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Ndubuisi Ekekwe To Speak At Africa Business Convention 2022

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Join me on Tue, Feb 1, at 1pm WAT at Africa Business Convention 2022 #ABC2022. I will speak on this topic – “The increasing emergence of unicorns on the African horizon: What answers does it provide and what questions does it raise?” in the plenary.

In this presentation, I will also share some new insights from an upcoming Harvard Business Review piece on the broad nexus of unicorns and tech companies in Africa. Connect here

The Africa Business Convention (ABC) is a premier business convening for business leaders, governments, policy makers, investors, and entrepreneurs across Africa and beyond.

ABC presents a unique platform for: insightful debates around the prevailing challenges confronting businesses in the continent; the exploration of emerging opportunities; It also keeps abreast with global industry trends and developments; Showcasing worthy ideas and projects for matching investments and; trade promotion within Africa and with the rest of the world.

Africa Business Convention 2022 promises to be a melting pot for Africa’s biggest deal makers, investors, business shapers and governments.

 

Toward Averting Societal Crises Amid International Day In Memory Of Holocaust Victims

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Today, January 27 is International Day in memory of Holocaust victims. Owing to the damaging effect of holocaust, on 1st November 2005, the United Nations (UN) General Assembly unanimously adopted January 27 of every year as International Day of Commemoration in Memory of the Victims of the Holocaust.

The UN Outreach Programme seeks to remind the world of the lessons to be learnt from the Holocaust in order to help prevent future acts of genocide or any form of massacre.

The first commemoration of the Day took place in 2006 at the UN Headquarters situated in New York, U.S.A alongside all the UN offices across the globe. The ceremony drew over two thousand, two hundred (2,200) people and was viewed by countless others globally via webcast and live television broadcast.

During the commemoration, the then UN Secretary General, Mr. Kofi Annan unequivocally stated that, holocaust would forever warn all people across the global community of the dangers of hatred, bigotry, racism, and prejudice.

The term ‘Holocaust’ came from the Greek word Holokauston, referring to an animal sacrifice offered to a god in which the whole animal is completely burnt. Literary, holocaust which was formed from two distinct Greek words ‘Holos’ and ‘Kaustos’ meaning whole and burnt, respectively, can be defined as a situation involving a very great destruction as well as loss of lives and property.

Destruction of lives and property, which could result from either natural or manmade circumstance such as war, inferno, earthquake, auto-crash, plane crash, genocide, or insurgency, is obviously a phenomenon that is as old as the world. It has indeed rendered several homes and communities incapacitated.

Considering the possible origins of holocaust, which include ethnicity, fanaticism, carelessness, envy, greed, bickering, enmity, hatred, tyranny, mutiny, and treason, there is no part of the world that is yet to experience tragedy. It suffices to say that, the ugly incidence has brought mankind in its entirety to a state of unending torture and unthinkable anguish.

War, which is usually a manmade crisis, subjects humanity to an untold hardship and subsequently creates parallel lines among the groups that constitute the affected community or nation, as the case may be. In consequence to the emergence of war in any society, distrust invariably becomes the order of the day amidst the citizenry, which often results in eternal enmity or lack of unity.

There is no gain reiterating the fact that disasters such as earthquake or plane crash that could be natural or manmade, have ended up making the mindset of every concerned individual to be preoccupied with a psychological cankerworm known as ‘fear of the unknown’.

Inferno or fire outbreak for instance, which mainly takes place as a result of man’s carelessness or lackadaisical attitude, has succeeded in rendering many families homeless and stranded, thereby making them constitute severe menace to the society they belong.

Taking Nigeria that is currently salvaged by insurgency as a case study, you will agree that every right thinking individual in the country has been sleeping with one-eye open since the emergence of the terror, even though the incidence is mainly witnessed in the Northern part of the country, because nobody knows whose turn it would be the next day.

The economic mayhem caused by holocaust cannot be overemphasized. For instance, after the Biafran civil war in 1970 under the reign of General Yakubu Gowon, Nigeria that used to be one of the major exporters of petroleum products prior to the said era, abruptly became dependent on other countries for the aforementioned resources including oil, gas and fuel, thereby ushering the socio-economic status of the nation to a state of mockery till date.

As the world marks the 2022 edition of the annual International Day for the Victims of the Holocaust, there is need for everyone to acknowledge that the occurrence of holocaust can be avoidable, regardless of the locality involved.

We can actualize this by ensuring we maintain unalloyed peace, and endeavour to stay out of trouble at all times no matter the provocation or circumstance. Among all, we are required to always stick to the extant rules and laws in our respective jurisdictions by being patriotic at all cost.

There is equally need for the bereaved/affected families to be duly compensated henceforth, in order to erase any form of agony from their minds. The civil society and religious bodies, on their parts, are expected to bring succor to the victims or their relatives by conducting seminars, crusades, and disseminating radio cum television jingles, and what have you, as well as soliciting for appropriate compensation on behalf of the victims.

Above all, there’s a compelling need for everyone to live with the consciousness of holocaust with the aim of avoiding any irrational thought or attitude that could lead to the emergence of the forsaken incident.

The truth is, any form of holocaust can be avoided if we jettison selfish interests in all our doings; and it’s imperative to realize that prevention remains far better than cure. 

Digitize and capture the underground economy in Nigeria

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“If you digitize and capture the underground economy in Nigeria, you will see the birth of a trillion dollar economy. That is why we need a Digital economy infrastructure to unlock the trillion dollar economy potential in Nigeria” DAVID MEEK JAH .

Yesterday, while speaking during the launch of the nation’s Macroeconomic Outlook report, I posited that Nigeria’s apathy on digitizing its farmlands, and putting them into the balance sheet of the nation is the reason we have created “poverty” out of men and women who are holding “latent wealth”. This underground economy is everywhere.

The problems of nations are opportunities for markets – and nations rise when great entrepreneurs emerge.

Standard Operating Procedure – Defining What Your Staff Should Do

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A lady was complaining bitterly about how she tried returning a faulty product severally but was told each time that the ‘Madam’ was not around. Even though she had her receipt to show that she only purchased the product the day before, the sales attendant would not budge even though she had personally overseen the sale.

It was infuriating, and on the third occasion, she stood at the door of the mall telling customers to turn back that only fake and substandard products were sold in that shop. This seems like a ridiculously funny occurrence, but it did happen.

Now to the topic. Never assume that your staff should know what to do. Always spell out what they should do if something happens, and they would not need to call you all the time. It is part of developing a structure for your business, and it is called a Standard Operating Procedure. (we have a previous post that talked about this in detail).

One part of the problem is that Entrepreneurs and managers often think that if you pay a good salary, your staff will know what to do in every situation. Sadly, this is not often the situation even when you have staff with the highest academic qualification. Even if one staff knows what to do in that situation, do the other staff know what to do if faced with the same issue?

 If you want to leave your business for your staff, and want things to still run as they would in your presence, then you need to spell out clearly what should be done, in what order, and how it should be done. That is how you get a structured business.

A structured business requires a lot of constant monitoring at the beginning, but as time goes on, it begins to require less and less of your presence.

How does a standard operating procedure (SOP) help this?

Let’s take the above scenario for instance. If you had a clear SOP that spells out what to do, then the sales girl might have requested to see the receipt first. Run the receipt number through her records to confirm the date and time of purchase. She could also have checked the returned product against her records to be sure that the returned product and purchased products are the same. For instance, one needs to be sure that the customer is not returning a black headphone, after carrying a blue headphone.

After doing this, she could then have informed the customer that she is entitled to a free product change since the purchase was made within the last three days. The SOP could also state that if the product was purchased more than 14 days ago, then the customer has to make another 10 percent payment to have it exchanged for a new one. Or perhaps, the shop could have a repairer attached who would have to repair the product (if damaged) and the repair cost split among the buyer and seller.

There is so much that the SOP can spell out, and if such a document was available, the salesgirl did not need to ask the customer to come back on another day simply because the business owner was not around.

There are procedures to developing a Standard Operating procedure (SOP) document, but I should probably keep that for another day.

Once you develop a standard operating procedure, the next thing you need to do is to get qualified staff to run it. You cannot develop a sound business structure and get unqualified people to run it, yet expect a 100 percent performance. You cannot get the desired results that way.

Recruiting or retaining staff should be purely based on qualification, performance, and productivity. There should be no ifs or buts.

Walmart Builds A Super App, To Control Demand, Not Just Supply

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#NFT. Pay attention. YouTube will make it possible for creators to monetize through NFT (non-fungible token) –  a non-interchangeable unit of data stored on a blockchain.

“We’re also looking further ahead to the future and have been following everything happening in Web3 as a source of inspiration to continue innovating on YouTube. The past year in the world of crypto, nonfungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans. We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”

As that happens, Walmart, a US-based retail giant, has bought some companies to enable it to build a super app – an app which does largely everything, from payment to scheduling. Take a deeper look, you will notice a playbook here: control of demand. Yes, it is all about consolidation of demand which is a critical part of winning the 21st century digital market.

According to the Wall Street Journal, retail giant Walmart announced that it will acquire two fintech startups including Even Responsible Finance, which Walmart already uses to offer its employees early wage access, and ONE Finance, a neobank.

According to Omer Ismail, chief executive of Walmart’s fintech unit and former head of Goldman Sachs’ Marcus business: “The strategy is to build a financial services super app, a single place for consumers to manage their money.”

I have made it clear that those who control demand will win the digital opportunities of this age. Controlling the unbounded and unconstrained supply does not offer the same level of leverages we used to see in the industrial age economic systems. Today, it is all about demand and what you do with it. With a super app, Walmart can make the lives of its customers revolve around it. And by doing it, it can capture more value from them.

Pay attention because winning the digital future will come via controlling demand, not supply. Watch this video.