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MSME

The 3 biggest psychological differences between failure and success for startups

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Starting your own business in the country is the new in-thing and considering the opportunities that exist from the current economic situation, it is not a surprise that many people are looking in mthat direction. However, while many people have lovely ideas for starting their own gig, only a few of them eventually take the plunge. Of these, research shows that over 70% of Nigerian startups never last more than 5 years. While this frankly embarrassing failure rate cannot be put to one or two specific sources, the difference between a successful entrepreneur and a failure may just be these 3 attitudinal differences.

Perfectionism vs Realism

For many, unless all the requirements for a particular step are ready, they are reluctant to take a step. Why this could be dangerous is that in reality, everything you need for the next step cannot all be ready at the same time. Something will always be missing. Therefore delaying until this idyllic but highly unlikely time may mean not doing anything for a long time and missing opportunities to grow. While it is wise to take time to think things through before taking action, there are times you need to just go for it. While you are likely to make some mistakes, in the long run, you are going to be more successful than someone who is patiently waiting for a dream.

Letting fear take over

From the first step, an entrepreneur is faced with many fears. How much will I need? Where do Is et up? Should this be a partnership or should I go solo? Will this succeed at all? These are just a few of the fears that face entrepreneurs. In fact, an entrepreneurial professor compared starting a business to jumping off a cliff and assembling your parachute on the way down. This is downright scary; but then, there’s more chance of succeeding at this than doing nothing at all. For example, despite how good your proposal, several investors may reject it. However, if the fear of rejection prevents you from taking the first step, there’s no chance of your getting the funding and support you need.

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Too much worry

There’s no entrepreneur without worry. An entrepreneur without worry cannot be rightly described as an entrepreneur. And nobody’s really surprised considering the many things that could go wrong in a new business. However, despite the inevitable worry, any time spent on it is wasted as worry does nothing to correct any situation. While worries must come, those who spend as little time as possible on worry and use more time strategizing and solving come out more successful. These people also do not over-thinking issues stop them from taking calculated risks and making progress

 

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Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

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Business

AGSMEIS: CBN expands beneficiaries to 14,638

The CBN has extended the number of beneficiaries under the AGSMEIS to 14,638 applicants.

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P&ID dispute: UK Court orders $200 million guarantee to FG, Leaked letter by Poultry Farmers Association triggered CBN emergency approval to import maize, nImplications of CBN's latest devaluation and FX unification, current account deficit, IMF, COVID-19, CBN OMO ban could give stocks a much-needed boost , CBN’s N132.56 billion T-bills auction records oversubscription by 327% , Nigeria pays $1.09 billion to service external debt in 9 months , Implications of the new CBN stance on treasury bill sale to individuals, Digital technology and blockchain altering conventional banking models - Emefiele  , Increasing food prices might erase chances of CBN cutting interest rate   , Customer complaint against excess/unauthorized charges hits 1, 612 - CBN , CBN moves to reduce cassava derivatives import worth $600 million  , Invest in infrastructural development - CBN Governor admonishes investors , Credit to government declines, as Credit to private sector hits N25.8 trillion, CBN sets N10 billion minimum capital for Mortgage firms, CBN sets N10 billion minimum capital for Mortgage firms , Why you should be worried about the latest drop in external reserves, CBN, Alert: CBN issues N847.4 billion treasury bills for Q1 2020 , PMI: Nigeria’s manufacturing sector gains momentum in November, CBN warns high foreign credits could collapse Nigeria’s economy, predicts high poverty, MPC Member, BVN, Fitch, Foreign excchange (Forex), Overnight rates crash after CBN’s N1.4 trillion deduction, Nigeria’s foreign reserves hit $36.57 billion; Emefiele keeps his word on defending the naira, CBN to support maize farmers, projects 12.5 million metric tons in 18 months, BREAKING: CBN Upscales Greenwich Trust Limited, grants it's operational license for merchant banking, AGSMEIS: CBN expand beneficiaries to 14,638.

The Central Bank of Nigeria has extended the number of beneficiaries under the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) Loans to 14,638 applicants.

This information is contained in a communique from the last MPC report of CBN verified by Nairametrics. The communique also revealed that 250 SME businesses, predominantly the youths, have also benefited from the Creative Industry Financing Initiative.

READ: FG, Labour agree cut in electricity tariff for 3 months, to distribute 6 million free meters

In addition to these initiatives, the CBN is set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the Federal Government’s 1-year Economic Sustainability Plan (ESP), through its various financing interventions using the channels of Participating Financial Institutions (PFIs).

Backstory

A few months ago, the CBN announced that it has unveiled a framework that will integrate a non-interest window in all its intervention programmes aimed at supporting businesses and households that have been impacted negatively by the COVID-19 pandemic. Nairametrics had earlier reported on how to access the AGSMEIS fund.

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READ: Landlords offer incentives to counter “work from home” induced vacancy rates

Why it matters

Given the impact and accompanying harsh consequences of the pandemic, coupled with the present regime’s focus on diversification of the economy, this intervention is therefore aimed at achieving the diversification goal, reflating the economy, creating more jobs and income, managing inflation, and setting the economy on the path of recovery.

READ: Nigeria records lowest remittances from abroad since 2008

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CBN in the latest communique of its last MPC meetings also revealed that it has disbursed a total of N3.5 trillion in interventions in the wake of the COVID-19 pandemic as of September 22, 2020. The breakdown of the disbursement includes:

  • Real Sector Funds: N216.87 billion
  • Targeted Credit Facility: N73.69 billion
  • AGSMEIS: N54.66 billion
  • Pharmaceutical and Health Care Support Fund: N44.47 billion
  • Creative Industry Financing Initiative: N2.93 billion

READ: CBN discloses how much has been disbursed from N50 billion COVID-19 intervention fund

In terms of project distribution, a total of 128 projects that comprises 87 real sector funds project and 41 health-related projects have been funded. In like manner, about 120,074 have received funding under the Targeted Credit Facility.

READ: CBN disburses N50 billion loans through MFBs’ IT platform

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Economy & Politics

N75 billion Nigerian Youth Investment Fund to be rolled out before end of October – Minister

Youths are expected to come up with brilliant ideas that will enable them to access between N250,000 and N50 million each.

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Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister

The N75 billion worth Nigerian Youth Investment Fund (NYIF) will be rolled out before the end of October 2020. This was disclosed by the Minister of Youth and Sports Development, Mr Sunday Dare, in a statement on Wednesday, according to NAN.

The statement, which was issued by the Minister’s Assistant Chief Information Officer, Olatunji John, explained that the ministry challenged youths to come up with brilliant ideas that would enable them to access between N250,000 and N50 million of the N75 billion Nigerian Youth Investment Fund for sustainability.

READ: Gains of MTN listing on the Capital Market – NCC

He stated, “The programme is about to be rolled out before the end of this month. President Muhammadu Buhari approved N75 billion in three years because he believes in the dream of youths, aimed at lifting 10 million Nigerians, including youths out of poverty before 2023.”

READ: FG may soon subsidize phone data cost– Sunday Dare

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What you must possess

While urging the youths to take advantage of the opportunity, Dare stated that prospective applicants must show clearly that they have the market, resources and manpower to access the fund.

“The process for accessing the fund would be fair to all youths aged 18 to 35, regardless of their ethnicity or social status,” he added.

READ: NECA seeks unemployed Nigerians’ data to effect FG’s stipend payment  

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According to him, the move became imperative “because building a youthful population that is empowered and successful, is one of the cardinal objectives of this administration.

“For the first time, this country is investing directly in youths. So, government is taking a good risk on our youths, which it hopes will awaken their creative and genius innovative ideas.”

READ: Large BTC entity transfers over $100 million worth of Crypto

The Minister recalled that apart from the Federal Government investment fund, the ministry had initiated other youth-centered opportunities such as the Digital Literacy, Entrepreneurship, Employability and Leadership Skills (D.E.E.L) and Work Experience Programme (W.E.P).

Others, he said, included the Digital Youth Nigeria (DY.ng) and Nigeria Online Youth Assembly (NOYA) programme, all carefully crafted to address unemployment and employability of youths.

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READ: Total E&P Nigeria appoints Bandele as new Deputy Managing Director

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Back story: On October 1, 2020, Nairametrics reported that the Central Bank of Nigeria (CBN) announced that the NYIF would soon be disbursed.

The apex bank made the announcement via its Twitter handle on Thursday, while the nation marked its 60th Independence anniversary.

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MSME

FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

174,574 persons have successfully registered for schemes under the Nigeria Economic Sustainability Plan.

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FG releases new details on MSMEs support scheme, budgets N200 billion for loans, FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

The Federal Government has disclosed that a total of 174,574 persons successfully registered for the N75bn National MSME Survival Fund and the Guaranteed Off-take Stimulus schemes under the Nigeria Economic Sustainability Plan, within 48 hours.

The disclosure was made by the Minister of Industry, Trade and Investment, Ambassador Mariam Katagum, during a media briefing on the update of the schemes, on Thursday, September 24, 2020.

Mariam Katagum, in her statement, said: “As at 8.30 am this (Thursday) morning, total successful registrations stood at 174,574 with the following states having the highest applications as follows: Kano, 19,895; Kaduna, 13,575; Lagos, 13,640; Katsina: 8,383; Federal Capital Territory, 8,085.”

She stated that the registration for the MSME Survival Fund commenced on September 21, 2020, at 11 pm, and within 24 hours, approximately 138,000 individuals had logged on, created profiles and completed the first stage of registration with Kano, Kaduna and Lagos as lead states.

(READ MORE: Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion)

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Going further, Katagum said, “All successful applicants received SMS and email verification with a list of requirements for the second stage of application which would commence on October 1, 2020. Applicants will be required to upload details supporting their applications which will be verified and if successful, approved for disbursements.”

The minister further disclosed the states that recorded the highest numbers of applications within the first 24 hours of registration; these are Kano, which recorded 16,880: Kaduna, 11,438; Lagos, 10, 530; Katsina, 7,354; and Bauchi, 6,622.

Explore the Nairametrics Research Website for Economic and Financial Data

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She also stated that registration for other tracks would start next with the hospitality industry coming on September 25, 2020, by 10 am; payroll support (others), September 28, 2020, 10 am; while artisan/transport grants would start on October 1, 2020.

Nairametrics had two days ago reported the opening of the portal for its N75 billion Micro, Small and Medium (MSMEs) Survival Fund and Guaranteed Off-take schemes with effect from 10 pm on Monday, September 21, 2020.

READ: Delivering mass housing as a path to Nigeria’s economic recovery

These two MSMEs initiatives namely MSMEs Survival Fund with payroll support track and the Guaranteed Offtake Scheme which are at the core of FG’s N2.3 stimulus package in the Economic Sustainability Plan, were introduced by it as part of the efforts to help businesses overcome challenges posed by the Covid-19 pandemic.

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