Surviving the Recession: Nigeria SME and Entrepreneurs Guide - By Femi Onakanren

The current challenges facing the country and businesses operating in the country are multifaceted. We are grappling with a perfect storm of challenging issues and unfavorable developments beyond our control. These have been further exposed by our longstanding failure to strategically plan for the future by developing tailored solutions, build required and sustainable structures and properly implement enabling policies. In the end, small businesses and entrepreneurs are caught in the middle; vulnerable on business and social front with little control on determining how to effectively escape the nightmare.

As stated previously, recovery from economic recession on macro and micro levels are out of the control of the SMEs, Micro Entrepreneurs and Startups. Fundamentally, the resolution of the current economic situation is at governmental levels and dependent on a well-balanced, structured strategic approach; suitable fiscal and monetary policies, grassroots integration, enabling environment for doing businesses etc. that provide for both short term and long term scenarios.

So, while we wait, pray and hope for more favorable returns (improved revenue, FDI, FPI, better policies etc.), here are some suggestions on how businesses survive (and thrive?)


Reconcile with Reality

The truth is, our current woes were not really a surprise; any following, concerned or discerning individual would have seen it a mile away. All forecasts and trending developments indicated the inevitability (which makes it more alarming that we were caught pants-at-knees). Unfortunately our dithering and befuddling fiscal and monetary policies dug us deeper. The wise business man/ woman needs to wake up and accept the current reality; it’s going to get worse before (if even) it gets better. The economic forecasts and projections that guided your quarterly or monthly assumptions need to be reviewed and adjusted. The business needs to take to mind a conservative approach by keeping at pace with projections.


Reduce Loan Exposures

In these times, reduced liability is an important approach and should be a key watchword. As much as possible, do not look for new loans and actively seek to restructure existing ones. Reduced exposure would help your business's ability to survive the challenging situation, plan for the future and position for the right adjustments without looking over your shoulders all the time; this is a race that can't be run in halves and distractions of any kind (especially capital related) have extinction level significance. Though some may reason that what you’ll be paying back at the time of repayment would be worth less, it should be noted that what you borrowed would also have depreciating power to achieve your objectives, sinking one deeper in hole.


Use Equity

To raise money for your business you'll need to give up a part of your business. Valuation will be an issue and it would be good to quickly execute a valuation report (adjusted for forecasts and trends). Now I know that establishing valuation can be tricky and seem technical but in the simplest terms, it means how much is your business (assets, liabilities, contacts, etc.). So, to survive, you may need to spread your risks to raise the funds required to do business. You may use a transaction partnership, profit sharing model or a full on equity for cash model (amongst others). Remember, 50% of something is better than 100% of nothing.

Change Operating Business Model

You may need to take a second look at your operating business model. For ease of understanding, an operating business model is a plan for the successful operation of a business on how you deliver value to your customers and beneficiaries; it identifies sources of revenue, the intended customer base, products and expenditure (Capex and Opex). Leaner resources mean it can't be business as usual. You will have to critically review key areas such as suppliers, credit system etc. to manage your resources, customers, sales channels and risk exposures.


Adjust Expenses

Times are tight and tough decisions will have to be taken with all the fortitude of a beleaguered general. Luxuries and non-essentials would have to eliminated; some of these may be staff, change of office space, adjusted working hours etc. Non critical payments may have to be deferred and/ or re-negotiated. Merge operations and activities under single, simple channels and block waste. It must be noted however that only an honest, critical evaluation will aid in making the right decisions one which expenses to prune.


Adjust Expectations

Businesses are built on projections and expectations. However, what was projected from the beginning and the foundations/ assumptions have also changed significantly; your expectations should take a similar review. Further, this review would help you plan and make inform decisions on some of the other issues identified in this guide. This adjustment will also help you see how quickly you can realistically return to profit and how long you can survive. We cannot stress enough that while ambition is a requisite for any entrepreneur, this is a period for managed expectations.


Seek Alternatives

You may need to review all your chain of service and actively explore alternatives in every area of operation either it is your supplier chain channels or raw materials (which can be close substitutes). It is important in the spirit of full disclosure to advise your clients of the challenge and share your plan of action; their support and on-boarding is very critical. Alternatives are quite plentiful, what is needed is the desire to see them and the courage to attempt. For example, you may be struggling to meet server obligations with your longstanding preferred partner while a little work would reveal close alternatives who can give similar services without hampering your service quality.


Consolidate Existing Customers

Rather than using limited resources to obtain new customers, deploy more of your resources to keeping your existing customers happy and patronizing; this is a sure way to guarantee your continued existence as a business. You must remember that your customers are going through the same rough challenges and would be similarly looking for alternatives for any product or service. Devise non-threatening avenues to show appreciation of their committed patronage, appreciation of shared plight and incentives for continued support. A little leaven can go a long way.


Don't Spread Yourself Thin

With an acknowledgement of the current reality, the business must focus on deploying a leaner approach towards doing business as has been stressed repeatedly. There is no point stretching your resources, you just become sub-optimal on all fronts and this could prove more damaging to the state and corporate survival of your business. This strategy involves focusing on a particular product line, customer niche or suppliers. This will aid your ability to deploy your resources effectively as well as build consolidated relationship with key partners. This does not mean you leave yourself flagrantly exposed to the associated risks, it means you chose to concentrate your energies and resources at the most optimal point. The decision should be well informed and use metrics such as greatest impact on bottom-line, greatest exposure, quickest to implement etc.


Apply for Help 

There are several funding, management support and advisory opportunities and services available, don't be shy to explore all. Some are available at no cost while others may come with manageable fees. For those with fees, it is important to remember that resources are scarce; every support to manage your risks and reduce your exposure is a lifeline that should not be ignored. Further, every expense must provide measurable value; either in avoidance of sunk cost by reducing avenues for errors (proper/ professional evaluation) or by accessing support structures and assistance (capital or otherwise) when made available for free. Management is a key part of any business and asking for help should also extend to seeking mentoring or advisory team guidance. These must be carefully chosen based on professionalism, shared values, achievements and peer recognition as they may open other doors of opportunities for your business.

This is not an exhaustive list; they are just suggestions and definitely do not assume to be all knowing nor a panacea for all woes. Finally, we would like to point out that this is not a wholesale solution; the nature of business, industry/ sector and regulatory constraints would determine which of the above would be applicable to your business.

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Nigeria: Boys are not smiling

Hi guys. I have been scarce and the reason is captured in the title above.

I was at a seminar recently on a panel session talking about how capital is not really the main challenge in starting a business (and it is not, I still insist). Anyways, some man from the audience almost got on the stage to beat me up, I am exaggerating a bit though, but he was very angry, Lol! Of course, I am not that insensitive, we are all in this Nigeria together, so I can understand the frustration.

Over time, I have come to realize that entrepreneurship is not for everybody, to be honest. As much as we promote entrepreneurship and glamorize it, it is not a walk in the park anywhere in the world, not to talk of Nigeria… hmmm! I have recently decided; we cannot continue to have these entrepreneurship conversations, without tackling issues of the environment we operate in.

Let’s face it; the operating environment of a business affects its success either positively or negatively. You can have all the grand ideas and be resilient as ever; if the environment stifles you, you can’t sustain it. This is not to say that nobody can be successful in a hostile environment, after all some billionaires of the world today emerged during the greatest recessions and some others in the midst of war.  Besides, as I type this, someone is just dedicating a new house or cruising a brand new car from legit business, in this same Nigeria (They should come and tell me how o, lol).

I am not a politician, but I can see that things are indeed rough right now in Nigeria. What makes it worse is, we don’t even know what the plans are to alleviate the struggle, if any. Ladies and gentlemen, I cannot be pushing people to go into entrepreneurship, without at least doing something to address these issues.  Every little drop counts.

This is why I was excited to see the vision and mission of the column, an editorial aimed at drawing out solutions to our country’s challenges. As part of her launch activities, the COLUMN is calling for entries from Nigerians to identify what our greatest challenges are and proffer solutions on how to address them, one challenge at a time.

We have too many brilliant Nigerians (I know a lot), for us to be struggling for air like this! Haba!

Someone reached out to me when I posted the release yesterday and said, Sade don’t you think religion should be on this list.

What do you think?

Nigeria: Floating Forex Model and the Way Forward

If you are Nigerian and live in Nigeria, but think that everything happening in the economy does not concern you, think again. I am not asking you to become an economist or activist overnight, but if we must progress as a nation, all hands need to be on deck. We need to discuss the issues with a view to find solutions.

I remember when the floating forex policy was announced, Femi (you'll meet him in a minute) said to me, this is not the solution. I was looking at him like a pessimist at the time, until the dollar started to become scarce again! See yawa. What are we going to do ooo... people! Lol. 

With all the brilliant people we have in this country, surely we can come up with solutions. By the time we challenge ourselves and drive discussions that help us think, I am hopeful that we will find a way out of the myriad of problems our Facebook commentators remind us of daily (as if we do not know already! shio).

Enough with the highlighting and amplifying of the issues. We need a plan and we need it fast! Femi has come on board to take us through from the root of the matter. He is not an economist neither am I, you know this already :-), but Femi is one of those efikos that like to read and follow trends in economics and politics. He's not here to force his opinion down our throats, but to start conversations that will lead somewhere.

I want to read your thoughts, whether you agree or disagree. Let's start this journey to solutions for Nigeria.

Cheers!

The Genesis......

(This article has condensed reasoned economic structures without boring with percentages and theoretical jargons which often make the broth too thick for ease of consumption)

The CBN’s announcement of a floating foreign exchange model was wildly welcomed in many circles and heralded as the panacea to all our economic woes. The apex bank was hailed for such an obvious and ingenious approach to solving a critical problem. To be fair to the CBN in the light of the prevailing challenges, this policy stance made sense on first look.

However, a deeper look revealed that the floating exchange model was just a mild alternative for forced devaluation. Now while devaluation is not bad in and of itself, such monetary policy positions must be weighed against the realities and conditions required to benefit the economy in both the short term and the long term. 

Devaluation is an economic monetary tool used to “officially lower the value of a country’s currency within a fixed exchange rate system relative to another currency, or group of currencies”. Significantly, this tool is used as a measure of achieving a favorable balance of trade by a country as it favors increased local production capacity for exports and self-sustenance and reduce dependence on imports through an attendant increase in cost of importation.

At the time of the announced floating exchange model, the country was experiencing very challenging circumstances ditto  

- Reduced revenue from crude earnings due to falling oil prices

- Failing and non-existent infrastructure

- Fleeing FDI and FPI  against a backlog of dollar transaction payments

- CBN’s curious monetary policies and summersaults

- Insecurities in various regions of the country

- Budget implementation merry-go-round/ stalemate

- Targeted speculative forex transactions

- Rising unemployment

- War against corruption (which was apparently fighting back) 

- and a generally deteriorating standard of living across the country.

It becomes clearer therefore that inflation was only going up, unemployment will increase and recession becomes prescient. Furthermore, it becomes extremely disingenuous for an import based economy to pursue the path of asura (devaluation) in such testing circumstances to provide temporary reprieve to meet short term dollar mandates, in the hope of successful appeals for FDI and favorable loans. The long term repercussions are devastating.

First off, for devaluation to work we must have an export based structure or provide such environments and incentives as to encourage local production and use of local alternatives to meet local demands for self-sufficiency. In the absence of these foundations, the spectra of recession stretches towards the gloom of depression. 

The much vaunted market forces which would determine the “real” value of the Naira are painfully skewed against any immediate or long term benefit to the people. Further, the anomaly called the BDC would only continue to strain the Naira as it is unfortunately worryingly dependent on speculative valuation. Thus, as the interbank rate seeks to find a balance (whilst dancing to the rhythm of the phantom market forces) and inches towards it, the parallel market will pull away (the clue is in the word “parallel”) further due to the vagaries of demand outstripping supply, remittance constraints and arbitrage. The utopian hope of market forces quickly turns into shades of dystopian nightmares in an import based, revenue starved and recession sunk economy. 

Given that the only way out of a recession (and depression) is massive government spending, it mocks reason to assume that a limp currency would offer any succor. Thus our current reality is reduced purchasing power of the naira, increased cost of goods and a further impoverished standard of living. While the obvious is that your naira can acquire less, the dollar cannot purchase more since the market of source is still external. Therefore, the vicious cycle of continued devaluation, depreciation and recession creates a binding economic vortex with attendant sickening existential vertigo.

However, our current plight also offers some hope if properly managed. To do this we must 

• Abandon the fixation on floating or micromanaged forex and create policies and structures geared towards laying the foundation for self-sustenance and growth. In this belly of the beast which we find ourselves, government and regulatory authorities need to bite the bullet and address the issues head on. 
• Empower the alternatives and grow local capacity even at a deficit budgetary structure as increased cost of importation will ultimately lead to pursuit of alternatives. 
• Also, the mythical salvation by FDI (Foreign Direct Investment) needs to be addressed. With woeful ratings on ease of doing business, infrastructure availability and policy inconsistencies, this is not a surprise. However, these issues should be addressed immediately to create a welcoming environment and further garnished with appropriate incentives (tax breaks, access to funds etc.) to encourage investment. It should be noted that the above should apply to all businesses in the country and not the exclusive of some or patronizing FDIs. 
• The monetary policy oversight and regulatory body(s) should deploy a low interest scheme attached directly to infrastructure development and SME growth. While the previous arguments have been about increased liquidity leading to inflation, the structure should be to attach same facilities to managed support schemes. 
• Government stimulation, with fiscal policies, gross spending and appropriate monetary policies would ease us out of the current shadows. 

Ultimately, if this is properly pursued, our dependence on foreign imports and single source revenue will reduce and we can begin to tap into, exploit and enjoy the wealth we have been blessed with in resources, people and intelligence.

What are your thoughts on this? We would love to hear from you.

Femi Onakanren,

Director Eigenvalue Nigeria Ltd (Business Solutions Providers & Policy Analysts)
Developers of tagChief® Mobile Application and Enterprise Solution & StartRight Entrepreneur Boot Camp

ASSETS and Bellafricana SME Export Workshop

African Sustainable SME Export Trade Solutions (ASSETS) and Bellafricana present Repositioning Nigerian SMEs As A Catalyst To Achieve Rapid, Sustainable Growth In The Non-Oil Export Sector.

Have you ever asked yourself any of these questions?

• Can SMEs become major players in the non-oil export value chain?
• Should my company get involved in export?
• How do I know if my product is export ready?
• If I don’t have a product yet what can I do?
• If I am a marketer can I get involved in export?
• Should I switch from import to export?

If you want answers to any of these questions, then you don’t want to miss a golden opportunity at the SME Export Workshop to get practical, down to earth answers to these and many other questions. You will also get the latest information about new incentives and critical issues affecting the non-oil export sector in Nigeria.


ASSETS and Bellafricana SME Export Workshop

WHERE?

At a special workshop to prepare SMEs for opportunities and challenges in the non-oil export sector at Four Points by Sheraton Hotel, Victoria Island, Lagos.

WHEN?

Wednesday 29th June 2016 from 9am – 5pm (Registration commences at 8.30am)

WHAT DOES IT COST?

Early bird fee: ₦12,000 (If payment is made on or before 17th of June)
Fee: ₦15,000 (After 17th of June till 27th of June, subject to availability of space)

HOW TO PAY:

Make payment to Bellafricana, Zenith Bank, Account Number 1013734944

Use your company name as reference. Once payment is made kindly scan deposit slip or proof of transfer to info@bellafricana.com, cc: smeexportsolutions@gmail.com with name and phone number.

TO REGISTER: Go to export.bellafricana.com

CONTACT NUMBER:

For sponsorship and more information, call Bukky on 08086363970

Participants will also benefit from the following:

Presentation on the NEXIM Non-oil export Stimulation Facility and other Export financing packages

Information about market access programmes including:

• ECOWAS Trade Liberalisation Scheme (ETLS) and ECOBIZ
• USA – African Growth and Opportunity Act (AGOA)
• European Union – EU Export Helpdesk and EPA

Assessment of Samples:

(One product per participant) and contact with officials from Government and International development agencies who will highlight the special facilities assistance and training available for Nigerian export-oriented SME producers and marketers.

Presentations that will cover:

1. The importance of market entry requirements and specifications
2. Quality Assurance/Control,
3. Certification,
4. Packaging and Labelling,
5. Costing and Pricing,
6. Non-tariff Barriers,
7. Phytosanitary Issues,
8. Use of social media and ICT as platforms to promote and export products made by Nigerian SMEs.

WORKSHOP COORDINATOR: Ms Shade Bembatoum-Young, CEO African Sustainable SME Export Trade Solutions (ASSETS)

RECAP: Excellence in life series 2.0

In spite of the current downward trajectory of the Nigerian economy, it is believed that an individual can be economically buoyant by discovering, nurturing and maximizing new opportunities.

This was the submission of speakers at the Excellence In Life Series (EIL) Series 2.0 held on Saturday, May 21, 2016, at the Standard Alliance Events Hall, Lekki Phase 1, Lagos.

With the theme, Breaking New Grounds, the speakers such as, Dr Femi Paul, who is also the Convener, Excellence In Life; Bukky George – Founder & CEO, HealthPlus Pharmacy; Ibukun Awosika, Chairman, First Bank offered valuable insights and ideas on how to spot, seize and maximize opportunities in the current economic downturn.

Bukky George - Founder/CEO, Health Plus

“Most people don’t listen until they are in the classroom. But the best lessons are taught along the way…in the ordinary course of daily life,” said Dr Femi Paul at the event.

He charged the audience to aspire to break new grounds. He said, “Ordinary people look and admire; winners look, observe and aspire.”

He further noted that “aspiration fuels Pertinent Enquiries and Propels People; admiration only generates simplistic applause and awe.”

Another speaker at the event, Bukky George, emphasized the need for an individual to explore his or her passion, noting that it is only when the individual did that he could get to the promised land. She also mentioned that it was important for people to seek to fill the gap that exists in their areas of specialization instead of just making up numbers.

“Your promised land is where your passion lies. It is where your heart quickens, where you feel an almost supernatural hunger to intervene and improve a situation,” said Bukky George.

“Seek out a gap in a product or service delivery that you have the qualification, skill, experience, inspiration and passion to fill. Fill the gap excellently.”

APPLY NOW: AFRICA STARTUPS CHALLENGE NOW OPEN

Do you want to partner with a global financial services company to accelerate your business?

Then get involved in the Africa Startups Challenge!

Thomson Reuters in partnership with Venture Capital For Africa (VC4A) are launching an initiative to provide a platform for startups to partner with us as you grow your startup into a lucrative business.

The Africa Startups Challenge seeks to find the best new companies coming out of Africa. As a large continent made up of many emerging markets Africa is home to some exciting startups who are able to leverage new technology and new business models to leap-frog the current players. We want to know which startups are important and why.

Thomson Reuters aims to empower Africa’s success by providing government, financial, academic and business solutions that have helped move from aid-based economies to self-sustaining, knowledge-based economies for almost 150 years.

What is in it for you?

• The Challenge will provide you with the opportunity at a potential partnership with a global financial services and professional information company.
• Increase visibility for your startup by being showcased on our global investment platform called Eikon.
• Opportunity to attend the Thomson Reuters Africa Summit 2016.
• Cash prize for the winning startup.

If your startup is in FinTech or related industries, then this is the challenge for you!

Thomson Reuters position as a trusted provider in financial markets makes it attractive for FinTech startups to work with us as a partner. Our answer to the changing environment is an open platform approach – leveraging our depth and breadth, and enabling collaborative partnerships focused on innovation.

This Challenge seeks the most promising startups in Africa. Key areas of focus are the following 10 categories:

• Agri-tech (including land administration)
• Big data analytics
• Blockchain
• Digital government
• Education
• Internet of Things
• Fintech
• Media-tech
• Mobile technology
• Supply chain

Click here to apply now. 

The Excellence in Life series 2.0 is happening this Saturday

The current state of our nation leaves much to  desired. From the plunging Economy to insecurity. The masses are wailing and the rich also cry. From the constant decline of the value of the Naira to the hike in fuel prices which has catapulted inflation and taken it to an all time high, the common Nigerians have had to bear the brunt! 

It is quite convenient to heap the bulk of blame on the government as usual but truth be told the citizens are equally accountable. 

One major syndrome that has eaten deep into the fabric of our society is MEDIOCRITY and it is responsible for most of the pains we suffer today. We did not get to where we are in one day. It was a gradual process of letting mediocrity get the better of us and today it has become gangrenous thus becoming an uphill task to mitigate against. 

“I will mange it”, “It’s not so bad”, “It’s fair enough” “What more can I do” “I have tried, jare” “I can’t kill myself joorrr”… are very familiar expressions, aren’t they? We either encounter or even pronounce them ourselves regularly. What belies these otherwise insouciant and unperturbed proclamations is the syndrome called MEDIOCRITY!

Mediocrity is clearly a negative trait we should avoid like a plague. If you do not actively REJECT mediocrity, you are unwittingly choosing it over EXCELLENCE and will be running life’s relay littered with broken dreams and failed expectations and at the end of the finishing line you will be crowned with frustrations and unhappiness. 

Everywhere you go to today, across our beloved country Nigeria, mediocrity and impunity stare you in the face.  This sad development which pervades most facets of our national and private lives has now become a Sub-Culture. This also explains why most Nigerians prefer foreign products to Made-In-Nigeria ones, irrespective of price.  The reason for this is that the production of most foreign goods are driven by a Culture of Excellence.

Thankfully many Nigerians have taken the bull by the horn and have gone all out on the fight against mediocrity. One of such Nigerians is Dr. Femi Paul. 

Dr. Femi Paul, a Lawyer by profession, is the Senior Pastor of Grace Assembly Churches, Lagos. He attended the University of Ife, now Obafemi Awolowo University, where he obtained a Bachelor’s Degree in Law. He later went on to the University of London for two Masters Degrees in Shipping Law and Intellectual Property. He is also a certified graduate of the Oxford Princeton School of Petroleum Studies.  He practiced law in Lagos for many years, before moving into the Shipping & Maritime Industry.  His last foray in secular business was into the Oil & Gas Industry, after which he settled into full time ministry in 2001.

Dr. Femi Paul has delivered various papers, keynotes and workshops on Excellence In Life at several organizations, institutions and conferences around the world.  In 2015, he was honored with a Doctorate Degree by Northwestern Christian University for his excellent contribution towards Christian Education. He is also a pastor and the founder of Grace Assembly Church, a ministry committed to inspiring people and transforming lives.  

Dr. Femi Paul is mostly known for his exceptional “Spirit and Lifestyle of Excellence”. This has earned him many accolades and also inspired him to birth the vision “Life Class with Femi Paul”, and also the Excellence-In-Life Series where he shares Life Transforming Principles that shaped his life. 

Dr. Femi Paul is the Convener of the EXCELLENCE-IN-LIFE SERIES, a National Transformation Initiative aimed at eradicating the prevalent culture of mediocrity in our society. According to Dr. Femi Paul, "It is in my patriotic quest to salvage our country, build a culture of excellence and leave a lasting legacy for future generations that I present to you, THE EXCELLENCE IN LIFE SERIES!"

The EXCELLENCE IN LIFE SERIES, a bi-monthly meeting is the tool by which the visionary, Dr. Femi Paul hopes to eradicate the prevalent Culture of Mediocrity and propagate in its place, the much needed Culture of Excellence.  This initiative promises to transform mindsets and inevitably optimize the potential of individuals, institutions and the nation alike.

Excellence-In-Life, is not another Certification Course, because when it comes to Excellence, you don’t tender certificates.  Excellence is simply about doing things well, and it is WAR AGAINST MEDIOCRITY!

 

Due to his passion for eradicating mediocrity and extolling the spirit of Excellence, Pastor Femi Paul has made The Excellence in Life Series a Bi- Monthly event featuring world class speakers. The next one holds this Saturday the 21st of May 2016 and speakers like Ibukun Awosika, the Chairman of First Bank PLC and Mrs Bukky George of the Health Plus Pharmacy chains will be some of those imparting the wealth of knowledge and experience in many Nigerian who will be attending.

Join in the WAR AGAINST MEDIOCRITY!

Cartier Women's Initiative Awards 2016 for Female Entrepreneurs Worldwide ($USD 20,000 in Funding)

It's that time again. The Cartier Women's Initiative Awards 2016 for Female Entrepreneurs Worldwide ($USD 20,000 in Funding) is now open.

Application Deadline: August 31, 2016 10a.m 

https://goo.gl/Nn8Wxk

Since 2006, the Cartier Women's Initiative Awards has supported over a 100 female entrepreneurs worldwide. Each year, 18 finalists are selected, 6 of whom will become Laureates.

The Cartier Women's Initiative Awards is an international business plan competition created in 2006 by Cartier, the Women's Forum, McKinsey & Company and INSEAD business school to identify, support and encourage projects by women entrepreneurs.

Read the full report here 

The Cartier Women's Initiative Awards aims to encourage the most vulnerable category of entrepreneurs in their most vulnerable phase: women entrepreneurs starting up. Since inception in 2006, they have reviewed plans from over 140 promising female business-owners and recognized 44 Laureates.

Eligibility Criteria

The project to be considered for the Cartier Women's Initiative Awards must be an original for-profit business creation in its initial phase (2 to 3 years old) led by a woman.

The “for-profit” requirement: the business submitted for the Award must be designed to generate revenues. We do not accept non-profit project proposals.

The “originality” requirement: we want your project to be a new concept, conceived and imagined by the founder and her team and not a copy or subsidiary of an existing business.

The “initial phase” requirement: the project you submit should be in the first stages of its development with at least two years of operations and sales to account for but no older than 3 years. 

This means that in order for the business to be considered eligible, it must have been incorporated between August 2013 and August 2014.

Benefits:

Finalists get 

• Access to coaching
• Entrepreneurial workshops
• Media visibility

The Laureates receive a unique and comprehensive support package: 

• US $ 20, 000 of funding
• One year of coaching
• Networking opportunities
• Media exposure.
• One-to-one personalized business coaching

During the Awards Week, all participants will be exposed to 

• Entrepreneurship workshops
• Press conference
• Presentation to the jury members
• Networking opportunities

EVENT: Success Circle Africa Conference 2016

Success circle Africa has been conceived as a platform to spread the empowering message of what true entrepreneurship is and not just share the motivational success stories but also show practical ways to create a thriving African business enterprise that would contribute real value to the local and global economy.

THEME : INNOVATION & COLLABORATION AS CATALYSTS FOR GROWTH IN AFRICAN BUSINESSES
Our goal through success circle Africa is to spread our message of value driven entrepreneurship across multiple platforms using real media, community groups and social media as drivers of this message of change and transformation to enterprises in Africa.

Our annual conference would be our yearly gathering to bring together a community of aspiring and established entrepreneurs around the African continent to reinforce this message and celebrate the success stories of triumph and accomplishments against all odds.

The Details of the event;

Date: 26th May 2015
Location: The Wheatbaker Hotel, 4 Onitolo (Lawrence road) Ikoyi
Event Start up Time: 10am

Confirmed speakers Include;

Mr James Agada; CEO, Computer Warehouse group, 

Mrs Audrey Joe-Ezeigbo; Co-founder, Falcon Group, 

Dr Enase Okonedo; Dean Of the Lagos Business School, 

Mr Michael Owolabi; Md Il Bagno, 

Mr Wole Faroun; Md Webmallng and many more.

We believe in the abundance of potential in Africa and for many, this conference and platform would be the necessary thrust for them to proceed in taking their business to the next level.

'Tale Alimi, Convener