carrying your own.

New parents often wonder when they should apply for an infant passport. The best answer is: as soon as possible. Obtaining a passport for an infant should be considered routine, just as applying for a birth certificate is. Even if you don't have international travel plans in your immediate future, it's still a good idea to apply for one. It usually takes about six weeks to have your application processed. Those who want to expedite the process and receive a passport in about two weeks can pay an extra fee of . However, by simply applying for it early on you can avoid this fee. You'll also avoid the stress of trying to obtain a passport while busy making travel plans.

Applying For an Infant Passport

Infant passports are obtained in the same manner as a child or adult passport. Infant passport applications may be downloaded from various travel service providers and government agencies. You may also obtain one in person from your local post office or immigration office. Infant passport requirements include:

*Presentation of your baby's birth certificate. If your child was born outside the United States, you must present the child's Naturalization Certificate or Certificate of Citizenship along with the birth certificate.

*Two official passport photos. They must be regulation size (2 inches by 2 inches) and should be taken by a professional photographer. Home-produced photographs are not accepted.

*The application fee, which is . Remember, it will cost an extra if you need to obtain it faster than six weeks.

The baby need not appear in person to be granted a passport. However, the person applying for it must be able to vouch for the identity of the child and present his or her own identification. Infant passports are valid for five years.

Traveling aside, it's useful to obtain a passport for an infant for other reasons. It is often the only form of official picture ID that a baby can obtain. Sometimes picture ID is required for registering for preschool or kindergarten, or may even be required for some domestic airline flights. Having official picture identification for your child is never a bad idea. Applying for it right from the beginning may save parents from unforeseen trouble down the road.

Applying For an Infant Passport
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http://travel.state.gov

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Monday, December 17, 2012

How to Calculate a Cost of Living Allowance

A Cost of Living Allowance (COLA) is a salary supplement paid to employees to cover differences in the cost of living, particularly as a result of an international assignment. The amount of COLA should enable an expatriate to be able to purchase the same basket of goods and services in the host location as they could in their home country. The basis for calculating a COLA is the Cost of Living Index (COLI) which indexes the costs of the same basket of goods and services in different geographic locations. COLA is a simple accurate method of measuring fluctuating salary purchasing power and ensuring parity.

Cost of Living Index

Our cost of Living Indexes measure the cost of 230 products and services across 13 different basket groups in 276 cities across the globe. The data is gathered by a team of research analysts who survey comparable items that are available internationally. A minimum of 3 prices for the same brand/size/volume of product is used to determine the average price for each item in each location. The items are priced on a quarterly basis and tend to rise and fall with inflation. The 13 different basket categories are as follows:

How to Calculate a Cost of Living Allowance

Alcohol & Tobacco: Alcoholic beverages and tobacco products
Alcohol at BarBeerCigarettesLocally Produced SpiritWhiskeyWine

Clothing: Clothing and footwear products
Business SuitsCasual ClothingChildren's Clothing and footwearCoats and hatsEvening WearShoe RepairsUnderwear

Communication
Home Telephone Rental and Call ChargesInternet Connection and service provider feesMobile / Cellular Phone Contract and Calls

Education
Crèche / Pre-School FeesHigh School / College FeesPrimary School FeesTertiary Study Fees

Furniture & Appliances: Furniture, household equipment and household appliances
DVD PlayerFridge FreezerIronKettle, Toaster, MicrowaveLight BulbsTelevisionVacuum CleanerWashing Machine

Groceries: Food, non-alcoholic beverages and cleaning material
Baby ConsumablesBaked GoodsBakingCanned FoodsCheeseCleaning ProductsDairyFresh FruitsFresh VegetablesFruit JuicesFrozenMeatOil & VinegarsPet FoodPre-Prepared MealsSaucesSeafoodSnacksSoft DrinksSpices & Herbs

Healthcare: General Healthcare, Medical and Medical Insurance
General Practitioner Consultation ratesHospital Private Ward Daily RateNon-Prescription MedicinePrivate Medical Insurance / Medical Aid Contributions

Household: Housing, water, electricity, household gas, household fuels, local rates and residential taxes
House / Flat MortgageHouse / Flat RentalHousehold Electricity ConsumptionHousehold Gas / Fuel ConsumptionHousehold Water ConsumptionLocal Property Rates / Taxes / Levies

Miscellaneous: Stationary, Linen and general goods and services
Domestic HelpDry CleaningLinenOffice SuppliesNewspapers and MagazinesPostage Stamps

Personal Care: Personal Care products and services
CosmeticsHaircareMoisturiser / Sun BlockNappiesPain Relief TabletsToilet PaperToothpasteSoap / Shampoo / Conditioner

Recreation and Culture
BooksCamera FilmCinema TicketDVD and CD'sSports goodsTheatre Ticket

Restaurants, Meals Out and Hotels
Business DinnerDinner at Restaurant (non fast food)Hotel RatesTake Away Drinks & Snacks (fast Food)

Transport: Public Transport, Vehicle Costs, Vehicle Fuel, Vehicle Insurance and Vehicle Maintenance
Hire Purchase / Lease of VehiclePetrol / DieselPublic TransportService MaintenanceTyresVehicle InsuranceVehicle Purchase

Each basket category does not count equally and are weighted in the final calculation based on expatriate spending patterns.

In order to calculate an accurate cost of living index for a specific individual the basket items that are not relevant to the individual should be excluded from the calculation. For example if education and housing is provided by the employer these basket categories would be excluded from the cost of living index calculation. This increases the accuracy of the cost of living index and makes it possible for each individual to have their own customized cost of living index based on their specific arrangements rather than using an overall "generic" index which is likely to contains costs that are not relevant to the individual.

The formula for calculating the specific cost of living index for an international assignment is as follows:

Cost of Living Index = Customized Cost of Living Index for Host City / Customized Cost of Living Index for Home City

When moving to a higher cost of living host city, the index will be greater than 1 (positive). When moving to a lower cost of living host city the index will be less than 1 (negative). Where the index is negative it means that in real terms the cost of living in the host city is lower than the home city. This means that if the negative index where to be applied to the employee's salary, they would actually be paid proportionately less spendable salary in the host city. It is important to note that the majority of organizations do not apply a negative cost of living index because it makes it difficult to persuade an employee to take up an assignment as they tend to see it as a reduction in salary.

Examples of Cost of Living Index Calculations using our data:

Example 1) An Australian employee moving from Perth to London where healthcare and communication will be provided by the employer

More Expensive in London:
Alcohol & Tobacco +4.77%Clothing +21.85%Education +31.53%Furniture & Appliances +16.03%Groceries +16.35%Household +50.72%Miscellaneous +137.47%Personal Care +11.18%Recreation & Culture -6.82%Restaurants Meals Out and Hotels +34.99%Transport +19.80%

The overall difference in cost of living moving from Perth and London is +28.06%.

In this case the cost of living index is positive and would be applied as it is.

Example 2) A British employee moving from London to Mumbai where the employer will provide housing and education

More Expensive in Mumbai:
Alcohol & Tobacco -37.53%Clothing -9.58%Communication -44.92%Furniture & Appliances -19.31%Groceries -24.03%Healthcare -31.24%Miscellaneous -72.43%Personal Care -24.94%Recreation & Culture -35.73%Restaurants Meals Out and Hotels -33.11%Transport is -27.99%

The overall difference in cost of living moving from London Mumbai is -30.53%.

In this case the cost of living index is negative and would not be applied.

Net Spendable Salary

Differences in cost of living only impact the portion of the salary that is spendable in the host country. Items in the home country such as retirement funding, medical insurance and other home based costs are not impacted by the cost of living in the host country.

To determine the Net Spendable Salary establish what amount / portion of the current salary (in home currency) is spent in maintaining the employee's current standard of living / lifestyle. What will the expatriate need to spend their salary on in the host country? For example will accommodation be provided or will the employee pay rent, will healthcare be provided etc. Deduct all items that are either provided in kind or are spendable in the home country. Deduct the hypothetical amount of tax, social contributions and any other statutory deductions applicable in the home country from the Spendable Salary. What is left is the Net Spendable Salary.

Cost of Living Allowance (COLA)

The formula for calculating the cost of living allowance using the above inputs is as follows:

(Net Spendable Salary X Cost of Living Index X Hardship Index X Exchange Rate) less (Net Spendable Salary X Exchange Rate) = COLA

Examples of COLA Calculations using our data

Example 1) An Australian employee with a net spendable salary of AUD0,000 moving from Perth to London where healthcare and communication will be provided by the employer

(0,000.00 X 1.2806 X 1 X 0.4768) less (0,000.00 X 0.4768) = COLA of £13,379.44 (GBP)

Based on all the above factors a person would require a Cost of Living Allowance of £13,379.44 (GBP), in addition to their current salary of 100,000.00 Australian Dollar (AUD) to compensate for relocating from Perth to London. This Cost of Living Allowance compensates for the overall cost of living difference of +28.06% and the relative difference in hardship of 0%.

Example 2) A British employee with a net spendable salary of £18,000 moving from London to Mumbai where the employer will provide housing and education

Note: Because the Cost of Living Index is negative it is not applied.

(£18,000.00 X 1 X 1.3 X 67.2852) less (£18,000.00 X67.2852) = COLA of 363,340.32 Indian Rupee

Based on all the above factors a person would require a Cost of Living Allowance of 363,340.32 (INR ), in addition to their current salary of £18,000.00 British Pound (GBP ) to compensate for relocating from London to Mumbai. This Cost of Living Allowance compensates for the overall cost of living difference of [-30.53%] and the relative difference in hardship of 30%.

COLA Payment

The COLA is paid as a salary supplement (i.e. as an additional allowance) net of tax in the host country. If the COLA is a taxable allowance in the host country it should be grossed up in order that the full amount of calculated COLA is paid net of tax given that the basis of the calculation is Net Spendable Salary. The COLA is often accompanied by other allowances and benefits such as flights home, relocation / settling in allowance, and furnishing allowance.

Exchange Rate Fluctuations

Significant changes in the exchange rate can make a considerable difference in the COLA calculation. In 2008 some of the major global exchange rates changed by as much as 30-40%.

The cost of living index reflects the changes caused by inflation and exchange rates. In the short-term there may be disequilibrium between inflation and the exchange rate (the one pushes the other), however over time the cost of living index provides the most accurate view of the cost of living.

It is important to remind expatriates that when the cost of living difference is negative, and the negative value has not been applied, they have higher purchasing power in the host country than they would at home.

Where a negative cost of living index has not been applied (our recommended approach), and a change in the exchange rate indicates an upward adjustment in COLA may be required, it is recommended that the COLA should not be adjusted upward until the cost of living index becomes positive i.e. the cost of living reflects that there is a "real" increase in cost of living between home and host countries. This may mean that their would be no increase in the COLA as a result of exchange rate fluctuations for some considerable time. During this time the employee's purchasing power decreases. But it is important to remember that until the cost of living difference becomes positive, the individual will still have a higher purchasing power than they do in their home country.

It is advisable to stipulate a currency protection rule, rather than reacting to every fluctuation in the exchange rate. For example the rule may state that COLA will be reviewed if exchange rates or local inflation move by more than +10% during a year. It is important to keep in mind that the prices of goods and services are unlikely to drop in local currency. This would only occur in a period of deflation (negative inflation). Therefore the currency protection rule would normally make provision for upward adjustments in COLA and not downward adjustments during an employee's assignment. Downward adjustments to an existing COLA due to exchange rate fluctuations without a corresponding drop in the prices of local goods and services puts immense pressure on an employee's host currency budget commitments and can lead to the employee experiencing financial difficulty.

Using an independent service provider provides an independent, objective basis for determining an employee's COLA.

We recommend therefore that a COLA is calculated by applying the specific (customized) cost of living index to the net spendable salary at the beginning of the assignment and monitoring exchange rate fluctuations thereafter in addition to the annual salary review.

How to Calculate a Cost of Living Allowance
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Steven Coleman runs the most comprehensive international cost of living website available Xpatulator.com an internet service that provides free cost of living and hardship information for 276 global locations to registered users. The premium content calculators allow you to customise your own cost of living index by choosing your own basket groups and includes a COLA calculator. Follow us on Twitter http://twitter.com/Xpatulator

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Friday, December 14, 2012

The Best Barbecue in London

To a native Texan the idea of the Best Barbecue in London is sort of like looking for the best Pub in Dallas-you might find one, but even the best might not be that great. But the world is smaller than it once was, and London welcomes all kinds of diverse people and foods. So why not The Best BBQ in London?

Rather than do the actual research of wandering around London and eating bbq myself, I decided to just take the Top Ten according to Google. If they care enough to get top rank in Google, they must be good at something.

All the Barbecue Places in London look good to me, but then, I never met a plate of barbecue I didn't like. As always, these London thoughts are a means of narrowing down the vast and impenetrable city of London to places I'd like to go-or in this case, eat.

The Best Barbecue in London

Top Ten Barbecue Restaurants in London-

10. The Vibe Bar finds itself at number ten. When you click on the Food tab, it tells you they have some tasty Jerk Chicken and BBQ Grills. One of Brick Lane's finest and most interesting destinations, The Vibe Bar packs in a trendy indie crowd of musicians and fashionistas keen to enjoy cheap drinks and pounding hip hop and house music. Maybe the food is not why you go to The Vibe Bar-but I'm sticking with my Google plan.

9. The Chicago Rib Shack-Now this sounds more like what I had in mind. Ribs and Brisket and Whole Piglets and Steaks and even stuff for that poor vegetarian you dragged along. These are people that set out to create London's Best Barbecue place and judging from the website-they may have done it. Seems some people think it's not as good as the original, but then, what in life ever is?

8. Big Easy-The best Cajun restaurant in London? Could be. Over 15 years ago, Paul Corrett, our founder, opened Big Easy's doors in London. And right from the beginning, it's been the food, family, friends and music that have exhilarated guests and kept them coming year after year. BBQ Ribs and Chicken seems to be the barbecue of choice at Big Easy-with an all you can eat Barbecue Pig Gig every Monday. Looks like my kind of place.

7. The Ship-The Ship has been supplying fine ales, wines and food to its surrounding residents since 1786 when it was founded as a Thameside Waterman's Inn. The BBQ Menu has burgers, pork belly, and steaks. There's also the intriguing sounding Smoked Bacon and Red Onion Marmalade Sandwich. Crispy pig tails and ears with Aioli sounds just odd enough to whet my appetite. The Ship in Wandsworth has a beautiful outdoor dinning area, making it one of the best places in London to spend an afternoon.

6. Goodman Restaurant-This is a steak house, with such standbys as Irish Black Angus, UK Grass Fed, USDA Beef 120 Days Grain Fed, and Australian Grass Fed-these are some top quality steaks. Goodman might be the Best New York Steakhouse in London. Or maybe that should be the best Moscow Steakhouse in London. In either case, this seems to be the best steak to be had in London.

5. Cargo-Seems to be club that serves food, not that there's anything wrong with that. The menu has a few grilled items and the usual suspects of a free range jerk chicken sandwich. A couple of burritos mingle freely with the pasta dishes-nothing seems out of place here. Seems they have a barbecue in the beer garden. I'm sure Cargo is far too hip for the likes of me, but then, I never was all that trendy.

4. Bodean's BBQ-Back in 2002 Andre Blais had a dream - to bring the taste, the style, the soul of his beloved Kansas City barbecue to London town. Now this is what I had in mind-great KC BBQ in London. I wonder if I could get a work permit and work at Bodean's BBQ? I always wanted to be a Pit Boss when I grew up. Bodean's menu is straight out of any barbecue joint in America-burgers and hot dogs, ribs and pulled pork, and even burnt ends. Things like cole slaw, fries, corn bread, and BBQ beans round out that whole real barbecue feeling. The Best Ribs This Side of The Atlantic-so says Time Out.

3. City Inn-Barbecue seems means grilling to a lot of people in London, so I am guessing that the City Inn has a grill somewhere where they heat up some veg and cook the odd burger. But my idea of BBQ is Bodean's.

2. The Rising Sun, Epsom-Also has a grill where they do a nice barbecue, though I didn't much info on it. Maybe Google isn't always right after all.

1. Best Mangal - I have to admit that I like a bit of Turkish BBQ now and then as well. Mangal is the Turkish term for an open charcoal fire for cooking food on (a kind of brazier), and little brother to the ocakbasi, which is a long trough full of glowing coals with an extraction canopy overhead. The menu is long and filled with the usual suspects of a Turkish restaurant. Kabobs and hummus and salads and meats of all kinds on sticks.

The Best Barbecue in London
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http://ifyouwriteit.blogspot.com/

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Saturday, December 8, 2012

A Look at Punta Cana Weather

The weather in the Dominican Republic remains tropical year-round with the temperatures averaging around 25°C (77°F). The summer and winter seasons differ by only a slight variation in temperature. Visitors coming to the Dominican Republic, practically any time of the year can expect to be treated with extended periods of blue sunny skies -- ideal weather for getting a nice tan.

The best time to visit Punta Cana is during the "cool" season from November to April. During these months, the weather is pleasantly warm with relatively low levels of humidity and low precipitation. Temperatures along the coast are constant around 29°C (84°F) during the day and drop to a comfortable 20°C (68°F) at night.

The "hot" season runs roughly from May to October when the average temperature rises to 31°C (87°F) during the daytime and drops to about 22°C (72°F) at night. But with the high humidity levels during this season, the temperature feels much hotter. Rains do bring some respite from the heat during May through August, but usually this turns out to be no more than a 30-minute tropical shower. It is advised that travelers pack light and include a lot of cool and light fitting cotton clothing.

A Look at Punta Cana Weather

Despite such minimal difference between the temperatures in summer and winter, the climate tends to vary a lot from year to year due to the influence of the weather phenomena known as "El Niño" and "La Niña" among others. The greatest threat to the Dominican Republic comes from hurricanes. The Caribbean hurricane season lasts from June 1 to November 30. August and September are the more hurricane-prone months. The major resorts have become adept at getting back on their feet quickly after a hurricane.

As in most tropical areas, in Punta Cana too the menace of mosquitoes looms large. The mosquitoes usually appear after dusk but they are seasonal and more noticeable in the rainy season. Visitors are advised to wear long, comfortable cotton pants after dusk and use insect repellent sprays before venturing outside.

A Look at Punta Cana Weather
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Punta Cana Info provides detailed information about Punta Cana resorts, hotels, real estate, beaches, weather, and the Punta Cana airport. Punta Cana Info is the sister site of Cozumel Web.

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Sunday, December 2, 2012

Entrepreneurial Development in Nigeria

While these statistics bide well for the country's economic prospects, they also serve to reaffirm the vital importance of entrepreneurial development in achieving that potential.

Past Entrepreneurship Developments

People of the Ibo community in Nigeria are considered one of the oldest entrepreneurs in history, their expertise stretching back to times before modern currency and trade models had developed elsewhere on the planet. In the more recent past, Nigerians adapted their natural talents to evolve traditional businesses and crafts that have sustained most of the country's rural and urban poor for the better part of the last half century. While the oil boom of the '70s brought in billions of petrodollars, most of the country's population remained untouched by the new-found prosperity, thanks to widespread political corruption and catastrophic economic mismanagement. Because of these and other factors, the World Bank estimates that 80% of oil revenues benefited just 1% of the population.

Entrepreneurial Development in Nigeria

Most of Nigeria's current woes trace back to a historic overdependence on oil to the negligence of all other sectors, including customary trades and agriculture. Decades of non-inclusive policies alienated the vast majority of Nigerians, plunging the country into a miasma of extreme poverty and ravaging civil and political strife. The climate of economic stagnation spawned a mammoth informal economy that continues to sustain the bulk of Nigeria's 148 million people. It is a measure of Nigeria's inherent entrepreneurial capacity that this informal, unorganised sector presently accounts for 65% of Gross National Product and accounts for 90% of all new jobs.

All these factors have tremendous relevance for Nigeria's future prospects, even more so considering the extent of official neglect and lack of assistance and infrastructure that the country's indigenous entrepreneurs have had to overcome. Harnessing the informal economy and leveraging its full potential is a prerequisite for Nigeria to emerge from the shackles of its Third World legacy.

The Future of Entrepreneurial Development in Nigeria

It is not as if Nigeria's hopes of economic superiority rest on individual optimism and enterprise alone. Right after the reinstatement of democracy in 1999, the government of former president O Obsanjo unveiled ambitious plans to take the sub-Saharan nation to the top 20 world economies by 2020. Abuja is also a signatory to the UN Millennial Declaration of 2000 for the achievement of universal basic human rights - relating to health, education, shelter and security - in a time bound manner by 2015. Both objectives present mammoth challenges for Nigeria in terms of reversing past trends and evolving innovative strategy for sustainable and inclusive growth.

The primary focus of Obasanjo's policies centred on accelerated development through entrepreneurial education (which he made mandatory for college students of all disciplines) and the creation of conditions favourable to a new business regime built on innovation and adaptability. The federal government has since initiated successive programmes aimed at promoting enterprises through widespread use of technology and socially relevant business models. The extent of success of these and other measures, however, is still a matter of debate.

According to the 2007 Gallup poll, 69% of respondents planning new businesses had no intention of registering their operations, indicating they would still prefer to be part of the informal economy. In light of Nigeria's long-term goals, this is certainly bad news.

Obstacles to Enterprise Development

Disinterest in the formal economy reflects the status of Nigeria's policies and tax regime, which have long been deemed detrimental to the growth of viable enterprises. Even more disturbing is the fact that this continues to be the case despite the energetic reforms process initiated after the return of democracy. It is more than evident that piecemeal measures are unequal to meeting the challenges that Nigeria has set itself up to.

The following are the most important obstacles facing rapid entrepreneurial development:

o Absence of a pro-active regulatory environment that encourages innovative enterprise development at the grassroots level.
o Significant infrastructural deficits (especially with regards to roads and electricity) and systemic irregularities inimical to small businesses.
o The presence of administrative and trade barriers that curtail capacity building and inhibit access to technical support.
o Absence of regulatory mechanisms for effective oversight of enterprise development initiatives, especially those in the MSME space.
o Poor access to vocational and skills-development training for rural and urban youths involved in the informal economy.
o Rampant political and bureaucratic corruption, together with the absence of social consensus on important macroeconomic policy issues.

More than 73% of Nigerians featuring in the Gallup survey conceded access to finance was the single-most important hurdle in the way to setting up successful enterprises. More telling is the fact that about 60% of respondents claimed that current policies, despite the government's focus on enterprise development, do not make it easy to start a business in Nigeria.

Some Additional Factors to Consider

Forbes Magazine recently sat down with Lagos Business School's Peter Bamkole to discuss the current obstacles facing aspiring Nigerian entrepreneurs. The interview outlines three major problems:

* Constrained access to local and international markets that stunt entrepreneurial expansion and proliferation.
* Severe infrastructure deficits (mainly of power and electricity) that hamstring both new and existing businesses.
* Inadequate access to finance and the absence of a credit policy that addresses the specific needs of enterprises.

The road to Nigeria's emergence as an economic superpower is muddy and treacherous. More than just optimism, it calls for clever economic manoeuvring that will help turn the country's fortunes around for good.

Entrepreneurial Development in Nigeria
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Peter Osalor is a multi-skilled director, chairman of trusts, proprietor and consultant. Peter Osalor has been a successful entrepreneur since 1992 when he formed Peter Osalor & Co and which has since grown to a very large client base with a turnover of millions. He is currently a fellow of the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is also a member of the Chartered Tax Advisors and the Chartered Institute of Taxation in Nigeria (CITN).

He is a business mentor for Princess Trust in the UK. He is a member of the Inter Governmental Committee of ICAN and also a member of BCBC, which represents Black Church Membership of Christians whose responsibility is to ensure that the Christian businesses are not left out in the business opportunities arising from the 2012 Olympic Games In London.

Currently he is one of the professionals behind the Entrepreneur Revolution and Africa Entrepreneurs ([http://theafricanentrepreneurs.com/]). His TV program called success in your business (http://www.successinyourbusiness.com) has become a massive hit in Nigeria.

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