Category: Entrepreneurship Education and Mentoring

Though Tribe And Tongue May Differ In Brotherhood We Stand….Nigeria My Country.

May 13th, 2024

Nigeria is in West Africa, with an area of approximately 923,768 square kilometres (356,669 square miles). Nigeria is bordering several countries including Benin, Chad, Cameroon, and Niger with the Capital City in Abuja and the Largest City, Lagos.

The approximate population of Nigeria is 213 million people, (2020 estimate) living in diverse terrain, characterised by tropical rainforests in the south, savannas in the north, and mountains in the east. The highest point in Nigeria is Chappal Waddi, which stands at 2,419 meters (7,936 feet) above sea level.

Nigeria also has several major rivers, such as the Niger River, Benue River, and Cross River, which is thought to be the reason for the migration of several diverse people to the region. Nigeria’s coastline is approximately 853 kilometres (530 miles) along the Gulf of Guinea and is rich in natural resources.

Nigeria has a tropical climate, with two main seasons: the rainy season (April-October) and the dry season (November-March) which supports diverse agriculture. The country is rich in natural resources, including crude oil, natural gas, coal, iron ore, Niobium, Lithium, Gold and tin.

The above geographic features have a significant impact on Nigeria’s diverse culture, economy, and daily life. Nigeria is a culturally rich and diverse country with over 250 ethnic groups, each with a distinct language, culture, and traditions.

Look at this map:

Some of the major tribal groups in Nigeria include; Hausa (29%) predominantly found in the north, Yoruba (21%) mainly in the southwest, Igbo (18%) found in the southeast, Fulani (10%) a nomadic group spread across the country. Others are the Ibibio (4%) in the south, Kanuri (3%) found in the northeast, Edo (2%) mainly in the south, Nupe (2%) found in the central north, Tiv (2%) in the middle belt, and Ijaw (1%) found in the coastal line of Nigeria.

Other notable tribes include the Berom in the Jos plateau, Igala and Idoma, in the middle belt region and Efik, in the south among many others. This diversity has contributed to Nigeria’s rich cultural landscape and heritage.

Nigeria’s tribal diversity has several positive implications such as the cultural wealth associated with over 250 ethnic groups, which boasts a vibrant cultural landscape, showcasing a wide range of languages, customs, and traditions with structured leadership systems that persist.

Tribal diversity fosters strong community bonds, social cohesion, and support networks within and across ethnic groups. Similarly, the diversity of tribes contributes to economic development through entrepreneurship, innovation, and resourcefulness. It encourages competition and creativity in all spheres of life. The federal character principle ensures the representation and inclusion of various ethnic groups in governance and decision-making processes.

Tribal diversity attracts tourists, promoting cultural exchange and enhancing revenue generation. Nigeria’s many languages enrich the country’s linguistic heritage and contribute to global language diversity. Tribal diversity has helped Nigerians adapt to challenges and thrive in a dynamic and harsh environment.

Thus, embracing tribal diversity strengthens Nigerian identity and promotes unity in diversity. Though tribe and tongue may differ in brotherhood Nigerians stand, especially when they meet abroad. The vibrant exchange of Naija salute and discussion has not ceased to amaze the host nations.

Tribal diversity has inspired creativity, driving progress in arts, literature, music, and science. Nigeria’s tribal diversity has served as a model for celebrating and managing diversity worldwide.

By embracing and celebrating its tribal diversity, Nigeria can continue to harness its strengths and promote a more inclusive and vibrant society.
Few Nuggets of Wisdom for Enterpreneurs

May 2nd, 2024
- Have a vision of your life to develop the provision for creating the reality.
- Allow others to call you a hero, otherwise you are boasting.
- Understand that Life goes on even without you, so keep pushing to make good use of time.
- Do not force anyone to be your friend, or to favour you.
- Learn the art of being alone to meditate on issues of life.
- Learn to stay calm in the face of anger and irritation, you will win favour.
- Patient persuasion breaks down the thickest wall.
- To avoid disappointment, do not expect too much from anyone.
- You need to take people for who they are, not what you want them to be.
- Everyone in a relationship will show you who they are, just give them time.
- Mind your own business and you will be at peace.
DEGREES, CERTIFICATES AND ENTREPRENEURSHIP PART 2

December 5th, 2023
In Africa, enormous technological advancements, corruption, mismanagement of natural resources and population growth have consistently limited job prospects. Entrepreneurship and education have emerged as activities that younger Africans demand. While jobs are limited, entrepreneurship has been considered the most significant career option.

There is no doubt that entrepreneurship is significantly contributing to economic growth in most African countries while generating various job perspectives. Hence, intellectuals constantly encourage and motivate young minds to establish a business of their own.

Whether the dream is a big tech start-up or a plan to take over a family-owned venture, becoming a business owner is a goal to which many would-be entrepreneurs aspire. Just as there are hundreds of types of businesses to own, so are many paths to getting there.

While there are stereotypes of entrepreneurs, there is no significant demographic profile required for launching a successful venture. So, anyone can efficiently succeed as an entrepreneur irrespective of gender, caste, creed, or race. However, there is the need to possess certain business traits and skills, and these including:
- Confidence
- Financial literacy
- Networking
- Knowledge of accepting and acting on feedback
- A growing mindset
- Efficient skills of strategic thinking
Build your entrepreneurial competency — a way of thinking about problem-solving that can be applied across every industry and every type of organization

Therefore, degrees and certificates in Entrepreneurship Skills should aim to develop the business owner’s understanding of the concept and underlying required skill set that sets apart a person as an entrepreneur. The business owner must be able to understand in detail the financial, human, and leadership side of an entrepreneur so that the business owner can garner the ideas and adopt the required skills to become a successful entrepreneur.

Many business owners also provide the services sold in their business. For instance, a doctor may own their clinic and similarly, a mechanical engineer may also own an auto repair shop as well. While it is common for business owners to be involved in their businesses, it is not a mandatory requirement for entrepreneurship. For this reason, there are no set educational requirements that an owner must meet. Being financially and legally responsible for a business does not require a degree certificate from any university or be certified by a licensing agency—in most cases. Having the business skills to own a medical clinic or auto repair shop does not mean that the entrepreneur will provide the services personally. That said, countries often require business owners to be licensed to perform work in specific professions, which may include everything from health professions to agriculture and hairdressing.

Entrepreneurs aim to start, develop, finance, manage, and harvest new ventures with high growth potential and to explore the development of innovative thinking and venture appraisal that could, ultimately, lead to a new business venture. They start by developing a business plan, examining how to formulate practical business ideas, selecting a suitable location, selecting a legal form of organization, locating financing sources, assessing the market, developing a human resource management system, and establishing budgets for control. It is indeed right to say that nobody is truly rich until

From the above analysis of the relationship between entrepreneurship and business ventures, the role of degrees and certificates is limited to facts, and knowledge devoid of understanding and application. The use of knowledge and facts is tied to abilities to seize opportunities and take risks with knowledge and facts to serve humanity. Certificates and degrees prepare graduates to look for jobs rather than opening their eyes to life-changing opportunities. People are not poor because they don’t have a job; they are poor because they are not seeing and seizing opportunities. Being poor is simply passing over opportunities Repeatedly! What keeps people ahead in life is not their education or degrees, it is simply the opportunity that they seized. Jobs may be scarce but not opportunities.

As long as there is a problem to be solved, there will always be opportunities. It is a waste of education, exposure, and experiences if after graduating from school, all we are doing is searching for a job. An enlightened and educated mind should be able to see and seize opportunities and develop a business venture that can efficiently become a successful enterprise while tackling future adversities.
THE PLACE OF CERTIFICATES AND DEGREES IN ENTREPRENEURSHIP. PART 1

December 4th, 2023
There are no hard-fast certifications and degree requirements to start a business or to become an entrepreneur. An MBA, bachelor’s, associate’s, or master’s degree enables a strong foundation that benefits a career and helps earning potential rather than promoting entrepreneurship. Academic programs help learn facts, know where to find knowledge, meet people, and develop a network and interpersonal skills that are vital to running a business in future. However, it does not give wisdom and self-actualisation.

While there is no specific ”business owner degree,” many successful entrepreneurs have earned an MBA or a degree in relevant fields such as engineering, science, economics and computer science. Regardless of the degree program, successful entrepreneurs can attest that owning a business involves trial and error alongside on-the-job learning and experience.

An entrepreneur must be willing to make mistakes, take risks and learn to understand what works and what does not. For instance, Thomas Edison failed 999 times before getting the idea of the light bulb, and when asked why, his response was, “I have not failed 999 times, I have only learned 999 ways of how not to make a light bulb”.

Today several graduates and degree holders are not able to start a business because the skills required in the modern world to get started are not taught in schools and institutions. However, there are several avenues to obtain the best education necessary to succeed in a business venture. When an entrepreneur is not certain of the skills requirements as a business owner, the best degree programs to consider are;
- Budget, finance, and accounting
- Marketing and sales
- Project Management
- Networking
- Leadership and delegation
- Communication
- Corporate Law
Entrepreneurs should develop a keen interest in reading as much as they can, about anything and everything that comes across their way.

The future will be governed by automation, Artificial Intelligence; and this implies that jobs will look vastly different in a short time, but the above skills will guide the entrepreneur to do the correct thing at all times. Studies have shown that the most important skills to acquire for entrepreneurship in future are understanding how to find and get knowledge, and learning to be creative and innovative in the application of skills. Consequently, people who are only equipped with skills found in the classroom will be a misfit in an ever-changing world. Skills like critical thinking, creativity, people skills, software engineering, and complex problem-solving skills are central to living a more comprehensive and productive life.

In conclusion, my advice to entrepreneurs, and graduates is to think wide, deep and outside the box. When in school and college it is important to take voluntary jobs and navigate fields that are different from their familiar grounds. Entrepreneurship in future will require a pool of information from many different fields to come up with creative solutions to problems.

Entrepreneurs must not limit themselves to their special field of study, it is important to be versatile, in all aspects of knowledge, and it will pay off in the long run. Doing something pragmatic and practical will help develop resilience, creativity and an innovative approach to problem-solving. Entrepreneurs should always look out to taking a leadership position, start a business and fail to learn entrepreneurship ropes.

Budding entrepreneurs, should think less of becoming an expert in their special subject areas, but think more of becoming an excellent person. Knowing and understanding oneself is the beginning of successful entrepreneurship, and not make the subject your world, but rather make the world their subject. Always try something extra by thinking out solutions to problems.

Entrepreneurs should always invest in something they believe in because real financial security and freedom are not in employment or office jobs but in the passion, gifts, talents, and the ability to see and seize opportunities.
How A Fresh Entrepreneur Should View Delays and Failures.

July 13th, 2023

I hope that this short story will help my readers learn patience, endurance, perseverance, and consistency in mindset. Several new entrepreneurs are always in a hurry to start off and hit the road, forgetting that the incubation period of their chosen business varies in accordance to the business sector of the economy it belongs to and the legal and commercial environment in which it is being established. The story I am about to adapt from the animal kingdom will help those who are still in the phase of struggle while their mates are about to settle in their chosen businesses.

When I was preparing for entrepreneurship 33 years ago, I did what I know to do and that is teaching those that work in industries to improve their understanding of the technicalities of their work and develop the skill to use known principles to solve industrial problems. I registered my organization legally and sorted out administrative issues and regulatory operational permits without understanding the applicable commercial issues associated with the incubation of my training and consultancy business.

Sometimes during this incubation period I lost hope, became inpatient and no longer derived satisfaction from my work because I wanted to achieve more in life so quickly to justify the reason I left University lecturing to industrial training. I then tried to figure out other ways of moving on quickly but what had to be must be. This lesson was very hard to learn..

One of the hardest tasks while preparing for entrepreneurship is to stay focused on your goal with no distractions.

When one starts a business in an environment that is not organized and volatile, where time and hard work does not mean to anything, where other are enjoying their life to the fullest without hard work, where people with goals are failing in their endeavors, trying for an onsite opportunity or switching the organization for better packages through entrepreneurship is very daunting. Often new entrepreneurs are alone, fighting for an uncertain goal, staying away from friends, devastated sometimes after seeing friends/people are getting settled with their lives while they are still struggling to do something good in life.

One fine day, I stumbled upon this picture story of A Pregnant Elephant on the internet and it helped me to stay motivated all the time in my entrepreneurship journey.

Below is the story of a pregnant Dog and the pregnant Elephant. Enjoy the dialogue.

For fresh entrepreneurs it is important to focus on the goals of the business and keep learning patience, endurance, perseverance and consistency of vision because the longer the incubation the more significant, mighty and great the fruit is. The young entrepreneur must learn to keep faith in self and think about success not failure. The journey to maturity in entrepreneurship has been beautiful, friutful and memorable.

Entrepreneurs Must Get System and Structure Right

April 19th, 2023

In my last two articles, I advocated for the establishment of a form of quality management system in any nascent business venture. Further, I outlined the various types of business structures that are possible to establish in Nigeria and their structures. In the article, it was emphasized that the structure must fit the vision and mission of the business venture to offer the intended services and product effectively, and thereafter grow to sustainable levels.
Following my 37 years of experience in Geological and Environmental Data collection and interpretation for various businesses in different industries, I have come to understand the importance of having a sound system and structure. A business system is an organized way of carrying out business activities, through the interdependence of processes, each with a step-by-step procedure for achieving the ultimate goal of the process. I have seen companies with huge potential struggle because of the failure in their structure and systems design.
The budding entrepreneur needs to establish a business venture that incorporates a system and structure from beginning to end, that can consistently drive predictable outcomes.

Which Companies Can Be Registered and Operated in Nigeria?

April 5th, 2023
Companies and Allied Matters Act (CAMA) is the legislation that improves and promotes a better business climate and provides a regulatory framework for doing business at different levels in Nigeria. The Corporate Affairs Commission (CAC) registers business ventures in Nigeria.

The Companies And Allied Matters Act, amended in 2020 and effective in 2021, made several welcoming changes to the law. It introduced the Limited Liability Partnership and limited partnership, which had hitherto not existed in Nigerian law. The choice of the company that is best for a particular business will depend on several factors, the business goals, the number of owners, and the level of liability protection desired.

The simplest form of business entity is the Sole proprietorship or a Business Name or Trade Name and may operate as a partnership. It is simply the case of an individual or set of individuals doing business through a registered trade name. In the eyes of the legal system, the business venture is the same as the people running it and cannot have over 20 members.

A company is a more complex business entity with shareholders, directors and a secretary. It is a legal person and has a distinct personality different from its owners. There are three types of companies recognized by Nigerian law they are:
- A limited liability company (LLC) is a type of business entity that limits the liability of its owners. It can have one or more owners (members) who are not personally liable for the debts and obligations of the company.
- A company in which the liabilities of its members are unlimited by share is called an Unlimited Company.
- Company Limited by Guarantee is a not-for-profit company as members do not share profit, but Plough back the profit in the business. This company is registered to promote commerce, art, science, religion, sports, culture, education, research, and charity. The income and property of the company are applied solely towards the promotion of its objectives only.
The member’s liability is limited to the Guarantee of not less than N10,000 for each member. Each of the companies above can either be private or public.

A Private Limited company (Ltd) is a business entity that is privately owned and has limited liability for its shareholders. The private company may not have a secretary and must have at least one member who is the sole director and not over 50 members.

A public limited company is a business managed by directors and owned by shareholders and can offer shares to the public. These companies must make their financial reports public, so would-be shareholders can have all the information they need before investing. A public limited company is also quoted on the stock market and should be more open about its details than a private company.

A Limited Liability partnership is a business structure formed by two or more individuals or corporations to make a profit. One distinct feature is that the liability of the partners involved is limited. Also, a limited liability partnership must have at least two designated partners who are individual partners or nominees of corporate partners. One of the partners must be a resident of Nigeria to ensure that they comply with the Companies and Allied Matters Act. They are also the ones who would be liable for any breach or contravention of the Act. The Limited Liability Partnership company also has a distinct legal personality. Hence it can sue and be sued in its name or purchase and own landed properties in its name. A partner in a limited liability partnership is not personally liable for the contractual affairs of the Partnership.

A Limited partnership is a business structure that comprises at least two partners and not over twenty partners. A Limited partnership company must consist of at least one or more entities called general partners and one or more limited partners. General partners are liable for all debts and obligations of the partnership. Limited partners are not accountable beyond the amount they have contributed.

A franchise is a type of business where the owner (franchisor) licenses or sells the rights to use their company name, trademarks open in new windows and business model to independent operators, called ‘franchisees’ in exchange for a fee.

A cooperative is a business entity owned by members and operated to share the profits and benefits of the business while each member gets a voice in the business operation. Services or goods provided by the co-op benefit and serve the member-owners.

Incorporated Trustee is a Non-Governmental Organization (NGO) made up of trustees appointed by any community of persons bound by custom, religion, kinship or nationality for any religious, educational, literary, scientific, social, development, cultural, sporting or charitable purpose. They usually seek funds from specific sources and must appoint a chair and secretary to manage their affairs.
QMS in New and Small Business Enterprises.

March 29th, 2023

Quality management systems (QMS) are a collection of business processes and procedures that ensure that products or services meet or exceed customer expectations. These systems are typically repeatable and measurable and depend on continual improvement in sustainability. Implementing a quality management system (QMS) in a new small business help ensure that products or services are consistently delivered to comply with customer requirements, relevant laws and other requirements.

A form of QMS from the beginning of a business venture ensures that the business grows into a brand name that delivers specific services that meet the client’s requirements.

Four kinds of quality processes are important in many industries: ISO 9001, AS9100, Six Sigma, and CMMI, but the correct quality system depends on the requirements of the business. The business must have a unique set of products and services, goals, values and quality objectives that suit better than others.

An ideal quality management system should be easy to integrate and use. It should meet the desired quality standards and show compliance with policies, strategic objectives and procedures. It should also be sufficiently flexible to change and adapt as processes improve through continual improvement strategies.

The key steps a young entrepreneur with a new small business venture use to incorporate QMS are the quality goals and tracking metrics to use. The next step is to identify the processes involved in delivering products or services and define the steps required to complete them. Documenting processes and procedures will include process maps, standard operating procedures (SOPs), and work instructions. To achieve this step, training employees on the QMS procedures ensure they understand how to follow them. Also, training them on how to use specific tools and equipment and complete specific tasks ensures they meet the client’s requirements.

The entrepreneur must set up measures to monitor performance against quality objectives. These measures include tracking customer satisfaction, monitoring product or service defects, and conducting internal audits. Continuous improvement of the QMS requires the identification of areas for improvement and the implementation of corrective measures. It includes conducting root cause analysis and tracking process improvements.

Effective recordkeeping is key to the success of QMS certification and regulatory compliance. During QMS design, entrepreneurs create specific definitions of records and make policies for document creation, retention, and editing.

The specific steps required to implement a QMS in a small firm may vary depending on the needs of the business. Entrepreneurs must seek guidance from a qualified consultant or QMS company that can help the business.
Why A Young Entrepreneur Must Understand Business law Before Starting A Venture

March 28th, 2023

Business or Commercial is a branch of civil law that involves the study of business organizations, their legal rights and duties, and their relations with each other, stakeholders and with the government. Understanding and applying business law concepts keeps a business venture safe and efficient. Entrepreneurs must understand the legal aspect of the business venture before even opening their doors for business, otherwise, they end up spending a lot more money than necessary.

Understanding and applying business law precepts and principles early, helps the entrepreneur keep the laws of the government, avoid lawsuits and set up a sound foundation for the venture. As a young entrepreneur, one of the most significant benefits of understanding business law is the ability to comply with legal and other requirements. Business law governs a range of legal obligations that entrepreneurs must follow, such as registering their business, getting necessary licenses and permits, and paying taxes. Another benefit of understanding business law is the ability to mitigate risks.

Entrepreneurs who understand business law identify potential legal issues and take proactive steps to prevent them. This can help avoid legal disputes, lawsuits, and other legal problems that can damage the business’s reputation and financial health. Entrepreneurs need to negotiate contracts with customers, suppliers, and other stakeholders. Understanding business law helps entrepreneurs understand the terms and conditions of these contracts and ensure that they are legally binding and enforceable. Intellectual property is a crucial asset for many businesses, and protecting it is essential for their success. Understanding business law helps entrepreneurs identify and protect their intellectual property, such as trademarks, patents, and copyrights.

Finally, understanding business law can help young entrepreneurs make better decisions. Knowledge of business law provides entrepreneurs with the tools to assess legal risks, evaluate legal options, and make informed decisions that align with their business goals.

Overall, understanding business law is crucial for young entrepreneurs as it helps them comply with legal requirements, mitigate risks, negotiate contracts, protect their intellectual property, and make better decisions.
Why Is Industry Knowledge An Essential Ingredient of A Successful Business Venture?

March 27th, 2023

Industry knowledge is crucial for any business venture because it provides a foundation for making informed decisions, understanding market trends, identifying opportunities, and managing risks. It’s important to have industry knowledge because it allows the entrepreneur to stay updated and informed of constant trends and changes that might occur in their industrial sector. Some entrepreneurs prefer to hire knowledgeable employees with advanced industry experience. This is often because they can typically apply their industry knowledge to develop and submit quality tasks that improve the company’s performance, increase revenue and make them stand out from competitors.

Industry knowledge allows entrepreneurs to gain a deeper understanding of the market they plan to enter, including the target customers, competitors, and key trends. With this understanding, entrepreneurs can identify gaps in the market and tailor their product or service offerings to meet the needs of their target customers. Similarly, Industry knowledge helps entrepreneurs spot opportunities for growth and expansion, such as new markets or emerging trends. By staying up-to-date with industry news and developments, entrepreneurs can stay ahead of the curve and capitalise on new opportunities.

In addition, every industry has its own unique set of risks and challenges. By having industry knowledge, entrepreneurs can identify potential risks and develop strategies to mitigate them. This can minimize losses and protect the business from failure. Moreso, investors, customers, and partners are more likely to trust entrepreneurs who have a deep understanding of their industry. By demonstrating industry knowledge, entrepreneurs can build credibility and establish themselves as experts in their field.

Modern clients expect entrepreneurs to have a strong understanding of updates in the industry so that they can offer guidance, support and project ideas that improve their client’s businesses. Professionals who work in marketing can also use this advanced industry knowledge to publish content that educates current and potential customers. This can make the company stand out from its competitors and establish it as a trusted source and thought leader in the industry.

Overall, industry knowledge is an essential ingredient for any business venture. Without it, entrepreneurs risk making uninformed decisions that can lead to missed opportunities and increased risk. With industry knowledge, entrepreneurs can make more informed decisions, identify growth opportunities, and mitigate risks, ultimately increasing their chances of success.