Letting Our Cre8ive Juices Come Alive

VC 1 Supporting the Nigerian Creative Sector is central to our mission at W-HBS. We are committed to providing services to aspiring, emerging and established creative entrepreneurs. This is because the industry helps us to achieve components in our mission such as job creation, economic growth and making the world a better place. There is a need to harness the huge potentials that the Nigerian creative sector has to contribute to the national GDP so as to increase the 1.6% contribution it made to the rebased GDP. It is also important to  ensure that local content contribution to the growth of the sector is promoted. The entertainment sector is a key 'job creation' sector. For the movie sub-sector, the job creation potential is huge in the entire value chain from script writing to distribution. All of these advantages prompted our acceptance of the project to help refine the Business Plan for Viva Cinema, Ilorin to Bank of Industry standards.  

W-HBS CEO Serves As A Judge At The Global Student Entrepreneur Awards (GSEA)

EOPix   EO Nigeria GSEA 2015 featured 50 candidates from across Nigeria. 15 contestants emerged and contested at the national finals where they presented their business models and plans to a 16-man panel of judges made up of global EO officials, Lagos and Abuja Chapters officials as well as respected entrepreneurs like our CEO, Olanrewaju Oniyitan. The Entrepreneurs' Organization (EO), a global network of more than 10,200 business owners in 42 countries with a combined US$565 billion in annual revenue, converged on country as its local chapter organized the EO’s prized learning session and Global Student Entrepreneur Awards (GSEA) national finals. Since its establishment in 1987, fostering leadership has been one of EO's critical offerings, which has enabled the organization to aggressively expand its global impact and influence. EO GSEA is the premier global competition for high school, undergraduate and graduate students who own and operate businesses. Nominees compete against their peers from around the world for the chance to win capital and in-kind prizes from sponsor organisations. EO GSEA supports student entrepreneurs through mentorship, recognition and connections to take their businesses to the next level of success.  

W-HBS CEO Speaks To Entrepreneurs From The Technology Incubation Centre

TIC Banner The Technology Incubation Centre (TIC) is promoted by the Federal Ministry of Science and Technology and the host State (Lagos State) and being coordinated by National Board of Technology Incubation with the mandate to nurture Small and Medium Enterprises (SMEs) involved in value addition and striking technological innovations. The incubatees of the TIC are meant to remain in the Centre for at least three (3) years before graduation to allow continuous intake of new entrants. On this note, the management of the TIC organised a pre-graduation workshop for the entrepreneurs of the Centre on Tuesday, 9th September 2014.  

The Power Of Failure

The Bridge Program Participants

“Success is not final, failure is not fatal: it is the courage to continue that counts.”  - Winston Churchill

When I prepare a Business Plan, is this an assurance that the business will not fail?

That was one of the questions from the participants of The Bridge Program training I recently took on "The Winning Business Plan". The reason I remember this question is because my audience was made up of secondary students (SS2) to undergraduates (Year 2). The basis of this question is rooted in The Fear Of Failure but I answered her question from a reverse viewpoint of the The Power Of Failure.

Looking at a challenge I faced recently with my daughter which led to the article: Mummy I Am A Loser - Four Lessons For Life And Business, I knew I had to plant the seed of The Power Of Failure in these youths and I believe every entrepreneur should also learn from it.

 

The 5 Key Attributes Of Successful Business Plans

SME BUSINESS PLANThe harsh reality, and an unfortunate one is that most business plans fail. How? There are two major reasons for preparing business plans:

  1. To raise money from lenders and/or investors
  2. To develop a successful business strategy and roadmap to grow the business
In terms of raising money, consider these statistics: According to the National Venture Capital Association, venture capitalists fund less than 1% of business plans they see! According to the Center for Venture Research at the University of New Hampshire, angel investors fund only 11% of business plans they see! In terms of business strategy, consider these statistics: Study done by Inc. magazine and the National Business Incubator Association (NBIA) revealed that 80% of new businesses fail within the first 5 years. And according to Dun & Bradstreet, 91% of businesses fail within 10 years...   At W-HBS, we have identified 5 Key Attributes for Successful Business Plans as follows:  

Employee Benefits – The Secret Weapon To Attract, Motivate and Retain Talent for SMEs

secret weaponAttracting and retaining top talent is a never-ending challenge for entrepreneurs. Beyond salaries, benefits can play a crucial role, but few companies have met this challenge with creative solutions.

Chosen and implemented effectively, well-structured employee benefits can demonstrate leadership's concern for the well-being of employees, reinforce cultural values, and foster deeper employee engagement.
Research has shown that employee benefits really do matter to staff and many will consider choosing one job over another because of the benefits it offers. In a survey, the most important employee benefit listed by jobseekers was a Pension, closely followed by health insurance. Over half of those surveyed said they would be more likely to accept a job which offered health insurance over one that didn't. An employee benefit plan protects employees and their families from economic hardship brought about by sickness, disability, death or unemployment. Employee benefits play an increasingly important role in the lives of employees and their families, and have a significant financial and administrative impact on a business. Most companies, regardless of size, in Nigeria have to come to terms with an educated work force that has come to expect a comprehensive benefits program. In Nigeria, almost every employer, even SMEs, have to comply with mandatory benefits plans (this would be discussed in detail shortly). In addition, employers may also decide to add optional and creative benefits such as flexible compensation (cafeteria plans), performance-related bonuses, flexible work hours, staff bus/company car, service awards, daycare cost sharing (for new mothers), reimbursement of employee educational expenses amongst other creative ideas. However, Nigerian employers have to implement the following mandatory benefit plans to remain on the right side of the law:  

27 Leadership Lessons From X-Men

x-men-days-future-past

Let me start by saying, X-Men: Days Of Future Past does not disappoint at all. From the beginning moments of the movie, I was glued to the screen. Seeing X-Men characters I had never seen on the big screen before was breathtaking. Facing a global extinction of both the human and mutant races, Wolverine, played for the seventh time by Hugh Jackman, must go back in time to stop a war with machines called Sentinals before it ever starts. The opening scenes with Bishop, Kitty Pryde/Shadowcat, Ice Man, Blink, Warpath, and other mutants helped the movie ride in on a high note. From there, the movie only got better, along with the leadership lessons.  

What Assembling A Dollhouse Can Teach Us About Success

Majestic Mansion Dollhouse PartsHave you ever tried to put together a dollhouse with a pile of small parts? My sister bought a lovely dollhouse for my twin girls and they were so excited to set it up. There was only one problem. When shipping the package, it was tampered with and the assembly instruction and pictures were missing. So the first job was to locate the product. I was fortunate to find the website (www.kidkraft.com) and product number on the packaging. I downloaded the 14-page long assembly instructions. See it for yourself here. I have attempted some build out of gifts in my time and learnt that confusing directions can lead to frustrations, dissolutions and failure. For anyone attempting to assemble a complicated item like a dollhouse, what is the most important part of all? The wall? The foundation? Screws, clips? No. All are very crucial, no doubt. The important item is the .......  

What My Mom Taught Me About Being A Female Entrepreneur

This is a great time to be a female entrepreneur, as we are surrounded by so much support. There are several groups for women - WEConnect, WIMBIZ, WISCAR, NNEW, among others. On 8 May 2014, I attended the World Economic Forum on Africa (WEFA) Side Event on Gender in Abuja, Nigeria and it was more support for the growth of women in business. Obafunke Anthonia MotolaniI feel very fortunate to have been raised by a proud feminist in an era where women are encouraged to pursue their professional dreams. My mom, Obafunke Anthonia Motolani, ran a successful business selling her branded Italian leather shoes/bags (LANZONI) on wholesale and retail. She was the first to encourage me to be ambitious, studious, thoughtful and curious. All these she had imparted in me before she passed away almost 21 years ago. This she took seriously because all her children were girls (the three of us) and she was not going to let us be consumed by what she knew as a “Man’s World”. There have, of course, been challenges – challenges faced by both men and women. However, as millennial female entrepreneurs, we work doubly hard to demonstrate how deeply we understand the landscape we work in, especially in developing and transition economies in Africa. During challenging times, my mom’s best advice always kicks in.  Here are some (not all) of the tips from my mom:  

The CEO’s Personal Growth Can Limit the Organisation and Consultants Can’t Fix It.

CEOAn organisation, a family, a nation is only as good as the quality of its leadership. In an organisation, no one has a greater level of influence than the CEO. If leadership is influence as John Maxwell eagerly proposes, it is good for business leaders to consider the kind of influence they have on their organisation. The influence of a CEO can never be overrated. Everything rises and falls on his leadership. For this reason, we need to shift our attention momentarily from staff development and competencies. We need to get the CEO to pay attention to personal growth. CEOs are saddled with huge responsibilities - running the business, managing people, deploying strategy, casting vision and all the essentials that come with the role. Indeed, uneasy lies the head that wears the crown. The demands of business, however cannot discount the need for the CEO to find time for personal growth – self renewal, reinvention, you can call it. In the words of Stephen Covey, the CEO must find time to sharpen his saw. Taking a cue from Covey’s bestselling book, The 7 Habits of Highly Effective People, The CEO must sharpen himself in four critical areas - Spiritual, Mental, Social/Emotional and Physical.