UDS Admission Lists 2017/18

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UDS Admission Lists 2017/18

Please to access the 2017/2018 Diploma/Undergraduate Admission List, Click HERE!

Please to access the 2017/2018 Postgraduate Admission List, Click HERE!

Diploma and Undergraduate Admissions

ADMISSION OF CANDIDATES TO DIPLOMA AND FIRST DEGREE PROGRAMMES-2017/2018 ACADEMIC YEAR Application forms for admission to diploma and first degree programmes in the University for Development Studies (UDS) will be available online at http://www.uds.edu.gh from Monday, January 16, 2017 for holders of the following qualifications;

  • West African Senior Secondary School Certificate (WASSCE),
  • HND/Diploma Certificates, State Registered Nurses (SRN), and
  • Mature applicants.

WASSCE applicants who are awaiting their results are qualified to apply but will have to go back to their online account to insert the results upon the release of WASSCE results before they will be considered for admission.

ADMISSIONS OF CANDIDATES TO GRADUATE PROGRAMMES

2017/2018 ACADEMIC YEAR

Application forms for admission to graduate programmes in the Graduate School of the University for Development Studies (UDS) will be available online at http://www.uds.edu.gh from Monday, January 16, 2017 for first and second degree holders from recognised Universities/institutions.

ONLINE ADMISSION SYSTEM

INSTRUCTIONS TO FOLLOW
  1. VISIT THE NEAREST GCB, ADB, ECOBANK, ZENITH BANK, PRUDENTIAL BANK OR STANBIC BANK BRANCHES FOR THE UDS ONLINE E-VOUCHER
  2. FOREIGN APPLICANTS CAN ALSO DIRECTLY PAY ONLINE USING MASTERCARD, AND VISA CARD AT STEP 4
  3. AS SHOWN ABOVE, CLICK UNDERGRADUATE (FOR DEGREE AND DIPLOMA PROGRAMMES APPLICATION) OR POST-GRADUATE (FOR MASTERS AND PHD PROGRAMMES APPLICATION)
  4. AFTER STEP 3,
    • IF YOU ARE A NEW APPLICANT, CLICK CREATE NEW ACCOUNT TO OBTAIN A VALID USERNAME AND PASSWORD
    • FOR FOREIGN APPLICANTS, SELECT THE OPTION ONLINE PAYMENT UNDER PAYMENT VERIFICATION
    • LOGIN WITH YOUR USERNAME AND PASSWORD
  5. WHEN LOGIN IS SUCCESSFUL, START FILLING THE APPLICATION FORM
  6. YOU WILL BE REQUIRED TO UPLOAD A WHITE BACKGROUND PASSPORT-SIZE PHOTOGRAPH NOT LARGER THAN 300Kb IN JPG/JPEG OR GIF FORMATS
  7. UNDERGRADUATE APPLICANTS ARE ALSO REQUIRED TO UPLOAD THEIR CERTIFICATES OR RESULTS SLIPS IN JPG/JPEG OR GIF FORMATS
  8. ALL FIELDS MARKED * CAN NOT BE BLANK. APPLICANTS MUST PROVIDE THEM
  9. AT ANY STAGE OF THE APPLICATION, YOU CAN LOGOUT AND CONTINUE LATER
  10. REMMEMBER TO KEEP YOUR USERNAME AND PASSWORD. YOU CAN ALWAYS LOGIN AFTER THE DEADLINE TO CHECK THE STATUS OF YOUR APPLICATION. SUCCESSFUL CANDIDATES SHALL BE REQUIRED TO DOWNLOAD THEIR PROVISIONAL ADMISSION LETTERS USING THE USERNAME AND PASSWORD
  11. FOR FURTHER ENQUIRIES, CALL THE FOLLOWING NUMBERS OR SEND E-MAIL
    • +233-3720-93382
    • +233-249-482281
    • +233-205-232313
    • +233-270-988680
    • academicaffairs@uds.edu.gh
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2017/18 UCC Admission Lists

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2017/18 UCC Admission Lists

The University of Cape Coast (UCC) has finally released the list of successful undergraduate applicants admitted to pursue its various programs for the 2017/2018 academic year.

The list includes persons who applied to pursue various courses in Bachelor of Arts, Bachelor of Science, Bachelor of Commerce, Bachelor of Education and Bachelor of Laws at the school.

The lists also includes applicants who wrote the 2017 West African Senior School Certificate Exams

So far, a total of about 3,000 applicants have been shortlisted by the school.

DOWNLOAD UCC 2017/18 ADMISSION LIST HERE!

Admission into First Degree (Regular) Programmes for the 2017/2018 Academic Year

Applications are invited from suitably qualified persons for admission into undergraduate programmes of the University of Cape Coast for the 2017/2018 academic year. Persons who will be writing WASSCE this year (AWAITING 2017 WASSCE RESULTS) can also apply.

Applicants are to buy scratch cards which will enable them to apply online.  The scratch cards are up for sale at the Centres listed below:

1.   SALES CENTRES

(a)  Cashier’s Office, University of Cape Coast (Mode of payment – CASH)

(b)  Ghana Post Offices at the Regional Capitals – (Mode of payment – POSTAL ORDER)

(c)  University  of Cape Coast – Accra Office, Tesano – Accra (Mode of payment – CASH)

(d)  Kumasi Workers’ College, Kumasi (Mode of payment – CASH)

(e)  I-J Consult, Kasoa – Nyanyano Road, Near Witty Kids Int. School (Mode of payment – CASH)

(f)  All UCC College of Distance Education (CoDE) Study Centres (Mode of payment:

GCB Bankers Draft in the name of The Registrar, University of Cape Coast)

COST OF SCRATCH CARDS:

Post-SSSCE/WASSCE              –           GH¢220.00

Post-Diploma                           –           GH¢230.00

International Applicants           –           USD$120.00

International applicants and Ghanaian applicants abroad can make payment by VISA Card and have their Scratch Card PIN sent to their e-mail addresses to enable them to complete their applications online.

The deadlines for the sale of Application scratch cards and the submission of completed application forms are Friday, 28th April, 2017 and Friday, 5th May, 2017 respectively.

KNUST Admission List 2017/18

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KNUST Admission List 2017/18

The administration of Kwame Nkrumah University of Science and Technology has released the list of freshmen to be admitted into the 2017/2018 academic year.

After the long wait and hopes of getting to know their admission statuses, KNUST student hopefuls can now rest assured knowing their fate as to if they would become students of KNUST or not.

Prospective students can follow the link below to check their admission status.

Click on any of the links below, to view a list of Admitted students for CURRENT Academic Year.

University Of Ghana (Lagon) Admission Lists 2017/2018

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University Of Ghana (Lagon) Admission Lists 2017/2018

University of Ghana 2nd Batch Admission Lists has been released for the 2017/2018 academic year.

The second batch of students admitted to the University of Ghana for the 2017/2018 academic year has been released.

The second list features about 400 undergraduate applicants.

The first batch of admitted students was released on Sunday, August 13, 2017 with about 7,800 applicants. 

All admitted students are expected to complete their registration within a week to seal their place in the school.

It should be noted that the second batch of admitted students is not provided in an exclusive list. It has been added to the existing list which was released earlier this week.

This brings to the total, 8,128 applicants who have been admitted so far.

Applicants are therefore advised to refresh the list and search for their names in that list.

Reports say a few more names will be added before the end of the week when one can be certain that the school has closed admissions for this year.

CHECK UNIVERISITY OF GHANA LEGON ADMISSION LIST

University of Ghana, UG Legon admission list is successfully uploaded online, to check your admission status follow the below lead from:-

  1. Go to UG Legon undergraduate admission status checking portal at http://admission.ug.edu.gh/ugadmitted/ulistghlist.php or click here for UG International Undergraduate admission lists,
  2. Enter Your Serial Number or Surname in the search box above to check your admission status,
  3. Finally, click the “Check Admission Status” button to access your UG admission status.
  4. See How to Obtain your UG Provisional Admission Letter.

What to Do After Checking your Admission Status:-

Have you been Admitted? Congrats! Don’t Lose your Admission. Click Here Now for the Lists of Fundamental Actions to be Taken by Freshmen After Checking Admission Lists.

Note: This is the Second Batch Admission List, you can see the 1st batch here. Freshers are expected to report on Monday, August 21. See More Details Here.

University of Ghana Admission List 2017/2018 [1st Batch]

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University of Ghana Admission List 2017/2018 [1st Batch]

UG Legon Undergraduate Admission List | University of Ghana, UG Legon admission list for the 2017/2018 academic session.

ug.edu.gh Admission list is simply the names of successfully admitted applicants offered provisional admission into an institution. Admission lists are usually released by institutions after the conduct of admission screening exercise.

The management of the University of Ghana, UG Legon has released the names of successful applicants offered provisional admission for the 2017/2018 academic session.

Finally, the University of Ghana (UG Legon) has released it first batch admission lists. You can follow the below procedures to access your admission status.

  • UG Legon 2nd Batch Admission List has been Released – 2017/2018 [Check Here]

CHECK UNIVERISITY OF GHANA LEGON ADMISSION LIST

University of Ghana, UG Legon admission list is successfully uploaded online, to check your admission status follow the below lead from:-

  1. Go to UG Legon undergraduate admission status checking portal at http://admission.ug.edu.gh/ugadmitted/ulistghlist.php or click here for UG International Undergraduate admission lists,
  2. Enter Your Serial Number or Surname in the search box above to check your admission status,
  3. Finally, click the “Check Admission Status” button to access your UG admission status.
  4. See How to Obtain your UG Provisional Admission Letter.

What to Do After Checking your Admission Status:-

Have you been Admitted? Congrats! Don’t Lose your Admission. Click Here Now for the Lists of Fundamental Actions to be Taken by Freshmen After Checking Admission Lists.

University of Ghana Freshers Information: After Checking Admission Status

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University of Ghana Freshers Information: After Checking Admission Status

University of Ghana, UG Legon Freshers Information; Fundamental Actions to Take After Checking Admission Lists/Status for the 2017/2018 academic year.

University of Ghana Freshers Information

Many Prospective Students are like; I have found my name on the University of Ghana Admission List, What is the Next thing to do now? It’s Okay! This is why you are reading this posts. Below is the procedures of fundamental steps to be followed by Freshmen after Confirming their Admission Status on UG Admission List.

Admitted students should follow the instructions below to print out provisional admission letters, select accommodation, pay requisite fees and undertake registration.

Full registration involves:

  1. Printing of provisional admission letter
  2. Online Selection of Hall of Residence/Residential Status
  3. Payment of Academic and Residential Fees
  4. Academic & Residential Registration
  5. Reporting at the Hall (Check below)
  6. Course/Examination Registration (To be done after orientation) (Check Below).
  7. UG Fresh International Students Viral Information.

 STEP 1: PRINTING OF PROVISIONAL ADMISSION LETTER

All admitted students are required to log in to the link on the University’s website with their admission Serial Number and Pin to download their Provisional Admission Letter.

 STEP 2: SELECTION OF HALL OF RESIDENCE

  1. Students who have been admitted will be given online access to select their hall of residence and room.
  2. The list of halls available and charges for rooms are available on the University’s website.
  3. Students who do not pay their fees within 24 hours after selection will forfeit their selected rooms.
  4. Students wishing to be non-resident will also be required to indicate this online.
  5. Students are to print out their Residence Allocation letter.

 STEP 3: PAYMENT OF FEES

All students (Main Campus/Accra City Campus/Distance Education/Korle-Bu) are to pay their Academic Fees and, where applicable, Residential Fees at any branch of Standard Chartered Bank or ECOBANK with cash only.  Ensure that you quote correctly your Student ID Number on all the pay-in-slips (using a Fee Paying Voucher). Ensure that the information captured by the teller is accurate before leaving the banking hall.

Please note that online registration can only be done 48hours after payment has been made. Click to view the Schedule of Fees.

University Of Ghana (Lagon) Admission Letter: Print UG Provisional Admission Letter

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University Of Ghana (Lagon) Admission Letter: Print UG Provisional Admission Letter

University of Ghana Admission Letter: How to Obtain your Provisional Admission Letter for the 2017/2018 academic year.

UG ADMISSION LETTER

UG Admission Letter: The official University of Ghana Admission Letter is a document that indicates that you have been offered provisional admission into any degree programme in a University.

Legon Admission Letter contains information about the school offered admission, the faculty/school/college, department, the degree you are pursuing and the duration of the course, basically everything you need to know about your admission.

HOW TO PRINT UG ADMISSION LETTER 2017/2018 ONLINE

Before you proceed to print your Legon Admission Letter, it’s recommended to check your admission status on UG portal — Follow the steps here to check your status.

After confirming your Admission Status, you are to process to http://admission.ug.edu.gh/undergrad/login.php for Admission letter process.

All admitted students are required to log in to the link above with their admission Serial Number and Pin to download the Admission Letter.

NATIONAL SERVICES ALLOWANCE INCREASED FROM GH₵350 TO GH₵559

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NATIONAL SERVICES ALLOWANCE INCREASED FROM GH₵350 TO GH₵559

Government has approved an increment in the allowances of National Service personnel, taking effect from April 1, 2017. The allowances were reviewed upward from the current GH¢350 to GH¢559.04. “While thanking the government for its positive response to Management’s request for the increment, Management wishes also to express its gratitude to national service personnel for their patience and fruitful periodic engagements and discussions with Managemtnon the subject matter,” a press release signed by Acting Executive Director Ussif Mustapha said. The allowances were increased by the John Mahama-led government but its implementation was stalled as a result of change in government. The situation put personnel on a collision course with government. With the latest announcement, management of the Scheme is urging personnel “to reciprocate this gesture by further committing themselves to working even harder to support the government’s effort at improving the economy”.

SHS Graduate Making Ghana Proud as Ghana Top WAEC Awards Again

A student of St James Seminary in the Brong Ahafo region of Ghana Master Puis Kyere has emerged the overall best student in West Africa by the West African Examination Council (WAEC).

Master Kyere is the fifth successive Ghanaian student to win the West African Examinations Council (WAEC) awards.

He came tops in the 2016 West African Senior School Certificate Examination (WASSCE) for school candidates and was presented with his prize at the annual WAEC Excellence Awards at the Sakyi Asare Menako Hall in Accra Wednesday.

He was honoured along with two senior high school (SHS) graduates — Master Benjamin Bortey Sango, formerly of Accra Academy, and Master Richmond Kwame Mensah, formerly of the St James Seminary, Sunyani — who were adjudged the third best in West Africa and Ghana respectively.

All the three awardees, who are pursuing courses in the various tertiary institutions, were presented with cash prizes, plaques and certificates.

The WASSCE is written by students from Ghana, Nigeria, Liberia, The Gambia and Sierra Leone.

Last year, Ghana swept all the three topmost prizes at the WAEC Excellence Awards, with all the three awardees being former students of the Wesley Girls’ High School, Cape Coast.

Apart from citations and plaques for their schools, the awardees had cash prizes of $600, $500 and $400, respectively.

Challenges & Problems of Starting a Business

Chinese Proverb: “He that is prepared has half won the battle.”

“The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad

1. Developing the Vision and Business Idea

“To have a great idea, have a lot of them.” – Thomas Edison

Developing a business idea is usually the first challenge faced by every entrepreneur when starting a business from scratch. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. I call “Envisioning the idea” the first true task of an entrepreneur. As an entrepreneur, you must possess the ability to see what others cannot see. While others see problems, you must see opportunities.

“There is far more opportunity than there is ability.” – Thomas Edison

But seeing opportunities is just the beginning. The main business challenge is going to be your ability to forge that opportunity into a business idea. I see this as a business challenge because the process of transforming problems into business opportunities is like trying to turn lead into gold. I call it the entrepreneurial process of “Creating Value out of nothing”; a process that brings innovative products into existence. Below is an illustration of how the process goes.

  • Identifying a problem > Seeing an opportunity in the problem > Coming up with a solution > Forging the opportunity into a business idea > Integrating your solution into a business plan

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

Developing a vision is definitely a business challenge because an entrepreneur must sometimes assume the role of a sorcerer. Let me explain in detail. Most individuals are comfortable with the present way of doing things but it is the duty of an entrepreneur to envision and forecast the future. An entrepreneur must always be ahead of his time or else he will lose his relevance. It is the duty of an entrepreneur to bring into present what is yet to be. It is also the duty of an entrepreneur to bring solutions to other people’s problems. Let me give you some practical illustrations:

“If you want to be rich, you need to develop your vision. You must be standing on the edge of time gazing into the future.” – Rich Dad

a)  In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the most famous business person of the 21st century.

“Business is going to change in the next ten years than it has in the last fifty years.” – Bill Gates

b)  The Wright brothers envisioned a flying machine but they were massively opposed because the thought of humans flying was perceived as impossible. Today, the Airplane is a reality.

c)  Back in those days when cars were custom made and exclusively for the rich, Henry Ford envisioned affordable cars for the masses. That single vision made Henry Ford one of the richest men in history.

“You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

I believe with these few examples, my point is clear. Developing the vision and idea is the first true task and challenge of being an entrepreneur.

2. Raising Capital for your Startup

After developing your idea, the next challenge you are going to face when starting a business from scratch is that of raising capital. As an entrepreneur, you are the only one that knows business your idea to the core. You are the only one that knows the story of your future.

“Capital can do nothing without brains to direct it.” – J. Ogden Armour

Trying to convince investors about something that doesn’t exist is definitely a challenge. Trying to make them understand that you are trustworthy and equal to the task is not child’s play especially when you are building your first business.

“If you want to know the value of money, go and try to borrow some.” – Benjamin Franklin

There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk and they want to be sure that they get returns for the risk they took. Most brilliant business ideas never scale through the venture capital stage because the entrepreneur is either not prepared or lacks what it takes to raise the needed capital. Just as my mentor, Robert Kiyosaki says:

“The world is filled with brilliant ideas and excellent products but the world lacks seasoned entrepreneurs.” – Robert Kiyosaki

To overcome the challenge of raising capital, you must develop the ability to sell your idea and vision to potential investors. When I say “sell your ideas“, I mean improving your communication skill and your manner of presentation. In the game of raising capital, you must have a good story to tell; backed by a strong business plan and good persuasion skills. You must know how to pitch angel investors and venture capitalists alike.

“The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

3. Assembling a Business Team

“Eagles don’t flock, you have to find them one at a time.” – Henry Ross Perot

The third business challenge you will face in the course of starting a small business from scratch is assembling the right business management team. When I talk about a team, I am not talking about regular employees. I am talking about a “strategic round table business team” that will meet regularly to brainstorm on ways to grow your business.

“Individuals don’t win in business, teams do.” – Sam Walton

The process of building a business team starts even before the issue of raising initial start-up capital arises. Remember I said that most brilliant ideas never scale through the phase of raising venture capital. Well; this is where most budding entrepreneurs miss it. Most brilliant ideas and products never get funded because the entrepreneur is trying to raise capital as an individual. A business team is a vital, yet often ignored key to raising venture capital successfully.

“Business and investing are team sports.” – Rich Dad

As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need a business team to cover up or compliment your weaknesses. A team is a necessity for building a successful business. Now finding a business team is just the second hurdle, transferring your passion and vision to your team is the next piece of cake.

“Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

It’s your duty as an entrepreneur to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about making that possibility a reality. If they can’t grasp your vision, if they can’t see the future with you, then they are not worthy being your team.

“My model for business is the Beatles. They were four guys that kept each other’s negative tendencies in check; they balanced each other. And the total was greater than the sum of the parts. Great things in business are not done by one person; they are done by a team of people.” – Steve Jobs

Your strategic business team should comprise your banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business. A question on your mind right now might be “how am I going to pay this team” My answer is I don’t know. You will have to figure it out yourself or better still, you can consider bringing them on board as partners.

“Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work.” – Ajaero Tony Martins

4. Finding the Right Business Location

Is finding a good location a business challenge? I don’t know but what I do know is that finding a good business location at the right price is definitely not easy. How do you get a location that has a rapidly growing population, good road network and other amenities at a good price? Well, you will have to figure out yourself.

5. Finding Good Employees

“If you own a butcher shop, don’t hire vegetarians. To hire the right people, you have to let the wrong people go.” – Rich Dad

Most writers and managers crank up the process of finding good employees as an easy task. They define the process of finding an employee as simply presenting the job description and the right employee will surface. But I think it’s more than that.

“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” – Bill Gates

Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult. Finding good employees is a minor task compared to the business challenge of forging your hired employees into a team.

You may have great employees but if they can’t act as a team, they are worthless and will yield nothing but stagnation. A football team may have great skillful players but if they fail to play as a team, their possessed skill is useless.

“Bringing together the right information with the right people will dramatically improve a company’s ability to develop and act on strategic business opportunities.” – Bill Gates

Employees are your representatives to your customers and the outside world. They are a reflection of your business culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image for your company. So you must be careful when hiring employees. Remember the golden rule of business; “Hire slow and fire fast.

6. Finding Good Customers

The sixth challenge you will face in the process of starting a small business from scratch is finding good customers. Note the keyword “good customers.” In the process of building a business, you will come to find out that there are good customers as well as bad customers. You must be on guard for bad customers. Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and your company mutually.

“Thank God for my customers. They buy my products before they are perfected.” – Henry Ford

Bad customers will always look for loopholes in the company’s policy to exploit and make a few gains. Bad customers will always try to exploit the company’s goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts. Good customers build your business and bad customers will always try to liquidate your business. Just as you fire employees, you must also be prepared to fire bad customers without hesitation. Remember the story of the customer that sued McDonald’s claiming the coffee was too hot.

“You must fire bad customers just as you would fire a bad employee. If you do not get rid of your bad employees, the good employees will leave. If I do not fire bad customers, not only will my good customers leave but many of my good employees will leave as well.” – Rich Dad

7. Dealing with Competition

“In business, the competition will bite you if you keep running. If you stand still, they will swallow you.” – Victor Kiam

Competition is the next challenge you will face when starting a business. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main engine that stimulates innovation and production of quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.

“If you don’t have a competitive advantage, don’t compete.” – Jack Welch

I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard.

“The competitor to be feared is one who never bothers about you at all but goes on making his own business better all the time.” – Henry Ford

8. Unforeseen Business Challenges and Expenses

“Smooth seas seldom make good sailors.” – Anonymous

Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever comes. Unexpected challenges can come in the form of:

  • Unexpected law suits
  • Inconsistent government policy
  • Not being able to make payroll
  • Unpaid bills and taxes
  • Unexpected resignation of staff from sensitive office
  • Bad debts from customers
  • Loss of market share
  • Dwindling working capital
  • Inadequate stock or inventory

“A company’s ability to respond to an unplanned event, good or bad is a prime indicator of its ability to compete.” – Bill Gates

These business challenges, if not handled properly can ruin your plan to build a successful business. Another challenge you must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually; business failure.

9. Keeping Up With Industrial Changes and Trends

“In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will.” – Bill Gates

Change in trends is a challenge you must be prepared for when starting a small business. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many established industrial based businesses were wiped out by new web based dot com companies.

“How fast a company can respond in an emergency is a measure of its corporate reflexes.” – Bill Gates

When the Dot com era began, business owners were left with only two options. Either they join the dot com train or they get crushed by the dot com train. Seasoned entrepreneurs know that trend is a friend and are always willing to swiftly adjust their business to the current trend. Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

10. Exiting the Business

“In the world of business and investing, your exit is more important than your entry. A good thumb of rule is this; exit before you enter.” – Robert Kiyosaki

When building a business from scratch, you are going to face the challenge of determining your exit strategy. Just as the quote above states, you have to plan your exit strategy before you even start the business. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.

“Always start at the end before you begin. Professional investors always have an exit strategy before they invest. Knowing your exit strategy is an important investment fundamental.” – Rich Dad

Before starting a business, it is advisable to plan an exit. Lack of an exit plan is the primary reason why most businesses crumble after the death of the founder. An exit strategy is very important to the long term survival of a business. now how do you plan an exit strategy? There are benchmarks you can use to determine your exit from any business. Most smart entrepreneurs will use a certain benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are:

  • Annual sales
  • Annual Turnover
  • Asset Base
  • Market Saturation
  • Customer base, subscribers or number of users

 

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