Issuu

BQM

MILLION MAKING BUSINESSES FOR 2016

INSIDE

INTRODUCING THE COLOSSUS OF NIGERIAN FASHION

FINANCING A NEW BUSINESS

FURNITURE MAKING

A THRIVING BUSINESS IN NIGERIA

MAKING BUSINESSE PLUS201 FOR MEET NIGERIAâ€™S YOUNGEST FEMALE

TONY ELUMELU ENTREPRENEURSHIP CORNERSTONE OF AFRICAPITALISM

ENTREPRENEUR

the

Editorial team

Publisher/Editor-in-Chief Ayoade Adeyemi

-ayoadeyemi@bqm.ng

Deputy Editor-in-Chief Imohi O. Moses

-seun@bqm.ng

Associate Editor Emmanuel Oladipo

-emmanuel@bqm.ng

Art Director Taiwo Badekale

-taiwo@bqm.ng

Contents Entrepreneurship - Cornerstone of Africapitalsim

Assessing Your Entrepreneurial Profile

Million-making Businesses for 2016

27 features

Correspondence Moruf Abiola

-abiola@bqm.ng

Advert Executive Nwabuko Ugomma

-thelma@bqm.ng

Marketing & Circulation Abiola Odebode Moruf Abiola

-abiola@bqm.ng -moruf@bqm.ng

IT Manager Olatunde Oladepo

-olatunde@bqm.ng

HR/Admin Funmilayo Okewoye

-funmi@bqm.ng

Legal Adviser Barr. Babafemi Lucy Contact & Advertising Lorache SME Academy 13, Ladipo Oluwole Street, Ikeja, Lagos. 234 803 357 8041, 234 802 893 9470 info@bqm.ng, contact@bqm.ng advert@bqm.ng www.bqm.ng

Colossus of Nigerian Fashion Kimono Collections

The youngest female Entrepreneur Making waves in Agriculture

6 interviews

Furniture-Making - A thriving Business in Nigeria

Africaâ€™s Youngest Entrepreneurs

9 21 32 38

6 Emerging Female Entrepreneurs To Watch in Africa Defamation in Business Hypertension: The silent killer

Pick Up Points & Correspondence Lagos Office 13, Ladipo Oluwole Street, Off Adeniyi Jones, Ikeja Delightful Affairs Bakery, 12 Limson Road, by River Valley Estate, Gate B, Ojodu Berger, Lagos Possible & Affordable Furnitures Plot 951B, Admiral Oduwaye Street, Omole Phase 2, Lagos Abuja Office: 50, 6th Avenue, Opp Justice Oputa Foundation, Gwarimpa, FCT Abuja PHC Office: 6, Omerelu Street, G.R.A, Phase 1, PHC Ibadan Office: 1, Alafin Avenue, Oluyole Estate, Ibadan Uyo Office: 89, Atiku Abubakar Way, Opp. GWT Mega Station, Uyo

africa BOI, NYSC Launch N2B Entrepreneurship Grant

BNI Conference 2015: SME-Bridging the Gap Leveraging Relationships

28 20

YBLN Hold 6 Weeks Residential Training

news

EDITORIAL

Ayo Adeyemi is an exceptional consultant with years of experience in Business Strategy Development, Human Capital Development, Investment Portfolio Management, Marketing Strategy and SMEs Management. He has worked in a number of organisations within the blue-chip, multinational, and SMEs categories: he has, also, been part of many start-up businesses. Adeyemi, who doubles as the Director, Marketing Services and Fellow of the National Institute of Marketing of Nigeria (NIMN), is member to various other professional associations like: FullMember, Chartered Institute of Personnel Management (CIPM); Full-Member, Institute of Entrepreneurs (IOE); Member, Chartered Institute of Stockbroker (CIS); M e m b e r, N i g e r i a I n s t i t u t e o f Management (NIM) and Faculty Member, Fate Foundation. He is a Certified Trainer. Adeyemi is also an author, researcher, public and motivational speaker: Lead Partner, Lorache Consulting; President, AAMentor Foundation; and Publisher of Business Quotient Magazine (BQM).

et me first appreciate those that supported and attended the launch of our maiden edition. We are indeed grateful to every individuals and organisations. It was a huge success. In this second issue of Business Quotient Magazine, we are glad to present you a publication that has been carefully packaged to be of great impact and motivation to all our readers. We use this medium to thank you for all the comments received following our maiden edition. The feedback from you has been quite encouraging, motivating and inspiring. It therefore goes to show that we have indeed succeeded in impacting your world of business. Our goal has therefore not changed, we believe that the growth and development of the economies of African nations solely lies on the establishment of businesses by individuals who have been adequately empowered by a wholesome wealth of information from the reservoir of experience, knowledge, set-skill, information, principles and well-grounded ideologies. This is the responsibility we at Business Quotient Magazine have taken upon ourselves and are poised to propagating among all African nations, and we will not flinch till this is achieved. We are passionately committed to pursuing our dream of seeing that Small and Medium Scale enterprises (SMEs) are highly encouraged and promoted in Nigeria and Africa at large. In a bid to represent this drive on print we bring to you in this issue the success stories of successful entrepreneurs from different industries including; agriculture, fashion and furniture-making. Also, we have put together, the profile of a couple of young entrepreneurs who are making good success in various industries in Nigeria and other African countries, a list of lucrative businesses you can establish in the year 2016, news covering major events on SMEs in the past few weeks, various features to enlighten you on key areas of business, among many other stories. As we gear up for a fresh year ahead, we oblige you to be strategically positioned in preparing for a greater success. The world is moving at the speed of light and no one is waiting to decide the next move for a change. Everything you need is within your reach. Brace up for a fresh start, there is a piece of information you need to acquire. Go for it NOW!!! Complements of the Season! Ayoade Adeyemi Publisher/Editor-in-Chief

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INTERVIEW

FURNITURE-MAKING

-A THRIVING BUSINESS IN NIGERIA In business it is not those who have the “how-to” knowledge that succeed, but those who have the “what to”. So it is not the “how” that is the key thing, rather the “what”. So I spent much of my time, learning the “what to do” with the knowledge gathered because the “how to” is available to everybody.

decade or two ago, furnituremaking in Nigeria was seen as an investment for the uneducated. It was relegated to the lower class who in turn ventured into business to earn the little it could provide at the time. Nigerians lacked condence in the quality, design and technicality of the locally made furniture. Most people believed that foreign furniture imported into the country were of better designs, and of assured quality. However, with time comes change and we have seen our society change its perception about the furniture making industry as more enlightened and educated people show interest in it. Furniture-making in Nigeria is gradually proving to be a lucrative venture. Its mass appeal lies in the universality of its usage. Presently, the industry employs a large number of people and give room for many to be creative. Its array of marketing opportunities and the creativity involved allows these skilled individuals to earn a good living from what they do. In an interview with the CEO – Possible and Affordable, a thriving furniture-making concern, Mr. Paul Akinola, he shares his challenges and successes in Nigeria’s furnituremaking business. “Possible and Affordable is ve years old. For two to three years Possible

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and Affordable was being run from my sitting room. In those years people doubted, asking “what is he doing and the likes”. Back then we were only doing basic furniture and no retail deals. But about three years ago we geared up and God has been helping us. Every other education that I have had is informal. Interestingly I don't think this has ever been recorded anywhere, I had a brief education in Wood Processing Engineering at the University of Ibadan before I switched to Mechanical Engineering. I was granted admission in the same year but Wood-Processing engineering came rst so I left it for Mechanical Engineering because I did not know the future. If I had known that I would end up as a furniture maker, I would have stayedput, but I left because Mechanical Engineering sounded big. You know how we think in Nigeria, “what is wood processing?”. Some other people will come around to say what is he studying? “Carpentry! But when they say he studies “Me-cha-ni-cal En-gi-neer-ing” Hun! So I ran after the name, not knowing where destiny lies. I had no concrete formal education in Wood Engineering because I was just in 100level when I left. But I spent a lot of time doing a lot of informal training, video-based trainings and some hands-on training.

EMPLOYING STAFF IN A BUSINESS We have a staff of a little below hundred. In the beginning it was not so. My philosophy about recruiting more staff was based on sheer wisdom. Don't employ at the initial stage of business else, it will break your business down. Interestingly, I did not employ until a very long time, I was the one handling phone calls, going to sites to scout for new contracts, took dimensions, etc. I did not employ any permanent staff until the main ofce was opened. I took that decision only when people had begun to hear my name, I needed somebody they could talk to while I go handle other activities of the business. So I employed my accountant. I gave her so much responsibilities that it sometimes wore her out. So when she lost her father, I employed the second person to assist her. Actually most of the time as an entrepreneur, except a staff is breaking down you don't duplicate their responsibility. Don't do envisage employment it kills business. Let there be need before you employ. It is not good to employ and sack. I don't employ and sack. I sack based on ineffectiveness

knowledge of how to do the business, like I said, it is not the knowledge of “how”, it is the knowledge of “what” that makes the difference. So I have to read a lot. There is one I am reading presently titled “the Growing pains”; interestingly it is on my table. It is very essential for all entrepreneurs. I came in contact with the book rst with Sam Adeyemi. He is one of the few men that says the truth and he is my mentor. I furnished his house, which got us a little close. The furnishing of his house cost about 4million naira. He had paid myself and my colleague a cheque of 2 million naira to get the job started, then we told him we were letting go of the 2million naira balance which got him puzzled. He asked why, and we told him we wanted access to him. Then he said “you guys are going to be great! You are smart people! So we lost half of the contract so that we can have access to his wisdom. We spent about 21days in his house, drawing knowledge every day and I have not recovered from that experience. He taught us things that seemed mysterious, introducing us to some books and that investment of 2million naira was one of the best I have ever done in my life. Seeing the way he lived his life ordinarily was wisdom in itself; then we had access to his library. That was something else. I will not recommend “The Growing Pains” to starting entrepreneur because at the time when I rst read it as an upcoming entrepreneur it was not relevant but when I picked it up again in late 2014, it mentioned exactly all the frustrations,

THE NEED TO INVEST IN KNOWLEDGE I believe that ignorance is bad for any business, as many things as possible, because you don't know what is hurting you. Like I said, I have not gathered any formal knowledge, so there may be a few areas I may not be able to contribute when it comes to knowledge. But right now, I am not an accountant, but you need to know everything. If you are an entrepreneur and all you know is just the practical

challenges and situations that I was going through. So it is not the best book for a starting entrepreneur but I would rather advise that every entrepreneur cultivates the habit of being an avid reader. It pays. ADVICE FOR ASPIRING ENTREPRENEURS You have to think BIG! Once you have the capital, then you need to have the belief that it is going to work! I don't believe in starting big, at this stage of my life, I believe anything that needs to be done must be done from the scratch, seeing it grow and the joy that ensues is fantastic! So if you want to start big, you will probably wait forever, because banks will never give you loan for having big ideas, even the ones that have started and have track records of success still nd it difcult securing a loan with the bank not to mention having nothing on ground. Financially you need some backing but start small. So I chose to start small knowing that this is a new industry and I have very little knowledge about it. So even if you gave me all the money to start big, I would have ended up ruining it, because the money will drive me instead of other important things. So it is always best to start small. However, if I had worked as a manager in a company and had gathered good knowledge, maybe that could spur me into starting big. But having no knowledge of the industry will end up in failure because I would not have known what to do with money, but right now I know what to do with money.

FURNITURE COMPANY DIRECTORY Alibert Furniture Alibert furniture manufactures all type of furniture and wood work. Alibert furniture are located on Plot 1–5, Isolo Road, IkotunEgbe, Lagos. They can be reached on +234 1 5975555. Agatha's Interior Design Agather's interior design is a specialist company and is a leading name in interior designs and furniture making in Nigeria. The company's primary mission is to be the foremost residential furniture, project and hospitality leader, dening the lines in style and design of furniture. Agatha's interior design is located on 106, Awolowo Road, Ikoyi, Lagos. They can be reached on 01-2690375.. ABC Furniture ABC furniture deals in the supply and manufacture of furniture in Lagos and environment. ABC furniture is located on Rocky Plaza, Aeola Odeku Street, Victoria Island, Lagos. They can be reached on 01 7749159. Cyrus Furniture Cyrus furniture has been involved in the production of top quality furniture and joinery products for over 15 years. They also supply quality components in the building and furniture trade. Apart from manufacturing, they are also into the importation of every type of furniture. Cyrus furniture is located at 252, Murtala Mohammed Way, yaba, Lagos State. They can be reached on 01-4732462. Ausken International Ausken International is located in Ausken Royal Plaza, 144/146 Lagos-Badagry Expressway, Oshodi, Lagos. They are involved in the importation and manufacture of lighting ttings and foreign furniture. They can be reached on 08033577400.. Possible and Affordable Possible and Affordable design, produce and sell FURNITURE of all kinds; home, ofce, hotel, b o u t i q u e , i n t e r i o r solutions/decorations. They are concerned with functions and aesthetics. Lagos Ofce: Plot 951B, Admiral Oduwaye Street, Omole Phase 2, LagosLagos: +2348063337776, 08022822444

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FEATURE

THINGS YOU NEED TO KNOW TO START A FURNITURE BUSINESS

3. Paying attention to detail is highly required in this venture. If you are going into this business or you are already in it, ensure that you are dedicated to what you do. By being dedicated, you will be interested in broadening your knowledge by learning how to use different materials to produce furniture that will appeal to the eyes e.g. knowing how to make tables made of Furniture-Making in Nigeria is gradually proving to be a glass, wardrobes made of steel and chairs made of lucrative venture as its general appeal lies in the other materials aside from wood. universality of its usage. Presently, the industry employs many globally and gives room for many to create. Its 4. Despite the several challenges that face furniture array of marketing opportunities and the creativity makers in this part of the world such as inadequate involved allows these skilled individuals to earn a good power supply and expensive machines for the trade, customers still require that their furniture be done living from what they do. excellently. It means that the end result of any furniture If as a furniture maker your experience of the industry is should meet these three requirements “brilliant wood different from the above, here are some things you nishing, excellent leather sewing and crisp polishing.” If might need to take cognizance of; you think about it, the prots will outweigh the 1. Customers will seek for a furniture-maker that is skilled challenges you may face. in his trade. Although your location may matter to some We can see a gradual end to the importation of furniture extent, wherever a skilled furniture maker is, there will from other countries as our furniture industry continues to always be customers willing to patronize. As a well- advance beyond what they have been able to achieve grounded furniture maker in any location, to a large in the past. Moving forward, learning new things about extent, you enjoy the liberty of deciding the price for the this signicant industry will go a long way in improving sale of your furniture regardless of what is obtainable their works of aesthetic brilliance and creativity. elsewhere. To gain skills, it is advisable that furniture makers should be trained for at least three years because it is only when you are skilled in your trade that you can enjoy the benets associated with the art. ome years ago, furniture making in Nigeria was seen as an investment only illiterates would take part in. However, with time comes change and we have seen our society change its perception about the furniture making industry as more enlightened and educated people show interest in it.

2. A minimum of N450,000 should be enough for anyone who wishes to start this venture on a small scale basis. The prot from the trade will vary depending on the location, the owner's negotiating ability, the type of furniture work the furniture maker specializes in and their prole. A furniture maker's prole is something that shows evidence of one's ability to deliver credible jobs. As long as your customers can conrm your work is top quality, they will come back to you and you will get calls from other people who you don't even know.

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BOOK REVIEW

FEATURE

AFRICA’S YOUNGEST ENTREPRENEURS

ecently I was at ICM (Ikeja City Mall, Lagos) with a couple of friends on a friday evening basking in the camaraderie of the moment, inuenced by the intoxicating knowledge of TGIF (Thank God Its Friday). We settled for a nice table of four at one of the restaurants; would have mentioned the name of the place but they didn't pay - so no service. As usual, we got talking about a couple of issues that affect the everyday Nigerian youth; from sports to technology, to fashion, to politics, to business - yes business, and that was the topic that got us gisting for a couple of hours.

BARKLAY PAUL

CLARISSE IRIBAGIZA

Impact Africa

e is the founder of Impact Africa industry, a company situated in Kitale in Western Kenya that manufactures affordable, reusable sanitary pads. Before now, he has been a founder of two other tech start-ups in Nairobi which had mixed success. His idea was inspired by the problem he discovered while working as a volunteer teacher in a government secondary school. He noticed that most of the girls miss classes during their monthly periods as a result of not being able to afford sanitary pads. The company started with selling the pads in informal settlements of Kenya three years ago and they now sell the pads to as far as Uganda and South Sudan. The company is located in Kitale, a small town in Western Kenya and has 23 employees, 15 of whom are women who help in production and distribution of the sanitary pads. The fast growing company is currently running on a revenue scale of $300,000 per annum. Surprisingly, Paul is just 22.

ERICK KINOTI

Impact Africa

ric Kinoti is a 30 year-old Kenyan entrepreneur who founded Shades System, East Africa which is located in the capital city of Kenya, Nairobi. Shades System is a company that manufactures and exports military and relief tents, branded gazebos, restaurant canopies, car parking shades, marquees, luxury tents, wedding party tents canvas seats and bouncing castles across the region. The company has full-time staff strength of 18 and has grown to yield an estimate of $1million revenue per annum. Eric's rm is majorly patronized by non-governmental and humanitarian organizations, and their major export target are Somalia, Rwanda and Congo.

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BOOK REVIEW

The worrisome state of the economy was one factor that sparked up the discussion. Evident in the high rate of unemployment, fall of the naira, no one is innocent of the harsh times that we face. We came to the conclusion that the way out of the deplorable state was to follow the way of entrepreneurship, leveraging on the strength of manpower provided by the large population of the youths in Africa Consequently, it is encouraging to know that a couple of African youths have begun to make waves in various industries of their economy. Here are a few that stand out.

Starting, Operating and Growing Your Small Business in Any Economy

Hehe Limited

l a r i s s e Iribagiza is the CEO of HeHe Limited, a leading mobile technologies Company founded in 2010, Rwanda. HeHe limited is now at the forefront of the mobile technological revolution, providing powerful new ways for businesses and organizations to reach their audience fast, affordably and conveniently. In 2011, the 26-year-old together with other young ICT entrepreneurs launched the iHills, Rwanda's tech start-up network, founded on the simple premise that Rwanda can be the birthplace of the next big thing in technology. The iHills continues to provide mentoring, access to nance and markets for tech start-ups in Rwanda. Clarisse Iribagiza rose to fame in 2012 after hitting a jackpot of $50,000 grant from Inspire Africa, a sub-regional TV entrepreneurial contest. HeHe Ltd has grown to become an IT solution lab with clientele that includes a number of government agencies.

CHLEU

COMMON SENSE BUSINESS - Steve Gottry

Africa Impact Group

r. Chleuh's passion and vision have driven the organization since its inception in 2011, and the Forbes prole recognises this work. Africa Impact Group has been identied as a leader in impact investing across the continent, investing in funds, organisations and companies with the intention of generating measurable social and environmental impact along with nancial return. The company's services include data & research, news, advisory services, and start-up incubation. Africa impact Group's clients are mostly impact investors, private equity rms, family ofces, leading African corporations, governments and non-prots.

· Your Capital · Your Relationship with Your Community PART THREE Conquering Your Natural Enemies · Busy-ness I have to be a productive as possible during business hours. And if am to achieve the goals I have set for my company, I have to ensure that my employees are as productive as possible, too. This means taking control of the Great Time Wasters: the commute, the telephone, the morning mail, e-mail, meetings, systems and procedures, paperwork, report, and memos. 1. The Small Business life cycle Other Natural enemies include: Busy bodies, Sloppiness, Steve Gotty Shares his view on the various Stages of the Debt, The Government, Addiction, Fear, There is always business life cycle. Learn from the good decisions I have tomorrow! made, as well as from many mistakes. Become stronger, more focused, more successful. Discover how to achieve victory no matter what changes the Global economy forces upon you! Begin with me where we all begin in business at square one. These stages are reviewed as follows · The Dreaming Stage · The planning Stage · The Implementation stage · The Growth Stage · The Preservation and Evolution stages · The Selling \ Diverting Stage he book Common Sense Business is useful for anyone who falls in any or all of these three categories: · You own or plan to own a small business · You work for a small business and desire to better understand your boss · You know someone who owns a business and wants to be stronger, more focuses, and more successful. Common Sense Business is reviewed based on 3 express focal points

2. · · ·

The Alternate Route Downsizing- Voluntary and Involuntary Bankruptcy The Second Start-up

PART TWO Building on your Assets · Yourself: You, as an entrepreneur, are the greatest single asset your company, and how can you make the most of them-to build a better future for you and your employees? Other Assets include: · Your Employees · Your Customers · Your Vendors

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INTERVIEW

INTERVIEW WHEN YOU STARTED AGRICULTURE

I grew up in London, going to Secondary School in West Somerset, a boarding school, I basically lived close to a farm. I had a friend whose father was a farmer and was very wealthy, rearing pigs, cattle and growing crops. However, I was never interested because it wasn't attractive to me, although her mum lived glamorously but I still never fancied it. So, I was very naive and ignorant about agriculture, when there is more than just farming and planting seeds; so much you can do in agriculture. I started to look for opportunities like I would do naturally and that was how I stumbled upon agriculture after talking to my Dad, he was able to point he rate at which young Nigerians have begun to out different ideas that he had about sh farming, take the option of Entrepreneurship in recent times piggery and that was what triggered my interest. have been quite encouraging. Taking an inventory of the number of Entrepreneurs making impact in It's been almost two years now since I started various sectors of the economy, it is motivating to see agriculture, I rst started with just basic research, looking that the youths are becoming creative, ambitious and out for how I could get involved, then when I realised self-reliant. Fadekemi Ibiwoye-Oba, a young lady of 22 that there wasn't information on how to get involved who introduce herself as a serial entrepreneur with that was how AgricNation came about because it was passion for growth of agriculture in Africa runs a blog the way that I could give people information that I had called AgricNation.com which focuses on Agriculture in struggled to nd. Africa. It is a platform for the world to understand Agriculture in Africa, for people to come in and invest F and to nd the necessary information that they need to CHALLENGES IN THE INDUSTRY establish in the continent. See more on her story... There has been a lot of challenges and I don't think they are peculiar to Africa, rather I think that around the world there are lots of challenges. I just moved to Nigeria WHAT INSPIRED YOU TO BECOME AN ENTREPRENEUR

I have never felt like I have to work for someone all my life, because I'm naturally a risk-taker, I went to Queen Mary University of London and did the typical process of getting into one,. At my second year I took a year off to learn business even though I was studying English and History at the time, but there was always the desire to do more than what was the typical. So I traveled to America, worked with Entrepreneurs, business owners, lots of people that were successful who were living like they were at peace with themselves. I began to realise that the typical graduate from the University who looks forward to going out to look for a job - that whole system which I refer to as the rat-race was fading away and was not working anymore. There were people who had distinctive grades from school but they weren't nding jobs and would go back to work at the same place where we used to shop. So I resolved within me that such system wasn't going to work for people who want to be achievers. There was just something within me that made me know that a job was just going to be a temporary thing, if I ever have one. So, when I say “serial entrepreneur” what I mean is having loads of different enterprises that I have invested in, which I don't have to be an expert in such area to do. My Dad being an entrepreneur was also a contributing factor, once you've lived with someone for a period of time, their attitude rubs off on you. You see the ups and the downs, you see that it's not always roses, you see the fact that sometimes you have to pay your staff rst before yourself, and you see the whole struggle of it. I also enjoyed, the challenge of building something that I can know that I started it.

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in August but when I was in the U.K I went to as many seminars as you could think of, in the whole of England. Learning from topics ranging from Inuence of Chinese and Brazil investors in Africa, is it positive or negative, what we need in Agriculture to move forward, just different topics that people would need to start an investment. So we had debates, workshops, we were doing so much in the seminars but one thing that culminated between all of them was the fact that there wasn't enough information and wasn't enough research, even within the U.K there is not enough within the curriculum covering agriculture. I went to a private school in the U.K where I was expected to get the best education but Agriculture was not an option, we never even went outside to see how our eld was being grown. The only thing we did that was close to agriculture was Nutrition. So I think one of the biggest challenges is that no matter how much mind that we invest, no matter how much resources or space that we have to plant or grow or to do all the fantastic things on, if people don't have the basic knowledge about agriculture, if we are not working with the people that have been in the industry for a long time, and if we don't come together and really research into agriculture, then that is going to always be a problem for us because we need that basic knowledge.

does not have so much preservatives or have to travel as far. So it is just about awakening people to agriculture. As well as sharing information, we also go out to do things form volunteering to giving out schemes, letting people know about planting from your backyard, so people can go into AgricNation and get a pack of seeds and it comes with the soil also just encouraging people to know about agriculture and seeing the importance.

the myth of building something form the bottom and all the stress that you go through and all the stress involved. You can't be emotional about it, you just have to get it done. Anyone who wants to be an entrepreneur needs to rst know why, it has to be more than the money, because when the money comes will you quit?

ADVICE TO THE FEDERAL GOVERNMENT

The one big challenge is getting a HOW IS RUNNING A SUCCESSFL license; trying to do everything to BUSINESS DIFFERENT FROM WHAT get legal and to make sure you are PEOPLE THINK paying your tax, you want to get everything done from start to nish, I feel that you have to be your but here is the issue; in the two years biggest supporter because you may that I have started this business the not get anyone outside. You can't demands for acquiring a license wait for people to praise you, you keeps changing. From then till now need to have a strong backbone, there has been a lot of new and you have to almost be jack-ofdevelopment. There should be laws that protect entrepreneurs like getting a tax-free for like two years before you start being taxed because business need some time to pick-up. It's like you have all the debt before you even start your business rather it should be a case where you are given the right tools and the support from the federal government that motivates you to want to go out and do something.

WORD FOR ENTREPRENEURS AGRICNATION It is a blog that was made available to the public so that the average person can get something from it. I want Agriculture to be like entertainment, where it is being spoken about on a daily basis like it is a normal conversation. With AgricNation.com I have always wanted it to be more than just a blog. I want it to be more than just telling people something that would inform the people that there was a ban on beans so you can't export beans. Instead of sharing. I want people to start thinking about why people eat foreign produce against locally grown, when it's the same product at the end of the day. And sometimes local is best because it

all-trade. You don't have to be an expert at everything but you have to have some understanding of everything, so that when you are correcting or advising someone you'll know you have an understanding of what you are talking about. The biggest thing about being an entrepreneur is nding good staff, people to work with and trust and as passionate as you. I feel that because it is not their business some people don't do as much as you would. Being an entrepreneur is not a lifestyle where you get lazy. My friends will laugh at me when I get to wake up at six and go to bed by 3am in the morning, but people don't understand what goes on behind the scenes, they don't understand

I don't believe in the word “let's face reality” I feel that you should do whatever you want to do that you know is in your heart that is burning, so go and do it. There is always going to be reasons why you should not do something but think about that one reason why you should. Don't procrastinate, don't wait for the perfect time, or situation, don't wait till you have the money, your destiny is in no man's hand but in God's so do your research, gather relevant knowledge and don't limit what you can achieve.

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ENTREPREN EURSHIP CO R N E R S TO N E O F

AFRICAPITALISM In the Interest of Capital: Long-Term Investment and Entrepreneurship with Social Impact (Africapitalism) Solves Problems, Grows Africa's Economies, and Rewards Investors

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ntrepreneurship should be the cornerstone of Africapitalismand a dening feature of market liberalisation in Africa. Despite laudable progress, however, the private sector is moving too slowly toward entrepreneurial value creation. If Africa is to meet the demand for new jobs, and to create wealth sufcient to sustain domestic economic growth, we must sharpen our entrepreneurial focus and make faster progress. Again, long-term investments with social impact can offer outstanding return opportunities when compared with shortsighted, rent-seeking types of economic activities that have dened Africa's private sector for decades. And the collective impact of increasing entrepreneurship, government reform, and appropriate allocation of capital can be catalytic for African society at large. But why is it in the interest of capitalists to adopt entrepreneurial value creation (i.e., “Africapitalism”) as a guiding principle for growth in Africa? Capitalism, from region to region, does not alter its basic shape, nor its most fundamental tenets: entrepreneurs, capitalists, and multinationals do not invest out of altruism. Businesses and markets compete for capital, while capital seeks strong relative opportunity, and a return commensurate with risk. It is quite a simple proposition, and no one talks about Asiacapitalis or Latin-Americapitalism. While it is true that capitalism per se does not alter its basic shape from region to region, it does encounter different circumstances on the ground in different regions of the world. In Russia, market liberalisation included the wholesale transfer of enormous state-run enterprises into private hands — lock-stock-and-

barrel. In China, the government opened markets but severely limited the equity ownership potential of foreign investors, while retaining central management of entire industries, as well as much of its labour force. In Korea and India, large multi-national conglomerates, which are often family-run, dominate the business landscape.

Capitalism is an unparalleled vehicle for meeting human needs, improving efciency, creating jobs, and building wealth. But a narrow conception of capitalism has prevented business from harnessing its full potential to meet society's broader challenges. The opportunities have been there all along but have been overlooked. Businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues we face. The moment for a new conception of capitalism is now; society's needs are large and growing,

Africa, it turns out, is a living laboratory for some of the most advanced concepts guiding the development of global business today. In a general way, this idea has been expressed by the notion of the “double bottom line.” More recently, this idea was expressed eloquently as “shared value” by Harvard Business School thinker

and The Tony Elumelu Foundation Founding Patron, Michael Porter, with his co-author Mark Kramer: Like capitalism itself, the idea is straightforward: “creating economic value in a way that also creates value for society by addressing needs and challenges.” The rationale behind this idea is an expansion of the notion of what constitutes a “market” — which Porter and Kramer believe must include societal needs, not just conventional economic needs. Because, just as creating value for society can create value for business, causing societal harm (sometimes called “externalities”) creates internal costs that businesses have to bear. To take this further, societal (and environmental) harm, are really factored in to the full cost of doing business. Businesses do not often pay the full cost of the societal and environmental effects, so over time not considering them carefully will mean that the communities themselves along with the broader public will have to bear the full cost in one way or the other. All over Africa, as Africapitalism faces the challenge of economic growth and prosperity, one can see the shared-value model taking shape. While short-term, speculative, extractive activities often leave communities worse off and lamenting the arrival of such “investment,” long-term, wealthcreating investments build up communities, create opportunities to emerge from extreme poverty, while also creating brand awareness and customer loyalty, solving problems, and delivering sustainable returns to businesses of all sizes and types — from banking, to consumer goods, to telecommunications and IT. “Shared value” creation promotes a “positive cycle of company and community prosperity,” in the words of Porter

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NTREPRENEURSHIP COVER STORY

CO R N E R S TO N E O F

ENTREPRENEURSHIP: AFRICAPITALISM causing societal harm (sometimes called “externalities”) creates internal costs that businesses have to bear. To take this further, societal (and environmental) harm, are really factored in to the full cost of doing business. Businesses do not often pay the full cost of the societal and environmental effects, so over time not considering them carefully will mean that the communities themselves along with the broader public will have to bear the full cost in one way or the other. All over Africa, as Africapitalism faces the challenge of economic growth and prosperity, one can see the shared-value model taking shape. While short-term, speculative, extractive activities often leave communities worse off and

lamenting the arrival of such “investment,” long-term, wealthcreating investments build up communities, create opportunities to emerge from extreme poverty, while also creating brand awareness and customer loyalty, solving problems, and delivering sustainable returns to businesses of all sizes and types — from banking, to consumer goods, to telecommunications and IT. “Shared value” creation promotes a “positive cycle of company and community

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prosperity,” in the words of Porter and Kramer. So, the answer to the question “Why Africapitalism?” is that it is in capital's own interest to think long-term and invest for social impact. It advances innovative problem solving, while creating jobs, wealth, and social stability. Africapitalism is gaining ground because, not only does it show that businesses can do much good, but also that they can make a lot of money doing so. As Africa has a l r e a d y d o n e w i t h telecommunications and payments, it can leapfrog the models of the developed world and create a model of capitalism that will benet our people — and the investors — for generations to come. In broad scope, the argument for

“double bottom line” or creating “shared value” is compelling. But the argument in favour of Africapitalism is articulated in a much more special way: the focus and rationale for investment needs to change because, in Africa, the nature of the opportunity has changed. Africa's markets are evolving rapidly with its growing population, enormous and expanding labour pool, increasing spending power, and accelerating reforms. Meeting

their demand for products and services will fuel growth in most sectors of Africa's economy — from consumer products, to education, to nance, to agribusiness, to infrastructure. Successfully addressing this increasing demand, however, requires building companies and brands, acquiring and keeping customers, reinvesting to expand capacity, and building a company's skills and knowledge base to manage and grow the business effectively. This is a very different model than relying on government to manage markets and supply basic services, or than handing over resources to private interests to be extracted and rened elsewhere. Africapitalism builds the productive

power of Africa's economies and the purchasing power of Africa's growing consumer class. It could be argued that approaches used in the past — which often extract wealth without a positive local impact — put businesses at a competitive disadvantage. Which company would you choose to do business with, one that creates jobs and wealth, or one that ships resources and prots out of the country and leaves behind merely scraps, or

worse, degradation?

In short, successful investments in the new Africa are long-term, catalytic, and rooted in valueadding organic growth. Successful investing also hinges on a new mindset, and a new, “shared value” execution.

The growth of Africa's domestic industries, and the increasing purchasing power of its people, create a new dynamic in which the old private-sector business approaches — short-sighted extractive activities that add limited local value — are no longer viable. They end up misallocating capital away from wealth creation, and neither is sustainable in the long term. This was certainly true when Nigeria's government-owned telephone provider NITEL was nally targeted for liquidation in March 2012, after the Nigerian government was unable to nd a buyer. Private sector competitors created by African entrepreneurs such as MTN, Globacom, and Celtel had created tens of millions of telephone lines while the plodding state-run company oundered: the private sector solved problems, invested billions, built loyalty, expanded the

market, made large prots, and won the day. This kind of long-term approach — investment, reinvestment, and growth —succeeds by building capacity for value creation in Africa's domestic industries, something that until recently had struck many investors as a wildly irrational idea. Remember that the wireless carrier MTN was punished by institutional investors when it paid $285 million for an operating license in Nigeria. For how many people in Africa could possibly afford a cell phone? To date, it turns out that the number is around 300 million people — and growing. These telecoms businesses, a n d many more likethem across Africa, are growing and thriving — not by extracting or exploiting wealth t h a t a l r e a d y e x i s t s , o r through government- sponsored monopolies, or by exporting raw

resources and leaving little value behind. Instead they are creating new value in local economies and addressing a list of unmet needs in the market. In short, successful investments in the new Africa are long- term, catalytic, and rooted in valueadding organic growth. Successful investing also hinges on a new mindset, and a new, “shared value” execution.

Entrepreneurship should be the cornerstone of Africapitalsim

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FEATURE

AGENCIES THAT SUPPORT MSMEs IN NIGERIA

Ÿ Lagos Chamber of Commerc and Industry (LCCI) LCCI promote and protect the interests of its members and the business community at large through public policy advocacy, creation and facilitation of commercial and industrial opportunity, provision of business development and services and observance of highest standard of business ethics Role of the Chamber The role of the Chamber include the following among many: · The Chamber promotes Trade and Industry and also represents the opinion of the business community on matters affecting Trade and Industry of Lagos State and where applicable the whole Federation. It is incorporated as a nonprot making organization and its income and property are applied solely for the promotion of its objectives. · It is the central organization for collecting distributing and disseminating information of a business nature, especially regulations, tariffs, opportunities for trade and other matters affecting local and foreign markets. · The Chamber's publications are among the leading works of reference and research on investment potentials in Nigeria. Advertisement in the journals and directory is open to members of the Chamber and non-members alike.. · The Chamber organizes in-house and off-site skills and cognitive training workshops for members and non-members alike. In addition, it carries out consultancy services for members, especially on development of business plan, feasibility study, market research, etc. through its Business Education Service & Training Unit. Sectoral Groups and Committees To discharge its duties effectively, the Chamber is

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structured into sectoral groups which are as listed below: I. Agriculture and Non-Oil Export ii. Automobile iii. Construction and Engineering Services iv. Financial Services v. Freight Forwarding vi. Industrial vii. Information Communications Technology viii. Liqueed Petroleum Gas ix. Oil Producers Trade Sector (OPTS) x. Petroleum and Energy xi. Petroleum Downstream xii. Professional Practice xiii. Small and Medium Enterprises and Distributive xiv. Transport Check their website: http://lagoschamber.com/ Manufacturer Association of Nigeria (MAN) MAN was formed as a company limited by guarantee to perform important roles on behalf of its members. It was established as a national industrial association in 1971. The activities of MAN are focused on sectoral group interactions. The list of sectoral groups includes: · Food, Beverages and Tobacco. · Chemicals and pharmaceutical · Domestic and industrial plastic, rubber and foam. · Basic metal, iron and steel, and fabricated metal products. · Pulp, paper and paper products, printing and publishing. · Electrical and electronics. · Textile, weaving, apparel, carpet, leather and

leather footwear. · Wood and wood products including furniture. · Non-metallic mineral products. · Motor vehicle' and miscellaneous Assembly. · MAN export group. Functions of Manufacturer Association of Nigeria (MAN) The industrial association perform the following functions among many; · It encourages the patronage of Nigerian made products by Nigerians and foreigners. · It encourages high standard of quality for member's products through the collation and the provision of advice. · It provides' for manufacturers venue for formulating and inuencing general policy, in regard to industrial matters. Check their website http://www.manufacturersnigeria.org/

It contributes to the socio-politico-economic development of Nigeria.

It provides a network of national and international business contacts and opportunities.

It promotes and develops all matters affecting commerce, industry, mines and agriculture and other forms of private economic activities.

It considers legislative and other measures affecting commerce, industry, mines and agriculture in Nigeria.

“Never give in–never, in nothing great or small, large or petty,never give in except to convictions o honour and good sense. Never yield to force; never yield to the apparently overwhelming might of the enemy.” Winston Churchill, British Prime Minister

National Association of Small And Medium Enterprises (NASME) It is a private sector organization in Nigeria. Its membership is drawn from small and medium scale enterprises. It is devoted' to networking capacity building, policy advocacy and promotion of the performance of its members rms and operators. NASME works to improve the welfare of its members and make input in industrial policy. Analysis and publications from NAMSE on business environment, competitive enlightenment and policy making are useful to Nigerian entrepreneurs. Member rms of NASME face the daily challenge of Small and Medium Enterprises Development Agency unsupported macroeconomic environment. of Nigeria (SMEDAN)

Nigerian Association of Chambers Of Commerce, Industry, Mines and Agriculture (NACCIMA) This body is a voluntary association of manufacturers, merchants, mines, farmers, nanciers, industrialists, trade groups who network together for the principal objectives of promoting, protecting and improving business environment for micro and macro benets. The rst Chamber of Commerce in Nigeria, the Lagos

This body was established to promote the development of micro, small and medium Enterprises (MSME). Its mission is to facilitate the access of micro, small and medium entrepreneurs/investors to all resources required for their development. Its vision is to establish a structured and efcient micro, small and medium enterprises sector that will enhance sustainable development of Nigeria. If SMEDAN functions optimally it will be one of the most veritable channels to combat poverty. Like any other agency of its kind, harsh economic condition couple with week government institutions does not help its performance.

Chamber of Commerce was founded in 1988 while NACCIMA, the umbrella organization for all chambers Summary of SMEDAN functions · Stimulating, Monitoring and Coordinating the of Commerce in Nigeria was established in 1960. development of the MSMEs sector, · Initiating and articulating policy ideas for micro, Roles of NACCIMA

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FEATURE

· ·

small and medium enterprises growth and development, Promoting and facilitating development programmes, instruments and support services to accelerate the development and modernization of MSME operation. Serving as vanguard for rural industrialization, poverty reduction, job creatioin and enhance sustainable livelihoods. Linking SMEs to internal and external sources of nance, appropriate technology, and technical skills as well as to large enterprises. Promoting information and providing access to industrial infrastructure such as layouts, incubators, industrial parks. Intermediating between MSMEs and the Government. SMEDAN is the voice of the MSMEs. Working in concert with other institutions in both public and private sectors to create a good enabling environment of businesses in general, and MSME activities in particular Ÿ C h e c k t h e i r w e b s i t e : http://www.smedan.gov.ng/

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NEWS

YBLN HOLD 6WEEKS RESIDENTIAL ENTREPRENEURSHIP TRAINING FOR TWENTY BUDDING ENTREPRENEURS - Adeyanju Esther

man willing to work, and unable to nd work, is perhaps the saddest sight that fortune's inequality exhibits under this sun”- Thomas Carlyle (1795-1881), British historian and essayist. Unemployment is a major issue affecting more than half of Nigeria's population within the age group of 18-35 years, with a higher rate in the northern part of the country. This fact is supported by data released by the National Bureau of Statistics, which revealed that the rate of unemployment in Nigeria increased to 7.50% in January 2015 from 6.40% in December 2014. This represents an increase of 1.1% in less than two months! By all standards, this is quite alarming. The Bureau also revealed that the Unemployment Rate in Nigeria averaged 11.93% between 2006 and 2015, reaching an all-time high of 23.90% in the fourth quarter of 2011 and a record low of 5.30% in the fourth quarter of 2006. Likewise, the International Labour Organization, (an organization that takes statistics of both the employed and unemployed in the world), stated in 2012 that about 6% of the world population is unemployed and that the most unemployed are the youths. According to the same organization, about 73.4 million youths were unemployed in 2013. A news publication company, Vanguard online news, reported on May 19, 2014, that an estimated 60 million Nigerians are unemployed. World Bank Data in 2010 put poverty level among Nigerian citizens as 46% of the nation's population, and attributed this high number to the rate of unemployment in the country amongst other factors. (World Bank Data). In a nutshell, our country has an unprecedented number of her population badly affected by the scourge of unemployment. The quest for good

leadership in solving unemployment in the country has made almost all that are affected by the menace show their reaction one way or the other. The most pitiable of it is that most youths are crying day and night because of the "wicked unemployment" in the country. It is therefore not surprising to see thousands of new graduates seeking for the same position in an organisation, while a few brave ones struggle to design and establish small-scale businesses with the little money they are able to raise as capital. Some have argued that there are available jobs but lack of competent graduates to take them up, while others have also pointed out that there are limited spaces to accommodate these thousands of youths within the current labour workforce structure. Recognising the signicant role that young people can play in helping to solve this crisis, Young Business Leaders of Nigeria have decided to take the bull by the horn with several of their programs, one of which is the residential entrepreneurs program currently on-going in Lagos state, Nigeria involving twenty budding entrepreneurs with viable business plans. These entrepreneurs were selected through a rigorous application process from a pool of over 3,000 applications received from across Nigeria. According to the Founder of Young Business Leaders of Nigeria, Temitayo Etomi, “Whatever the case may be, we have studied this situation over time and evolved a strategic plan that we believe would reduce the crisis and achieve our ambitious goal of reducing unemployment by three percent before December 2016.” This program is a focused attempt at getting a large mass of young people off the side-lines and proactively involved in creating jobs on a consistent basis in various communities across the country. Specic leadership coaching, mentoring and reorientation would be emphasized throughout the six-week duration of the program and seed funds given to outstanding participants. Participants would also be involved in community service programs as well as site visits to corporate ofces, business and operational sites of some of Nigeria's biggest or most promising enterprises. In addition, continuous capacity building, free business advisory, mentorship and networking opportunities would be offered after the program with access to special credit facilities at low interest rates and each of these budding entrepreneurs is expected to employ a minimum of ve persons

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FEATURE

6 EMERGING FEMALE ENTREPRENEURS TO WATCH IN AFRICA

or investors looking for promising women-led startups, She Leads Africa (SLA) is a social enterprise that helps in identifying and training high growth African female entrepreneurs. She Leads Africa aims to foster business growth in Africa by providing female startup entrepreneurs with the knowledge, networks, and nancing to build and scale strong businesses. The purpose of the competition is to select a few exceptional young female entrepreneurs doing business in Africa to participate in an Entrepreneur showcase,

ngozi opara

louisa kinishi

Heat Free Hair Movement

air is big business for women of African descent and international investors are just now starting to pay attention to $500b black hair care market. Venture capital rm Andreessen Horowitz recently led the $10m Series A Round for Mayvven, the technology platform that enables hair stylists to sell extensions directly to their customers. However in 2013, former nancial analyst and trained cosmetologist Ngozi Opara realized that women with natural hair had no options of hair extensions made specically to match their texture. Opara soon launched Heat Free Hair, the rst manufacturer of virgin hair exclusively created to blend with textured kinky, and curly hair. Opara quickly found success with celebrity clients such as Orange is the New Black actress Uzo Aduba, singer Jill Scott and reality TV star Tamar Braxton. While competitors soon entered the market, Opara maintains her competitive advantage by controlling the entire value chain from manufacturing, distribution and retailing through her ecommerce site. Next up for Heat Free Hair is establishing retail centers in her largest markets including international heavyweights such as Lagos and Johannesburg.

kambili oﬁﬁ

whereby the entrepreneurs would pitch their businesses to a panel of esteemed business leaders and investors Out of 400 applications from 30 countries for their 2015 competition, they've selected six early stage entrepreneurs who in just two years of operation have combined revenue of around $3m USD, more than 11,000 customers and represent various consumer goods industries including apparel, beauty, food and health. Beauty Rev NG

rowing up, Louisa Kinoshi loved mixing and matching makeup and its ability to transform and enhance a woman's look but she was dismayed by the lack of African makeup artists and models she saw in top magazines and the international media. Makeup pioneers like IMAN Cosmetics and House of Tara proved that there was a clear market for home grown African cosmetic products and Kinoshi has decided to bet on e-commerce's ability to make it easier for young women to access local and international brands from their laptops and mobile phones. During a 3 month pilot Kinoshi turned a $5,000 investment into $57,000 in revenue by providing the latest beauty brands combined with direct access to tutorials and advice from Africa's top beauty inuencers led by popular celebrity makeup artist Laila Rahman as Creative Director. Kinoshi's dream for her company is simple: a day when women in Paris and Tokyo will look at African makeup styles of bright eyeshadows, bold lips, gels and beads and think “Wow, that's dope!”

KAMBOKINI

hen Kambili Oli-Okonkwo wanted to nd a swimsuit that was both stylish and covered some of the areas she wasn't comfortable showing off, her only option was buying sexy bikinis from overseas. Armed with a background in Materials Science, Engineering and Supply Chain Management, she started to create her own swimsuits that were practical and well appropriated by the body-conscious women. After friends and family started requesting versions for themselves she invested $25,000 to launch the indigenous African swimwear brand KAMOKINI. Globally swimwear is a $13.25b industry and with few local players tapping into this growing industry, KAMOKINI is quickly growing by focusing on Africa's emerging beach, pool party and resort market.

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FEATURE imoteda aladekomo

Heels In The Kitchen

o o n e expected West African food to emerge as the world's healthiest when Lancet Global Health's reviewed of dietary habits from around the globe earlier this summer. Unfortunately, you won't nd much African food on the world stage as other cuisines such as Italian, Chinese and Indian are the go-to choices for international palettes. Cordon Bleu trained chef Imoteda Aladekomo has plans to change that by globalizing African food, starting with her native Nigerian dishes. She wants to use television as a platform to show the richness and diversity in the dishes and make it more accessible to non-Africans. With a show already lmed and plans underway to expand to merchandising, Chef Tomi may become the next biggest cooking star.

BRENDA KATSEWIGYE

kosope ladipo - ajai

Omo-Alata

mo Alata, the Yoruba name for spice seller is a budding food processing company that wants to simplify the way Nigerians cook their food. As a busy wife and computer science graduate Kasope Ladipo-Ajai no longer had the 2-3 hours it took to make a standard stew or soup after facing hours of trafc plus a full workday. Spending time abroad she saw how quick service and prepackaged meals made life easier for busy families, especially working moms. While busy urbanites are having trouble accessing and cooking fresh meals, millions of pounds of produce go to waste during long transit times to urban centers. Kasope and her husband Olatayo founded Omo Alata Foods to provide ready to cook pepper and stew products and tap into the rapidly growing middle class consumer and desire for high quality packaged foods.

InstaHealth

“Twenty years from now, you will be more disappointed by the things that you didn't do than by the ones you did do, so throw off the bowlines,

hile technology has rapidly expanded across Africa, more basic services such as health care, electricity and education have not kept up. A new wave of tech startups have emerged to make it easier for rural or low income people to access critical services. InstaHealth a Uganda based startup enables users to connect instantly to health centres, specialists, ambulances and consultation services via geo-location and an interactive voice response system. Founded by telecommunications engineer Brenda Katwesigye during her nal year at Makerere University, the service also provides an instant rst aid guide, doctor consultations and health awareness information. Through partnerships with MTN Uganda and seed funding from the government of Chad, InstaHealth has aspirations to become a panAfrican and then global health information app.

sail away from safe harbor, catch the trade winds in your sails. Explore, Dream, Discover." - Mark Twain, author.

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NEWS

N NEWS

before December 2016. They hope to continue with more edition of this program and increase the number of participants to 1,000 budding entrepreneurs over the next few years. The Programme Director of YBLN, Oye Jolaoso explained that budding entrepreneurs were chosen based on their business plan, innovative ideas and the longevity of the business plan. She also noted that northern budding entrepreneurs were given preference as a result of the highest rate of unemployment in the region. She further explained that there were more male than female entrepreneurs this year because most of the business plans received from female entrepreneurs were not concrete. “The company's plan is to have equal number of male and female budding entrepreneurs but unfortunately we didn't nd a lot of concrete business plan from female applicants. We thus had more male budding entrepreneurs with business plan than female budding entrepreneurs and this is also something we would also like to change.” she said. According to Jolaoso, Participants would get the opportunities to start their own businesses with an intention for them to employ a minimum of four people before December 2016. She also noted that the program would also include community service which is the key component of the program, “Day trips would be made to community centres and

participants would provide their service and time free of charge to selected communities. Trips would also be made to corporate ofces, business and operational sites of some of Nigeria's biggest or most promising enterprises while participants would also test their knowledge with hands on practical tests at factories, farms, et cetera.” She also noted that specic leadership coaching, mentoring and reorientation would be emphasized throughout the duration of the program, “Seed funds would be given and continuous capacity building, free business advisory, mentorship and networking opportunities would be offered after the program. Participants would also have access to special credit facilities at low interest rates.”

ew business need nancing to cover the cost of equipment and expenses before sales generate enough cash to make the operation self-supporting. This action-list describes the main ways of nancing your business. What Is An Angel Investor? An Angel investor is someone who is willing to invest in your business. The amount available from angels is usually much less than from ventures capitalists, but they are often willing to take bigger risks. What Is Equity Financing? Equity or stockholder capital, is the money introduced into a business by the owners. If it is a company, then the equity is introduced in exchange for shares. Investors expect a share of the business's prot. The person starting a business will normally introduce equity capital, but it can also be raised from external investors, including business angels and venture capitalist. Equity is best suited, therefore, to businesses that

FINANCING A NEW BUSINESS

expect to grow quickly. What Is Loan Financing? Loan nancing is money that is borrowed from a nance company, such as bank. Loans are repaid over a period of time, at either xed or variable rates of interest. The lender will usually require security against a business or personal asset. Other mode of nancing include: Overdraft is money that a business can borrow from a bank up to an agreed limit. It provides a business with short-term nancing, effectively by running a negattive balance on the bank account Term Loans are funds borrowed for a xed term. Usually, such loans are repayable in equal installments over the term of the loan, although sometimes they can be repaid in a lump sum at the end of the term. Creditor Financing is an excellent way of “borrowing” money, effectively at no cost. Typically, suppliers may give 30 to 60 days' credit for their goods or services

before payment is due. Debtor Financing is particularly useful if your business is growing rapidly and is providing credit accounts to its customers. Instead of waiting for your own customers to pay invoices within 30 or 60 day period, you can use the services of a third party invoice discounting or factoring rm Capital Assets nancing can often be done through “off-balancesheet” nancing. There are different ways of doing this. Financing leasing allows you to nance the use of an assets rather than owning it. Through hire purchase, you pay regular installments to a third party, normally a nance company to purchase ownership of plant and machinery from a supplier. The nance company will own the equipment throughout the period of the agreement, until the last installment has been paid.

YEASAP EMPOWERS 500 UNEMPOYED YOUTHS IN LAGOS

BOI, NYSC LAUNCH N2BN GRADUATEENTREPRENEURSHIP FUNDS

business plans, which will form the basis for loan consideration, saying “Medium to long-term loans at single digit interest rates will be provided.”

Highlighting the component of the Fund, the managing director of BoI, Mr. Rasheed Olaoluwa said, there will be selection and screening of 1,000 NYSC members that will participate in the capacity building process through an online business idea competition which will enable them to develop their own bankable

He added that the capacity building component of the programme will be implemented in partnership with the NYSC Directorate and shall be facilitated by the NYSC SAED Department and nine BOI partner Entrepreneurship Development Centres/Training Consultants which will be undertaken in the six geopolitical zones of the country and Lagos State.

n a bid to tackle unemployment in the country, Bank of Industry (BoI) and National Youth Service Corps (NYSC) have launched the N2 billion Graduate Entrepreneurship Fund (GEF).

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He stated that the total amount available for lending under GEF is N2 billion, adding that each beneciary of GEF can access a minimum loan of N500,000 and a maximum of N2 million for the procurement of machinery and equipment as well as for working capital, at a single digit interest rate of nine per cent, with a loan tenor of three to ve years inclusive of six months moratorium.

he Youth Empowerment and Skill Acquisition Programme (YEASAP) – an initiative of the Ojuloge Art World, was in partnership with the Lagos state Government for the empowerment of 100 youths on the 29th of October 2015. The scheme which is carried out every year is used to train a minimum of 500 unemployed youths resident in Lagos on different skills over a period of 6 months. Speaking with the Chief Executive Ofcer of Ojuloge Arts World and Project Manager of YEASAP - Mrs. Funsho Adebayo Pomile, she stated that the beneciaries are not necessarily indigenes of Lagos, provided they are residents of Lagos state. Present at the programme were various dignitaries, permanent secretaries, including the representative of the Honourable Commissioner for youth

and social development, CEO Addoser Micro-Finance bank Mr. Ayodeji Sobulo and a host of others. The programme was an eventful one as youths of different tribes were

present to gather the knowledge they need to thrive as entrepreneurs. The scheme is used to teach the students to be exemplary, teaching them important courses like business law, business management, marketing,

branding and to be good leaders in the society. Among the partners present was the MD/CEO Addosser Micronance bank, who made an offer to enroll graduands into their club; the Business Club, which is s u p p o s ed t o g i v e them a platform for exposure to some nancial opportunities such as soft loans and other daily contributions to enhance their savings. Mrs. Funsho further reiterated that all beneciaries will commence their training on the 2nd of November, 2015 which will run through till the 6th of December. The overall best student gets to travel to Dubai for further training and exposure. She further encouraged all citizens to be self-sacricing, as what goes around comes around. With programs such as YEASAP, the youth shall be encouraged and reassured that they can succeed in Nigeria.

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FEATURE

“

ASSESSING YOUR ENTREPRENEURIAL PROFILE

no competition in sight, you must be sure that the product or service will be of value to customers-at a price at which you can afford to sell it. There may be no competition for a very good reason … if your objective is to enter a eld with established competitors, you have to know your own strengths and weaknesses, as well as those of your competition. Be sure that you can provide a better product or service for a competitive price. Finding out all these things is called “market research” and you'll have to do a thorough job of it to succeed. Being entrepreneurial doesn't mean being a lone ranger

Do You Have What It Takes?

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owe it to yourself to approach your entrepreneurial venture with some practicality. Take a more in-depth personality test and talk to small business advisers-often available at no cost through business associations, community colleges, and relevant organisations. Also try to speak to people in business already as they'll be able to give you a no-holds-barred account of what day-to-day life is like as an entrepreneur.

disclose this information to you, though. Other sources include trade associations, franchise organisations, business articles in magazines and newspapers, Internet research, or business consultants.

Besides being an idea person, what else do I need to be good at? Success in a new enterprise depends on dedication and the consistent application of good business principles. Some of these principles are being good with money; being good with people (investors, suppliers, employees, and so on). Success in a new enterprise depends on dedication Being a good promoter (marketing, sales, PR); and being good to yourself. Many entrepreneurs burn How much money will I need? out before their business take hold. In Whether you want to buy an existing this game, pacing yourself and your business, purchase a franchise, start business is important. your own company, or merely offer services to others from a home ofce, starting a business depends on rst MAKING IT HAPPEN knowing the numbers. People in the Check That You Have the Right Idea same or similar business are a god If you've got a great new idea and s o u r c e o f information – use your ingenuity to nd out what it cost them to get started, and where they got the funds to do so. Be tactful and don't pester someone with questions if it's clear that he or she doesn't want to

“

GETTING STARTED Once you've started thinking about starting a business, you need to start thinking about your own role in it. Are you the right type of person to make a success of a new venture? There's a great deal of romance surrounding the notion of being an entrepreneur, but not everyone has the aptitude. And it's important to understand that there's nothing wrong with not being an entrepreneur. The world wouldn't function half as well if it were peopled solely with them. There are, thought, some general personality traits that are essential for entrepreneurs. If the following list seems to t your personality, you may have what it takes: · I am persistent, with a great deal of drive and stamina. I s e e p r o b l e m s a s opportunities. I have a good intuitive sense and thrive on new ideas. · I tend to rebel against authority. I want to be my own boss · I am positive, communicate well, and enjoy working with people. · I'm not afraid to make mistakes, and I learn from them. How can I be sure I've got what it takes? Before quitting your job and using your savings to start a business, you

Develop a Detailed, Professional Business Plan This is the key to building a successful business. Having a well-considered and systematic plan allows you to recognise problems as they arise in time to be able to take corrective action. The plan should be a living document exible over time to adapt to changes in the marketplace and your industry. It should include sections on every facet of your business-whether you're a sole proprietor or the executive director of a new manufacturing venture.

Success in a new enterprise depends on dedication and the consistent application of good business principles Finance Your Idea Take your ideas and business plan to a variety of people, starting with friends and close supporters. Be prepared for critical feedback, and be exible. Take the inevitable rst few comments of “no thanks” as opportunities to ne tune the next presentation. One of the hallmarks of an entrepreneur is the ability to regroup, rethink, and reach a goal in another way. Seeking publicity for your business is a way not only to notify potential customers but also to get the attention of possible investors. The more people who know about your idea, the better the chances tht you'll attract the right investor. Be willing to share a portion of the

company with the right partners, but be wary of nance companies and investors who want full control, or the lion's share of the proceeds. You could also think about entering into a joint venture with another company, or position your company to attract start-up funds from government sources. Practice Your Networking Being entrepreneurial doesn't mean being a lone ranger. Being successful often depends on your ability to network with potential customers, suppliers, new investors and even those in government who control certain aspects of the business environment. Plan Your Marketing and PR An integral part of your business plan involves a marketing plan-how you intend to create the demand for your product or service. While market research tells you the “what” and “where” of your opportunities, the marketing plan outlines the steps by which you will nd potential customers and convince them to buy from you. Networking, advertising, and PR (public relations) are all forms of marketing and promotion. Make Sure You Have the Right Financial and Management Support Most entrepreneurs are better at ideas than at managing budgets, business operations, and employees. Anticipate that you'll need more capital than you gured at the start, and don't be lavish with spending beyond the company's means. If you nd yourself in a questionable position, make sure you have a network of trusted and experienced advisers to help you see the proper perspective and cover the things you are not naturally good at.

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NEWS

BNI CONFERENCE 2015: SME-BRIDGING THE GAP LEVERAGING RELATIONSHIPS

he realisation of the fact that Small and Medium Scale Enterprises die as soon as the owners pass away in Nigeria has heightened the importance of the need to harness the opportunities available to them by partnering with other businesses in the country. This initiative is responsible for this year's BNI conference held at the Lagos Chamber of Commerce and Industry hall in Ikeja; bringing together various businesses together to discuss the topic “SME - Bridging The Gap, Leveraging Relationships”. The BNI conference is designed to bring businesses together to interact and connect with one another. There has been testimonies to that effect. SMEs have a big role to play. Given the statistics in Japan, 99 percent of businesses are SMEs, 81 percent in India, 91 percent in South Africa, 95 percent in the European Union, 98 percent in Australia and 96 percent in Nigeria. Looking at the United States, 95 percent of all exports are done by SMEs. However, there are challenges to this statistics, the problem has always been that no single country has been able to meet the challenges of SMEs. SMEs have the problem of not being able to lobby and seek concession. In 2012, SMEDAN conducted a research and found out that 47 percent of Nigeria's GDP is attributed to the SMEs in Nigeria. It is responsible for the employment of 85 percent of the Nigerian workforce. It is believed that Nigeria is in her present economic state because the SME sector has not been given the right atmosphere to grow. It was mentioned that if the SMEs are provided with adequate support, by 2035 Nigeria will be among the fth top nations of the world.

Dr. Jide Adedeji founder and CEO Specialty National pointed out reasons why there are few SMEs succeeding in Nigeria. Top on his presentation was nancing and funding, which he stated as the biggest problem. He decried the herculean bureaucratic process banks make SMEs go through, the high level interest rate they demand and the need for them to review

policies on releasing funds to the SMEs. The Business environment of Nigeria was also seen as being difcult, with problems ranging from too much taxation, tariffs, lack of transparency, Government laws, custom duties, to m e n t i o n a f e w. H e h o w e v e r mentioned that talking about these problems would yield no solution rather devising means to tackle them is paramount. Some of the solutions procured at the summit ranged from the fact that since the banks would not easily grant funds for long term business proposals, it is therefore advised that SMEs present short term business proposals to enable them secure

one. It was also recommended that SMEs to adopt the culture of documentation and the use of Consultants for necessary ideas in order to ease the burden of how to secure the needed funds they seek. The government was not spared in the line of this thought as they were called upon to alleviate the burden of the SMEs by reducing taxes, create a workable environment, provide the needed infrastructure and make concessions for the SMEs. In the opening remark of Mr. Mayowa Olanihun of Lagos Chamber of Commerce and Industry (LCCI), he opened his presentation by reiterating that the purpose of establishing a company should not be to make money initially, rather to ensure there is love for the problem your company seeks to solve in the community. After working on this important foundation, one must take the business through the modalities necessary to ensure the success of the business. Present at the conference among many others was Dr. Adebola Sobanjo who spoke extensively on the classes of Entrepreneurship, nancial structure of a company, nancial leverage, how to nance a business and a motivation towards success in business. The BNI conference was successful in making all present come terms with the belief that business in Nigeria is possible given an enabling environment and leveraging on partnership. It came to a close with a question and answer session were various entrepreneurs allayed their fears and had other members to provide possible solutions.

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FASHION

THE COLOSSUS OF NIGERIAN FASHION: -BALOGUN KAZEEM

CEO KIMONO COLLECTIONS

y name is Hakeem Balogun, CEO of Kimono collections. We are into suits, basically wedding suits. We make everyday suits that may be worn to the ofce. We also make traditional outts; beyond making these outts we are also into ready-to-wear outts. WHERE YOU STARTED FROM I studied in London and lived there for 8 years. I have always had love for fashion, so in London I had a mentor in Amancio Ortega CEO of ZARA collections. There I realised that you walk into ZARA and get things at affordable prices. Meanwhile, you go to other stores and they are quite expensive, so I gathered that if ZARA can do good quality at affordable prices. Studying in London with the trend of fashion there and moving back to Nigeria in 2008. During those years I recognized that people want good quality but not at exorbitant prices. Something you could walk into a store and afford it. By 2006 to 2009 I had begun sketching. I made my rst piece in 2008 and moved back to Nigeria. Moving back was to work as well, then I got into the oil and gas industry at the same time doing my sewing. I did oil and gas for a year and a half and realised that was not my calling. All I dream of is to dress a guy up and make him happy. It has been quite tough being an entrepreneur, I started 2009 before I moved in to my new store here in Fola Osibo. After quitting my job in the oil and gas, I had to focus now on sewing suits and natives, which was quite tough. Some nights I woke up on my bed feeling discouraged and nd myself on my bed saying “NO” I can't do this! But when you love something so much, you can't do without it. There is a calling in it. So I had to go back to what I love doing. I

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carried on, bought my fabrics and that was how it all started. Beyond all of the aspiration, like the saying that when you have God, when you are hardworking and believe in what you do, you will go farther than you ever imagined. I am an ardent Christian who believes putting your trust in man is futile but in God is re-assuring. NIGERIAN FASHION MARKET The Nigerian fashion market is at its peak at the moment. Four to six years ago no one bothered about how they look, today, everyone wants to look good maybe due to the strong access to the foreign outlook; in the past people would wear native attires to weddings, these days people wear suits for such events. I studied Accounting, when I told my family I wanted to go into tailoring she was surprised and devastated knowing she had spent almost 3million naira a year, why would you come around and tell me you want to go into tailoring? However, all I needed was to get my B.Sc. in Accounting which was very important. Which has brought me this far; with the knowledge of how to manage staff, start a business and lots more. Coming to white-collar jobs, I must mention that not everyone can take that bold step of moving away from white-collar-jobs to becoming an entrepreneur. I had always dreamt of being a business man from childhood. I never dreamt of working as an employee. It takes a lot of hardworking to be a successful entrepreneur, provided you remain determines. MOTIVATION As an entrepreneur what motivates me is God. When you have Him, all things become possible. Also, when you love something so much, you believe in it and want everyone around you to key into it. I have also imbibed my belief in the tailors that work with me, showing them that there is nothing you cannot achieve. Moreso, having a person like ZARA who is one of the richest in the world

Ever since then it has been a new story; I just met with my old friends who were like “Kimono” we have been looking for you; so then I got the job. CHALLENGE Firstly, electricity is the major challenge. It slows down the rhythm of the job. It is saddening when the little you make has to go into fueling generators. Also the challenge of high bank interest loan can be very stiffening and can easily bring the ow of any business to a halt. If this can be resolved, it will go a long way in alleviating the discouragement coupled with our own person Alhaji we encounter as entrepreneurs. Aliko Dangote; If they can do it, then I can also achieve it. All my brands ENCOURAGEMENT are known collections, a trait I Fashion is a difcult business. It is imbibed from ZARA. My major push is either you are fully into it or not. If all that I believe in myself and in the what you love and care about as power of God. your life goal is fashion, then you are good. If you are in it for the money, then you'll end up being frustrated ACHIEVEMENT very quickly. But if you love what you For my major achievement; I believe do, it gives you that drive to go on no that when you put your mind to matter the odds. Even when the something, you can achieve it. Also money is coming forth you hold on when you start little and continue in to the love for the job that you have what you do believing that one day in you. So I'll advise upcoming your big break will come, it denitely fashion designers that if fashion is not will. It actually happened in Ghana. I your number one dream don't got to meet with the President's venture in it but if it is, then keep nephew, and we did a business pushing, you will break through. close to 30 thousand dollars that got Also, it is important that I mention the my market into Ghana. need to be focused and hard working. Even as the CEO of Kimono collections, most of the time I leave the ofce by 11pm, 12am; all because I love what I'm doing.

The Nigerian fashion market is at its peak o f t h e m o m e n t . Four to six years ago no one bothered about h o w t h e y l o o k , today, everyone wants to l o o k g o o d maybe due to the strong a c c e s s t o t h e f oreign outlook

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LEGAL

FASHION

Also, there is a need to take the onestep-at-a-time approach at becoming successful in business. There is a bizarre aspiration for quick wealth, and this can be very dangerous to the health of any business. Some designers put up exorbitant prices just to make quick cash at the expense of endearing more customers towards their brand at the early stage. People fail to realise that when your prices are affordable, customers are willing to pay for it. Young designers want to make it fast and not pay the price of patience or hardwork. Take your time, do the needful and go beyond the limit and soon you'll hit it. One philosophy that works as an entrepreneur is not working for the money; work to meet the need of your customers. Let satisfying your customers be your delight and you'll be amazed at how money will come your way. Sometimes, when my tailors make some clothes that are not up to standard, I chastise them, not for the money but because it is not meeting the satisfaction of the customers. I believe that if a customer is happy you have achieved your goal as an entrepreneur. I was using the boys-quarters of an

apartment from 2010 to 2014 to run the business before I moved into this store. It is important to know the right time to move to a bigger place because this is where many entrepreneurs make a big mistake. I chose not to move until it got to a time when I had customers waiting for me, some sitting at the parking lot, some in their cars, all to have me offer my service. It was at that time that I knew it was necessary for me to move. And I said to myself that I would not move into a shop rather a store. I had to wait for the right time to make that decision because some people have missed it at such point. Some move out too soon and end up crashing right back to the start. You start from the scratch and work your way up. You will come to know the right time from the pressing demands of your clients that it is high time you moved to a bigger place. FORMAL TRAINIING I worked with tailors back at Lagos Island; but beyond the porsche camaraderie, I tell those who care to know that I'm a street boy. And by “Street” I'm referring to the concept of being “Street-wise”- having knowledge of the society in respect to what you do. Where you have the

street credibility, you get to know how the society think, feel and work, you nd it easy to appeal to them relationship-wise, which in turn adds up to your success in business. When I moved in from London in 2009, I worked with tailors, training for two years which was enough for me to know how they think and how to relate with them. I also learnt that to be successful as a fashion designer you need to be patient with your tailors. Some of them can be annoying, but wisdom is needed to relate with them politely. I learnt this for two years humbling myself to acquire the knowledge that I needed. My humility was based on the passion I had for my job, it didn't cost anything to do this in order to learn from those whom I knew were more knowledgeable than I was. KIMONO COLLECTIONS IN FIVE YEARS We have achieved being in Lekki which is Fola Osibo. We look towards 2017 to move our base to Abuja and if we can do that, in 2020 we would move to South Africa, Ghana, London and New York. I believe if you have a dream and stay committed, you can achieve it.

DEFAMATION IN BUSINESS General Introduction Every Individual has a right to free speech. This right is an inalienable Fundamental Human Right guaranteed under the Constitution. The right to free speech in a civilised society is however subject to the right of others not to have their reputation tarnished or injured in the course of the exercise of their right to freedom of expression. Thus, the Supreme Court has held in many cases that every person has the right to the protection of their good name, reputation and the estimation in which they are held by other members of the society. Based on the above legal position, any person who utters, publishes, broadcasts or communicates anything to a third party, which communication is injurious to the good name, character or reputation of another person, commits the tort of Defamation. Defamation and Business Competition is second nature to business. And in the course of business competition, some statements, comments, representation, innuendos, etc can be made about a competitor or some other business stakeholder, which comments, statements or representation are defamatory in Law and can form the basis for a legal action from which compensatory damages, a retraction, public apology, etc may be awarded by a Court of Law. As a Business Owner, you must be mindful of the risks that defamation can bring to your business when competing in the market place.

permanent form; while Slander is/are defamatory comments that are spoken and transient in nature. As Libel is in a written form, minimum proof of actual damage is required provided that the publication of the Libel to a third person is established or proved. In the case of Slander, proof of actual publication and damage resulting from the publication must be provided before a Court of Law can award damages for the libel. Award of Damages for Corporate Defamation Just as a human being can be defamed in character, a Corporation or limited liability company can be ruined by false defamatory allegations. However, damages for defamation are only awarded to a Corporation for possible loss in its earnings and goodwill arising from the defamatory statements. Defamatory damages are never awarded for a Corporation's hurt feelings as a Corporation is not a natural person or human being. Conclusion The need for a trading Company or Corporation to protect its most valuable asset, which is its business reputation, cannot be over-emphasised. Every Corporation has a trading character, which if defamed could adversely affect its existence. Corporations should therefore seek reliefs from Courts of Law for any defamatory comments or representations targeted against their reputation and goodwill.

What is Defamation under the Law? Defamation is the making of false, malicious, derogatory and harmful statements, comments or representations, either in public or in private, in print or orally, about another person's business practices and character, nancial situation, morals or reputation. Usually, such false statements lower the reputation of a person in the eyes of right-thinking members of the society. However, no matter how despicable or heinous a defamatory statement or representation is, the offended person must prove to a Court of Law that the defamatory statement was communicated to a third person or persons other than the person or entity of whom the defamatory statements were made. Comparison - Libel and Slander Libel, which is the more common form of defamation that ends up in Court, is usually in a written and

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NEWS

SMEs: Entrepreneurship & Innovative Management Programme Galilee International Management Insititute 9 - 23 March, 2016 Registration for the innovative and exciting SMEs: Entrepreneurship & Innovative Management Programme is now open. The programme will take place in Israel during 9 - 23 March, 2016. The programme strives to provide participants with strategic thinking skills, entrepreneurial skills and knowledge that can be applied in one’s business or place of employment to ensure success and productivity. Subjects that will be covered in the seminar: - Project Management - Marketing - The Role of Entrepreneurship as Creaitivity - Financial Aspects in Decision - Making - Business Simulation Workshop

Attend if your work for: - Bank or nancial Insitution - Government - You own your own business - Economic Development Coporation

Online Registration

More information about Programme

Fees and Scholarships Tuition Scholarships are now available for qualied candidates. the scholarship does NOT include the Local Expense fee or airfare. An additional EarlyBird discount is available for candidates who complete and submit the application before 11th January, 2015. Other Programs that might be of interest for you: Banks and Financial Institutions: strategies and Management

Dec 15

Project Management

Dec 15

Human Resources Management

Dec 15

Contemporary Public Administration Management

Jan 16

Advanced Procurement Strategies

Mar 16

Monitoring and Evaluation

Mar 16

For additional information, please contact the Programme Director, Ms Litach Reouveni at Ireouveni@galicol.ac.il I look forward to our ongoing cooperation and to meeting you in person in the Holy Land. Dr Nathan Tirosh Dean Galilee International Management Insitute, Israel

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NEWS

Total Launches Finance Programme for Young Entrepreneurs

otal Nigeria Plc and Total Upstream Companies in Nigeria have launched an initiative focused on promoting local content and the entrepreneurial drive of young business people in the country by providing nancing support, among others. The companies described the new initiative, 'Startupper of the year by Total', as a local contest initiated simultaneously by the Total Group in Nigeria and 33 other African countries including Algeria, Angola, Kenya, Cameroon and Ghana. It is said to be targeted at young people in a bid to encourage them to take part in developing their communities and contribute to the nation's economic growth. The Managing Director, Mr. Alexis Vovk, Total Nigeria Plc, at a brieng in Lagos, said, “The competition aims to identify, reward and provide support to the best business creations and business development projects that are not more than two years of existence. “Its purpose is to provide support for projects designed to promote social and economic development of 34 countries on the African continent including Nigeria. The winning projects will be awarded the tag, 'Startupper of the year 2016 by Total'.” He said the initiative would support young Nigerian entrepreneurs below the age of 35 by giving them nancial support, customised coaching, an impactful and rewarding label and visibility. “We have identied that young entrepreneurs are not only interested in nancial support. They are looking for empowerment and visibility.” Stating that the online platform for the presentation of the ideas would be opened on November 1, Vovk said, “The challenge 'Startupper of the year by Total' is part of

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Total's global initiative of supporting the socioeconomic development of all the countries where it operates worldwide. “It is a very concrete action launched to locally contribute to the reinforcement of the industrial fabric and to employment on the African continent, by supporting the most daring and innovative entrepreneurs in realising their project. This approach targets the emergence of new initiatives, while respecting the Total Group values.” According to the MD, a jury of professionals will preselect up to ten of the best submitted projects in Nigeria based on specic criteria which include innovation, originality, audacity and potential to impact on the socio-economic development of the Nigerian society and its people.

HEALTH

FEATURE

HYPERTENSION: THE SILENT KILLER

MILLION-MAKING

BUSINESSES FOR 2016

oing business in Nigeria is currently viewed as one of the most lucrative business ventures, in today's global business environment. For the past 50 years Nigeria has been dependent on its valuable oil resources, which have brought great wealth to a select few. However, as Nigeria's economic sphere slowly changes, its economic structure diversies to overcome its dependency on oil. This shift has opened up the playing eld for a new generation of entrepreneurs in Nigeria. People, who can identify business opportunities in Nigeria, know that the oil industry is not the only business that you can enter and make money from. If you are thinking of setting up a business in Nigeria and making millions of Naira from it, you can choose from a variety of options. Read and nd out my top 20 legitimate money making ventures in Nigeria. 1. Fast Food business – You need decent customer service, management skills and capital in order to set up an eatery and make sure that everything runs professionally. You can set out on your own and create your own brand, or buy into an already established business franchise, such as Mr. Biggs. 2. E-commerce – This is a very promising venture and the best thing is, you will have all the tools and customers over the web. If you do not have the required knowledge, you can collaborate with an established rm to operate your ecommerce enterprise. Benets are –

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Low start-up costs, changes can be made instantly, the potential customer reach, and you can easily measure results with cost affective online marketing.

accessories. The key is to nd a good supplier from abroad. UAE-based enterprises have emerged as the leading supplier of these goods to many countries in Africa.

3. Construction business – Business is booming in Nigeria, and so is our population. To support this growth, Nigeria now has a booming construction and housing sector. The range, type and size of projects is huge, so there are plenty of opportunities depending on how much capital you can invest. If managing a construction project isn't for you, you can set yourself up as a local dealer to supply building materials. The investment is not as huge, but considerable investment will be required initially to buy and stock materials. But you can be assured that there will be no shortage of business.

6. Poultry Farming – This is big business, and you can begin with around 100 birds, and build it into a large-scale enterprise within a short period of time. You can make money from selling chicken eggs, or chickens for meat. This is a top business startup idea. 7. Tokunbo trade – Business of second hand items in Nigeria is very lucrative and many Nigerians want to spend as little as possible to buy second hand items such as clothes instead of buying new ones.

8. Dry Cleaning – Float a professional dry cleaning business and keep your rates low and service quality quite 4. Snail rearing – This is one of the h i g h . T h i s t y p e o f b u s i n e s s i s business ideas in Nigeria that needs especially protable in a big city, or low investment as snails require urbanized area. simple vegetation to eat, and they reproduce at an alarming rate. You 9. Furniture business – A lot of prots will need to invest in housing and await you in the buying and selling of protecting them, as snails are furniture. You do not have to be a delicate, and must retain their carpenter to do this. You can simply moisture to survive. There is not much contact trustworthy carpenters in competition in the industry and you your area and arrange a steady can enjoy making prots without supply of furniture items to display in many challenges. your showroom. This is a big scale enterprise due to the fact that only a 5. Car and machinery spare parts – few people can afford imported As Nigeria's economy grows, so does designers. our manufacturing industry. This has driven a rapid increase for capital 10. Professional Car Wash – This can g o o d s s u c h a s m a c h i n e r y , be a good business if you choose a lubricants, spare parts, ball bearings location like Lagos where you will be and other mechanical goods and able to nd a number of good cars.

recently had a patient who consulted me and after I checked her blood pressure, which was 160/100 and rechecked after 6hours it was 158/102, I told her “Madam you have hypertension” her reply was the most outstanding reply I have heard in my years of practise, she said Doc, I don't have hypertension, I just have raised blood pressure and that's how I have always had it for years, my pressure is always HIGH. She went further to comment angrily “doc kindly refrain from using Hypertension for my condition because I am aware it kills and it has killed a number of people I know. The above narrative was a short drama that displayed the ignorance of my client and me. For my client, it was her ignorance of not being able to connect the relationship between high blood pressure and hypertension and for me, the ignorance was that I thought all my patients could connect it. The goal of this write up is to enlighten a little more on this topic and ensure we learn together. Hypertension is persistently elevated blood pressure diagnosed with at least two separate readings 6hours apart with blood pressure 140/90 and above. It's important to state that the measurement of theses readings should be done by a well calibrated Mercury sphygmomanometer (google that). The silent killer nature of hypertension implies that an individual can have this ailment and would not be aware of this condition for many years, except he is checked at some point by a health worker. While this ignorant state is on-going the client would go around his business daily and would at best have just warning signs that if he has any sign at all. Causes of Hypertension 90-95% of all cases are classied as Essential hypertension, which in the medical world the cause is unknown. What we know is that due to its prevalence among black people the high salt diet in all meals and

spices might be a reason for this. This information is scary to me as a doctor because what that implies is as a black man, I am at risk of hypertension. The other causes of it are classied as “SECONDARY CAUSES”; implying that there is an ongoing disease state in the body that would lead to the persistent rise in the blood pressure. I would rather not bore us with the different medical terminologies for these diseases. At this point we need to outline important risk factors for hypertension which include: Black race, family history of hypertension, obesity, history of diabetes, lack of exercise, smoking etc Effect of hypertension · Damaged vision · Heart failure · Stroke( bleeding& clot) in the brain · Kidney disease What can be done??? · Take responsibility: don't be like my client earlier discussed, make it a duty to check your blood pressure as frequently as possible and note the readings. · Get a reliable physician to look through your records and certify them good or bad. · Reduce salt in diet and control seasoning of meals · Drink a lot of water at least 3L or 8 glasses of water recommended daily · Exercise regularly at least 30mins brisk walking 5 times weekly. · If diagnosed hypertensive by a doctor endeavour to do a complete check to know the state of the various body organs. · Not all hypertensive patients are placed on medication some are controlled on dietary and lifestyle changes. · If you are placed on medication by your doctor please kindly adhere strictly to treatment regime; hypertension can only be controlled not cured for now. Dr Afolabi Ajelabi Afolabi.ajelabi@ivesmedicare.com

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BQM