The Nation Newspaper

Category: Small Business and Entreprenuership

  • Art of building entrepreneurs

    One hundred and  fifty young Nigerians are on their way to realising their dreams of entrepreneurship, thanks to a continuing partnership between Total E & P Nigeria Limited and other partners.

    Youths have   had their fair share of economic challenges in the last few years. The source of these challenges is lack of opportunity. The public sector, which youths have traditionally relied on to provide employment, cannot realistically create enough jobs to meet their demands. To this end, corporate leaders are rising to the challenge by promoting entrepreneurship as a long-term and viable means to providing alternative sources of jobs and economic growth.

    This is because entrepreneurs can create wealth, enable economic regeneration through innovation and create jobs.

    Given the benefits, Total E & P Nigeria Limited has made, as its top priority the creation of jobs by supporting the incubation and the spread of entrepreneurship.

    Several programmes, launched by the organisation is encouraging the development of an entrepreneurial mindset through schools, businesses, and events.

    Since 2016, 150 youths have been receiving training and other support services that will help them develop and implement their business ideas — and thereby contribute to Nigeria’s economic development.

    The applicants were between the ages of 18 and 35, having a business concept that focuses on Nigeria’s development in a variety of areas, including agriculture and general business.

    Speaking during the end of the Total E & P Nigeria Limited  ” Business Sustenance for New Entrepreneurs in Lagos,  the General Manager, Corporate Social Responsibility, Total Upstream, Mr. Vincent Nnadi, said Total is committed to empowering many youths through capacity development initiatives.

    Represented by the General Manager, Corporate Social Responsibility, Dr. Charles Ngeribara, Nnadi,  urged the beneficiaries to utilise the opportunity afforded them in becoming active agents of wealth creation.

    The Chief Executive, Toncia Energy Consulting, Prof. Godwin Chukwu, said the capacity building programme was meant for young Nigerians who have completed their tertiary education and are venturing into entrepreneurship.

    He said the workshop was designed to enable the young entrepreneurs to master technical skills crucial for business success, as well as gain self-development skills such as self-awareness, communication, leadership, and collaboration.

    According to him, 150 graduates have acquired the skills to start on their own and Total is providing the starter pack. “We believe that this is the first step to self-sufficiency that will lead to employment generation and wealth creation,” he said.

    Former President, Chartered Institute of Bankers of Nigeria (CIBN) Mazi Okechukwu Unegbu described the small and medium scale entrepreneurs as the drivers of the economy.

    While commending the gestures by Total, he said governments both federal and state have continued to concentrate on the small and medium scale entrepreneurs in order to empower the younger ones.

    The beneficiaries thanked Total for the programme.A participant, Saka Raheem, said he has gained a lot from the programme.  He is a cassava farmer in Oyo State.

    Benita Onagba, a bead maker, promised to put the acquired skills to good use and boost the economy.

  • Building job-seekers’ skill for employment

    Youths from all over the country turned out for the Knowledge Exchange Centre (KEC) Graduate Advancement Programme Network (GAP). The programme helped job seeking youths to build skills that employers need, DANIEL ESSIET reports.

    Victor Ehirim is recycling solid wastes into beautiful works of art. A graduate of Political Science, University of Port Harcourt, Rivers State, he is transforming waste into household furniture.

    He was among the lucky candidates who received an offer to undergo training under Knowledge Exchange Centre (KEC) Graduate Advancement Programme Network (GAP)in Lagos.

    Having suffered rejections after interviews, he decided to participate in a six-week employability skills offered by KEC in Lagos. During the training, he discovered interest in creating wealth   from waste. He started with nothing. He makes creative household and office furniture from solid waste products such as tyres. He was part of 15 graduates of KEC’s GAP.

    As a scalable programme, GAP has proven to be effective for reaching trainees within the 21to 35 age range, including university graduates.

    At the core of the programme are transferrable skills such as English language and Information Communication Technology (ICT), as well as workplace competencies in growing demand among employers, such as problem solving, team work, and customer service.

    Speaking during the graduation ceremony, the Executive Secretary, KEC, Ms. Maria Glover, said the centre is a non–profit organisation established to tackle employability issues among fresh university graduates in Nigeria.

    Through its various training programmes and activities, she said KEC bridges the skills gap in the labour market by providing training programmes focus on employability, entrepreneurship, leadership, Internships and many other areas intended to prepare them for work, business and the future.

    According to her, Ehirim was initially trained on employability skills.  She explained that the centre now has to encourage him with the skills he has shown in turning waste into products.

    She said close to 750 youths have completed the centre’s employability skills training programmes, leading to job placements.

    According to her, partner companies were required to provide training attachments for unemployed graduates under GAPN.

    She advised more companies to support the programme so that they can contribute to the society and see how they can help graduates earn a living while being independent, improving their livelihood and economy of their families.

    GAP, she said, was implemented as a talent market ability programme that assists unemployed graduates to increase their chances of employment by enhancing their soft skills, knowledge and technical capabilities.

    The programme, according to her, is done in collaboration with private companies.

    She advised graduates seeking jobs to come out of their comfort zones to increase their employability.

    For Miss Nwando Okafor, a  microbiology graduate from Federal University of Technology ,Minna, Niger State,  one of the ladies who completed the programme, GAP provided a “push and positive thinking” that helped them overcome the lack of professional skills  and values that limit their ability to pursue work.

    Another graduate, Miss Oluwabunmilayo Awosusi, said the programme solidified her self-confidence and is going open many new job opportunities for them.

    Martins Godwin, a civil engineering graduate of Abubakar Tafawa Balewa University (ATBU), Bauchi said empowering young people with employability skills strengthens their capacity to explore job opportunities.

    The project officer, KEC, Mr. Aghogho Akporido, said the  training  helps the  participants  to build self-confidence and motivated them to set goals, plan, and believe that they  can achieve whatever they  aspire to do and become.

    KEC is a corporate social responsibility (CSR) initiative of the XL Africa Group Limited.

    GAP, she said, was implemented as a talent market ability programme that assists unemployed graduates to increase their chances of employment by enhancing their soft skills, knowledge and technical capabilities.

    The programme, according to her, is done in collaboration with private companies.

    She advised graduates seeking jobs to come out of their comfort zones to increase their employability.

    For Miss Nwando Okafor, a  microbiology graduate from Federal University of Technology ,Minna, Niger State,  one of the ladies who completed the programme, GAP provided a “push and positive thinking” that helped them overcome the lack of professional skills  and values that limit their ability to pursue work.

    Another graduate, Miss Oluwabunmilayo Awosusi, said the programme solidified her self-confidence and is going open many new job opportunities for them.

    Martins Godwin, a civil engineering graduate of Abubakar Tafawa Balewa University (ATBU), Bauchi said empowering young people with employability skills strengthens their capacity to explore job opportunities.

    The project officer, KEC, Aghogho Akpo, said the  training  helps the  participants  to build self-confidence and motivated them to set goals, plan, and believe that they  can achieve whatever they  aspire to do and become.

  • ‘Integrity key to business growth’

    Coscharis Group President/CEO Dr Cosmas Maduka was a keynote speaker at the Fate Foundation yearly alumni conference held in Lagos. Entrepreneurs, he says, should pursue integrity if they are to attract international patronage. DANIEL ESSIET reports.

    HIS upbringing was difficult. By the time he was seven, Cosmas was withdrawn from elementary school to serve as an automobile apprentice to a maternal uncle in Lagos. Today, Maduka is the President/CEO of Coscharis Group.

    His uncle took him to work as an apprentice in a spare parts shop. His  uncle lived at Ebute-Metta in Lagos and had a store at 88 Griffith Street, near Oyingbo Bus-stop. Maduka was a key note speaker at Fate Foundation Annual Alumni Conference held in Lagos.

    Having mastered his craft effectively at the age of nine, he would  travel alone to Nnewi to purchase items for his boss and by the age of 14, he was smart enough to be sent to work in one of their branches in Sokoto and, later, at Nnewi! Little Cosmas was actually working without any contractual agreement with his uncle. After seven years apprenticeship, Maduka got N200 from his boss which was very little for him. Not deterred, he jumped into business selling auto car parts.

    He said it was hard at first. He faced huge challenges and struggled. He did not complain. He took a different approach that led to tripling his business, all with integrity. He had become proficient at sales and closing deals. His business reached stability within a few years. He is happy today that he overcame, making it big in the motor vehicle parts business, building a multi-billion enterprise.

    One strategy he used was to explore the option of trade credit. This led him to partners in Japan who offered him goods on credit.

    Having done business for years with Japanese, Maduka found out that businesses were ready to offer him deals. The magic was being honest and keeping to time. This created favour for him among his Japanese partners.

    Admonishing entrepreneurs, Maduka stressed that integrity means doing the right thing at all times and in all circumstances, whether or not anyone is watching.

    According to him, success will come and go, but integrity is forever.

    His advice for entrepreneurs is to put in their own money first, prove the model and then go after an equity deal, pointing out that the biggest thing when hiring is that, it’s important to get over the “I’m the best for the business” attitude.

    Maduka urged young people to embrace entrepreneurship, saying it is a key pillar to the country’s economic transformation. However, the successful entrepreneur said financial discipline is critical in business.

    The Executive Director, Fate Foundation, Mrs. Adenike Adeyemi, underscored the potential role of entrepreneurship in addressing the challenges facing the nation, saying the organisation is expanding opportunities for entrepreneurship training.

    She said under its model, training is accompanied by mentoring and other additional support to be effective. She explained   that an intensive series of workshops introduce participants to the fundamentals of operating a small business.

    Mrs. Adeyemi said Fate Foundation provides a support network as the participants seek to implement their business plans.

    The Chairman, Alumni Conference Planning Committee, Mr.  Olusegun Mcmedal, said the conference brought together participants for a discussion of a range of topics, including the challenges facing entrepreneurs.

    Participants included representatives of governmental and international development agencies, international nonprofit organisations, and micro-lending institutions.

  • SMEs Open to Business Growth on 618Bees.com

    United Kingdom-trained Nigerian lawyer, Efe Ugboro has launched a start-up platform to help Nigerian businesses escape the frustrations of incorporation, operations, filing, and taxation.

    Ugboro, who has worked as a corporate lawyer in Nigeria and in the UK, before co-founding the digital platform, said she’s dedicating her career to ‘helping businesses grow’.

    “Working as a corporate lawyer, exposed me to the issues many businesses in Africa face,” she said.

    She continued, “It’s difficult to register a business, difficult to understand all the issues around filing, taxation, and so much more. And most young businesses find themselves crumbling under the frustrations. There are many who just wing it until they realised that they’re in a mess.”

    According to Ugboro, 618Bees.com was set up to be the quickest way to get a company started in Nigeria. The company is launching with a focus on Nigeria for now but plans to expand to other African cities where aspiring entrepreneurs are facing similar challenges.

    “618 Bees is a technology company using innovative solutions to help small, medium-sized, and big businesses succeed. We are the best way to get a company started, and we don’t stop there”, Ugboro added.

    From Lekki area of Lagos, Ugboro is working with an all-female staff of four, pulled from different parts of Nigeria, and from different disciplines, to solve a problem that continues to plague many small and medium scale businesses, using technology.

    According to data from Corporate Affairs Commission (CAC), the body charged with the responsibility to regulate the formation and management of companies in Nigeria, over 95,000 online applications have been made since the body launched its Companies Registration Portal (CRP) in 2015.

    This entrepreneurial drive amongst Nigerians may be considered a positive indicator, seeing that the country’s unemployment rate stands at over 18%, with over 40% of the country’s labour force either underemployed or jobless, according to data from Nigerian Bureau of Statistics (NBS).

    “Our goal is to register 4,000 new businesses every year, with the plan to pull many informal businesses into the formal sector,” she said.

    Part of that plan, Efe Ugboro says, is to encourage many social media based businesses to incorporate, by giving them ‘offers they can’t refuse’.

    ‘We want to help everyone, but especially young, passionate women, succeed’, Ugboro noted.

    It will be recalled that 618 Bees is in the early stages of fundraising.

  • Firm improves website to drive recruitment

    Jobberman, one of the nation’s leading employment websites, has upgraded its platform to provide an easier and more effective job search experience for jobseekers, and a refined recruitment experience for employers.

    Since going live in August 2009, the platform has grown to become Nigeria’s preferred online recruitment platform, West Africa’s most popular job search engine according to Forbes and one of Africa’s top five recruitment sites.

    According to the co-founder and the  Chief Executive Officer of Jobberman, Adedeji Adewunmi said: “As a brand that listens, Jobberman has taken its audience feedback consisting of over 2,000,000 career professionals and 50,000 employers who connect daily on the platform by including new features that can help employers and jobseekers accomplish more of their career and company goals.

    He continued: “Employers on the Jobberman platform can now manage their job ads and applications better with the newly designed Applicant Tracking System (ATS) and create candidate databases for future use.

    “Jobseekers can now set up or update their profiles with a Profile Picture, which is visible to employers; create a Career Summary and Professional Headline that summarises education, experience, skills and goals; specify preferred jobs for easier job matching; let recruiters know their Job Search Availability status; add Projects & Portfolio to their profiles, allowing employers to see samples of previous accomplishments, amongst other new features,” he added.

    He  said Jobberman has grown to become Nigeria’s preferred online recruitment platform, West Africa’s most popular job search engine (Forbes) and one of Africa’s top five  recruitment sites

    “For over nine years, this organisation has helped job seekers find job opportunities, provided career tips, given employers access to qualified candidates and administered recruitment advice. That is why we were consistently rated as one of the most innovative technology companies in Africa,” he said.

  • Seafood entrepreneur shares tips for success

    There is a booming market for the supply of seafood to the United States and Europe. Seafood entrepreneur Chief Princewill Utchay says there are opportunities for small businesses to explore in the business, DANIEL ESSIET reports.

    Seafood export is big business. The global seafood market reached $120.85 billion in 2016, and is projected to reach about $155.32 billion by 2023, according to analysts.

    Total global seafood consumption is projected to increase by 31 million tonnes by 2025 to reach 178 million tonnes. United States, Europe and United Kingdom are huge markets for seafood exports.

    Although captured fishes still have a good potential, super markets and food chains still import shrimps, lobsters and others.

    One of the entrepreneurs in the sector is the President, Institute of Export Operations and Management, Princewill Utchay. A graduate of marketing, Utchay returned from United States with various business ideas. From a small beginning, Utchay, also Chief Executive, Prime Seafood Limited, is a reference point in the industry. He started in the 80s.

    Utchay spoke on the sidelines of the institute’s breakfast meeting held in Lagos. And where did his seafood interest come from? He grew up liking lobsters and shrimps.  He saw opportunities in seafood business while others were exploring the oil and gas industry.

    When a group of diners sit down for a meal in expensive restaurants, they might add the final extravagant touch by ordering shrimp cocktails all round. This delights him. He quickly went one step further and zeroed in on seafood mostly shrimp and lobster. It was a new industry, there was plenty of room to grow and the opportunities it presented were much greater. And as the value of the product was much higher, and the revenues wrought from a single transaction were also much higher.   He sources products from across Nigeria, produces good quality in a high volume, while staying competitive and maintaining a proper packaging procedure.

    But aside from the shrimp business, his other seafood interests are doing fine. His can-do attitude and willingness to adapt to and try new things is a great example for young Nigerian entrepreneurs to follow.

    According to him, there is also a growing demand for sustainable seafood from retailers, hotels, restaurants and air-catering companies abroad.

    For instance, exporters of prawns, shrimps can   secure a good position on the international market.

    According to him, Nigeria can stimulate export by improving product quality and the infrastructure of its seafood sector.

    He noted, however, that there was need to help exporters to satisfy the European regulations and legislation.

    He said the institute is ready to help Nigerians export more sea food as good opportunities exist for increasing the amounts and variety of Nigeria products that can be sold abroad.

    He said the institute will focus on productivity, EU food safety compliance and improving the productivity of small-scale businesses.

    Chief Executive, Institute of Export Operations and Management, Mr. Ofon Udofia said there are opportunities for Nigerians to explore in the industry.

    According to him, the sector remains largely untapped due to lack of adequate infrastructure and facilities as well as quality control mechanisms.

    He said the exports sector faces challenges to remain competitive and to further grow, including in the technology to drive innovation and productivity.

    Udofia said the institute conducts numerous programmes to develop capacity, export marketing skills and enhance awareness on international market opportunities.

    The seminars and workshops, according to him, serve to guide would-be exporters and existing exporters of merchandise and services trade on the developments and business opportunities in international markets.

    He said a component of the institute’s programmes is to further strengthen knowledge of the SMEs and boost their capacity to integrate into the global markets by providing in-depth information on the foreign markets, including practical information on how to export, services that SMEs can avail and use, consumer trends and market access environment of the sector, and practical market entry recommendations, among others.

    The Head of the Trade Section, Trade, Investment and Competitiveness Commission, Nigeria Economic Summit Group (NESG), Prof Jonathan Aremu, said there  was need to enhance knowledge on market accessibility, global trade requirements, trade practices, branding, international product and environmental standards, trade financing, and market requirements.

    He lamented that the African Continental Free Trade Area (AfCFTA) negotiations had not made any head way, adding that it would have helped to expand market access for Nigerian exporters.

    He stated that the opportunity of AfCFTA in Nigeria will enhance economic and political reform, security, increase performance, investment efficiency, intra-regional trade and investment.

    He said there are opportunities for small businesses to trade globally.

    He added, however, that small businesses must ensure that they understand the values, needs and behaviour patterns of African consumers and most businesses fail this test.

  • Group seeks ways to boost jobs

    THE Association of Micro Enterprises of Nigeria (AMEN) President, Prince Saviour Iche, has called on the government to support the development of small and medium enterprises (SMEs) sector.

    Speaking in Lagos, Iche, also Chief Executive Officer of Bright Future Hope Enterprises, an indigenous cosmetics company, said SMEs remained the catalyst for socio-economic change, employment and wealth creation.

    He added that  SMEs have been unable to achieve the competitiveness that would allow them to drive manufacturing sector and overall economic growth, employment and poverty reduction.

    He attributed this to problems that SMEs face in accessing adequate financing and business development services.

    With job creation, one of the biggest problems faced by Nigeria today, Iche noted that the industry needs a sustainable plan to convert some job seekers into job creators.

    According to him, Nigeria needs to reduce barriers and provide support what will accelerate entrepreneurial growth and enable entrepreneurs to satisfy an existing demand, create jobs for people.

    If Nigeria is to tap the entrepreneurial talent of its people, he urged the government to enact significant reforms that increase support for new businesses in the formal sector.

    He said the sector needs a multi-pronged approach that will address key constraints to SME financing and development by focusing on the creation of a more enabling policy/regulatory and institutional framework for SME finances.

    According to him, there was a need to help banks gain better access to longer term financing for lending to the sector; strengthening business development services and market linkage programmes for SMEs.

    He urged the government to improve SME access to finance and business development services, thereby fostering growth, competitiveness and employment creation.

  • Fate Foundation to hold Alumni conference

    FATE Foundation, a not-for-profit organisation promoting entrepreneurial development in the country, will tomorrow hold its third annual alumni conference, themed: Building for scale, at Shell Hall, Muson Centre, Lagos.

    The President/CEO, Coscharis Group, Mr. Cosmas Maduka is scheduled to give the first keynote speech; Founder/CEO, Terra Kulture, Mrs. Bolanle Austen-Peters, will give the second keynote speech.

    The conference is   designed as a platform for FATE Alumni and other micro, small and medium enterprise entrepreneurs to learn from entrepreneurial leaders and influencers. They will also share knowledge about key topical areas to grow and thrive as entrepreneurs; while also giving them an opportunity to network and connect with one another.

    Speaking on the Alumni Conference, Executive Director, FATE Foundation, Mrs. Adenike Adeyemi, said: “We are consolidating on the success of the second Annual Fate Alumni Conference. This year, more entrepreneurs can benefit from our line-up of experienced entrepreneurial leaders and industry experts who will be speaking at the conference. This year’s syndicate sessions will focus on: Building a Successful Business in the Creative Space; Digital Strategies to take your Business to the next level; opening up new frontier with franchising; and Manufacturing: Turning your business into a manufacturing giant”.

    “Also, Consulting Bar will be available at the conference while several entrepreneurs will have opportunity to exhibit their products and services. Consulting Bar is as an extension of the monthly FATE Consulting Clinic, where our alumni business men and women can have one-on-one access to expert advisory support for a period of 30 minutes each,” she added.

  • An entrepreneur’s success story

    Unlike most youths who like living in cities, gambling and doing petty jobs, Oluwatomisin Adewumi realised the importance of self-employment. She took advantage of her core competence – cooking. Currently she has taken to catering as a business initiative where she is making a living and utilising proceeds from the business for expansion and to create employment, DANIEL ESSIET reports.

    Founder and Chief Executive  Officer,  Regalo Kitchen and Confectionery Limited, Oluwatomisin Adewumi, has built a successful full service catering business.

    Having discovered early that she cooks well, she decided in 2015 that running her own catering business would be fun and rewarding. Today, she is another example of excellence through hardwork. She has become a successful caterer.

    She started out small with few menu items. Before long, words had gone out on what she could  do and consequently demand increased.  She has grown into a full catering service hosting hundreds of customers at one time.

    Since the business kicked off three years ago, she has been able to build a steady client base within Lagos and outside Lagos.

    Her strategy: “In Lagos people have problem of time to cook. We solve that problem by giving those healthily processed ready-made meals. We also offer families and homes ready-made pot of soups and stew in different sizes and combinations.”

    How much did she start the business with?

    Her words: “The business started with zero Naira, though using kitchen utensils and wares of my parents. My line of business only needs you to get someone who trusts you to deliver; you get part payment and on delivery get your balance. We complain a lot about capital in this part of the world and forget to look inward to what can be achieved with the available resources.  This is not to underestimate the importance of capital, but you can always start from where you are with the resources you have. For example, I cook, bake and train from home due to the high cost of renting a dedicated space in Nigeria.”

    Now she gets offers for catering jobs, and doesn’t know in which location she would be  next.  People ask for her business card, and what kind of foods she can do for parties.

    Business has continued to boom. She has built her business on service delivery as customers come back for more.

    She has achieved her dream through hard work and ingenuity. She recommends that others follow their hearts, and if catering is in their future, they should seek advice.

    She  stated that the importance of good branding cannot be overemphasised. At each occasion, she strives to make her services stand out, which throws more challenges every day to the job.

    Her lessons and challenges: “Putting together the right team and staying on course is something we find very hard to do at times. The entrepreneurial life is basically different from the regular paid employment. I have learnt to be consistent and patient.”

    She has advice for young entrepreneurs: “The key advice lies in the 3Cs which are Competence, Consistency and Capacity. Every entrepreneur must build competence with consistency and capacity to survive the challenges of running a business in Nigeria and Africa.”

    For her, aspiring entrepreneurs must have determination and patience to nurture their business.

    Her satisfying moment in business: “One of the satisfying moments was our first cake baking Masterclass which had over 10 attendees.”

    She is proud of all her accomplishments so far, while motivating herself to aspire for more feats.

    Her   success represents the passion and aspirations of hundreds of young people that can achieve a lot with the right support.

     

  • Rome Business School to promote family enterprises

    Rome Business School has restated its commitment to promote  family  enterprises in Nigeria given their potentials to lift the economy especially at the micro level.

    An  interview with The Nation in Lagos,the  Country Manager, Dr. Humphrey Akanazu, noted that  stronger support for family businesses is critical  to establish job opportunities.

    According to him, family businesses are the backbone of Nigeria’s economy but governance seems to be their biggest challenge.

    To this end, Akanazu said the Lagos office of Rome Business School is organising an  intensive training session for existing and would-be family businesses.

    He said the first session of the training was done in Abuja, and the third would be executed towards the end of the year.     The Rome Business School boss added: “Succession planning, corporate governance and sustainability will be our thrust at this training. We want to prove that indigenous businesses are sustainable.    “A whole lot of issues will be brought to the fore such as  accountability in business, transparency and integrity. These are very critical elements in the bid to sustain family businesses,”Akanazu  added.