Saturday 20 July 2024

Empowering Entrepreneurial Minds - Jack’s Curated Business Idea - Jack Lookman - John Tosin Adekunle - empowering and inspiring generations

 Hello. Greetings to one and all, this is Jack Lookman welcoming you to our series on Jack’s Curated Business Ideas. Today’s topic is: 


Empowering Entrepreneurial Minds.



The Inspiration



I’m apparently a very creative person. Long ago, I attempted exploring and leveraging a similar platform as described in this presentation. My conclusion was that, my idea was accepted but the process was not favorable. I also probably needed to put down some money. After a few weeks, I became frustrated and had to walk away. There was a long list of things to do. Their processes were very user unfriendly and it may not be out of place to call them rogue traders. 

Recently, I saw an advert on social media, apparently ticking some of the boxes. I thought to myself that this is a good business model, especially for some countries, where such is not popular, hence my creating this content.


Food for Thought



Some entrepreneurial minds end up in the graveyard along with their thoughts and ideas. These end up benefitting neither themselves nor society.


The Idea 



The idea is about adding value to entrepreneurial ideas, empowering entrepreneurs, and converting raw ideas into flourishing businesses.


Aims



These include:


• Empowering entrepreneurs 

• Optimising potentials 

• Reducing unemployment 

  • Adding societal value


Benefits



Some of the benefits to be derived include:


• Empowering entrepreneurs

• Added societal value 

• Increased tax potentials 

• Encouragement for other entrepreneurs 

• Wealth creation

• Job creation

• Reduced crime rates

• Encouraging entrepreneurship 

 

 

Business Plan



Some thoughts to consider are: 


• Monetisation plan

• Profit sharing formula 

• Target customers 

• Funding

• Capital required 

• Running costs

• Office location

• Resources required 

• Human resources 

• Equipment 

• Marketing plan 

• Cash flow

  • Business processes 
  • Etc.


Funding



To fund the business, some considerations are: 


• Loans

• Grants

• Investors 

• Collaborators

  • Crowdfunding 
  • Etc.


Integrity



This is of great importance.


  • Endeavor to compensate the entrepreneurs and stakeholders, fairly. 
  • Be transparent as much as necessary. 
  • Protect the interest of entrepreneurs and other stakeholders. 
  • Manage the intellectual rights. 
  • Don’t take over the intellectual rights because you are the administrator. 
  • This could help in the longevity and sustainability of your business. 
  • It could also help your business to flourish


Legalities



Some considerations are: 


• Agreements and contracts 

• Profit-sharing formula 

• Non-disclosure agreement

  • Business registration 
  • Intellectual rights
  • General data protection regulation 

• Managing litigation

  • Business ownership 
  • Etc.

 

Opportunities




• Wealth creation 

• Empowerment and inspiration 

• Confidence building 

  • There could be a snow ball effect; 
    • if people see the success of this business, 
    • other entrepreneurs may want to come on board

• Job creation

• Crime reduction

• Increased gross domestic product

• A fairer society

• Opportunities for more tax payments and collection

  • Expanding the entrepreneurial landscape


Processes



Some of the involved processes are:


• Fundraising 

• Articulating the idea 

• Packaging the idea

• Consulting 

• Profit-sharing formula administration

• Risk management

• Human resource management

• Added value 

  • Project execution 
  • Administration
  • Accounting

• Business scaling 

• Marketing 

• Business viability

• Monetisation

• Supporting the entrepreneur 

• Integrity 

  • Accessing the business idea


Profit Sharing Formula 



A fair formula needs to be agreed. The scope of work needs to be articulated and agreed. The interests of the entrepreneur and others, need to be protected. As a point of reference, please watch our 2 videos on Profit Sharing Formula App on YouTube; it talks about the concept of the profit-sharing formula in a scientific manner that is ethical and fair to all concerned parties.

 

 

Requirements For This Business 



These include:


• Consulting skills 

• Communication skills 

• Interpersonal skills 

• Knowledge of business funding 

• Good reputation

• A team

• Technical skills

• Entrepreneurial skills

• Relevant knowledge

• Experience and exposure 

• Networking skills 

• Information technology skills 

• Intellect 

• Office 

• Social media skills

• Human resource management

  • Relevant equipment   
  • Etc.


Risk management



You might need to consider:


• Conflict resolution management 

• Insurance

  • Business failure 
  • Fraud management

• Loss of income

• Litigation

• Intellectual theft

  • Staff turnover 
  • Etc.


Target audience 



The target audience for this business model is mainly entrepreneurial minds who haven’t got the wherewithal to see their ideas to fruition. They may have great ideas, which could make a great difference; but no enabling environment to see them  through to business success. Such people could be in different parts of the world and could be in different endeavours.

 

Value Chain



These could include:

• Consultants 

• Entrepreneurs

• Marketers

• Fundraisers

• Profit sharing formula administrator 

• General Administrator

• Researchers 

  • Legal officers
  • Freelancers

• Risk manager 

• Finance officers

• Accountants

• Project manager 

  • Information technology officer 
  • Etc. 


  • Some of these officers could hold multiple roles.



Weaknesses And Threats



These could include:


• Fraud 

• Conflict 

• Unfairness 

• Greed 

• Miscommunication 

• Inadequate expectation management 

• Poor strategy

• Disagreement 

  • Intellectual theft 
  • Etc.

 

Conclusion



The whole idea is to have a business, or non governmental agency, whose role is to empower and inspire entrepreneurial minds who have great ideas.

The ideas shall be evaluated; and processes be put in place to ensure that the Entrepreneurs and society benefit from worthwhile ideas, especially during the lifetime of such Entrepreneurs.


Value?



We hope that you got some value. If so, please consider spreading the word. Also, please consider checking our other platforms by visiting jacklookmanlimited.com 

 

We are also on social media, blogs and membership site. We have written several books, and you can find the link to all of them at jacklookmanlimited.com 


Thank you very much for your time. This is Jack Lookman signing out. 


Ire o (I wish you blessings) 


Ire kabiti (I wish you loads of blessings).


Useful links:



Watch the video on Youtube 


Jack’s Empowerment: jacksempowerment.com 


Jack’s Curated Business Ideas: jacksempowerment.com 


Youtube channel: Curated Business Ideas 


Facebook group: Curated Business Ideas 


TikTok: Curated Business Ideas (@curated.ideas)


Jack Lookman Limited: jacklookmanlimited.com 


Jack Lookman’s Paperbacks: jacklookmanlimited.com 


Business Collaboration With Jack Lookman: jacksempowerment.com 


Book A Chat With Jack Lookman: jacksempowerment.com 


Jack’s Mentoring 101: jacksempowerment.com 


Join our Facebook Community : Jack Lookman 


Profit Sharing Formula App: Short Video - Youtube 


Profit Sharing Formula App: Long Video - Youtube 


Book on Profit Sharing Formula App - Jack Lookman 


Blog on Profit Sharing Formula App - Jack Lookman 


We do Affiliate Marketing by promoting products and services. Upon making sales, we get commissions at no additional cost to you. 



Empowering Entrepreneurial Minds - Jack’s Curated Business Idea - Jack Lookman - John Tosin Adekunle - empowering and inspiring generations

  Hello. Greetings to one and all, this is Jack Lookman welcoming you to our series on Jack’s Curated Business Ideas . Today’s topic is:   ...