One weakness that has held many business owners down
Being a business owner comes with a lot of responsibilities. During startup, you’re faced with a lot of challenges, much more than you anticipated. Most would give up but you stuck through and now you’ve been able to set something up for yourself. Congratulations! You ought to be proud. Before we celebrate your success though, you should know about this one weakness that has held so many business owners down; emotions.
Emotions, sentiments, whichever you choose, can be held responsible for the stagnation and even the downfall of so many business men. It can also be held responsible for lack of advancement in so many people’s career. You aren’t a robot that can be programmed to feel or not to feel. You’re a human being with a heart; of course you’ll have emotions. Even the strongest of men have this one thing as their weakness. Absence of emotions is not an option since we’re all human beings but we can handle or manage our emotions.
The idea of ‘there are no sentiments in business’ is easier said than done. Your emotions could be destroying your business and you have no clue about it. It affects and sways business decisions. For instance, you are into sales of a product and a particular brand for one reason or the other is no longer in demand but because you’ve formed an emotional attachment with the supplier, you find it difficult to start buying other brands. When you do buy other brands or quit buying that particular brand, you’re filled with a deep sense of guilt. This is a clear example of when sentiments can sway your judgment/decision.
There is no switch to turn your emotions on or off but with the right amount of discipline you’ll be able to successfully manage them. Then the idea of ‘no sentiments’ will begin to appeal to you. Another instance is when a family member is asking for a loan. Many people fall for this one. You know your business cannot afford to lend out that amount. You also know the chances of getting that money back is incredibly low yet, “he is family”. You find yourself committing to a situation that will probably mean early close down for your business. That’s what sentiments do to you.
There are so many instances but I’m sure you get the picture by now. Since there’s no visible switch to control your feelings, you should take some easy steps towards managing your emotions during business. Here are a few;
- Do not make any decisions in a hurry
- Try to view every situation like an outsider (pretend that you are watching everything play out from outside your body. it gives a clearer picture)
- Learn to say no and stick to it no matter how hard it is.
- Don’t make business decisions out of gratitude or debt.
- Form a ‘no sentiments’ mantra and pretty soon it will become part of you.
You are not becoming heartless because of business. Emphatically NO! You’re simply learning how to manage your emotions better to protect yourself from being directly or indirectly manipulated or pressured into making unfavorable business decisions.
How to register for FG’s N75 billion MSME survival funds
FG released guidelines to access the N75 billion MSME Survival Fund.
The Federal Government (FG) has released the guidelines to access the N75 billion Micro, Small and Medium Enterprises (MSME) Survival Fund and Support Initiatives, which took effect from September 21, 2020.
The scheme, which is the core of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan includes the N60 billion MSMEs Survival Fund and the N15 billion Guaranteed Offtake Schemes.
This disclosure was made in an official statement by the Federal Government through a series of tweet posts on its official Twitter handle.
The statement from FG read, “As the portal for the registration of prospective beneficiaries of Survival Fund opens, interested Nigerians in the Payroll Support Scheme are to note that the site will be open from 10 pm Monday, September 21, 2020.”
The statement says that the registration for the payroll support will start with the educational institutions at 10 pm Monday, September 21, 2020, and will be followed by businesses in the hospitality industry by 12am Friday, September 25, 2020.
The portal will also open for other categories of small businesses from 12am, Monday, September 28, 2020. It should be noted that the scheduling of the registration for prospective beneficiaries is to ensure that the process is seamless and hitch-free. The registration of every sector is to continue until Thursday, October 15, 2020.
To register for this initiative, the Federal Government has also provided a portal for entry. Potential beneficiaries are advised to log on to https://survivalfund.ng to complete their registration.
As part of the registration process, the beneficiaries are expected to provide personal registration details, activate their account, register their organization after they have successfully activated their account.
Corporate Affairs Commission (CAC) Number, Bank Verification Number (BVN), SMEDAN Number, a Tax ID (optional) and the organization’s bank account details will be needed.
Completing the Payroll Support Registration, beneficiaries’ first name, last name, email, mobile number and Password will be required. Also, their Date of Birth, residential address and residential Local Government Area will also be provided.
These 2 MSMEs initiatives namely MSMEs Survival Fund with payroll support track and the Guaranteed Offtake Scheme were introduced by the FG as part of the efforts to support businesses overcome challenges posed by the Covid-19 pandemic.
The MSMEs Survival Fund scheme is a conditional grant to support vulnerable micro and small enterprises in meeting their payroll obligations and safeguard jobs in the MSMEs sector. The scheme is expected to save at least 1.3 million jobs across the country and specifically impact on over 35,000 individuals per state.
The scheme will be implemented over an initial period of 3 months and is targeted at employees of MSMEs and self-employed individuals with 45% for female business participation and 5% for special needs participation
The Guaranteed Off Take Stimulus Scheme is expected to perfect and sustain the income of vulnerable micro and small enterprises from the economic disruptions of the Covid-19 pandemic through the implementation of various initiatives aimed at boosting the production capacities of small businesses as well as the provision of grants.
The duration is also for an initial period of 3 months and is targeted at micro and small businesses registered in Nigeria.
Registration for #PayrollSupport will start with educational institutions at 10pm on Monday Sept 21, 2020, and will be followed by businesses in the hospitality industry on Friday September 25 beginning from 12am.
— Government of Nigeria (@NigeriaGov) September 21, 2020
FG to provide financial support for 1.7 million businesses, individuals in next 3 months
FG had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
The Federal Government has announced plans to provide financial support for 1.7 million businesses and individuals across the country within the next 3 months.
This disclosure was made by the Minister of State for industry, Trade and Investment, Ambassador Mariam Katagum, at the virtual commissioning of the Fashion Cluster Shared Facility for Micro, Small, and Medium Enterprises (MSMEs) tagged, Eko Fashion Hub, in Lagos.
Katagum disclosed that the initiative is borne out of the Federal Government’s continued commitment to helping cushion the devastating impact of the coronavirus pandemic on the economy by saving existing jobs and creating new job opportunities.
The minister said that President Muhammadu Buhari’s administration, through the Economic Sustainability Committee, had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
She said, “The Federal Government is fully committed to empowering Nigerians; more so in the face of the COVID-19 Pandemic. In this regard, the government, through the Economic Sustainability Committee had announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.
“These programmes include among others, the N75 billion MSME Survival Fund and Guaranteed Off-take Schemes of which I have the honour to chair the Steering Committee for the effective implementation of the projects.
“The project, which will run for an initial period of three months, is targeting 1.7million entities and individuals and has provisions for 45 per cent female-owned businesses and five per cent for those with special needs. The registration portal for the schemes is set to open on Monday 21st September 2020 and I urge you all to take full advantage of the schemes.’’
The Nigerian Economic Sustainability Plan which was produced by a committee headed by the Vice President, Yemi Osinbajo, is a response to the health and economic challenges which foisted on the country by the outbreak of the novel coronavirus pandemic.
Aside from developing robust monetary policies and fiscal measures to enhance oil and non-oil government revenues and reduce non-essential spending, the plan also includes a N2.3 trillion stimulus package for the economy.
Katagum said that the schemes were at the core of the N2.3 trillion stimulus package being implemented by the Federal Government. She said that the commissioning of shared facilities was also expected to provide succour and relief to the teeming micro-businesses in need of space and infrastructural support
NSE, IFC promote participation of women-owned and run SMEs under the Nigeria2Equal programme
The NSE and IFC hosted the webinar to review support for women-owned businesses.
As the COVID-19 pandemic continues to disrupt economic activities all over the world, the informal sector (specifically small and medium enterprises, SMEs), have been at the centre of the crisis.
In view of the strong representation of female entrepreneurs within the SMEs space, The Nigerian Stock Exchange (NSE) hosted a webinar in collaboration with the International Finance Corporation to address the theme, Supporting SMEs and Women-Owned Businesses in Corporate Value Chains.
Speaking at the webinar, the Divisional Head, Shared Services, NSE, Bola Adeeko noted, “Entrepreneurs in Nigeria face significant challenges in accessing finance to sustain or expand their businesses. With the high level of female participation in entrepreneurship (OECD in 2019 puts female participation at 58% compared to male’s 45% male), experts anticipate that the COVID-19 crisis will hinder the progress made in advancing women’s entrepreneurship in Nigeria.
“To this end, we are pleased to have brought together an expert panel of discussants who have made an indisputable business case for gender-inclusive practices in corporate value chains and highlighted strategies for improving the participation of women owned and run SMEs.”
Looking at the current SMEs landscape, the Executive Director, Fate Foundation, Adenike Adeyemi indicated that, “When we look at the micro segment, we see that the number of women-owned businesses is equal to men-owned businesses.
“However, as we move on to the SMEs segment, we see a drop in female participation to less than 25% which suggests that women are either dropping off or not growing as quickly as their male counterparts.”
In identifying some of the constraints female entrepreneurs face, Nigeria Country Director, WeConnect International, Yeshua Russel said, “While it is imperative that concerted efforts are made to link women to the value chains of large corporations in order to empower them, there are barriers that must be addressed which include inadequate technical capacity; low level of collaboration among women-owned businesses; and lack of access to finance.
“Consequently, we need to create more structures and systems that can educate and incorporate women to raise their level and quality of participation.”
The Director, Corporate Affairs and Sustainable Business, Ghana and Nigeria, Unilever, Soromidayo George further expounded on this saying, “From our experience with Ebola and other epidemics, the economic impacts of a health crisis will have a disproportionate impact on women which will widen the gender inequality gap.
“This is particularly attributable to the harmful social norms that limit the expectations of what women can and should do especially along familial and business spectrums. We must, therefore, articulate organised ways to tackle these expectations and lay the right building blocks to achieve gender equality.”
All the panelists during the session agreed on the fundamental needs of businesses, particularly women-owned businesses as articulated by Executive Director, Business Banking, Access Bank, Ayodele Olojede.
She noted that, “In building and nurturing women-owned businesses, it is important to adopt a holistic approach that focuses on the four fundamentals of finance, information, market and technology.”
Taking this a step further, the Director, Enterprise Development Centre, Lagos Business School. Peter Bankole emphasized, “Capacity building must go beyond training in the development of women-owned businesses. Women are fast and adaptive learners but must also be given the support of mentoring and hand-holding to reach their highest potential.”
In closing out the event, the Head, Corporate Communications, NSE, Olumide Orojimi emphasised the need to continue the conversation beyond the webinar.
He said, “Bridging the gender inequality gap is a journey and it is one we must all contribute to actively. We at the NSE are proud of our efforts at advancing female participation within our operations and our ecosystem and our collaboration with IFC is one of the efforts we are truly proud of.”
It would be recalled that The Nigeria2Equal initiative was kicked-off in May with a webinar that explored the gender implications of COVID-19 for women as employees.
The conversations that ensued during that webinar highlighted the differential socioeconomic impacts of the COVID-19 pandemic on men and women, with women predicted to face more negative impacts.