18 — Vanguard, MONDAY, JUNE 16, 2014
Cover Story
The Basic Guide to Starting Your Business Part 3
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INAUGURATION: From left: Deputy Group Head, Programmes, Bincom ICT Solutions, Mr. Bade Adesemowo; Head of Strategy, Sterling Bank, Mr. Ighodalo Aimienwanu; Head of Social Media, Sterling Bank, Mr. Kelvin Steve-Igbodo; Head of Brand Management, Sterling Bank, Mr. Abiola Aloba, at the inauguration of “Social Lender” Scheme in Lagos.
Cost of clearing goods at ports up by 200% Continued from page 18 further noted that even when there is a channel for complaint, people would not want to come forward as the delay may cost them more in terms of demurrage. Responding to the above however, the Public Relations Officer of Tin-can Island Command of the Nigeria Customs Service, Chris Osunkwo, said that it is not true that the Service has reintroduced the contentious benchmark. Osunkwo told Vanguard that the Service is only carrying out government directive on the issue and explained that the current duty rate is based on the international standard set by the World Customs Organisation, WCO. In his words, “There is no iota of truth there but there is a procedure for determining value for any imported item. No body gets up and determines the value of a product, there are lay down procedures and standards for determining it. “If what they call benchmark is the application of the standards, so be it because valuation matter is not a Nigeria Customs matter alone. It is a universal thing which was introduced by the WCO. “As such we (Customs) must play by the rules of the game. So these are standards set by the WCO because we are a member.” "Does Customs still charge different duties on similar goods at the various ports across the country, no, there is uniformity because we receive our directive from government based on its policy and it is this policy that determines how
much the Service will collect as duty from any import into the country. “Take for example duty on imported vehicles, there is a government policy that says collect 35 percent more on all imported vehicles and there is
a government circular from the ministry of finance to that effect and that is what Customs is implementing. "We cannot act in isolation. We cannot just wake up and jack up the value on imports. Some people criticise out of ignorance,” he noted.
African tech start-ups dream of Silicon Savannah Continued from page 18 application developed in Ghana by “social enterprise mPedigree” verifies whether medicines are genuine. Fake medicine is a scourge in Africa and people often have no way of telling whether they are buying the real thing or not. Africa has nearly 90 technology hubs, research bases often funded by international firms such as Microsoft, Google and Intel, to incubate early-stage firms in cities such as Abidjan, Accra and Addis Ababa. But while developers have plenty of ideas, many lack the technical or business skills needed to make money from them. “We are really short on great startups that are actually ready to take off,” said Amrotte Abdella, director for start-up engagements for Microsoft in Africa. “What most angel investors and venture capitalists are looking for is to find start-ups that are tech ready and business savvy,” Amrotte said. Microsoft and its network of partners listens to an average 20 pitches a month from startups looking for initial funding or mentoring to get them to the point where international
investors start to get interested. Venture capital firms are typically looking for returns of two to three times their investment in less than five years, according to Ustart’s Guidotti. Young techies hunched over laptops in small offices across Africa want to create their own versions of California’s Silicon Valley and some are beginning to attract investors prepared to take a risk in the hope of high returns. One such start-up, a South African social photography app called Over, last month beat 19 others from around the world to win funding from Ustart, an advisor that matches mainly European investors with fledging businesses. Italy-based U-start has 3.8 billion euros ($5.2 billion) under management and aims to allocate as much as 15 per cent of that to technology firms in Africa over the next couple of years. “We are convinced that there are great business ideas that have the chance to become global players, not just local ones,” said U-start Chief Executive Stefano Guidotti. Nicknames like “Silicon
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make up the mindset of successful business men. Optimism Optimism continues to be a primary factor in whether or not an individual will stay focused on goals rather than be thwarted by the negative events that would impede progress. It is the absolute ideal that leads to achievement as nothing can be done without hope. Therefore, it is the very essence of success. If you want to have a successful business, it is important that you start out as an optimist, refusing to see impossibilities and obstacles. An optimist is not discouraged, but rather looks for other ways to make things better. A good business man will always diligently search for answers that will work. He possesses
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WHAT IS NOT BUSINESS? ften time people engage in all sort of shady deals and call it business. This should not be, because any act/trade that is not genuine and is to the detriment of others cannot be called a business, especially if it doesn’t fall within the confines of the law or is aimed at getting profit wrongly. Some of these wrong businesses include, money laundering (government officials), abuse of office, stealing, defrauding, internet scam otherwise known as yahoo-yahoo, 419 and a host of others. If you are involved in any of the above, then you cannot say that you are in a business as the above named are prohibited by the laws of the land and they do not create opportunities. Rather they ruin or cripple the country, portraying it in a very bad light to the rest of the world. It is only a lazy man that looks for an easy way out all the time, not wanting to go through the right process and procedures. THE MENTALITY OF A BUSINESS MAN: We have discussed what a business is in the previous chapter and what business is not; we have also looked at the importance of self analysis in starting a business as well as the disadvantages and advantages. Now it’s time to talk about the mentality a business man should possess. We cannot underestimate the power of the mind and I make bold to say that that is where every idea and dream is born. The good book also emphasizes this by saying “as a man thinketh in his heart, so he is”. When starting a business, you would need to ask yourself if you possess what it takes to run it efficiently and get the desired results. Every successful business man has a mentality and should possess a strong sense of character. That is why it is important to carry out a self analysis before commencing a business. The business man does not see failure as a reason to quit; to him failure is a stepping stone that launches him to his next level. He is not afraid but is a risk taker, possessing the utmost desire to succeed; he is not just out to make money, but rather to bridge the gap between demand and supply. He is a sharp thinker and very witty, seizing every available opportunity to meet the demands of consumers. The following
If you want to have a successful business, it is important that you start out as an optimist, refusing to see impossibilities and obstacles
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the “ yes I can” aura and mentality which will endear him to clients and friends alike. Before you start a business it is very important that you have a very optimistic mentality, one that is not easily swayed by various obstacles you will encounter in the course of carrying out your business. This is because nobody wants to do business with a pessimist. Creativity A creative ability is a very vital tool in the hands of a person who intends to start a business, although sometimes even as a business owner there is a risk with being creative; it is not possible to do something the same way and expect a different outcome. You have to be very dynamic in your choice and approach to the business you intend to start. Brainstorm a list of possibilities no matter how wild it seems. Look for the unusual but plausible.