The Nation Newspaper

Category: Small Business and Entreprenuership

  • Making money as a performing musician

    Making money as a performing musician

    The music industry has provided business opportunities for entrepreneurs besides selling recordings and earning royalties from sales. Many of these include work for broadcast, freelance song writing for inclusion in movies, television shows and advertisements and other derivative uses. All of these activities help to create entrepreneurial success stories for creators across the economy. DANIEL ESSIET reports.

     

    There are some amazing entrepreneurs turning business opportunities in the music industry into success stories.  These  include  recording artistes, songwriters, record producers, performing artistes, musicians (concert &session), background vocalists and  engineers.  Eludiwura Kayode Solomon, founder and Chief Executive, IK Wonders Gospel Band, Lagos is one of them. He is a gospel music entrepreneur. He started as a secular musician. Depending on who you ask, Solomon, popularly known as IK Wonders is   serving the music industry.  The motivation, however, is that he has always wanted to be a musician and has been passionate about the craft since he was young.

    To achieve this, he began as amateur instrumentalist at a Pentecostal church in Abeokuta, Ogun State.  There, he learnt to play a lot of instruments. He later came to Mushin in Lagos. Over time, he worked and wrote songs which were recorded by other singers.  Then, there was exponential growth in the amount of music produced and consumed within the area.  But  at  the  same time,however,   it  was hard  for  new  entrants   to go solo.  Although he was maturing as a musician, fans were not ready for him then. Thereafter, their mindset changed.  It happened in 2000, when  he performed at a ceremony involving one of his sisters. The performance gave him an impressive leap.  That  was the beginning  of  a professional journey  which  was going  to  put  food  on  his  table.   A  few  years,  later,  he realised that writing the songs for  others  was  not  going  to  give him  more  money.   He needed to own them.

    Subsequently, he dropped an album, “Talking your language”.  The result was great.  Gradually, he built a solid, loyal fan base. When it grew large enough, he began partnering individuals to create contents that reflected their interests through music. He dropped another album “Double Celebration”. He became well known in Lagos society circles for his talent at shows and parties. But the competition was fierce––and so  the love. It was survival of the fittest. Later, he was making waves as  a confirmed musician and  began to build a business empire. His winning a market share helped him to further his   brand and credibility. This allowed him to perform as an artiste, songwriter   and entrepreneur.  As his career grows, he will be able to engage in more promotions.

    Thinking like an entrepreneur helped him   to identify opportunities and design a business around them.  As an  entrepreneurial- minded music artiste, he  became   adept at marketing; which was   critical to his success. He didn’t only think of ways to sell his  product (CD’s, T-Shirts, Videos, etc.) but  of  ways to endear people to him  in an effort to create a close-knit community for his fans. He didn’t limit himself to obtaining  deals that he heard and read about but those that can result in income generation. Today,he  is happy to able to  transform  his  talent  into a financially rewarding  enterprise

    The  key to musical  success, of course, is having customers  and charging them enough to make a profit. His ability  to hang  around  his  locality  opened  doors, and let the world know he is in  business. And—surprise, surprise—fans were flocking in. He tried to figure out how to keep it all going—and going efficiently and profitably.

    But  a  major  change  came  when    he   answered   a  divine  message  to  move  into a  gospel  music enterprise. This led to him dropping an album” Omokayode” in 2010.

    Subsequently, he sang “His  Excellency” this year.  His band has   grown into a  successful  one  responsible for creating gospel   music. Today, traditional   gospel  is  not only the greatest  music hit factory ever heard, but an institution, a state of mind, a way of life, a style, the sound local  evangelism has  evolved. The distinctive upbeat and uplifting gospel   music produced by  IK wonders  and  others  has  bought together old and young, like never before and continues to this day. His talents as a songwriter and entrepreneur and his huge contribution to popular music are recognised.

    Today, he is a  ‘crossover” not only on record and stage, but also behind the scenes. He  set his eyes on television, movies.

    He  is  among  the  stable of  gospel  singers, songwriters, producers and musicians of the  Redeemed  Christian  Church  that  has taken  the concept of simple, catchy Christian  songs to a whole new level of sophistication. As   a student of Lagos State University, he  has   became a model of  music  entrepreneurship  pride and self-expression and a repository of great talent. He is a regular   performer at many prominent  events and campuses. His   programmes  are  also  designed to educate and develop the careers of young instrumentalists, singers and conductors.

  • ‘Annual revenue from food valued at over N200billion’

    ‘Annual revenue from food valued at over N200billion’

    FROM the President of the Association of Fast Food Confectioners of Nigeria (AFFCON), Mrs Bose Ayeni, has come a clarion call: prospective investors should gird up theirs loins as they stand to benefit a lot from Nigeria’s economy because it’s a goldmine that is waiting to be tapped.

    Mrs. Ayeni made this call at the press conference held in Lagos to announce the second annual national conference of AFFCON in Lagos, scheduled for October 10.

    She said: “In spite of the huge challenges Nigeria is grappling with, the size of our GDP shows that our economy is a goldmine waiting to be tapped. And food is essential to keep our large population of 170 million alive, nourished and going.”

    Ayeni also drew the public’s attention to the urbanization and rise in social media penetration as factors that would boost business. “Globally, we are living through the largest wave of urbanisation in history,” said the AFFCON President. “Urban population, being more prosperous, aided by the steady decline in poverty arising from economic growth, will give rise to a greatly expanded consumer group. We as operators must understand the nature of this expanding consumer group. In Nigeria, they are largely youthful and culturally diverse. We must understand the strategies required to reach them.

    “Between 2012 and 2013, total global social media audience increased from 1.47b to 1.73b. With 25% of the population now online using social networks, we cannot be left out of the opportunities that abound in tapping into the use of social tools for business values. It is against this trend that for this year’s conference, we have a sub-theme of how we can utilize Technology to improve our business effectiveness.”

    This year’s national conference of AFFCON, which holds at Eko Hotel and Suites, Victoria Island, Lagos, Friday, October 10, 2014, will have the Lagos state governor, Mr. Babatunde Raji Fashola, as special guest of honour, while Ms. Evelyn Oputu, former Managing Director of Bank of Industry, is expected to give the keynote speech under the theme: ‘Food Industry in Nigeria: Challenges and Opportunities.’

    Ayeni noted that the organised Nigerian fast food industry is a key contributor to the Nigerian economy, with an estimated annual revenue of N200 billion. “Given that the food industry also employs over 500,000 people at the processing and retailing levels, a lot of whom are youths, we are certainly contributing much to the reduction of unemployment, which is a focal point of the Federal Government,” she added. October 10

  • ‘Nigeria’s economy needs professional entrepreneurs’

    ‘Nigeria’s economy needs professional entrepreneurs’

    Some measured optimism is being expressed concerning the emergence and ranking of the Nigerian economy as a member of the Top 20 League come the year 2020. Part of that optimism is freighted on the recent grading of the Nigerian economy as Africa’s foremost, following its breasting the tape ahead of South Africa. What the grading has shown is that, in spite of years of mismanagement, distorted planning and unrelieved corruption – particularly during the period of stratocracy, from the mid-’80s up to well into the Fourth Republic, is the remarkable  resilience of the Nigerian worker, tax-payer and the economy itself.

    Some development economists, like Dr.KayodeFamiloni, formerly of the Department of Economics, University of Lagos, Akoka, tend to argue that the remarkable stubbornness with which the Nigerian economy, since the Babangida regime’s structural adjustment programme (SAP), has resisted what is regarded as “an ever-dose of fiscal and budgetary distortion”, is a faint tip, under which there’s an iceberg of entrepreneurial spirit yet untapped. Dr.Rotimi Oladele, who’s the Executive Secretary of the Institute of Entrepreneurs, Nigeria, figures that it may require unleashing, with a combined force of unswerving political and economic determination, the near-limitless Nigerian entrepreneurial acumen underneath the iceberg – if Nigeria, with some fair ease, is to sail into the league of Global First – 20 (GF-20) economies, come the target date of 2020.

    There’s a pressing need, said Oladele, for what may pass for an approximation of renaissance in entrepreneurship in the Nigerian economy – not, necessarily, in the political economy or the macro unit, which, sometimes, is mistaken as the sole, rightful beneficiary of trillions of naira in government budget.

    It’s dysfunctional, in Oladele’s view, to act on such a marginal or far-from-progressive point.

    While Oladele advised against a vertical or horizontal economic planning and implementation, as the main speaker, at the induction of about 40 new members of the Institute of Entrepreneur, Nigeria, in Lagos, recently, he offered that the renaissance should be in tandem with the trend in global economic practice for which economic policymakers and entrepreneurs are into the acquisition of what  he called “diagonal” skills, in terms of informed, eclectic education, new entrepreneurial behaviour, attitude and practice, which, combined, are an index of a blustery force that propels economic growth or expansion, and micro economic activities.

    What Oladele’s argument implies is that it would require an encompassing economic model predicated on diagonal, inter-discipline skill acquisition behind policy-making and execution that accords recognition to army of entrepreneurs yet to be in the potentially rich medium- and small-scale sector of the Nigerian economy. It makes far less economic sense to have a budget, in trillions of naira, that, for want of a better expression, is almost hairlessly disdainful of how well to ignite a rewarding rejuvenescence in the relationship between the macro and micro sectors of the Nigerian economy.

    It makes, besides, far little economic meaning when such colossal budgetary allocations tend to ignore, at the price of sustainable economic growth and expansion, the creation or emergence and participation of new entrepreneurial ambassadors of the Nigerian economy. The basic principle of diagonal entrepreneurial skills, it appears, is borne out of the agonising experience of the countries of North America, the European Union and, to some extent, Africa and Asia, on account of the 21st Century’s first, global economic depression – occasioned by the collapse, in 2008, of the United States-based Lehman Brothers.

    By inference, Oladele’s view is linked to a binding need to have new entrepreneurs who’d drive the Nigerian economy. With diagonal entrepreneurial skills and behaviour pumped into the Nigerian economy, a solid foundation would have been laid, anew, by a countless number of Lehman Sisters, who would be determined to protect the Nigerian economy from the destructive practices and effects of the Lehman Brothers. It’s, perhaps, plausible to argue that there’s a need to have, henceforward, a founding team of Lehman Sisters, Nigeria – with Finance and Economic Planning Minister, Dr.NgoziOkonjo-Iweala, as the captain. The intent should be to test-run a project with an eye to handing the running of the Nigerian economy over to Nigerian mothers, who are, presumably, more entrepreneurial than their fathers counter-parts.

    Truth is that they are the less entrepreneurial fathers, who have mismanaged the economy of this blessed country.

    Currently, the country’s debt profile is, again, on the  rise.

    Oladele believes that the unsavoury debt peonage that was one of the Lehman Brothers-like experiences of the Nigerian economy, caused by the Babangida regime, could be avoided with a rebirth of the entrepreneurial spirit amongst key players in the macro and micro sectors of the Nigerian economy. Nigeria can be saved from the kind of economic catastrophe suffered by such countries as Iceland, Portugal, Ireland and Greece for which they had to go a borrowing from such multi-lateral institutions as the World Bank, International Monetary Fund (IMF) and the European Bank for Reconstruction and Development (EBRD).

    Oladele’s position as the acquisition of diagonal entrepreneurial skills and behaviour is instructive: it was the lack of entrepreneurial spirit that led, in part, to the collapse of some once-virile and dominant Nigerian business outfits, like textile industries, savings and loans (S and L) merchant banks, airlines, road transportation, print and broadcast media, hospitals, shipping etc. and the attendant loss of many jobs.

    Going beyond profit towards growth was what produced the Asian tigers. It has taken a driving entrepreneurial spirit to post the economy China to where it presently is; so close to that of the United States that, some say, it’s a question of time before it dominates the world.

    The absence of a culture of entrepreneurial  spirit in the Nigerian economy find a notable expression in the dishonourable idleness of most state governments, who do nothing with the huge petro-naira they collect from Abuja each month: no infrastructure, no economic development, no encouraging business milieu, no credible and sustainable employment opportunities for the teeming population of virile youths.

    Oladele says Nigeria must shift from the decay that is cover-dependence on oil and be, now, about other sources of financial capital – mostly solid minerals, with which the country is abundantly endowed, tourism and hospitality, a more aggressive, but less-hostile-to-business, tax and excise regime – sans the current regime of multiple  tax that is eating into the health of some promising, private businesses – agriculture not, necessarily, another fraud with an alias like “Green Revolution” – but one rested on an awakening of the river basin authorities, mechanised farming and a boost to agriculture in the rural areas, and many more.

    In which case, as Oladele puts it, it’s an exercise that would require patriotic professional entrepreneurs. An economy blessed with patriotic, professional entrepreneurs is a bright future. Armed with diagonal skills, it has a reserve of resources when the unexpected – a dislocation in economic activities on, say, happens. The real entrepreneurial is not the Nigerian business manager who stops at profit.

    He or she is the risk- taker, said Oladele, who can distinguish between business budget or capital and profit. Such an entrepreneur is a person who, guided by an engrafted entrepreneurial spirit, distances himself from the capital on which his enterprise leans. Such an entrepreneur has a cap on which is boldly inscribed “integrity.”

    It was a manifestation of the professional entrepreneurial spirit in the skippers of the multi-national company that they targeted the youths and a popular musician to revive their ailing business. If it’s a rejuvenation of the agricultural sector, the professional entrepreneurs – some of them facetiously referred to as  Oladele brought-ups – are ready to take over.

    Solid minerals – coal, iron ore, steel, lead – rubber, palm oil, cocoa, ground-nut, hides and skins? Yes, the professional entrepreneurs are ready; ready to create not only employment but also generate tax. There are professional entrepreneurs who are willing to fix the network of both federal and states roads, based on some mutually-agreed terms – including time-bound collection of tolls. It creates wealth and profit, just as it drives growth and sustainable employment.

    Oladele believes that Nigeria would do well to redesign its educational curriculum such that the products of its universities would be well equipped with entrepreneurial skills that would make them less dependent or have to wait in vain for government jobs, as is presently the case. It helps crime that springs, in most instances, from unemployment.

    •Uzuakpundu is a Lagos-based journalist

  • Turning hobby to success

    Turning hobby to success

    A young entrepreneur uses technology and innovation to reposition his photography business, writes DANIEL ESSIET.

    For more than three years, he   has built his business skyward by providing video services from simple tape to digital video disc (DVD) transfers to complex editing to a host of clients, both personal and corporate. Like many studio owners, Awolowo Segun found his way to the world of home video through his love for photography and video. His hobby and his vision of making an impact in his customers’ lives led him to success. Segun ’s business began like many  startups on a very small scale. His  dream of growing a business of his own  began on   January, 2004  with less than N5,000. The business has grown  over  the  years. He began  to work from home, bringing joy and laughter to his customers with his expertise, tape to DVD transfers, old home movie transfers, photo and video montages, and duplications.

    He knew he’d found what he was looking for. His diligence, creativity, customer service skills, drive and sales skills combined to make him a good home video studio owner. His dining room was home to a huge commercial photo-printer and other accessories. He   was savvy about his business. He had a very lean startup, spending his money and investing his time. Today, his business is well known as it worths more than N20million. He   had a clear idea about the future of his business, but what he needed was guidance and a more dynamic working environment. Being in a company of inspiring entrepreneurial people, led to lots of interesting conversations and sometimes business opportunities.

    Is his line of business  expensive to start? He said no. “It is not as expensive as many think.” On what it takes to start, he said the materials one needs most  important are the  clients. To use  his  words: ”The most important supply is client. Not money or space. Not even the required equipment because you can source for them without cash.” He  works  for a minimum of 12 hours daily, but had done 24 hours on several occasions. Asked what it takes to run a successful business? He said consistencyand steadfast. He  has also learnt  to  be positive. He has made mistakes, rectified them and worked out how to stop them from happening again.

  • NIM calls for transformational leadership

    NIM calls for transformational leadership

    Participants at the 2014 Nigeria Institute of Management (Chartered) Conference have called on the government to stem corruption if they want the country to move forward.

    The event which took place at the Golden Tulip Hotel in Warri, Delta State, saw the participants   unanimously calling for a transformational leadership as a panacea to the slow pace of development in the country.

    The president and Chairman of Council, Dr. Nelson Uwaga stated that the annual conference aims at contributing to national development.

    The conference, which has the theme “Strengthening the Institution of Nationhood: Challenges of Management,” drew participants from all over the country.

    Nwaga stated that for the country to move forward, there is the need to establish stronginstitutions.

    He said: “This is a collective responsibility that can only be achieved with attitudinal change and redefinition of our national ethos and values.”

    Mr. Nwaga urged every Nigerian to contribute their quota to the development of the country.

    “The challenges Nigeria is facing presently are part of the process of becoming a nation and will be short-lived. Let us all join hands together to deepen our nascent democracy in the face of daunting challenges and make Nigeria great,”he said.

  • ‘FG committed to sustainable environment’

    ‘FG committed to sustainable environment’

    The Director – General, National Environmental Standards and Regulations Enforcement Agency, Dr. Ngeri Benebo at the weekend said the Federal Government was fully committed to ensuring environmental sustainability.

    Benebo said the government aims to provide the people with a clean and healthy environment upon which the natural ecology of the country can effectively develop towards achieving better socio-economic development.

    The DG spoke at the stakeholders’ meeting on the National Vehicular Emission Control Programme (NVECP) in Abuja, recently.

    Benebo said automobiles, despite its numerous benefits have continued to be a major source of air pollution.

    She said: “There has been a rapid increase of cars on our roads, and the problem of pollution has increased exponentially along with the growth in the number of cars.

    “Reducing vehicular emissions therefore, is key to tackling air pollution.

    “Therefore, if we reduce vehicular pollutants, we can significantly enhance air quality, improve public health, and save billions of Naira in health care costs.”

  • StarTimes secures exclusive rights to air European matches

    Digital Terrestrial Technology Pay TV service provider in Nigeria, NTA STAR TV Network had secured the rights to bring live football actions of European Qualifiers Matches on StarTimes Sports 2.

    A statement from StarTimes said this package is exclusive to and available only on StarTimes, from September 7 to 16th of November 2014.

    According to the statement, “Startimes will be showing live the European Qualifiers Matches involving the best soccer Nations and greatest players in the world.

    StarTimes Sport 2 has a rich, diverse and global outlook aimed at meeting the teeming needs of current and prospective customers, who are constantly searching for rich sports content.”

    The statement said StarTimes Sport 2 will “offer sports inclined customers as well as prospects a diverse range of sports like soccer, tennis, golf, rugby, car-racing, cricket and extreme sports.”

    The content of StarTimes Sport 2 will include live broadcasts and highlights, sport news, sports programmes, sports movies and exercise education.

    StarTimes has the exclusive rights to air over 200 matches of European Qualifiers competitions. The first half play of the European Qualifiers begins in September and ends in mid November 2014, while the second half will begin in March 2015 to end in mid November 2015.

  • From adversity to prosperity

    From adversity to prosperity

    Returning to Nigeria from Dubai  has proved  a good decision for Mrs Blessing Arukwe, who  has  built a big  fashion  business  within a few years of her returning to Lagos.  For  her, there is a sense of fulfillment in coming back and achieving this growth. DANIEL ESSIET reports.

    THROUGH passion, courage and a will to succeed, an  entrepreneur, Mrs Blessing Arukwe, has  gone from making   hair  at   home, to owning a micro footwear  and  bag making   business in  Lagos.

    But  it was  a  sad story at the  beginning. A story of  overcoming  adversity   to  hitting   success. This is because 12 years ago, nobody  believed  she had something to offer in  a family of five. In fact, she was regarded as one without an ambition.

    Discouraged  and  despondent, in 2002, she sought divine intervention. After much prayers, she  suddenly  felt  a  surge of revival   of  her skills. Her  isolated  nature then  gave  her time to explore  her  revealing  skills-set.  She began with hair making. Then other talents  followed. Suddenly, her interest in entrepreneurship rose sharply.

    Generally, hair making is a skill many women learn from childhood and offers easy entry into the business world. That is how Mrs Arukwe started her own business. Hair making   was the   way to  go because  she  could  plait naturally.

    Her family and friends were  convinced she  was good at it. Her  talent  was being  heralded, attracting   the attention of other people  who  flocked  their    home  to benefit from  her  unique hair making  style, which  revealed  taste  for  quality and beauty.

    This launched her into full time business, with no capital except her skillful hands. A dynamic industry, the business was facing a challenge as hair making was undergoing transformation. But  she  was there  doing creative styles worn by important women.

    As  fate  would have it, a  lady  immediately spotted  her  and  decided to take  her to  Dubai to  work  at a salon.

    Good terms were agreed apart from a monthly pay of $500. Everyone wanted to look fine and unique and for that, hairstyle plays a major role in a person’s personality.

    To them, Mrs Arukwe  provided an  answer  in  her small corner because  she  knew modern   hairstyles  and how  to    make   women look good, stylish with newest trends  doing rounds in the fashion world.  She was determined to give them a charming and good look, though conforming to their religious and social norms. Somehow, her principal  breached the  agreement. As a result, she   didn’t stay for too long. She had to return to Lagos.

    Although the trip to Dubai was a failure, her experience in Dubai helped her refine and realise her talents.

    She was determined to take her passion to the higher  level.

    For her, Lagos  proved  a  land of opportunities. The combination of global work experience and an understanding of the local market helped to drive the success of the business. Her  main business was still hair  making. She was doing it alone, turning hairs into various types of winning  styles.  With time, she  got  a lot  of  clients and became a successful micro entrepreneur. She was doing well. After making some  money, she decided to rent a small place.

    But  she  discovered also that  she has talent in fashion, though  she  never attended a design school. For her, everything has something beautiful in it. She was obsessed with vintage clothing, loved textiles and  was  always experimenting with good designs, materials and techniques.

    Gradually, she introduced the  fashion segment  into the  business. It was quite a slow process and, at times, very frustrating, but also  absorbing, addictive and, ultimately, rewarding.  However, she was immensely proud of her work. It was  even harder to survive as a small designer. For  her, every day was a triumph as  she  confronted high style  competitors.

    Soon, her  talent in  bag and costume making  began  to show up as she intuitively produced  distinctive  designs.

    She decided she was going to  start  producing designer’s bags, shoes and wears.

    It was not easy since she was  using her own money to acquire   the machinery and equipment. Eventually, she  started a company for making various bags and  dresses. Almost at once, her simple, yet elegant and native designs began to alter the way women of style looked and dressed.

    For her, when clothes are made at a quicker pace, it’s inevitable that the quality will drop, and the design value of the products is also dropping. With handmade creations, however, she takes her time  to do them well.

    Though smaller designers like  her  are  having a hard time coping in the business, what  is  helping her  is  that she  is creative, depending on   inspiration to drive her  to do something dazzling. She experimented with many various  styles, including jewelry and beads. Nevertheless, what she gets as a reward is a high street brand copying, and then the fast fashion brand makes so much money from it. The high street fashion houses have money to get everywhere and do everything. For her, the dream is not to work at a big fashion house, which doesn’t let one become an individual designer.  She believes in giving up that dream to allow oneself to build a personal DNA through design, and move on from there. If one’s personal talent exists, she believes it will eventually lead one to reach any possible target. So far, her professional progress has continued.

    To her, however, she is few years from growing to the status of a legend. Her growing fame made her one of the “in crowd”.

    She has  worked her way up from literally nothing to become a  popular hand made  designer, serving    boutiques.

    She  is  offering a  collection with  timeless pieces for every woman’s wardrobe to be worn season after season. Her brand is all about quality and integrity. Her successful struggle has changed the way business is done, and encouragedother aspiring entrepreneurs who wanted to enter the business of hair making.

    At the moment, the market is witnessing increasing trend of micro-segmentation of the market by brands and retailers to cater to the heterogeneous requirements of the customers.

    Proliferation of private brands, yearly  discounts and sales promotions are some other trends prevailing in the clothing market.

    She has got a few hands in employment and looks forward to expanding the business.

    For her, the government needs to do more to help people who want to go into micro manufacturing, as they struggle financially to afford the needed equipment as well as the places they rent to do their business.

  • Small business owners decry rates

    A group of small  business  owners are demanding  reforms of the business rates system  to  provide a competitive environment where small and medium enterprises  can thrive.

    The group, Association of Micro Entrepreneurs of Nigeria (AMEN),  highlighted  the problems caused by business rates, and requested that the government  commit to a “fundamental review” of the system.

    Its President, Prince Saviour Iche,  said  small  business owners   want  the  government’s economic plan to continue to support small businesses, while looking ahead to business rate reform.

    This, Iche  explained,  should be in form of lower taxes  to support  small businesses and   local shops.

    He argued that  business rates review should  consider options for longer-term administrative reform of business rates that balance the need for the system to deliver simplicity, fairness, stability and predictability to ratepayers.

    According to him, business rates have put a disproportionate burden on small and medium enterprises (SMEs).

    Recognising   that small and medium businesses are a key part in building a stronger economy, he  urged  the  government to   take action to limit business rate increases to  provide a competitive environment where SMEs  can thrive.

    He   took  a  gloomy view of the impact of an interest rate rise, adding  that an interest rate rise might tip the balance for struggling companies that are right on the edge.

    According  to him, interest rate rise has  made a tight situation  for  small businesses, adding  that  the majority of the  businesses have  continue to fight on despite the challenges  of the  tough  operating  environment.

    According to him, operational and financial fitness are vital to ensure companies make the most of any top line growth and attract investment.

  • ‘Building websites can create jobs, wealth’

    Web consulting is a pathway to prosperity, an expert, Ifiok Nkem has  said.

    Nkem, Chief  Executive, Web Consulting Academy, was  addressing  participants a  three-day  workshop in Lagos, which had as  theme: Web Xperience to bring entrepreneurship skills to lower-income Nigerians.

    He said there are opportunities for Nigerians to start new  web consulting businesses and  make a livelihood.

    He said the training was designed to help young Nigerians and the unemployed  identify the  opportunities which  web designing has opened up and put a spark within them to turn these into a business.

    Nkem, a veteran web consultant who has trained and mentored  many Nigerians, said web xperience has created more than 3,000 jobs since inception and present some of the past participants of Web Xperience who are now not only employed, but also employers.

    He said anyone with competent web development background and some hard work can become a success.

    He called on the Presidential Job Board to look into the possibility of promoting web consulting and entrepreneurship as a means of generating digital activities and creating  jobs  for   unemployed youths.

    He cited India’s increasing Information Communications, Technology(ICT) businesses which have helped to position the  country as the outsourcing capital of the world.

    The participants were not just trained, but were given the tools of the trade and introduced to job portals where one can leverage on a portfolio pool and get web consulting clients and jobs.

    A front end business developer, Vaughn Itemuagbor, noted that beyond agriculture and oil and gas, the ICT sector provides tremendous business opportunities that do  not require huge capital outlay  to start.

    He called on the government and well-meaning Nigerians to partner with Web Xperience to bring the empowerment  messageto more people.

    An official of the American Internet Business School, Dr. Ope Banwo, encouraged participants  to  build  capacities in various  aspects of web consulting,adding that  there  are opportunities  for   Nigerians to make money and  find  jobs in web designing.

    The high point of the event was the launch of a web consulting academy and of provision of youths with skills, tools and business alliance to set up a business and become not just self-employed, but employers.