The Nation Newspaper

Tag: entrepreneurs

  • Ekiti 2018: Aspirant hosts young entrepreneurs

    A Governorship aspirant on the platform of the Advanced Progressives Democratic Alliance (APDA) in Ekiti State, Mr. Tope Adebayo, has promised to turn around the economy of the state, if elected.

    The governorship election holds on July 14 next year.

    Speaking during a round-table dialogue with some entrepreneurs in Ado-Ekiti, the state capital, the legal practitioner said his government will create jobs and wealth by reforming the civil service and empowering the Small Scale Medium Enterprise (SMEs).

    The entrepreneurs cut across various field, including Agriculture, Fashion and Beauty Therapy, Event and Catering Management, Interior Decoration, Photography, Website Design and Programming and Shoe Making.

    In his response to questions posed to him on his economic blueprint, wealth creation, youth empowerment through entrepreneurship and human-capital development, Adebayo said his government will invest on skills acquisition and capacity building.

    He said if pursued; standard training of artisans and entrepreneurs in Ekiti will not only create wealth but increase the Internally Generated Revenue (IGR) of the state.

    Adebayo blamed the high level of poverty and under-development in the state on lack of quality leadership, stressing that Ekiti people will remain stagnant economically if the state continue to rely solely on the monthly allocation from federation account.

    Emphasising the role of entrepreneurs as wealth and job creators, Adebayo said his government will work with young entrepreneurs with the intention of maximising the potentials in agriculture and its value chain, fashion industry, social entrepreneurship etc to create wealth and jobs in the state.

  • Fidelity Bank partners Africa’s young entrepreneurs

    Fidelity Bank partners Africa’s young entrepreneurs

    idelity Bank Plc. has partnered with the Africa’s Young Entrepreneurs (AYE) to empower entrepreneurs in Nigeria. The partnership agreement between both organizations, signed recently, will strengthen the on-going efforts and initiatives of AYE in developing and supporting future business leaders. It will also afford Fidelity Bank the opportunity to offer financial and technical advisory services to enhance the competitiveness and dynamism of young Nigerian entrepreneurs.

    With a network of over 12.6 million members across the continent and 1.6 million Nigerian members, AYE is the largest network of entrepreneurs in the world. The organisation uses conferences, workshops and motivational talks to share practical information on how to develop and manage businesses. As one of Nigeria’s top lenders operating out of over 240 business offices and other numerous e-channels, this is in tandem with Fidelity Banks’ unique solutions to supporting small businesses and practical steps in hand holding and guiding entrepreneurs to building sustainable businesses.

    “The partnership was made possible because we share the same ideals on entrepreneurship and job creation.  In line with the Federal Government’s economic diversification plan, more employment opportunities lead to poverty alleviation, improved food security and GDP growth” said CEO Fidelity Bank,  Nnamdi Okonkwo at a media parley in Lagos on Wednesday, November 22, 2017.

    The AYE encourages social entrepreneurship with role models, powerful mentors, social innovators, thought leaders, forward thinking investors and people passionate about addressing a range of societal and environmental challenges.

  • 10 entrepreneurs get N3m business grants

    Ten entrepreneurs over the weekend in Awka received business grants of N300, 000 each to grow their businesses. The cash came from Life Intercontinental Lager Beer during its Life Progress Hour. The event in the Anambra state capital brings the total number of entrepreneurs who have benefited from the Life Progress Booster in 2017 to 160.

    One of the beneficiaries,26-year old  Ugwu Anthony,  expressed joy as his dream of owning a barbing salon has become a reality. “Since I graduated in 2012, I have worked for several private companies here in Awka, but I have always wanted to own a business of my own no matter how small. I am grateful to Life Lager Beer for this grant and I hope they continue to give life to people through this initiative.”

    Since the start of the year, the Life Progress Booster train has also stopped in Aba, Asaba and Nsukka where entrepreneurs received business grants in like of N300, 000 each.

    Moses Okafor, 24, a textile printer in Asaba received the business grant during the Life Progress Hour show in the Delta State capital. Visibly excited, he explained how he heard about the show and decided to give it a try. “My dad heard the advert on radio and informed me. He has always supported my business even though it’s still at its humble beginnings. Receiving this grant means a lot to me and my family, especially my dad and I am grateful to the brand for helping to make my dream come to life,” he said.

    Another recipient, Emeokeri Oke Rita, a cosmetologist was full of gratitude as she fell on her knees when her name was announced as a beneficiary. “My joy knows no bounds. I have been favoured through this platform and I am very happy. I have a growing business and with the funds I received, I will be able to boost my business and support others in my own little way.

     

  • How they did it

    They are young entrepreneurs, who have been inspired to start their businesses, turning their ideas into reality. They are participants in the just concluded Junior Chamber International (JCI) Lagos Metropolitan Chapter Young Entrepreneurs fair held at Alausa, Lagos State, writes DANIEL ESSIET.

    Shade Odu and Ayodele Emabaye are crafts entrepreneurs. They are both graduates and partners in a thriving crafts making business.  One thing they have in common is that  they realised early in life that they have to work hard to make it.

    During the Academic Staff Union of Universities                     ( ASUU)  strike in 2012, Shade decided to explore business opportunity in crafts. Eventually, she underwent training on how to produce handmade bags. This gave birth to an enterprise that deals in handicrafts, including African attire, bags, pottery objects, and many other locally-made gifts.

    They started with N40, 000 and today, the business is worth N100,000. They were at the just concluded Junior Chamber International (JCI) Lagos Metropolitan Chapter young entrepreneurs fair held at Alausa, to display their wares .

    Speaking with The Nation, Shade said she and her partner have come a long way and been through challenges. Starting was rough with the challenges they faced in marketing their products.

    Initially, she said they had a challenge of getting market because people prefer leather bags.

    According to her, many Nigerians do not appreciate and value Made-in-Nigeria products, meaning  the business sometimes has to depend on a handful of clients. Sooner, the products started getting good publicity in her locality and today, she is happy with the returns.

    Gradually, they are now being known for their exquisite craftsmanship. They have  mastered the art of turning their designs and business into a reflection of their  own passions and priorities.

    She said some of their customers are based in Ibadan,Oyo State, adding that  residents are slowly embracing the culture of buying fabrics, made crafts and gifts, especially the locally-made pieces.

    Ambitious to see the business flourish in the long-term, Shade is hoping  to expand the business into key emerging markets, using  different  outlets. Many think the ultimate achievement of any business person is accumulation of huge sums of money. Shade, however, said  their greatest achievement is the experience they have got from running the business and the opportunities it has presented to network with people. They have created more bags and handicrafts to sell. The demand for their products has increased.

    With hard work, determination and resilience, many Nigerians  have been  able to build their dreams of success. Another participant, Favour Ozuonim Ashien,   owner  and  Chief Executive Officer  of  Fanim 18 Enterprises,  said she started  her  business  selling smoked fish.  She studied chemical engineering at Delta State University (DELSU), Abraka, Delta  State.     In 2015, she got a small loan under the  Bank of Industry (BoI) Graduate Entrepreneurship Fund (GEF). The BoI special N2 billion empowerment programme is serving members of the National Youth Service Corps (NYSC).  She was given a loan after she presented    a  bankable business plan.   Today, under the brand name eatrite, she packages smoked fish, cray fish, hot chili pepper, pepper soup spices. She has also packaged shrimps. She has a factory at Ikorodu. She acknowledged that she  has many challenges, which include penetrating the market since it was a new product.    However, things are slowly changing.

    JCI  Lagos Metropolitan Chapter President, Mrs Yetunde Doyin-Ishola, said the organisation is focused at developing young people in the business environment. According to her, the young entrepreneurs fair is part of the 60 years celebration of the organisation. She believes the future of nation’s best and brightest small and medium sized businesses will in turn determine that economic health. The fair showcased a variety of handicraft items made by young entrepreneurs. A variety of products, ranging from food items to footwear were exhibited.

  • LSETF, UNDP, Arc Skills host entrepreneurs in Lagos

    The Lagos State Employment Trust Fund (LSETF), in partnership with the United Nations Development Project (UNDP) and Arc Skills, a global skills training provider have hosted entrepreneurs and business leaders in Lagos.

    The three-day ‘Industry Engagement Forum’, which cuts across key sectors in the economy, was meant to ensure the realization of the objectives of the recently-launched Lagos State Employability Support Project.

    The forum was attended by industry executives in construction, manufacturing, hospitality, healthcare, entertainment and fashion sectors. It provided an effective platform to identify, analyze, and discuss opportunities to improve skill acquisition and employment in the state, while leveraging on recommendations and feedback from stakeholders.

    Executive Secretary, LSETF, Akinwale Oyebode, said the industry engagement will help address issues of capacity building in Lagos, while providing skilled and trained workers to meet job demands in both the public and private sectors.

    “Through the feedback and recommendations gathered from this event, we hope to understand the challenges faced by key stakeholders in the economy and also get suggestions that will ultimately build the scope of the initiative,” he said.

    Giving a speech at the opening event, the Chief Executive Officer, Arc Skills Nigeria, Amit Washington, acknowledged the urgent need for an innovative learning approach that will motivate young people in the society, which the organization will implement over eighteen months.

    Team Leader, Inclusive Growth Unit, UNDP, Robert Asogwa said, “As the continent’s most populous country and biggest economy, there are opportunities to improve earnings and income through skills that affect people’s economic and social wellbeing in many ways. By working with industry groups and organizations, we can easily implement recommendations that will tackle insufficiency of skilled labour and ensure social mobility.”

  • Former Mobil Oil boss tasks entrepreneurs on soft skills

    Former Chairman/Chief Executive Officer, Mobil Oil Nigeria, Mr. Olumide Onakoya has challenged aspiring entrepreneurs to develop their innate soft skills for them to succeed in the ever growing competitive market.

    Onakoya spoke at the launching of a new book titled ‘Why school doesn’t guarantee success’ written by Olanrewanju Adepetun.

    Justifying the need for soft skills, the erstwhile Mobil Oil boss said skills such as ethics; integrity, communication, team building, and honesty are not necessarily taught in schools but are panacea for success in life, business and career.

    He said that many graduates and entrepreneurs have either lost their jobs or opportunities to scale through not because they are not brilliant but because they lack soft skills that can keep an individual flying high in life.

    He noted that in the course of his work as the CEO of Mobil Plc, he have had fire first class graduates within one year of their employment not because they are not brilliant but because they lack basic life skills that can keep them on their jobs.

    “My engineering certificate became nothing after 10 years in Mobil where I served for over three decades but my soft skills took me to the top in the company.”

    Onakoya, who is also the CEO of Olu Onakoya and Associates further noted that people with soft skills can be trusted with money and not abuse it treat others with respect and are faithful in their chosen profession.

    “What the new world of business is looking for  are self motivated  people of character who will bring positive values, growth and success to organisation  and is doing so ultimately bring the same to themselves,” he said.

    Speaking during the event, the Executive Secretary, Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode called for the review of the curriculum of our educational system at all levels in order to expand employment opportunities for youths in Nigeria.

    He lamented that there are new and emerging jobs opportunities available for young people but many youth lack the requisite skills and education that are needed to fit into these new opportunities.

  • TEF to host 1,300 African entrepreneurs in Lagos

    TEF to host 1,300 African entrepreneurs in Lagos

    The Tony Elumelu Foundation (TEF) will be hosting over 1,300 African entrepreneurs in Lagos at this year’s edition of its entrepreneurship programme.

    The scheme is targeted at empowering the next generation of African business leaders.

    The event, which is third in a series,  remains the most diverse annual gathering of African entrepreneurs and Small and Medium Enterprises (SMEs).

    The  forum, holding from October 13 to 14, would be attended by 1,300 African entrepreneurs, business leaders, and policymakers from 54 countries.

    According to a statement from the TEF, this is the first year that invitation to the forum is extended beyond the 1,000 Tony Elumelu Entrepreneurs from the 2017 cohort to include selected SMEs, media, hubs, incubators, academia and investors from diverse nations across Africa.

    It said the assembled SMEs would build networks, share knowledge, connect with investors and link with corporate supply chains.

    The TEF Founder, Tony Elumelu, said, “Since launching the TEF Entrepreneurship Programme – and committing $100 million to empowering 10,000 African entrepreneurs in a decade – we have unleashed our continent’s most potent development force, its entrepreneurs.

    “In just three years, our first 3,000 entrepreneurs have created tens of thousands of jobs and generated considerable wealth.  On October 13 and 14, the global entrepreneurship community will gather in Lagos to build a New Africa, a thriving, self-reliant continent capable of replicating the results of our ground-breaking programme.”

    The forum would feature plenary panels, master-classes, sector-specific networking opportunities and policy-led forums focused on enabling African business growth.

  • How entrepreneurs can tap into $50b opportunities in media, by John Momoh

    How entrepreneurs can tap into $50b opportunities in media, by John Momoh

    Nigeria provides one of the largest and fastest growing markets for entrepreneurs, according to Channels Media Group Chairman John Momoh. He was the keynote speaker at the Second Fate Annual Alumni Conference held in Lagos. The event had as theme: “Unlocking the growth potential of MSMEs through partnerships and innovation’’. DANIEL ESSIET reports.

    For the Chairman, Channels Media Group, Mr. John Momoh, the strategy to  remain afloat in the broadcast business and be   ahead of others is simple: Transform digitally.

    He believes every broadcast business needs to be digital to thrive in the economy.

    Momoh spoke at the Second Fate Annual Alumni Conference in Lagos.

    The event had as theme: “Unlocking the growth potential of MSMEs through partnerships and innovation.”

    Beyond enhancing content and driving transformation, he said there was the need to be Information Communication Technology (ICT) minded.

    He urged Nigerians to tap into about $50 billion worth of opportunities in the broadcast and media industry.

    According to him, there are opportunities for small amd medium scale enterprises (SMEs) to provide services to broadcast businesses through the use of digital technologies.

    “As we know, Nollywood is rising with more talents coming on board; moreso, we need more channels that are dedicated to carving a niche for themselves in different areas,’’ Momoh said.

    The sector, he said, has huge opportunities to generate employment and revenues for the economy, if the potential could be properly harnessed.

    He said digitisation would soon open the window for more investments and for channels of programming that would be dedicated to various niches.

    According to him, the market presents tremendous opportunities for small businesses to grow and create more jobs.

    He recounted  how he started Channels Television 22 years ago and the challenges he faced.

    Momoh said he applied for a licence to launch a free-to-air news television station in 1993.

    With limited capital and a resolute determination to succeed, the commitment of his family, a N3-million loan from a local retail bank, and the eventual support of a few friends, and a committed core staff of 15, the Channels boss said the station began test transmission two years later within Ikeja, Lagos.

    At the beginning, he recalled that mainstream advertisers were reluctant to embrace his firm.

    He had to battle both the political and financial landscapes to survive. It was during one of the most challenging times ever in Nigeria’s political history flickered with military dictatorships.

    Most times during the Sanni Abacha years, he narrated that the station faced the risk of  collapse with military attacks making the dedicated news channel  a non-attractive bet for investors that they approached to invest in the project.

    Despite the early pitfalls and near collapses, the Channels Television  chief said the project  survived.

    His words:  “We bootstrapped our way to financial stability.’’

    He said a dogged spirit of faith and the commitment of his wife, helped the resolve to continue in the pursuit of what was going to disintegrate into an unlikely dream with declining returns.

    According to him,  the television’s bias for news  placed it well above other competitors in the industry.

    The station, he added, bagged the ‘Best Television Station of The Year’, an award endowed by the Nigerian Media Merit Award Trust – 10 times in the last 14 years: 2000, 2001, 2003, 2004, 2008, 2010, 2011, 2012, 2013, 2014, 2015, thereby making Channels Television “the Station of the decade.”

    Fate Foundation founder, Mr Fola Adeola, urged entrepreneurs to be diligent and resilient in the pursuit of their vision and growth of the economy.

    Adeola said the mission of the foundation is to foster wealth creation by promoting business and entrepreneurship among Nigerians.

    Fate Foundation  Executive Director Adenike Adeyemi, said participants would benefit from experienced entrepreneurs and experts at its conferences.

    This year’s sessions, according to her, focused on access to markets, brand management, agribusiness and sustainability.

    Fate Foundation was founded in 2000 by Mr Adeola, the pioneer of GTBank PLC. Since its inception, it has graduated over 5,200 entrepreneurs from its Aspiring, Emerging and Special Entrepreneurs’ Programmes and trained over 40,000 Nigerians in its short entrepreneurship certificate courses.

     

     

  • Empowering entrepreneurs

    Empowering entrepreneurs

    Legatum Center, Massachusetts Institute of Technology(MIT),United States (US), has supported Nigerians to establish ventures and businesses that have made real economic impact in the country and the rest of the world. DANIEL ESSIET reports.

    Sounded in September 2007, Massachusetts Institute of Technology (MIT) Legatum Center, United States (US) has served as a launch pad for a new generation of entrepreneurs, who want to  acquire skills necessary for innovative businesses. The center focuses on entrepreneurship to foster prosperity in low-income countries.

    The centre achieves this through its  renowned fellowship—the Legatum Fellowship, which is for incoming and current MIT students, committed to developing for-profit enterprises in developing countries. While the Center has had fellows from around the globe, it  has supported enterprising MIT students from Nigeria, who work on innovative ventures.  Many of them have gone on to become great entrepreneurs.               Adetayo Bamiduro and Chinedu Azodoh, cofounders  of MAX Delivery Nigeria, are some success stories  from legatum. They are  fellows of the centre.  They both found out that delivering a package in Lagos was a herculean task, considering its  notorious gridlock.

    As a result, they established Max.ng , an online delivery startup, to help residents  send  packages to any part of Lagos seamlessly. The founders promised package delivery in three hours. The project was a success. So far, Max.ng has made over 40,000 deliveries.    To use Max.ng, one simply make a pickup request via the website or the mobile app.

    Once the order is packed and ready, it is picked up by a Max.ng champion and starts the journey to its destination. The package gets delivered speedily in top shape and one pays the appropriate charges.

    Another fellow is Isaiah Udotong.   Udotong is Chief Executive, Releaf, established for agribusinesses to  use to connect with reliable buyers and sellers of their agricultural commodities. There are two other co-founders, they include Chief Operating Officer Ikenna Nzewi and Chief Technical Officer Uzoma Ayogu. The business has signed up about 1,000 African businesses since its public launch in Nigeria on August 3.

    A serial entrepreneur, Mobolaji Finnih, is a legatum fellow. Finnih has started seven businesses during the last 13 years. He has established TechPreneur initiative.

    It is a business incubator exclusively for technology-related start-ups run by undergraduates, interns and young graduates in Nigeria.

    TechPreneur adopts start-ups with significant potential and provides infrastructure, legal, marketing, business coaching, mentorship, and project management support services with a goal of creating sustainable world-class businesses.

    Globally, MIT Alumni-founded companies have created 4.6 million jobs, generating nearly $2 trillion in annual revenues. MIT underscores the substantial economic impact of the Institute’s alumni entrepreneurs, whose companies have created millions of jobs and generate annual revenues of nearly $2 trillion — a figure greater than the gross domestic product (GDP) of the world’s 10th-largest economy. Normally, the center invites applications for its fellowship from prospective applicants, who are committed to pursuing a startup in a low-income country after graduating from MIT. Fellowships are available for students enrolled in MIT graduate degree programme or a current sophomore, junior or graduate students at MIT.

     

  • U.S. Consulate mentors entrepreneurs

    U.S. Consulate mentors entrepreneurs

    The United States (U.S.) Consulate General in Lagos, last weekend, held a mentoring programme for 65 emerging entrepreneurs being trained in business and entrepreneurship.

    The event, which was a follow-up to a two-day intensive training held for the participants in March, was organised in collaboration with Field of Skills and Dreams (FSD) Academy in Ogba, Lagos.

    It was aimed at helping the participants evaluate their progress in the course of the programme and learn how to overcome challenges hindering the growth of their projects.

    At the event, the trainees were mentored and equipped with practical tips on how to drive profitability and transform their businesses by experts and successful entrepreneurs, including the Academic Director of Owner-Manager Programme at the Lagos Business School, Dr Henrietta Onwuegbuzie, and FSD Chief Executive Officer, Mrs Omowale Ogunrinde.

    In his remark, the U.S. Consul General, Mr John Bray, renewed the consulate’s commitment to enhancing the skills and capacity of budding entrepreneurs.

    He said: “We made a commitment to you all in March on behalf of the U.S. government that we would do our best to support you on your journey to establish successful business. I am pleased to learn that some of you have achieved a certain level of success since then. I am equally pleased that all of you are dynamic, forward-looking and committed to the economic success of Nigeria, which is the spirit of the Nigerian entrepreneurs.”

    The consulate’s Public Affairs Officer, Ms Darcy Zotter, said the follow-up training became necessary to equip the entrepreneurs with set of skills and networks to assist them grow their businesses.

    She said: “We are pleased to see that many of the emerging entrepreneurs we trained in March doing well in their chosen projects. We know entrepreneurs can be made and not necessarily born. Business skills can be taught. The process of learning and honing their entrepreneurial skills is on-going. We hope that when they finish today, they would have a stronger network of supportive friends and mentors.”