The Nation Newspaper

Tag: Business

  • ‘Export business is lucrative’

    ‘Export business is lucrative’

    Some entrepreneurs are gradually gaining international exposure and recognition through exports. Sunday Anjorin, Chief Executive, Anjorin & Atanda Investment Limited, is one of them, writes Daniel EssieT.

    Sunday Anjorin, Chief Executive, Anjorin &Atanda Investment Limited is a small scale agro commodities exporter.

    He exports timber and kola nuts to the United Kingdom and other parts of Europe.

    And for many entrepreneurs like Anjorin, exportation is helping them to cope with the downturn in the economy.

    While Anjorin has sailed through troubled waters to the island of victory, his success story can be likened to that of the proverbial drop of water becoming an ocean.

    He has made fortune from exporting commodities, such cocoa,sesame seed and shea nuts.

    As it is in any start-up business, he did an analysis of the market, especially how to reach his target – the buyers. Satisfied with its findings, and on obtaining a soft loan of N10, 000 from his wife’s first salary as a civil servant in Ekiti State, he launched into the murky waters of agro produce exportation. He made his first breakthrough with a profit of N250, 000.

    On the initial start up, Anjorin said an agro export business does not require huge capital. From his experience, prospective exporters can go into the business either in a small or big way. For instance, with N20,000, one can start a bitter kola export business, while with N700,000, commodities such as cocoa can be exported, he said.

    And the profit margin, he said, was also encouraging. “When you invest N15,000 in few pieces of bitter kola, you may get at least N4,000 profit,” he explained.

    His success the business shows its potential to eradicate poverty since it can also be done by small farmers, who constitute a greater part of the population. This, perhaps, gave him the impetus to charge young Nigerians about N20,000 to set up a bitter kola export business and see themselves making income that will launch them on to the path of success.

    According to Anjorin, there is a huge demand for soya beans, especially because of its multiple uses. With the help of knowledge, information and facts, he said entrepreneurs and farmers can get a better price for cotton, cocoa, sesame seeds and cashew.

    You don’t need a large space to start the business.They can start it from their bedrooms using an e-mail address, he said.

    He gets online export contracts and sends produce to buyers once he settles the price. Anjorin has also armed himself with information, which has helped him to take the business to a different level. He has clients spread in the country and Cameroon, which export processed timber.

    He said the potential to grow is enormous. “What counts is being able to source commodities which meet international standards and getting the produce to the buyer safely,” he said.

    This, he has been able to do, by reaching out to farmers for supplies, who partner him on the price for every produce.

    Anjorin is empowering small and medium scale enterprises’ (SMEs) owners to become major players in global markets. He provides them with knowledge to become and gives them contacts in the world market.

    However, he believes other SMEs should be aware of not just whether one’s product is right for another market but, crucially, getting paid.

    This makes taking out insurance to protect non-payment a good idea, as well as getting credit from other firms who have worked with a potential customer.

    Quoting for a business can be a challenge because of the exchange rate and the fact that terminologies and specifications of products differ from country to country.

    He deals with buyers in countries where he will not encounter language barriers and different business cultures to avoid confusion, advising that exporters to ensure that the ‘fine’ words of any order are clear.

    Yet, there is another problem. “There were times I was duped by local suppliers, and also some of my produce were rejected by customers overseas, leading to loss for me,” he lamented.

     

  • ‘How to improve credit in rural areas’

    To give credit to business ownners and jumpstart the rural economy, a consultant to World Bank, Prof Abel Ogunwale said there was need for the Federal Government to expand funds for farmers and small business owners to access through the local government areas.

    He said farmers could work through cooperatives to meet collateral requirements on farm loans.

    According to him, major investments in water delivery and sanitation system and agricultural development are necessary to improve the country’s long-term water and food security.

    He said the government needs to invest in infrastructure development to distribute the food supply more equitably among its population and to distribute water more efficiently to its agricultural sector.

    At present, the nation relies on wide-spread, small-scale agricultural production and food imports to supply food to its population.

    He noted that factors—such as a growing urban population and inadequate irrigation systems—that affect the regulation and distribution of water supply limit its ability to meet its new agricultural production goals.

    He noted that poor water management and outdated water distribution networks fail to efficiently capture and distribute the nation’s high levels of rainfall to its population.

    Moreover, the nation’s growing population will be forced to compete with rising water demands from both the industrial and agricultural sector.

     

  • Hairven opens for business!

    Hairven opens for business!

    DRY, tangled, frizzy weaves? No more! HAIRVEN show room recently opened in Ogudu, Lagos. This is the initiative of Miss Iroghama Ogbeifun, the winner of the Next Titan’s season one, which took place last year in Lagos. The HAIRVEN Weave Care Range includes a silk protein shampoo, conditioner and de-tangling leave in conditioner with wheat extracts to ensure sufficient moisturising, revitalising and rejuvenating of weaves and wigs.

    The silky serum contains meadow foam seed oil, which leaves your hair looking lustrous and glamorous. Consistent use of these products ensure that your weaves will never be the same again. The launch event was indeed glamorous, as it was filled with hair glamour, hors d’ouerves, Bacardi martini drinks, music from DJ Obi of Syndikat Records, surprise live performances and friendly conversation.

    Guests had the opportunity to get the first-hand look of the brand new weave care range at the “wash me, tease me” station with the stylist from the renowned Bobby’s salon, showing guests the wonder effects of the HAIRVEN shampoo and conditioner on their weave care. The HAIRVEN vision is set to be amongst the leading hair care brands in the world based on its international standards.

  • Independence Layout, heart of Enugu govt business

    Independence Layout, heart of Enugu govt business

    Independence Layout, Enugu, the highbrow section of Enugu, the coal city, was carved out by the post-independence administration of the legendary late Dr. Michael Okpara, the then premier of Eastern Region. Okpara, after Nigeria’s Independence, expanded Enugu with further acquisitions for physical development.

    Apart from the present Independence Layout which was primarily carved out to mark Nigeria’s Independence, Okpara acquired and developed more areas such as Uwani North, Uwani South and Uwani Central, Bridge Head Layout, Emene Industrial Layout, Housing Estate, Abakpa and the Trans Ekulu Layout.

    The Independence Layout was planned to accommodate the headquarters of the three arms of government viz the Executive, the Legislator, and the Judiciary.

    The official quarters of officers of these arms of government are also located there. The Government House, Enugu, popularly known as the Lion Building is synonymous with the name Independence Layout.  With the exception of Chief Chukwuemeka Ojukwu, all governors, administrators (military and civilian) after Dr. Okpara occupied the Lion Building during their time. Ojukwu as military governor of Eastern Nigeria preferred to operate from the Governor’s lodge, now turned to National Orthopaedic Hospital.

    Although Okpara was able to complete the headquarters of the Executive and the Legislative arm of the government before his ouster in 1966, it was not until  2006 that the Judiciary headquarters was built by the administration of Chimaroke Nnamani.

    Also located at the Independence Layout are the imposing Court of Appeal, the Federal High Court, the Industrial Arbitration Court and other courts concerning the Federal Government.  Also located at the Independence Layout are the state radio and television station, Enugu State Radio and Television Broadcasting Service (ESBS), the Nigerian Television Authority (NTA), Enugu and the foremost Hotel Presidential which is now dilapidated.  Highly placed Nigerians, top brass military officers, all have houses in the highbrow carve out.

    It is no secret that former President Olusegun Obasanjo has his house along Independence Avenue within the layout. The house has been there since early seventies. Late M.K.O. Abiola also owns a building there.

    Suffice it to say that no South Easterner worth his salt, that does not own a building in Independence Layout, except the founder, Dr. Michael Okpara. All the ministers that served under Okpara during the First Republic owned houses there.  Also, those that served under the Ukpabi Asika regime as well as the regimes of Jim Nwobodo and Chimaroke Nnamani owned buildings there.

    The only thing to be associated Independence Layout with the late premier is the popular Okpara Square named after him. Almost all important public and private ceremonies are held in Okpara square.

    One addition to the Independence Layout is the unofficial “Fourth Arm” of the government. The Enugu State headquarters of the Nigeria Union of Journalist (NUJ) is firmly located there. The Press Centre which has been there since 1971 was allocated to the NUJ by the then Administrator of East Central State, late Ajie Ukpabi Asika. Asika reasoned that since the other three arms of the government are located in the highbrow area, the “Fourth Arm” must be there too.  Today, Independence Layout is expanding. Parts of the Owo River Layout and the Republic Layout have been acquired by government and renamed Independence Layout Phase II. Under the present Sullivan Chime administration, some areas which had distorted the beauty of the layout have been reclaimed and given a new look.

    These include the present Independence Avenue and Pocket Layout.In addition to being the centre of government business, it is also being inundated recently by 5-star hospitality businesses and bush bars rearing up here and there. At least, built newly within the layout are five 5-star hotels.

    One of the best hospitals East of the Niger, The Niger Foundation Hospital owned by the Opus Dei is also located at Independence Layout. Also located at the Independence Layout are the Eastern headquarters of the anti-graft outfit, the Economic and Financial Crime Commission (EFCC), the State Security Service (SSS), the Independent Corrupt Practices Commission (ICPC) and the Federal Secretariat.  Ends

  • Other fundamentals of effective business writing(2)

    Last week, we said managers and leaders need to express their ideas clearly, concisely and completely when speaking and writing. We expatiated that if your written messages are not clear or lack important details, people will be confused and will not know how to respond.

    We said for you to be an effective writer, we said you need have knowledge of your objective and list; organise your ideas; support and separate your ideas; use complete and short sentences; and be precise and accurate. We added that you also need to use commas appropriately; use the correct words; avoid redundancies and use numbers in the body of your writing.

    We stressed that you should think before you write and ensure you fully understand the assignment. We said if you have trouble getting started, you should try to discuss your ideas with someone else. We expatiated that ‘kicking an idea around’ often helps you clarify your objective and fine-tune what you are trying to accomplish.

    We educated that organising your ideas constitutes yet another principle of good writing as it helps readers to easily identify the discussed ideas. We explained that supporting your ideas is another major step in the process of good writing, and there are a number of ways you can support your ideas, including explanations, examples, facts, personal experiences, stories, statistics and quotations.

    Having a conclusion

    It is important for your piece of writing to have a conclusion. Would you like watching a movie that has no end or conclusion? The conclusion brings your points together. This is important because the reader wants to know the bottom line message.

    Editing your work

    You also need to edit your work. Read what you have written several times. On your first reading, focus on organisation and sentence structure. Shorten long sentences. Cross out unnecessary words and phrases. Reorganise material as needed. Read your work again and make sure commas are used appropriately and that there is a punctuation mark at the end of every sentence.

    Read it the third time and focus on word choice. Are there certain words that are vague or ambiguous? Replace them with specific words. Read what you have written aloud to yourself or to a friend to see if he or she (and you) can understand it and adjust it in any way. A significant part of good writing involves editing. Very few people can sit down and write a perfect paragraph on their first try. It requires multiple rewrites.

    Seeking help

    There are many sources today through which you can seek help on how to improve your writing. You do not have to be a great writer to be a successful manager or leader. However, you must be able to clearly and succinctly explain your thoughts and ideas in writing. Strive to be simple, clear, and brief. Like any skill, “good writing” requires practice, feedback, and constant improvement.

     

    Word segmentation

    In the course of writing or typing, it often becomes necessary to divide a word at the end of the line as a result of lack of enough space for accommodating the complete form of the word. The segmentation or division is structurally reflected through the addition of a hyphen (-), which comes immediately after the first part of the divided word at the end of the line.

    Some English language users do not bother to divide words at all at the end of the line, especially when writing in long hand. However, for those who maintain the consciousness of always adding a hyphen whenever there is a need for word segmentation, the following methods would be of immense help to them:

    Division by structure

    This is concerned with morphology which is defined as the study of the morphemes of a language and the way they are joined together to make words. Morphemes refer to the smallest meaningful units into which words can be broken. Therefore, division by structure implies dividing a word into the smaller units of meaning from which it is built up. The division may be along a prefix line, such as in-, un-, dis-, -im, etc. (as inappropriate, unpredictable, disappointment, impossible, etc.) or a suffix such as -ish, -ful, -able, etc. (as in Foolish, Spoonful, Surmountable, etc.).

    Division by syllable

    This is another way of dividing a word. It is concerned with dividing a word along the line of syllables or units of sound. For example, the word Fortune contains two syllables, that is, For-tune, while Unfortunately contains five, that is, Un-for-tu-nate-ly. Therefore, if these words are to be divided, one must make sure that the spot or spots of syllabic division are strictly observed. To divide Unfortunately, for example, the possible forms of structural fragments are Un-, Unfor-, Unfortu- and Unfortunate-.

    In the dictionary, the bold dot(.) is used to mark the recommended places of word-division for all headwords, derivatives and compounds.

    Division by meaning

    Division by meaning is concerned with the decision of whether each part of a divided word can be understood or spoken so that the complete word is easily recognised from the two parts. For example, it may be a compound word made up of two different words, such as Head and Master as in Headmaster; Playing and Field as in Playing field; Single and Parent as in Singleparent, etc.

    Note that in writing a compound word, three types of structure are possible, that is, combination, separation and hyphenation. In other words, you can write it together as one, separate it, or add a hyphen

    Summary of the word-division rules

    Do not divide a suffix or two syllables such as –fully, –able, -ably, etc. Apart from the suffix –ly, do not divide a word so that a suffix of two letters (such as –ed, er, -ic, etc.) begins the next line. Do not divide a word of fewer than five letters. Do not divide a monosyllabic word, that is, a word of one syllable. Do not segment a word such that one of its parts is a single letter.

    PS: For those making inquiries about our Public Speaking, Business Presentation and Professional Writing Skills programme, please visit the website indicated on this page for details. Till we meet on Monday.

     

     

     

    •GOKE ILESANMI, Managing Consultant/CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Certified Public Speaker/MC, Communication Specialist, Motivational Speaker and Career Management Coach. He is also a Book Reviewer, Biographer and Editorial Consultant.

     

    Tel: 08055068773; 08187499425

    Email: gokeiles2010@gmail.com

    Website: www.gokeilesanmi.com

     

  • How to finance your business

    Money makes your business go, and usually banks make loans only to businesses with operating histories. In this session we will give you some alternatives, strategies, and things to think about in your search for financial help. You will learn how to locate, negotiate for, and maintain sources of money to help you start and expand your business.

    Money makes your business go. But don’t try going to a bank to get it when you’ve just started in business. Banks normally make loans only to businesses with operating histories. This section will give you some alternatives, some strategies and some things to think about as you go about finding the money to make your business work.

    Our first reminder is that personal savings should be considered the primary source of funds for starting a business. If you haven’t started already, start now to begin accumulating cash through personal savings.

    Also, don’t overlook the Small Business Administration (SBA) loan guarantee programs available for start-up businesses. With a SBA guarantee program in hand, your bank will be happy to talk with you! Refer to the Resources section to get more information. How Much Money Do You Need?

    Raising start-up money is one of the great hurdles in starting a business. Would you have any recommendations or some basic Do’s and Don’ts as to how people should go about this great challenge?

    Or, how much can you reasonably expect to get? Don’t get too excited just yet – this is not your chance to ask for a million dollars when you only need $50,000. Refer back to your business plan. If it still doesn’t answer the question, let’s go step-by-step.

    What do you need it for?

    Buying supplies and inventory while waiting to get paid

    Paying payroll and rent

    Buying equipment and fixtures

    Getting a computer

    or

    Buying the business

    Prioritize those areas where your options are limited to paying in cash, and review your alternatives where there may be another way. For example, it is not necessary to pay all cash for a delivery truck when you can rent or lease one. Next review what might serve as collateral for your loans. Some credit is granted on an unsecured basis, such as credit cards, but most small business loans are secured by the assets of your business or your personal assets or both. Unsecured means that there is no collateral granted for the loan. Examples of unsecured are:

    Credit cards

    Unsecured lines of credit (like you get in the mail)

    Friends or relatives

    Secured loans mean that there are assets pledged to secure the payment in the event you are not able to pay. Examples of this are:

    Computer lease

    Home mortgage

    Car loan or lease

    Small Business Adminis-tration loan

    Common types of collateral are equity in your home, accounts receivable, inventory of the business and equipment. Lenders go through an evaluation of the collateral to determine how much they can lend against it. Some key variables as to what kind of loan terms you can get are:

    Number of years in business – This is your track record and is very important. Banks usually require three years while others are less stringent.

    Size of your company and the amount needed – Financing institutions vary in the way they service the public. For example, you would probably not get a car loan and a large corporate loan at the same place. Do your research. Ask around. Get to the right spot.

    One of the worst mistakes you can make is to ask for more money than you can afford to repay.

    You are most likely familiar with a straight loan (debt) where the lender gets an interest rate and fees.

    Equity is where the money raised gives the investor an ownership interest. This is common in the sale of stock to a limited number of investors or participation by venture capitalists. The sale of stock is highly regulated by state and federal agencies and you will need the help of a corporate lawyer. Normally the initial sale of stock to the public (initial public offering or IPO) is deferred until an earnings history is established.

    Sometimes such a discussion arises with friends and family who want to be your partner. Consider this carefully because they will then participate in the increased value of the business and have voting rights.

    It is well beyond the scope of this discussion to cover all the aspects of debt and equity. Just be careful! Your lawyer and accountant would be appropriate sources for more information on this subject.

    The chart below will show some differences between some of the types of lenders. Terms will vary considerably from lender to lender; the summaries in the chart are only meant to be representative and give you an idea of what to expect when seeking money from different sources. Important issues to consider:

    Cost

    Payback program

    Loan size

    Some of the pros and cons of the different lenders are briefly listed below. There will likely be one common characteristic among them all. As an entrepreneur, you will be legally obligated to have individual responsibility for the credit obligation of your business. Regardless of legal organization (covered in Session 4), lenders will have documentation to circumvent the organizational structure. This is usually called a personal guarantee. Don’t panic! It is very common.

    Accessible through dealer, who is motivated to make sale of equipment or business; payback terms more favorable than bank

    Longest payback for other than real estate loan

    Step two is to be ready to answer questions about your business, and be ready to highlight your financial performance both in the past and in the future. You will be more impressive if you have carefully thought-out and become familiar with your plan. Bring your accountant if you need help.

    Be prepared to tell them why you need the money. “I just need the money,” does not inspire confidence or the fact that you have thought it through. Earlier in this session you studied a number of different purposes. Give them some detail.

    Propose a repayment plan. Examples of different structures are:

    A line of credit, payable at your discretion but subject to renewal annually by the bank

    Term loan payable monthly over ___ years starting on ____ date

    Most places have some flexibility. Potential lenders appreciate that you are thinking about paying them back instead of just getting the money.

    Other tips to keep in mind:

    Needless to say, being well dressed and neat in appearance at bank meetings will reflect positively.

    Source: SMEToolkit

  • The booming business of Tokunbo clothes

    The booming business of Tokunbo clothes

    Second hand dresses, otherwise known as Tokunbo, have remained popular among the populace, despite official opposition to its importation. Sulaiman Salawudeen examines factors behind the trend

    FOR Sandra Adetiloye, a student of the Federal Polytechnic, Ado-Ekiti, the lure of second-hand clothing otherwise known as Tokunbo (Yoruba for ‘Comer from across the seas’) or BK (Bosi koro, another Yoruba meaning ‘enter corner’) is irresistible.

    Sandra, who disclosed that she ‘loves’ Tokunbo’ clothes, had gone to the popular second-hand clothing market at Oja Bisi in Ado-Ekiti, capital of the state for some tops (blouses) to go with the skirts which she said she had earlier secured from the same market.

    An apparently vocal and unassuming student of Business Administration of the polytechnic, Sandra confessed she did not have alternatives for her BK stuffs: “I have needed some tops for quite a while”, she confessed, adding “This holiday is an opportunity for me to spend some time around the market to be able to make nice choices”.

    Alaba Jacob, a male salon owner in the capital, was in the market to buy some trousers. “Today being Saturday, I will be busy in my shop. Customers will soon start coming. That’s why I decided to come this early to have time to get nice ones”.

    The market itself bubbled this day as ever. Scores of buyers and sellers, males, females, young and not so young intermingled, exchanged banters and haggled ceaselessly. No one can guess if any particular clothing item is missing out here. You can see the wares either hanged or on mobile wooden carts. There were the males’ stuff; trousers, short knickers, singlets, ties, orthodox long and short-sleeved shirts, even T-shirts, various sizes and shapes of socks, whether worn on legs or hands, and so on. There are those selling shoes, slippers and sandals. While the females’ have most of the ones for the males, they also have the usual females only ones, including pants, braziers and other varieties of underwear.

    The traders themselves who are mostly Ibos are not hidden. They announce their products in attractive Yoruba catch phrases: “Opo ju owo e,” meaning ‘it is worth more than its price”; “Olowo o r’ako se,” meaning ‘the wealthy has lost chance to pride”; and a host other ones.

    As this one shouts at this end, the other holds up the stuff at another, while the buyers tugged and pushed one another for advantage. The first to notice a good and special one would do anything to buy, believing there may be no other one like it.

    One of the sellers who identified himself simply as Alhaji clarified that there is no item of clothing the second hand of which could not be found in the market.

    According to him, any clothing item including wears, window blinds, beddings male and females wears generally are available at rates comparatively attractive.

    Regarding how they source the good, Alhaji said some of the sellers go to the border towns including Seme in the Republic of Benin, Saki in Oyo State and even Lagos while some stay at home to buy from those who went to such places.

    Said he: “It depends on how much we have when in need of more stock. While some of us go to Saki, a few go to Seme, even Cotonou. Some of our people however stop in Lagos.

    Attractions of the business for dealers

    Alhaji further disclosed that there were always enough returns on purchases to attract those who do the business, noting however that, like any other business, there are problems in the trade.

    He said: “I can say the business is good for those who persist and are patient. Some of these sellers you are seeing have two, three children in various institutions and they are sponsoring them.

    “There is a widow who took over the business from her husband and now, she has bought a vehicle and has even completed their house. It is good business which has saved many people from lack.

    “See that lady there she is a part-time student in one of the institutions. I cannot remember which of the institutions now. Very brilliant as you see her but she does not have anyone to sponsor her education. She joined this trade two years ago and has been coping”, he said.

    Alhaji explained further that the market has, as well, been a silent protector of many categories of workers, including teachers, doctors, nurses, bankers, and civil servants who, according to him, they service “behind the scenes”.

    Said he: “I have a fairly long list of people mostly women who are in various offices, including banks and other establishments who prefer our products. They don’t come to the market. We already have their numbers and each time there are new arrivals, we call them and they come.

    “Even those who are not faring well also depend on us. Christmas is now around and I know the number of women who have approached and appealed to me to support them by selecting, especially good ones among the stuff for their children.

    ”One of my customers, Mama Rachael, has a tradition of giving me money in bits when a festival is approaching. We will be calculating and adding them until it reaches certain amount. I will then select good dresses for her children. I have never disappointed her”, Alhaji said.

    Attractions for buyers

    Just as the dealers consider the trade as profitable, the patrons equally admit that second-hand clothes are the best anyone can wear. Their reasons range from durability to affordability and uniqueness of the material.

    Sandra spoke: “It is not just that the clothes are cheap, they are also durable. It is not the kind of dress you will wash two times and it will lose colour finally. The stuffs are equally unique. No lady likes to see the dress she is wearing on another person. I hate wearing any dress and seeing any other person wearing the same thing. It makes you feel defeated. No one likes to be copied so easily.

    “Second-hand clothes rarely come in double you see only one of any unique type. If you buy and wear such, people admire you and no one is likely to look like you.

    “But, some of this new ready-made wears are neither durable nor unique. You can spend a fortune buying them but they soon lose colour and texture. Their buyers always have three things to lose: they are ever costly, never durable and never unique. You too can try it, buy any new dress and go out. You will see at least two or three people wearing the same dress and attending the same function with you.

    “The reason is the ones in the stores are mass produced and they could be procured by anyone. Let me not deceive you, I am a lady and the worst is going out with a dress and seeing another person appearing in a replica of your dress.

    “Let me tell you another secret, many of the known centres where they claim to sell new ready-made dresses are patrons of this same second-hand clothing market because the dresses are in grades, they just select the best grades, dry clean them and put them up for sale. Many people are being deceived.

    Hurdles in the trade

    Dealers in second-hand clothes face challenges relating to restrictions on importation. Chidi, another seller in the market, disclosed that the problem of transporting the consignment from the borders to their markets is a major challenge which most sellers, including himself have been experiencing each time they went across the borders.

    He explained that while some dealers stop in Lagos, some go as far as Cotonou, Seme and Saki which make them susceptible to exploitation of the Customs and Immigration officials.

    He said: “Immigration and Customs officials are making life difficult for us. You must not make a mistake of spending all your money on purchases whenever you go for them because you must settle wherever you meet them.

    “Once they stop you and found that you are carrying the second-hand clothing, they bring up all manner of excuses to delay you. You are the one to understand the language and bring something out. And we are not talking of one place or two or three. If you travel with as much as N200,000, you will ‘settle’ with nothing less than N70,000. Unfortunately, we cannot always increase the cost of the items for the people as they might find it difficult buying.

    “At times, when I return from the market and I imagine what I went through, I wonder if small people like us have any meaning at all. What is our crime that we cannot buy and sell again?

    “Government says they are protecting the economy by discouraging the importation and sale of second-hand stuffs like cars, freezers, clothes and others. But is it their economy (of the exporting country) they are referring to our own economy which does not have anything good to offer us.

    “I appeal to the Federal Government to look into the situation for us. Let them make second-hand clothes a legitimate business so that Customs will not stop us again. This second-hand trade is the only means by which we live, feed and sponsor our children’s education.”

    Possible dangers in wearing second-hand clothes

    Speaking with The Nation, Dr. Oloje Oluyemi, a Family Medicine specialist at the Ekiti State University Teaching Hospital, clarified that there are no apparent medical problems traceable to or arising from using second-hand clothing materials.

    Oloje explained that, given the scale and popularity of use of the clothes among the populace, there would have been reported cases of many skin problems which are the only ones likely from wearing the dresses, noting “as far as I am aware, there is no such development here in the hospital or anywhere I know of.”

    He, however, urged the people to wash and sterilise the stuff before they put them on, saying “this is of course a matter of general hygiene. If one buys a second hand dress or used clothe, one should know it should be washed and taken care of well before wearing it.”

    Said he: “Although, I am aware that once a woman contracted a disease on her breast by wearing a second-hand brazier which she bought, she said it started by itching her before the thing developed into a big ailment. But before and after such incident, I have not come in contact with anyone whose ailment could be traced to the use of second-hand clothes. I have someone very close to me who deals in the stuff and whose children do wear them. It is of course a multimillion naira business which is sustaining many families. It could not have survived this long if any disease has been traced to it. But people should always follow the rules of hygiene whenever they buy them”.

  • ‘Banks advance loans more to small women-owned business owners than men’

    In Africa, small women-owned business owners find it easier to obtain loans than their male counterparts. The reason for this distortion is that politicians and foreign aid organisations with their focus on bank loans for women encourage African banks to base their credit availability on gender. Contrary to intentions, there is thus a risk of inhibiting growth in the private sector, conclude researchers from the University of Copenhagen in the new study.

    The share of women-owned companies is lower in Africa than elsewhere in the world. However, African women establishing themselves as small company entrepreneurs have higher chances of obtaining bank loans than similar businesses run by men. On the other hand, male African corporate leaders tend to be favoured in terms of obtaining loans for medium-sized companies. These are the findings of researchers from the University of Copenhagen, who have analysed prospects for growth in the lending of African banks. The findings have just been published in the scientific journal Development Studies.

    The survey specifically shows that there is a six percentage point higher chance of small women-owned small businesses obtaining loans than if the businesses have male owners. The opposite is true for large companies with more than 50 employees, where there is a difference of more than six percentage points higher probability of women owners being denied loans compared to men.

    “African women generally have less favourable terms than African men in many aspects of life – also when it comes to the possibility of starting up businesses. However, in relation to obtaining bank loans for running small businesses, men seem to be the ones discriminated against. The reason for this is that African banks receive funding from donor organisations such as Danida to support women business owners. Therefore, the African banks tend to provide loans to women rather than men, even though men may have better investment projects and business ideas, says Henrik Hansen, professor at the Department of Economics, who together with John Rand, professor at the Department of Food and Resource Economics, has headed the research.

    The researchers looked at data collected by the World Bank from 4,838 businesses in 16 African countries south of the Sahara. Among other things, the World Bank asked the businesses about the gender of the owner, their annual sales, whether they have a bank loan, etc. From the figures, the researchers were able to ascertain that small women-owned companies have the same productivity and capacity utilisation as companies owned by men, while their profit rate is actually lower. They can therefore conclude that there is no immediate reason to favour loans to women owners.

    “In the hope of stimulating growth in the African private sector, humanitarian aid organisations such as Danida support the banks to enable them to extend loans for investing in and running businesses. However, when the organisations give banks the green light to make it easier for women than for men to borrow instead of focusing on the nature of the business idea, they run the risk of, at worst, inhibiting growth, “said John Rand.

    “ Our analyses of the figures from the World Bank show that women-owned companies do not perform better, which could prompt us to ask whether it would not be better to focus on viable business concepts rather than gender to boost growth in the African private sector – in particular if the funding is to fuel growth. Our research does not conclude anything about the derived effects of better bank loans for women business owners, e.g. whether favouring women pays because then they will make sure that their children get an education and better health as African women are responsible for the children,” said Henrik Hansen.

    • Courtesy of Finance African

    Brains Wikimedia

  • Other fundamentals of effective business writing

    anagers and leaders need to express their ideas clearly, concisely and completely when speaking and writing. If your written messages are not clear or lack important details, people will be confused and will not know how to respond. In addition, if your written messages are too lengthy, people simply do not read them at all.

    According to Paul B. Thornton, an author, consultant, trainer and professional speaker, the process of good writing involves three basic steps. These are preparation, writing and editing. Practising the following principles will help you be a more effective writer.

    Knowledge of your objective and list

    You should think before you write. What is your goal? Make sure you fully understand the assignment. Are you writing a one-paragraph executive summary or a five-page report? Try to answer this question: What specifically do I want the reader to know, think or do? Another thing is to write down the ideas or points you want to cover. Why? This helps you get started in identifying the key ideas you want to discuss.

    According to Thornton, if you have trouble getting started, try discussing your ideas with someone else. ‘Kicking an idea around’ often helps you clarify your objective and fine-tune what you are trying to accomplish.

    Organisation of your ideas

    Organising your ideas constitutes yet another principle of good writing. Just as it is difficult to find what you want in a messy, disorganised desk drawer, it is hard to find important ideas in a poorly organised message. Here are a few ways you can organise your ideas:

    • Importance: ·Begin with the most important piece of information and then move on to the next most important.

    • Chronological order: Describe what happened first, second, third.

    • Problem-Solution: Define the problem, then describe possible alternatives or the solution you recommend.

    • Question-Answer: State a question and then provide your answer.

    Organise your ideas so the reader can easily follow your argument or the point you are trying to get across.

    Support and separation

    Supporting your ideas is another major step in the process of good writing. Have an opinion but back it up – support with data. There are a number of ways you can support your ideas, including explanations, examples, facts, personal experiences, stories, statistics, and quotations. It is best to use a combination of approaches to develop and support your ideas.

    To make your write-up an excellent one, you need to separate the main ideas. Each paragraph should have one main point or idea captured in a topic sentence. The topic sentence is normally the first sentence in the paragraph. Each paragraph should be started by an indentation or by skipping a line.

    Complete and short sentences

    A sentence is about someone doing something – taking action. Someone may be a manager, employee, customer, etc. The “doing something – taking action” can include mental processes such as thinking, evaluating, and deciding, or physical actions such as writing and talking.

    A good rule to practise is to have subjects closely followed by their verbs. Sentences should be a maximum of 12 to 15 words in length. According to the American Press Institute, sentences with 15 or fewer words are understood 90 per cent of the time. Sentences with eight or fewer words are understood 100 per cent of the time.

    Be precise and accurate

    Thornton says words such as “large,” “small,” “as soon as possible,” “they,” “people,” “teamwork,” and “customer focus” are vague and imprecise because readers may interpret these words to mean something different from what you intended. Therefore, reduce communication breakdown by being specific and precise. Define terms as needed. Readers may not understand certain acronyms and abbreviations, try to write them in full.

    Use commas appropriately

    Use a comma to separate the elements in a series of three or more items, e.g. His favourite colours are red, white, and blue. Use a comma to set off introductory elements: After coffee and donuts, the meeting will begin. Use a comma to separate adjectives: That tall, popular, handsome lecturer teaches Mass Communication.

    Use the correct words

    Here are several words that cause confusion. For example, “It’s” and “Its”; “You’re” and “Your”, etc. “It’s” is contracted form of “It is”. “Its” is the possessive form, for example, “Its legs.” Lack of grammatical knowledge makes these structurally different but tonally similar words confusing to some people. This error can lead to change of meaning in a write-up.

    Avoid redundancies

    It is a redundancy to use multiple words that mean or say the same thing. For example, consider the following: Redundant- “I will not repeat the process again.” “Repeat” already means to do something again. So there is no need to add “Again”. Just say “I will not repeat the process.”

    • Redundant – My personal beliefs… Beliefs are personal, so just state, My beliefs…

    • Redundant – I decided to paint the doctor green in colour. Green is a colour, so just state, I decided to paint the door green.

    Numbers

    When using numbers in the body of your paper, spell out numbers one to nine, such as “Three men decided…” When using numbers 10 and above, it is proper to write the number, such as “The report indicated 68 customers…” This is basically discussed under the topic of Graphology (concerned with appearance of words) in Stylistics, an aspect of English Language. HAPPY NEW YEAR.

    To be continued

    PS: For those making inquiries about our Public Speaking, Business Presentation and Professional Writing Skills programme, please visit the website indicated on this page for details. Till we meet on Monday

    •GOKE ILESANMI, Managing Consultant/CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Certified Public Speaker/MC, Communication Specialist, Motivational Speaker and Career Management Coach. He is also a Book Reviewer, Biographer and Editorial Consultant.

    Tel: 08055068773; 08187499425

    Email: gokeiles2010@gmail.com

    Website: www.gokeilesanmi.com

     

  • Branding for business success

    A human capital development outfit, Prestige International in conjunction with the University of Lagos (UNILAG) chapter of the Joint Chambers International (JCI) has held a capacity building conference for young and aspiring entrepreneurs. The event, with the theme: Branding: the key success factor to entrepreneurial success and sustainability, was held at the Afe Babalola Hall of the institution.

    The convener, Damilola Omowaiye, said the programme was aimed at helping young entrepreneurs to appreciate the importance of corporate and personal branding and equip them with requisite competencies to thrive in today’s competitive business environment.

    “Lots of businesses are launched everyday and tons more every year. However, just a minute fraction of them thrive, especially after few years of take-off. This programme is aimed at teaching young business owners the key secrets to business sustainability and survival through effective brand management, “ he stated.

    Damilola said small and medium scale enterprises (SMEs) should use corporate branding as a tool for business success, saying it was a great strategy to sustain a business.

    Chief Executive Officer of Inspiro Consulting, Jimi Tewe, urged young entrepreneurs to take the task of corporate branding seriously, adding that branding is the live-wire of every profitable venture.

    He identified clarity, consistency, channel and community as the most essential aspects of branding, noting that branding gives visibility to a product and allows customers to connect with the product.

    “You must be clear about what you are and what you do. What would you want people to know you for? The reason why many people or businesses fail is because they are not different from the crowd. You must equally decide how often you want to be visible to your audience. Your brand must be engaging. You can’t afford to stay on the fence,” he stated.

    He urged youths to avoid the scramble for shortcut in their pursuits, saying that business and personalities with faulty foundation would not stand the test of time.

    A participant at the conference, Ayo Adejumo who owns a consulting firm, said the programme exposed him to certain business skills he had often neglected.

    He said: “A lot of us see branding only from the point of view of advertising or the name given to a particular product or service. But today, I understand that branding is beyond all of that. I learnt there are lots of practices that actually boost positive feedback for your business and improve the bottom-line. I am so anxious to begin to put what I learnt here to practice.”