TODAY, women have become central in discussions that have to do with development. Efforts are being made therefore, in and out of government to support women who want to establish as entrepreneurs. But there are still challenges for start-ups, as well as sustainability issues for those already out there. There are issues of funding, juggling business with managing the home, as well as getting a committed staff to partner with.
Sharing her experience with The Guardian, Nneka Alozieuwa, a fashion consultant and the MD, Jebigen Collections, a clothing company that specialises in contemporary designer clothes, shoes and fashionable accessories for all categories of people, said funds was a huge challenge to the growth of her company. “Like many start-ups, my major challenge was how to raise funds for my business. I needed to inject more funds into the business in order to grow it. That was about two years ago.
“I needed to muster courage so that I could identify new areas of opportunities that would help me grow my vision for my business. Aside this, another major challenge was the issue of getting a good location, as well as getting the right kind of people to work with. Tied to this is also the issue of boosting patronage, the necessary publicity and making the brand known and acceptable to my customers. Naturally, I am scared of loans, so I had to utilise other available options open to me to raise the needed funds.”
She explained that solution did not come easy. “I must confess that the solution did not come easy. There were days when I thought to myself, ‘can I ever overcome these challenges?’ You can have a good business, but if you do not have loyal staff, who are committed to the dream and vision of the business, it’s just a matter of time before everything you have worked so hard to build will come crashing down.
“We had bad times, very bad times. My best hands deserted me, when my sales girls went away with my goods. I felt like calling it quits, but something in me made me reason otherwise. I even considered going into partnership, but I later told myself that I couldn’t, because that can be problematic. Partnership has wrecked some people’s homes and businesses. So I said to myself, ‘be strong, tough times don’t last but though people do.’
She had to do something drastic that would bring a breath of fresh air into her business. “It was at that point I decided to close down, consulted those who have gone through similar experiences and re-strategise. I went to FATE business school, which was a tough decision, but it paid off, as it gave me the break I needed. The training helped to hone my entrepreneurial skills and exposed me to limitless possibilities, which set me on the path to success.”
Bunmi Aremo holds a B.Sc. degree in Home Economics from the University of Agriculture, Makurdi. She started her cake and cookies business in Abuja, in 2002. Her brand name is Panalia.
She used to bake overnight, while her husband supplied all the big supermarkets in Abuja. The MD of Precious cakes and Confectionaries said all was running smoothly until she started having issues with NAFDAC. She knew that the only way she could effectively address the challenge was for her to secure NAFDAC’s registration for cookie.
“This for me was a major challenge, because I knew I had a very good product. But I didn’t have the necessary financial muscle and manpower in place at that time. Shortly after, I moved to Lagos and this helped me to take up the challenge of improving on my products recipes.”
The result was spontaneous as people loved and accepted her cookies. “We recorded huge sales and business was booming. My marketing indices i.e. the feasibility study and quality control proved positive to the extent that within three months, I got NAFDAC certification for my Queen’s cakes and cookies. I also got a place in the incubation centre. With a good branding and support from friends and family, I plunged fully into the market.”
Bunmi’s preference for cookie business was largely because she discovered that Nigerians don’t have easy access to home-made cookies that are very affordable and could cost as little as N50 or N100 per pack at that time.
“ I decided to fill this gap by ensuring that Nigerians are given easy access to well – made home cookies. People can easily order for and pick up my cookies in supermarkets, from hawkers selling in traffic or at bus stops and everywhere I go. I love the compliments I get. This has opened all kinds of opportunities for me.”
But despite the fact that business has been good, and Panalia has positioned itself as a strong and emerging Nigerian brand, Bunmi’s major challenges are electricity and lack of funds for the purchase of new machines to boost the production process, so as to enable her adequately meet up on demand since it is huge for the cookies. “We needed to buy a standard generating set, as well as some new equipment, especially a mixer machine, which can speed up the production process and reduce waste when power is not available,” she says.
One area she hopes to explore is that of training. This is because a lot of people, especially the young ones are eager to learn the art of cookie making. But because this takes a lot of time and attention, she is taking her time.
“Of course, there is a lot of money in training others, but it is time consuming. So, while I would like to make money from training, which I can also plough back into my business, I still can’t afford to leave the business unattended to for too long, it will suffer and nobody wants to be trained by someone whose business has failed.
“Meanwhile, accessing funds in form of loans is not as easy as it seems. Where such loans are available, its either the interest/collateral is very high or the funds are not easily accessible. And I am speaking from experience. Even the so–called funds for SMEs given to Central Bank is not so accessible. How many qualified ordinary hardworking business people get the funds? So, the challenge is real. There is so much to be done in this regard, especially on the part of government,” she explains.
The Partners for Development (PFD) is an outfit that works to strengthen local organisations and individuals, through providing small loans and basic business development skills. These loans have been very useful in capacity building among many women running their own businesses.
Such loans have made a big difference in the world of entrepreneurs such as Yinka Adetola, the CEO of Comffy Interiors, an interior furnishing company. The 45-year–old enterprising woman had been running her business for about five years without much success. Her desire was to grow her business and see it flourishing like those of her friends who had taken loans and were doing well running their own businesses. Shortly after, she approached Access Bank and was encouraged to take part in their loan programme, which is designed to help women make more profits and expand their businesses.
Excited by the opportunity, Yinka took a loan of N2, 000.000, which she combined with the small amount of savings she had. Having undergone various trainings, including the one from her lending bank, which is an integral part of all the loan schemes, she learned how to manage credit, diversify her products and invest wisely.
“The trainings really added to my knowledge and gave me the boldness to do what is needful for me to run a successful business. It’s been three years now and my business has got a new lease of life.”
Yinka says she keeps a detailed record of all her transactions and that the key to her success is paying attention to market demands, while diversifying her products. With the proceeds from her business, she helps support her husband in meeting some of the family’s needs and things are looking up.
There are many women like Yinka, who don’t need so much help to succeed. While it is true that it is not everyone, who takes a loan that is able to pay back or manage it well, those that have succeeded in utilizing such loans would tell you that having a simple access to fair loans and a bit of training is all it takes to get their businesses growing. With this, women business owners are able to support their families and live their dream.
On the issue of access to finance, Oby Ezekwesili, immediate past Vice President of Africa Region at the World Bank says access to finance is not the greatest obstacle to SMEs, but rather that an entrepreneur should first decide if she has any basis for accessing finance. To her, an intending entrepreneur needs knowledge and relevant solution to succeed.
She advises female entrepreneurs and CEOs to seek knowledge, urging that with this, all other things would fall into place before the need to access finance. “As problem solvers, you must improve your equity both in monetary value, goodwill and character. Entrepreneurship is more about character and hard work. It requires risk taking, and is a marathon race and not a 100-metre dash,” she says.
According to Ezekwesili, research showed that 60 per cent of women leaving paid jobs for entrepreneurship are doing so because they believe they can add value and render better services. She would want budding female entrepreneurs to seek seed capital from parents, close relations and self before approaching angel investors. She also advises women to have integrity and character, which does not go with pretence. She feels women should go into collaborative partnerships, while enumerating the various sources, where entrepreneurs can access funds. These include banks, SMEDAN, YouWin! CBN and BOI among others.
On finance, the former Minister of Education who is also the Senior Economic Advisor at Open Society Foundation says the idea is for people to work hard, find fulfillment, fun and laughter, while running their careers or businesses. She suggests that personal finance should be taught in school, so that people wouldn’t graduate from the university without the least knowledge of money management, which is mainly responsible for acquiring huge debts. Having a good support system could also go a long way in helping women entrepreneurs build strong families.
“Juggling roles is a very big challenge, but having a good support system in place has helped many successful women in my network. Some women suffer guilt because of how they handled their children. This is especially important, as it can help them earn a living from home if necessary. In all, I think it is imperative for people to know what works for them and adjust their lives accordingly,” says.
On the issue of women as change agents, Peter Damian Mbama, the Group Managing Director of Regcharles Finance and Capital Ltd., said women owned enterprises are the driving force for change in Nigeria and Africa. He describes women entrepreneurs as resourceful, astute and with high integrity quotient.
He debunks the widely held notion that funding is the major challenge of SMEs. To him, the problem is more of character or integrity of the entrepreneur that requires funding.
Buttressing this point, Osayi Alile, Chairperson of Women In management, business and Public Life (WIMBIZ), advises women to venture into SMEs rather than be their own enemies and be limited by family responsibilities and cultural beliefs.
“I don’t believe that funding is the major challenge of SMEs. The funds are available for lending to women, who are serious about business, but the problem is more of character and integrity of the entrepreneur requesting for funds. As they take on the challenges and seize the opportunities that come their way, women must be accountable and prudent. They should strive to support one another in the quest to assume positions of authority. All these will help them overcome the challenge that may arise from rushing into businesses, the fear of technology, coping with high interest rates and some of the factors militating against women in building successful businesses”.
On the role that partnership plays in growth and development of businesses, Ini Onuk, head consultant/CEO of Thistle Praxis Consulting Ltd., says hard work, planning, diligence and integrity plays a crucial role in partnerships. She explains that today, Nigeria can proudly boast of having a large percentage of women entrepreneurs in different businesses contributing to the country’s growth and development.
“So many of these women entrepreneur always think outside the box, clearly articulating their objectives and knowing where they are going and how to get there. A lot of progress has been in that regard, but we still have a long way to go,” she states.
To her, success is a destination, a feeling of fulfillment and strong staying power. She praises women for having what she describes as staying power and sixth sense that comes in handy in solving very complex problems in the day-to-day running of businesses.
“Women need to be interested in engaging in healthy competition with their male counterparts. They are agents of change, who have done so much in history. We only need to collaborate with men to achieve a united front in all areas of human endeavours, including the home front. They must not allow themselves to be relegated to the background. That era had gone forever. As agents of change, Nigerian women have made their impact in the nation’s history. Women who own businesses have done well in taking their businesses to where they are today.”
Many financial institutions have created platforms to assist women in business. For instance, Access Bank has a scheme aimed at empowering women entrepreneurs. The scheme, known as the Gender Empowerment Programme (GEM), according to some women entrepreneurs is the first of its kind in Africa. The programme is a partnership between IFC and a commercial financial institution that emphasises access to finance for women entrepreneurs.
Speaking on the scheme, David Aluko, Group Head, Abuja Business Banking Group, Access Bank, says the move demonstrates the bank’s commitment to empowering women in the Small and Medium-scale Enterprises in order to promote economic growth and development.
Aluko notes that statistics have shown that a high percentage of women are in the SME sector hence, the bank’s efforts at strengthening its SME desk to serve as an avenue to share knowledge and information with customers on how to make the sub-sector more profitable.
He explains that GEM is a programme aimed at supporting women and aspiring female entrepreneurs. Under the scheme, the bank is providing women with resources they need to grow their business. It encompasses finance, capacity building, networking, advisory services and market collaborations.
“Some of the benefits of the strategy are basically to enhance the interest of women business owners and to promote gender equality in business undertakings. We facilitate training programmes that educate, showcase and support female entrepreneurs seeking capital to fund and grow their companies. Our consultants work one- one-one with the GEM members, while providing professional advice in the areas of management, marketing, human resources and procurement, as well as the funds needed to meet members business obligations.”
He says efforts are being directed towards the country’s economic growth and development through the scheme. Thus, they are equipping female entrepreneurs with basic tools to succeed and grow in today’s business environment. “Some of the benefits include the possession of free debit card, the customer earns income on account balances, overdraft facility, which is available for qualified customers as well as a non– discriminatory free entry and exit opportunity among others.”
Adeola Azeez, Deputy Country Head of Deutsche Bank Nigeria, says women are at the very heart of development as they control most of the monetary and non-monetary economy.
“Women should seize available opportunities around them. They should not relent because the ability to achieve success is determined by the habit they develop. The nation, in times like this, needs men and women, who are ready to commit themselves to the selfless task of nation building. The woman is a powerful agent of change, as she is the first teacher, sustainer and maintainer of the home. They shouldn’t be afraid to try and shouldn’t give excuses. Nigeria is in dire need of strong leaders.”
Azeez, who is also a founding member of Women In Management, Business and Public Life (WIMBIZ) identifies access to finance, rushing into business and fear of technology, as some of the factors militating against women in building successful businesses. She is of the view that Nigeria, as it is today, still has a lot to gain from a level playing field.
“That is the very reason (WIMBIZ) has made a conscious effort to groom leaders from the female populace of the country; leaders in the corporate world, in business and in politics.”
She enumerates the means of identifying business opportunities; to include formal training, knowledge gained in previous working experience, hobbies and ingenuity of individual i.e. tapping from what others considered as problems. She encourages women to try and learn new ideas from everyday activities and consult relevant publications.
Highlighting importance of a feasibility study for any new business, Lawson stated that SWOT, which stands for strength, weakness, opportunities and threat must be taken into consideration when establishing a business. All these, coupled with effective cash flow, continued education and focus will make a successful business.
“Women should campaign and raise awareness about the place of women and girls in the society. They shouldn’t be lazy, but should work hard, learn different skills and develop their career until they get to the very top.”
On the part of government, one of the available and accessible opportunities open to young female entrepreneurs is the ‘YouWiN! Programme, which has given credence to the empowerment initiative of the federal government under the leadership of President Goodluck Jonathan. The programme has opened new business frontiers for many young female entrepreneurs.
Ghaneeyyah Ipadeola–Sulaiman Olokodana is the CEO of Spiceedge Foods And Event Management Ltd. She is the Lagos-based owner of All Fresh Yoghurt. A winner of the Federal Government of Nigeria’s YouWiN! Programme, she shares her story with The Guardian.
“The YouWiN! Programme has opened up a new frontier for me. It has given me a bright future and expanded my business. I won this grant without knowing anyone in the government. It has renewed my faith in my country and given me the opportunity to contribute my quota to the economic transformation of my dear country.”
Since the disbursement commenced in July 2012, the YouWiN! Initiative, driven by Nigeria’s Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is already bearing fruit on the job creation front. Notwithstanding the initial challenges, it has gone from strength to strength and continues to engender the spirit of entrepreneurship in the minds of young Nigerians.
Despite criticism from skeptics and those that have gone through the competition without wining, one major strength of the programme is the transparency and strictly merit-based selection process.
Although women in enterprise still have many challenges to conquer, it could be said that the journey has long begun and is yielding successes have come a long way.
Culled from http://www.ngrguardiannews.com
Sharing her experience with The Guardian, Nneka Alozieuwa, a fashion consultant and the MD, Jebigen Collections, a clothing company that specialises in contemporary designer clothes, shoes and fashionable accessories for all categories of people, said funds was a huge challenge to the growth of her company. “Like many start-ups, my major challenge was how to raise funds for my business. I needed to inject more funds into the business in order to grow it. That was about two years ago.
“I needed to muster courage so that I could identify new areas of opportunities that would help me grow my vision for my business. Aside this, another major challenge was the issue of getting a good location, as well as getting the right kind of people to work with. Tied to this is also the issue of boosting patronage, the necessary publicity and making the brand known and acceptable to my customers. Naturally, I am scared of loans, so I had to utilise other available options open to me to raise the needed funds.”
She explained that solution did not come easy. “I must confess that the solution did not come easy. There were days when I thought to myself, ‘can I ever overcome these challenges?’ You can have a good business, but if you do not have loyal staff, who are committed to the dream and vision of the business, it’s just a matter of time before everything you have worked so hard to build will come crashing down.
“We had bad times, very bad times. My best hands deserted me, when my sales girls went away with my goods. I felt like calling it quits, but something in me made me reason otherwise. I even considered going into partnership, but I later told myself that I couldn’t, because that can be problematic. Partnership has wrecked some people’s homes and businesses. So I said to myself, ‘be strong, tough times don’t last but though people do.’
She had to do something drastic that would bring a breath of fresh air into her business. “It was at that point I decided to close down, consulted those who have gone through similar experiences and re-strategise. I went to FATE business school, which was a tough decision, but it paid off, as it gave me the break I needed. The training helped to hone my entrepreneurial skills and exposed me to limitless possibilities, which set me on the path to success.”
Bunmi Aremo holds a B.Sc. degree in Home Economics from the University of Agriculture, Makurdi. She started her cake and cookies business in Abuja, in 2002. Her brand name is Panalia.
She used to bake overnight, while her husband supplied all the big supermarkets in Abuja. The MD of Precious cakes and Confectionaries said all was running smoothly until she started having issues with NAFDAC. She knew that the only way she could effectively address the challenge was for her to secure NAFDAC’s registration for cookie.
“This for me was a major challenge, because I knew I had a very good product. But I didn’t have the necessary financial muscle and manpower in place at that time. Shortly after, I moved to Lagos and this helped me to take up the challenge of improving on my products recipes.”
The result was spontaneous as people loved and accepted her cookies. “We recorded huge sales and business was booming. My marketing indices i.e. the feasibility study and quality control proved positive to the extent that within three months, I got NAFDAC certification for my Queen’s cakes and cookies. I also got a place in the incubation centre. With a good branding and support from friends and family, I plunged fully into the market.”
Bunmi’s preference for cookie business was largely because she discovered that Nigerians don’t have easy access to home-made cookies that are very affordable and could cost as little as N50 or N100 per pack at that time.
“ I decided to fill this gap by ensuring that Nigerians are given easy access to well – made home cookies. People can easily order for and pick up my cookies in supermarkets, from hawkers selling in traffic or at bus stops and everywhere I go. I love the compliments I get. This has opened all kinds of opportunities for me.”
But despite the fact that business has been good, and Panalia has positioned itself as a strong and emerging Nigerian brand, Bunmi’s major challenges are electricity and lack of funds for the purchase of new machines to boost the production process, so as to enable her adequately meet up on demand since it is huge for the cookies. “We needed to buy a standard generating set, as well as some new equipment, especially a mixer machine, which can speed up the production process and reduce waste when power is not available,” she says.
One area she hopes to explore is that of training. This is because a lot of people, especially the young ones are eager to learn the art of cookie making. But because this takes a lot of time and attention, she is taking her time.
“Of course, there is a lot of money in training others, but it is time consuming. So, while I would like to make money from training, which I can also plough back into my business, I still can’t afford to leave the business unattended to for too long, it will suffer and nobody wants to be trained by someone whose business has failed.
“Meanwhile, accessing funds in form of loans is not as easy as it seems. Where such loans are available, its either the interest/collateral is very high or the funds are not easily accessible. And I am speaking from experience. Even the so–called funds for SMEs given to Central Bank is not so accessible. How many qualified ordinary hardworking business people get the funds? So, the challenge is real. There is so much to be done in this regard, especially on the part of government,” she explains.
The Partners for Development (PFD) is an outfit that works to strengthen local organisations and individuals, through providing small loans and basic business development skills. These loans have been very useful in capacity building among many women running their own businesses.
Such loans have made a big difference in the world of entrepreneurs such as Yinka Adetola, the CEO of Comffy Interiors, an interior furnishing company. The 45-year–old enterprising woman had been running her business for about five years without much success. Her desire was to grow her business and see it flourishing like those of her friends who had taken loans and were doing well running their own businesses. Shortly after, she approached Access Bank and was encouraged to take part in their loan programme, which is designed to help women make more profits and expand their businesses.
Excited by the opportunity, Yinka took a loan of N2, 000.000, which she combined with the small amount of savings she had. Having undergone various trainings, including the one from her lending bank, which is an integral part of all the loan schemes, she learned how to manage credit, diversify her products and invest wisely.
“The trainings really added to my knowledge and gave me the boldness to do what is needful for me to run a successful business. It’s been three years now and my business has got a new lease of life.”
Yinka says she keeps a detailed record of all her transactions and that the key to her success is paying attention to market demands, while diversifying her products. With the proceeds from her business, she helps support her husband in meeting some of the family’s needs and things are looking up.
There are many women like Yinka, who don’t need so much help to succeed. While it is true that it is not everyone, who takes a loan that is able to pay back or manage it well, those that have succeeded in utilizing such loans would tell you that having a simple access to fair loans and a bit of training is all it takes to get their businesses growing. With this, women business owners are able to support their families and live their dream.
On the issue of access to finance, Oby Ezekwesili, immediate past Vice President of Africa Region at the World Bank says access to finance is not the greatest obstacle to SMEs, but rather that an entrepreneur should first decide if she has any basis for accessing finance. To her, an intending entrepreneur needs knowledge and relevant solution to succeed.
She advises female entrepreneurs and CEOs to seek knowledge, urging that with this, all other things would fall into place before the need to access finance. “As problem solvers, you must improve your equity both in monetary value, goodwill and character. Entrepreneurship is more about character and hard work. It requires risk taking, and is a marathon race and not a 100-metre dash,” she says.
According to Ezekwesili, research showed that 60 per cent of women leaving paid jobs for entrepreneurship are doing so because they believe they can add value and render better services. She would want budding female entrepreneurs to seek seed capital from parents, close relations and self before approaching angel investors. She also advises women to have integrity and character, which does not go with pretence. She feels women should go into collaborative partnerships, while enumerating the various sources, where entrepreneurs can access funds. These include banks, SMEDAN, YouWin! CBN and BOI among others.
On finance, the former Minister of Education who is also the Senior Economic Advisor at Open Society Foundation says the idea is for people to work hard, find fulfillment, fun and laughter, while running their careers or businesses. She suggests that personal finance should be taught in school, so that people wouldn’t graduate from the university without the least knowledge of money management, which is mainly responsible for acquiring huge debts. Having a good support system could also go a long way in helping women entrepreneurs build strong families.
“Juggling roles is a very big challenge, but having a good support system in place has helped many successful women in my network. Some women suffer guilt because of how they handled their children. This is especially important, as it can help them earn a living from home if necessary. In all, I think it is imperative for people to know what works for them and adjust their lives accordingly,” says.
On the issue of women as change agents, Peter Damian Mbama, the Group Managing Director of Regcharles Finance and Capital Ltd., said women owned enterprises are the driving force for change in Nigeria and Africa. He describes women entrepreneurs as resourceful, astute and with high integrity quotient.
He debunks the widely held notion that funding is the major challenge of SMEs. To him, the problem is more of character or integrity of the entrepreneur that requires funding.
Buttressing this point, Osayi Alile, Chairperson of Women In management, business and Public Life (WIMBIZ), advises women to venture into SMEs rather than be their own enemies and be limited by family responsibilities and cultural beliefs.
“I don’t believe that funding is the major challenge of SMEs. The funds are available for lending to women, who are serious about business, but the problem is more of character and integrity of the entrepreneur requesting for funds. As they take on the challenges and seize the opportunities that come their way, women must be accountable and prudent. They should strive to support one another in the quest to assume positions of authority. All these will help them overcome the challenge that may arise from rushing into businesses, the fear of technology, coping with high interest rates and some of the factors militating against women in building successful businesses”.
On the role that partnership plays in growth and development of businesses, Ini Onuk, head consultant/CEO of Thistle Praxis Consulting Ltd., says hard work, planning, diligence and integrity plays a crucial role in partnerships. She explains that today, Nigeria can proudly boast of having a large percentage of women entrepreneurs in different businesses contributing to the country’s growth and development.
“So many of these women entrepreneur always think outside the box, clearly articulating their objectives and knowing where they are going and how to get there. A lot of progress has been in that regard, but we still have a long way to go,” she states.
To her, success is a destination, a feeling of fulfillment and strong staying power. She praises women for having what she describes as staying power and sixth sense that comes in handy in solving very complex problems in the day-to-day running of businesses.
“Women need to be interested in engaging in healthy competition with their male counterparts. They are agents of change, who have done so much in history. We only need to collaborate with men to achieve a united front in all areas of human endeavours, including the home front. They must not allow themselves to be relegated to the background. That era had gone forever. As agents of change, Nigerian women have made their impact in the nation’s history. Women who own businesses have done well in taking their businesses to where they are today.”
Many financial institutions have created platforms to assist women in business. For instance, Access Bank has a scheme aimed at empowering women entrepreneurs. The scheme, known as the Gender Empowerment Programme (GEM), according to some women entrepreneurs is the first of its kind in Africa. The programme is a partnership between IFC and a commercial financial institution that emphasises access to finance for women entrepreneurs.
Speaking on the scheme, David Aluko, Group Head, Abuja Business Banking Group, Access Bank, says the move demonstrates the bank’s commitment to empowering women in the Small and Medium-scale Enterprises in order to promote economic growth and development.
Aluko notes that statistics have shown that a high percentage of women are in the SME sector hence, the bank’s efforts at strengthening its SME desk to serve as an avenue to share knowledge and information with customers on how to make the sub-sector more profitable.
He explains that GEM is a programme aimed at supporting women and aspiring female entrepreneurs. Under the scheme, the bank is providing women with resources they need to grow their business. It encompasses finance, capacity building, networking, advisory services and market collaborations.
“Some of the benefits of the strategy are basically to enhance the interest of women business owners and to promote gender equality in business undertakings. We facilitate training programmes that educate, showcase and support female entrepreneurs seeking capital to fund and grow their companies. Our consultants work one- one-one with the GEM members, while providing professional advice in the areas of management, marketing, human resources and procurement, as well as the funds needed to meet members business obligations.”
He says efforts are being directed towards the country’s economic growth and development through the scheme. Thus, they are equipping female entrepreneurs with basic tools to succeed and grow in today’s business environment. “Some of the benefits include the possession of free debit card, the customer earns income on account balances, overdraft facility, which is available for qualified customers as well as a non– discriminatory free entry and exit opportunity among others.”
Adeola Azeez, Deputy Country Head of Deutsche Bank Nigeria, says women are at the very heart of development as they control most of the monetary and non-monetary economy.
“Women should seize available opportunities around them. They should not relent because the ability to achieve success is determined by the habit they develop. The nation, in times like this, needs men and women, who are ready to commit themselves to the selfless task of nation building. The woman is a powerful agent of change, as she is the first teacher, sustainer and maintainer of the home. They shouldn’t be afraid to try and shouldn’t give excuses. Nigeria is in dire need of strong leaders.”
Azeez, who is also a founding member of Women In Management, Business and Public Life (WIMBIZ) identifies access to finance, rushing into business and fear of technology, as some of the factors militating against women in building successful businesses. She is of the view that Nigeria, as it is today, still has a lot to gain from a level playing field.
“That is the very reason (WIMBIZ) has made a conscious effort to groom leaders from the female populace of the country; leaders in the corporate world, in business and in politics.”
She enumerates the means of identifying business opportunities; to include formal training, knowledge gained in previous working experience, hobbies and ingenuity of individual i.e. tapping from what others considered as problems. She encourages women to try and learn new ideas from everyday activities and consult relevant publications.
Highlighting importance of a feasibility study for any new business, Lawson stated that SWOT, which stands for strength, weakness, opportunities and threat must be taken into consideration when establishing a business. All these, coupled with effective cash flow, continued education and focus will make a successful business.
“Women should campaign and raise awareness about the place of women and girls in the society. They shouldn’t be lazy, but should work hard, learn different skills and develop their career until they get to the very top.”
On the part of government, one of the available and accessible opportunities open to young female entrepreneurs is the ‘YouWiN! Programme, which has given credence to the empowerment initiative of the federal government under the leadership of President Goodluck Jonathan. The programme has opened new business frontiers for many young female entrepreneurs.
Ghaneeyyah Ipadeola–Sulaiman Olokodana is the CEO of Spiceedge Foods And Event Management Ltd. She is the Lagos-based owner of All Fresh Yoghurt. A winner of the Federal Government of Nigeria’s YouWiN! Programme, she shares her story with The Guardian.
“The YouWiN! Programme has opened up a new frontier for me. It has given me a bright future and expanded my business. I won this grant without knowing anyone in the government. It has renewed my faith in my country and given me the opportunity to contribute my quota to the economic transformation of my dear country.”
Since the disbursement commenced in July 2012, the YouWiN! Initiative, driven by Nigeria’s Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is already bearing fruit on the job creation front. Notwithstanding the initial challenges, it has gone from strength to strength and continues to engender the spirit of entrepreneurship in the minds of young Nigerians.
Despite criticism from skeptics and those that have gone through the competition without wining, one major strength of the programme is the transparency and strictly merit-based selection process.
Although women in enterprise still have many challenges to conquer, it could be said that the journey has long begun and is yielding successes have come a long way.
Culled from http://www.ngrguardiannews.com
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