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Longing for Instant Gratifications Bane of Young Entrepreneurs- Adewoye

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The survival of a small business post-gestation period hugely depends on the entrepreneur’s approach to overcoming the market realities, which must include overcoming cravings for instant gratification, says Olumide Adewoye, founder of Versacorp Global Concept Ltd.

Also, intending business owners must understand to focus efforts on developing quality product and critically assess the market to attract customers and engender growth, advised Adewoye, Generation Next Youth Empowerment Summit’s WhatsApp (Live) Chat on: “When What You Love Isn’t Paying Your Bills Yet…What To Do”, coordinated by Elbativeni Impressions and Consult.

Adewoye, a Chemical Engineering graduate of Obafemi Awolowo University, Ile-Ife and a Mobil Oil Producing Undergraduate Scholar coordinates efforts of other professionals in the company, said he saved 70% of his salary as a staff of a bank as seed capital to establish the Versacorp Global Concept Ltd.

His professional experience started ‘with a vision of what was possible’, and today cuts across both the manufacturing and financial sectors.

“I wanted to be a career person like everyone else when I was in school. However, while on an Industrial Training, I met a man that gave me a new perspective. I was in my 400 level. So when I came back I began to ask questions about all the equations we were taught in the classroom”, he told over 70 SME owners drawn from across the globe.

Adewoye said he had a product in mind but subjected it to market reality before scaling up.

“So I was producing manually with limited investment in equipment. I had little or nothing to lose. Again, I didn’t resign from my employment before starting out. If there was no real demand, I could stay on a little longer. After deciding on the product, I then invested a lot in how to produce cheaper than competitive products and still come up with something better.

“Whenever I saw an empty drum on the street, in my mind, I was thinking how it could be converted to a reactor. I had no money, but I had a very big vision. After graduation, I got a job in the banking sector. By then I knew I was going to be a business person. I already drew the plan of my proposed business with dates. My long term vision determined my interests.

“After working in the bank for four years, I voluntarily resigned my appointment to start my business full time. Every month I was saving at least 70% of my salary; using it to buy equipment little by little over the period of four years that I worked”, he disclosed.

During the chat coordinated by Destiny Ruth Obiakoeze; Chief Executive Officer of Elbativeni Impressions and Consult and Founder of Elbativeni Foundation Parent companies of the Youth Summit; the Entrepreneur agreed alongside over 70 participants who joined from across the world that ‘Excellent’ academic qualification is no longer a guarantee for suitable jobs or businesses, as ‘Excellence’ is not a strategy in today’s world anymore. It’s a minimum requirement. One, competition is keen. The truth is that we are all competing every day.”

Accordingly, working with a company prior to starting yours has a lot of advantages. A strategy list would be: Know what your purpose is. Know it early enough. Determine the requirements needed to actualize your purpose. Invest in personal development and resolve to pay any sacrifice needed to bring your vision to reality.

Adewoye also advised young people to shun sacrificing learning enduring life lessons on the altar of instant gratification. “The lessons and skills can make you more than the salary,” he said, I know of a man that was employed as one and today he’s a multi-millionaire. He later established his own farm using the knowledge and skills acquired and owns lots of properties around. I have employed a few farm workers in my farm 99.99% of them discuss things like food, phone, clothes, etc with me.

“They don’t see it as an opportunity for them to learn something they can later set up. They want to save enough to buy an android phone from their current Nokia phone. They want to buy new shoes. Unfortunately, most of today’s youth are suffering from the same thing. People who are unemployed possibly use better gadgets than some of us in business. If they are passionate enough, they should deny themselves of those things and channel the money to fund their future. As a bank employee, I wore a suit for 3 years!”

In a contribution, one of the participants Daniel Okpechi said, among other things, “we have authenticated the impression that success is a moving target, the more you aim, the further it advances. Let your last aim not be your final aim. Even if you had failed previously, don’t be discouraged by the pain of failure, because your capacity has inadvertently improved. Try again, and again, because Thomas Edison rightly observed that ‘Many of life’s failures are people who did not realise how close they were to success when they gave up”. A wise man said that ‘knowledge is power’, but I beg to slightly differ from that popular belief. The truth is; knowledge is just potential power!

“Just as the energy in your power bank is useless unless you plug it to your phone, the same way the knowledge we have gained from Mr. Olumide today will lie fallow unless we apply it to solve problems. For it is only then that the potential power can be converted to kinetic power to produce results.

“For those who are waiting for the perfect time, the time might never be perfect because even life itself is not perfect. A Chinese adage says “the best time to plant a tree was 30 years ago, another best time is now”.

“Let that fear of uncertainty not cripple us from adventure because, over 90% of our fears never happen and everything that you have ever wanted is on the other side of fear. Remember: Action cures fear! If you do the things you fear, fear will die naturally”.

This Live Chat is one of many expected virtual series leading up to ‘The Generation Next Youth Empowerment Summit’  (a youth Summit that serves as incubation to growth in life and business with a vision to identify that latent power – passion, inborn in youths, building Leaders) which will hold its 3rd Edition later in October this year in Abuja, Nigeria.

 

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Speakers At CFA Startup Hangout Urge Youths to ‘Stay & Invest’ in Nigeria

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(L-r): Wale Ajisebutu, vice-chairman, 21st Century Technologies; Dr. Nkiru Balonwu, managing partner, RDF, both speakers at the October 2017 edition of the CFA's Startups Hangout, with Chukwuemeka Fred Agbata Jnr, Founder, CFAtech.ng, Presenter of Tech Trends on Channels Television and the Convener of the Hangout.

By Justice Okemgba

The October 2017 Edition of the CFA’s Startups Hangout really lived up it’s expectation, as the Startups were fed with priceless nuggets on how to run their businesses successfully and improve on their lives and uplift the nation.

CFA’s Startups Hangout, is an event that brings Startups together to learn how to run and grow their businesses from invited successful entrepreneurs, as well as network with each other.

The two invited speakers for the October 2017 edition, which was held at Adna Hotel, GRA, Ikeja last Friday, were Mr. Wale Ajisebutu, vice-chairman, 21st Century Technologies and Dr. Nkiru Balonwu, Managing Partner, RDF, a Consultancy outfit.

First to speak, was Dr. Nkiru Balonwu. She stated that Startups need to be determined and stay focused, as these are key to achieving what they want to achieve. “Be sure of what you want to do and set milestones for the achievement of goals”, she emphasised.

She admonished the Startups to note each achievements as they are met and also know why they are not met and fight to see that they are met in the end.

She made it known to the Startups that, from her own experience at starting her own business outfit, not everyone will encourage them in their quest, but they should not be deterred. She advised them to seek for sponsors and mentors, but should also be ready to give them something in return.

Nkiru stated that Startups should ensure that whatever it is that they are doing, should be centered around solving a problem for their clients. She gave the example of her own experience, where her personal need to track the income and expenses of her income and expenses, prompted her to develop the Bukkipa App, a simple accounting solution, but she had to ask for inputs from those who are also in need of such a solution, so that they can patronise it.

Wale Ajisebutu, in his presentation to the Startups, gave the narrative of Nigeria as a country blessed by God, with lots of opportunities, which, unfortunately, the citizens are only seeing  and complaining about as problems.

He advised the Startups to stop complaining about what the government has not done and see all the problems that we have in Nigeria in the areas of inadequate water supply, bad roads, poor transportation, scarcity of food and agriculture, etc., as opportunities they can key into and start a business on, because the government cannot do them.

“You cannot see all these kinds of opportunities in England, for instance, because they have light, they have houses and they have roads, etc. You don’t need to run there. If you go there, you will just go and wash toilets and plates”, he observed.

“It was individuals that developed America and not the government”, he stressed. He gave the example of Cornelius Vanderbilt, who invested in and built railroads, John D. Rockefeller Snr, who invested in the oil and oil pipeline business and J. P. Morgan, who invested in the banking industry, all in America.

He stated that a good example of such individual, doing a similar thing in Nigeria, is Aliko Dangote, who invested in problem areas in Nigeria and is today, the richest African in the world.

Wale advocated for the adoption of a four-tier government, namely, Federal, State, Local government as well as Youth and Entrepreneurs, to take care of the interest of SME’s. He advised Startups to work hard, be consistent, dream big, think big, start small, be open, be curious and take risks. “If you do the right thing in your business in Nigeria, you will become a multi-billionaire in any currency”, he assured.

Wale further advised the Startups to build great teams, have good business concepts, build wide network of mentors and cover their costs to stay relevant in the business world. “You are in Nigeria for a purpose. Take advantage of it. The country is for you. You have to build it”, he concluded.

Other attractions during the October 2017 edition of the CFA’s Startups Hangout, include presentations by officials of The Bridge Clinic, who took the Blood Pressure of the Startups that attended the event and TAMS on Time Management, Payroll and Human Resource solutions for the Startups.

The event ended with the networking session, where the Startups interacted with each other to form alliances, friendships as well as synergize their operations.

The November 2017 edition of the CFA’s Startups Hangout, which will be the last for this year, also promises to be an exciting one. Watch out for details @ http://startups.cfatech.ng

 

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U.S. Promotes STEM Education in Nigeria, Trains 460 Students, Teachers on Robotics

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By peter oluka

Monday, the United States Diplomatic Mission to Nigeria, in collaboration with RoboRave International, a U.S.-based robotics education academy, began a week-long robotics workshop for 460 elementary, secondary, and university students, STEM teachers, robotics enthusiasts, and scientists.

The training is being hosted at the American Corner at Co-Creation Hub (CCHUB), Yaba, Lagos (October 23-25) and at the Olusegun Obasanjo Presidential Library Complex, Abeokuta, Ogun State (October 26-28).

The workshop seeks to boost technology education in Nigeria by engaging the participating students in hands-on robotics activities to stimulate their interest in math and science as well as careers in the STEM fields.

One hundred (100) robots will be donated free-of-charge to participating schools in Lagos and Ogun states, many of them with little or no experience in robotics.

This is expected to provide the students and their teachers with an opportunity to put their skills to use following the completion of the training.

United States Consul General F. John Bray explained that the U.S. Mission is supporting the capacity building workshop in hopes that participants will be inspired to work collaboratively with the aid of technology to create innovative solutions to shared global challenges.

“In a world that’s becoming increasingly technology-driven, it’s more important than ever before for our youth to be equipped with the knowledge and skills to become innovators, educators, researchers, and leaders who can solve the most pressing challenges facing our world, both today and tomorrow.  We are honored to support this initiative that promotes science, technology, engineering, and mathematics — subjects collectively known as STEM— in Nigeria,” Consul General Bray said.

Mr. Kingsley Imade, program partner and director RoboRAVE Nigeria, explained that the training sessions will be facilitated by an international faculty, including RoboRAVE International Director of Global Programs Russ Fisher-Ives, and RoboRAVE North America Director Brian Montoya.

According to him, the sessions focusing on robotics designs and programming will provide a platform for teachers to learn how to implement the STEM approach in the educational process via practical scientific activities, throughout the training days.

“An education to develop robotics skills places students on track to develop such STEM enabling competencies like critical and computational thinking, collaboration and creativity that has lifelong advantages,” Mr. Kingsley Imade, director, RoboRAVE Nigeria, said.

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Ojobo, NCC Spokesman To Receive ESUT Honours

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By peter oluka

The Enugu State University of Science and Technology (ESUT) will on Thursday, October 26 confer an award of Excellence on Nigerian Communications Commission (NCC), Director of Public Affairs, Mr. Tony Ojobo.

This award ceremony is part of the high point of the Alumni Home Coming and 32nd Anniversary Celebration of the Faculty of Management Sciences.

In a notification letter of the conferment addressed to Ojobo, it was stated that the decision to confer the award on him was taken by the Faculty Board of Management Sciences at its 136th meeting held on September 25, 2017 where it “proudly took cognizance of your remarkable achievements in life, especially in your chosen career as a renowned technocrat and Public Servant, and unanimously nominated you to be conferred with an award of Excellence.”

The letter was jointly signed by Prof. Fredrick O. Eze, Dean Faculty of Management Services and Prof. Ike S. Ndolo, chairman, Alumni Home Coming Committee.

Governor Ifeanyi Ugwuanyi of Enugu State is the Special Guest of Honour, while the Chief Host is the Vice Chancellor, ESUT, Prof. Luke Okechukwu Anike.

The event is due for Dome Event Centre, New Haven, Enugu at 11am.

Ojobo is an Alumnus of ESUT.

The Man Tony Ojobo

Ojobo is an experienced director of Public Affairs with a demonstrated history of working in the telecommunications industry.

Skilled in negotiation, business development, strategic planning, strategy, and public speaking, he is a strong media and communication professional with a Master of Business Administration (MBA) focused in Marketing from ESUT Business School.

Currently, director of Public Affairs at NCC; Ojobo was the director, Human capital and Infrastructure at the Commission between October 2009 – October 2011 (2 years 1 month).

He holds Master’s degree, Public Administration from the University of Lagos (1993); and currently pursuing a doctorate honours in Business Administration, Entrepreneurship/Entrepreneurial Studies at the Walden University.

Ojobo is a certified member, Institute of Public Private Partnership, Washington, DC, USA., and has garnered many awards for his professionalism and outstanding performances at the NCC.

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