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How to Start Working for Yourself

By
Mutiu Iyanda
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0

In an era defined by innovation and limitless opportunities, the prospect of working for oneself has never been more enticing. The allure of entrepreneurship lies in the freedom to pursue your passion, chart your course, and define your destiny. Yet, taking those initial steps into the world of self-employment can be daunting. In this article, we will explore the key considerations and strategies to successfully embark on the journey of working for yourself. 

Define Your Passion and Purpose

Before you take the leap, introspect deeply. What ignites your passion? What drives your purpose? Starting a business often means long hours and significant challenges. Your unwavering commitment to your venture will be your guiding light through the darkest moments. Choose a path that resonates with your core values and inspires you daily.

Research and Plan Thoroughly

Every successful entrepreneurial journey begins with meticulous research and planning. Study your industry, target market, and competition. Identify gaps and opportunities. Craft a comprehensive business plan that outlines your goals, strategies, and financial projections. A well-thought-out plan will serve as your roadmap to success.

Build a Solid Support Network

Working for yourself doesn’t mean working by yourself. Surround yourself with mentors, advisors, and a network of like-minded individuals who can provide guidance and support. Join industry associations, attend networking events, and seek out mentors who have walked the entrepreneurial path before you.

Financial Preparedness

Starting a business often requires an initial investment of time and money. Ensure you have a financial safety net to cover your living expenses and business costs during the initial phases. Explore funding options such as personal savings, loans, or investors, depending on the scale of your venture.

Develop a Strong Online Presence

In today’s digital age, a robust online presence is essential. Create a professional website, engage with your audience on social media, and invest in online marketing strategies. Your online presence will not only attract customers but also establish your credibility in the industry.

Embrace Continuous Learning

The entrepreneurial journey is a constant learning experience. Stay updated on industry trends, technology, and best practices. Invest in your personal and professional development. The more knowledge you acquire, the better equipped you’ll be to navigate challenges and seize opportunities.

Adaptability and Resilience

Expect setbacks and challenges along the way. Entrepreneurship is not for the faint-hearted. Your ability to adapt to changing circumstances and bounce back from failures will determine your success. Stay resilient, learn from your mistakes, and keep moving forward.

Focus on Customer Value

Your business exists to serve your customers. Always prioritize delivering exceptional value to them. Listen to their feedback, anticipate their needs, and build long-lasting relationships. Satisfied customers can become your most powerful advocates.

Legal and Regulatory Compliance

Ensure that your business complies with all relevant laws and regulations. This includes registering your business, obtaining necessary licenses, and adhering to tax requirements. Legal compliance is essential to protect your business and your reputation.

Celebrate Milestones and Stay Inspired

As you progress on your entrepreneurial journey, take time to celebrate your achievements, no matter how small they may seem. These milestones are a testament to your dedication and hard work. They can also serve as motivation to keep pushing forward. Working for yourself is a rewarding and empowering endeavor. While it requires dedication and perseverance, the freedom and fulfillment it offers are unparalleled. By following these strategies and staying true to your passion, you can embark on a successful journey of entrepreneurship and ultimately define your own path to success.

A Deep Look Into Nigeria’s Future As The Post-Petroleum Society Arrives

By
Ndubuisi Ekekwe
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0

I used to write long articles here, but when I realized that few have time for such, I stopped writing them. But someone had the time to read one of my old articles which was titled “The Post-Nigerian Petroleum Era”, and came up with how we read these days. Yes, Oluleke Babayomi, Ph.D., R.Eng. read it, and he has “satchetized” it for us.

“Thank you, Prof. Ndubuisi Ekekwe, for this thoughtful, insightful, poetic piece. Since it is a long read, I present a summary of the key points below for the benefit of all.

-Nigeria’s focus on oil has eroded all progress made in the pre-oil era in economics, agriculture, trade and intellectual development.

  • The country’s fate appears grim as oil either loses significance or oil reserves become depleted.

  • The risky political arena has made governance a no-go area to the nation’s brightest and best, hence sham governance has been perpetuated since the demise of the generation of Azikiwe, Awolowo and Bello.

  • Present-day leadership is not driven by any long-term vision to change the status quo.

  • Nigeria’s regional influence will likely be reduced to nothing after the oil-era, leaving only one economically, technologically and politically dominant country on the continent – South Africa.

  • Nigeria’s post-oil era: Many federally-funded institutions and programs will collapse. Presently poorly-funded educational institutions will then be left to fend for themselves and seek external funding. States will become more financially innovative and prudent due to loss of income from the federal purse.

The way out for Nigeria:

1) Invest in education, especially entrepreneurial and technical education to catalyze technological innovation in agriculture and other areas.

2) Develop broadband technologies to catalyze internet-supported business growth.

3) Appropriate education and financial incentives for artisans, traders, sculptors and farmers must be provided to expand their business capabilities.

4) Develop reliable capital markets to finance major capital investments in manufacturing, technology, agriculture and the local petroleum industry.

Here is the tome if you care.

The Post-Nigerian Petroleum Era

Growing A Business With Smart Credits | Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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0

What is a smart credit? And what is a loan? If a bank offers you a loan of N2 million and a credit card of N2 million at the same interest rate, which one is better?

Sure – the credit is not typically available in Nigeria because it is better. The problem with a bank loan is that on the day the agreement is executed, you start paying, whether the funds have been deployed or not. But on a credit card, you only begin to pay when you use it, and if you do pay back the balances at the end of the month, you may not have extra bills. For a loan, that is not possible.

Of course, a credit card has its own challenges since it can compound the interests (some bank loans do also). Today, at Tekedia Mini-MBA, a startup which is driving a credit economy in Nigeria, focusing on companies, will be teaching. He is not coming to give anyone credit! But you will credit him for the knowledge you will go home with because CREDIT is important in any business and economy. Abeeb Ogunsola of Evea will educate on how to grow a business with smart credits.

Tekedia Institute Mini-MBA is an award-winning business school; registration for the next edition has started; begin here.

THE AFRICA WE WANT: How to Develop True Partnership with Africa

By
Mutiu Iyanda
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0
The African Union logo is seen outside the AU headquarters building in Addis Ababa, Ethiopia, November 8, 2021. REUTERS/Tiksa Negeri

Often called the “cradle of humanity,” Africa is a continent endowed with an abundance of natural resources, including minerals, oil, natural gas, lush forests, rich fauna, and vast, arable land. It has 54 independent nations and possesses a sizable portion of the world’s non-renewable and renewable resources. Many African countries, in spite of their potential, have struggled to overcome authoritarianism, violence, and corruption in order to achieve stability. Africa’s prospects are changing as a result of Russia’s recent recognition of the value of fostering a true partnership with the continent.

Russia made a big shift in its foreign policy concept in 2023 when it recognised Africa as a “distinctive and influential centre of world development.” This change represents a sea change in the nation’s strategy for engaging with Africa. Russia’s perspective on Africa has shifted from being limited to natural resources and geopolitical concerns. Rather, it acknowledges Africa’s capacity to play a significant role in determining the course of our multipolar world.

The adoption of a final declaration at the Russia-Africa Summit marked a crucial turning point in this developing partnership. In order to strengthen Russian-African collaboration in a number of areas, including science, technology, culture, politics, security, and the economy, this declaration sets forward some rather ambitious aims and objectives.

The level of commitment is demonstrated by the Memoranda of Understanding that the African Union and the Government of the Russian Federation as well as the Eurasian Economic Commission inked. These agreements provide a solid basis for the formation of strategic partnerships while reinforcing collaboration based on economic principles.

Africa and Russia have always had a close relationship. Throughout Africa, Russia has continuously backed national liberation movements. The nation has been essential to small states and the growth of their economy. Russia has also contributed to the development of strong military forces. Crucially, the tenets of respect for one another and refraining from meddling in internal matters have formed the foundation of this collaboration. Africa has never been seen by Russia as just a place to get labour or raw commodities.

The level of dedication to Africa is shown in the Russian Federation – African Union Action Plan for 2023–2026. In keeping with the African Union’s Agenda 2063, it sets priorities and suggests ways to maximise the potential of the collaboration between Russia and Africa in areas of shared interest. This agenda, which looks forward, aims to build “The Africa We Want” and represents Russia’s and Africa’s long-term vision for cooperation.

The Action Plan highlights a number of important areas of concentration, such as economic cooperation, social and cultural interaction, political and security cooperation, and a strong structure for carrying out the plan. This all-encompassing strategy highlights Russia’s goal to be an authentic participant in Africa’s development process.

Russia’s commitment to Africa is an “invariable priority” in its foreign policy, as President Vladimir Putin correctly emphasised. This commitment stems from a sincere wish to assist Africa in becoming a global leader in the emerging multipolar world. Russia’s changing strategy, which is based on friendship and respect for one another, offers hope for a better future for Africa. Russia and Africa can work together to create a rich, peaceful, and stable continent that will fulfil the dreams of its people and have a beneficial influence on the world stage if they have a common vision and take cooperative action.

MTN Group Increased 11.2% in Earnings for the first half of 2023

By
Paul Ugbede Godwin
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0

MTN Group, one of the leading telecommunications companies in Africa, has reported an impressive 11.2% increase in earnings for the first half of 2023, despite facing various challenges in its markets. The company attributed its strong performance to its focus on customer experience, network quality, digital services and fintech solutions.

In a statement, MTN Group President and CEO Ralph Mupita said: “We are pleased with the resilience and agility of our business, which delivered solid results in a difficult operating environment. We continue to execute on our strategic priorities of accelerating growth, deleveraging the holding company and unlocking value.”

According to the company’s financial results, MTN Group’s service revenue grew by 16.8% year-on-year, driven by double-digit growth in voice, data and fintech revenue. The company also added 28.6 million subscribers to reach a total of 303.1 million across its 21 markets. MTN Group’s earnings before interest, tax, depreciation and amortization (EBITDA) margin expanded by 1.4 percentage points to 43.5%, while its headline earnings per share (HEPS) increased by 11.2% to 430 cents.

MTN Group faced several challenges in the first half of 2023, including regulatory uncertainties, currency volatility, social unrest and the impact of the COVID-19 pandemic. The company said it invested R10.6 billion in capital expenditure to enhance its network capacity and coverage, as well as to support its digital and fintech platforms. The company also increased its social investments to support the communities it serves, especially in response to the health and economic crisis caused by the pandemic.

How did the pandemic affect MTN Group’s operation?

The COVID-19 pandemic has been a major challenge for many businesses around the world, but especially for those operating in emerging markets. The pandemic affected MTN Group’s operation in three key areas: network performance, customer service and financial performance. We will also highlight some of the measures that the company took to mitigate the negative effects and seize the opportunities that emerged from the crisis.

Network performance

As a provider of essential services, MTN Group had to ensure that its network remained resilient and reliable during the pandemic, despite the increased demand for data and voice services from its customers. The company invested heavily in network capacity and quality, as well as in backup power solutions and alternative energy sources, to cope with the surge in traffic and the frequent power outages that affected some of its markets.

The company also leveraged its partnerships with other operators and technology providers to enhance its network coverage and performance. For example, it collaborated with Google to launch Google Station, a service that offers free Wi-Fi access in public places, in Nigeria, Ghana and Uganda. It also partnered with Ericsson to deploy 5G technology in South Africa, becoming the first operator to launch 5G services in the country.

Customer service

The pandemic also forced MTN Group to adapt its customer service channels and offerings to meet the changing needs and preferences of its customers. The company accelerated its digital transformation by expanding its self-service platforms, such as MyMTN app, USSD codes and chatbots, to enable customers to access various services without visiting physical stores or calling customer care agents.

The company also introduced new products and services that catered to the specific needs of its customers during the pandemic. For example, it launched Ayoba, a messaging app that allows users to communicate with each other and access news, entertainment and educational content. It also launched MTN MoMoPay, a mobile money service that enables customers to pay for goods and services using their phones.

Financial performance

Despite the operational challenges and market uncertainties caused by the pandemic, MTN Group delivered a solid financial performance in 2020. The company reported a 9.7% increase in revenue, driven by strong growth in data and fintech services. It also increased its earnings before interest, tax, depreciation and amortization (EBITDA) margin by 1.4 percentage points to 42.7%, reflecting its cost optimization efforts and operational efficiency.

The company also maintained a healthy balance sheet and cash flow position, enabling it to invest in its network infrastructure, pay dividends to its shareholders and support various social initiatives. The company contributed over R250 million (about $17 million) to various COVID-19 relief efforts across its markets, including providing free data, voice minutes and SMS bundles to frontline workers, health authorities and vulnerable communities.

Looking ahead, MTN Group said it remains confident in its medium-term targets and expects to deliver service revenue growth in the low to mid-teens range, EBITDA margin expansion of 50 to 100 basis points and return on equity improvement of 10 to 20 basis points per annum. The company also said it will continue to pursue its asset realization programme, which aims to unlock value from its infrastructure and fintech assets, as well as to reduce its debt levels.

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