ICT AS A SURVIVAL TOOL IN ECONOMIC RECESSION

ICT AS A SURVIVAL TOOL IN ECONOMIC RECESSIONSimeon Ayoade AdedokunTeacher | ICT Consultant | Digital Marketer

WHAT IS RECESSION?

Recession is a period when the economy of a country isnot successful and conditions for business are bad—aperiod of negative economic growth. It is a decline ineconomic activity—a fall in real gross domestic product(GDP), that is visible in industrial production, employment,real income and wholesale-retail sales, lasting more thantwo or more consecutive quarters.

14 October 2016Simeon Ayoade Adedokun - http://fb.me/osparkle

Simeon Ayoade Adedokun - http://fb.me/osparkle 14 October 2016

Marks of Recession & Depression

In a recession, unemployment will rise, output falls, stockmarket falls, housing market declines and governmentborrowing may increase.

A depression is a deep, much more severe and long-lasting recession marked by significant decline in incomeand employment.

14 October 2016Simeon Ayoade Adedokun - http://fb.me/osparkle

FACTORS THAT CAUSE RECESSION

Economic recession is usually caused by:

1. High interest rates that limit liquidity

2. Low amount of money available to invest

3. Reduced consumer confidence

4. Falling real income

5. Credit Crunch. A period when it is difficult to borrowmoney from banks or anywhere.


FACTORS THAT CAUSE RECESSION

6. Appreciation in exchange rate which makes exportsexpensive and reduces demand for exports, therebycauses fall in trade. On the other hand, it can makeimports expensive, which may result into inflation.

7. Increased Inflation. Inflation is a period of generalrise in the prices of goods and services over a periodof time while income is not increasing.


Recession May Be Normal

Recession is a normal, although unpleasant, part of thebusiness cycle. It opens people’s eyes and minds tocreative ideas and alternative ways to get things done—itbrings about growth and innovation in underdevelopedsectors. It builds new entrepreneurs and strengthensexisting ones. It also gives us the opportunity for self-evaluation.


THE NEED FOR ICTWhy Information and Communication Technology?

WHY ICT?

• ICT is a universal and versatile technology: ICT is afacilitating technology that is beneficial and applicablein all fields of life for different purposes to improveeffectiveness and efficiency.

• ICT is an evolving technology that creates ever-evolvingworld of unlimited business and career opportunities.

• ICT provides global market: ICT as a promotingtechnology makes it possible to do business anywhereand sell to anyone in any part of the world.


SOME USEFUL ICT SKILLSSkills you can acquire to create business opportunities for yourself

Some Useful ICT Skills

• Data Processing• Graphic Design• Desktop Publishing• Web Design• Digital Marketing• Database Management• Computer Maintenance and Repair• Statistical Analysis


WAY OUT OF RECESSIONSolution to Recession from individual level, outside the government.

WAY OUT OF RECESSION

The way out of recession is entrepreneurial revolution,especially with ICT entrepreneurship. Everyone shouldlearn to come up with great innovative ideas on how tomanipulate the available resources (both human andmaterial) to create marketable products and services. Weneed to create business opportunities for ourselves.There are few things you need to know/do in order tochange the situation of things to recover from recession.



1.

Change Your ThoughtYou need to realize that your thoughts and beliefs are your destiny. Feeling that you are entitled to a

shared national cake somewhere is something that everyone is prone to. We put our hopes of survival in some people. Waiting for people or

government to determine who we become is not a helpful way of life.


Change Your ThoughtStop living a dependent life, think outside the box

(or even like there is no box), focus on your strengths and not on your weaknesses, be

determined and courageous.


2.

Believe in and Depend on YourselfYou are ‘you’ and no one is like you. You have unique abilities that you should maximize to

create unique opportunities for yourself. Don’t discredit your instinct, believe that thing inside of you saying you can achieve your dreams and start

doing something. Also, learn to depend on yourself people or government can fail you.


3.

Acquire Vocational SkillsVocational skills prepare you for a job—

government or private. Acquire skills that will help you to see new opportunities, even outside the

government, and start your own business. More of these skills today are ICT-related. Acquire professional ICT skills from professional

institutes that will equip you to be self-reliant.


4.

Think SolutionBe a solution provider, that is what people need.

They need solutions to various problems they are facing. Only those who have solutions to offer

have what to sell to the world. Convert your skills to solutions that people can buy.


5.

Be Uniquely CreativeBe an innovator, a solution provider, somebody who introduces changes and new ideas. Your

creativity is your uniqueness; and your uniqueness fuels your creativity.


6.

Create Multiple Streams of Income, especially with ICT

Explore the world of unlimited opportunities that ICT opens us to, and create multiple ways of

generating income.


7.

Spend Less Cut cost and cut waste. Don’t spend on what you don’t need, spend only on necessities. Remember

that human wants are insatiable.


8.Invest Your Time

Stop wasting time on things you cannot control or things that will not add value to you, and start working on those things that will add value to your life, and only those ones you can control.


9.Network, Market and Sell

You need to connect with people to have the opportunity to market and sell your skills,

products and services to them. Learn to market and sell what you have, especially with digital technologies. Utilize the Internet provisions,

including email and social networks to create your contact network and promote yourself.


10.Never Stop Learning!

Learn is your key. It is a continual process, it never stops. If you are not willing to learn, no one

can help you. If you are determined to learn, no one can stop you and there is no height you

cannot attain. Acquire more complementary skills to improve and make yourself a versatile

seasoned professional.

SOME ICT-RELATED BUSINESSESLocal and Online ICT-Related Businesses you can do

Some ICT-Related Businesses• Local businesses, including opening a business centre for

typesetting and document printing, graphic design, web development and more.

• Online Businesses: These are done on the World Wide Web. Examples of online businesses are given on the next slide.

• ICT Consulting: giving professional advisory information or advice to people on the use of ICT to achieve personal and business objectives, which may include training. This may be local or online.


A Few Online Businesses• Blogging• Affiliate Marketing• Auction Selling e.g. Amazon

Auction and eBay• E-Book Publishing• Online Beading Store• E-learning Service• Recruitment Service• Ad Network• Website Flipping Business

• Taking Online Surveys• Set up E-commerce Store• Digital Marketing and Lead

Generation Services• Virtual Assistant• Web Design & Application

Development• Web Appraisal• Web Promotion• Social Media Consultancy


Online Businesses Cont’d• E-Book Cover Design• Logo Design• Freelance Writing• Proofreading• Resume/CV Writing• Desktop Publishing• Graphic Design• Online Video Editing• SMS Reselling• Online Coaching

• Web Hosting Reselling• Membership Sites• Web Copywriting• App Development and Script

Installation• Start a Local SEO Company

e.g. vconnect.com



Conclusion

Recession is seen as a normal part of business cyclebecause it is a useful tool to get people thinking aboutnew ways of doing things and new ways of getting moreincome—it brings about innovation. ICT is a greatopportunity of the 21st century. Computers and theInternet have revolutionized the ways we communicate,work, think, learn and play. They open us to a world ofunlimited opportunities that we need to maximize,especially in a period of recession.

ABOUT THE AUTHOR

Simeon Ayoade Adedokunhttp://fb.me/osparkle

https://lnked.in/osparklehttp://twitter.com/_osparkle

Read more presentations and articles by the author athttp://www.slideshare.net/Simeon Adedokun/

http://fb.me/osparkle

https://lnked.in/osparkle

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ICT AS A SURVIVAL TOOL IN ECONOMIC RECESSION

Economy & Finance

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