Category: Small Business and Entreprenuership

Entrepreneur Academy (EA) of the Mohammed VI Polytechnic University (UM6P) in Benguerir, Morocco has hosted an exhibition of African women entrepreneurs to highlight high female participation rates in the entrepreneurial ecosystem.

Themed Dare entrepreneurship!” The event, which was co-organised with the Congolese organisation Affair’DC, focused on sharing experiences of successful women from Morocco and across Africa, aimed at inspiring young people to kick-start their businesses.

The Chief Executive, Progekt Consulting and Affair’DC, Gaita Kalemba, said: “Africa is the first continent in terms of feminine entrepreneurship.”

The continent is making notable progress in reaching gender parity and promoting women’s employment. Africa has the highest rate of entrepreneurship worldwide and its women are more likely to own a business than men.”

According to the Mastercard Index of Women Entrepreneurs report, published in 2018, Ghana has the highest percentage (46 per cent) of women business owners.

The report also highlighted that Africa has the highest rate of female entrepreneurs globally, with 26 per cent of females involved in the entrepreneurial ecosystem. However, there are several persistent challenges that hold many back from launching their projects.

Kalemba underlined that finances and securing funding remain the most common challenges faced by women across the continent. Societal perceptions of women are often a source of difficulty too, she argued, adding that some societies still debate whether it is appropriate for women to generate income in their communities.

“Many solutions are taking place as well with several institutions across the continent aimed at helping women through training and mentoring programmes to empower them to deliver the most of what they can,” Kalemba noted.

While the internet is awash with stories of some Nigerians involved in cybercrime, there are some, too, who are making money online. One such is the Chief Executive, Emedia Home, Emmanuel Edim. DANIEL ESSIET reports.

They are young. Aged between 20 and 30. They are chief executives of start-ups which assets are worth millions. One of them is Emmanuel Edim, a web developer.

An Information Technology and Business Information Systems graduate of Middlesex University, Edim founded Emedia Home.

The journey was not easyfor him. He started with N40,000 but, today, he runs a business that is a leader in the online business.

His words: “First, affiliate marketing is just a business model that I jumped on. I am an affiliate marketer who has registered on several affiliate marketing platforms, where I provide digital products and skills to people who need them. I was able to begin my business and scale it to the point where I make consistent and predictable results; it all started when someone close to me suggested that I venture into it and since then, it has been a beautiful ride. My driving force to becoming an entrepreneur is the idea of being able to scale my business excellently to the point where I can make massive results.”

Though some people see affiliate marketing (earning commission by marketing products that belong to another company or person) as a form of passive income, Edim is helping a lot of youths earn money online. The secret is that there are many savvy brands that are rewarding marketers with a percentage of every sale generated from their online promotional efforts.

Edim sees a big opening for youths with skills to help drive e-commerce sales globally. According to him, the industry provides a source of significant income for individuals who can tap into it. What’s unique about it is that anyone can do affiliate marketing; there is no age requirement.

What keeps him on top of the chart is not chasing high commission, but focusing on promoting brands with strong conversion rates.

He explained: “My business has been marketing and is based on utilising social media platforms such as Facebook, Instagram and WhatsApp – WhatsApp primarily. Some other times I get customers based on referrals from other folks. Every business has its custom-made tactics for marketing, but generally speaking, utilising the media space is the most efficient way so far. I put in at least four hours into my business every day, the reason being that I have automated some processes, so it doesn’t really involve my input.”

He runs a marketing and publicity consultancy that focuses on clients in the small-business space and has a strong representation among those involved in personal development. He has been in search of online networks which create significant opportunities to drive sales for advertisers and revenue for publishers.

His objective is to create an impact and make a change in the world through the quota he can contribute, “obviously, making money is a sort of passion to me”.

Love, integrity and hope, are the values he lives by. “Success is the ability to accomplish and become all you are meant to be in your lifetime. It really has nothing to do with how much you amass. You are successful when you have fulfilled and continue to fulfill your purpose,” he said.

His most satisfying moment is when he gets clients to purchase his services/products. He advised aspiring entrepreneurs: “Entrepreneurship is not child’s play. It involves some level of resilience and focus, so they must be prepared to have downtimes and uptimes and be ready to give it their all, without holding back.”

Startupsouth convener Uche Anchie has hosted the Oil & Gas Early Stage Startup Investing Masterclass to help professionals  explore  the African innovation ecosystem.

He said StartupSouth hosted the programme, in partnership with Rebel Seed Capital, SSE Angel Network, African Business Angel Network and TVC Labs. He said the Masterclass held in three cities –  Lagos, Port Harcourt and Enugu.

He noted that so far, Nigerian startups have raised $2billion and that last year, African startups raised $4billion.

Maverick Media Monitoring has launched its product MediaPlus to monitor 421 television and radio stations, measure and analyse firms’ spend on adverts in 16 African markets.

They are Ghana, Ivory Coast, Senegal, Mali, Burkina Faso, Benin, Togo, Guinea Conakry, Congo DRC, Uganda, Zambia, Sierra Leone, Liberia, Cameroon, Gambia and Madagascar.

With coverage in the West & Central Africa sub-region and Sub-Saharan Africa, MediaPlus harnesses the power of Artificial Intelligence and other cutting-edge technologies to provide with real-time insights for businesses. It tracks broadcasts for advertising placements and news reporting in 16+ countries, covering a mix of radio, television, print, OOFI and on-line channels.

Chairman, Maverick Media Monitoring, Ato Micah, noted: “We (Maverick) measure and track what West and Central Africans watch and listen to in real time leveraging technology to enable real-time/overnight compliance on an unprecedented scale.”

The Group Managing Director, Akinwale Adams, added: “Our desire is to create the hub/repertoire of credible, prompt, full-proof data and insight that drives business decisions and performance across our markets, which spans West and central Africa and growing.”

“Our technology comes from long productive years of careful detailed research into the pain point of all stakeholders in the media business whose need to judiciously use Ad Budgets or ramp up revenue, still remain unsolved. Our multilingual databases allow us to serve clients across the divide,” Technology Partner/Development Lead, MediaPlus, Daniel Mosmondor, noted.

Stakeholders, who met in Aba, the industrial capital of Southeast, have set the tone for positioning the country as a global hub for technology innovation. DANIEL ESSIET writes.

HOW to strengthen the vision for an inclusive entrepreneurial Nigeria topped the discussions during the launch of the Nigerian hardware ecosystem map at Clintonel Innovation Centre (CIC), Aba.

Stakeholders wanted focus on technology-enabled development and aligned investments in key sectors such as start-ups, and manufacturing, as a mean to the capabilities of innovators to provide a fillip to sectors.

The stakeholders include AfriLabs, Innovation Support Network (ISN), Africa Makerspace Network, Hardware Nigeria Community (HNC), UNDP Accelerator Lap Nigeria, Abia Tech Community, Start Up South, Institute of Software Practitioners of Nigeria (ISPON), Southsouth and Southeast Angel Network (SSEAN).

Among the speakers were the  President, ISPON Chinenye Mba-Uzoukwu; Board member, AfriLabs, Daniel Chinagozi;  Board member, ISN, Fayo Williams;  Principal Solutions Architect, Hinge, Emmanuel Odunlade; founder, Shared Insights, Nkemdirim Ogbuaku; Director, SSEAN,Uche Aniche; Design Director, Arcepa,Ugo Okafor; Executive Secretary, ISN,Nneka Ukay and founder, Clintonel Innovation Centre and Hardware Nigeria Community,Tochukwu Chukwueke.

Williams wanted attention to developing the hardware sector, if the nation must experience meaningful development, job creation and poverty reduction. She noted that the mapping was going to provide a huge impetus that was likely to spur innovation.

According to her, the startup ecosystem has gained momentum with its efforts in maximising its potential in fostering the entrepreneurship ecosystem.

She said there were startups focused on innovations in various sectors and on product development from to solve problems.

Mba-Uzoukwu noted that there aspiring entrepreneurs and young innovators at the forefront of several efforts, including provision of support services, and contribution to national business responses.

According to her, the mapping would help to provide information on the solutions that the startup ecosystem has to offer.

Other speakers wanted the government to focus on digital skilling to encourage continual skilling avenues, sustainability and employability through online training, programmes, and industry collaborations, as well as the establishment of skilling e-labs for simulated learning settings. These, they believe, would be positive moves toward making Nigeria a talent powerhouse.

According to them, there was the need to pay attention to developing the hardware sector, if the nation must experience meaningful development, job creation and poverty reduction.

The map collates data, understand the ecosystem, showcase players in the ecosystem, enhance collaboration, advertise hardware-related businesses, and facilitate the growth of the hardware ecosystem.

It would be recalled that last year at a forum Chukwueke, noted the importance of technology in focus areas such as infrastructure, inclusive development, and skilling.

He added that the map was implemented by the centre with the goal of strengthening the entrepreneurial ecosystem.

According to him, fostering an environment that encourages entrepreneurship should be a core focus of economic development.

He explained that the map would guide entrepreneurs and investors to find opportunities for creating value that have not been exploited.

Chukwueke said CIC is a solar powered hardware startup incubator which provides training, mentoring and equipment for youths to create engineering innovations, build indigenous products and start up technology businesses.

No fewer than 10 people have been empowered by the Bola Oyebade Foundation (BOF).

During the handover of cash to some of the beneficiaries in Ikeja, Lagos, BOF founder Bola Oyebade, said everyone deserved to be empowered to cater for themselves. He said the foundation was giving out N.5million free to those in need.

“By providing avenues through established contacts, government agencies and the organised private sector, the foundation intends to gradually grow a community of self-empowered people,” he added.

He advised youths to go into areas that they have the talents and excel. He warned those complaining that there were no jobs, and that with the right training and finance, they would not only be self-employed, but also be employers and wealth creators.

A guest speaker, Mrs Ayo Salu, who spoke on the theme: ‘Entrepreneurship; Preparing the youth for self-sufficiency’, said entrepreneurship was the way to go and that those with this mindset could generate more income than those with paid jobs.

Mrs. Salu, who represented the Director, Lagos State Agency for Mass Education, Mrs. Oluwakemi Kalesanwo, said the state government has established eight non-formal education vocational centres to boost entrepreneurship.

He urged the youth to avail themselves of the opportunity provided by the government by attending the centres, which are free.

The Managing Director, Sweet Savour Box, Mrs Oluwakemi Abereoje, listed funding, staff attitude to work, lack of training and poor supervision as some of the challenges facing entrepreneurship. Citing her experience, she said: “It is not a rosy journey.”

BOF gave awards to eight individuals for their contributions to the group. They were Dr. Grace Bamigboye, Oluseye Arowolo, Adebose Adelayo, Oladipupo Kayode, Oluwakemi Abereoje and Ademola Olutusin.

Dr. Bamigboye thanked the foundation for the gesture, noting that the organisation “is doing a great job”.

 

The International Institute for Tropical Agriculture (IITA), Ibadan, Oyo State, is training entrepreneurs in cassava stem farming. DANIEL ESSIET writes.

For Ogun State Commissioner for Agriculture, Dr Samson Odedina, cassava stem farming is a goldmine. He is one of the few cassava specialists in Nigeria.

He has made a fortune in a farming season selling cassava stems and would encourage Nigerians looking for sustainable source of wealth to try their hands at cassava, if they are looking for agribusiness with much success.   Once he made over N15 million from selling cassava stems.

His strategy is cultivating high-quality seeds. Despite that other agro entrepreneurs worry about dwindling fortunes, he has stems to look up and making more money after learning how to apply good agronomic practices.

He plants high-quality seed, transplant only healthy seedlings, and arrange the plants in rows far enough apart to encourage strong roots that can withstand diseases, pests, high winds, and heavy rains. Part of his training for seed producers includes developing business plans and finding ways to market their seed to farmers.

When he brings farmers together to learn from each other, he encourages them to sharpen their expertise in specific areas that help them generate more income. The training also encourages a spirit of innovation.  He used to visit farmers on their farms, give them advice on planting, recommend improved varieties of cassava and expose people to the opportunities in cassava seed systems.

He asks farmers to try planting good stems with their traditional seeds to compare their yield and quality.

Odedina uses his story to inspire rural women and women to benefit from the enormous potential of cassava production.

According to Odedina, cassava growers are not deriving as much out of the crop as possible. This is because they used low-quality planting materials.

Odedina is not alone in the promotion of the production of cassava stem. The International Institute for Tropical Agriculture (IITA) Ibadan, Oyo State is determined to get more Nigerians to make it from selling cassava stems.

It works with agriculture specialists to introduce various high-yielding cassava seeds to boost yields and to increase productivity to 20-30 tonnes per hectare, from a baseline of below 10 tonnes previously.

The Project Manager, Building an Economically Sustainable, Integrated Cassava Seeds System Phase II (BASICS II), IITA, Prof. Lateef Oladimeji Sanni, believes there is much wealth to be made by training a new generation of  entrepreneurs  to  supply  farmers with  improved varieties in the new planting season.

Advocacy, Promotion and Outreach Lead, IITA, Dr Godwin Atser, advised that farmers who want to make it big must go for the varieties in demand, which include TME 419, Fine Face, Dixon, Farmer’s Pride, Sunshine, Game Changer, Obasanjo II, and Poundable. “Any of these varieties can yield more than 30 tonnes per hectare,” he said.

Atser pointed out that the (BASICS II) project was creating jobs and income opportunities for farmers and young people and establishing a sustainable seed system for cassava using the BASICS Model. He said the model was developed by another IITA project, Building an Economically Sustainable Integrated Cassava Seed system (BASICS-II).

Operations and Marketing Manager, IITA, Goseed, Akinyemi Ibikunle noted that people are making money from stems much of the business is around acquiring new varieties, especially TME 419, but also TMS 98/0581,andTMS 98/0505.

With an investment of N744, 400 in Stems + roots, he said one can make N1, 850,000 in profits within a planting cycle.

If one is investing N487090 in roots, Ibikunle said the profit will be about N1, 105,600.

Ibikunle said the business of seed production and cassava value production is pretty rewarding if investors could follow through the recommendations.

He said: “For you to produce on an hectare of land as a foundation seed producer, you need about N745, 000 for a cycle of 16 months in which case you are going to get 1,000 bundle of cassava stems at the end of that cycle and about 20 tonnes minimum of cassava roots, which should ordinarily give you about N1.6 million in return.

“Let me break it down in terms of how we come about that figure. You get 1,000 bundles at N1,000 per bundle that is N1million straight. You are selling to the commercial seed entrepreneur, so your market is pretty defined. For roots, if you get 20 tonnes per hectare at rock bottom price of N30, 000 per tonne and as at today, a tonne of cassava is going for about N50, 000. We are just saying rock bottom price, that’s N600, 000. If you add N600, 000 to N1 million, that is N1.6 million on top of the N745, 000 you invested.

“It is pretty rewarding and we are looking for interested people to come to us. You can reach out to us on www.iitagoseed.com.”

Ibikunle noted that IITA GoSeed is supporting certified seed entrepreneurs to enhance farm-level productivity and motivate farmers to focus on farming as a profitable venture.

In collaboration with the National Agricultural Seed Council (NASC) for quality control and certification, he added that IITA GoSeed supports entrepreneurial smallholder and commercial farmers who are interested in establishing a profitable cassava seed production enterprise towards diversifying their income and improving their productivity.

 

An international firm, Agricultural Services Training Centre and Marketing (ASTC&M) Limited is partnering the Plateau government to boost local dairy production, create jobs and achieved food self-sufficiency.

To this end, over 4000 Plateau farmers have been trained in good agronomical practices and on dairy value chain activities.

Speaking with The Nation in Jos, the Managing Director, ASTC&M, Dr. Susan Bentu, said the organisation has made tremendous efforts towards increasing food production, strengthen domestic resiliency and access to  food for Nigerians.

Bentu said: “Being the major shareholder, the Plateau State Government, through the effort of the governor, Simon Lalong, has ensured the injection of funds for the repair of some of our tractors and harvesters, including the upgrading of the Milky Way Diary Farm in Bokkos.

She explained that the dairy farm has been expanded while new breed of Frezian Cows have been stocked to increase the number of cows.

In addition to this, a new processing line has been installed and the farm and factory upgraded.

According to her, the production of yoghurt and other dairy products leaves the factory for the market daily.

She said the funding also enabled commercial rice farming during the last farming season. “For a start, we covered 1500 hectares of a rice farm in Shimankar, Boa and Gonvel.

“The harvest from these farms was a huge success and we plan to continue during the next farming season.’’

She added arrangements were at an advanced stage to transform the greenhouses in Vom from demonstration farms to fully commercial farms.

She explained: “ASTC&M Ltd introduced Plateau farmers to modern and better farming methods, through improved seeds and seedlings, and best farm practices. We offer training and have already trained over 4,000 farmers.

“Our impact includes the number of green houses on the Plateau. Some of our trainees have gone beyond the state, building green houses for interested farmers.”

Calling on farmers to feel free to access the services of ASTC&M, she added: “We also want to inform farmers that our doors are always open; interested persons can always approach us to find out what we are doing.”

Bentu said the company, which came into being in 2009, was an initiative of the Plateau State government and an Israeli company, formed to provide agricultural services

The Chief Enabling Officer, Cutting Edge Partners, Benjamin Aduroja, a financial advisor, is empowering business owners with the right investment knowledge to enable them survive, DANIEL ESSIET reports.

SMALL and medium-sized businesses are the engine of the economy. They account for 90 per cent of businesses and drive innovation, productivity and employment.

But, only few startups and businesses survive the first three years. This is a result of initial challenges that confront new business owners. They often don’t have the experience, financial resources or access to expert advice.

For the Chief Enabling Officer, Cutting Edge Partners, Benjamin Aduroja, a financial advisor, however, it takes more than passion to run a successful company. It also takes endurance and skill combined with the ability to choose the right path at decisive moments. He works with entrepreneurs to help them launch their businesses based on sound financial footings. His business is to help businesses and entrepreneurs further their dreams and solution initiatives.

Aduroja is out to encourage more Nigerians create new businesses.

The past year, no doubt, saw so many lose their funds to either ponzi schemes or investments that ended up awry.

Aduroja, a sound financial management advocate, believes with the right knowledge, money can be put to better use for anyone in possession of it. Today, his quest to see people better manage funds has paved the way for him to play the role of a financial advisor to individuals, groups and organisations.

Aduroja’s Cutting Edge Partners, which started in 2017, is committed to providing organisations with the highest quality financial advisory services.

He derives joy from helping growth-minded individuals to chart their wealth course and to accelerate the achievement of their financial goals. According to him, he has had the privilege of working with many individuals, families and organisations to achieve their financial goals.

He noted: “It’s a very an interesting journey for me. Truth is, ever since I was a little boy, people always entrusted me with their money: my parents, siblings, friends, colleagues just to mention a few. I noticed that people find me dependable and reliable. And I must say that I have also worked very hard not to betray that trust. So, it was clearly obvious to me that my place of grace was in the finance space.”

Explaining some of his brand services, he said: “The times are very volatile. Growth-minded individuals who  desire a partner that will stand by them in their unique journeys, and stick with them through thick and thin of life’s vicissitudes need look no further. I have got them covered. Through a unique virtual financial advisor model, I serve as their accountability partner, finance coach, financial advisor and support.’’

On his challenge as a business owner, the expert said like most startups, his business had a challenge of getting paying clients at the outset of the business.

“In this part of the world, people believe more in physical products than in services, especially when it has to do with managing their finances. To overcome this, we did a lot of work for free, and had to do educational marketing. Today, we have clients in Nigeria, United Kingdom and the United States. Of course, we are not resting on our oars; we keep working very hard to develop our capacity, marketing reach and service delivery.”

To investors: “My advice is that they should shun suggestions from friends, families and others who are unqualified to give such advice.

“They shouldn’t get carried away by tales of those who are already making a killing in any investment scheme. They should engage financial advisors to help them do thorough investigation1 of any investment opportunity.”

That is why most often than not we lose money. This ought not to be. I remember a certain client of mine rushed to me asking for help when her sister had compelled her to invest ?5 million in a scheme that went bad. She had borrowed that money from her customer, and didn’t know what to do to get out of the mess. I told her that she should have come to me first when the investment was introduced to her. I would have helped her to do a thorough due diligence.

Aduroja added: “I understand that a lot of households are struggling to make ends meet. Inflation rate of 15.4 per cent as at November 2021 is not helping matters. I advise anyone struggling financially to cultivate financial management skills. Last year, I decided to use a budgeting template to manage my finances. Within a couple of weeks, I noticed something strange: My income had suddenly increased. As I reflected on this phenomenon, I quickly realised that it is the basic Law of Management that had set in; when you’re faithful in handling the little you have very well, more will be given to you.

“Secondly, they should build capacity to attract more resources. I see a lot of folks hustling out there, trying to make ends meet. At a point in my life, I was in the same shoes. I hustled  but had very little to show for it. This was very puzzling to me. I then discovered by way of thorough research that wealth is not out there; it is within. It is what is inside of you that you will attract. If you have a poverty mindset, no matter how much you hustle, you will still struggle financially. So, if you desire to attract millions of Naira, you need to develop a wealth consciousness.”

Government at all levels have been advised to invest more on youth development.

District 9110 Governor, Rotary International, Remi Bello, gave the advice at the closing ceremony of the 36th Rotary Youth Leadership Awards (RYLA) training in Ipaja-Lagos at the weekend.

Specifically, he urged governments to partner Rotary to boost youth development to enable them ‘’create the Nigeria of our dream’’.

He thanked the Lagos State government for its assistance to the RYLA programme over the years.

At the one-week event attended by over 800 participants drawn from  Lagos and Ogun states, the youth were trained in entrepreneurship, leadership, as well as citizenship, among others.

Bello said the youth had their skills honed to make them better leaders either in business or anywhere else. Noting the importance of RYLA, he said it is also a place where they make connections with community leaders, discuss strategies for growth, unlock potential business opportunities, select role models and create friendships. He urged the youths: “I charge you to go and be the set of youths that will make the Nigeria of our dream.’’

President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole praised the programme, saying that it would afford the youth the opportunity to development their leadership skills.

RYLA 2021 Organising Committee Chairman Dare Adeyeri described the turn out at the event as the largest in its history.

He noted that Rotary harps on youth development because of their future role in nation building and that this is in tandem with the provisions of the Nigerian Constitution, which stresses nine core values, namely, integrity, discipline, self-reliance, patriotism, social justice, dignity of labour, religious tolerance, equality and freedom.

He advised them to imbibe the values and practise them always. ‘’You are not too small to make a change,’’ he added.