The Nation Newspaper

Category: Small Business and Entreprenuership

  • Survival tips for startups

    Survival tips for startups

    Startups and tech hubs have been hurt by COVID-19. Though the Federal Government is responding with reliefs, the environment is challenging for business owners. A webinar, hosted by Innovation Support Network Hubs (ISN) South Regional Gathering, has proffered the way forward, DANIEL ESSIET reports.

    With the effect of COVID-19 pandemic on the economy,  businesses have a major task: survival.

    The Director, TechQuest STEM Academy, Dr. Itoro Emembolu, said the startup ecosystem requires new solutions. She ofered insights on how business incubation managers could adapt to the new landscape and keep their projects going.

    She was one of the panelists at a webinar hosted by Innovation Support Network Hubs (ISN) South Regional Gathering with the theme: “Positioning your hub for post-pandemic opportunities.”

    Other speakers were Managing Partner, GrandCentral, Chinenye Mba-Uzoukwu, founder, Jiggle.ng, David Inyang-Etoha, Blessing Achu of 360 Creative Innovation Hub, Nnamdi Anika of Genesys Tech Hub and iBayelsa Hub’s Abiye Nyanabo.

    She noted that the pandemic has impacted on businesses, but urged startups to work on alternative ways to stay afloat.

    Dr. Itoro said businesses should deploy management tools, artificial intelligence (AI) and customer relationship management (CRM) software to create their clients’ base.

    She said hub owners should  analyse how service processes are flowing as well as where the bottlenecks and gaps are.

    According to her, the future requires digital engagement with customers and technology and business architecture working together.

    Mba-Uzoukwu emphasised the need for startups to be more pivoting to enable them adapt to the challenges which the pandemic has brought to the economy. According to him, getting startups up and running again is essential.

    To thrive in a post-pandemic world, he said startups need to be resilient, and better connected with fast-growing technology. He said the economy would be sustained by high growth, tech and innovation firms.

    He called on tech hubs to develop strategies to generate new revenue, survive and thrive in the new economy.

    Inyang-Etoha said the fintech startup provides an easier way for Nigerians to make instant payments for bills, items and meals on their smartphone.

    Like most digital payment firms hoping to tap into the mobile money market, Jiggle.ng has developed an app for financial products.

    For him, the industry has been a source of optimism.

    He urged hubs to focus on traditional platforms their customers are used to rather than new technologies which they are not used to.

    Although new technologies help firms deliver fast service and a customer-centric experience, Inyang-Etoha noted that reaching people through channels they are acquainted with was equally important.

    The Director, ISN Hubs, Chukwuemeka Fred Agbata Jnr, said it was critical for the startup community to galvanise to create common good to support its ecosystem after the COVID-19 pandemic.

    He noted that with the COVID-19 pandemic, everything must be done to protect and leverage tech startups to drive innovation, growth and job creation.

    The founder, Start Innovation Hub, Hanson Johnson, said the forum provided observations about how they were navigating the new reality during the pandemic and beyond.

    According to him, hubs are inspired by the creativity and resilience of entrepreneurs.

    The National Information Technology Development Agency (NITDA) Director-General, Mallam Kashifu Inuwa Abdullahi, reiterated the readiness of the Federal Government to provide the enabling environment for startups to enable them to survive post-COVID-19 pandemic.

    Abdullahi, represented by the Director, Information Technology Infrastructure Solutions, Dr. Usman Gambo Abdullahi, said tech startups and scaleups were key sectors of the economy.

    For this reason, he said the agency was evolving programmes and services to help hubs address their challenges, and future proof their business.

    The Director, Partnerships, ISN, Mrs. Fayo Williams, said the association was ready to partner hubs to develop measures to help them grow and thrive in the new reality.

  • Rotary International lifts 20

    Rotary International lifts 20

    Our Reporter

    A Group Micro Traders based in Ososa, Ogun State has received N1million as part of the empowerment scheme of Rotary Club of Gbagada South.

    The club’s President Bola Ogunlade said the scheme is a deal between it and Star Microfinance Bank, is a yearly affair by the club to assist traders who have no access to micro finance. He urged the 20 beneficiaries to put the cash to judicious use to enable them pay promptly so that others too could gain from it.

    Read Also: Rotary flags off tree planting

    Rotary International District 9110 Governor Bola Oyegbade who presented the cash also advised the beneficiaries to good use. His predecessor Dr Wale Ogunbadejo recalled that the scheme was founded in 2004 with N50,000, as part of the club’s empowerment programme and that he was glad that it had grown over the years. He said the money might look small but to others it is huge. He thanked the committee managing the scheme for doing a good job.

    A representative of Star Microfinance Bank, Ososa, Miss Tolulope Osinaike thanked the club for the partnership. She noted that despite the impact of coronavirus on businesses, the club was able to see the programme. She assured that the traders would repay.

    A beneficiary Alhaja  Sanni Nuratu also thanked the club for the gesture. “By the grace of God, nothing would stop us from repaying,’’ she added.

  • NGO to empower 50,000 in five years

    NGO to empower 50,000 in five years

    Our Reporter

    An international non-government organisation (NGO) AWP is targeting 50,000 women in a programme which will help them achieve financial independence.

    Tagged: “Digital Response:  The AWP Network Vendor Programme – The way forward,’’ the  founder, African Women Power (AWP), Ms Mary Olushoga, said the initiative aims to accelerate the growth of  women-led enterprises in West Africa, and the continent by providing entrepreneurs an opportunity to become part of the supply chain within the ShopRite Nigeria ecosystem.

    Her words: “ShopRite Nigeria has over 25 locations in Nigeria. The local vendor programme is an initiative of AWP Network, a social enterprise, which provides entrepreneurial training and an incubator experience for vendors seeking guidance on best practices and guidelines for certification.

    Read Also: NGOs seek stricter punishments for rape

    “The small and growing business sector and the COVID-19 crisis: Emerging Evidence on Key Risks and Needs,” a report put by Dalberg and the Aspen Network of Development Entrepreneurs,  stated that Small and Growing Businesses (SGBs) in countries, such as  Nigeria, are at “a significant risk of widespread failure’’.

    She added: “It is projected that nearly 42 percent of these (SGBs) are at the risk of failing in the next six months, a figure that is consistent across regions. In addition, many of these businesses have closed as a result of COVID-19. Therefore, interventions are needed urgently. Not just in terms of financing due to low cash balances and declining revenue but with growth programmes, such as The AWP Network Vendor Programme.”

    She continued: “We would like to train 50,000 women in five years. But we also understand that the quality of businesses matter.’’

    She application said would close on August 31.

    She said the Cohort for the first batch would be announced on September 15. The programme would begin October 1, while the graduation/pitch would hold on November 4.

  • MediaGrowth.ng bridges gap for retailers, brand owners

    MediaGrowth.ng bridges gap for retailers, brand owners

    The increase in social media is one of activism and with full participation. There are more than five billion active users of social media in Africa. However, people literally spend a wholesome time online, surfing the internet and viewing content.

    This literally means potential customers would be up on their preferred social media platforms.

    Actually, most businesses and brand owners put in efforts to be online, in order to be connected to their customers. This fact has set off a pace for retailers, wholesalers, brand owners, influencers and content creators to be in the spotlight.

    However, A social media agency helps individuals boost their businesses and concerns. Ergo, takes the social media distribution to a higher level. It all boils down to people seeking professional help from social media agencies. One of these leading social media agencies in Nigeria is; Mediagrowth.ng.

    Predominantly, MediaGrowth.ng is a social media agency notable for distinguished media and digital marketing services.

    MediaGrowth.ng, is headquartered in Lagos State, Nigeria. The agency offers social media marketing and advertising services to diverse businesses across varied countries. It offers three major social media services such as Social media strategies in the development of visibility, Joint management on various platforms as well as organic and active Nigerian and foreign followers, likes and views.

    Additionally, the most intriguing factor about MediaGrowth.ng is its inventory tactics which are attempted to set about clients and their audience to create awareness and audience growth through its team and experts.

  • Tasha Amos as a celebrated hair tycoon and brand Influencer

    Tasha Amos as a celebrated hair tycoon and brand Influencer

    The name, Onome Nethasha Agbogun might not immediately ring a bell but her brand, Tasha Collectibles is sure one of Nigeria’s big brands in the hair business.

    The Delta -born brand influencer is arguably one of Nigeria risen star, with a wide-ranging social media outreach. A woman of parts, Tasha Amos has also built her luxury hair products into a booming brand with a wide network of premium customers. Tasha Collectables has turned the fledging brand into a booming business. As you read, her flagship store in the highbrow Lekki axis of Lagos is a beehive of activities.

    Tasha Collectibles boasts a range of luxury beauty products, hair styling products, human hair and extensions and so much more. In just less than 5 years, she has turned her brand into one of the most sought-after brands in the beauty products industry.

    The entrepreneur of note who has interests in other juicy sector of the Nigerian economy has also amassed thousands of followers on Instagram where she documents her business progress and enviable lifestyle.

    Aside the rising profile of her brand, the Tasha Collectibles boss is effortlessly creating magic in other areas of her life.

    She is a brand ambassador of a popular brand in the country. And that’s not all, she is one of the emerging young Nigerian women in business who are shattering the glass ceiling. Well-known for high taste in fashion and panache, Tasha Amos is a certified fashionista in her own right. Her bright personality has endeared to whoever met her.

    She is also a compassionate woman – who is always willing to make life worthwhile for others. It’s no surprise she is doing well in business because she has done a lot in the area of service to humanity. There are plans in the pipeline to launch her brand on the international stage.

  • Teen in bag-making

    Teen in bag-making

    A young secondary school leaver is making a success of bag-making, DANIEL ESSIET reports

     

    MOSES Chiwueze Harolds, 19, has been designing hand bags since he was 15. Harolds, who started the business in SS1, is the chief executive of HF Bagware Enterprise.

    For Harolds, who started  bag-making in 2016, age is truly no barrier. He was encouraged to learn bag-making by his father who felt owning a business was viable. But the road to designing handbags is not straight.  It requires creative, commercial and technical expertise. Thus he underwent an apprenticeship during his junior secondary school days, adding fashion designing to his training.

    Harolds spent time at the workshop after school. For him, the time he spent learning bag-making was important. He admitted that, initially, he didn’t enjoy the experience, but after much practice, he began to see the prospect of turning it into a long-term venture. The thoughtfulness behind the designs are what make his bags special. The business has blossomed with his products selling through retail outlets. He has employed two people. He has an online outlet, where he gets steady orders.

    His greatest accomplishment has been building the brand. He really can’t imagine doing anything else.

    Like others that are successful, Harolds is passionate about designs, structure and aesthetics. He chases trends. He designs for people who buy for lasting value. His value is persistence, a characteristic that his dad taught him.

    Read Also: Women hide ammunition in rice bag

    His father, Mr. Moses Chiwueze, said Nigeria needed young entrepreneurs. While he encourages parents to motivate their children to study courses, such as medicine, law and accountancy, Chiwueze says the reality is that there are limited job opportunities for those in such professions. The answer, according to him, is self-employment. Hence, he advises his children to learn skills alongside their careers.

    With the state of the economy, Chiwueze, an IT consultant, said it pays to shape children into job creators and successful entrepreneurs.

  • Rotary Onigbongbo empowers 20

    Rotary Onigbongbo empowers 20

    Our Reporter

     

    TWENTY members of the Onigbongbo community in Lagos have benefited from the micro-credit empowerment scheme of the Rotary Club of Onigbongbo.

    Each beneficiary got N50,000. They included Mrs Opeyemi Sadiq-Oseni, Lawal Sakirat, Adeboyega Adeola, Alimi Ronke, Muritala Akeem, and Afini Rasaq Olarenwaju.

    Its President, Olajide Ajayi, said the club embarked on the project in partnership with Petrocam Services and YCT Microfinance Bank Limited, to boost the growth of small and medium scale enterprises (SMEs) in the area. He said the fund was interest-free. He noted that some SMEs found it difficult to access funds from banks and that with their intervention, the beneficiaries would have cash to fund their businesses.

    Read Also: Rotary, Foundation feed 5,000 in Lekki

    Thanking the sponsors for their assistance, he urged the beneficiaries to use the money wisely to enable them pay back. He warned that it was not a palliative from the club or the government but a loan. He said the repayment would encourage the club to continue the scheme.

    Rotary International District 9110 Governor representative Assistant Governor  Adeyemi Adedoyin also advised the beneficiaries on repayment, adding: “To whom much is given much is expected.’’

    The Regent of Onigbongbo community, Alhaji Tajudeen Ajao Irawo, lauded the impact of the club’s projects and programmes in the area. He also asked the beneficiaries to justify the confidence reposed in them by repaying promptly.

     

  • Coronavirus impact on SMEs

    Coronavirus impact on SMEs

    A survey of micro, small and medium-sized enterprises (MSMEs) by a non-profit organisation, Fate Foundation, has shown the challenges facing enterprises, DANIEL ESSIET reports.

     

    A SURVEY by FATE Foundation, in partnership with BudgIt Nigeria, on the impact of the COVID-19 pandemic on small and medium enterprises (SMEs) has shown a severe impact on production and activities of enterprises.

    The survey received 1943 responses of which 80 per cent were micro business entrepreneurs.

    The results of the survey indicated that SMEs experienced a decline in business, due to  stagnating economy and market demand and the disruption of supply chains due to the lockdown. While some closed their businesses, others faced difficulties, such as shortages of raw materials and disruptions in logistics.

    As a result, many of them couldn’t operate at full capacity and with their complement of employees.

    Respondents said movement of materials was affected. Manufacturing SMEs almost stopped operating due to reduced demand and cancellations of orders across board, with the exception of essential industries.

    The concerns of most SMEs were cash flow and working capital as COVID-19 affected  the value chains in which they participate.

    Many of the respondents were entrepreneurs in the agricultural sector (21.8 per cent), fashion (14.3 per cent), service (12.3 per cent), manufacturing (6.6 per cent) and 44.7 per cent of the respondents were young people aged between 18 and 35.

    Read Also: COVID-19, Labour and social dialogue

    The survey reported that  80.4 per cent  of the businesses were likely to lay off staff, citing the pandemic (24.4 per cent ), inability to pay salary (22.6 per cent ), poor sales (18.2 per cent ) and restricted movement (17.1  per cent ) as top  reasons influencing their decision. 82.8 per cent of the businesses indicated that they would likely lay off one to five employees.

    Most businesses reported that they would need support with cashflow (72.1 per cent) and sales (67.7 per cent); and that the government should provide support in funding (89.4 per cent) and access to markets (33.8 per cent). Similarly, 74 per cent of the businesses will like the private sector/enterprise support organisations to provide funding and support (62.9 per cent).

    Many of the respondents identified opportunities despite the negative impacts of the pandemic, such as creation of new products/services (49.7 per cent), expansion/diversification (42.3 per cent), Innovation/disruption (39.3 per cent) and partnerships (34.8 percent.

     

  • Preparing youths for the future

    Preparing youths for the future

    The Lagos State Government is promotingcooperation  and business relationships in vocational training and continuing education to boost entrepreneurship and job creation, writes DANIEL ESSIET.

     

    HIGH quality vocational education and training enjoy a high degree of esteem worldwide.

    In Lagos State, there are hundreds of providers of initial and continuing vocational training, offering state-of-the-art technologies and high-class craftsmanship.

    They are supporting the state government in the fight against skills shortage.The range of their services include craft trades, commercial and  technical training provision.

    There are also international firms, chambers and industry federations and associations.

    Speaking in Lagos, the Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, said there were various plans and schemes dedicated to achieving scalable skilling with quality and higher productivity.

    She said the state had the potential to bounce back after the coronavirus (COVID-19) pandemic. However, she added that it would not happen unless skills were developed on a large scale, such that it outweighs challenges.

    Mrs. Arobieke said skills were the new currency and  there  was  a need to address industries’ struggle for job-ready youths by helping them to develop  the  technical and professional skills needed for competitive jobs.

    She said various stakeholders sought to cooperate with the government to prepare young Nigerians for life.

    She added that  the  government was introducing programmes aimed at skilling the youth in this technological age and holding  them  to  match  their  capabilities  with  the  needs  of  the  industry.

    To provide employment and entrepreneurship opportunities for Lagos residents, Mrs. Arobieke said the Lagos   State   Employment   Trust   Fund (LSETF) had signed a Memorandum of Understanding (MoU) with the United States African    Development    Fund    (USADF) to support 15,000 youths. Through the  MoU, both parties will provide $2 million yearly for five years to provide skill development and internship for youths.

    According to her, each trainee will also be eligible for an internship of up to six months, with the expectation that this results in a sustainable job opportunity and helps trainees transit into entrepreneurs, if they so desire.

    She noted that the current situation pointed to a need for more robust ecosystems to support small businesses and their production, jobs and livelihoods and societal welfare.

    To this end, the government is establishing industrial hubs that  target clusters in leather, wood and fish preservation with the intention to promote production of finished good.

    Mrs. Arobieke said the government was taking actions to fuel the transformation of small and medium-sized enterprises (SMEs) toward digitalisation.

    She stressed that the state economy had unimaginable opportunities for small businesses.

    In realisation of this, she said the ministry and LSETF had rolled out programmes to cushion the effects of the COVID-19 pandemic on enterprises, employment and income, stimulate the economy and protect and create jobs.

    She noted: “LSETF loan beneficiaries can apply for a moratorium on their loan repayments. For the avoidance of doubt, only performing loan beneficiaries with past due obligations of not more than 60 days can apply.”

    The measure will enable the concerned SMEs to access financial resources to enhance their operations, she added.

     

  • Why I went into trading and investment business – BankRoller Sammy

    Why I went into trading and investment business – BankRoller Sammy

    The name Bankroller Sammy might not sound familiar, but the CEO of Roller Instant Trades has made a resounding remark within his short period in the online trade sector.

    Born Samuel Egheghe, and popularly known as BankRoller Sammy, the 25 year old multiple business owner recounts how his growing up days prepared him to become the successful business owner he is today.

    “My mum died in 2005. So, I grew with my dad and 3 siblings (2 boys 2 girls). I am the first son but second child of my family. I studied software engineering and graduated with 2.1.

    I was a regular quiet boy while growing up. My dad was responsible for doing majority of the cooking at home and I was obligated to always be in the kitchen with him. I did not have much opportunity like other kids to go out playing as I never had the time. I had to also work as an apprentice in my father’s furniture shop. I did not have much friend while growing up.

    The only time I enjoyed a bit were festive periods because those were the only opportunities I had to have fun as I want,” he squealed.

    READ ALSO: Cryptocurrency trading is good business investment for Nigerians – Odum Chijioke

    The Benin – Edo State born entrepreneur also shared his success story while asserting that hard work and consistency brought him this far.

    “I am ambitious and very hard-working. I thrive on challenge and constantly set goals for myself, so I always have something to keep me focused and steady towards becoming great. I’m not comfortable with settling, and I’m always looking for an opportunity achieve greater height in life.”

    BankRoller Sammy who is a software engineering graduate continued, “While I was much younger, I have always engaged in long term savings and investment. Before I went into Bitcoin trading and investment, I needed an investment plan that can hold my money for a long time and also yield high profit. I started doing my research on bitcoin and I saw how much people have made since the time it started 2009 till date. I saw it as a wise plan.

    “If I start investing in bitcoin rather than leaving my money from my day to day hustle laying in my account. And its been very productive since I started in 2018. I first started as a long term investor(buying coin and leaving it to go higher in price after like 5-6 months) but now I have moved to buying regularly and selling once I make at least 5% profit which can happen in a day sometimes a week.”