Categories
Entrepreneurship

Business Enterprise Training for Access to Finance

Business Enterprise Training (BET) is an initiative of Lead Resources to educate entrepreneurs about financial analysis, digital business models and the digital economy while giving them the leverage they need for access to finance. It is targeted at entrepreneurs with a drive to start or scale up their businesses.

Business Enterprise Training: Introductory Class

For entrepreneurs to access loans from institutions such as the Central Bank of Nigeria (CBN), it is legally required that they are trained by a recognized Entrepreneurship Development Institution (EDI) such as Lead Resources. The mission of BET is to raise functional entrepreneurs who can start and/or scale their businesses by accessing small interest loans from financial organizations to achieve their business goals.

Business Enterprise Training: Blended Training

Last week, Lead Resources held her first BET for the year 2021. Associate Solutions Architect (ASA) Adetoyese Oyedunmade (Team Lead, BET Team) coordinated this cohort, and she was ably assisted by ASA Itua Emmanuel and ASA Francis Edobor. The training held for 2 days (4th and 5th March 2021).

Business Enterprise Training: Blended Training

As is the norm, the last cohort of BET was a blended training, that is, part online and part offline. Every participant was required to take some basic online courses here, and present the required certificates from the undertaken courses. Subsequently, the offline training held at the head office of Lead Resources, Abeokuta, Ogun state.

Business Enterprise Trainer: Mr. Olufemi Johnson

On the first day of the offline training (4th March 2021), Mr Olufemi Johnson, the designated trainer of this cohort, taught the BET participants on Organizational Structure, Digital Business Models, Financial Planning, Marketing, etc. These topics were treated as independent, interconnected courses. The training, seeing as it was one filled with experienced businessmen, was more practical than theoretical. This first class lasted for 4 hours.

Business Enterprise Training: Student Engagement

On the second day of the offline training, Mr Olufemi Johnson did a recap of all he taught in the previous class. He delved deeper into topics such as Business Plan Compilation and Executive Summary and ended with the crux of the convergence – Introduction to the NIRSAL Platform and Simplified Online Credit Business Plan Questionnaire. The participants were taught how to successfully access loans from NIRSAL and other financial organizations to start and/or scale their businesses. This second class lasted for 4 hours.

Business Enterprise Training: Student Engagement

Afterwards, certificates were awarded to the BET participants, and feedback was received for better execution. The participants have gone on to apply their knowledge, and gain access to finance the right way.

Are you interested in finance to start and/or scale your business? Let Lead Resources give you the knowledge that gives you the leverage. Start by clicking here.

AUTHOR

Tomiwa Babajide is an Associate Solutions Architect at LEAD Resources, a charismatic administrator, an SDGs advocate, a creative writer and a graduate of Microbiology. She is adept in transdisciplinarity, novel and adaptive thinking and virtual collaboration. She is zealous to provide real-time solutions to challenges in the polity. She loves to eat crackers and drink yoghurt, and she can pray and go on road-trips for Africa.

Categories
Entrepreneurship

Business Idea Development

Before you start a business, you need to have an idea that can birth the business. Generating a business idea is not an easy task; sometimes, you may experience an “idea block.”

According to Wikipedia, a Business Idea is “A concept that can be used for financial gain that is usually centered on a product or service which can be offered for money.

When thinking of ideas for a business (old or new), it is very important to carry out research, pay attention to details and follow a rigorous development and review process. Follow me…

MARKET NEEDS 

Before an idea is generated, it is wise to carry out research to identify the needs of your target customers. 

CREATION 

Brainstorming is the key to Concept Creation. You must also keep track of all ideas (as no idea is a bad idea), evaluate them and determine which is most valuable and profitable. 

ASSESSMENT 

This involves market research where data about your idea is collected and analyzed. You must assess all aspects of an idea before moving to the next stage. 

PLANNING 

A well-defined business plan will steer your business in the right direction and increase the chances of having a successful product launch. 

DEVELOPMENT 

At this stage, your ideas will be developed. You should create manufacturing and operations processes and market testing plans. 

TESTING 

This stage involves a test market that is as close as practicable to a real market. Here, your prototype will be released to the public. The prototype will be tracked and your test market results will determine whether your idea is valid enough to become a product. 

LAUNCH 

A successful product launch should address whether you have:

  1. A sufficient number of products in existence.
  2. Correct planning and marketing strategies.
  3. Appropriate documentation for your product. 

Business Idea Development can be high-risk, time-consuming and money-consuming, especially if the wrong steps are taken. This is why we go beyond offering courses on Business Enterprise Training at LEAD Resources. We incubate your ideas and give you all the necessary support for a successful product launch. 

Need some help? Contact us for organizational support here.

AUTHOR

Adetoyese Oyedunmade is an Associate Solutions Architect at Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.

Categories
Entrepreneurship

Invisible Economics and the Chain of Consequences

In his book, “The Fortune at the Bottom of the Pyramid,” C. K. Prahalad asserted: “Private Sector could have the greatest impact through creating profitable businesses serving the 5 billion people who represent the “invisible, unserved market.”

The worst thing that could happen to a people is not rejection or death; it is to be INVISIBLE, to be unnoticed. People aren’t just markets. They have dignity, choices, fears and needs that must be served. Sometimes, people are not really invisible; the onlookers are just blind. A society with few entrepreneurs is one with many blind citizens. Blind citizens cannot identify and explore resources, potentials and abundance hence, they perpetuate poverty.

Poverty is the testament that the dignity of a person has been threatened and his needs have been disregarded by self and others. It is the certificate of servitude issued by naïve societies and accepted by clueless citizens who have learned, accepted and endorsed self-helplessness. Poverty is the limit on alternatives. Abundance is the limit breaker. Abundance increases the quality of life; the quality of life improves with access; access is the inclusion of the excluded.

There are deep-seated motives that pass the test of reason and justify the need for entrepreneurship, enterprise, innovation and commerce. They, by far, outweigh the obvious need for survival and exchange. Citizens must organise, learn and self-educate to spot, earn and satisfy their dignity if ever they will disembark from the voyage of despondency. People of all races, cultures and tribes are beings of needs – needs craving attention. Entrepreneurs must be enabled to arise and arise to these cravings.

The Private Sector can institutionalize an enabling environment and push for equal opportunities thereby supplementing the deficiency of bad governance. The Private Sector can democratize access to ease, wealth and bliss. In an organised mode, the Private Sector can guarantee access to credit and uphold the currency of the Nation. This is required to engage the invisible economy and undo its chain of consequences.

LEAD Resources is an ecosystem enabler. We work to support the seamless catalysis of entrepreneurs and innovators. With fit-for-purpose capacity-building programmes such as our Business Enterprise Training and Digital Economy Emerging Managers’ programme, we contribute our quota to end poverty. To learn more about these programmes, contact us here.

AUTHOR

Elkanah Oluyori is a Digital Economy and Innovation Evangelist who is passionate about nation-building and community organizing. He has authored several relevant publications to this effect. Currently, Elkanah is an Associate Solutions Architect at Lead Resources, where he delivers Management and Development Consultancy to citizens, enterprises and the government. Owing to his vast experience in working with local and international development agencies, he leads Strategic Partnership at Reformers of Africa and coordinates West African Network on Peacebuilding (WANEP), FCT.

You may reach him via the following links:

Categories
Entrepreneurship

Small and Medium-Sized Enterprises in Nigeria: Roles, Challenges and Solutions

There is no universal definition for SMEs (Mutula and Brakel 2006, p. 403). Across countries, SMEs are defined on the basis of employment, assets or a combination of the two (Ongori and Lutham 2009, p. 94). According to the European Union (EU), SMEs are micro, small and medium-sized enterprises which employ fewer than 250 persons and have an annual turnover of 50 million euros or less. The Central Bank of Nigeria, in her Monetary Policy Circular No. 22 of 1988, defined SMEs as enterprises which have an annual turnover of five hundred thousand naira (N500, 000) or less.

ROLES OF SMEs IN NIGERIA

Small and Medium-Sized Enterprises form the bulk of businesses in Nigeria. According to a survey conducted by PWC, SMEs contribute 48% of the national GDP, account for 96% of Nigerian businesses and create 84% of employment in Nigeria. Since SMEs drive the economic growth, industrial transformation and export growth of the nation, it is safe to conclude that they form the backbone of Nigeria’s economy. Some advantages of SMEs include:

  1. They serve as the breeding ground for domestic, entrepreneurial capabilities (SMEDAN, 2005; Aina, 2007). They provide employment and income for most citizens.
  2. They facilitate the industrial development of the nation in accordance with the achievement of the Sustainable Development Goals.
  3. They help to reduce the urban-rural income gap.

CHALLENGES FACED BY SMEs IN NIGERIA

SMEs are often faced with challenges that are peculiar to individual businesses. Certain challenges which stall their growth include:

  1. High-interest rates and maintenance costs of credit facilities as well as demands for duly registered collateral obligations.
  2. Inconsistent government policies and bureaucratic holdups in the administration of incentives and support facilities from all levels of government.
  3. Multiple taxes from both the State Government and Local Government.
  4. Poor infrastructure such as poor power supply, bad roads and poor transportation systems.
  5. Unavailability of local raw materials.
  6. High cost of procuring machinery.
  7. Import liberalization.
  8. Export constraints, amongst others.

SOLUTIONS FOR SMEs IN NIGERIA

  1. Provision of adequate infrastructure i.e. good road networks, adequate power supply, good communication and health care system.
  2. Elimination of the multiple taxation system.
  3. Tax holidays and rebates for startups which show initiative by sourcing for local raw materials.
  4. Provision of accessible and well-priced credit facilities.
  5. Effective marketing and distribution channels for SMEs through government agencies like SMEDAN.
  6. Loan availability and attainable payback mechanisms.

Seeing as SMEs are the backbone of the economy, it is expedient to devise means to increase their productivity, with or without the help of the government. Lead Resources offers programmes which educate entrepreneurs on how to access finance as well as manoeuvre the challenges that are peculiar to the Nigerian business climate. For more information, click here.

AUTHOR

Adetoyese Oyedunmade is an Associate Solutions Architect of Lead Resources. She is an Agriculturist by profession and is enthusiastic about entrepreneurship.