Business name
Write the name of the business. In choosing a name for the business, let the name be such that would reflect at least a little of what you do. The idea of having a name like Tony and Sons Limited or a name that is jaw breaking is not wise. The name of a company and its products are very important features in branding as you would discover later.
Logo
For any colour you want to use in your logo and the colour schemes in your official documents, first find out if it is appropriate. Every colour is communicating a certain message. Re-branding a business is very costly, so it is better to get it right at the onset. Verify from a brand consultant that the colours you have chosen are appropriate for the business and products you want to offer.
Professional style
What kind of structure would be put in place? What are the skills and competence needed for the kind of business operations your company would be doing? How would the organisation be run? What departments would be needed for the smooth running of the business? What will be the line of authority? How will employees be expected to comport themselves in the office; the kind of dress code that would be suitable for the kind of organisation you want to establish etc.
Executive Summary
This should state clearly the most important thing(s) about the business opportunity. It is a summary of what the entire business is all about. You can write the executive summary after you have completed the business plan writing. Emphasise its uniqueness, what makes it stand out from every other business and the justification for establishing it. This is the part prospective investors usually look at first.
Key members of the working team
Outline every key post and the qualification or skills each one is to possess; as well as description of their duties, qualifications, skills, experience. If you do not do this, chances are that you will employ people without knowing precisely what their job description should be. You may employ an over qualified person for a job that can be done by someone less qualified and pay more or employ someone without the necessary skills for certain duties.
Description of the product, business idea or opportunity
You should have done some research with the assistance of people knowledgeable in the field, so write the background information you have about the business idea. Describe the product or service and its relevance to the users. What are the potentials of your product? Write it.
Industry overview
What has been the growth rate, stability and challenges in the industry your business is being categorised. For instance, someone going into the service sector should be able to have a good idea of how high the demand is. If you are going into manufacturing of a product, you should be able to estimate the demand, possible increase in demand and the challenges people operating in such a sector are experiencing.
You should also know the gatekeepers to entry. For instance, if it is packaged food, you should know you have to register with some agencies such as NAFDAC. So find out the modalities for such registration. Don’t start first and discover later. When you have found out, put them in the plan.

Tony is filled with excitement on the progress made so far on his quest towards going into self-employment. He meets with Shina, the tycoon in the latter’s office.
“Have you written your business plan?” Shina asks.
“My consultant will do that. She is quite good.”
“I do not doubt the competence of your consultant but you have to write your own business plan. Many entrepreneurs end up not using their business plans after the launch of the business because the plans were written for them. The best person to translate a dream into paper is the dreamer. Afterwards, the professionals can help you put together the joints and ligaments.”
“But I don’t know anything about writing a business plan,” said Tony.
“Rather than ask others to write your business plan, ask them how to write it. They could give you a format. Another important reason you should write the business plan is that you may someday need funding from institutional investors. If you are not the originator of the plan, you would very likely be unable to defend it. You would then need consultants to interpret it. The danger in that is that the consultant may not be with you during the negotiation.
Wise investors do not just assess business plans; no matter how beautifully written, they assess the entrepreneur’s ability, passion and commitment to the project. Any entrepreneur that cannot defend creditably what is written in his business plan before prospective investors would be giving the impression that he is incompetent. The investors would doubt your ability to drive the business to success and withhold their funds.”
Tony releases a deep breath. “But writing a business plan is so technical.”
“Yes, but you can put on paper the aspects that are not so technical and then get professionals to assist with the technical aspects. Writing a business plan is so easy because it is putting your vision in black and white. As long as you have a vision and you are literate, there is no reason you cannot write your own business plan.” Shina insists. “Now get a pen and paper.”
Tony quickly brings out a leather-bound notebook from his briefcase. He writes with the pen as Shina explains the different aspects of a business plan:

Choosing a variety
Carefully select varieties with multiple pest and disease resistance, high and stable root yields and acceptable quality characteristics that meet end users’ requirements for food (gari, fufu, fermented flour etc) and industrial raw material (starch, chips, pellets, unfermented flour etc). The major genetic factor that determines quality of roots is dry matter content.

Recommended varieties
Several improved varieties of cassava have been recommended and released in Nigeria. The most commonly grown of these are TMS 30572, 4(2)1425, 92/0326 and NR 8082. More recently 42 new improved genotypes have been made available to farmers in the South-south and South-east for participatory selection so that they can identify specific best-bet varieties for each of the cassava growing communities. For now, you could choose any of the commonly grown improved varieties for planting since they are stable across environments. However, you will also need to select the variety with the highest performance in your farm site and environs.

Acquisition of planting materials
Stems of improved varieties can be obtained from National Seed Service (NSS), state offices of Agricultural Development Programs (ADP), the Cassava Growers Association (CGA) and several out-growers who produce quality stems for sale. Stems are usually tied in bundles each having 50 stems that are 1metre long. Fifty of such bundles are needed to plant one hectare of land.

Stem storage
Keep bundles of stems stacked vertically on the soil under a shade. The distal end of the stem should touch the soil. Moisten the soil regularly and keep the surrounding weed free. This way you can store your stems for more than three months. Under low relative humidity and heat stress store your stems in pits under shade.

Stem quality
Cassava stakes (cuttings) for planting should be taken from plants 8 – 18 months old. Stakes taken from older plants are lignified and they perform poorly due to delayed sprouting and rooting. A mature cassava stem has 3 sections – hardwood, semi-hardwood and shoot-tip. The hard and semi-hardwood sections are the best for planting. Shoot tips are very fragile and have high mortality rate especially if they are subjected to moisture stress during the first month after planting. If you must source planting materials from an old field (over 18 months) the semi-hardwood section gives the best quality.

Preparation of planting materials
Use sharp tools preferably a secateur or cutlass to cut stems into stakes for planting. Avoid bruising the stems. Smooth cuts enhance root yields through rapid and uniform root development from the cut surface. The recommended length of stakes is 20-25 cm with 5 or more nodes. Mini-stakes (10 cm) are required for multiplication while micro-stakes (3-5 cm) are used for rapid multiplication.

Handling of stakes
Stakes should be planted soon after they are cut otherwise they get dehydrated and perform poorly. If stakes must be stored for a few days (3-5 days) before planting put them into transparent polyethylene bags. You can also gather the stakes together under shade and cover with a plastic bag. The high relative humidity and temperature within the bag usually induce rapid sprouting and rooting of stakes. Plant vigour, survival rate and yields are better if stakes are pre-sprouted before planting.

Time of planting
Planting should be done as soon as the rains become steady in your area. This varies from March to November in the rain forest, April to August in the derived savanna, May to July in the Southern Guinea savanna (SGS) and July to August in the Northern Guinea savanna (NGS).

Method of planting
Stakes can be planted vertically (buds facing up with 2/3 of the stake in the soil), horizontally (whole stake buried 3-5 cm in the soil) or inclined (buds facing up with 2/3 of the stake buried in the soil at an angle of about 45o). When stakes are planted vertically tuberous roots bulk deep into the soil. Although this gives more stability to the plant against lodging, it makes harvesting very difficult. This orientation is recommended for sandy soils. Stakes planted horizontally produce multiple stems and more tuberous roots but they are comparatively smaller in size. The roots are produced near the surface and they are easily exposed to mechanical damage and to rodents. However, in loamy and rich soils the multiple stems and roots are at an advantage resulting in high yields.
Stakes that are inclined on the ridge produce tuberous roots in the same direction. The inclination of the stem and roots provide a leverage which make harvesting easier than in the other orientations. In shallow and clayey soils, stakes should be inclined. In the rain forest and derived savannah, farmers incline their stakes at planting.

Plant population
The optimum plant population for high root yield is 10,000 plants per hectare obtainable when plants are spaced at 1 x 1 m. This population is seldom achieved at harvest due to losses caused by genetic and environmental factors. In order to harvest a plant population near the optimum an initial plant population/ha of 12300 at 0.9 x 0.9m is recommended. Plant spacing and population will vary depending on if cassava is planted sole or in association with other crops.

Intercropping
Cassava is compatible with many crops when intercropped. The best intercrops of cassava in Nigeria include maize, melon, groundnut, cowpea and vegetables. Other less important intercrops particularly in the South-south and South-eastern Nigeria include yam, cocoyam, sweet potato, plantain and banana. Non or high branching varieties of cassava are best for intercropping. Profuse and low branching varieties will shade light off the intercrops. In medium and large-scale farms maize is the best intercrop.

Weed control
This is one of the major limiting factors to production accounting for more than 25 percent of the total cost and time of production. Integrated weed control (cultural, mechanical and chemical) is recommended. The ideal combination will depend on the agro-ecology, weed spectrum and level of infestation, soil type and cropping system.

According to the Food and Agricultural Organisation (FAO), Nigeria is about the largest producer of cassava in the world. Yet, the global food crisis has impacted on the price of gari, the most common food product derived from cassava. The price of gari, also a staple food in the country is on the rise. While the phenomenal increase in the price of rice may be explainable as a very large proportion of rice consumed is imported, there is no justifiable reason for such rise in the price of gari and other items derived from it. This is because cassava consumed and used is grown in this country and there is capacity to grow more.
In recent years, several uses have been discovered for cassava such that the uses of the products derived from it cut across different industries within and outside the country. Cassava is used in the production of chips, flour, starch, ethanol, gari, fufu, glucose, bakery, livestock feed, glue.
There have been several calls by Nigerians to investigate the reasons for the rise in price of gari. Some insist that exportation of cassava or its products should be stopped so that the supply in the country would be so much that the price would fall and become affordable to even the poorest of Nigerian consumers.
But another school of thought is that rather than force down the price of the commodity by policy instrument, massive production of cassava should be encouraged to meet the increasing demand for industrial uses and still affordable as food. Nigeria has already has all it takes. Cassava grows in different types of soils and other climatic factors in Nigeria encourage its growth. Ensuring cassava is in abundance for food is crucial for food security in Nigeria and Africa in general. It is often referred to as Africa’s drought crop and war crop. In some parts of Nigeria and the rest of Africa, it has been the shield against outright death from hunger for millions of people. If the cassava is not available is not sufficient to feed the teeming population, supply.

Justification
About two decades ago and beyond, massive cultivation of cassava would not be regarded as a wise entrepreneurial venture. But in recent times, massive cultivation of cassava is a wise investment especially for the investor who processes it for the end-users – consumers or industries. If the majority of dealers continue to buy rather than produce the crop, the tide of hunger pervading the land would not be stopped.
Therefore, we shall explore investing in cassava from the basics of growing it to the processing, marketing for food, utilisation in industries, exports markets, governmental and other agencies’ support for cassava growers and processors.
Based on the FAO research, cultivation of cassava can be done in the following way:

Choice of land
Choose well-drained, deep, loamy soils. Where such is not available, sandy and clayey soils can be managed intensively for cassava production. However, very sandy and clayey soils should be avoided.
Land preparation: The texture and water table of the soil will guide you in your choice of land preparation method. Planting on the flat is recommended when the soil is deep and well drained as in sandy loam soils. Shallow and clayey soils should be tilled and ridged. Soils prone to water-logging require ridges or mounds. Planting on ridges or mounds is a general practice in the rain forest and derived savanna zones in Nigeria.

In planning new strategies for a family business, it is essential to define its current (implicit or explicit) strategies for the business as a whole and its main functional areas – finance, marketing, sales, management, operations, etc. Do this by setting out a series of short strategic statements. An effective SWOT (strengths, weaknesses, threats & opportunities) analysis is a key component of strategic development. It can prompt actions and responses: If the business is seeking significant growth, it is important to fast-forward and assess SWOTs as they might exist a year or two hence. This will help ensure that strategies are ambitious and robust and that emerging issues are anticipated.
To avoid the failure path, family businesses must seek the following strategies for optimal productivity: grow fast (and ahead of most competitors), grow in line with industry trends locally and globally, defend existing status (assumes a moderately strong starting position), catch up (with leaders & then grow with or ahead of them), turn around (from being an underperformer), and harvest (milk the opportunity with a view to withdrawal). The preferred option is likely to be very influenced by the dynamics and prospects of the sector in which the business operates. For example, if the sector is under serious long-term threat then the only realistic options might be to hang in or harvest.
Family businesses that are successful are known to have quality succession plans for workers and management. A conscious effort is always put in place to establish a growth structure to outlive the founders of the business.

It has become common practice for many individuals, both working and jobless, to venture into their own businesses to help make ends meet. Thus, opening business ventures is now in vogue. They can be found in every nook and cranny of major cities in the world.
It is therefore noteworthy that a venture is most prone to failure during its first three or so years of operation – the so-called ‘valley of death’. A key to getting through these early years is to avoid the obvious mistakes. Generally, businesses fail for significant and substantial reasons which are often very evident to outsiders. Insiders often fail to see them because of their closeness, determination and so on.
Clearly, there are very many other reasons as why businesses fail. The key point is that causes are usually very apparent (especially with hindsight) and the trick is to anticipate them by executing appropriate strategies at the outset. Three examples of appropriate strategies that can militate against business failure are:

 

Ø      First, use market research to confirm demand and assess suitability of proposed offerings.

 

Ø      Secondly, create a quasi-family management team to offset any gaps in experience or expertise.

 

Ø      Finally, raise equity from household reserves to reduce exposure to bank loans and interest rate changes, reduce gearing etc.

 

Given that reasons for failure are often both simple and clear, it should (in theory) be possible to reduce the possibility of failure through prior experience, forethought and effective planning.
Common mistakes of failed business stem from financial offerings, management approach and sales and marketing strategies. Others are financial issues such as underestimating start-up costs (for operations & capital expenditure), insufficient funds or access to top-up finance, wrong mix of funds (e.g. too much debt and gearing too high), over reliance on trade credit (receivables), mistaking profit for cash flow and overoptimistic projections or overtrading. Most family businesses are prone to management challenges like lack of relevant sectorial experience, insufficient functional breadth, and unresolved differences of opinion among family members coupled with unreal expectations. Other challenges are lack of formal or clear structures; displaying more of ineffective financial & managerial control systems.
Sales and operational systems must reflect corporate goals rather than selfish interest of individual family members. This may lead to misjudging the size or growth of the overall market, overoptimistic estimates of market penetration & shares, delays in securing or developing distribution channels, and underestimating the strength of competitors. Operational issues as staffing where employment is based on sentimental considerations generate excessive overheads (relative to scale of operations), high operational costs and/or low productivity, and poor capacity utilisation.

It is usually easier said than done. “Put it in my account I will pay later.” As this phrase indicates, the use of credit is a fact of life in personal financial management and planning and has come to stay.
It is understood that when you use credit, you satisfy needs today and pay for this satisfaction in future. While the use of credit is often necessary and even advantageous, responsibilities and disadvantages are associated with its use.
Perhaps this underscores why the Federal government is positioning the economy towards a cashless economy.
Credit is simply defined as a situation whereby you receive cash, goods, or services now and pay for them later. Consumer credit refers to the use of credits for personal reasons except buying a house or landed property by individuals and families in contrast to credit used for business purposes.
Interestingly, using and providing credits have been a way of life for many people and businesses in today’s economy. Most consumers have three alternatives in financing current purchases. They can draw on their savings, use their present earnings, or borrow against their expected future income. Each of these alternatives has trade-offs. If you continually deplete your savings, little will be left for emergencies or retirement income. If you spend your current income on luxuries instead of necessities, your well being will eventually suffer. And if you pledge your future income to make current credit purchases, you will have little or no spendable income in the future. Consumer credit is based on trust in peoples ability and willingness to pay bills when due. It works because people by and large are honest and responsible. But how does consumer credit affect the economy and families? In Nigeria there is no clear history when the practice was initiated years ago the progress has been slow and bogged down by numerous hiccups. However, the Federal Government is putting in place fresh machinery that would resuscitate credit transactions and galvanise the economy.
Use and misuse of credit facilities
It is true that using credit to purchase goods and services may allow consumers to be more efficient or more productive or to lead a more satisfying life. There are many valid reasons for using credit. A medical emergency may leave a person strapped of funds. You may need a car today after a long leave. It may be possible to buy an item now for less money than it will cost later especially household items. Borrowing for a University or college education is another valid reason. But it probably is not reasonable to borrow for everyday living expenses or finance a big car on credit when your budget allows for a small car. Using credit increases the amount of money a person can spend to purchase goods and services now. But the trade-offs is that it decreases the amount of money that will be available to spend in the future. However, many people expect their income to increase and therefore expect to be able to make payments on past credits purchases and still make new purchases. Before you take any decisions on credits here are some pertinent questions you must consider before you decide how and when to make a major purchase, for example, a car.
Do I have the cash I need for the down Payment?, Do I want to use my savings for this purchase? Does the purchase fit my budget? Could I use the credit I need for this purchase in some better way? Could I postpone the purchase? What are the opportunity cost of postponing the purchases for instance (alternative transport cost as possible increase in the price of the car). What are the other costs and Psychological costs of using credit (interest, other finance charges, being in debt and responsible for making a monthly payment. If you decide to use a credit make sure the benefits of making the purchase outweigh the costs of using the credit. Thus credit when effectively used can help you have more. When misused, credit can result in disaster, default, bankruptcy and loss of credit worthiness.
One of the significant merits of a credit transaction is that it enables people to enjoy goods and services now and during emergencies as well as allowing them to pay for several purchases in one month. Again, people believe it is more than a substitute for cash. Many of the services it provides are often taken for granted. Every time you flick the light switch, turn on the water tap or telephone a friend you are using credit.
The use of credit indicates stability. The fact that lenders consider you a good risk usually means you are a responsible individual. However, if you do not repay your debts in a timely manner, you will find that credit has many disadvantages.
Perhaps the greatest disadvantage is the temptation to overspend, especially during periods of inflation. It seems easy to buy today and pay tomorrow using cheap money. But continual overspending can lead to serious trouble. Whether we like it or not, credit involves security (something of value to back the loan), failure to repay a loan may result in the loss of income, valuable property and your good reputation. It can even lead to court action and bankruptcy. Misuse of credits could create serious long term financial troubles, damage to family relationship and slowing of progress towards achieving a virile financial goal.
This is why we must approach credits with great caution as well as avoiding using it extensively than your budget could permit. Credits also tie up future income and do not in anyway increase purchasing power. Consequently, we must ask ourselves whether our credit purchases would have lasting value otherwise it is advisable to resist plunging into credits. They could be attractive today but would have daring consequences in the nearest future.

As the cost of doing business in the country gets higher the cost of doing banking business is equally increasing. As a result, many bank customers pay too many charges to maintain a bank account that sometimes don’t even need. You can reduce your banking costs and save more money if you are a little careful about the type of account you choose.
The type of account you choose should be the most cost-effective for you, depending on what you use the account for.
You should not, for example, choose an account with high monthly fees if you want to use the account mainly to save money and make two other transactions every other month. Banks charge N2.5 per mille, that is, N2.5 on every N1,000 balance at the end of the month on current accounts whether you used it or not.
Some customers maintain a current account simply to enable them issue third party cheques or enjoy an overdraft facility once in a while but end up paying so much that the costs outweigh the benefits.
Finding the lowest fee bank account depends on your banking habits: Do you make lots of small transactions in a month, or a few larger ones? Do you like to do your banking via internet and telephone banking, or are you more comfortable with automated teller machines (ATMs) and EFTPOS? Do you prefer to visit a branch to deal with a person face to face? Do you need a cheque book linked to your account? Once you’ve decided what features you use most regularly, check the fees associated with those activities.
If you don’t mind performing most transactions electronically, there are some good products available, with low or even no monthly account keeping fees. However, it’s best to check the finer details to make sure there are no extra fees tucked on to low-fee products. Over-the-counter service fees, other-institution ATM fees and charges for transactions over a set monthly amount may apply.
Choosing an account
There are a number of factors involved in choosing the account that best suits you. The first step is to establish the purpose for opening a bank account – Are you looking for an account where you can deposit your salary and transact on a day-to-day basis or are you looking for an account where you can save money and occasionally transact?
Transaction costs
When you select a bank account, you need to determine the transactional costs associated with the account.
Your choice of account should also be determined by whether you are a low-, medium- or high-volume transactor. A low-volume transactor is someone who makes less than eight transactions a month. Transactions include cash withdrawals, cash deposits and debit order payments.
You should also consider the different fee packages that are now available on most accounts, as these could reduce your bank charges depending on the transactions you do each month.
However, if your banking habits is not what can be fixed to one type of account but requires a little of every kind of transaction, for example, issue a cheque today, get an overdraft facility tomorrow, have someone pay in cheque, make cash withdrawals, pay some fees or utilities and then generally save money either on short, medium or long term, you still don’t need to operate three different accounts to do all these. A one-one-for-all account would come in handy here.
Around the world, banks have such accounts that bundles features of all the different types of account into one for flexibility and already some Nigerian banks are beginning to adopt all-in one account pattern.
Bankers describe a one-account as a ‘new-age’ way of banking, that allows you to simplify your banking by combining your savings, term deposit, cheques, overdraft, investments and current account into a single facility. This helps you to make the most of your money by enabling you to manage your cash flow more efficiently.
Benefits of one-accounts include
Improve the returns on your savings: Generally, interest rates on savings are lower than those charged on loans. By merging your savings into your One Account you further reduce your outstanding balance and interest charges and so earn better returns on your money – tax free.
Reduce your interest charges: Interest is calculated daily on your outstanding balance. Save on interest charges by consolidating your balances and depositing your monthly income into your One Account. This will reduce your outstanding balance and your interest costs.
Lower your overall interest rate: By combining all your finance facilities into a single account you qualify for preferential tiered interest rates based on the structure of your facility.
Reduce your transaction costs: By reducing the number of accounts you hold you also cut down on the number of times you need to transfer money between accounts. You pay a single monthly fee for your One Account, which covers all of your day-to-day transactions.

FCMB ‘All-in-One’ Account
In Nigeria, First City Monument Bank’s (FCMB) All-in-One’ Account is typical example. The Account, combines the benefits of a savings account with the flexibility and convenience of a current account and high interest rate of fixed deposit account.

The ‘All-in-One’ Account is designed for customers with surplus funds who desire to earn competitive interest payments and require flexibility for withdrawal which a fixed deposit does not give.
It also offers high interest rate of 6.0 per cent per annum, personalised check book for over the counter transactions in the bank’s branches, four free bank drafts that allows for third party withdrawal and lodgment of clearing instrument and dividend warrants.
Other benefits include: access to optional overdraft line via linked current account, free Debit/ATM Gold card, free SMS and e-mail transaction and free internet banking service.

Spring One Account
Spring One Account from Spring Bank bundles various banking needs of an average employee and has various features which include a cheque clearing account, classification of account into various categories like Premium, Gold, Silver and Standard, holder of account has automatic access to a 12-month revolving salary advance and over draft, zero Cot for non-borrowing accounts, easy access to consumers loans, standing orders for bills payment and an applicant must be a confirmed staff in a public or private sector institution.
The account holder will enjoy an interest rate of two per cent yearly; zero Cot provided minimum balance is maintained; automatic access to salary advance; online account operation option ; free debit card; transaction alert services; access to financial advisory services among others.

Knowledge
You need to know the facts. What facts? You may ask. These are facts that relate to your financial situation. For instance, how large is your family? How many of your kids are ready for school? Are you ready to take out a mortgage? That is, are you taking a loan to build your house or do you want to do it from personal savings as we are wont to in this part of the world? Do you want to have alternative investments? Are you desirous of playing the money and the stock markets?
After getting to know your needs through such self examination then get aggressive about seeking financial knowledge. Financial knowledge is not difficult to acquire. It is available everywhere: in newspapers (especially BusinessDay), on TV, radio and the internet, and through your financial institution’s promotional publications.
For most people, financial ignorance has nothing to do with lack of access and everything to do with attitude. We often say, “This is for other people.” But to think this way is to do yourself a disservice. Financial matters affect us all in direct ways. It therefore makes sense to become better informed and to understand the processes that can enrich or impoverish us.
Try out the investor pages of BusinessDay where there are up to the moment advice on stock picks that could enhance your financial position. You can also pick up the Personal Finance pages of the paper or check out the internet for about.com, cnnmoney and forbesonline and countless other web resources.

Goals
We all need to set our goals. Without something to strive for, life becomes a grind. This is as true financially as it is in other areas of life. Most of our goals require money, reaching them means we must have a financial plan to get there.
There are three types of goals: Long term such as the one you make towards living comfortably towards retirement; medium term, to pay for a child’s university education, or to extend a home, or start a business; and short term for example, to budget effectively to control your spending to establish a healthy savings pattern. Take a close look at your own goals and work out the financial implications. With realistic goals to strive for, financial discipline and self-control become much easier. There are some web resources to help you plan. They are called web calculators.

Save
After determining your goals whether they be short, medium or long term, start saving. Your plan should be able to help you determine what you should put aside on a regular basis. We are not encouraging you to save for the interest rate your bank would pay. Those rates are miserable and can hardly make a difference in your life but nevertheless save. Save so you can invest.
How much should one put aside? This depends on you even if the Richest Man in Babylon of George Clason advises ten percent.

Invest
There are myriad investment outlets for your money once you have saved enough. Once again look into BusinessDay for these channels. There are stocks you can invest in individually or a combination of stocks you can construct into a portfolio. You might need some expert guidance. For this, contact a fund manager.Honesty
Knowledge and honesty go hand-in-hand. Knowledge without honesty is unreliable and will do nothing towards helping you to realise your goals. Honesty means assessing yourself, your needs and your areas of weakness. It means facing facts. Are you in debt over your head? Admit it to yourself. Are you free from debt, but unable to achieve your goals due to lack of commitment? You can change your habits and achieve your goals, but it requires an honest look at yourself. Only if you are honest about your shortcomings will you be able to overcome them!

Discipline
This is the least popular requirement for financial freedom. Financial freedom does not mean having unlimited money. It means managing what you have in such a way that you are free from worry, guilt or fear. Applying discipline where it is required reaps great rewards. Learn to say “no” to yourself.
If you keep your goals in sight, it is easier to be disciplined. The people who find self-discipline hardest of all are those with no clear goals and no plan for how to achieve them – or goals that are so distant and unrealistic that they are removed from daily life. Revisit your goals regularly, apply discipline and self-control, and you stand a good chance of realising your dreams.

Try to flash back on you past life. Did most of the dreams you desired come to pass? Did you get the job you wanted? If you did, then you can make most of your dreams materialize. When you imagine you have achieved the success you want, you release positive forces in your direction. These positive forces increase your chance of success when you face real life situations .Your dreams, vision and values prepare you for success and you act professional, even though you may be using the skill for the very first time. Mental skill is by far the most important human development skill. Simulations by assimilation stimulate your mental power.
Find your best skill building time. You must find the best time for yourself by trying to imagine yourself using your new skill. The best time of all is just immediately after you awake in the morning or before you retire to bed in the evening. I call this period my morning and evening meditation quite time. Kathryn Kulman once said “noise is the absolute absence of power”. Meditation is extremely powerful. Images built at this time are more vivid and retained longer. The success you imagine while relaxed seems to build a greater driving force. John C. Maxwell in his book- the 17 Essential Laws of a Team Player, says- “if you study the life of the truly great individuals who have influenced the world, you will find out that in virtually every case they spend considerable amount of time contemplating, meditating, and listening”.
Time alone is very essential to skill improvement. It allows you to gain perspective, sharpen your vision and enables you to plan how you can improve in the future. Devote about fifteen to thirty minutes daily to force feed your mind with vivid scene of yourself acting successfully. If you do, your chances of becoming as successful as you imagine are extremely good. Some of the world’s most successful men have attested to this. W. Clement Stone, an oratorio alger award winner and author of several manuals on the potential powers of the mind, firmly believes that his extra ordinary success(he accumulated wealth in excess of three million dollars)is due to the power of positive self-imaging. Mr. Stone once said that U.S president Richard Nixon told him that if it were not for Mr. Stone’s book, “The Success System that Never Fails”, Nixon wouldn’t have reentered politics after his gubernatorial defeat in California.
If a person’s self image is working against him, he won’t get far regardless of his effort. On the other hand, if his self image is an automatic steering mechanism driving him towards success, he will expend any effort necessary for success. If his self-image is success oriented, even a person lacking education or experience will be comfortable rubbing shoulder with the kind of successful men he knows he is going to be.