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2022 is the Year of Accelerated Entrepreneurial Growth in Nigeria

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2022 is the Year of Growth in Nigeria. I am feeling the indicators everywhere. There are massive shifts after sectors. Yes, there is abundance in the future and diasporas are increasingly investing in the homeland, fueling the power of entrepreneurial capitalism.

Innovators will have those first $30,000 or $50,000 to begin new missions on fixing frictions which exist in our markets. Open your mind, do not allow dogmas of disbelief to cloud your awareness and observation on emerging patterns and opportunities; tomorrow has a promise.

No matter what you are doing, leading, servicing, working or founding, let’s put our best efforts for the nation. A working Nigeria is good business for everyone. #BeReady4Year2022.

At Tekedia Institute, we will provide the tools to make that 2022 super-amazing. Early bird registration for Tekedia Mini-MBA (Feb 7 – May 7, 2022) ends tomorrow Friday. Begin here to unlock the early benefits.

Revisiting Babatunde Fashola’s Gimmick On 2023

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On Thursday, 25th October, 2018, the erstwhile Lagos State Governor and present Minister of Works and Housing, Mr. Babatunde Fashola enjoined his people of the Nigeria’s South-West Zone to vote for President Muhammadu Buhari in the 2019 elections towards guaranteeing a return of power to their zone in 2023.

The minister tendered this in Ibadan, the Oyo State capital at a special town hall meeting on infrastructure organized by the Federal Ministry of Information and Culture headed by Alhaji Lai Mohammed in collaboration with the National Orientation Agency (NOA).

Alhaji Lai led three other ministers including Fashola as well as the then Ministers of Transportation and Water Resources in the persons of Messrs Rotimi Amaechi and Suleiman Adamu, respectively, to the meeting which had in attendance key stakeholders from the area.

Mr. Fashola opined that besides the massive investment by the Buhari-led government on infrastructure across the country, South-West in particular, the zone would benefit politically by re-electing Buhari at the 2019 polls.

He stated in Yoruba language “Do you know that power is rotating to the South-West after the completion of Buhari’s tenure if you vote for him in 2019? A vote for Buhari in 2019 means a return of power to the South-West in 2023. I am sure you will vote wisely.”

It wasn’t news that on several occasions, some leaders of the All Progressives Congress (APC) in the South-East had boasted that President Buhari would be handing over power to the zone in 2023 if he gets votes from the people of the area at the 2019 Presidential election.

By the statement from Mr. Fashola, he had inadvertently concurred with the line of action of his predecessor, Chief Bola Tinubu. Prior to the outing, the latter had been putting up behaviours that indicated he was aspiring to take over power from President Buhari. His body language suggested he’s warming up to succeed the sitting president whenever his service expires.

It’s quite intriguing that Mr. Fashola never minded the political implications of such an utterance before letting it out. This implied that the people of the South-West under the auspices of the APC cannot afford to allow any other zone or region to succeed Buhari when he bows out from Aso Rock after the expiration of his second term in office.

If my thought is as good as yours, then you would agree with me that the APC’s gladiators of the South-East extraction have been deceiving themselves by going about telling their kinsmen and beyond that power would freely return to them after the tenure of Buhari.

One may even assert that the aforementioned set of people isn’t only deceiving but making ‘fool’ of itself. This is so, because, the way and manner they parade themselves as regards who, or which zone, succeeds Buhari appear as if a Memorandum of Understanding (MOU) had already been reached and duly signed by the overall leadership of the APC.

This categorically informs that the Igbos need to wake up from slumber. It’s indeed high time they began thinking of how to become more politically aware in Nigeria’s sphere. It’s obvious that overtime the people from the Igbo nation have been used as sacrificial lamb whenever it calls for acquiring power within the country’s political terrain.

They must realize to the fullness that power is taken, not given. No rational politician ought to expect power, no matter how lowly placed, to be granted or released to him/her on a platter of gold.

Everyone is expected to ‘fight’ towards acquiring power or assuming any political post. Thus, one who believes that such a position would willingly and freely be ceded to him is simply daydreaming.

However, Mr. Fashola would have at least considered the consequences of such an announcement especially at the era when the ruling party was making frantic efforts to remain in power. Also, acknowledging that the major opposition party – the People’s Democratic Party (PDP) – had been damn prepared to reclaim the country’s seat of power, which they regrettably vacated in 2015.

Mr. Fashola, therefore, ought to have understood that such an avowal was liable to make the APC massively lose its prospective voters, particularly from the South-East. He should have realized that it is a sentence that had the tendency of causing the ruling party a grievous harm in the nearest future.

Having made the statement in vernacular, he might had thought that outsiders wouldn’t take note of it, forgetting the country at large is at the moment in a heat period regarding politics, hence an average Nigerian is currently far more socio-politically aware than he/she was.

The utterance in question may have been erroneously and carelessly tendered by the honourable minister, but the point remains that it ought to be considered as an eye-opener by the members of the APC of the Igbo extraction. Even if it’s eventually retracted, it had already sent the message being required by the Igbos at such a critical time like this.

Notwithstanding, whatever the case might be, it’s time our politicians started being very mindful of what they utter in the public domain especially when campaigning for votes. 

SpaceX Raises $337.4 million in Equity Funding

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SpaceX show

SpaceX has raised $337.4 million in equity financing, the company announced in a regulatory filing on Wednesday.

The investment is part of the rocket company’s push to raise more money for both its satellite internet, Starlink and rocket transport services. SpaceX founder Elon Musk said in June that Starlink will need as much as $30 billion to execute its satellite tasks and steer the company to a profitable business.

In October, SPaceX hit $100 billion in valuation after a secondary share sale. The latest funding round is a major revenue boost to the space company, which has been competing with Amazon’s Blue Origin and billionaire Richard Branson’s Virgin Galactic in the space industry.

The burgeoning constellation and space travels have seen an uptick in the number of investors. Google’s parent company, Alphabet and Fidelity Investments are among companies who have bet their money on SpaceX.

Earlier in the year, Virgin Galactic and Blue Origin joined SpaceX in launching successful civilian trips to space, kicking off the multi-billion dollar commercial rocket industry. The space economy is estimated to be worth $1 trillion by 2040, according to Morgan Stanley.

Each of the companies have been competing to grab enough share of the estimated economy. In October, Blue Origin and Sierra Space announced plans for Orbital Reef, a “commercially developed, owned, and operated space station” that will be built in low Earth orbit. The station will start operating in the second half of this decade.

The idea is backed by space industry leaders and teammates including Boeing, Redwire Space, Genesis Engineering Solutions, and Arizona State University; and is expected to open multiple new markets in space.

SpaceX on the other hand, is planning to launch its Starship rockets, which is designed to put as many civilians as possible on Mars, before 2030. Musk’s company still leads others, having launched numerous cargo payloads and astronauts into orbit. It has been the first choice of the U.S. ‘s National Aeronautics and Space Administration (NASA), in space transport and contracts.

SpaceX is the only company among the three offering orbital services, which is key to many of the contracts it has won from NASA.

While the companies are carving out a niche, luxury space trips, which is rapidly becoming a thing, remains key to the space industry’s economy. The cost of trips per a seat to space on Blue Origin’s New Shepard and Virgin Galactic’s SpaceShipTwo is typically $250,000 to $500,000. This is because they are suborbital transport systems – 15-minute rides from the earth.

For SpaceX’s orbital transport, the cost starts from $50 million. This price per seat is considered cheap because NASA used to pay Russia nearly $90 million per seat on the Russian Soyuz spacecraft.

Tekedia Institute receives 10 copies of “Igba-Boi” by Ogechi Adeola and Valentine Chineto Ozigbo

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Good People, Tekedia Institute has received ten copies of “Igba-Boi: Repositioning the Igbo Apprenticeship System” authored by Prof Ogechi Adeola of Lagos Business School and Mr. Valentine Chineto Ozigbo who carried the PDP flag in the last Anambra state governorship election.  Yours truly Ndubuisi Ekekwe wrote the Foreword for the book.

These copies will form part of Tekedia Institute’s library as we unveil a full course on The Igbo Apprenticeship System in 2022.

We thank the authors for donating these 10 copies to our Institute.

Tekedia Institute Introducing A Course on “Igbo Apprenticeship System”

Work-life balance, is it an option for entrepreneurs?

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The debate about the need for work-life balance is an unending one, and it will always come up in spaces where you find both employers and employees – places like LinkedIn. Funny though, that a lot of people seem to think of work-life balance in regards to the employees, and hardly for the employer.

It seems like people hardly expect founders and entrepreneurs to achieve a work-life balance. I remember seeing a post recently where a founder posted that he never had to worry about work-life balance because his work is his life. By implication, a busy workday is the equivalent of a work-life balance.

That statement might have gotten you laughing but in truth, it is a mindset that quite a lot of entrepreneurs and founders share. It just seems to make sense to the founder that if he has quite a career to start this business, invested his life savings and whatever other resources he had, then the business has become his life; maybe because he considers at this point that the business crashing would be equivalent to his life crashing.

But there is a question, what happens if you crash and the business is left running?

Work-life balance is as important to the entrepreneur as it is to employees. You can have an hour or two to take your family out on weekends, or maybe a couple of hours to play tennis with friends or cycle in the evening. Two hours of seeing a movie on a Saturday will not crash your business, neither will a weekend trip to a resort.

The interesting part is that if you pick your fun wisely, it could even enhance your business. You can network and meet with people who will be instrumental to your business growth in the process. I know a couple of entrepreneurs who met their co-founders in the most unlikely places like at a restaurant, at the movies, while playing tennis, etc.

If two hours away from your business will crumble it, then you probably did not have a business anyway. Get a social life. I know this advice sounds difficult especially when it already seems like there isn’t enough time to do all the things that need to be done. Consider your welfare, and yes! your mental health too.

The life of a startup founder will certainly include challenges and sacrifices, but it is not a good excuse to cut off friends, family and allow your health to deteriorate. Running a business gets crazy, and you may need to step away from the madhouse to regain your sanity before coming back in to restructure it.

Just like financial experts say “You don’t need to be earning enough before you start investing. Your income may never be enough but that is no reason not to set aside a little for investing.” In the same way, I like to think “You don’t need to have enough time before taking a little to relax. You relax a little so that you can run your business better and eventually have enough time”.