BUSINESS

500 Participants Turn Up For Maiden Edition of Under 40 CEOs Forum

Published

8 years ago

February 20, 2017

The Maiden edition of Under 40 CEOs Forum was held on the 15^th of February, 2017 at Renaissance Hotel, GRA, Ikeja. The event which kicked off at 3pm was well-attended and the participants testified to the life-changing impact the live interactive session with established CEOs will have on their businesses going forward.

The session started with a short introduction by the Executive Producer/Event host and convener, Familusi Akin Babajide (FAB). He spoke passionately about the Under 40 CEOs Project, it’s origin and the vision to ensure that the stories of the Young African Business Leaders are told as accurately and honestly as possible to firstly inspire the emerging ones and then motivate the aspiring segment. The platform seeks to equip young business leaders with the tools to increase business success rate especially in Africa.

Familusi Akin Babajide (Mr FAB)

The first speaker and Chief Executive Speaker of Insight Publicis – Feyi Olubodun spoke about the importance of asking the right questions as an important tool to building successful businesses and the second speaker and Chief Executive Officer of Chocolate City Group – Audu Maikori spoke extensively on the entrepreneur being a problem solver and that execution is indeed EVRYTHING.

Feyi Olubodun – CEO, Insight Publicis

Audu Maikori – CEO, Chocolate City Group

The Head of Brands and Communication from Fidelity Bank, Charles Aigbe also spoke extensively about the banks affiliation with the project and it’s delight at the turn-out and quality of the event. He also talked most especially about Fidelity Banks support services for SMEs and their particular affinity for that group.

Charles Aigbe – Head, Brands and Communication. Fidelity Bank.

The event which also had a tea-break and opportunity for participants and speakers to have one-on-one interactions ended at 7pm due to an extended Question and Answer Session.

Under 40 CEOs Forum was supported by Fidelity Bank, Renaissance Hotel, The Guardian Newspapers, Bella Naija, Printivo, The Quadrant Company and KushyMore Studios.

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ABOUT UNDER 40 CEOS FORUM

Under 40 CEOs Forum, a live interactive event is an extension of the mother brand Under 40 CEOs, a television show. The forum is a platform featuring a conversation and sharing between 2 established young business leaders and 500 young aspiring business leaders. In addition to the 500 young aspiring business leaders at the event an additional targeted audience of 10,000 aspiring young business leaders join in the conversation via Facebook live on www.facebook.com/under40ceosafrica and also on Twitter.

ABOUT UNDER 40 CEOs

Under 40 CEOs seeks to research, celebrate and expose the business leaders of the not-so-distant future and tell the stories of these young business leaders in Africa with a focus on the journey, the process and their proposed destination.

With over 52 episodes till date, and serial entrepreneur, Familusi Akin Babajide, Mr FAB (39) as the host, Under 40 CEOs has since gone on to inspire and motivate millions of would-be young business leaders across Africa to take action and join in the rebuilding and re-shaping of the African continent. Under 40 CEOs currently reaches an odd 875,000 viewers every week with a social media following of over 90,000 and growing with a cumulative social media content reach of over 7million.

The acclaimed television show Under 40 CEOs launched on TVC Entertainment and TVC News on the 9^th of October, 2016 and subsequently launched on Silverbird Television Network on the 13^th of January, 2016 and has spotlighted inspiring young business leaders aged 40 and under. Business leaders that have been featured on the show include Adebola Williams of Red Media; Audu Maikori of Chocolate City Group; Noble Igwe of 360 Group; Bola Ray of EIB Networks; Alex Brahm of SMSGH; Oluyomi Ojo of Printivo whilst discovering inspiring CEOs like lawyer Aderemi Oguntoye of Oguntoye and Oguntoye; Senyo Hosi of Ghana Chambers of Bulk Oil Distributors; Farida Bedwei of Logiciel; Ukinebo Dare of Poise; Abiola Adekoya of RMB Stockbrokers and Ade Adegoke of Oando Foundation amongst others.

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“The advantage of software business is that you don’t need huge capital to start. Your capital is your Brain.” – Niyi Oyelade speaks with Mr. FAB on Under 40 CEOs

BUSINESS

5 Myths About The Job Market And Their Solutions

Published

2 weeks ago

December 8, 2024

Adaeze Okechi

5 Myths About The Job Market And Their Solutions | fab.ng

Myths about the job market can mislead job seekers and professionals navigating career transitions. Many individuals fall prey to outdated beliefs that no longer reflect the dynamic employment landscape.

Myths about the job market often include misconceptions about required qualifications, salary expectations, and career progression.

One prevalent myth suggests that a traditional four-year degree guarantees immediate employment when in reality, skills, adaptability, and networking play crucial roles.

Another widespread misconception is that changing careers is impossible after a certain age, which undermines the potential of experienced professionals seeking transformation.

Myths about the job market also perpetuate the idea that stability means staying in one role for decades. Modern career paths are increasingly non-linear, with professionals expecting to change jobs multiple times.

The solution lies in continuous learning, developing transferable skills, embracing technological advancements, and maintaining a flexible, growth-orientated mindset.

Myths about the job market can be debunked through proactive research, upskilling, and understanding emerging industry trends.

Let’s take a quick look at these myths and how to solve them below.

Myth 1: You Need a Four-Year Degree to Succeed

While a college degree can open doors, it’s not the only path to a fulfilling career. Many successful professionals have built thriving careers without a traditional degree.

Solution:

Skill-Based Learning: Focus on developing in-demand skills through online courses, boot camps, or certifications.
Networking: Build relationships with professionals in your desired field, regardless of their educational background.
Freelancing and Gig Work: Gain experience and build a portfolio through freelance projects.

Myth 2: The Job Market is Saturated

It’s true that competition can be fierce, but there are still plenty of opportunities for skilled individuals. The key is to identify niche markets and unique value propositions.

Solution:

Niche Down: Specialise in a specific area within your industry to stand out from the crowd.
Continuous Learning: Stay updated on industry trends and emerging technologies to remain competitive.
Personal Branding: Build a strong personal brand to attract potential employers and clients.

Myth 3: You Should Only Apply to Job Postings

While applying to job postings is a traditional approach, it’s not the only way to land a job. Proactive job hunting can yield better results.

Solution:

Networking: Connect with people in your industry and let them know you’re looking for opportunities.
Informational Interviews: Schedule informational interviews to learn about potential job openings and company culture.
Cold Emailing: Reach out to hiring managers directly to express your interest in a position.

Myth 4: You Should Stay in a Job You Hate

Staying in a job you despise can negatively impact your mental health and career progression. It’s essential to prioritise your well-being and seek new opportunities.

Solution:

Set Career Goals: Define your long-term career aspirations and create a plan to achieve them.
Upskill and Reskill: Invest in your professional development to enhance your job prospects.
Network Strategically: Build relationships with people who can help you find new opportunities.

Myth 5: The Job Market is Only for Young People

Age discrimination is a real issue, but it doesn’t mean older workers can’t find fulfilling careers. Experience and wisdom are valuable assets in the job market.

Solution:

Highlight Your Experience: Emphasise your skills and accomplishments, focusing on how they can benefit your potential employer.
Adapt to Change: Stay updated on technological advancements and industry trends.
Mentor Younger Professionals: Sharing your knowledge and experience can boost your credibility and open doors to new opportunities.

Remember, the job market is constantly evolving. By debunking these myths and taking proactive steps, you can increase your chances of finding a fulfilling career.

So, don’t let these misconceptions hold you back. Keep learning, keep networking, and keep believing in yourself.

Key takeaways:

Myths about the job market can hinder your job search.
A four-year degree is not always necessary to succeed.
Skill-based learning and networking can help you land a job.
The job market is not saturated, but you need to niche down and continuously learn.
Applying to job postings is not the only way to find a job.
You should not stay in a job you hate.
The job market is not only for young people.
Older workers can still find fulfilling careers by highlighting their experience and adapting to change.

By understanding these myths and implementing the suggested solutions, you can empower yourself to navigate the job market with confidence and achieve your career goals.

Check out more updates here.

BUSINESS

Master The Art Of Budgeting In Business With These 5 Tips

Published

3 weeks ago

December 2, 2024

Adaeze Okechi

Budgeting In Business With These 5 Tips | fab.ng

Effective budgeting in business is crucial for success. It ensures financial stability and drives strategic growth. Whether you’re a small startup or an established company, proper budgeting in business helps control costs and maximize profits.

Here are five essential tips to master the art of budgeting in business.

1. Set Clear Financial Goals

Every successful budget starts with clear goals. Define what you want to achieve financially. Are you aiming to reduce costs, increase revenue, or expand operations?

Set specific, measurable, and realistic targets. This step provides direction and helps prioritize spending.

Align goals with strategy:

Ensure your financial goals align with your overall business strategy. For instance, if growth is a priority, allocate more resources to marketing and product development.

Budgeting in business becomes more effective when tied to clear objectives.

2. Track and Analyse Expenses

Understanding where your money goes is vital. Track all expenses, no matter how small. Categorise them into fixed (rent, salaries) and variable (utilities, supplies) costs.

Use accounting software to automate this process and reduce human error.

Review regularly:

Analyse your spending patterns monthly or quarterly. Identify areas where you can cut costs or optimise spending. Regular expense tracking ensures your budgeting in business stays accurate and adaptable.

Pro Tip:

Use historical data to forecast future expenses. This helps you prepare for seasonal fluctuations or unexpected costs. Knowing your spending trends enhances control over your finances.

3. Create a Realistic Cash Flow Forecast

Cash flow is the lifeblood of any business. A realistic forecast shows when money will enter and leave your business.

Include all income sources and expected expenses. This prediction helps you anticipate shortfalls and plan accordingly.

Why it matters:

A solid cash flow forecast prevents financial surprises. It ensures you have enough liquidity to cover day-to-day operations. Effective budgeting in business relies heavily on accurate cash flow management.

Example:

If you know a major expense is coming in a particular month, you can adjust spending in other areas. This proactive approach avoids cash shortages and keeps operations smooth.

4. Prioritise Essential Spending

Not all expenses are created equal. Identify which costs are essential for business operations and which are not.

Focus on spending that drives growth or maintains critical functions. Cut or postpone non-essential expenses during tight periods.

Evaluate ROI:

Assess the return on investment (ROI) for each expense. Prioritise high-ROI activities like marketing campaigns that generate leads or equipment upgrades that boost efficiency.

Budgeting in business becomes more impactful when resources are allocated wisely.

Key Areas to Prioritise:

Payroll and essential staffing
Marketing efforts with proven results
Product development
Maintenance of critical infrastructure

5. Monitor and Adjust Your Budget Regularly

A budget isn’t static; it’s a dynamic tool. Regular monitoring and adjustments are crucial. Compare actual performance against your budgeted figures.

Identify discrepancies and adjust as needed. This flexibility helps you respond to unexpected challenges or opportunities.

Stay proactive:

Review your budget monthly. If you’re consistently overspending in a certain area, investigate why. Maybe costs have increased, or perhaps there’s inefficiency.

Adjust your budget to reflect these changes. Continuous monitoring makes budgeting in business more resilient and accurate.

Use technology:

Leverage budgeting software to streamline this process. Many tools provide real-time updates and automated reports. This technology helps you make data-driven decisions quickly.

The Importance of Budgeting in Business

Effective budgeting ensures you allocate resources efficiently. It minimises financial risks and maximises profitability. Without a budget, businesses can easily overspend or miss opportunities.

Proper budgeting in business helps set clear financial priorities and keeps operations running smoothly.

Key Benefits:

Financial Control: Keeps track of income and expenses.
Strategic Planning: Aligns spending with business goals.
Risk Management: Prepares for unexpected challenges.
Performance Measurement: Helps assess financial health and progress.

Common Budgeting Mistakes to Avoid

Mastering budgeting requires avoiding common pitfalls. Here are a few mistakes to watch out for:

Underestimating Costs: Always factor in potential price increases or hidden fees.
Ignoring Cash Flow: Profit isn’t the same as cash flow. Ensure you have enough liquid assets.
Overestimating Revenue: Be conservative with income forecasts. Unrealistic expectations can lead to shortfalls.
Failing to Involve Teams: Include department heads in the budgeting process. They offer valuable insights and ensure buy-in.

Avoiding these mistakes strengthens your approach to budgeting in business and improves financial outcomes.

Implementing Budgeting Tools

Technology simplifies the budgeting process. Numerous tools help businesses create, track, and adjust budgets. Look for software that integrates with your accounting system. This integration saves time and ensures accuracy.

Top Features to Look For:

Real-time expense tracking
Customisable reports
Forecasting capabilities
Multi-user access for collaboration

Implementing these tools streamlines your budgeting in business and enhances decision-making.

Conclusion:

Mastering the art of budgeting in business isn’t just about numbers. It’s about setting clear goals, tracking expenses, forecasting cash flow, and continuously adjusting.

These five tips will help you build a strong, flexible budget that drives success. Stay proactive, use technology, and prioritize essential spending.

With effective budgeting, your business will thrive financially and strategically.

If you found this article helpful, consider reading more here.

BUSINESS

Top 7 Hidden Business Opportunities In Nigeria

Published

4 weeks ago

November 25, 2024

Adaeze Okechi

Business Opportunities In Nigeria | fab.ng

The economy in Nigeria presents abundant hidden business opportunities for savvy entrepreneurs. Business leaders can build sustainable ventures that generate significant profits by exploring these emerging sectors.

From renewable energy to agribusiness, various business opportunities in Nigeria await those willing to innovate. Entrepreneurs who invest in niche markets, such as waste management or digital services, can tap into unmet needs and create impactful solutions.

Understanding local challenges helps identify business opportunities in Nigeria that address critical issues like energy shortages and waste disposal.

For instance, affordable solar energy solutions can offer substantial returns while improving lives. Similarly, the growing demand for e-commerce and logistics presents fertile ground for digital entrepreneurs.

Strategic investments in the right sectors not only maximize profitability but also drive social and economic growth. By capitalizing on these hidden gems, entrepreneurs can turn potential into success stories.

Exploring and seizing business opportunities in Nigeria today ensures a strong foothold in tomorrow’s competitive market.

1. Renewable Energy Solutions

Nigeria faces frequent power outages, creating a demand for alternative energy sources. Investing in solar and wind energy solutions for homes and businesses presents a profitable opportunity.

Entrepreneurs can offer affordable solar panel installation, maintenance services, and off-grid power solutions. The sector benefits from government incentives and a growing push towards renewable energy adoption.

2. Waste Management and Recycling

With Nigeria’s rapid urbanization, waste management remains a significant challenge. Recycling businesses focused on plastics, paper, and metals can transform waste into valuable products.

Opportunities also exist in e-waste recycling and organic composting. Innovative waste collection and sorting services can address the country’s environmental needs while generating income.

3. Agribusiness Ventures

Nigeria’s agriculture sector offers diverse opportunities, from crop and livestock farming to food processing. High-demand crops like cassava, rice, and maize present profitable ventures.

Poultry and fish farming also show significant potential. Processing agricultural products, such as turning cassava into flour or palm oil into packaged goods, adds value and opens export opportunities.

4. E-commerce and Digital Services

Online shopping is booming in Nigeria, particularly in urban areas. Entrepreneurs can tap into niche markets like fashion, electronics, and groceries through specialized e-commerce platforms.

Logistics services, mobile payment integration, and customer education initiatives further enhance this sector. Digital marketing and affiliate marketing also offer lucrative avenues.

5. Health and Wellness Industry

The growing health-conscious population creates demand for fitness centres, organic foods, and wellness services. Establishing gyms, offering personalized training, and selling natural supplements can be highly profitable.

There is also a rising interest in alternative medicine and skincare products based on natural ingredients.

6. Real Estate Development

Nigeria’s real estate market thrives due to rapid urbanization. Affordable housing projects, commercial spaces, and hospitality services are in high demand.

Entrepreneurs can focus on developing residential properties or managing commercial facilities. Property management services for landlords and tenants are also valuable.

7. Educational and Skill Development Services

With a growing youth population, educational services are crucial. Opportunities exist in vocational training, online learning platforms, and tutoring services.

Training programs for high-demand skills like coding, digital marketing, and entrepreneurship can address skill gaps and attract a broad customer base.

These hidden opportunities offer promising avenues for entrepreneurs in Nigeria. By addressing existing challenges and leveraging emerging trends, businesses can thrive in this dynamic market.

Check out more articles on business here.