Connect with us


Longing for Instant Gratifications Bane of Young Entrepreneurs- Adewoye



Kindly share this post

The survival of a small business post-gestation period hugely depends on the entrepreneur’s approach to overcoming the market realities, which must include overcoming cravings for instant gratification, says Olumide Adewoye, founder of Versacorp Global Concept Ltd.

Also, intending business owners must understand to focus efforts on developing quality product and critically assess the market to attract customers and engender growth, advised Adewoye, Generation Next Youth Empowerment Summit’s WhatsApp (Live) Chat on: “When What You Love Isn’t Paying Your Bills Yet…What To Do”, coordinated by Elbativeni Impressions and Consult.

Adewoye, a Chemical Engineering graduate of Obafemi Awolowo University, Ile-Ife and a Mobil Oil Producing Undergraduate Scholar coordinates efforts of other professionals in the company, said he saved 70% of his salary as a staff of a bank as seed capital to establish the Versacorp Global Concept Ltd.

His professional experience started ‘with a vision of what was possible’, and today cuts across both the manufacturing and financial sectors.

“I wanted to be a career person like everyone else when I was in school. However, while on an Industrial Training, I met a man that gave me a new perspective. I was in my 400 level. So when I came back I began to ask questions about all the equations we were taught in the classroom”, he told over 70 SME owners drawn from across the globe.

Adewoye said he had a product in mind but subjected it to market reality before scaling up.

“So I was producing manually with limited investment in equipment. I had little or nothing to lose. Again, I didn’t resign from my employment before starting out. If there was no real demand, I could stay on a little longer. After deciding on the product, I then invested a lot in how to produce cheaper than competitive products and still come up with something better.

“Whenever I saw an empty drum on the street, in my mind, I was thinking how it could be converted to a reactor. I had no money, but I had a very big vision. After graduation, I got a job in the banking sector. By then I knew I was going to be a business person. I already drew the plan of my proposed business with dates. My long term vision determined my interests.

“After working in the bank for four years, I voluntarily resigned my appointment to start my business full time. Every month I was saving at least 70% of my salary; using it to buy equipment little by little over the period of four years that I worked”, he disclosed.

During the chat coordinated by Destiny Ruth Obiakoeze; Chief Executive Officer of Elbativeni Impressions and Consult and Founder of Elbativeni Foundation Parent companies of the Youth Summit; the Entrepreneur agreed alongside over 70 participants who joined from across the world that ‘Excellent’ academic qualification is no longer a guarantee for suitable jobs or businesses, as ‘Excellence’ is not a strategy in today’s world anymore. It’s a minimum requirement. One, competition is keen. The truth is that we are all competing every day.”

Accordingly, working with a company prior to starting yours has a lot of advantages. A strategy list would be: Know what your purpose is. Know it early enough. Determine the requirements needed to actualize your purpose. Invest in personal development and resolve to pay any sacrifice needed to bring your vision to reality.

Adewoye also advised young people to shun sacrificing learning enduring life lessons on the altar of instant gratification. “The lessons and skills can make you more than the salary,” he said, I know of a man that was employed as one and today he’s a multi-millionaire. He later established his own farm using the knowledge and skills acquired and owns lots of properties around. I have employed a few farm workers in my farm 99.99% of them discuss things like food, phone, clothes, etc with me.

“They don’t see it as an opportunity for them to learn something they can later set up. They want to save enough to buy an android phone from their current Nokia phone. They want to buy new shoes. Unfortunately, most of today’s youth are suffering from the same thing. People who are unemployed possibly use better gadgets than some of us in business. If they are passionate enough, they should deny themselves of those things and channel the money to fund their future. As a bank employee, I wore a suit for 3 years!”

In a contribution, one of the participants Daniel Okpechi said, among other things, “we have authenticated the impression that success is a moving target, the more you aim, the further it advances. Let your last aim not be your final aim. Even if you had failed previously, don’t be discouraged by the pain of failure, because your capacity has inadvertently improved. Try again, and again, because Thomas Edison rightly observed that ‘Many of life’s failures are people who did not realise how close they were to success when they gave up”. A wise man said that ‘knowledge is power’, but I beg to slightly differ from that popular belief. The truth is; knowledge is just potential power!

“Just as the energy in your power bank is useless unless you plug it to your phone, the same way the knowledge we have gained from Mr. Olumide today will lie fallow unless we apply it to solve problems. For it is only then that the potential power can be converted to kinetic power to produce results.

“For those who are waiting for the perfect time, the time might never be perfect because even life itself is not perfect. A Chinese adage says “the best time to plant a tree was 30 years ago, another best time is now”.

“Let that fear of uncertainty not cripple us from adventure because, over 90% of our fears never happen and everything that you have ever wanted is on the other side of fear. Remember: Action cures fear! If you do the things you fear, fear will die naturally”.

This Live Chat is one of many expected virtual series leading up to ‘The Generation Next Youth Empowerment Summit’  (a youth Summit that serves as incubation to growth in life and business with a vision to identify that latent power – passion, inborn in youths, building Leaders) which will hold its 3rd Edition later in October this year in Abuja, Nigeria.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading


Verve Rewards 600 Customers in Good Life Promo



Kindly share this post

Africa’s leading payment technology and card brand, Verve International, has rewarded 600 customers so far after the third weekly draws in the ongoing Verve ‘Good Life’ Promo.

Verve rewarded the lucky cardholders at prize presentation ceremonies held in various locations across the country recently.

Amongst the 300 lucky cardholders that emerged winners of the N10,000 cash prize in the weekly raffle draws that have held three times were: Adeleke Moshood, a student from Oyo State; Adeogun Shakiru, an automobile specialist and Rashidat Abolaji, a businesswoman, both from Lagos State.

Another set of 300 Verve cardholders emerged winners of airtime worth N5,000, bringing the total amount won so far to N4.5 million Naira.

Speaking during the draws, Cherry Eromosele, Group Chief Marketing and Communications Officer, Interswitch Group, expressed her delight about the number of cardholders that have been rewarded lately.

Eromosele reiterated Verve’s resolve to continue to provide secure, convenient and reliable payment solutions for its cardholders.

She said: “Because our cardholders are of priority to us at Verve, beyond providing them brilliant payment solutions, we are rewarding them for their loyalty with the expectation that the reward helps them achieve the good life, whatever the good life means to them”.

Verve recently launched a nationwide promo tagged The Verve ‘Good Life’ Promo which kicked off on September 1, 2020 and will run till November 29, 2020.

The promo seeks to enable Verve’s loyal cardholders to live the good life, whatever the ‘good life’ means to them.

The promo is targeted at rewarding over 2,500 Verve cardholders nationwide, with over N27million Naira in cash and airtime, during the course of 12 weeks duration of the promo.

With three weeks concluded out of the twelve weeks of the promo, Verve cardholders have eight more weeks to keep transacting with their cards and standing the chance to win.

Other Nigerians presently without Verve cards but have the desire to enjoy the good life, can take advantage of this eight-week window to ask their respective banks for a Verve card in order to start transacting, to qualify to win from an array of exciting prizes.

The prizes have been categorized into four segments, with their respective qualification requirements as follows:

Weekly Prize category 1 – N10,000 cash for 100 winners weekly, requires at least 3 transactions weekly. Weekly Prize category 2 – N5,000 for 100 airtime every week, requires at least 3 transactions weekly.

Monthly Prize category – N50,000 cash for 50 winners every month, requires at least 12 times monthly Grand Prize category – N1,000,000 cash for 2 winners, requires at least 36 transactions from now till the end of the promo.

Prospective winners of the Verve ‘Good Life’ promo should consistently use their Verve cards within the next eight weeks, across payment channels such as Point of Sale (POS) terminals, Automated Teller Machines (ATMs), Web and agent banking centers.

Kindly share this post
Continue Reading


World Cleanup Day: Coca-Cola Partners NGOs, Recovers Over 900kg of Plastic Waste



Kindly share this post

World Cleanup Day, celebrated globally on September 19, 2020, saw diverse people come together to combat the solid waste problem through numerous community cleanup activities.


To mark this day, Coca-Cola Nigeria Limited partnered with two local NGOs – African Cleanup Initiative and Mental and Environmental Development Initiative for Children (MEDIC), on cleanup activities across Lagos and Ibadan.

African Cleanup Initiative held cleanup activities across numerous locations in Lagos, Ogun and Oyo states. This outreach saw more than 200 volunteers gather to collect over 1,500kg of solid waste materials and about 300kg of recyclable waste materials.


At the Lagos event, the Permanent Secretary, Lagos State Ministry of Environment and Water Resources, Mrs Belinda Aderonke Odeneye, applauded the programme.


She expressed the Lagos State Government’s delight at being part of the cleanup activity. Odeneye, who was represented by the Assistant Director, Sanitation Services Department of the Ministry, Mrs Toyin Oguntola, went further to encourage citizens to be environmentally responsible.

She stated, “The government can only perform excellently with law-abiding citizens. We all have a role to play in waste management and ignoring those responsibilities will make all the efforts of the government futile”. 


Similarly, the International Coastal Cleanup held at Bonny Camp Coastline by Mental and Environmental Development Initiative for Children (MEDIC) also produced outstanding results with about 600kg of marine plastic waste materials recovered and over 250kg of marine debris sent to the landfill. The outreach saw participation from over 100 volunteers.


These activities are in line with Coca-Cola’s vision for a World Without Waste and the company’s commitment to doing business sustainably.


Speaking on its World Without Waste initiatives, Nwamaka Onyemelukwe, Public Affairs, Communications & Sustainability Manager, Coca-Cola Nigeria Limited, explained, “We all have a responsibility to keep our environment clean and Coca-Cola is not left out as we remain committed to promoting a sustainable environment through our plastic recycling and recovery activities, as well as other environmental initiatives”. 

With the award of grants of over $800,000 by The Coca-Cola Foundation to multiple local NGOs, several recycling and women empowerment programs are being implemented to help address the issue of environmental protection while simultaneously empowering women who remain significant pillars of the environment.


Kindly share this post
Continue Reading


TETFund Seeks Increased Annual Research Funding of $1bn



Kindly share this post

The Tertiary Education Trust Fund, TETFund, Thursday, urged the federal to increase its yearly funding for Research and Development (R&D) to $1 billion. This was as it hailed President Muhammadu Buhari for his recent increase of the research grant from N5 billion to N7.5 billion.

Prof. Suleiman Bogoro, executive secretary of TETFund, speaking at the inauguration of TETFund’s R&D Standing Committee in Abuja, said massive investment in research would bring about the much-needed development in the country.

Bogoro also said it was time for the promulgation of a law that will bring into full place what he referred to as the “National R&D Foundation (NRDF)” to deepen research in the country.

Hear him:”To galvanize our vision towards making R&D the ace and game changer in our national development agenda, the need for an appropriate law to support the establishment of a National R&D Foundation (NRDF) cannot be overstated.

“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of 1billion dollars as the funding portfolio for this Foundation.

“When we consider the inevitable benefits of R&D and the inevitable benefits of R&D and the socio-economic challenges in Nigeria, this amount begins to look like a drop of water in the ocean-population of 200 million people in 2020 and projected to become double in 10 years for now.”

Prof. Bogoro, who said the TETFund’s R&D Standing Committee is expected to come up with its own recommendation on the required amount that is suitable for efficient research activities in the country, called for a robust collaboration between researchers and the private sector to bring about all-round development in the country.

“It is envisaged that the private sector of the economy should pick the gauntlet to steamroll the lofty initiative by taking ownership of it,” he said.

Prof. Bogoro lauded the recent performance of Nigerian universities in the world’s ranking, saying TETFund intervention projects have continued to encourage such feats.

On his side, Minister of Education, Malam Adamu Adamu, while inaugurating the committee, called on members to put their best to the work he described as ‘national assignment.’

Represented by the Minister of State for Education, Hon. Chukuemeka Nwajuiba, Adamu said that continued investment in research would herald a rebirth of Nigeria.

“Nigeria voted us into power predicated on our being able to transform our national aspirations and make them a national achievement.

“It is in recognition of this direction that the Executive Secretary, TETFund, presented his vision of a research-driven nation and how to finance that ambition through the Board of Trustees (BOT).

“To a large extent, Nigeria’s future depends on you. You have been summoned to a national service that is not available to the rest of the 200 million population. It is a national calling that requires almost all of you,” he said.

On his part, the Chairman, House Committee on Tertiary Education and Services, Hon. Aminu Suleiman said the work of the committee would open the windows of opportunities to tackle various developmental challenges confronting the country.

Suleiman, represented by Hon. Ikenna Elezieanya, lamented the way Nigeria has shown less concern to research, saying that many developed countries invested in research and development and thus helped to improve on their economy.

He said, “Research is the gateway of innovation. It is said that while countries like the USA, Korea, and the like have been investing in research and development, we seem to show less concern.”

He encouraged beneficiaries to take good advantage of the initiative to solve problems for the betterment of the country.

Responding, the Chairman of the over 160-member TETFund’s R & D Committee, Prof. Njidda M. Gadzama, said the epoch-making event will transform the socio-economic sector by ensuring the robust promotion of cutting-edge innovations.

“We promise to carry out our assignment with commitment and diligence and this will result in the R & D Culture and R&D Foundation to drive industrialization of the country,” he said.

The standing committee whose membership is drawn from the academic, industry, and private sector, has the President of the Manufacturers Association of Nigeria, MAN, Mansur Ahmed, as one of the three Vice Presidents.

Kindly share this post
Continue Reading