What the Richest Americans All Have In Common

It’s never been a better time to be growing your wealth in America. That’s one of the biggest takeaways from the latest Forbes list of the 400 Richest Americans.
There are so many wealthy Americans nowadays that 113 billionaires couldn’t even crack the rankings. Just getting on the iconic list is now harder than it’s ever been since it was introduced in 1982.
In a moment, I’ll share with you a common trait of the wealthiest leaders. Ordinary investors – like you and me – will discover one key lesson that’ll allow us to grow our portfolios just like the super-rich.
Invest like Buffett, Gates, and Zuckerberg
One of the first things you notice from examining the list is that there isn’t anyone on there who made their billions by working a 9-to-5 job.
You also won’t find anyone on there who won the lottery or made a killing in Vegas. Sadly, those earnings just won’t compound like those of the truly wealthy.
What, then, do you need to do to get on the list?
There’s actually one undeniably common trait. Each individual owns business assets that have become “compounding machines” as Warren Buffett likes to say.
The most obvious way, of course, to own assets is to become an entrepreneur like Bill Gates or Mark Zuckerberg. They put capital to risk over the long term, and are eventually rewarded tremendously for their vision and patience. Allowing their creations to compound for decades is the essential piece for creating a massive fortune.
Of course, most of us will never be Mark Zuckerberg or Bill Gates.
So, how can we create a fortune without moving to Silicon Valley and creating the next big thing?
An easier way to create massive wealth
One effective strategy is to invest in outstanding businesses for the long term. Identifying an Apple or Amazon early on could result in growing your initial investment by ten, twenty, even one-hundred times the original amount.
That leads us to the key insight one learns from the wealthiest Americans. They have taken a different mindset than investors who trade in and out stocks daily. Having a long-term mindset is required and letting their assets compound for decades is why many are atop the list.

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The Biggest Barrier to Wealth Is Your Self-Limiting Beliefs

I’ve made millions by trading penny stocks and teaching my students how to do the same, but what a lot of people don’t know about me is that I was a philosophy major in college. My career has obviously taken me in a different direction, but the one thing that’s always stuck with me from my studies is Plato’s famous “Allegory of the Cave.”
Here’s how Wikipedia sums up this popular thought experiment: “Plato has Socrates describe a gathering of people who have lived chained to the wall of a cave all of their lives, facing a blank wall. The people watch shadows projected on the wall by things passing in front of a fire behind them, and begin to designate names to these shadows. The shadows are as close as the prisoners get to viewing reality. He then explains how the philosopher is like a prisoner who is freed from the cave and comes to understand that the shadows on the wall do not make up reality at all, as he can perceive the true form of reality rather than the mere shadows seen by the prisoners.”
For so long, most of us have had the same old “financial wisdom” shoved down our throats. We’re taught really early on to buy and hold blue chip stocks for the long run, and to diversify our portfolios until we’ve achieved some mythical perfect balance.
But when you consider that the value of American retirement savings in 401(k) accounts and IRAs shrank by $2 trillion at the depths of the Great Recession, isn’t it possible that we’ve all just been sold financial lies by people who benefit from us thinking of the shadows on the walls as reality?
When I was in high school and started learning about penny stocks, I couldn’t believe what I’d stumbled onto. Everyone was telling me that penny stocks were too risky and that I shouldn’t waste my time on them. Yet, when I studied them I uncovered trading patterns that have proven successful throughout my 15+ year trading career.
If I hadn’t been willing to break through the fixed beliefs everyone was trying to sell me, I’d probably be flipping burgers today like so many other philosophy majors out there.
So that’s what I challenge you to think about today… What beliefs do you hold as reality that might not be true at all?

Image credit: Wikimedia Commons

Related: Stop Listening to These 5 Self-Limiting Beliefs Stunting Your Business
Do you think that it’s too late for you to be a millionaire? It’s not. My students range in age from high schoolers to senior citizens. Age doesn’t matter. You can absolutely still achieve successI if you’re willing to work hard and recognize you need a different approach to turn a small portfolio into a wealthy account.
Do you think that you had to be born into your millions? You don’t. I come from a middle class background in Connecticut (not even the nice part). My parents aren’t wealthy, and I don’t have any kind of inheritance to fall back on. Everything I’ve earned, I’ve earned myself. You can do the same if you’re serious about becoming a millionaire.
Do you think you’re too stupid to be a millionaire? You’re not. Millionaires aren’t all nerdy Bill Gates types. More often than not, they’re people who figured out a system for building wealth and worked that system, day-in and day-out, without thinking too much about how or why it works. I’m not a genius, and I’m far from the smartest person hanging out on my forums. Believe me when I say that if I can do it, so can you.
Those are just three examples. Maybe you fall into them, maybe you don’t. If you don’t, there are probably other self-limiting thoughts that are holding you back from your financial future that you need to weed out and eliminate.
Related: 5 Thoughts That Crush Success
To get started, think about the wealthiest person you know, whether that’s me or somebody else in your life. If you catch yourself thinking, “I could never do what they’ve done,” ask yourself why. Really dig down. What makes you think you aren’t capable of doing the same thing? Then, explore why you think those things. Are they actually good reasons, or are they things you’ve told yourself for so long that you’ve turned them into your reality?
I’d be willing to bet that your reasons aren’t reasons at all -- they’re excuses. Make it your mission to find them and destroy them. Join the rest of us who have escaped the cave and banished the self-imposed limitations that would have otherwise kept us from becoming wealthy.
What’s one self-inflicted belief you have that’s holding you back? Share it below in the comments, along with how you’ll fight it going forward.

7 Hobbies Science Says Will Make You Smarter

For a long time, it was believed that people are born with a given level of intelligence and the best we could do in life was to live up to our potential. Scientists have now proven that we can actually increase our potential and enjoy ourselves in the process. We now know that by learning new skills the brain creates new neural pathways that make it work faster and better.
Here is a list of seven hobbies that make you smarter and why.

1. Play a musical instrument.

Playing music helps with creativity, analytical skills, language, math, fine motor skills and more. While these are all great advantages, some people argue that playing team sports might do as many things. What playing musical instruments does that other activities don’t is strengthen the corpus callosum that links the hemispheres of the brain by creating new connections.
An improved corpus callosum helps with executive skills, memory, problem solving and overall brain function, regardless of how old you are.

2. Read anything.

The benefits of reading are the same whether you are enjoying Game of Thrones, Harry Potter or the latest issue of the Wall Street Journal. Reading reduces stress, which makes you feel better about yourself, and increases all three types of intelligence -- crystallised, fluid and emotional. That helps with problem solving, putting different pieces of knowledge together to better navigate everyday life, detecting patterns, understanding processes and accurately interpreting and responding to other people’s feelings.
At work, this translates into better understanding how to make things happen and better managerial skills.

3. Exercise regularly.

Occasional exercise alone doesn’t do the trick. Regular exercise is much more effective than hard work-outs every now and then. When exercising regularly the cells are flooded with BDNF, a protein that helps with memory, learning, focus, concentration and understanding. This is also often referred to as mental acuity.
Some scientists speculate that sitting down for prolonged periods of time has the opposite affect and actually hinders our brain from working as well as it could.
Related: Don't Let Too Much Sitting at Your Desk Harm Your Health

4. Learn a new language.

Forget solving puzzles to improve your memory and learn a foreign language instead. Research has shown that people who are bilingual are better at solving puzzles than people who speak only one language. Successfully learning new languages enables your brain to better perform any mentally demanding tasks. This includes the typical executive skills such as planning and problem-solving.
Additionally, speaking at least two languages positively affects your skill to monitor your environment and to better direct your attention to processes. Many people are told that because executives speak languages, they should learn Spanish or French if they want to move up the ranks. Based on how the brain reacts to learning languages, it might be the other way around. Learning another language might be the last missing link people need to get their brain ready to take on C-level jobs.

5. Test your cumulative learning.

Many intelligent students in high school and college "cram'' for finals and seem to have mastered the topic the day of the big test. The trouble with that is we tend to forget these things quickly because we are rarely, if ever, required to repeat that knowledge in that same way. One reason studying a new language makes us smarter is because it requires cumulative learning. Because we need them over and over again, the grammar and vocabulary we learn is repeated countless times as we improve our foreign language skills.
Apply the concept of cumulative learning to every day life and your work place by keeping track of noteworthy bits of knowledge you acquire. Go through takeaways from recent books, observations during an important negotiation, or keep a small journal with anything that strikes your attention. Start integrating cumulative learning into your self-improvement program.
Related: You Have the Power to Rewire Your Brain for More Joy

6. Work out your brain.

Sudoku, puzzles, riddles, board games, video games, card games, and similar activities increase neuroplasticity. This encompasses a wide variety of changes in neural pathways and synapses that is basically the ability of the brain to reorganize itself. When nerve cells respond in new ways, that  increases neuroplasticity, which allows us more ability to see things from different points-of-view andunderstand cause and effect of behaviors and emotions. We become aware of new patterns and our cognitive abilities are improved.
Considering that neuroplasticity is involved in impairments such as tinnitus, an increased amount can help prevent certain conditions. For instance, people with high neurplasticity are less prone to anxiety and depression while learning faster and memorizing more.

7. Meditate.

In 1992 the Dalai Lama invited scientist Richard Davidson to study his brain waves during meditation to find out whether he could generate specific brain waves on command. Turns out that when the Dalai Lama and other monks were told to meditate and focus on compassion, their brain waves showed that they were in a deeply compassionate state of mind. The full research results were published in “Proceedings of the National Academy of Sciences” in 2004 and then in the Wall Street Journal, where it received an enormous amount of attention.
Meditation became interesting to ambitious people because the study implied that we can control our own brain waves and feel whatever we want to feel whenever we want to. This means we can feel more powerful right before a negotiation, more confident when asking for a raise and more convincing during a sales call.
The general idea is that the brain can develop further and you can do it on purpose. Different activities stimulate different areas of your brain, so you can work on becoming unbeatable at your strengths as well as improving your weaknesses. Focusing self-improvement on the brain is a good idea for anyone who feels they are at their professional peak (or maybe just have stopped getting better), ambitious professionals and of course entrepreneurs who are looking to maximize their potential.

5 Things Millionaires Do That Most People Don't

. Millionaires work hard.

A lot of people think that winning the lottery is their ticket to success, but I’ve got bad news for you. Nearly 90 percent of lottery winners go through their winnings in five years or less, leaving them back in the same situation they were in before they won.
Millionaires know that there are no shortcuts to success. There’s only hard work executed relentlessly in pursuit of a goal.
I know that, in my case, I wouldn’t be where I am today if I hadn’t been willing to work hard. I didn’t have a mentor when I started trading stocks in high school. It was up to me to put in the hours needed to become successful. There were plenty of times I would have rather gone out with friends or played video games -- anything but sit in front of the computer and study stock charts for another hour.
But I did it. I put in the work upfront because I knew the results would be worth it, they’ve paid off. I’m living my dream lifestyle because I wasn’t afraid to work hard.
Related: Sure, Work Hard, But Also Create Your Own Luck

2. Millionaires are focused.

That said, it isn’t just about working hard. You have to be working hard on the right thing.
Have you ever known somebody who’s constantly jumping from one “million dollar idea” to another? We all want to be rich, but the people who can’t choose one path to focus on simply aren’t going to achieve it. It’s the people who dedicate themselves to a single pursuit that come out on top, whether that one path is penny stock trading, company building or something else.

3. Millionaires are careful about risk.

I happen to think that penny stock trading represents one of the best opportunities to build generational wealth. The barriers to entry are low and, if you follow the rules I’ve learned, your risk is relatively low.
But whatever wealth-building approach you take, you’ve got to keep your risk in check. It’s not that you shouldn’t take risks, but the risks you take should be calculated. One of the tools we use in trading is the “risk-reward ratio” -- basically, how much risk you’re willing to take on for how much potential reward.
You can apply this line of thinking to just about anything in your life. If there’s more risk than there is reward, stay away. But if there’s more potential for reward than there is risk of loss, you may be looking at a great opportunity you should take.
Related: Too Fast, Too Careful: The Struggle to Find Your Growth Sweet Spot

4. Millionaires are generous.

Take a lesson from generous billionaires Bill Gates, Warren Buffett, Carl Icahn and Ken Langore. Giving money can feel just as good (if not better) than earning it.
I’ve recently started my own charitable foundation in order to give back $2 million to my community, and I have to tell you, it feels amazing. I wish I hadn’t waited so long to get started, but I’m looking forward to making up for lost time.

5. Millionaires never stop learning.

This is such a big one. Millionaires love to learn because they’re always looking for ways to expand their skill sets and get ahead in their fields. They read books, watch documentaries, study educational materials and talk to others who can give them more information. Millionaires know that knowledge is power, and they stop at nothing to get it.
No matter what your net worth is right now, you can put this tip into practice today. If you’re learning to trade penny stocks, you can watch videos, read SEC statements, study stock charts or learn from others in industry chat rooms. You can do all of these things for free, but the value of what you learn will be worth so much more in the long run.
Which of these habits could you add to your life? Commit today to making at least one change that puts you on the path to becoming a millionaire.

Stop Saying You Don't Have Time to Start a Business. Make Time With These 6 Tips.

Think of how many amazing business ideas are left on the shelf to collect dust because they are not pursued. Dreams are left to die because their creators assumed that he or she didn’t have the time to start a business. What a horrible excuse.
If you have an idea for a business, go for it. Why? Because if you don’t, you are going to regret it and you might be passing on a truly amazing experience.
“I’ll start it next year.” What if there isn’t a next year?
“I’m not sure if now is the time.” If you don’t do it, someone else will.
“I don’t have the time now.” Make the time.
Related: Create a '26-Hour Day' With This Simple Strategy
Here are six tips to help you start a business, even if you have a full-time job or feel like you don’t have the time.

1. Wean yourself off social media.

What did Richard Branson or Mark Cuban have for dinner last night? Who was their #WCW? What #TBT picture did they post this week? You probably aren’t going to find the answers to these questions -- they aren’t glued to social media 24/7 like 99 percent of the population.
There is nothing wrong with social media, but if you are serious about starting a business, think of how much extra time you could round up if you scaled down your social-media use. You don’t have to quit cold turkey, but less hashtags and more time devoted to bringing your business idea to life will help you realize your dream.

2. Stop watching marathon sessions of TV shows.

I have a confession to make -- I have never watched a single episode of Game of Thrones. Seriously. I wish I had a dollar for every time I heard someone mention a “Game of Thrones marathon” when asked what their plans were for the evening or weekend.
I know people that constantly talk to me about how they would love to start a business and complain about not having extra time -- the same people that piss away hours every week watching reruns of a TV series they have already seen multiple times. I can’t comprehend that thought process. Cut back on TV binging and watch how much extra time you now have for your business.

3. Organize personal errands.

Everyone has personal errands and responsibilities -- there is no way around them. While you can’t avoid things such as grocery shopping, trips to the bank, shopping and other miscellaneous errands, you can structure them in a way that makes you more efficient.
When you have structure, it eliminates wasted time trying to figure out when to get tasks accomplished. For example, do your grocery shopping early on Tuesday mornings after the gym and hit the post office on Wednesdays on your way home. A very simple, but concrete, personal errand schedule will free up a lot of extra time that was once wasted trying to schedule these little tasks.
Related: Stop Wasting Time, Especially When It Comes to Social Media

4. Wake up early and stay up late.

Anyone can start a business, even those that are currently working a full-time job. Do you currently wake up at 8 a.m. just in time to shower and make it to your job at 9 a.m.? Then wake up at 6 a.m. and work on your business idea for two solid hours.
A full-time job is just an excuse -- if you want it bad enough you will make sacrifices. I hear many people say they can’t find extra time because they have a family and small children. When you get home from work, play with your kids, eat dinner with the family and then switch into business-building mode after you put the little ones to sleep. Nobody said it would be easy, right?

5. Set realistic goals.

It’s important that you set realistic goals for yourself from the very beginning. If you can only dedicate one hour to your business every day, then so be it. Understand that it will take longer, but if you are constantly picking away at small goals that help you reach your main goal, you are going to eventually get there. Start now.
The worst thing you can do is continue to make excuses. Imagine if you said, “I’ll start my business when I have more free time” every day to yourself for six months. You would waste 180 hours that could have been dedicated to your business.

6. Convert "downtime" to "business-development" time.

If you take public transportation to work every day, allocate that time to your business. Instead of playing Candy Crush Saga on your phone while you ride the subway, use that time to complete small tasks related to your business.
Rather than leaving the office to grab lunch, pack a lunch and eat it at your desk while you work on your business. Even just an extra 30 to 45 minutes per day is valuable time invested in your business dream. Run through your typical day in your head and find downtime that you can convert into a more productive and beneficial block of time.
When you decide to take the plunge and start a business, check out my company’s online-marketing blog for free tips and consider joining my private business forum.
What are some other ways to make time to start a business? Share your thoughts in the comments section below.

How to Make the Jump From Employee to Entrepreneur in 5 Steps

What I have to say may upset you, or it may inspire you: We all have amazing dreams and aspirations, but many people will never achieve them because they were set up to live a mediocre life.
When you look at our society and the way you were raised, you were taught to get good grades in school so you could get into a good college. Once you got your acceptance letter you studied hard so you could get a good job. The day came where you put on your cap and gown, walked across the stage and began your life in the professional world with the hopes of climbing the corporate ladder fast.
You work hard so one day you can save up enough money to retire. Fast-forward 20 years and you’re in your 40s working a job that doesn’t fulfill you and you ask: Is this all life is? Am I doomed to a life of mediocrity?
Related: 6 Reasons to Reconsider Your Planned Corporate Escape
Entrepreneur and consultant Justin Lafazan and I discussed this topic. Justin’s perspective is that people are starting to challenge the status quo and redefine what the path to success looks like.
So how can you stop being a cog in someone else’s machine and venture out into the world of entrepreneurship? Here is how you can take control of your life and switch from employee to entrepreneur:

1. Recognize that you have a clean slate in front of you.

If you’re still reading this, then you probably want to have the choice of leaving your current job for your own business. Great!
First, you first have to recognize that you have a clean slate in front of you. I have a lot of friends who began their careers as CPAs and do not feel that they spend their days living their true calling. Yet so many of them feel that if they were to start a business, they would have to leverage their CPA.
Don’t let your past experience be a weight that holds you down from doing what you were born to do!

2. Identify what you were born to do.

How do you figure this out? While there is no cookie-cutter approach, Justin recommended the following:

• Identify your passions. What do you love to do?
• Identify your skills. What are you really good at?
• Identify your values. What really matters to you?
• Find the intersection of those three.

Related: A 3-Step Formula to Success -- Really
This exercise does not work like a gumball machine where you put a quarter in and out pops your life’s calling. What it will do is help you ask yourself the right questions every day, which over time will build your awareness and help you navigate your path.

3. Find the right mentors.

At this point you have a choice. You can try to navigate this process on your own and waste a lot of time and money, or you can find people who have done this before and let them help you.

4. Turn your day job into a game.

We all have 24 hours in a day, yet how is it that some people are able to get so much more done? It all boils down to efficiency. The faster and better you get something done, the more time you free up to take on the next task.
Now that you have set the intention of starting your own business you will need to free up some time. The best way to do this is to turn your day job into a game. With my sales job, I ask myself every day, “How can I earn twice as much income working half the time?”
Questions such as this will change the way you view your job and get you excited about getting things done. This will help you multiply your time exponentially.
Go ahead and come up with your own empowering questions and turn your job into a game!

5. Give yourself the choice to burn the ship once you’re got another boat.

Many people preach burning the ships so you have no option other than to succeed. That has worked for some and compromised others. When you have to put a roof over your family’s head and food on the table, you may want to take a more conservative approach.
You’ve committed to performing at your day job at the highest level so you can free up time to build your business on the side. Once your business gets to a point where you have replaced your income you can choose to burn the ship, or not. Either way, you have the choice.
While society has set you up to live a mediocre life, at the end of the day it’s your life and you are accountable for it. You have made the investment in yourself, now go take action and live an extraordinary life!

How to Make the Jump From Employee to Entrepreneur in 5 Steps

What I have to say may upset you, or it may inspire you: We all have amazing dreams and aspirations, but many people will never achieve them because they were set up to live a mediocre life.
When you look at our society and the way you were raised, you were taught to get good grades in school so you could get into a good college. Once you got your acceptance letter you studied hard so you could get a good job. The day came where you put on your cap and gown, walked across the stage and began your life in the professional world with the hopes of climbing the corporate ladder fast.
You work hard so one day you can save up enough money to retire. Fast-forward 20 years and you’re in your 40s working a job that doesn’t fulfill you and you ask: Is this all life is? Am I doomed to a life of mediocrity?
Related: 6 Reasons to Reconsider Your Planned Corporate Escape
Entrepreneur and consultant Justin Lafazan and I discussed this topic. Justin’s perspective is that people are starting to challenge the status quo and redefine what the path to success looks like.
So how can you stop being a cog in someone else’s machine and venture out into the world of entrepreneurship? Here is how you can take control of your life and switch from employee to entrepreneur:

1. Recognize that you have a clean slate in front of you.

If you’re still reading this, then you probably want to have the choice of leaving your current job for your own business. Great!
First, you first have to recognize that you have a clean slate in front of you. I have a lot of friends who began their careers as CPAs and do not feel that they spend their days living their true calling. Yet so many of them feel that if they were to start a business, they would have to leverage their CPA.
Don’t let your past experience be a weight that holds you down from doing what you were born to do!

2. Identify what you were born to do.

How do you figure this out? While there is no cookie-cutter approach, Justin recommended the following:

• Identify your passions. What do you love to do?
• Identify your skills. What are you really good at?
• Identify your values. What really matters to you?
• Find the intersection of those three.

Related: A 3-Step Formula to Success -- Really
This exercise does not work like a gumball machine where you put a quarter in and out pops your life’s calling. What it will do is help you ask yourself the right questions every day, which over time will build your awareness and help you navigate your path.

3. Find the right mentors.

At this point you have a choice. You can try to navigate this process on your own and waste a lot of time and money, or you can find people who have done this before and let them help you.

4. Turn your day job into a game.

We all have 24 hours in a day, yet how is it that some people are able to get so much more done? It all boils down to efficiency. The faster and better you get something done, the more time you free up to take on the next task.
Now that you have set the intention of starting your own business you will need to free up some time. The best way to do this is to turn your day job into a game. With my sales job, I ask myself every day, “How can I earn twice as much income working half the time?”
Questions such as this will change the way you view your job and get you excited about getting things done. This will help you multiply your time exponentially.
Go ahead and come up with your own empowering questions and turn your job into a game!

5. Give yourself the choice to burn the ship once you’re got another boat.

Many people preach burning the ships so you have no option other than to succeed. That has worked for some and compromised others. When you have to put a roof over your family’s head and food on the table, you may want to take a more conservative approach.
You’ve committed to performing at your day job at the highest level so you can free up time to build your business on the side. Once your business gets to a point where you have replaced your income you can choose to burn the ship, or not. Either way, you have the choice.
While society has set you up to live a mediocre life, at the end of the day it’s your life and you are accountable for it. You have made the investment in yourself, now go take action and live an extraordinary life!

Banks In Dilemma Over Idle $5bn Deposits

LAGOS — Indications emerged, yesterday, that banks in the country are now in a dilemma on what to do with an estimated $5 billion that is currently idle in their vaults.

1000-naira-notesBanks, it was gathered, have their vaults full of dollars that they do not know how to dispose them. It is funds they can neither lend to other banks nor sell to CBN, and the only option open to them is to sell.

Bank foreign exchange officers, who spoke to Vanguard. said that as of today, no bank will buy dollar from anybody. The source said it is not for any other thing but the fact that the banks have more than enough in their vaults.

The dollars being sold by banks for BTA and PTA, they say, have no direct relationship with the foreign reserve, hence the marginal increase in the nation’s external reserve despite continued downward trend in crude oil prices.

Vanguard gathered that banks have been pleading with the CBN to allow them sell off their dollar holdings when the apex bank could not supply enough dollars to fund customers’ request for BTA and PTA. It was learnt that when the CBN finally gave its nod recently, the banks immediately called on their customers and the public to buy Basic Travelling Allowance from designated banks.
Vanguard learned that there is more than $5 billion within the economy that are still in the hands of individuals outside the banking system.

It also learned from top bankers that before the general elections, there was scarcity of foreign exchange in the banking system and that banks were allocated about $30,000 for sale to customers that requested for BTA, which was grossly inadequate for most banks.

He said immediately after the election, banks started receiving dollar deposits in millions per day. This, he said, was done mainly by politicians, who got dollars during the electioneering campaign, which resulted in banks’ vaults stocked with dollar deposits that can neither be given out as loans nor transferred as it would be regarded as money laundering.

A bank customer, who used funds from a domiciliary account to support his ward’s visa application before the glut of the dollar in the system, said the bank made it clear it could not transfer the fund from the child’s domiciliary account to the parent’s account after the visa was secured.

The parent said the bank added that if the child travels abroad, the fund cannot be withdrawn by the parent even if the child had already signed a withdrawal form for the parent’s use when the money is needed.

Banks refuse to accept dollar cash deposits
Banks are now refusing to accept any form of dollar cash deposits and even insist that transfer from one domiciliary account to another in the same bank will be regarded as a form of cash deposit that regulators will frown at.

According to them, the rules are now very stringent and no bank wants to be on the wrong side of the law. In one of the banks, Vanguard learned that no local bank will undertake to do transfer for Nigerian parents whose wards are in schools abroad which accommodation are not directly linked to the school.

Nigerian banks, they added, will also not do a third party transfer. Unfortunately for many Nigerian parents whose wards are enrolled in masters’ programmes in the United Kingdom, many universities in the UK do not provide direct accommodation for second degree students and such students have to contract accommodation with property owners.

Situation worrisome

The situation has become worrisome to many as those who attempted to change huge sums at the unofficial market were given rates they considered ridiculous.

A roadside forex dealer told Vanguard that they do dollar exchange transactions for desperate Nigerians at the rate of between N198 and N203 to the dollar whereas they sell at N225 to the dollar.
Vanguard gathered that many parents with genuine need of transfer to pay for student accommodation in London are desperately looking for alternative means.

A parent, who spoke to Vanguard, said the new policy has created a new form of business for some Nigerians living abroad who are now exploiting the situation. He said that those who have pounds and are living in London sometimes do agree to help pay for student accommodation but ask for an exchange rate of N358 to the dollar.

It will be recalled that the Central Bank of Nigeria, CBN, recently proscribed acceptance of forex cash deposits by banks operating in the country.

Forex market now segmented into four layers
Reacting to the ban, Managing Director, Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane, in his monthly economic news and views entitled, “Market versus Economy,” presented at the Lagos Business School’s executive breakfast meeting, said: “The forex market is now segmented into four layers. The differential between the segments will widen as the ability to move between segments becomes more difficult and risky.

“The desperation for electronic dollars will push that market to N250. Cash dollars will be at N240. The magnitude of the currency value adjustment will be dependent on when the subsidy is removed.”
He listed them to include the interbank foreign exchange market (IFEM), the BDC rate, rate at which exchange proceeds are converted into Naira and electronic transfer rate.

He said: “The electronic transfer rate and the cash rate were the same before. But now, banks will not accept dollar cash again. When I get dollars, for me to transfer it is going to be too costly.”

The CBN in an advertorial in several newspapers had, however, reiterated that all legitimate requests for foreign currency for eligible transactions, normally referred to as “invisibles,” such as remittances for school fees, student maintenance allowances, BTA, PTA, medical and other eligible transactions, shall be fully met at the official/interbank exchange rate. A statement from the CBN stated that already all the legitimate demands for such transactions through recognised channels have been fully met by CBN.

According to the statement, “the CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.

“The CBN once again advises individuals that wish to source foreign currency for such eligible transactions to approach their banks with their legitimate demand as the CBN has made adequate provisions of foreign currency for all such legitimate and eligible purposes.

“Furthermore, holders of Naira-denominated debit and credit cards shall continue to have access to the use of their cards at ATM machines in any part of the world but subject to the annual limit of $50,000. ATM withdrawals shall continue to be a maximum of $300 per day.”

In a related development, Guaranty Trust Bank Plc (GTBank), informed its customers of its decision to reduce the daily international spending limit on their Naira MasterCard to $300.


http://www.vanguardngr.com/2015/08/banks-in-dilemma-over-idle-5bn-deposits/#sthash.npoK1F5t.dpuf

6 min read 5 Secrets to Running a Successful Ecommerce Business

However, if you want to turn your ecommerce store into a massive business, the only thing getting in the way is you. The potential is always there, and you have to make a decision to start putting in the time and effort it requires to scale up.
Here are five top secrets to running a successful ecommerce business.

1. Treat your ecommerce business as if it were a thriving offline business.

How do you treat your ecommerce business? Do you see it as a hobby? Something fun to do in your spare time?
It might be easy to see it that way, especially if it isn't earning you millions of dollars yet. However, if you sincerely have the desire to grow it into a massive business, you need to act as if it is already.
Related: Selling Online: Art, Science or Just Hard Work? What's Your Experience?
”Your ecommerce store is a real business, and it should be treated with the same respect that the CEOs of Fortune 500 companies treat theirs," says Anton Kraly from DropShipLifestyle.
A lifestyle business is nice to have, but realize that you can create even greater wealth by focusing on the ongoing growth of your business. Don't wait around for your venture to feel like a big business. Think about the decisions you would make if it already was.

2. Find the right software for your business.

As a business owner, you need to have the depth of vision to see potential issues before they even come up. For many ecommerce business owners, software is something that needs to be addressed and evaluated on an ongoing basis, because it's really foundational to the entire operation.
Security concerns, scalability, usability, marketing tools and other factors have to be taken into account when you're looking for the right software to rely on.
"The real growth killer is when an online store owner is not running the right ecommerce software for their business," says Susan Delly of Zippy Cart. "Your ecommerce software should be scalable, secure, user-friendly and have a solid set of conversion and marketing tools."
The right tool depends largely on what needs you have. Make sure to identify your challenges and do your research to find the tool that matches your requirements.

3. Figure out where your customers are.

This is business 101. Know who your target audience is, and figure out where they like to hang out. Many business owners don't take this step seriously, and end up wasting a lot of their time and resources on marketing that doesn't convert.
"We started off promoting on social media and that got us nowhere fast. After about six months in business we were connected with someone at a deal site, ran our first deal and it was a success," says Jessica Geier of Raw Generation. "After that I spent an entire month searching out every deal site I could find and contacted all of them until we got on their calendars. That was the catalyst for our early success and I have no doubt that is the reason we are still in business."
Of course, this doesn't necessarily mean that you should go after deal sites as well. It really depends on what your business is centered on, what products you offer and who your target market is.
However, you do need to take this principle seriously. If you can figure out where your marketing dollars are going to produce the greatest return on investment, you'll have an easier time bringing in a steady stream of leads.
If you still need to determine who your target market is, take a read through 10 Questions to Ask Before Determining Your Target Market.
Related: 4 Signs Your Site Traffic Is Being Hijacked by a New Type of Malware

4. Allow your customers to be your brand ambassadors.

There's nothing quite like the glowing testimonial of a satisfied customer to add credibility to your business. By collecting and sharing testimonials and reviews on a regular basis, you can encourage more sales from your website visitors.
"The most powerful tip we could give in growing your ecommerce business is allowing your customers to be your brand ambassadors," says Michelle Michalak from Slyde Handboards. "Make it easy to compile and share testimonials and reviews from your customers."
You can talk yourself up as much as you want, but it's ultimately what people say about your business that's going to have the biggest impact on buying decisions. Your customers are the greatest assets you have, so learn to leverage them.

5. Remove friction from the checkout process.

If you want to sell more product, you have to ensure that your visitors aren't getting frustrated, abandoning their carts and leaving your site to find another store where they can purchase a competitor product.
Friction is one of the biggest challenges for most etailers, especially as we move into the mobile age. You have to find a way to make checkout so simple and easy that anyone could do it.
"My biggest tip to grow an ecommerce business is practically common sense, but I rarely see websites taking it as seriously as they should: remove friction from the checkout process," says Nick Eubanks of SEO Nick.
Eubanks goes on to suggest several ways of achieving this end:

• Eliminate the need for account creation.
• Reduce the number of screens the customer has to go through.
• Make sure your default shipping option is the cheapest, unless there's a faster option for the same price.
• Use as few form fields as possible, and use auto-fill where applicable.
• Save billing, shipping and payment information when and where possible.
• Provide several ways for your customers to pay for their order, including common payment options such as PayPal and Amazon.

If you're looking for more great tips, take a read through How to Grow Your Ecommerce Business: Experts Reveal Secrets.
Ultimately, you can grow your ecommerce business to whatever level you see fit. It depends entirely on how ambitious you are, and what you want out of it.

5 min read 3 Things to Do If You Want to Become a CEO by Age 30

Today, the path to becoming a CEO can look very different, particularly within tech and internet startups. But the skills required to be an effective leader are the same as ever. These skills typically take a life of experience to acquire, but there are ways to overcome that time challenge. Here are three things you should do to qualify as CEO material, even if you are short on life experience -- but still big on energy and bold ideas:

1. Build a team to compensate for your shortcomings.

Even a seasoned executive needs a sounding board of people who can offer guidance, particularly for areas that fall outside his or her core expertise. For young leaders, this is essential, to avoid serious mistakes. Lack of experience can lead to very painful consequences: hiring the wrong people, spending too much money, getting stuck with bad contract terms, or falling afoul of the law -- to name just a few.
Consider the example of Mark Zuckerberg and Sheryl Sandberg at Facebook: He drives the products, while she is the more business-oriented person. They complement each other with their skills, and work together to achieve a common goal of building a successful company. Google co-founders Larry Page and Sergey Brin (both 25 years old when they founded the company) brought in a more experienced Eric Schmidt so that they could gain management depth before taking over in their own right.
When building your leadership team, then, don’t look for people who are exactly like you. Find those who can round you out and challenge you to grow.

2. Use the power of positive -- and negative -- thinking.

If you are launching a business when you are still in your 20s -- without scars from past challenges -- you will have some advantages and many disadvantages.
The biggest disadvantage is the lack of a track record, which a potential investor might want to use to evaluate your probability of success. This can be overcome only by spending many hours selling your idea to as many people as will listen to it. In the venture capital universe, Bay Area investors have traditionally been the most willing to take a gamble on an untried team. Another potentially helpful strategy is to hire a more seasoned person to front the fund-raising, but take care not to lose control of the business in the process.
Related: 7 Insanely Productive Habits of Successful Young Entrepreneurs
An interesting advantage you may have as a young leader, meanwhile, is the likelihood that you probably do not know what is not possible; yet, you will attempt to do it anyway. This might result in a breakthrough that a more experienced person might miss due to a past negative experience. And that would be wonderful. But real breakthroughs are relatively rare. Most progress is incremental, and to attain incremental success, tapping into the experience of previous successes and failures can be very helpful.

3. Practice humility.

Leaders need to be transparent, and humble when humility is appropriate (which is very often). In fact, intellectual humility -- the ability to step back and embrace the better ideas of others -- is, for Google (to name one leading company) a more important hiring criterion than credentials. Unfortunately, humility is often perceived as a weakness, when in fact it is one of the greatest strengths a leader can possess.
Humble people listen to and learn from others. They take the backseat when someone more able than themselves is available to solve a problem. They give credit where credit is due. They are less prone to hubris when things go really well. They constantly question their own views and motivation to ensure that they are truly aligned with the desired business outcome. All of these values are essential to build a high-performance organization. But of course business is all about winning.
Being humble is fine, but a leader also must be willing to lead to victory.
So, my advice is to practice humility -- just don’t forget to win.

For Your Partnership to Succeed, It Needs to Be Balanced

I've written about the importance of starting a business with a co-founder to more effectively share in the responsibilities and decision-making -- and I do continue to believe that it’s extremely important to have a co-founder.
With that said, there are certainly a handful of important points that lie within both the business and the partnership that you must address and, most important, address them before they happen so that you don’t find yourself in a situation where your success, and that of your company, is at risk.
Related: 10 Characteristics of Unstoppable Partnerships
The best partnerships come when you’ve found another person that doesn’t share the same capabilities and/or thought processes. To be specific, someone that’s not like you. So in order to get the benefits of a true partnership, you need to have some opposing ideas and differing but complimentary skill sets and although you both need to know and understand what is going in throughout the company, it’s really important that you’re not sharing every decision.
Part of an effective partnership is knowing that you can trust your counterpart to do what’s best and make the right decisions in their day-to-day responsibilities. Of course you need to work together on the larger decisions that affect the direction of your company, but if you’re both overseeing the same things, it’s going to quickly feel like one person is looking over the other’s shoulder. Also, this is completely inefficient.

How do you communicate?

Startups move fast and, as a result, require fast decisions -- that’s what gives new companies a huge advantage against larger and more rigid established competitors. So you’re not going to be able to talk about every single decision -- as covered in the previous point -- but you do need to understand what’s going on throughout the broader context of the company, which comes with communication.
Related: 7 Strategies to Help You Pick, Then Develop, the Perfect Partner
Make sure that you set up a specific date and time for a weekly meeting, whether at the beginning or end of the week -- or maybe both -- and use the opportunity to discuss the greater decisions that were or need to be made so you can both add in from your differing view points or areas of expertise to come to the best decisions for your company.

You absolutely must set expectations.

This point is really one that needs to be established well before a formal partnership is structured -- although I realize that sometimes it’s just not that simple. You and your partner(s) need to have an understanding, in writing, as to who is responsible for what and what the expectations are for your time and responsibilities, as well as any financial commitments.
It’s really easy to just believe that you’re friends and you’ll work anything out and it may be uncomfortable to sit and hammer out expectations, but when things get really difficult, everyone’s true colors show and you need to be able to refer to a written agreement to hold others accountable.

12 Things Successful People Never Reveal About Themselves at Work

The following list contains the 12 most common things people reveal that send their careers careening in the wrong direction.

1. That They Hate Their Job

The last thing anyone wants to hear at work is someone complaining about how much they hate their job. Doing so labels you as a negative person, who is not a team player. This brings down the morale of the group. Bosses are quick to catch on to naysayers who drag down morale, and they know that there are always enthusiastic replacements waiting just around the corner.

2. That They Think Someone Is Incompetent

There will always be incompetent people in any workplace, and chances are that everyone knows who they are. If you don’t have the power to help them improve or to fire them, then you have nothing to gain by broadcasting their ineptitude. Announcing your colleague’s incompetence comes across as an insecure attempt to make you look better. Your callousness will inevitably come back to haunt you in the form of your coworkers’ negative opinions of you.

3. How Much Money They Make

Your parents may love to hear all about how much you’re pulling in each month, but in the workplace, this only breeds negativity. It’s impossible to allocate salaries with perfect fairness, and revealing yours gives your coworkers a direct measure of comparison. As soon as everyone knows how much you make, everything you do at work is considered against your income. It’s tempting to swap salary figures with a buddy out of curiosity, but the moment you do, you’ll never see each other the same way again.

4. Their Political and Religious Beliefs

People’s political and religious beliefs are too closely tied to their identities to be discussed without incident at work. Disagreeing with someone else’s views can quickly alter their otherwise strong perception of you. Confronting someone’s core values is one of the most insulting things you can do.
Granted, different people treat politics and religion differently, but asserting your values can alienate some people as quickly as it intrigues others. Even bringing up a hot-button world event without asserting a strong opinion can lead to conflict.
People build their lives around their ideals and beliefs, and giving them your two cents is risky. Be willing to listen to others without inputting anything on your end because all it takes is a disapproving look to start a conflict. Political opinions and religious beliefs are so deeply ingrained in people, that challenging their views is more likely to get you judged than to change their mind.

5. What They Do on Facebook

The last thing your boss wants to see when she logs on to her Facebook account is photos of you taking tequila shots in Tijuana. There are just too many ways you can look inappropriate on Facebook and leave a bad impression. It could be what you’re wearing, who you’re with, what you’re doing, or even your friends’ commentary. These are the little things that can cast a shadow of doubt in your boss’s or colleagues’ minds just when they are about to hand you a big assignment or recommend you for a promotion.
It’s too difficult to try to censure yourself on Facebook for your colleagues. Save yourself the trouble, and don’t friend them there. Let LinkedIn be your professional “social” network, and save Facebook for everybody else.
Related: 10 Truths We Forget Too Easily

6. What They Do in the Bedroom

Whether your sex life is out of this world or lacking entirely, this information has no place at work. Such comments might get a chuckle from some people, but it makes most uncomfortable, and even offended. Crossing this line will instantly give you a bad reputation.

7. What They Think Someone Else Does in the Bedroom

A good 111% of the people you work with do not want to know that you bet they’re tigers in the sack. There’s no more surefire way to creep someone out than to let them know that thoughts of their love life have entered your brain. Anything from speculating on a colleague’s sexual orientation to making a relatively indirect comment like, “Oh, to be a newlywed again,” plants a permanent seed in the brains of all who hear it that casts you in a negative light.
Your thoughts are your own. Think whatever you feel is right about people; just keep it to yourself.

8. That They’re After Somebody Else’s Job

Announcing your ambitions at work when they are in direct conflict with other people’s interests comes across as selfish and indifferent to those you work with and the company as a whole. Great employees want the whole team to succeed, not just themselves. Regardless of your actual motives (some of us really do just work for the money), announcing your selfish goal will not help you get there.

9. How Wild They Used To Be in College

Your past can say a lot about you. Just because you did something outlandish or stupid 20 years ago doesn’t mean that people will believe you’ve developed impeccable judgment since then. Some behavior that might qualify as just another day in the typical fraternity (binge drinking, minor theft, drunk driving, abusing people or farm animals, and so on) shows everyone you work with that, when push comes to shove, you have poor judgment and don’t know where to draw the line. Many presidents have been elected in spite of their past indiscretions, but unless you have a team of handlers and PR types protecting and spinning your image, you should keep your unsavory past to yourself.

10. How Intoxicated They Like to Get

You might think talking about how inebriated you were over the weekend has no effect on how you’re viewed at work. After all, if you’re a good worker, then you’re a good worker, right? Unfortunately not. Sharing this will not get people to think you’re fun. Instead, they will see you as unpredictable, immature, and lacking in good judgment. Too many people have negative views of drugs and alcohol for you to reveal how much you love to indulge in them.

11. An Offensive Joke

If there’s one thing we can learn from celebrities, it’s to be careful about what you say and whom you say it to. Offensive jokes make other people feel terrible, and they make you look terrible. They also happen to be much less funny than clever jokes.
A joke crosses the line anytime you try to gauge its appropriateness based on how close you are with someone. If there is anyone who would be offended by your joke, you are better off not telling it. You never know whom people know or what experiences they’ve had in life that can lead your joke to tread on subjects that they take very seriously.

12. That They Are Job Hunting

When I was a kid, I told my baseball coach I was quitting in two weeks. For the next two weeks, I found myself riding the bench. It got even worse after those two weeks when I decided to stay, and I became “the kid who doesn’t even want to be here.” I was crushed, but it was my own fault; I told him my decision before it was certain.
The same thing happens when you tell people that you’re job hunting. Once you reveal that you’re planning to leave, you suddenly become a waste of everyone’s time. There’s also the chance that your hunt will be unsuccessful, so it’s best to wait until you’ve found a job before you tell anyone. Otherwise, you will end up riding the bench.

Desmond Elliot Hangs-out With Samuel Ortom, Benue State Governor (Photos)

Nollywood actor and member of Lagos State House of Assembly, Desmond Elliott met with Benue State Governor, Samuel Ortom, today in the state's capital, Makurdi. They discussed youth mobilisation.

Source:http://www.nationalhelm.com/2015/06/photos-desmond-elliot-meets-with-benue.html

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4 Weeks In Power : Ikpeazu Changing The Face Of Aba Roads

Governor of Abia state Dr Okezie Ikpeazu on inspection of construction and dualization of Old Express Road by Faulks Road, Kamalu Street, Osisoma, Ururuka road, Ukegbu/Umuola/Ehere roads in Ogbo-Hill and Azikiwe Road Aba

Re: 4 Weeks In Power : Ikpeazu Changing

NASS Crisis: How I Escaped Abduction — Saraki

17 days after his election, Senator Bukola Saraki, Saturday, opened up on the controversial poll, saying those in opposition to him planned to abduct him to prevent him from emerging as Senate President.

Saraki disclosed that, on Tuesday, June 9, Senate inauguration day, following information he got of the abduction plot to keep him off the National Assembly, he altered his schedule by arriving the parliament car park at 6am, stayed in his car and then trekked at quarter to 10am into the chamber.

He dismissed the insinuation that for him to win, he entered into a pact with the Peoples Democratic Party (PDP) for Senator Ike Ekweremadu to be produced as his deputy, just as he stressed that the absence of All Progressives Congress, APC, senators in the chamber paved the way for the emergence of Ekweremadu.

The Senate President, who noted that the emergence of Ekweremadu will make things difficult for him, said, “Never in our wildest imagination did we envisage that some senators would not be present on the day of the inauguration.”

Speaking with journalists, in Abuja, Saraki insisted that he never got any message to attend a meeting at the International Conference Centre (ICC) with President Muhammadu Buhari on the Senate inauguration day. “First of all, as regards the meeting (at ICC), on the morning of the inauguration, I didn’t finish at a meeting until 4:00am of that day and I had got information that efforts would likely be made to make sure that I didn’t get access into the chamber”, he said.

Leadership Playbook: 3 Ways to Coach, Not Criticize, Employees

Here are three steps to help you turn cricitism into coaching so that employees welcome your feedback:
1. Define the goal.
Feedback works so well in competition because the common goal -- to win -- outweighs the coach's discomfort in giving cricism and the player's discomfort in receiving it. Olympic athletes don't resent getting criticism on how to improve. In fact, they resent not getting the proper insight that might help them win medals.
So what is your business's goal? Unless you have a startup that's trying to change the world, like Apple in its early years, I find personal goals that also benefit the company resonate better with employees than big-picture company goals.
For example, an employee will be more motivated to achieve a personal goal of $1 million in sales than to help the company as a whole make $10 million in sales. All employees have career goals even if they don't tell you about them. The key is to find out what goal each person has that benefits both the individual and the company. Agree to work together to help them achieve it.
2. Set feedback expectations early and often.
Once a goal has been defined, set the expectation that employees will receive informal performance feedback. You can give feedback as often as daily for someone in a new role to monthly for a veteran running her own division of your business. Most employees would benefit from even 30 seconds of feedback delivered most weeks. Tell them how often you will provide feedback and that they should ask you for it if you forget.
3. Start every discussion with the goal.
Start every feedback discussion with the employee's bigger picture: "John, I have some suggestions to help you achieve your goal of $1 million in sales." Notice the keywords in the phrase: "you" and "your." By making the conversation about the employee's goal, your critique lays the groundwork for a welcome conversation instead of a confrontational one. Always frame the discussion as a way to help your employees achieve what's important to them.
Coaching feedback helps competitors win medals and trophies, so there's no reason it can't help you and your employees achieve business success.
What strategies are you using to coach employees to be better performers? Let us know in the comments below.

5 Secrets to Coaching Your Employees to Greatness

To integrate coaching into your talent management strategy, the following five steps should be taken:

1. Educate your leaders

Start at the top and educate your executives on the differences and benefits of coaching versus counseling. Interview them on their perspectives on coaching and assess their willingness to participate and support a coaching initiative. Explain the benefits of coaching and ask them where they see applications for coaching inside their organizations.

2. Identify coaches, participants and executive sponsors

Look for individuals and managers that can become trained to be internal coaches inside your company. These individuals may be inside your talent management and organizational development areas or could exist inside the business itself. Consider having talent management or human resources executives trained and credentialed by the International Coach Federation as professional coaches. Alternatively, you may choose to utilize external coaches. If so, you can submit a request via the International Coach Federation Coach Referral Service website or ask colleagues for recommendations.
Simultaneously, you will want to identify candidates to participate in the coaching program. Participants should be excited to be part of the program and willing to make a commitment. Just as important as identifying the coaches and participants is to make certain that you have executive sponsorship. Determine which executives would like to sponsor the program and be a participant. Request that they support you in your coach and participant identification, marketing efforts, during participant enrollment and throughout the program’s life cycle.
Related: Leadership Playbook: 3 Ways to Coach, Not Criticize,

3. Manage expectations

Be sure to clearly set expectations with your internal coaches, individuals being coached, the executive sponsors and, of course, your managers and colleagues. It is best to run the initial program as a pilot and build upon its success. Make certain everyone is clear on the goals of the program, time commitment and their roles and responsibilities.

4. Train

Enroll your internal coach candidates in a coach-training program that is designed to train individuals that work inside companies as a coach. If you choose to enroll internal employees to become coaches, ensure they’re being coached by a coach with experience coaching internal coaches. In addition, be sure to train the individuals who are to be coached on the role and responsibilities of the participant, while establishing a clear and consistent process for enrolling clients, coaching time and exiting clients.

5. Measure success

Prior to starting the program, determine how you will measure its success. It may be done simply by using a net–promoter score or setting up a simple impact study. (It doesn’t have to be a rigorous measurement such as ROI.) If your program is embraced and utilized (coaching clients show up and participate in the coaching), then that’s a great sign. Interviewing them or surveying them on the benefits they received is also an excellent idea. In addition, be sure to ask the managers of the program’s participants about the changes they may have noticed in their employee’s behaviors after being coached.
In a time where we’re surrounded by change and have so many demands on our personal and professional lives, the need for coaching is at an all-time high. Coaching is a model for engagement, empowerment and accountability. It teaches those being coached to be responsible and to “own” their results. By engaging in coaching, you’re making a decision to replace mediocrity with high-performance.

For Your Partnership to Succeed, It Needs to Be Balanced

The best partnerships come when you’ve found another person that doesn’t share the same capabilities and/or thought processes. To be specific, someone that’s not like you. So in order to get the benefits of a true partnership, you need to have some opposing ideas and differing but complimentary skill sets and although you both need to know and understand what is going in throughout the company, it’s really important that you’re not sharing every decision.
Part of an effective partnership is knowing that you can trust your counterpart to do what’s best and make the right decisions in their day-to-day responsibilities. Of course you need to work together on the larger decisions that affect the direction of your company, but if you’re both overseeing the same things, it’s going to quickly feel like one person is looking over the other’s shoulder. Also, this is completely inefficient.

How do you communicate?

Startups move fast and, as a result, require fast decisions -- that’s what gives new companies a huge advantage against larger and more rigid established competitors. So you’re not going to be able to talk about every single decision -- as covered in the previous point -- but you do need to understand what’s going on throughout the broader context of the company, which comes with communication.
Related: 7 Strategies to Help You Pick, Then Develop, the Perfect Partner
Make sure that you set up a specific date and time for a weekly meeting, whether at the beginning or end of the week -- or maybe both -- and use the opportunity to discuss the greater decisions that were or need to be made so you can both add in from your differing view points or areas of expertise to come to the best decisions for your company.

You absolutely must set expectations.

This point is really one that needs to be established well before a formal partnership is structured -- although I realize that sometimes it’s just not that simple. You and your partner(s) need to have an understanding, in writing, as to who is responsible for what and what the expectations are for your time and responsibilities, as well as any financial commitments.
It’s really easy to just believe that you’re friends and you’ll work anything out and it may be uncomfortable to sit and hammer out expectations, but when things get really difficult, everyone’s true colors show and you need to be able to refer to a written agreement to hold others accountable.
Related: How to Survive Losing Your Star Employee or Partner

21 Success Tips for Young and Aspiring Entrepreneurs

Being successful often means learning from those who have already achieved their goals. Having a mentor is an amazing blessing to an entrepreneur, but not everyone can find one in person.
If you haven’t yet found your personal business guru, here are 21 tips for young or aspiring entrepreneur to help get you started.

1. Challenge yourself. 

Richard Branson says his biggest motivation is to keep challenging himself. He treats life like one long university education, where he can learn more every day. You can too!

2. Do work you care about. 

There’s no doubt that running a business take a lot of time. Steve Jobs noted that the only way to be satisfied in your life is to do work that you truly believe in.

3. Take the risk. 

We never know the outcome of our efforts unless we actually do it. Jeff Bezos said it helped to know that he wouldn’t regret failure, but he would regret not trying.
Related: The 3 Key Elements to Make Your Business a Success

4. Believe in yourself.

As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” Believe that you can succeed, and you’ll find ways through different obstacles. If you don’t, you’ll just find excuses.

5. Have a vision. 

The founder and CEO of Tumblr, David Karp, notes that an entrepreneur is someone who has a vision for something and a desire to create it. Keep your vision clear at all times.

6. Find good people. 

Who you’re with is who you become. Reid Hoffman, co-founder of LinkedIn, noted that the fastest way to change yourself is to hang out with people who are already the way you want to be.

7. Face your fears. 

Overcoming fear isn’t easy, but it must be done. Arianna Huffington once said that she found fearlessness was like a muscle -- the more she exercised it, the stronger it became.

8. Take action. 

The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well.

9. Do the time. 

No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.

10. Manage energy, not time.

Your energy limits what you can do with your time, so manage it wisely.

11. Build a great team. 

No one succeeds in business alone, and those who try will lose to a great team every time. Build your own great team to bolster your success.

12. Hire character. 

As you build your team, hire for character and values. You can always train someone on skills, but you can’t make someone’s values fit your company after the fact.
Related: 7 Reasons Rock Star Entrepreneurs Hit Home Run After Home Run

13. Plan for raising capital.

Richard Harroch, a venture capitalist, has this advice for upcoming entrepreneurs: “It’s almost always harder to raise capital than you thought it would be, and it always takes longer. So plan for that.”

14. Know your goals. 

Ryan Allis, co-founder of iContact, pointed out that having the end in mind every day ensures you’re working toward it. Set goals and remind yourself of them each day.

15. Learn from mistakes. 

Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success -- even though you initially failed.

16. Know your customer. 

Dave Thomas, the founder of Wendy’s, cited knowing your customer as one of his three keys to success. Know those you serve better than anyone else, and you’ll be able to deliver the solutions they need.

17. Learn from complaints. 

Bill Gates once said that your most unhappy customers are your greatest source of learning. Let unhappy customers teach you where the holes in your service are.

18. Ask for customers’ input. 

Assuming what customers want or need will never lead to success. You must ask them directly, and then carefully listen to what they say.

19. Spend wisely. 

When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on foolish things and run out of capital too soon.

20. Understand your industry. 

Tony Hsieh, the founder of Zappos, once said, “Don’t play games you don’t understand, even if you see lots of other people making money from them.” Truly understanding your industry is key to having success.

21. Deliver more than expected.

Google's Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a great way to get noticed in your industry and build a loyal following of advocates.
Being a successful entrepreneur takes a lot of work, a lot of vision and a lot of perseverance. These 21 tips, from entrepreneurs who have already found success, will help you navigate the path much more easily.
What’s your favorite success tip for entrepreneurs? Share it below in the comments section below.

6 min read 7 Myths About Starting a Business That I Used to Believe

world is not flat, but there was a period in time when those myths were accepted as fact. Similarly, there are myths built up around starting a business that simply aren’t true. Here are seven common entrepreneurial myths about starting a business that I used to believe, which I can now debunk for you.

1. You have to know what you’re doing.

You actually don’t need to know exactly what you’re doing to get started. Time has proven that continuously. From Magellan, Einstein, Madame Curie, Steve Jobs and beyond, there was never an exact plan for the course ahead -- just a general idea that something more was out there. Let your curiosity overpower the myth that you have to know exactly what you’re doing to get started.

2. You have to have a full business plan.

I personally don’t like giant business plans. Something simple that effectively outlines your mission, vision and marketing tent-pole efforts with some data matrix around how you’re measuring your success and you should be good to go.
I’ve witnesses many entrepreneurs get bogged down in the mud of insisting they need a full business plan to start their businesses, even going so far as to hire someone to write it and filing for a trademark before they begin. I’m of the philosophy that you should test out whether your business is even viable before you sink money into it.
Get a solid two- or three-page outline of your business plan and then get to work. Don’t get trapped in business plan analysis paralysis.

3. You have to start at the right time.

Wrong. The only timing that will ever be right is now. In fact, countless entrepreneurs have started their businesses at the worst possible times in history, and the worst possible time in their personal lives.
Entrepreneur and podcaster Pat Flynn started his first online business after the nearly simultaneous news that he was being laid off from his corporate gig and that his wife was pregnant with their first child. No one would likely choose that high-anxiety period in their personal life to start a business, but life tends to take us where we need to go.
Microsoft was founded in 1975 near the end of a recession and later re-incorporated in 1981, just as the recession of the 1980s kicked off. These were two horrible times to start a business, but that hasn’t stopped Microsoft’s success.
The timing will never be right -- that’s why you need to start right now.
Related: 5 Business Myths that Used To Be True

4. You have to have a lot of money to start.

You don’t need a lot of money to get started. There’s a whole book by Eric Reis about why this is the case called The Lean Startup.
There are lots of ways to kick-off your business without a bunch of capital. One of the best ways to debunk this myth for yourself is to start micro-testing your product or service either on the side or in small batches to scale your growth incrementally. Big chunks of capital might help you grow faster, but sometimes a slow and steady growth rate can help you stabilize and get your business legs underneath you while your profit margins grow.
I highly recommend the book for ideas on how you can get started without spending a lot of money up front.

5. You have to hire staff.

This is one myth I quickly debunked when I started my first business with my brother. Staff is expensive to keep, cost time to manage and are in most ways the biggest expense any business will have on the books. The longer you can keep your business under your core leadership, the better.
Also, in my experience, when you can outsource to agencies or freelancers, for most businesses that’s almost always better. Keeping yourself free of staff overhead costs when you’re starting a business will help you be successful.

6. You have to work 24/7.

Entrepreneurs tend to work long hours most days. In startup mode, that’s simply what’s required. However, you have to be aware not only of your cash burn rate as a startup, but also your personal burn out rate.
If you grind yourself into the dust day after day without relief, you’re going to get sick and unhealthy, and that’s going to affect your success. You don’t have to work 24/7 to run a successful business. While you will need to work hard, and there will definitely be periods of seriously intense work, you also need to balance that with good sleep, good food, plenty of movement and some fun sometimes.
Entrepreneurship is hard work, but it’s supposed to be enjoyable, too.

7. You have to do it all.

This might appear to belie the earlier myth about not hiring staff, but the truth is that you don’t have to do it all in your business. It’s important to delegate and outsource some of the daily tasks and responsibilities of the business so you can have breathing space from time to time. Doing it all will mean burning yourself out and it’s a common mistake I see amongst new entrepreneurs.
Keep your sanity and learn not to do it all.

Korede Bello Performs In Church Again [PICS

Mavin act, Korede Bello has once again performed at another Church service despite the view of some fans that a secular musician should not be allowed to mount a pulpit and sing in the church.

He performed last weekend at Embrace International Assembly in Lagos.

Korede first appearance as a performing act in a Church was at HICC(Harvesters International Christian Centre) where he sang his smash hitGodwin.

When he was criticized for his actions, the Young singer said that he was going to perform in a church again.

In an earlier interview with NET, he said;

“If you are the pastor of a church and you invite me to perform the song, Yes I will perform the song again.

“It’s God’s song and whatever is happening now is predetermined, people are talking about God that’s all that matters”.

“From the inception of Godwin, I knew that it wasn’t my song, I knew that anything that’s for God has the potential of growing bigger than you imagine. It’s not quite a gospel song, it’s an inspirational song, what I mean by it’s for God is the fact that it’s dedicated to God. I don’t see it as my song, I see it as people’s song and I see it as a song for God.”




http://tunezmedia.com/?p=13910

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Nigerians Should Ignore ‘hate Messages’ From Radio Biafra, Says NBC by nige delta

The National Broadcasting Commission (NBC), on Friday, urged the public to ignore radio Biafra transmission.

This was contained in a statement signed by the Director, Public Affairs of the commission, Alhaji Awwalu Salihu, made available to newsmen in Abuja.

The statement said the commission had become aware of a pirate radio station transmitting seditious and divisive content contrary to the provisions of the Nigeria Broadcasting Code and law.

It assured the public that it was working in conjunction with security forces to track the source of the broadcast.

It urged the public to ignore the inflammatory content of the broadcast and continue to work toward a strong, united and prosperous nation.

It would be recalled that Radio Biafra caused a stir on social media after it aired some ‘hate messages’.

“True Biafrans must go after the hausa Fulani Yoruba ethnic bigots and dismantle their monumental bundle of illegality and lies against Biafrans. Go after them on Twitter, Facebook, Instagram, LinkedIn, Viber, Whatsapp etc and all the platforms you find yourselves. We have only told them to stop the decades of injustices against us and they having nightmares. The journey has just begun!” Radio Biafra published on Twitter and Facebook.

How 3 Entrepreneurs Went from Welfare to Multi-Million Business in Five Years

Zaycon Fresh is an unusual business with an unusual story. Two brothers and their cousin, all on welfare after they fell on hard times during the recession, decided to start a business. Today, this business holds events throughout the country where they deliver proteins like chicken, bacon, salmon, steak and more in bulk to customers -- directly from farmers -- at value pricing.
After starting with a test event in 2009 that brought in revenue of $40,000, the company is on track to do $30 million for this fiscal year, it says.
I first heard about Zaycon Fresh from my husband, who has had a client relationship with the company. That’s how I was introduced to Zaycon’s CEO Mike Conrad. With no formal business background and no college degree, Conrad talks about the entrepreneurial lessons he learned from taking his circumstances and turning them into a major business opportunity.
Related: The Simple Customer-Service Mistake That Cost $800

Timing is everything.

For Zaycon, the third time was the charm, so to speak. Mike Conrad’s brother, J.C. -- who was a co-founder and is no longer with the company -- conceptualized the business when he was a meat manager for a supermarket. He did a proof-of-concept test to see if he could get customers to buy in bulk at discounted prices and it was a significant success.
He took that proof-of-concept and tried to launch the business himself in 2000, but was not successful. It wasn’t until after the Internet infrastructure was built up enough to support this event-based business -- and he found partners in his brother and cousin, Adam Kremin -- did this concept get legs as a standalone business.
Remember that even the best ideas may not be successful if launched at the wrong time.

Build your brand the hard way.

Building a business and a brand is difficult, so Conrad and his co-founders decided to start where they had support: with local churches. These institutions helped to spread the word about their premier Zaycon event and continue to be big supporters. The events are often held in church parking lots where there is often extra unused space. Plus, the church benefits from awareness in addition to a Zaycon donation of food.
After the success of the first event, Zaycon’s next endeavor was to engage coupon and deal-oriented bloggers. They reached out to 1,000 bloggers to see if they would be interested in reviewing the company’s product and approximately 450 responded yes. Since Zaycon delivers farm-fresh product, they wanted the experience to be authentic, so they rented a few trucks and hand delivered the 450 boxes of product to bloggers all across the country. This extra effort, while time-consuming, made a big impact. As these bloggers raved about Zaycon, they started adding thousands upon thousands of customers to their database. This was the catalyst for major growth.
 Too many entrepreneurs want to do traditional marketing strategies from the get go, but sometimes, doing the high-labor-intensive, out-of-the-box efforts create the foundation that your business needs for growth.
Related: The Future of Customer Loyalty

Create the ‘right’ team.

To take the business from nothing to $30 million in sales, Conrad says was a true team effort. It was all about having the right people in the right places at the right time. While his brother was a co-founder, he ultimately felt he wasn’t suited for business growth and was bought out of the business.
Also, as the company grew, Conrad and his cousin knew that there many traditional business competencies that they didn’t possess. They sought advisors and hands-on investors who could help supplement those skill and knowledge deficiencies and bring the company to the next level.

Involve your customers.  

You might not think that bulk meats is an enthusiast-driven business, but Zaycon proves that it can be. By involving the customers in everything from initial marketing -- (new events are set when a core group of interested customers in a certain geographic area sign-up) -- to creating a fun experience, the business gets extra mileage.
As Conrad said, “People wanted to be involved in your business. When they feel involved, they want to support you.” That has certainly been the case for Zaycon’s excited customer base, some of whom “volunteer” for free food at events and certainly create a community around Zaycon’s model that helps the company to build its business.

Create a defense with intellectual property.

While the price point and freshness are customer selling points of Zaycon’s model, their secret sauce is actually their logistics. They have invested heavily in creating software systems that help them manage the farm-to-customer logistics of food delivery and event production.
Conrad relates that while the business seems simple in concept, the logistics are very complicated, and their investment in logistics IP helps to create barriers to entry from competitors.

Be willing to change.

Conrad’s parting words are the ones that he thinks are maybe the most important for entrepreneurs. “Be malleable,” he said. “You have to adapt and change. There were at least four times when we thought that the business was dead, but we knew that was not an option. We couldn’t quit, we had to keep going.”
He also said that the willingness to change comes into play in terms of listening. “Always believe you are not the smartest guy in the room and let other people bring ideas to the table,” said Conrad. The path you start for your business -- and often your endpoint as well -- will change drastically as you build the company.
Zaycon Fresh continues to grow and prosper and will rely on their own history lessons to move them forward to the next level of success