The Nation Newspaper

Category: Small Business and Entreprenuership

  • How serial entrepreneur stays on top of the game

    In a career spanning a decade, Jephter Akaehie, a United States (US) certified business success coach, has seemingly done it all. Now the serial entrepreneur has his eyes on a wellness care start-up, DANIEL ESSIET reports.

    Jephter Akaehie, 28, is one of Nigeria’s most successful young entrepreneurs. Young, confident, and knowledgeable, Akaehie is a United States (US) certified business success coach. He has many years of life experiences and training in the technical and industrial environments, including healthcare, consulting, technology, education and e-commerce. He is the proverbial ‘does-it-all’ professional.

    A member of the American Union of Neuro-Linguistic Programming ( NLP), Akaehie started Power Edge Resources, a youth training company dedicated to maximising human performance and transforming the lives of the younger generation. From here, the fledgling ideas of his business began to form and he spent some time honing his ‘personal branding’ skills before deciding that personal development and skills training were his strength and calling.

    Today, the social enterprise is a success story, helping individuals test and turn their ideas into businesses, as well as helping organisations improve the quality of their performance.  With the enterprise success, he is now facilitating workshops and speaking on a range of issues, including personal branding and people’s management.

    As a certified coach and NLP practitioner, he works with a diverse range of executives, entrepreneurs and leaders. He coaches them on lifestyle issues; helping them reinvent themselves to start their own businesses.  His real capability is in achieving results in difficult areas, therefore, his success isn’t surprising for many reasons. The outstanding one is that he  brings passion, attention to detail, and strategic thinking to all that he does. As well as running his business, Akaehie facilitates workshops and mentors graduates. Alongside this role, Akaehie, a  graduate of microbiology, has been  developing strategies for graduates to enhance their skills in order to make headway in the business world.

    The health care industry continues to be one of the biggest opportunities for entrepreneurs and investors. This has drawn the interest of Akaehie, whose passion for wellness is evident in all his initiatives.

    His current venture, Green Power Health Care Limited, is into producing natural wellness products.

     Start-up

    “After my certification as an American business coach in 2011, I was contracted to revamp our family business, which opened my eyes to what Africans pass through to be able to receive quality healthcare.  As a trained science Laboratory Technologist and Natural Medicine expert, I decided to embark on some researches with a team of doctors, microbiologists and biochemists, which eventually led us to setting up Greenpower Healthcare Limited as a manufacturing company with focus on solving Africa’s pressing health challenges, using 100 per cent organic ingredients,”he said.

    He started the  business with N1,800,000. “I have been in the natural wellness industry since 2007. I worked with our family business for several years with some other experts and we have officially been driving Greenpower Healthcare for almost two years now,”he said.

     How many members of staff does he have now?

    “We have moved from just one man business to having about 15 full staff and about 300 agents across Nigeria/Africa.

    “Every brand we manufacture is targeted at solving a unique problem. The key to success in business is solving unique problems in an innovative and affordable way. Be passionate about what you do, be focused and be open to learning and improving on what you do per time. Never ever give up too soon on your idea/business.”

    His  most satisfying moment in business 

    “The feedbacks we get from our customers. We get testimonies from our customers, who have been trying to achieve pregnancy for over 10 years. Some use our product for just 30 days others have to use it up to 90 days. We have over 2,000 verifiable pregnancy testimonies from across Africa. Our flagship brand (FreeFlow Capsule) is really making us proud. Secondly, we were shocked to get a deal from the Deputy Minister of Health, Namibia, who wants to register one of our brands in Namibia.

    “In  10  to  20 years, we hope to have presence in about 15 African countries and our brands becoming the preferred brands across Nigeria & Africa.”

  • Wanted: industrial clusters to enhance small-scale manufacturing

    Small entrepreneurs believe the economy can grow faster if the government promotes clustering and mini industrial zones where they will be exposed to shared infrastructure, DANIEL ESSIET reports.

    A graduate of the Federal Polytechnic, Oko, Anambra State, Frederick  Nwokeleme, is the founder of Jubilant Family Industries Limited- a Lagos based manufacturer of personal and body care products.

    The business, which started in 2010 with less than N20,000, is today worth about N20 million in assets and turnover. From its factory at the Industrial Development Centre (IDC), Ikorodu, Lagos, comes shea butter cream, fythol herbal soap and herbal liquid bath and toilet cleaner.

    Nwokeleme’s success story depicts the resilience of a focused and passion-driven entrepreneur. Convinced of his belief in the business, Nwokeleme said he had to sell his car to raise funds to start the business. Today, there are 15 persons on his payroll. He said he owes his success to the enabling environment provided by the  Federal Government at the IDC. Such facilities, according to him, have contributed a lot to the growth of micro businesses. Not only that, it has also helped other small business owners, industrial development centres; encouraged innovation, diffusion of ideas, flexibility and specialisation apart from providing space for new entrepreneurs.

    At the IDC, where he operates, there are smaller entrepreneurs producing various products ranging from personal and body care to cleaning and food products. The place, he said, has provided an opportunity for entrepreneurs to create products that are marketed across the country.

    National President, Association of Micro Entrepreneurs of Nigeria (AMEN), Prince Saviour Iche,  said SMEs were major drivers  of economic growth  as they played crucial roles in employment, income generation, and poverty reduction.

    While many small enterprises are on the front line, Iche, who also manages  Bright Future Hope Enterprises Limited, Lagos,  noted that SMEs faced many difficulties, including  high credit risks, poor accessibility to capital and poor physical infrastructure. SMEs, he added, will want to create new products and services that can differentiate them in the market, but are constrained by resources available for research and development (R&D).

    He believes micro-enterprises can be innovative as long as they can grow in a suitable environment.

    Given the substantial opportunities for SMEs in areas such as manufacturing, services and agriculture, and their potential for reducing poverty, Iche maintained that it was critical for governments to come up with effective strategies and practical investment programmes to facilitate cluster development.

    SMEs, he reiterated,  can generate substantial rewards if they work together in industrial clusters. Hence, the IDCs are part of the facilities the government must establish across the country to help SMEs gain access to costly specialised equipment, user training and advice. He added that inaugurating industrial clusters capable of  creating vibrant, competitive industries, with strong capabilities, was the surest way to ensure the success of the economy, including the SMEs.

    According to him, such facilities encourage broader geographic distribution of development, as operating in a cluster can lead to new opportunities and innovation, particularly for specialised service companies. The impact of such facilities, according to him, is amplified when small business associations come on board to take the lead and get firms in their sector to act together.

    Where the infrastructure gaps are, the AMEN President said such facilities enable SMEs/ to be more productive and reap synergistic benefits through, for example, economies of scale. He added that establishment of industrial clusters for small businesses, could attract startups to set up plants in areas such as city interiors, which lured them with the prospect of cheaper accommodation , labour and tax benefits.

    He said he looked forward to working closely with the government to ensure a diverse enterprise eco-system, a thriving SME community and a strong economy rich with opportunities.

    The Federal Government’s desire  to assist small-scale businesses with a view to providing a solid foundation for industrial development led to the establishment of IDCs. The first IDC was established in Owerri in 1962 and by 2010, 22 others had been established across the country.

    IDCs are established to do technical appraisal of loan applications, provide industrial extension services, train entrepreneurs’ junior staff and managers, engage in applied research into industrial products involving design for small-scale businesses and help small-scale businesses to purchase and install machinery. When establishing the IDCs, the Federal Government spent huge funds, providing workshops, machines, offices and other amenities like motor vehicles. The IDCs, which hitherto, were under the Ministry of Industry, Trade and Investment, were handed over to the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in 2011. However, like most of the businesses and industrial enterprises, the Federal Government established IDCs are facing challenges in some of their locations.

  • Linking artisans to global market place

    Linking artisans to global market place

    Lagos State government has created an online marketplace to allow artisans sell their services to the world. The state believes that given a level playing field, artisans and tradesmen can help grow the economy and build a better future. An awareness workshop was held in Lagos to enlighten them on how to explore the virtual marketplace.  DANIEL ESSIET reports.

    From Nigerians across all social strata, everyone has a tale to tell about artisans or tradesmen. From disappearing with money meant for projects, to purchasing substandard materials and doing shoddy jobs, it has been tales of woes and disappointments.

    There are bad artisans out there. Fashion designers, mechanics,   shoe repairers,  printers  and phone technicians who  start job and abandon it midway after  collecting   mobilisation fees.

    On the whole, dealing  with  local artisans or tradesmen, has been unpleasant experience. But this is going to end as the Lagos Government begins registration of artisans and tradesmen on an online platform.

    Speaking in Lagos during an awareness forum on  the virtual market place for artisans and tradesmen, Executive Secretary, Lagos State Technical and Vocational Education Board (LASTVEB), Mrs. Omolara Erogbogbo, said  what happened to taxis with the advent of Uber is going to  happen to artisans and tradesmen  with the advent of the virtual market place.

    According to her, artisans and repairmen, who provide unsatisfactory services to their clients, will be delisted from the platform.

    Mrs. Erogbogbo explained that  the platform will boast only qualified and verified workers, who will be trained by the board.

    From plumbers to builders, Commissioner, Wealth Creation and Employment, Babatunde  Durosinmi-Etti,   said Lagos is making efforts to  bridge the talent gaps across a range of professions to  boost  attempts to re-energise the economy.

    He said the growth in the economy has seen demand for skilled artisans and tradesmen rise. This presents a great opportunity for experienced ones to cash in on their skills.

    Without them, he said, any chance of riding on the coat-tails of an infrastructure-led economic revival, appears to be wishful thinking.

    The commissioner said artisans and tradesmen need to become digitally savvy and meet the requirements of modern businesses  if Lagos is to emerge as a digital front-runner.

    Dorosinmi-Etti said selling services online through  the digital market, offers artisans and tradesmen huge opportunities for growth.

    He said the state was determined to support artisans by providing access to exploit the dramatic growth in digital commerce.

    The virtual market place, according to him, is one of the responsibilities of the government to demonstrate just what can be done.

    Speaking on the virtual market place project, the commissioner    said it  has been on the front burner of  the government’s  attention and aims to provide  artisans and tradesmen access and exposure to the international market.

    He said the tradesmen and artisans will undergo bio-metrics data capture and be issued registration numbers.

    According to him, tradesmen registered on the platform can use their registration numbers to attract loans from the Employment Trust Fund through the Ibile Microfinance bank.

    Artisans, through the virtual platform, he said, can manage their business practice and seek opportunities to  expand, adding that they  can attract increased patronage  if their services continue to meet industry standards.

    According to him, after the service has been rendered, the client can go back and rate the service provider based on their experience. These ratings will either make or break them and serve as means to sift the chaff from the wheat.

    Tradesmen, after completing assignments will have their   recommendations and references posted as someone that can  be trusted .

    The platform, he explained, will be run with the support of trade associations.

    Chief Technology Officer, Microsoft Nigeria, Hakeem Adeniji-Adele,   noted that  as technology increases, the importance of digital connectivity is going to increase.

    To bridge the growing internet connectivity gap, he said his organisation is exploring unused broadcast frequencies to generate internet connectivity, which will be crucial for the rural people.

    In addition to a place to sell their services, Microsoft is providing all the support local artisans need to grow their business that catch a customer’s attention.

    Speaking at the launch, President, Lagos State Council of Artisans and Tradesmen, Alhaji  Nurudeen Buhari, welcomed the drive to boost connectivity.

    According to him, the industry is witnessing a dramatic change with the move by the state to enlist artisans and tradesmen in  the  quest to  assume  its potential as a  leader in the digital economy.

    He reiterated the determination of his council to work together with government to ensure that every business has the opportunity and resources to reach its potential and connectivity, and undoubtedly become a crucial element.

    He gave kudos to Governor Akinwumi Ambode’s administration for always evolving novel ideas to bring succour to the teeming masses of the state.

    According to Lagos State House Painters Association President,  Alhaji Sikiru Odetunde, the whole idea is to scale up extremely fast. He said his organisation was prepared to explore the opportunity to do business online.

  • ‘We’re here to build global companies’

    ‘We’re here to build global companies’

    The Managing Director, Melt water Entrepreneurial School of Technology(MEST), a pan-African entrepreneurial training programme, seed fund, and incubator, Aaron Fu, was in Lagos. He speaks with DANIEL ESSIET on what his firm is doing in the country.

    What  impact will business in cubation hubs have on the economy?

    That is very big question. Startup hubs, technology hubs and technology accelerators are not new things on the continent. They have done great work over the decade and more, getting more young technologists to create products, more people to understand software development and many young people are trying their hands on building technology stuffs.

    The trend recently is that a lot more international brands are getting launched in Africa. Techstars has just launched in Cape Town; next month, Tech Crunch is coming to Nairobi. You know, we are beginning  to see a maturing of the eco system, whereby, not just local groups are running incubation hubs, global brands are  also coming in to run them.

    If you look at West Africa, South Africa, East Africa, and each region have incredible strong programmes with local flavour. If you look at innovations coming up in East Africa, it is so much concentrated on social innovations. There are a lot of green technologies being launched, solar technologies, and a lot of entrepreneurs are solving social problems in East Africa. What you see in West Africa are conventional business innovations. You see a lot of ecommerce startups. You see a lot of digital startups in West Africa. In South Africa, it is a different experience. A lot of universities are involved and, so, you have startups involved in deeper technological products, products that almost ready to go to the rest of the world. I think we are entering a very exciting time for the next phase of acceleration programmes on the continent.  We only hope that the process will bring out a strong pipeline of products that will make Africa proud.

    The emphasis is gradually shifting from creating business incubation hubs to acceleration hubs. It also means explosion in new jobs associated with acceleration. What kinds of new jobs will be in demand in the new technology paradigm?

    At MEST, we offer   software entrepreneurship training programmes. We believe very much in the power of software entrepreneurs to be able to create jobs. Entrepreneurs able to create products that can be exported. The beautiful thing about software is that anyone can learn it.

    You don’t need to go through a four -year course in the university to learn how to create a product. With a laptop and free online resources, you can create a product. So it is very democratising. It doesn’t matter where you are, what your family background is, as long as you are able  to get yourself a computer and spend some time on it, you can become a world class programmer.

    The other issue is how you are going to get paid for your work. There is a lot of frustration around local economies in Africa not having enough consumer markets for business technologies created by local programmers and tech entrepreneurs. This is very frustrating for young entrepreneurs who put their energies to develop products and not find local buyers at the end.

    The beautiful thing  about software market is that you  can sell to any buyer in the global market.  A local developer in Nigeria can sell to somebody in US, India or Japan. You can build something here and with a tick of the button, get a buyer to  sell to anywhere in the world without going through border restrictions, shipping challenges and so on. You can even negotiate your contract online. You work online. Our vision is that of somebody sitting on his computer in Lagos, Abuja or any part of Nigeria and building software that can be sold online. What is required is a background in software development.

     Competition is heating up in our massive local e-commerce market. So many people have entered the market but the scenario looks like the market is saturated. Then the economy is shrinking. Do you see future for new entrants with players such as Jumia dominating the space?

    You got two key issues here. One is how does startups and the rise of many  tech  businesses help daily problems? Should we prioritise solving problems, such as getting food supply faster when supply of electricity is a major problem?

    Right now, there are many startups and technology companies. I can assure you some of them will not be in the market for a long. One or two will emerge from the pack in some sectors.  Some of them will fail. On the back of the surviving bigger brands, you have new jobs created along the line and a large value chain that can accommodate new services providers-whether logistics, digital market agencies, photographers, finance and payment guys. What you will argue is that without good delivery there will be no need for payment services. This notwithstanding, there are multiplier effects to take into account.  With regards to startups solving day to day problems, there is an interesting thing about the rest of Africa. Lagos is a little different. In the rest of Africa, lack of a national street address system has also made it difficult for ecommerce to flourish and it continues to be a major obstacle. The street address problem is a huge barrier and it is an issue for techs trying to solve the delivery challenge. Without a proper address system in place, it is difficult to get goods safely delivered.   The explosion of ecommerce  has signaled an increase of product deliveries. Because there is so much money to be made in ecommerce, there is need for a good national street address system. The need to solve this problem is critical. The formal addressing system has just not kept up. There is need for services to help ecommerce businesses locate their consumers.

    Why are you in Nigeria? What is MEST offering that will be different from other business incubation hubs in Lagos?

    I appreciate the work that Co-Creation Hub Nigeria (CcHUB) has been doing in the last few years. In fact, its Chief Executive Bosun Tijani convinced me to come to Nigeria.

    I think MEST has a different model both on the school as well as the incubation side.

    For instance, compared to the rest of the hubs, we are the only one that runs one year residential intensive training for prospective tech entrepreneurs. This involves flying Nigerians to Ghana, to undergo the training free.

    We ask for nothing back from them at the end. I think that in itself is building a pipeline of  hands that can be engaged by CC hub and other incubation hubs.

    Clearly, we are not here to take hundreds and thousands of companies.  We are focused on taking very few startups to the global stage. We are here to take, may be 50 companies. Our approach, every year, through the school, is to support 10 to 12 companies. Typically, we buy equity in them. Our investment is between 50,000 and $200,000. It is not small money. The investment is meant to help them get on a fly start.  More importantly, we, our general managers and fellows, work with them daily and weekly. We set goals for them, we find experts to work with them. We are not here to offer funding to everybody. We are here to support a few serious startups with the funds in our disposal. That is the core of the work we  have done in the past.

    Going forward, like what we have done in Accra, the team here will engage companies.  We have seen a lot of successes from the way we have delivered expertise and strictly monitored the execution of goals we set for the companies that we invest in. We want to extend that to start ups here. Very soon, we will be inviting applications for the incubation space here, which may or may not cover funding. We are trying to grow the family by opening the space to Nigerian startups. We are inviting people to join us.

    What are the basic requirements for prospective founders that can be accepted to the school or startups for incubation?

     If you look at our history of selection, whether for picking entrepreneurs in training (EIT) in Ghana or startups for investment, it is very tough. It is a very rigorous six- month process. The prospective applicants for EIT go through rigorous processes. They go through a test similar in the GMAT. The test is really tough. I don’t think I can pass it now. They go through several interviews and exercises. All these are meant to judge attitude as well as aptitude. We have nine years of data around the kinds of individuals that tend to give rise to successful companies.

     

  • How entrepreneurs can tap into $50b opportunities in media, by John Momoh

    How entrepreneurs can tap into $50b opportunities in media, by John Momoh

    Nigeria provides one of the largest and fastest growing markets for entrepreneurs, according to Channels Media Group Chairman John Momoh. He was the keynote speaker at the Second Fate Annual Alumni Conference held in Lagos. The event had as theme: “Unlocking the growth potential of MSMEs through partnerships and innovation’’. DANIEL ESSIET reports.

    For the Chairman, Channels Media Group, Mr. John Momoh, the strategy to  remain afloat in the broadcast business and be   ahead of others is simple: Transform digitally.

    He believes every broadcast business needs to be digital to thrive in the economy.

    Momoh spoke at the Second Fate Annual Alumni Conference in Lagos.

    The event had as theme: “Unlocking the growth potential of MSMEs through partnerships and innovation.”

    Beyond enhancing content and driving transformation, he said there was the need to be Information Communication Technology (ICT) minded.

    He urged Nigerians to tap into about $50 billion worth of opportunities in the broadcast and media industry.

    According to him, there are opportunities for small amd medium scale enterprises (SMEs) to provide services to broadcast businesses through the use of digital technologies.

    “As we know, Nollywood is rising with more talents coming on board; moreso, we need more channels that are dedicated to carving a niche for themselves in different areas,’’ Momoh said.

    The sector, he said, has huge opportunities to generate employment and revenues for the economy, if the potential could be properly harnessed.

    He said digitisation would soon open the window for more investments and for channels of programming that would be dedicated to various niches.

    According to him, the market presents tremendous opportunities for small businesses to grow and create more jobs.

    He recounted  how he started Channels Television 22 years ago and the challenges he faced.

    Momoh said he applied for a licence to launch a free-to-air news television station in 1993.

    With limited capital and a resolute determination to succeed, the commitment of his family, a N3-million loan from a local retail bank, and the eventual support of a few friends, and a committed core staff of 15, the Channels boss said the station began test transmission two years later within Ikeja, Lagos.

    At the beginning, he recalled that mainstream advertisers were reluctant to embrace his firm.

    He had to battle both the political and financial landscapes to survive. It was during one of the most challenging times ever in Nigeria’s political history flickered with military dictatorships.

    Most times during the Sanni Abacha years, he narrated that the station faced the risk of  collapse with military attacks making the dedicated news channel  a non-attractive bet for investors that they approached to invest in the project.

    Despite the early pitfalls and near collapses, the Channels Television  chief said the project  survived.

    His words:  “We bootstrapped our way to financial stability.’’

    He said a dogged spirit of faith and the commitment of his wife, helped the resolve to continue in the pursuit of what was going to disintegrate into an unlikely dream with declining returns.

    According to him,  the television’s bias for news  placed it well above other competitors in the industry.

    The station, he added, bagged the ‘Best Television Station of The Year’, an award endowed by the Nigerian Media Merit Award Trust – 10 times in the last 14 years: 2000, 2001, 2003, 2004, 2008, 2010, 2011, 2012, 2013, 2014, 2015, thereby making Channels Television “the Station of the decade.”

    Fate Foundation founder, Mr Fola Adeola, urged entrepreneurs to be diligent and resilient in the pursuit of their vision and growth of the economy.

    Adeola said the mission of the foundation is to foster wealth creation by promoting business and entrepreneurship among Nigerians.

    Fate Foundation  Executive Director Adenike Adeyemi, said participants would benefit from experienced entrepreneurs and experts at its conferences.

    This year’s sessions, according to her, focused on access to markets, brand management, agribusiness and sustainability.

    Fate Foundation was founded in 2000 by Mr Adeola, the pioneer of GTBank PLC. Since its inception, it has graduated over 5,200 entrepreneurs from its Aspiring, Emerging and Special Entrepreneurs’ Programmes and trained over 40,000 Nigerians in its short entrepreneurship certificate courses.

     

     

  • Corp member empower colleagues

    Corp member empower colleagues

    A youth corp member Obasi Sixtus Nnamdi has organized a skill acquisition training programme for corp members of Mushin/Odiolowo local government Area, zone D Lagos.

    The exercise, which was centred on solar panel, inverter and DSTV installation , was sponsored by White Soul Motors Limited and ID communications  and powered by  Sixtus Engineering Services.

    The training began in the month of August and ended on Friday, September 29, 2017 with a competition.

    Corp Member training colleague
    Corp Member training colleagues

    Speaking at the wrap-up of the competition, which took place at the local government auditorium, Sixtus, explained that the free entrepreneurship training exercise was organized in order to reduce levels of unemployment and poverty among youths.

    At the end of the competition, winners emerged from the Friday Community Development Service (CDS) group and a giveaway price of ten thousand naira was presented to them by Sixtus Engineering Services.

    Corp Members
    The Zonal inspector presenting the prize to winners

    Sixtus expressed appreciation to the management and staff of NYSC for giving approval for the program to hold. He also appreciated the Youth corp members of Mushin/Odiolowo local government Area for their active participation throughout the training period and during the competition.

    The programme ended with the commissioning of installed solar panel/inverter and DSTV decoder which was presented to the local government by Sixtus Engineering Services.

    In attendance were officials from the National Youth Service such as the Zonal Inspector Mrs Oluwaseki Ariola, Public Relations Officer NYSC, assistant local government inspector Mrs Ayoola Amzat, Local Government inspector Mrs Anne Eduoku and Youth Corp members Mushin/Odiolowo local government Area.

  • Tackling poverty through entrepreneurship

    Tackling poverty through entrepreneurship

    The Dickson Leadership Training Institute International, a non-governmental organisation, is silently playing its role of facilitating, nurturing and promoting the development of entrepreneurship and growth of enterprises. It gives its founder, Barnabas Dickson, immense pleasure and satisfaction to see enterprises grow and prosper through his mentorship. DANIEL ESSIET writes.

    Over the past few years, poverty has continued to fester in rural communities, with almost 60 per cent of the rural population living below the poverty line.  For social entrepreneurs, there is an urgent need to integrate the rural population into the nation’s developmental agenda. But this can only be achieved by supporting entrepreneurs to establish small enterprises  across the country.

    At the vanguard of this campaign, is the founder of Gombe State-based Dickson Leadership Training Institute International, Barnabas Dickson, whose drive is based on the belief that rural-to-urban migration is an inevitable socio-economic reality, especially for those unable to generate meaningful livelihood from rural resources.

    Dickson has seen  many Nigerians in  poverty and determined to establish a vehicle that will promote entrepreneurial solutions with a clear impact at the grassroots level. He also believes that taking a business approach to alleviating poverty will   create rural small businesses and help many Nigerians work their way out of poverty.

    He has established Agrolution – a revolutionary agriculture and training for young people.  The goal is to build a generation of agri entrepreneurs; create vibrant local markets; catalyse local production and demonstrate that entrepreneurship is the way to economic prosperity.

    His strategy is: give people the tools, education and resources to become entrepreneurs, the result will be vibrant communities promoting economic growth.

    The institute’s courses range from leadership and entrepreneurship to financial, business management and skills-based vocational training. His training stands out because of the emphasis on not only the skill building aspect, but design that encourages individual development and growth.

    Dickson’s organisation works with young people, guiding them through the processes. From needs assessment and market research to developing a business plan and financial planning.  His organisation has so far been building the capacity of many Nigerians in agri business.

    He is happy putting many Nigerians on the path of wealth and value creation. He is seeking out partnerships with organisations that are creating jobs. Today, the project is bourgeoning and he has 35 members of staff in his employ.

    Asked how much he used to start the business? He said: “I started with nothing. I just paid my transport fare to get the seedlings in areas where those plants are taken for granted, though we have improved on the seeds now.”

    One area he is promoting is microfinance.  He is seeking ways poor people can be reached with subsidised loans.  He has seen how the banking system has not done enough to restore financial health in the rural areas and how the number of small loans going to rural areas decreased rapidly. Consequently, he has established a cooperative wing to ensure that there is credit flow for entrepreneurs.

    Having spent some years in the business, he has this advice for young entrepreneurs: “Get risk

  • How Nigeria can increase growth with technology

    How Nigeria can increase growth with technology

    The eleventh Enterprise Development Centre (EDC) annual Small and Medium Entreprises (SMEs) Conference, which held at the Pan Atlantic University, Lekki-Epe Expressway, Ajah, Lagos,   highlighted  how small businesses  could  use technologies to do business in Nigeria.

    The conference brought together alumni, stakeholders and other small and growing business owners. Key speakers agreed that bringing small and medium enterprises (SMEs) up to speed with technology, digital revolution and modern skills, is not just improving their profits, but creating growth and jobs.

    They pointed out that in the digital age, no business can thrive without better use of ICT, emphasising that SMEs grow faster when they embrace technology.

    According to the speakers, technology is driving economic growth and the pace of change has accelerated. According to them, SMEs with an unprecedented range of options, have helped to drive growth, while staying resilient and responsive to customers’ demands.

    One of speakers and founder of Research Vault Services, Alex Iheanacho, urged SMEs to explore technologies to help them achieve economic growth and consequent job creation.

    According to him, technologies were huge drivers in helping companies achieve their goals.

    He said: “Technology is taking business higher, the thing to focus on is new ideas that help  to create a community technology pool.“   Adding:“In Nigeria you need innovation daily, customer-led innovation to improve services, manage staff better, manage cash flow, costs and  do best things. The world is driven by the best innovation, you have to think about improving the things around you. You have to embrace new  things, if you can’t connect with people, you can’t do a business. You need quality and content.“

    He urged SMEs to keep abreast with technology evolution underway, and incorporate innovation as  core component of their businesses. He called on more firms to focus on strenghtening research, technological development and innovation to enhance competitiveness.

    Chief Revenue Officer,   Dragnet Solutions Limited, Baba Ikazoboh said:”Technology is  enabling SMEs to build communities. The ideal business model has been  one  where you can  use a new idea to create a community  and make your money through  such  communities.“

    He added: “Small guys can actually do big things right now, drive customers led innovation. Best talents are attracted to  innovating organisations. If you are going to create  and package products that  customers can  buy,  you need good quality people.”

    Professor of Strategic Management, Lagos Business School, Pan-Atlantic University, Chris Ogbechie, stressed the need for SMEs to keep  records. According to him, one of the main reasons for early business failure is poor business record keeping.  He explained that inadequate records, leave an entrepreneur unable to monitor the business, therefore, limiting his/her ability to detect and resolve problems early.

    As SME business owners, he stressed the need for them  to keep track of sales, as well as other vital business records.

    Co-founder, Elab, Mr Olawale Ajiboye, stressed that design thinking is the way forward to skyrocket  the entrepreneurship ecosystem.  He advised businesses to adopt  more risk-taking in their business  approaches.

    Export and Business Development Manager, United States Agency for International Development (USAID)’s Nigeria Expanded Trade and Transport programme (NEXTT), Mr Bob Ezuma, said the global market offers opportunities for SMEs to enter the export market, but  advised new entrants and existing businesses  to do thorough preparations to prevent rejection and other  negative outcomes.

    Director, Enterprise Development Centre, Mr. Peter Bamkole, underscored the importance of a strong SME sector for boosting growth, competitiveness, creating jobs, and enabling people to increase their incomes.

    For small and medium scale enterprises to grow and expand, Founder, Dragon Africa, Obi Asika noted that the goal should be meeting the needs of their customers and offering better quality and service than their competitors. Asika urged  SMEs to create value for their customers.

    Social Innovation consultant, Wale Ajiboye, stressed the need for SMEs to have an online presence. He advised entrepreneurs to use various media to get people to be aware of their services and products.

  • Empowering entrepreneurs

    Empowering entrepreneurs

    Legatum Center, Massachusetts Institute of Technology(MIT),United States (US), has supported Nigerians to establish ventures and businesses that have made real economic impact in the country and the rest of the world. DANIEL ESSIET reports.

    Sounded in September 2007, Massachusetts Institute of Technology (MIT) Legatum Center, United States (US) has served as a launch pad for a new generation of entrepreneurs, who want to  acquire skills necessary for innovative businesses. The center focuses on entrepreneurship to foster prosperity in low-income countries.

    The centre achieves this through its  renowned fellowship—the Legatum Fellowship, which is for incoming and current MIT students, committed to developing for-profit enterprises in developing countries. While the Center has had fellows from around the globe, it  has supported enterprising MIT students from Nigeria, who work on innovative ventures.  Many of them have gone on to become great entrepreneurs.               Adetayo Bamiduro and Chinedu Azodoh, cofounders  of MAX Delivery Nigeria, are some success stories  from legatum. They are  fellows of the centre.  They both found out that delivering a package in Lagos was a herculean task, considering its  notorious gridlock.

    As a result, they established Max.ng , an online delivery startup, to help residents  send  packages to any part of Lagos seamlessly. The founders promised package delivery in three hours. The project was a success. So far, Max.ng has made over 40,000 deliveries.    To use Max.ng, one simply make a pickup request via the website or the mobile app.

    Once the order is packed and ready, it is picked up by a Max.ng champion and starts the journey to its destination. The package gets delivered speedily in top shape and one pays the appropriate charges.

    Another fellow is Isaiah Udotong.   Udotong is Chief Executive, Releaf, established for agribusinesses to  use to connect with reliable buyers and sellers of their agricultural commodities. There are two other co-founders, they include Chief Operating Officer Ikenna Nzewi and Chief Technical Officer Uzoma Ayogu. The business has signed up about 1,000 African businesses since its public launch in Nigeria on August 3.

    A serial entrepreneur, Mobolaji Finnih, is a legatum fellow. Finnih has started seven businesses during the last 13 years. He has established TechPreneur initiative.

    It is a business incubator exclusively for technology-related start-ups run by undergraduates, interns and young graduates in Nigeria.

    TechPreneur adopts start-ups with significant potential and provides infrastructure, legal, marketing, business coaching, mentorship, and project management support services with a goal of creating sustainable world-class businesses.

    Globally, MIT Alumni-founded companies have created 4.6 million jobs, generating nearly $2 trillion in annual revenues. MIT underscores the substantial economic impact of the Institute’s alumni entrepreneurs, whose companies have created millions of jobs and generate annual revenues of nearly $2 trillion — a figure greater than the gross domestic product (GDP) of the world’s 10th-largest economy. Normally, the center invites applications for its fellowship from prospective applicants, who are committed to pursuing a startup in a low-income country after graduating from MIT. Fellowships are available for students enrolled in MIT graduate degree programme or a current sophomore, junior or graduate students at MIT.

     

  • How SMEs can survive, by experts

    How SMEs can survive, by experts

    Small and medium enterprises (SMEs) should have long-term survival plans and be aware of innovations in products and services to build viable companies, speakers at the just-concluded SME Tink Tank (SMETT) Seed Conference have said.

    At the event, which was held in Ikeja, Lagos, the speakers noted that SMEs had emerged as tools for economic growth, but face multiple challenges, including limited access to collateral-free finance, lack of knowledge and awareness about business processes and compliance needs and inadequate go-to-market strategy.

    Speaking on the topic: Surviving turbulent time, Fate Foundation Executive Director, Mrs Nike Adeyemi, observed  that  SMEs had confronted a lot of  challenges occasioned by recession, which reflected in a period of slower economic growth.

    She explained that SMEs faced a tough environment, including low consumer confidence due to fear of rising unemployment, high inflation and reduced real wages.

    To stay afloat, she advised SMEs  to adopt  a  market-oriented  approach,  explore  and  utilise  alternative  source  of  finance,  enhance managerial skills and knowledge on markets.

    She urged small businesses to focus on exploring niche market opportunities, and building stronger relationships along the supply chain and on innovating.

    According to her, Medium, Small and Micro Enterprises (MSMEs) need to upgrade to produce products of international quality for expanding their business.

    SMETT Platform Convener, Sola Dawodu, said the objective of the platform  was  not only  to  project the development potential of the SME segment, but also empower the  small  business leaders with inspiration, ideas, valuable insights, knowledge and most of all, encourage the creation of new  enterprises.

    Web Development Lead, Cities WebIT Solution, Olukoya Benjamin, urged the SMEs to explore digital marketing opportunities to remain competitive with larger firms and established brands.

    He noted that digital marketing opportunities are too important for SMEs to ignore – particularly if they want to keep up with larger competitors.

    According to him, digital transformation is not only permeating every layer of the market, but is acting as a catalyst for new businesses and innovative thinking.

    He urged SMEs to explore digital opportunities as smartphones were transforming the way consumers behave and businesses need to reflect this when looking to interact with them.

    Credit Bureau Association of Nigeria (CBAN) Executive Secretary, Onome Ako, urged SMEs to embrace credit bureaux to expand their businesses.

    She explained that credit bureaux could provide information that will allow financial institutions to better assess the credit worthiness of a borrower.

    According to her,  credit bureau  collect and make credit information from lenders and other relevant credit information sources on a borrower’s credit history available to prospective lenders.

    She said SME owners were not aware of the importance of keeping their records updated and of understanding the components of those records.

    She recalled that there was a that SMEs owners were turned down when they sought trade credit.

    According to her, the financial system has come to regard credit ratings as an integral part of the framework for credit and investment decisions relating to larger and small enterprises.

    She explained that ratings could make SMEs’access to financial services more efficient by providing benchmarks and improving transparency.