Among the millions of possible college grants are some that most people wouldn’t imagine exist. There is a duct tape scholarship. Just wear nothing but duct tape to your high school prom and you are in with a chance. Then there are the lefties. Students who write with their left hand are eligible for a special left handed college grant.

Tall people can claim a scholarship if they are over 6′11″ for men or 5′10″ for women. Not to be out done, there is also a short people’s college grant.

If you are thinking of studying languages or linguistics then you may be able to claim $500 from The Klingon Language Institute. It really exists and the good news is you don’t even have to be fluent in speaking Klingon. There is more for Star Trek fans. There are scholarships for would be writers and even a medical one from the Star fleet Academy although I do not believe there is one for having long pointed ears.

Baking cakes, apple pie or being able to call ducks all carry valuable college grants. You can get free education at Texas A&M University if your surname is Scarpinato. If you like shooting things and read up on the Bill of Rights, the National Rifle Association may pay for your education.

A firm is said to have a competitive advantage when it has the capabilities or means to push out its rivals in striving for the favour of customers. This applies internationally or locally as well as to both services and products.Thus, a sustainable competitive advantage is the persistence the firm applies despite efforts by competitors or potential entrants to copy or overtake it. Sustainability therefore, requires that strategic assets are not easily available to others and imperfectly mobile. This will be considered later.

Porter (1990) states that, though not all nations are in the forefront of competition, the home nation which shapes the competitive advantage is the starting point for a firm’s competitive advantage and also from which it must be sustained. However, in whatever field of endeavor, competitive advantage creation must be a choice of management and it must really fit to achieve results. It must be noted here that competitive advantage can normally be traced to one of three roots:

Superior resources, superior skills and superior positions.

Competitive strategy is one of the ways in which a business relates to its environment by competing with other firms who are also trying to adapt within the operating environment. It is with this aspect- the competitive strategy which if appropriately chosen and implemented appropriately give the firm a competitive advantage over its rivals.

It must be noted here that the prescriptive view of strategic planning emphasizes the importance of the organizational environment as a source of threats and opportunities and the need for effective responses by the organization if survival was to be assured and the success achieved. The response is later formulated into plan which formulates major decisions about entry into new markets or development of new products and services guided by set goals. Under the influence of Porter’s writings in the 1980s the emphasis shifted from the plan to the selection of an appropriate generic strategy to position the business unit in its competitive environment. Porter, arguing that the environment poses threats and brings opportunities than with trends and events, suggested that the environment could be analyzed using the five forces analysis to identify the issues which affect the level of competition in an industry; after which a strategy is formulated to combat it.

The resultant strategy, which he referred to as generic, distinguished some strategic options the firm can possess:

Cost leadership: the business could position itself as offering a low cost product as a standard price i.e. cost leadership strategy. Costs are reduced at every element of the value chain. Producers can exploit the benefits of a bigger margin than the competitors. Toyota is a good example of an organization that produces quality cars at low price coupled with a brand and marketing skills to use a premium pricing policy.

It could offer a product that was different from that offered by rivals. I.e. differentiation. This allows companies to make prices less sensitive and focus on value that generates a comparatively higher price and a better margin. Even though additional costs will be incurred pursuing differentiation, it is possible that this will be offset by the increased revenue generated by the sales.

By focusing on a small but well-defined part of the market, for instance a particular buying group or product area or geographical area. Also known as niche, this is usually suitable for a small company i.e. focus strategy.

Generic Competitive strategy, usually used after competitive analysis or as a response to competitors advantage, is defined as the basis on which a strategic business unit (SBU) might achieve or counter competitive advantage in its market. (Johnson and Scholes, 5th Edition.)

Building on Porter’s (1980) generic competitive strategies, Bowman et al argues that organizations achieve competitive advantage by providing their customers with what they want, or need better or more effectively than competitors and making it difficult for competitors to imitate. This was later developed into five generic strategies which would be used in this discussion. Thus, the generic competitive strategies are the fundamental activities on which an SBU seeks to achieve a lasting advantageous position in its environment and gaining the favor of stakeholders by meeting the expectations of buyers, users or other stakeholders

The following are Bowman’s five-generic competitive strategy options and examples of organizations who applied them to gain competitive advantage: no frills strategy, low price strategy, hybrid strategy, focused differentiation strategy and added value or differentiation strategy.

In brief, a no frills strategy combines a low price, low perceived added value and targets a price-sensitive market. No frills strategy is now a popular strategy with low-cos airlines Easy Jet and Ryanair seeking to enter the airline industry to compete with likes of Virgin and is a determinant in the market. This, therefore, affords the firm the needed competitive edge over its competitors who charge higher price. This strategy is a success because there could possibly be a segment of the market that overlooks the low quality of the commodity provided it fulfills the same purpose.

To obtain the competitive advantage using no fills strategy revenues must increase and the product must really be price-sensitive. Easy Jet frills strategy seems to be going on well as a result of the cost savings techniques they are using. For instance no ticketing, no ticket agents, no in-flight food or drink for customers as well as the short-haul flight. Now, almost all supermarkets in the UK use no frills strategy by introducing own brands the price of which have been reduced to attract customers in order to gain a competitive advantage.

The next generic strategy is the low price strategy. This strategy pursues a lower price than pertains in the market whilst trying to maintain similar value of product or service as those offered by competitor alike. There is the potential of price war among competitors and in the long run consumers are likely to lose as the firms might not be able to sustain the lower-price-good-value strategy. Notwithstanding the price war and low margins, there are some suggested ways in which a low-priced strategy can bring about a firms competitive advantage. The market segment must be low-price sensitive, and also the SBU has a cost advantage over its competitors.

However, in practice, the lower price strategy usually brought about by lowering operational cost alone does not give the firm the competitive advantage if the firm is not able to sustain it in the long-term as there are now more firms entering the market because of low or no entry barriers like small capital requirements and also how efficient the staff might be.

Hybrid competitive strategy seeks to achieve differentiation and a price lower than that of competitors simultaneously. This is not an easy strategy to pursue because to differentiate a product or service involves some money and increases cost the very thing the low price seeks to reduce. This strategy is fit for the DIY industry as the likes of Robert Dyas are not able to stand the competition. The success of this is dependent on providing unique more efficient products or services to consumers whilst at the same time operating at a lower cost to be able to lower its price below the industry level. The success of this strategy could further be enhanced if the firm has economies of scale and can increase volume of sales more than its competitors, thereby, reducing its base cost as a result. Asda’s George brand is an example of a generic hybrid strategy in a SBU.

Another strategy is differentiation strategy. This seeks to provide products or services completely different from those of its competitors by adding features valued by consumers. The main objective of using this is to either maintain the market share or increase market share relative to its competitors. A clear example of this is aircraft manufacturer Airbus’s wider fuselages, cockpits designed for use in more than one aircraft and electrical rather than mechanical flight controls.

Those features have helped Airbus win customers like New York-based Jet blue; although Jet Blue is staffed with former employees from Boeing. (Fortune, Europe Edition 22 November 17th 2003; pp34) This strategy could be used to achieve a competitive advantage which is its ultimate aim by the firm investing more in R&D, unique designs and features. The marketing-based approaches in terms of good marketing communication (example advertising the products or services) as well as the brand power to win the loyalty of consumers. (Example Airbus)

The fifth generic competitive strategy is the focused differentiation strategy which seeks to provide high perceived value; justifying a substantial price premium usually to a selected market, segment. It is usually adopted to counter or to compete others in seemingly similar segment. This could therefore be argued that focused differentiation is just an extension of any of the four strategies so far considered depending on the competitors in this new segment which is usually middle to high income earners. A convincing example is the introduction of Lexus in 1989 by Toyota to compete with other luxury brands of BMW and Mercedes Benz new series.

For the focused differentiation strategy to be used to obtain a competitive advantage over competitors in the industry, the business unit must find ways to make the production more efficient to be able to pass on the savings to customers. The business unit must identify new segments and must also be prepared to aggressively create new market segment where it is believed first movers get huge advantage. Again Toyota prides itself in this by being the first to introduce a brand,scion,specifically for young buyers in January, 2003 which was a success and the introduction of hybrids in 1997 selling 127,000 far more than Honda.( Hybrid uses two engines and is environmentally friendly.) (Fortune, Europe Edition, Number 24 December 22 2003; pp57).

The essence of the various strategies discussed so far is to create or add value to the products or services in order to give improved and or enough satisfaction to the customer so that the firm will gain a competitive advantage over its rivals. However, it is one thing for a firm to gain a competitive advantage and another to sustain the competitive advantage so gained. So when a firm is able to get a competitive advantage over its competitors, it becomes expedient to try to sustain this advantage.

Some of the ways to sustain the competitive advantage is by what is described as isolating mechanism. This is the application of forces like barriers of imitation which limit the extent to which a competitive advantage can be duplicated or matched or even possibly scrapped through the resource creation activities of other firms. Though similar in principle to the barrier of entry force, whereas the entry barriers protect profitability of an entire industry, isolating mechanisms sustain the competitive advantage of a single firm. For example legal barriers like trademarks, patents or intellectual property rights as in Microsoft’s case.

It could also be for the mere fact that the leading firm makes it difficult for the competitor to catch up with the firm’s technology because it entered the market earlier and it continues to research and might be able to move to a superior position by the time its competitors catch up. This is known as the early mover advantage. Because the business unit has entered the market earlier, the past success in the market is believed to sustain the firm.

Nevertheless, no matter how discrete the strategy adopted to gain the sustainable competitive advantage or enough satisfaction that the customer may get as well as the mechanisms put in place to sustain the competitive edge, simple economics has proved that man’s needs are insatiable and with the information technology age, there is an improved dynamism in business that products and services can become obsolete before they even reach the next user.

The question is can the firm continue to create more economic value than its competitors now than then?

Now with the advent of information systems and technology, this traditional way of competitive advantage or competitive edge has, therefore, taken a different turn. Information gathering and I mean a competitive information gathering in deed can to some large extent make a difference to a firm’s position in an industry and for that matter affect its competitive advantage one way or the other.

A good and recent example is Asda installing radio frequency identification (RFID) system, a device which could be used to scan bar codes of incoming goods which could save Asda $8.35 billion annually through improvement in its supply chain management. Fortune, Wal-Mart keeps the change, November 10,2003pp 23.

Firms can either use their own database or an informational gathering software to track its operations and get the required information like inventory, customers, and trends of competitors’ performance and about the fast moving products to formulate their strategies or form what is known as information partnerships for the purpose of sharing information to gain competitive or strategic advantage; and even link their systems with some competitors to achieve synergies.

This is becoming important as a result of the fact that competition in the business world today is not only within a particular industry one operates but can also be cross-competition with people in other related industry like universities and publishers competing due to forward and backward integrations. Baxter Healthcare International is known to offer medical supplies from its competitors and office supplies through its electronic ordering channel to its customers. By doing this the firm increases its customer base as well as loyalty of its customers is enhanced.

At this juncture, the statement that “there is no such thing as a sustainable competitive advantage” can be considered in relation to the circumstances that happened in Sears, which used to be USA’s largest retailer until Wal-mart overtook it after a diversification strategy went bust in spite of the fact that it (Sears) has been heavily computerized with more expenditure going into information technology and networking than all other non-computer firms in the United states apart from Boeing. So why couldn’t this huge amount spent in computers and networking been able to give them the competitive edge over its rivals? Is it due to the fact that the hardware alone is not sufficient to provide the information needed unless it is integrated with the appropriate software? Sears did exactly that.

Trying to reinvent itself, Sears started to explore almost all strategies including low pricing strategy, delayering, improved marketing ploys as well as embarking on a $4billion five-year store renovation to make the stores more attractive. All to no avail.

Then Sears noticed that, its merchandise buyers do not have reliable information on precisely what customers were buying at each store. Management was relying on 18 separate systems that often gave conflicting and redundant pricing information. They could only view a division’s daily performance. This was not good for a firm of Sears’s stature. Sears later tightened its grips over the business once again by building a larger database involving the consolidation of information on transaction records,90 million households,31million Sears’ card users, their credit status, and other related data.

The database houses the company’s Strategic Performance Reporting System (SPRS).Now Sears’ 1,000 buyers and managers know what hot-selling merchandise to replenish right away. This competitive information gathering to some extent helped turn around Sears. Its store sales started rising and planned to join partnership with AOL to boost its online business by targeting AOL’s 21 million customers by developing content for AOL on subjects such as how to build a deck, tips on home decorating and other home improvement topics; and also move its suppliers to an electronic ordering system similar to that described for Baxter Healthcare, by linking its computerized ordering system directly to that of each supplier to eliminate paperwork completely for an improved flow of goods into its stores.

As previously discussed, if a firm can keep or maintain its lead on creating value, leveraging strategic assets for example access to efficient distribution channels, maintain market position and may be low cost advantage then it can be said to have a sustainable competitive advantage. This is absolutely not possible in this dynamic business world. The most difficult part of this is that the firm must create more economic value than its competitors every now and then. Will its competitors be looking on without doing anything?

Microsoft for example is spending billions of dollars to develop its own search engine that will be incorporated in both its online service MSN and its new operating system due in 2006 to combat Google’s dominance in the search engine industry. (Fortune, 22 December 2003pp 17).

In my own opinion based on the discussions above, if really sustainable competitive advantage is the persistence of a firm’s ability to outperform its industry, then suffice it to say that, as much as gathering and use of competitive information as illustrated in the Sears’ story above can give a firm a (sustainable) competitive advantage, it is really difficult if not impossible to sustain any competitive advantage for a very long time. This is so because of the rate of technological changes, changes in business strategies, and the fact that customers’ loyalty can wane and affect sales leading to a fall in market share and thus competitive advantage. Boeing was overtaken by Airbus in the aviation industry at some time. Sears’ leadership was taken away by Wal-mart.

In spite of the availability of choice of the five generic strategies, it is supposed that the onus of their success rests with management and how the technology and the information gathered are blended for use. This is so because a careful monitoring and evaluation constantly and the right identification and proper timing of a particular segment are keys to the success of these strategies due to market dynamism.

REFERENCE

Can Sears reinvent it? A case study taken from London South Bank University IS.

Davenport, T.H; Prusak, L. (1998) Working Knowledge: How Organizations Manage What They Know. Havard Business School Press, Boston, Ma.

Fortune, December 13,2004, pp59

http://informationr.net/ir/8-1/paper144.html

Laudon, K.C; Laudon, J.P. (2004) Management Information Systems: managing the digital firm, 8th edition, USA: Pearson Prentice Hall.

Scholes, K.and Johnson, G (1999) Exploring corporate strategy, 5th Edition. London: F.T Prentice Hall.

Sheila,C.Main Article: Knowledge Management, issue 18,2004

Yogesh, M. B. The Company, – What Really is Knowledge Management? Crossing the Chasm of Hope. Gartner Group Inc.,October 1996

Have you heard of these companies: Diamond Offshore (Houston, USA), Dolphin Drilling (Tananger, Norway), and Frigstad Offshore (Singapore)? How about Offrig Drilling ASA, Scorpion Offshore, Songa Offshore and Thule Drilling ASA? These are just some of the companies in the modern oil industry. In their own way, you can call them the modern wildcatters. During the last slump in oil prices, the giants like BP and Shell stopped investing in their staff and oil drilling technologies. But some smaller companies correctly predicted that prices would rise again. They invested in R&D to develop new drilling techniques and technologies. They build new oil rigs for deep-ocean drilling. These are the boys that Shell and BP are sub-contracting for oil drilling services.

If you want to work on an offshore oil drilling rig, you have two main choices. The path most people think of is to go on board as part of the drill crew. If you have prior experience, you will probably be a pumpman or derrickman. If not, you have to get in as a roughneck or roustabout. Drillers are pretty much the 2nd-in-command and assistant of the oil rig manager. Technically, a roughneck/roustabout is a laborer. On the other hand, how many laborers earn $50,000 per year for just 6 months of work every year? Unlike a normal laborer, who never gets the chance to work his way up to manager level, a roughneck with the proper attitude has a reasonable chance to become a manager on an oil rig. Of course, first he has to work his way through derrickman and driller.

This is not the only way to get an offshore drilling job. If you have some useful trade, like a cook or medic, this will be a good choice regardless of your offshore oil rig experience. You get the same generous living conditions of the drill crew, and better salary than a comparable job on dry land.

Just because it is an offshore oil rig does not mean it does not need office staff. No matter where you go, you can’t escape paperwork. You’ll still find your paper pushers. Except that on the oil rig they are called tool pushers. They work in the rig offices and rig floors.

You also have the mechanical department and electrical department. The mechanical department hires motormen, mechanics and maintenance supervisors who are responsible for all mechanical operations. The electrical department includes jobs like electrician, electronics technician and maintenance supervisors who repair and look after of all the electrical equipment.

An offshore drilling job is a very lucrative career. As you can see, you do not need drilling experience to get hired on an offshore oil rig. And now that you know there are companies other than Shell hiring people, you have many ways to get in on the action. You can get in as part of the drill crew, or as a tradesman.

Do not worry because there is a solution for you to get out of debt now. A Government Grant can give you the money that you need to eliminate those bills and get on the road to a better financial life. Many people are unaware that there is money that goes unused every single year that the government offers in the form of a grant.

Government Grants can be a great way for you to finally get the help you need to get out of debt but before you apply you need to know that they will approve people on a needs basis. So when you are searching for free grant money you need to make sure you find the best grant for your needs.

One of the best benefits to getting a government grant over a consolidation loan is that the money is yours and you do not have to pay it back and this can be a really big help when you are trying to get a fresh start.

The time is now to get the money you deserve so don’t wait any longer and get your Free Grant Money today.

1. How do I become a Registered Nurse (RN) in California?

If you are finished with high school, click here to apply for nursing schools in your area:

Approved Schools: California Board Of Nursing

If you are still in high school, you can begin preparing now! A nursing school diploma is necessary for the occupation, of course, but you can also take the following courses in high school to get a head start:

- 4 school years of English

- 3 to 4 years of Math, and that must include Algebra and Geometry

- 3 to 4 years of Social Studies

- 2 to 4 years of Science, and that must include Biology and Chemistry

- 2 years of a foreign language is also recommended

If you do not take all of these courses or miss out on a few years of a required subject, you can still make up for it in college. But remember, the sooner you finish your prerequisites, the sooner you become a Registered Nurse. It is best to get as much done in high school as possible.

Make sure that you carefully and thoroughly research the type of nursing school you want to attend. In the state of California, you have the following five schooling options:

• Associate Degree in Nursing (ADN): This takes 2 to 3 years and prepares you to provide RN care in numerous settings. Most community colleges will be able to offer you an ADN.

• Bachelor of Science in Nursing (BSN): This will take you 4 years to complete. You can get this degree at many California State Universities as well as private colleges. This will not only prepare you to provide RN care, but will also allow you to move up to administrative and leadership positions.

• Masters Entry Level Program in Nursing: This is a masters program designed for those who have already earned their baccalaureate degree in another field and now want to become Registered Nurses. It takes 1 to 2 years to finally graduate, depending on how many nursing prerequisites the person has already taken.

• LVN 30 Unit Option: This alternative is not a degree program, but instead a nursing career ladder. It is designed for Licensed Vocational Nurses (LVNs) who wish to become RNs. It takes 18-24 months to complete. Even though this program is legitimate for becoming an RN in California, most other states do not recognize the California LVN 30 Unit Option as valid. If you are a LVN and want to obtain a degree and a RN license in another state, you will probably need to complete the ADN program. ADN programs do give credit for some of the coursework completed to become an LVN.

• Military Corpsmen: A military corpsman may receive a RN license if he or she has completed RN level education and has clinical experience. The state of California permits corpsmen to take the national RN exam.

A list of California nursing schools is available at the link at the beginning of this article. Apply to multiple schools, since sometimes space is limited at certain colleges. Give yourself plenty of options to choose from, and apply early. Be sure and find out what the application deadline is and what entry exams are required at each school. Many nursing schools require the SAT, the ACT, and the National League for Nursing Pre-Admission Exam. Furthermore, apply for financial aid! There are tons of scholarships and loan programs out there for students.

To finally become a Registered Nurse in the state of California, you must get your license from the California State Board of Registered Nursing (BRN). These are the requirements:

1. Complete the application! The entire application package along with detailed instructions is available on the BRN website at [http://www.rn.ca.gov/lic/lic-exam.htm]. If you are unable to complete an online application, you can simply contact the BRN and they will send you a paper copy. But don’t waste any time! You need to send your application to the BRN at least 6 to 8 weeks before graduation.

2. Make sure that your school sends the BRN your educational transcripts.

3. Complete a fingerprint background check.

4. You may apply for an Interim Permit only if you wish to work in a supervised nursing capacity while still awaiting your application process.

5. Take (and pass) the National Council Licensing Examination at the following website: https://www.ncsbn.org/nclex.htm. The entire exam is online and is available to take at any time, 6 days a week. If you are a new graduate, take this exam immediately after graduation! Early test takers have higher success rates because the information is still fresh in their minds.

2. Why do you ask for fingerprints?

The fingerprint requirement gives the state of California a way to do a background check on you.

If you reside in California, you are required to use Live Scan to submit your fingerprints (unless you have obtained an exemption). To find a Live Scan location near you, go to this web page: http://ag.ca.gov/fingerprints/publications/contact.htm

If you do not reside in California, you may use either Live Scan forms or Fingerprint Card forms. You can request either of these forms at this web page: [https://app.dca.ca.gov/rn/requests.htm]

For more information on what the Fingerprint Requirement is all about, go to http://ag.ca.gov/fingerprints

3. How can I inquire as to the status of my application?

After you have submitted your application, wait 4 to 6 weeks before actually contacting the Board. Lots of inquiries cause delays in the application process.

4. What is the National Council Licensure Examination (NCLEX-RN)?

This exam comes from the National Council of State Boards of Nursing (NCSBN). It is a Computerized Adaptive Test (CAT) designed to test whether or not one has the essential knowledge, skills, and abilities to practice safe, effective nursing at the entry level. For more information, visit the following websites: http://www.ncsbn.org/nclex.htm or http://www.pearsonvue.com/nclex

5. After submission of my application, how long does it take to receive my eligibility to take the examination?

If the Board has received all the information required for approval, you can expect your eligibility letter in the mail within a period of 4 to 6 weeks. Prior law convictions and a failure to submit all of the required documents on time will delay the process.

6. Where can I take the NCLEX-RN?

The National Council Licensing Examination can be taken at any Pearson Professional Center in the U.S.A. or its territories. International testing centers are also available in Canada, England, Germany, Hong Kong, India, South Korea, and Taiwan. Visit the Pearson VUE website at http://www.pearsonvue.com/nclex to find specific test center information.

7. How much does it cost to register for the NCLEX-RN?

The examination fee is $200. If you need to take the NCLEX-RN at an international test center, you will need to pay an additional scheduling fee of $150 plus a Value Added Tax (VAT) where applicable.

8. I have registered to take the examination. When will I receive my Authorization To Test (ATT)?

After you the Board determines that you are eligible to test, you will receive your ATT by mail or e-mail from Pearson VUE (the organization that provides test administration and services test development). You cannot schedule to take the NCLEX-RN without your Authorization To Test. You must present your ATT along with acceptable ID at the testing center in order to take the test.

What these lenders fail to recognize is that the people who are currently rated as a bad credit case were sometimes having a good credit history. Some acts of the past, which were sometimes inevitable, became the reason for theirs being tarnished with bad credit.

It will be illogical to punish the people for acts of the past. Besides there are few means to guarantee that a person otherwise rated as a perfect credit case, may default on the loan.

Lenders have slowly started accepting the fact. The growing number of people falling in the trap of bad credit has brought home the fact that they cannot do without doing business with these people.

Besides opening practically every loan for people with bad credit, more and more loan products have come up to cater to the specialized group. There are similar options for the people with bad credit, as for the people with a good or average credit.

Bad credit personal loans are used for a variety of purposes like buying a car or going on a holiday. They are also widely used in debt consolidation.

Bad credit becomes irrelevant if the person has and is ready to keep some asset as collateral. The main idea behind the refusal to the people with bad credit is that they fear that the default will be repeated. With a collateral to back the personal loan, the lender is assured that the loan would not be defaulted. The borrower knows that he will have to lose the asset, generally home, if he defaults on the loan.

The requirement of collateral can be done away with in case of an unsecured personal loan. Lenders rarely offer such loans. A good credit history is a

pre-requisite in such loans. But, there are always some lenders who take consideration of your case. Lenders accept borrowers with a bad credit history because of inevitable reasons.

Bad credit personal loans normally carry a higher rate of interest. This is because of the higher risk potential in such loans. One may also be overcharged on this account. The borrowers are asked to pay a hefty charge and have to face some inflexible terms of payment.

Nevertheless, there are lenders who charge reasonably lower rates of interest. Taking a loan is not a trivial matter. It puts an important asset to stake. It also affects the financial condition of the borrower. This makes a proper search for the loan a priority. Gone are the days when searching the loan market would have raised hackles of people. Today searching has become much simpler, thanks to the power of information technology.

The selection of the most appropriate lender is not that easy a task. Though made simpler through information technology, ones mental faculties are the best resort in the selection process. Lenders generally promise many features along with the loan. Borrowers take this bait and fall in the trap. Failing to maintain an optimum balance between an immediate comfort and a future comfort also leads to this trap.

Deciding the monthly repayments and the number of installments further strain your mental faculties. An expert advice from knowledgeable people will help in this decision. Being aware of ones financial condition, the borrower can decide the various details of the loan in a much better manner. Thus, the final decision is reserved with the borrower himself.

A bad credit personal loan has a positive impact on ones credit history, provided the repayments to the loan are made regularly.

* Diversifying the Economy

Though our country’s economy has over the last couple of decades relied heavily on its oil production, we must find ways to diversify our economy and avoid the over reliance on oil. Like other developing countries, Nigeria is facing an increase in its unemployment rate that is now at 6 % and is on the increase, with many graduates finding it hard to get jobs while most of those who get jobs are underemployed. This coupled with the global financial crisis in which massive numbers of employees are being laid off; entrepreneurship is seen as an essential key if we want our country to achieve its ambition of being an industrialized nation by the year 2020.

* Unfriendly Business Climate

Being an entrepreneur in Nigeria requires great determination as practicing and potential business owners are faced with countless challenges. Nigerian’s business climate should be made welcoming to those in the Micro, Small and Medium Enterprises (MSMEs). The role played by these MSMEs should not be underestimated since majority of the thriving businesses fall in this category and for us to achieve our goals, adequate attention and support must be directed towards these institutions. To be able to help and protect entrepreneurs, we must first have a clear idea of the challenges facing our entrepreneurs in their pursuit of making Nigeria a prosperous country.

* Lack of Credit Facilities

Potential Nigeria entrepreneurs go through many hardships when trying to access credit for their businesses. Though there is a wide range of financial institutions that offer business loans, they usually charge high interest rates deterring aspiring entrepreneurs. For instance, major banks have pegged their lending rates to as much a 28% deterring potential entrepreneurs who are mostly low income earners. Other obstacles faced by our entrepreneurs include severe collateral conditions set by banks and other lending institutions. Though our government through the Central Bank and the Banker’s Committee came up with guidelines requiring banks to set aside 10% of their profits for funding MSMEs, majority of these banks have been reluctant to do so. This has led to the emergence of micro-finance institutions which though helpful are not sufficient for meeting the financial requirements.

* Multiple Taxation

One other sensitive challenge that is encountered by majority of Nigerian entrepreneurs is multiple taxation. Although we have a responsibility of funding the government through paying taxes, most of the taxes charged on entrepreneurs are not lawful and have the effect of increasing the cost of doing business. Although Nigeria’s Companies Income Tax Act (CITA) has approved only 39 taxes and levies, there are over 500 various levies and taxes that are imposed by state and local government agents. These taxes are questionable and in the case where they are genuine, they are mostly duplicated and this has the effect of increasing the cost of doing business.

* Poor State of the Country’s Infrastructure

The state of our infrastructure can be deemed to be a nightmare to both entrepreneurs and the rest of the country’s population. With the existing infrastructure deteriorating and in some places it is non-existent; the cost of doing business has tremendously gone up. The state of the country’s road network makes it hard for entrepreneurs in the agricultural sector to transport harvested produce from farms to processing factories. According to a report released by the World Bank, Nigeria’s pace of socioeconomic development and growth is way below what we can achieve. This is mostly because of the erratic supply of electricity which has negatively affected many businesses. The outcome of power problems has prompted entrepreneurs to generate power through expensive ways that have in turn increased their production costs and made their products uncompetitive due to high prices. Our government should put policies in place to perk up Nigeria’s infrastructure so as to promote successful entrepreneurship.

* Failure to Adapt to the Changing Business Environment

Majority of those who venture into MSMEs (Micro, Small and Medium Enterprises) do so because of their need to make money and in almost all cases, such entrepreneurs lack relevant and adequate information about the businesses they engage in. In the event where problems arise, most of these business owners lack sufficient problem solving skills and in the end they find it hard to survive. With the telecommunications sector having grown by about 206.5 % between 2002 and 2004 and is continually expanding, Nigeria has become one of the fastest growing ICT market not only in Africa but also worldwide. This presents a challenge to entrepreneurs who have not embraced technology, and who are now finding it hard to remain relevant in the competitive business environment. For existing and potential MSMEs to survive and be relevant, we must adapt to the changing business environment and embrace technology.

* Addressing the Challenges

Solving the problems encountered requires a combined effort by both the entrepreneur and all concerned stakeholders. As Small and medium business owners, we need to increase our knowledge and skills of the market by acquiring relevant and up to date education particularly in your area of business. Our entrepreneurs need to collect information about their target market by seeking help from consultants and professionals who have experience in the particular market.

One strategy that can be used by our small and medium entrepreneurs to remain relevant and competitive in today’s market is to come up with fresh and creative ideas of doing business. Due to the increase in technology, business is fast changing, thus our MSMEs need to constantly re-invent the way they do business.

There is a great need of creating a strong link between MSMEs and supporting institutions if Nigeria is to fully benefit from such businesses. Though some financial institutions are still reluctant to provide financial assistance to MSMEs, there are some that give out loans at reasonable rates provided the business sounds viable. The key challenge is for our entrepreneurs to prepare sound business proposals. For our country to achieve its goals and stop relying on oil alone, we need to focus much attention needs on the private sector and our government must create a conducive atmosphere for such businesses to thrive and drive the country towards economic prosperity.

Having disposable money is one of the best benefits of debt consolidation. Graduates simply have a lot of expenses so the idea of being able to postpone debt repayment is really tempting.

Here are 4 of the best reasons why you should go for debt consolidation.

1. You will be able to manage repayment easily. If you have more than one lender, for sure you are having a really hard time keeping up with various repayment schedules and you may even run the risk of forgetting one schedule or two. When you combine all that you owe however, your old debts will be paid away by the consolidating company. Your debts will be combined and you need to worry about keeping just one schedule. You also get lower rate and a longer repayment period.

2. Your credit score improves. When the consolidating company pays off your old debts, this is a plus point to your credit rating.

3. You can lock in on a low interest rate for the lifetime of your debt repayment. If you are lucky to seek consolidation at a time when interest rates are at its lowest, you get to keep that rate until you pay up the rest of your debts.

4. You owe private and federal lenders. You want to keep these lenders separated. Each has different financial terms and having several debts from both lenders could be a real pain. You can combine all your debts from a private lender together and do the same for what you owe from a federal lender. This way, you get to worry about two monthly repayment schedules.

When you decide to consolidate student loans though, bear in mind that it will take you longer to repay your debts. As a result, you will end up paying more in terms of interest rate in the long run. However, if what you need for the moment is ease of payment and more disposable funds, debt consolidation may be worth it.

There are occasions when we can only pay some of the bills but deciding which some can be difficult. It is embarrassing to say the least that you may not have enough fundage on month to make it all work out but to have to sit down and decide exactly who gets paid can be agonizing, especially if this is the first time you’ve had to make this decision.

Obviously, one of the first things you need to do is plan your finances to ensure this situation does not arise again. After that, it is time to sit down and think about what is important. Start out with a paper and pen and your list of monthly bills. If you do not have one list that compiles what you owe and who you owe it to, then start there. Gather all of your statements and due dates and make a list. You need to understand what you owe each month if you expect to stay on track with your finances.

When you have our monthly bill list, you next will need to make another list of each bill so you can begin to scratch off the necessities in your life. For example, your mortgage, your rent, your car note, your electric bill, and your water bill are all necessities. Keep in mind, you will need to leave money to the side for food and work-related costs such as gas to get you there. When you have all of the necessities accounted for, take a look at what bills are left over. You will want to scratch off the other bills you owe that will harm your credit if left unpaid such as student loans and credit card payments. If you do not make those payments, it can essentially affect your other bills and future credit worthiness.

When you have deduced what is needed, you should have a list of the non-essentials. This may include your cable bill, cell phone bill, and maybe a gym membership. This is where it takes some shift in thinking. You may think you can’t live without your cell phone or your cable television shows but if you have a landline and a public library, it is likely you will survive. You may even learn to live without the costly monthly expenses and be able to start an emergency fund or a savings account with a goal. You can even tack on the extra monies each month to pay down your debts faster.

Face it – if you can cut back on the things you don’t need, even if it is only a 6 month sacrifice, you can learn to live in a whole new way and make out better financially in the long run when you are enjoying a debt-free life with a little money in the bank.

Though, as said before, the main purpose of these loans is to help those who need to reduce their debt in order to avoid further worsening of their current financial situation, they are also used for attending to urgent needs that cannot be postponed specially when related to certain accidents or illnesses that imply high medical bills that otherwise couldn’t be covered.

Non profit personal loans can be obtained in different ways, those meant for attending special situations must be seek at non profit organizations specialized in this kind of aid. Once contacted and providing that you meet the requirements for getting their aid, they will guide you through all the process so you won’t have to worry much about it. They’ll want however that you concentrate on committing to return the money once the situation has improved.

On the other hand, there are many non profit financial institutions providing personal loans for people in financial troubles to help them go through a temporary complex economic situation. The purpose of these organizations is to make people fully understand the value of finance and help them consolidate their debt and slowly become debt free. The interest rate is subsided in consideration of the non profit nature of the organization. The interest rate is just high enough so as to cover the institution’s expenses.

Different Requirements

There are however, many requirements you’ll need to meet in order to be eligible for this kind of loans. For starters, each institution has its own requirements, some of them only lend to members but others tend to help all those in need. They will all require, though, a commitment on your behalf to make a reduction on your outstanding debt and expenses. They will even exercise some kind of control over your budget by telling you what to cancel first, what expenses to avoid, etc. Everything, of course, is controlled by experts in debt elimination and financial guidance.

Other Benefits

This kind of loans has another uniqueness that is not found on other loans. The lender, having such knowledge of your financial situation, will be more understandable when an unexpected situation turns the monthly installments into an unbearable burden. In such a case the lender will modify the repayment schedule or even interrupt repayments till your income has improved enough.

For many, this is the last option to avoid bankruptcy. If this is your situation don’t hesitate, do a search on the internet for non profit lenders and contact them for information on their programs. If you think you can manage your debt yourself, and you don’t need this kind of aid, you can always look for other sources of finance. There are regular bad credit loans available provided by many online lenders.