The Nation Newspaper

Tag: Entrepreneur

  • How the environment makes entrepreneur?

    How the environment makes entrepreneur?

    What has environmental phenomenon got to do with entrepreneurship? A lot, says former Ekiti State Chief Justice Kayode Bamisile. According to him, the environmental phenomenon will play a majo role in the emergence of entrepreneurs in Nigeria.

    He spoke at the 2014 edition of the World Day for Cultural Diversity for Dialogue and Development, with the theme: Cultural Entrepreneurship Development in Nigeria, held at the South-West Zonal Office of National Institute for Cultural Orientation (NICO) in Akure, the Ondo State capital.

    Bamisile said: “The disparities among nations in developing entrepreneurial societies have also been attributed to environmental differences between societies both in time and spaces,” adding that entrepreneurship in Nigeria is a function of the environment.

    Some of the fundamental aspects of the social system, he said, included the cultures of a people as it affects the development of the entrepreneurial spirit, and motivation as it either enhances or inhibits entrepreneurship behaviour and drive among people.

    Bamisile highlighted some family values and roles that determine responsibilities for the provision of the economic wellbeing of the family unit, saying, “in some societies and cultures, the men are given a total role of bread-winners and the women restricted to home-keeping; in other societies, the bread-winner is borne by both the man and the woman, thus allowing the woman a space to engage in entrepreneurial activities.”

    The retired jurist, however, did not restrict himself to the environmental factor alone; he also identified the socio-cultural system, religion, education, and poverty level as some of the factors that affect the emergence of entrepreneurship in Nigeria and Africa at large.

    Earlier in his address, the General Manager of FRCN, Positive FM, Akure, Rev. Olusegun Ayankoso, who was the chairman of the occasion, appreciated NICO’s effort in marking the World Culture Day event each year, and called on well-meaning Nigerians to be actively involved in cultural entrepreneurship ventures that will earn the nation foreign exchange.

    He lamented that some of the socio-cultural menaces in the society today have led to the inability of most of the youths to engage themselves in meaningful ventures, stressing that, there were so many entrepreneurial skills that, when engaged in, would totally reduce the rate of violence and youth unrest prevalent in the societies today.

    In his goodwill message,  Mr Samuel Olusunle, Acting Director/Chief Executive, Engineering Materials Development Institute, Akure, felicitated with NICO on the successful celebration of the 2014 World Culture Day. He said the nation’s culture sector would move Nigeria from its mono-economy, to generate youth employment and create wealth.

    In his words: “The culture and tourism sector of the Nigerian economy has the wherewithal to promote national pride, generate revenue, and protect our national image on the international scene, a source of employment and rural development.”

    He advised Nigerians to take pride in cultural attires, assuring that his institute would be willing to explore any mutually beneficial area of collaboration with NICO to contribute to national development.

    Also in a goodwill message, the Director of Culture, Ondo State Ministry of Culture and Tourism, Mr. Lawrence Amimi, encouraged culture stakeholders and the mass media to always deliberate on cultural matters in the indigenous languages as some of the inadequacies in our lives today are due to the subjugation of the indigenous culture to borrowed cultures, which, to him, was neo-colonialism, a cankerworm that the nation needs to fight with vigour.

    In a lecture, titled: In Search of Creative Entrepreneurs, the Coordinator, NICO South-West Zone, Mr. Ohi Ojo, defined the concept of entrepreneurship as, “the art of making money by starting or running business, especially when this involves taking (financial) risks,” emphasising the importance of entrepreneurship in the evolution of the cultural industry in Nigeria which has helped to impact on the nation’s Gross Domestic Product (GDP).

    He said that the current rebasing of the economy highlights the importance of the cultural industry in the overall economic outlook of the country, noting that, “a cursory look at the industry and a methodological approach through entrepreneurship will open up the great economic potential in that sector;” pointing out other areas of cultural interest where entrepreneurs ought to focus on, which include, arts and craft, traditional medicine, food, heritage sites, religion, music and drama.

    There were questions and comments after the lecture as to what government was doing to assist entrepreneurs; how it would be possible to promote traditional medicine since government had banned adverts on traditional herbal practice; government’s efforts to ensure the production of standard products by entrepreneurs; how the issue of favouritism could be curbed when securing government loan for the establishment of small scale enterprises; and what government was doing to remove some of the stringent measures attached to securing loans from the agricultural and other development banks in the country.

    While responding to some of the questions, Mr. Ojo said most entrepreneurs cannot stand alone in the production chain but needed to collaborate with others to come out with better creative works, adding that, most times, traditional medicines are not advertised, yet they still get appreciable patronage.

    He submitted that the issue of favouritism was a universal challenge, and regarding advertisement of traditional medicines, he noted that, “government is only trying to protect us from death. It is difficult to prove the efficacy of native medicine due to its metaphysical nature and it is not a total ban but have to go through the relevant agencies for proper certification.”

    Ayankoso stressed the need for a dress culture, saying: “We have lost interest in what is ours,” and charged everyone to take pride in their cultures and wear their native attires.

    Highlights of the events were a drama performance, entitled, Local Content, staged by the NICO SWZ Cultural Troupe and Ewi (poetry) by Mr. Babatunde Adewunmi of Budget Unit of the institute.

  • Celebrated entrepreneur reveals her next big idea

    Bethlehem Tilahun Alemuis one of Africa’s most celebrated entrepreneurs. In 2004, she founded soleRebels in Ethiopia, and the company has since become one of Africa’s largest footwear brands with its range of artisan-made shoes now selling in over 55 countries.

    According to Making It magazine, soleRebels is set to generate US$15milion-$20milion in revenue by 2015. Alemu’s success has led her to be named by CNN as one of 12 “smart women” entrepreneurs in the past century, alongside Coco Chanel and Elizabeth Arden. She has also been featured on the front cover of Forbes magazine and in 2011 was selected as a Young Global Leader by the World Economic Forum.

    Last week, Alemu launched her second company, Republic of Leather, an online startup that addresses the global trend of consumers wanting to have more control over how and where their products are produced. Republic of Leather allows just this.

    Alemu told How we made it in Africa the idea stemmed from her love for leather products and the fact that her home country, Ethiopia, is a key source of quality hides and leathers used by many global luxury brands to craft high end articles.

    “I have worked side by side with the producers of these very same fine leathers for years as I built my footwear brand soleRebels. I have deep relationships that span from the supply side – right from the origin and selection of the hides and skins themselves – through to our tanners network.”

    The company’s online platform allows customers to select their products from a range of leather goods, such as jackets, bags and gloves. Customers can then use an online app to customise details, from the leather type and colour to the stitch patterns used, and can then choose the artisan and location around the planet where they want their designs to be handcrafted. “

     

    •Culled from howwemadeitinafrica.com

  • ‘Space sharing makes entrepreneurs’ work easier’

    ‘Space sharing makes entrepreneurs’ work easier’

    Because of space constraints, entrepreneurs are forced to share space. A Lagos-based entrepreneur, Modupe Macaulay, says business operators cut costs when they share space.

    Lagos is a difficult place to do business. There’s the high cost of rent and poor infrastructure – unreliable electricity and unreliable internet connectivity are some of the major issues affecting modern businesses in Lagos today. And, with that, there are still a lot of people going into entrepreneurship because of the high rate of unemployment. There is clearly the need for an easier and more affordable way to do business.”
    This is why Modupe Macaulay believes there are opportunities for co-working spaces in Nigeria’s commercial hub.
    Towards the end of last year she officially opened one, CapitalSquare. She had been inspired by the concept a few years earlier when she discovered that one of her heroes, Maria Popova, a writer living in New York and founder of the blog Brain Pickings, had used a co-working space.“It just seemed like an amazing idea to me; the ability to share a workspace with people doing interesting and not necessarily related things. There would be so many opportunities to learn, to work together, to come up with new ideas, to start great things… At that point, it was the community aspect that caught my attention, and I thought it would be great to have something like that in Lagos,” Macaulay told How we made it in Africa. “So I wrote it down as something I’d like to do someday and forgot about it.”
    When Macaulay returned to Lagos after finishing her master’s in the UK in September 2012, she struggled to find a job, and by 2013 she was still unemployed. At that time she was looking to start a business with a friend and needed an affordable and professional place from which to work, which was also hard to come by. Macaulay saw the potential for a shared working space in Lagos, and so the idea for CapitalSquare was born.
    Before coming up with the membership model for CapitalSquare, Macaulay did a lot of research on co-working spaces around the world and realised the membership options needed to be flexible in order to succeed.
    Today, CapitalSquare has four membership levels that address the needs of those who have a day job and need another place to work part-time or on weekends, to those who need to use the space full-time. The fees range from US$87-$202 a month and include unlimited high speed internet, uninterrupted power supply and extras like printing, meeting rooms, mail handling, virtual phone numbers, office supplies and tea and coffee.
    There is also a $7 full day pass, and a virtual membership option where members don’t physically use the space but can make use of a business address, virtual phone number and mail handling.
    According to Macaulay, sharing office infrastructure is not only cheaper for entrepreneurs, but also means they spend less time paying electricity and other administrative bills, and more time on developing their businesses.
    “Another huge plus, which really appeals to me, is the free networking opportunity that the entrepreneur gets from working alongside other entrepreneurs,” she continued. “Co-working spaces are a breeding ground for innovation, simply because they are full of people with ideas, who are crazy enough to try to make them happen.”
    Macaulay was able to get most of the startup capital for CapitalSquare from her family after much time studying the market and running the numbers.
    “You have to prove that your idea will work because nobody, not even family, wants to put their hard-earned money into something that isn’t worth it.”
    She added that the best part of being an entrepreneur is having control over her life, despite the fact that all hours are office hours for the self-employed. However, Macaulay noted that the negative side is not having a regular, guilt-free paycheck.“I say ‘guilt-free’ because it’s hard not to feel guilty when you’re paying yourself and the business is having a bad month. And yes, you do have to pay yourself (even if it’s something small), especially if you don’t have a day job.”

    •Culled from www.howtomakeitinafrica.com

  • My story, by young entrepreneur

    My story, by young entrepreneur

     Sanmi Akindipe started out as a hawker. Now he owns a chain of businesses, DANIEL ESSIET reports.

    When he started business, no one gave him a chance.But today, he is a ‘collosus’ and a pride to the youth.

    For over 10 years, Sanmi Akindipe has been at the heart of investment forecasting and financial advisory business. This culminated in the birth of his firm, Set Group, a finance company which help people to manage wealth.

    He said starting a new business is second nature to him. The completion of one project comes with the thought of kicking off another.

    Akindipe started young – from his school days, he sold gala at Ojota, Lagos, because he “liked selling”.

    “It was fun. I love doing what I was doing then,” the young entrepreneur said.

    But he knew he needed to upgrade himself to join the emerging entrepreneurs who apply scientific methods to businesses.

    He received a degree in Accounting from the University of Ado-Ekiti, Ekiti State and a Masters in Business Administration (MBA) from the University of Lagos.

    After graduation, he started with a share forecasting business.

    Akindipe was among those who applied scientific methods to predict stocks and shares in the capital market in the early 2000.

    Then, he said the economy was recording a boom. Forecasters found a ready market. He built a business around his weekly forecasts—one that included his newsletters, syndicated columns, and a radio programme.The growth was driven by client wins nationwide, notably in Lagos and the Southwest.

    As he analysed stocks, he had a few business ideas in mind. After he made his first N1.5 million during the stock boom, Akindipe ploughed it into real estate.

    He mulled real estate as a potential big opportunity and set up a subsidiary to handle sestates in Lagos and Ogun states.

    One of his estates is in Ikorodu, Lagos.

    He has since extended his tentacles to imports, real estate and agriculture.

    He has also raised capital for all his ventures and given returns to investors.

    Akindipe said the idea for his various ventures stems from his experience of identifying the challenges and opportunities in each sector.

    Most of his entrepreneurial ventures have all been Greenfield ventures. This is obviously not the only way to start a business, but his preference has always been to look at areas where there are no large players.

    His used the strategy to create profit. His strategy is: start with passion and excitement. But more importantly, build a business from an objective. Without that, it would be difficult to make it, he said.

    His second-hand cars business is also thriving, thanks to his passion and a ready market.

    Akindipe has new discovery: getting more Nigerians involved in set up internet radio.

    He said there are a lot of opportunities for Nigerians to make money because people listen to radio at work, on the internet and at home.

    According to him, it is easy to set an internet radio with a little capital. Not up to N20, 000 a month. So, by being on the internet, blogging, my space, and through other public relations techniques, one gets many listeners.

    The way to make money is to have commercials on a radio show and talking about products to thousands of listeners on internet radio. That is where more money comes in for one. One can sell advertising time for a few naira, he said.

    With over a decade in business, he has become more matured, tolerant and patient. He believes there are people who are good at running a business from scratch.

    His belief is that one should have a strong passion for an idea and a conviction that the idea will work, adding that this is what makes him a winning entrepreneur.

    His motivation and drive to go through the teething problems is also key to success.

    Akindipe advises entrepreneurs to monitor their finances and have good relationships with stakeholders, such as banks, insurance companies and other service providers.

  • Success story of a Ugandan teenage entrepreneur

    Youth Entrepreneurial Link Investments (YELI), Uganda’s first registered paper bag production firm, started out with just $14 seed capita. Twenty-one-year-old Andrew Mupuya is the brain behind the firm, which has grown into a thriving enterprise with staff strength of 16, producing about 20,000 paper bags a week.

    Mupuya was just 16 when he decided to take on the world by setting up the business. That was in 2008 when his parents lost their jobs and could barely afford his school fees. “I had to meet my basic needs by myself. I decided to face the world alone,” the Ugandan entrepreneur recalled.

    As providence would have it, the government of Uganda came up with a policy that aligned with Mupuya’s goal. The Government of Uganda had attempted to ban plastic bags in a bid to deal with its acute waste management problem and promote environmental conservation. Mupuya, who was still in secondary school, immediately saw this as an opportunity to launch a paper bag production company.

    Hear him: “I conducted a feasibility study and market research around retail shops, kiosks, and supermarkets around Kampala, the Ugandan capital and discovered there is need and potential market for paper bags.”

    To start out his small operation, Mupuya needed a capital of 36,000 Ugandan shillings ($14). He raised the first $11 from selling 70 kilos of used plastic bottles he’d collected over one week. He then borrowed the remaining $3 from his school teacher and embarked on his entrepreneurial journey, producing paper bags on a small scale.

    Since then, the business has grown extensively and today, at 21, Mupuya is the owner of Youth Entrepreneurial Link Investments (YELI), the first registered Ugandan firm to make paper bags. The company’s long list of clients includes restaurants, retail stores, supermarkets, medical centers, as well as multinational companies, such as Samsung.

    YELI has made about 1,000 niche bags for the local stores of the electronics company. “Right now, I have 72 clients,” says Mupuya, adding: “Ninety per cent of our clients always come back.”

    Mupuya’s remarkable achievements and shrewd business skills have been recognised with a number of accolades in recent years. In 2012, for instance, Mupuya was the winner of the $30,000 Anzisha Prize, a major award given to young African entrepreneurial leaders who take the initiative to address critical needs in their communities. “The awards I have won give me courage to push on with my business,” says the young entrepreneur.

    Continuing, he said, “It shows to me how I am doing the right thing and it helps me define the impact I am creating.” Despite Uganda’s attempts to ban plastic bags to deal with its acute waste management problem and promote environmental conservation, they are still used in Kampala and often block drainage systems or collect in heaps on the side of the road. Mupuya, however, believes Ugandans will eventually choose paper over plastic and he even plans to build a recycling operation. “A paper bag is eco-friendly, it can easily decompose,” he says. “But plastic bags take too long, so that is the difference.”

    For now, Mupuya sources his paper from Nairobi, the capital of Kenya. His business is housed in Kasokoso, a slum just outside Kampala’s bustling city center. Here, everything is done by hand and with precision. YELI employees turn out thousands of bags daily, cutting the paper manually and then folding it and gluing it appropriately.

    But this takes time and as the number of customer increase, the team is having difficulties keeping up with orders. Mupuya says one of the biggest challenges for his startup right now is supply and demand. “It needs time to produce the right quality and quantity to all clients, because it’s run manually,” he says, adding, “It’s quite hard to catch up with some clients who are used to cheap plastic bags. My next step is to get a machine because I am only able to supply five per cent of the demands I have.”

    He said his dream is to have a big plant to enable him supply paper bags all over Africa.

    Yet, Mupuya says this is a problem that most clients understand, pushing him to keep thinking big and press ahead with his plans to promote environmental conservation.

    “My vision is to have a cleaner Africa by eradicating use of plastic bags and emphasis on paper recycling,” he said.

     

    •Culled from cnn.com

  • 14 Apps every entrepreneur needs

    Entrepreneurs are known to be the masters of efficiency, right? The secret? We don’t do it alone. Besides having an amazing team to support our endeavor, we also utilise cutting edge apps to keep us on our A-game. (When you’re heads down building a business from scratch, your time is extremely valuable.) With that in mind, we’ve rounded up the top apps that will help any entrepreneur take 2014 by storm.

    Faster is better

    In our app rundown, lets first focus on efficiency — a necessity for the entrepreneur that is constantly juggling various tasks. The faster you can access information and execute, the faster you’ll build your company.

    1. TrackMaven: This app streamlines your ability to monitor data on your competition, without going through the hassle of consulting multiple sources. Filter the marketing activity you want alerts for and erase all the extra white noise.

    2. EchoSign: There’s no longer an excuse to delay the closing of a deal (You never know when Mark Zuckerberg will call with that $3 billion dollar bid.) This Adobe app allows you to electronically sign documents easily and securely. It also records and stores each document’s history, so you have automatic audit trails — saving you the time and trouble of backtracking in case the need arises.

    3. Free Wifi Finder: A definite game-changing app for the entrepreneur and tech guru who needs to be plugged in 24/7. In the early stages of a startup, every situation and opportunity is high stakes and you can’t afford to allow a poor Internet connection to get in the way of your company’s success.

    4. Uber: This app never lets us down. For any on-the-go entrepreneur, this service is essential to ensure you always have a way to get to that last minute meeting — even when every cab in the city is full.

    5. MobileDay: For those frequent occasions when you’re too busy to be sitting in the office, use MobileDay to coordinate all of your in-person and conference call meetings. With this app, you can dial in automatically, email with participants and even get directions to your meeting place.

    6. Skitch: Screenshots are second nature in the business world these days, but it’s a tedious task to make notes directly on them. Enter Skitch. A product of the ever popular, Evernote, this desktop and mobile application allows you to get directly to the point through different annotations, shapes and sketches.

    7. FedEx Office: This mobile app is one of the most helpful on-the-go apps for entrepreneurs. Easily send files, documents or photos through the app to your nearest FedEx location to be printed or made into a beautiful presentation. You can even upload files directly from Box, Google Drive and DropBox.

    8. Hukkster: Looking for work attire but need to spend less due to a limited budget? No time to browse the sale racks? Let our app Hukkster do the dirty work for you and track your most coveted products so you can easily get your hands on the items you want, the moment they go on sale.

    9. Hinge: Single and no time to mingle? Hinge is a great app that allows you to scope out other single men and women in the area based on your personal network.

    10. Power 20 Fitness Trainer: Sometimes it’s hard to find the time to stay fit, yet exercise is essential to staying energized and focused. We love the Power 20 Fitness Trainer, an app that provides 20 minutes of body weight movements you can literally do anywhere — in your apartment, a hotel room or even the office.

    11. Venmo: is the perfect app for nights out with friends. Don’t waste quality time doing math on the back of a napkin. Simply link Venmo to your bank account and then easily exchange cash virtually with friends anytime, anywhere.

    12. Mint: An entrepreneur probably knows a thing or two about managing finances, but it’s always good to be able to easily access information about personal cash flow. Mint allows you to record expenses, create budgets and manage savings plans, all from your phone.

    13. Pocket: As entrepreneurs, we’re full of great ideas, so much so that they hit us when we least expect them. Enter Pocket, a phone-based bookmarking app which can save all types of content – anything from a lengthy article to a work report — to all your electronic devices.

    14. Unroll.me: There is nothing we hate more than a crowded email inbox. Thankfully, Unroll.me was created to fix that exact problem. Simply sign up with your email address and let Unroll.me find all of your subscriptions for you. Then easily scroll through and unsubscribe from the ones you’d rather never hear from again.You can also make sure the right emails break through all the noise.

     

  • 10 tips on how to be a better entrepreneur in 2014

    The start of a new year is a great time to put our work habits under a microscope, toss the ideas that haven’t been working and put new action into play. Each year has its lessons, so it’s always good to reflect on what you’ve learned and optimise the knowledge for the coming year.

    Below are 10 tips on how entrepreneurs can start 2014 on the right foot.

    1. Confront and work on your challenge areas. Knowing your strengths is easy. Facing and fixing your weaknesses can sometimes create inaction in all of us. But to grow, it is important to make this change.

    There are a billion “I can’t” reasons and most are founded on nothing but fear – many times we are simply standing in our own way.

    Use 2014 to pinpoint and build up the areas that are challenging you. Classes are great, but as entrepreneurs we need action now. Be proactive by turning to the internet. Look for information, articles, mentors and online tutorials for help.

    2. Blend work-life and personal life. Professional life and personal life can be horrible counter weights to each other, creating an imbalance. Scrap the balancing act. Focus on what you’re passionate about and maintain your intention to have more of it in your life.

    For 2014, look for quick and convenient ways to blend personal life and professional life into a healthier lifestyle that works better for you, the people you love and your job. Honestly, if you add value it doesn’t matter how the job gets done.

    3. Let apps do the hard work. What’s taking up your time? There’s probably an app for it. Let it do the work. For instance, Cardmunch is awesome. It automatically converts business cards into contacts with a click of a button. Or 1Password stores all your logins and passwords in a safe, easy to access place. If you find a task taking up too much time, see if there is a tool that can make your life easier.

    4. Give a little help. When someone hands me a business card I make a note of how I can help that person. I like to connect people and have always valued when it’s done for me, so I try to give back when relevant. It could be as easy as connecting them with a colleague or sending a book or digital article relevant to a conversation.

    5. Play tag. Another business card tip? “Tag” business cards when you receive them. Immediately jot down tags, or notes, to help you remember what the business card doesn’t tell you, such as their interests, goals, alma mater or a mutual contact, among other details. Act fast, while the light bulbs are coming on in your head and be succinct.

    6. Have the difficult conversations. A friend and advisor told me something a few years ago that has really stuck with me. He said, “The person who can’t have the difficult conversations won’t be around long.” What a profound, true statement that is – both personally and professionally.

    Have the difficult conversations in 2014: at work and at home, with others and yourself. If you approach these conversations in the right way, you’re likely to learn and grow in the long run.

    7. Make a game out of KPI (Key Performance Indicator). In everything you do this year, find the KPIs by looking for the things that signal success or failure.

    Make a game out of KPI and have fun. For example, when we make a big announcement at my company Sage One, an online accounting application for small businesses, we try to beat the high score for opened emails, clicks and trials.

    8. Have a two-minute rule for no-brainer tasks. Save your perfectionist and OCD tendencies for the important stuff. I like to blaze through the mindless tasks first thing in the morning when I am planning my day and setting daily goals. When things pop up and take two minutes or less, I like to figure them out immediately.

    The time to kick the OCD into high gear and give proper attention is when focusing on higher priorities and early-stage ideas. Otherwise, they will die on the vine.

    9. The visual bypass. What is the best way to receive buy-in on ideas to ensure they reach market? Who knows: I still haven’t figured it out yet.

    But lately I’ve found I saved a lot of time by presenting my ideas visually. Aside from it saving time, telling your story, plan or strategy visually creates more groupthink within the team. How so? A visual of an idea with succinct requirements tends to be shared more across groups, thereby, increasing early-stage comprehension of a new idea or project. This is always a good signal that you’re on the right path, and it accelerates the validation from important stakeholders – a key requirement for any idea to gain early traction.

    My go-to tool is Omnigraffle. It’s great for mapping the journey of our customer and finding areas where we can improve.

    10. Take an improv class. I took a weekly improv class for six months. I can’t tell you how much this helped me professionally by allowing me to be myself more, took away my jitters and taught me the ever-important fearlessness to fail.

    Improv is challenging, but you’re with a tight-knit group, and the teacher creates a comfortable environment for true participation.

    Culled from: Entrepreneurs.com

     

  • My success secrets, by entrepreneur

    Miss Efe Imiren,Chief Executive, Service Forts, went into business at an early age. With little capital, she went into information marketing and later veered into imortation, supplying and buying.

    To Imiren, importing is a way to rejuvenate a poor local economy. Her first year in the business was challenging. But today, returns are growing because she took the time to learn about the business. For her success in business is underpinned by trust, responsibility and ethics. She has participated in importation training which helped her to the leads and learn about import procedures.

    She said importing from China is a lucrative business. Her strategy is ensuring that the companies she deals with don’t take shortcuts, and when the consignment arrives, it meets the original specifications which has been agreed to. She makes sure that the supplier truly understands the specification.

    She patronises Chinese companies which recognise quality and integrity. On the Internet there are many scams and dubious traders.

    One of the biggest mistakes aspirant importers make is to assume that just because a product works in one country, it means it will work in another.

    According to her, the first step is to research the local market thoroughly. If there is already a similar product being sold in here, one has to determine how one is going to differentiate the product one imports.

    She advises importers to familiarise themselves with market trends in different products categories.

    She helps new importers conduct market research to determine whether the products one requires or is supplying are competitive in terms of quality, packaging, presentation and price.

    Imiren helps small business owners attend trade shows or conferences that will enable them to meet the right people and talk to them about their ideas.

  • How an old soldier became an entrepreneur

    How an old soldier became an entrepreneur

    At a time the number of ex-service men are swelling in the employment market, Anthony Ugbogbo is utilising the lessons he learnt as a young soldier to run a thriving business .

    A veteran soldier, Ugbogbo spent many years on active duty in Ibadan, Jos and Liberia. On his retirement, he came up with the idea of producing pesticides and air fresheners on a small scale. To acquire the prerequisite skill, he enrolled for a training programme. He started with N20,000. Today, the business is worth over N500,000.

    From a home-based company, he has secured a place at the Industrial Development Centre (IDC) in Ikorodu, Lagos. His company offers Action insecticide and air freshener. His products are in demand. He is planning to open more sales outlets. Pesticides production has become a big business for him as he has been able to earn a living from it.

    Ugbogbo said the business is lucrative and patronage is high.

    He linked the high patronage to the fact that people realised the effectiveness of his products over imported brands.

    For him, before one starts a small business, he must perserve . Ugbogbo always had an inner desire to become an entrepreneur. He loves to change the world around him, while challenging himself. He loves independence and the idea of being open to new ways of doing business – without having to explain to a boss why he thinks the product, project or business is not impossible.

    There were many problems along his journey.His training showed him how to get through a problem, and work his way through some of the challenges he has run into as a business owner. His experience of more than two decades in the military is responsible for the business success he has found himself after life in the armed forces. The skills he came received were important, but discipline and focus were the biggest things he learnt from the military. As a former military man, he knows how to handle difficulties that came his way, especially competitions.

    And in every stage of the project, he continues to draw on the lessons he learnt while in uniform.

    He praised the Association of Microentrepreneurs of Nigeria(AMEN) for building a culture of entrepreneurship among Nigerians.

    He has no regret going into small business. Looking back, the company’s biggest challenge is how to make a name for itself within the congested market. But he has a solution: diversifying the business.

  • ‘It is tough being an entrepreneur’

    ‘It is tough being an entrepreneur’

    Adebisi Junaid, CEO Washline Nigeria Limited, has over nine years experience as a human resource person in the corporate world before she followed her passion – fabric management. She explains to Adetutu Audu that women need to be encouraged as they turn their passion into multi-million naira businesses.

     

    WHAT were you doing before Washline?

    I have been a human resource person for about nine years. I worked in different areas of the corporate world before I got married. After my marriage and my child came, I just felt that I needed to do something different. When I was working, I had to wake up early and get home late. I went to the drawing board and wrote out the list of things I love doing and that was how Washline came about. I know it is either a beauty spa, laundry business or an event management. Before I got married I used to have a washman and we were always fighting about where the crisp was placed on the trousers or something wrong about the ironing. Then I would scream and shout and then say their customer service was poor. Garments are straight forward to understand, so I just stick to laundry business because I know it is easier to understand fabrics.

    Did you have any prior training in the business?

    No. I am still learning on the job. We have got a consultant and I do go for training abroad and here as well. We have consultants coming and engineers too. When I travel abroad too, I look out for new developments to make sure we improve our quality all the time.

    Can you share your initial challenges with us?

    The challenges are enormous. Trying to get good machineries, good hands, electricity and government agencies. I am still trying to cope. The money we spend on diesel is much; we can spend it on something more tangible. We are hoping that the power supply in the country will improve. Most people try to discourage me by saying that I should go back to human resources.

    We are not making money; we have not yet broken even. Some other people have close down business in just six months, by the time you look at expenses. We need to spend money to make money. We just need to appreciate our customers. So far so good, it has been a good story till date. And because of this, we are rewarding our loyal customers because of the impressive support the company had received since inception last year as evident in the growth of the branch network to three within a year of existence.

    The six month promo has as star prize, a return ticket for couple to Dubai, a ticket for couple to Ghana as second prize and the third prize is a Black berry smart phone and lots of other prizes.

    We have written letters to Emirates, Qatar, Arik and others. They are partnering with us to achieve our goals. We want to appreciate our customers and show that we love them and they should also continue to love us.

    For Washline, our job is to make sure our customers are happy and that we tend to go the extra mile. For instance, if you want to launder your clothes, if your garment is torn, we pay attention to detail. If it is something that you want us to fix, we call your attention and ask if you want us to do it for you.

    Coping with competition

    It is just to make sure that our quality is the best and we are on top of our game. Once you can deliver A-class there is no basis for comparison. It is when your services are not good that they will start to make comparison. We are members of the Guild of Drycleaners and launderers in the United Kingdom, a group committed to the best practice in this industry and having one of the most certification procedures internationally. Our membership of this group also enables us to keep abreast of the latest developments in the industry and translate these to better service offering to our customers.

    What is your view on the Nigeria laundry services sector?

    The sector is an area of considerable opportunity, given the increasing sophistication of the Nigerian populace.

    There should be formation of an industry body that would not only help set standards for the business, but also align the operations of the practitioners in the country with global practice.

    Government should put policies in place that will make all launderers toe one direction. Government does not recognise launderers in Nigeria. It is a technical industry and one needs to be up and doing.

    Who are your role models?

    My mum. She is very strict. It was very lonely being the only child. My mum is very strong; she can drive a trailer as a woman. I don’t think I have any other role model.

    How would you describe your style?

    My style is simple and classy. I used to be a tomboy before I got married. My husband always likes me to be right on point.

    What is your view on women going into businesses now?

    Women are really trying now. Husbands should encourage their wives and government should encourage women too. Find your passion and calling; you can turn it into a multi-million naira business, once you are committed to it.

    What was it like when you were growing up?

    I am from a small family of two. I am the first and my younger brother came 13 years later. I attended St. Saviour’s Primary School, Ebute Metta. I moved on to Atlantic Hall. I did diploma in Law at the Ogun State University, Ago-Iwoye before I finally studied Mass Communication at the University of Lagos. I majored in broadcasting. I did my I.T at Cool Fm; I had a stint at Channels TV. I had a brief stint with Ovation Magazine. I moved to a financial advisory firm where I was the human resource person. From there, I moved to Africapital and later went for my Masters before I returned to Nigeria and got married.

    Was it easy leaving the corporate world for entrepreneurship?

    There are some days I say should I go back or move forward. And I am like, ‘you cannot afford to fail’. And that is what has been keeping me going because it is tough being an entrepreneur in this environment. I would rather work and at the end of 30 days get my cheque, it is easier. By the time you pay salaries and clear all your expenses, there is almost nothing left. But I am assured that this is just the teething stage, we will get there.