The Nation Newspaper

Tag: entrepreneurs

  • Stakeholders push for larger social entrepreneurs’ role in development

    Stakeholders push for larger social entrepreneurs’ role in development

    Social entrepreneurs are using innovation to accelerate economic growth and social development. To this end, stakeholders are advocating that they be empowered to play a greater role in development in Nigeria. DANIEL ESSIET reports.

    Social entrepreneurs are becoming an important force in global economic development, therefore the government should empower them to move the economy forward. These were the recommendations of stakeholders in the Social sector  at at   Ideation Hub Africa ‘s Development Dialogue for social entrepreneurs and development champions in Lagos.

    The  Country Director, African Development Bank, Dr. Ousman Dore, in his contribution, observed that social entrepreneurs are  emerging as active players in the development field and  this underlines  the  need to strengthen their  role in implementing the future sustainable development goals.

    This is because they have  the  capacities to boost development efforts as long as they are empowered in a socially responsible way. He further expressed the huge role of government, academia, and the private sector in supporting social prosperity, nurturing innovation from an early age, as well as promoting risk taking culture in social entrepreneurs, in order to enable them push beyond boundaries and create ground breaking innovation for society.

    He, however, expects the number of development practitioners to continue to grow, but demanded  a stronger framework to enable them  build skills to  drive lasting development  and  sustain economic growth.

    Speaking at the event, the Executive Director of Ideation Hub Africa, AdebolaDeji-Kurunmi, stated that the Development Dialogue was a rallying point for social entrepreneurs and development professionals to share ideas, connect, hone their skills and deepen the knowledge for solving Africa’s challenges.

    She also stressed the need for   collaboration within the non-profit space and across the private sector and  the government, as a defining requirement for social prosperity and economic development on the continent.  She said the country has   seen social enterprise become the model of choice for entrepreneurs who want to effect real change in the society and community, adding  that social entrepreneurs are coming from a variety of sources – universities, schools and colleges to help to improve people’s lives and  drive for social justice.

    In the seminar on: How social innovation emerges and thrives, Founder, LEAP Africa, Mrs. NdidiNwuneli, spoke on the tremendous power of social innovation as a new approach to solving pressing problemsand create ideas, products and services that heighten the quality of life for citizens.

    She also spoke about creating social innovation including scaling, recruiting right talent, board governance, financing, investment-readiness amongst others.

    Manager, Public & Government Relations, ExxonMobil, Mr. Akin Fatunke, gave an interesting expose about  his organisation’s credible Corporate Social Responsibility Projects as well as the reasons many social enterprises find it hard to leverage the support and funding of multinational corporations.

    Drawing from her successful involvement with government agencies on her organisation’s programmes, the Chief Executive, CSR in Action, Mrs. Bekeme Masade, spoke on strong tips for engaging the public sector on social projects and development work.

    Her guidelines included understanding the unique environment, clarifying the real issues to address, staying persistent, dealing ethically and engaging stakeholders from the beginning.

    The event, which held at Commerce House, Victoria Island, Lagos; attracted change makers, government stakeholders, NGO owners, and development leaders from diverse impact areas.

    In attendance were Executive Director,FATE Foundation Adenike Adeyemi; Executive Director , Women in Management, Business and Public Service (WIMBIZ), MosunLayode; Chief Executive, Red Media Africa, ChudeJideonwo; Executive Director,  Institute of Voluntary Sector Management;Akin Olukiran; Executive Director, Enterprising Nigeria, Dele Osunmakinde and Co-founder, ANDELA Iyinoluwa Aboyeji .

  • Stakeholders push for larger social entrepreneurs’ role in development

    Stakeholders push for larger social entrepreneurs’ role in development

    Social entrepreneurs are using   innovation to accelerate economic growth and social development. To this end, stakeholders are advocating that they  be empowered  to  play a greater role in development in Nigeria. DANIEL ESSIET reports.

    Social entrepreneurs are becoming an important force in global economic development, therefore government should empower them to move the economy forward. These were the recommendations of stakeholders in the Social sector  at at   Ideation Hub Africa ‘s Development Dialogue for social entrepreneurs and development champions in Lagos.

    The  Country Director,African Development Bank, Dr. Ousman Dore, in his contribution, observed   that social entrepreneurs are  emerging as active players in the development field and  this underlines  the  need to strengthen their  role in implementing the future sustainable development goals.

    This is because they have  the  capacities to   boost development efforts as long as they are empowered in a socially responsible way. He further expressed the huge role of government, academia, and the private sector in supporting social prosperity, nurturing innovation from an early age, as well as promoting risk taking culture in social entrepreneurs, in order to enable them push beyond boundaries and create ground breaking innovation for society.

    He, however, expects the number of development practitioners to continue to grow, but demanded  a stronger framework to enable them  build skills to  drive lasting development  and  sustain economic growth.

    Speaking at the event, the Executive Director of Ideation Hub Africa, AdebolaDeji-Kurunmi, stated that the Development Dialogue was a rallying point for social entrepreneurs and development professionals to share ideas, connect, hone their skills and deepen the knowledge for solving Africa’s challenges.

    She also stressed the need for   collaboration within the non-profit space and across the private sector and  the government, as a defining requirement for social prosperity and economic development on the continent.  She said the country has   seen social enterprise become the model of choice for entrepreneurs who want to effect real change in the society and community, adding  that social entrepreneurs are coming from a variety of sources – universities, schools and colleges to help to improve people’s lives and  drive for social justice.

    In the seminar on: How Social Innovation Emerges and Thrives, Founder, LEAP Africa, Mrs. NdidiNwuneli spoke on the tremendous power of social innovation as a new approach to solving pressing problemsand create ideas, products and services that heighten the quality of life for citizens.

    She also spoke about creating social innovation including scaling, recruiting right talent, board governance, financing, investment-readiness amongst others.

    Manager, Public & Government Relations, ExxonMobil, Mr. Akin Fatunke gave an interesting expose about  his organisation’s credible Corporate Social Responsibility Projects as well as the reasons many social enterprises find it hard to leverage the support and funding of multinational corporations.

    Drawing from her successful involvement with government agencies on her organisation’s programmes, the Chief Executive, CSR in Action, Mrs. Bekeme Masade, spoke on strong tips for engaging the public sector on social projects and development work.

    Her guidelines included understanding the unique environment, clarifying the real issues to address, staying persistent, dealing ethically and engaging stakeholders from the beginning.

    The event, which held at Commerce House, Victoria Island, Lagos; attracted change makers, government stakeholders, NGO owners, and development leaders from diverse impact areas.

    In attendance were Executive Director,FATE Foundation Adenike Adeyemi; Executive Director , Women in Management, Business and Public Service (WIMBIZ), MosunLayode; Chief Executive, Red Media Africa, ChudeJideonwo; Executive Director,  Institute of Voluntary Sector Management;Akin Olukiran; Executive Director, Enterprising Nigeria, Dele Osunmakinde and Co-founder, ANDELA Iyinoluwa Aboyeji .

  • Business Impact boss inspires entrepreneurs

    The Chief Executive, Business Impact Limited, Mr.  Olatunde Samson, said his organisation has made it a priority to help inspire and support budding entrepreneurs.

    He was addressing an online marketing conference organisation by his organisation in Lagos.

    The conference was aimed at educating  companies  about  how digital technology can improve their businesses, in particular, how new applications and technologies can help them operate more competitively, manage costs more effectively and grow more quickly.

    The event aimed to provide businesses with the knowledge they need to use technology for digital marketing, improved productivity, and implementation of flexible working arrangements or better customer service.

    He also spoke about how businesses are  involved in social networks, and how they need entrepreneurs to help them enhance content and get more customers for products and services in the web.

    According to him,  Small and medium sized businesses need to  learn how to use technology to make their businesses more competitive in a digital age, promising support  to help businesses explore the opportunities that digital technology have presented.

     

  • Commonsense in present day entrepreneurs

    People say commonsense is like a deodorant. Interestingly, those who need it most never use it. Over the time, I have seen that business fundamental and its principles do not change. It is the entrepreneurs who need to apply commonsense and change with the times.

    My experience with twenty five startups entrepreneurs monthly gave me a clear authority to summarise young startups NOT ready to succeed in this age and time because of below three reasons:

    – Failure to understand that, there is no replacement for hard work.

    – Failure to acquire right skills and experience in area of exploration.

    – Failure to apply common sense in their activities of the business.

    Let me quickly share my personal experience with Femi Williams. Femi, by the way, is a graduate of Economics from University of Lagos. According to him, he invested just N25,000 into gaming show while he was still in UNILAG. The business made good income and saw him through school.

    For a business that was generating N65, 000 monthly, I mean what else can you ask for? If not to expand. Unfortunately, this young undergraduate entrepreneur graduated, went for service and came back to the street to seek for white collar jobs?

    Femi was still looking for job after two years of graduation. Of course, he met me for counseling and I only asked him ONE question: Do you want to start a life or just be in an office environment? He took him five minutes to answer me, by saying he want to start a life immediately. At that point, I realised he knows what he wanted, then I took him back to his entrepreneurial foundation to get the gaming business on track. He registered a business name, opened a current account and makes a minimum of N8, 000 monthly.

    Presently, a commercial bank is ready to loan him N1,000,000 to expand the business to Lagos State University.

    In conclusion, every entrepreneur must desire to think, start small and grow with time. After all, time and chance define success. Remember, commonsense is the most limited of all natural resources. Always use your third eye in business.

    Also find below an article that better elucidate on the subject under discussion. Bon apetit!

  • Entrepreneurs suggest success tips for startups

    There is a new strategy for starting and developing business and it’s not money, Mrs Idowu Olayemi, owner of grocery and meat supply firm, Food Emporium, has said.

    Speaking to entrepreneurs in a seminar organised by a networking company, On Point Success Limited, with the theme: ‘Passion to profit’, Mrs Olayemi, the guest speaker on the occasion said: “money is not the priority to start a business but hard work and discipline, with the 3p’s and 2s’ which are planning, people, process, structure and strategies.”

    The Food Emporium boss, who spoke on the topic: ‘How to start and grow a business with no funds’ said people need courage to run and grow a business.

    She advised entrepreneurs to get their businesses registered with the Corporate Affairs Commission, to avoid sharing the same name with someone else, get a tax code for payment of taxes and a cooperate account, all of which make up the planning stage.

    On the second and third P’s, she said Process involves outlining specific activities that help to achieve desired result, while People, involves employing and proper relations with staff, customers and clients.

    The expert also referred to structure as the way different parts of one’s business come together, involving an integration of internal structure, which includes behavior, attitude and character, with the external factors including physical structures being put in place.

    The business owners, she further advised, need to develop the strategy to achieve results, which should involve high level plans and careful methods that help them win.

    On his part, Mr Damola Aroyewun, a lawyer, said: “The message been passed across is that you can start small and end up big. You cannot do a business alone and networking serves as the bridge between your goods and customers. Your passion is very important and passion is something you are willing to do even if you are not going to be paid for it.”

    Justifying the need for the seminar, CEO of On Point Success Limited, Mrs Oluwaseun Akinlotan said: “The seminar was inspired by the fact that there are so many misconceptions about starting up a business out there and we are trying to set the record straight to start a business doing exactly what you love, improving and building yourself. We teach people on how to start and grow a business as well as to make profit. One thing about business is that it is not about what you know but who you know in a business which can be done by mingling. I also plan on reaching out to corporations because I believe that customer service is the next big thing and big corporations need to realise that they need to improve on their services, especially in Nigeria.”

    A participant, Mrs Oluwakemi Adeshomo who does product packaging (making boxes), said she had acquired new knowledge by meeting with professionals in the field on how to grow her business and relate to customers.

    Echoing similar sentiments, Mrs Adeola Adeyemi, an interior designer, upbeat, said: “I have learnt so much already and have gotten new ideas on how to take my business to next level. Most importantly, I have made new contact with fellow interior designers and believe that we can do one or two things together. Now I’m more courageous because they say knowledge is power. Having more knowledge, I feel I can fly higher and I am so impressed.”

  • Economic policies: Sosan counsels entrepreneurs

    Economic policies: Sosan counsels entrepreneurs

    Former Lagos State Deputy Governor  Sarah Sosan has called on entrepreneurs and Small and Medium Enterprises (SMEs) to search for innovative ways of adapting their businesses and organisations to government policies no matter how unfriendly they seem.

    She said no government will intentionally hurt the growth of businesses in the name of policies, urging entrepreneurs to be on top of their game and apply themselves to the rules governing business operations.

    Speaking to The Nation in Lagos, she said although, the recent Central Bank of Nigeria (CBN) Foreign Exchange (forex) policy that eliminated importers of 41 items from accessing forex through CBN window may on the face value seem inimical to the manufacturing sector due to attacks on the policy by members of the oraganised private sector, the policy is for the overall well-being of the economy.

    According to her, government, through the policy, seeks to protect local manufacturers against unhealthy competition from imported goods. She insisted that the end of the current economic pain will justify the means, which will ultimately grow local capacity and encourage value addition in the manufacturing process.

    Sosan, however, decried the free fall of the naira against the United States dollar. She, therefore, threw her weight behind every effort of government to shore up the value of the naira.

    The former deputy governor urged government to step up efforts on job creation, insisting that engaging the youth remains the panacea to restiveness and security challenges facing the country.

    Speaking on the success of the just concluded International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI) and the increased interest by overseas participants, Mrs. Sosan said the heightened interest in the fair may be attributed to the renewed confidence on the economy.

    The just-concluded fair with the theme: “Enhancing Value Addition in the Non-oil Economy”, China, Egypt, Japan, Ghana, India, European Union, Indonesia and Pakistan, with an average of 500,000 visitors daily.

    Sosan stressed that what the economy lost in the 2014 fair as a result of the outbreak of Ebola virus that discouraged exhibitors from Europe and Asia was recovered this year with the huge presence of exhibitors from overseas countries with products and services that will impact positively on the economy.

    She said the current administration has brought in sterling qualities in the management of the economy with fiscal and monetary reforms poised at driving economic growth. She expressed optimism that the new ministers will drive policies that will encourage local entrepreneurs, the non-oil economy and export trade.

  • Social entrepreneurs seek economic solutions

    International social entrepreneurs are gathering in Lagos next week to seek solutions that make quality livelihoods and securing economic rights for Nigerians.

    The Development Dialogue, with “Spurring Africa’s Development by Social Innovation and Leadership” as its  theme will hold November 26th. According to the organisers, the high-impact summit for Nigeria’s development sector, will host over 500 practitioners across impact areas including agriculture, education, healthcare, media and arts, economic empowerment and financial inclusion, housing, environment, gender advocacy among others.

    The Dialogue, which builds on the success of a pilot edition held in May, will spark interesting conversations around achieving the Sustainable Development Goals in Africa, principled leadership and social innovation as well as linkages of collaboration for social good.

    Executive Director of Ideation Hub Africa, Debola Deji-Kurunmi, (host of the event), expressed enthusiasm saying: “We believe that Nigeria’s development space is an enormous one, and this summit provides a desperately needed platform to explore the narratives around Africa’s prosperity through the third sector.”  Experts  expected to address the forum include Country Director for African Development Bank in Nigeria, Dr.Ousman Dore, who  will  represent the bank’s president, Dr.AkinwunmiAdesina .

    He   will deliver the keynote speech on Spurring Africa’s Development by Social Innovation and Leadership.

     

    .

     

  • Embrace technology, expert urges entrepreneurs

    An expert in entrepreneurial studies, Dr Henrietta Onwuegbuzie, has said technology can help entrepreneurs to start off a billion naira company with just N5,000.

    Onwuegbuzie made the assertion on Tuesday in Lagos when she spoke on ‘Technology Changing Business — Model Case  Studies’’ at the Society and Technology Conference (SOCTECH 2015).

    The annual conference was an initiative of the Institute for Work and Family Integration (IWFI) in collaboration with the Lagos Business School.

    She added that the penetration of technology into businesses had made it possible for start-ups to build empires without borrowing from the banks.

    Onwuegbuzie, who is director, Impact Investing Policy Initiative at the Lagos Business School (LBS), said entrepreneurs needed to create big business ideas and leverage on technology to attract online traffic in selling the idea.

    Stressing that technological adaptation was key to business growth, she advised entrepreneurs to leverage on it for wider market reach.

    “Technological adaptation is key to business growth; you need to start small and think big,’’ Onwuegbuzie said.

    She added that the penetration of e-commerce had enabled many small and medium entrepreneurs to have online platforms to sell their goods and services.

    She stressed that technology had given rise to the growth of micro entrepreneurs who use the e-commerce platform to grow their businesses.

    Welcoming participants, Chairman of IWFI, Mr. Charles Osezua, said SOCTECH 2015, with the theme: “Digital Age: Corporate Success and the Family”, was chosen for a robust integration of family and work.

    He said technology was impacting more on the way businesses are run and care must be taken to adapt it without neglecting core family values. “There is no doubt the digital technology has transformed our world and the way we do business. It has positively impacted on productivity and efficiency,” Osezua said.

  • Entrepreneurs call for economic diversification

    Entrepreneurs call for economic diversification

    Entrepreneurs have called for the diversification of the Nigerian economy, especially the development of the large agricultural potential, to aid economic growth and stability.

    Business executives spoke at the conference of Association of Fast Food Confectioners of Nigeria (AFFCON). The theme of the conference was: Synergy in the Food Chain: A Catalyst for Economic and Agricultural Development.

    Chief Executive Officer, The Chair Group, Mrs. Ibukun Awosika, stated that Nigeria’s diversification of the economy should be hinged on agriculture because of Nigeria’s large population, large expanse of land as well as fertile soil.

    Governor of Lagos State, Mr. Akinwunmi Ambode, who was represented by Mrs. Sade Ogunnaike, stressed the importance of agriculture in the economy, noting that it would boost the Association faster. The governor noted that by getting involved in agriculture, members of the fast food industry would be able to control the standard and quality of the items like eggs, meat, chicken, rice, yam, etc that they serve customers.

    Awosika advised members of the AFFCON to think differently about their value chain to find out ways to partner with others to eliminate waste, make better use of storage facilities and warehousing, reduce cost per unit, and increase their turnaround time, thereby empowering other companies to grow.

    She advised that companies must evaluate their value chain and identify those parts that are critical to their processes and outsource others, to increase company’s efficiency.

    But most importantly, Mrs Awosika urged the industry to take the Nigeria fast food business out of Nigeria, given that Nigeria dominates the West African region. That way, she noted, Nigerians would create global brands like other countries.

    President, Association of Fast Food Confectioners of Nigeria (AFFCON), Mrs Bose Ayeni said operators in the quick service sector popularly known as fast food contribute a record N230 billion into the nation’s Gross Domestic Product (GDP) annually.

    According to her, the Nigerian fast food industry is a key contributor to the Nigerian economy, with an estimated annual revenue of N230 billion and taxes in excess of a billion. It also collectively provides employment for over 500,000 people at the processing and retailing levels.

    “We are certainly contributing to the reduction of unemployment, a focal point of the Federal Government. This figure can grow significantly given the right environment for our businesses to thrive. The multiplier effect of this on the economy is better imagined than stated. Many of the small local players who operate at the neighbourhood level also have potential to become big given the right environment to thrive,” Ayeni said.

  • How mentoring strengthens young entrepreneurs, by Rector

    The Rector, Yaba College of Technology (YABATECH), Yaba, Lagos State, Dr Margaret Ladipo has stressed the role of mentoring in building young entrepreneurs and eradicating unemployment in the country.

    Dr Ladipo spoke at a press briefing to announce the 29th convocation of the college on Tuesday.

    She said: “Entrepreneurship is all about mentoring. When youths see people who have been through what they are aspiring to do and succeeding in it, they become excited and encouraged.

    It also helps to inculcate the entrepreneurship attitude in the students. Imagine if you empower about 200 graduates from each institution in this country; attach them to mentors and micro finance banks. At the end of the day, they become entrepreneurs and employ about two or four graduates. Calculate the multiplier effect to reduce unemployment in our society. When they service their loans, you go through the process all over again.”

    The convocation would hold in two days, October 28 and 29.

    In accordance with her suggestion, she said the convocation lecture, to be delivered by former Vice Chancellor, University of Uyo, Akwa Ibom State, is themed: ‘Entrepreneurship and mentorship role in youth empowerment and sustainable development.’

    The lecture would hold at the College multi-purpose hall at 10 am, with the occasion’s chairman as Dr Frank Jacobs, Chairman, Manufacturers Association of Nigeria (MAN), while the graduation ceremony follows the next day.

    It will be a combined ceremony for grandaunts of the 2012/2013 and 2013/2014 academic sessions, bringing the total number of graduands to 11,957 – 5527 for the 2012/2013 sessin and 6430 for the 2013/2014 session, including full time and part time students.

    The Rector also disclosed that the essence of entrepreneurship education is to provide competent graduates who would be academically and economically endowed with requisite skills to become self employed and ultimately employers of labour.