Connect with us
nairametrics

Financial Literacy

Winning practices for a startup CEO

Winning practices for a startup CEO
#StartUp #SME #MSME

Published

on

startup, business, CEO, practices,

In this era where everyone is starting up a business, it is inevitable that many will fail. Not to foresee doom or anything of the sorts but obviously with a tough market like ours, only the tough will survive. Not everyone possesses what it takes to be a winning startup CEO. It’s obvious that most startup CEOs have no idea how to run a business but simply started one out of scarcity of their much preferred ‘white collar’ jobs.

It takes a lot to succeed as a start-up CEO. Many have tried but only few have succeeded. Listed below are some practices common to successful startup CEOs. Towing these lines might be the winning hand you need.

  • Driven by passion; given one might succeed in businesses that they aren’t passionate about with the right business strategies but the chances are slim. True satisfaction and fulfilment comes from doing that which you are passionate about.
  • Firsthand knowledge; people assume that running a business is something you can learn while you’re already on the job. Successfully manning a start-up business requires more than ‘on-the-go’knowledge. The startup CEOs who have succeeded so far had firsthand knowledge of the business they were venturing into.
  • Vision and mission clarity; the purpose of the business should be clear and obtainable. Ambiguity in vision statement is responsible for the alarming number of start-up failures in the country today. A startup CEO should be able to determine beforehand what the enduring purpose of the start-up is. Identifying customer needs yet to be met in the market could aid is defining your vision.
  • Setting long and short term goals; long and short term goals help keep the CEO grounded, focused and motivated. A winning startup CEO should be able to identify the right approach to realizing investment return as well as strategies to attain short term milestones.
    [Read Also: 6 easy steps to securing a financially balanced future]
  • Identifying strengths and weaknesses; a man who admits his weaknesses is not weak. It takes a lot of courage to acknowledge that you may not be an all round guru. When you’re able to identify your weaknesses you’ll be able to work on them and become much stronger. It might require employing a helping hand (an executive) to complement your strengths and weaknesses.

Other practices that make for a winning startup CEO include;

  • Ability to detect and attract talent
  • Garnering business strategies that promote success
  • Adapting to change
  • Keeping up with customer needs and market demands
  • Keeping up with the changing needs of the customers
  • Identifying and conquering competition (amicably)

These are not just random practices but are guaranteed to mold a winning startup CEO.
[Read Also: Difference between an Emerging Market and a Frontier Market]

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.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Personal Finance

ATM Fraud: How to care and use your card wisely

To protect your card from external harm, there are few tips you must acknowledge and start getting familiar with.

Published

on

The Cashless Policy, as we know it in Nigeria, was officially introduced and became fully operational in 2014 – with the aim to encourage electronic banking and to reduce physical cash in circulation – which would in turn decrease cases of cash-related crimes. One way of implementing this policy is through the use of ATM cards.

It is true that the advancement of technology has generally made our lives easier and more convenient. But, the adage “whatever has advantages, also has disadvantages” is not left out in the case of electronic banking. With the development of ATM machines and electronic cards for mobile banking, there are some risks and exposures associated therewith.

Some of these could devastatingly leave you broke in the blink of an eye; whereby, you find out the money you have worked so hard to accumulate has vanished with the stroke of some keys.

The Cashless Policy was met with e-banking fraud. There were reports of banks and individuals losing a lot of money to fraudsters, despite the regular checks put in place by financial bodies to curtail the loss of an individual’s hard-earned money.

The onus, therefore, falls on all responsible individuals to guard and protect their assets – Yes, your ATM card is an asset.

GTBank 728 x 90

It is important to know how to handle your cards and make sure you’re not only using it correctly but smartly.

Automated Teller Machine (ATM) means a machine that dispenses cash and also performs specific banking services at the user’s convenience.

It is a dedicated payment system and the ATM card is issued by banks and other financial institutions for ease of financial transactions. It usually comes in the form of debit cards, which means you must have monetary assets with the said bank, to be able to use the card for transactions.

GTBank 728 x 90

In order to handle your card wisely, you must be intentional about the money that comes into and goes out of your pocket. You cannot leave anything to chance. Have a plan for your money and stick to it.

To protect your card from external harm, there are few tips you must acknowledge and start getting familiar with.

  • Protect your pin: You must not give out your Personal Identification Number. As the name connotes, it’s your very own personal form of identification, which grants you electronic access to your money. If for any reason your PIN gets exposed, you must immediately reset it. Furthermore, do not write it down on a piece of paper or if you must, do not leave it exposed or in your wallet
  • Always report suspected cases of fraudulent activities: When you’re in the know about your finances, any discrepancy will immediately come to your notice. Some people do not recover from cases of fraud, because they didn’t discover it on time. Remember that the earlier you report a problem, the sooner it gets resolved. On this note, you must always be familiar with all bank transactions and statements. If you notice at any time that your card is missing – especially when you’ve been out with it, and you suspect it’s been stolen, report it immediately and block that card.
  • Be cautious of the ATMs you use: Always use one that is associated with banks. Avoid any machine that may be situated in suspicious locations. In as much as it grants ease as a means of solving our problems, compulsive use of your ATM card should be avoided. Even with the extra charges attached to card transactions these days, you really would be doing yourself a favor by being careful of where you insert your card in your bid to avoid bank ATM charges.
  • Do not be careless with your phone: Try as much as possible to avoid being careless with your phone or any other device that may contain your bank information. Always create security profiles for your gadgets. It doesn’t take much for someone to access your details and wipe your bank account clean. Make sure that your phone is protected by a password or pin and whenever possible, delete traces of money transactions from your gallery or messages, after you must have successfully backed them up of course. Just remember that your card information could be contained on your phone and leaves you to exposure if mishandled, so handle with care.
  • Do not use public wireless connections for financial transactions: In fact, you should always be wary of all public wireless access. It is a fast and unsecured way for a third party to gain access to your private information. You could as well leave that information on a billboard for the whole world to access. Be sure to use password-protected wireless connections, it makes it more difficult for hackers to access your details.

Bottomline

Try to change your pin every few months. Keep it simple and short, only using codes you can remember.

Conclusively, while it is very convenient to use debit cards or ATM cards for financial transactions, you wouldn’t find it funny to learn that someone has emptied your account on the spot. Hence, it is important that you take precautionary measures to always keep your card safe.

Jaiz bank ads

Fidelity ads
Continue Reading

Financial Services

CBN reveals framework for the N75 billion Youth Investment Fund

The Nigerian Youth Investment Fund will be funded through the NIRSAL MFB window of the CBN.

Published

on

CBN reveals framework for the N75 billion Youth Investment Fund, Economic Growth, CBN, Governor, Emefiele, CBN releases new capital base, sanctions for Microfinance Banks, Nigerian Banks broadly positive after naira devaluation, Naira hits N465 to $1, Central Bank begins disbursing $100million to hit at currency speculators

The Central Bank of Nigeria (CBN) has revealed the implementation framework for the Nigerian Youth Investment Fund.

This was disclosed in a publication by the Development Finance Department under the auspices of the Central Bank of Nigeria.

The CBN stated that the Nigerian Youth Investment Fund (N-YIF) would be funded through NIRSAL MFB window, with an initial take-off seed capital of N12.5 billion.

READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years

The N-YIF aims to financially empower Nigerian youths to generate at least 500,000 jobs between 2020 and 2023.

GTBank 728 x 90

Objectives of the scheme:

  •  Improve access to finance for youths and youth-owned enterprises for national development.
  •  Generate much-needed employment opportunities to curb youth restiveness.
  •  Boost the managerial capacity of the youths, and develop their potentials to become the future large corporate organizations.

Explore Data on the Nairametrics Research Website

What you should know
Recall that on the 22nd of July, 2020, the Federal Executive Council (FEC) approved the sum of N75 billion for the establishment of the Nigeria Youth Investment Fund for the period of 2020 – 2023.
The fund was created to support the innovative ideas, skills and talents of Nigerian youths, and to institutionally provide Nigerian youths with a special window for accessing much-needed funds, finances, business management skills and other inputs critical for sustainable enterprise development.
  • The fund targets young people between the ages of 18 and 35 years.
  • Beneficiaries of NMFB, TCF and AgSMEIS loans, and other government loan schemes that remain unpaid are also not eligible to participate.
  • Individuals (unregistered businesses) shall be determined based on activity/nature of projects subject to the maximum of N250,000.
  • Registered businesses (Business name, Limited Liability, Cooperative, Commodity Association) shall be determined by activity/nature of projects subject to the maximum of N3.0 million (including working capital).
  • The tenor of the intervention is for a Maximum of 5 years, depending on the nature of the business and the assets acquired, of which interest rate of not more than 5% under the intervention shall be charged annually.
  • The Federal Ministry of Youth and Sports Development (FMYSD) will collaborate with relevant stakeholders to identify potential training for training/mentoring.
  • The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to login to the portal provided by the NMFB to apply for the facility.

READ: CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

GTBank 728 x 90
Optics
As a huge percentage of youths are engaged in the informal sector, the NYIF will facilitate the transition of informal enterprises owned by youths into the formal mainstream economy, where they can be supported comprehensively, build a bankable track record, and be accurately captured as active participants in economic development.

Continue Reading

MSME

Paystack partners Google to empower SMEs in Nigeria, Kenya, and South Africa

Paystack partners with Google to empower over 500,000 SMEs in Nigeria, Kenya, and South Africa.

Published

on

Paystack partners with Google to Empower SMEs in Nigeria, Kenya, and South Africa

Tech startup, Paystack has disclosed that it partnered with Google to aid over 500,000 Small and Medium-sized enterprises (SMEs) in Nigeria, Kenya and South Africa.

This was revealed via its Twitter handle.

READ: Airtel is partnering Standard Chartered Bank as it expands its fintech business

Shola Akinlade, Founder of the company, stated that the partnership would enable the reliability of their work, “which would guarantee that all businesses paid via Paystack are thoroughly checked for legitimacy and credibility.

“In a low-trust environment like Nigeria, where many people are paying online for the first time, it’s important to deliver a safe, fraud-free experience, and this is a responsibility that Paystack takes extremely seriously.”

GTBank 728 x 90

READ: Nairametrics announces Strategic Data Partnership with Statista

Explore Data on the Nairametrics Research Website

GTBank 728 x 90

(READ MORE:Paypal to offer Cryptos by early 2021)

Why it matters: Paystack’s partnership with Google is to help SMEs to grow and digitise their businesses with new tools, financial support, and training. This would also help business communities in Nigeria, Kenya, and South Africa to rapidly grow.

What you should know: Google is an American multinational technology company that specializes in internet-related services and products.

READBTC bounty: 69,000 Bitcoins worth $700 million waiting for you

Nairametrics reported that the company had a partnership with Truecaller in 2018 to aid in the facilitation of online payments across Africa. The deal states that Paystack will use Truecaller’s database of verified phone numbers to authenticate payments for transactions executed on its platform.

Jaiz bank ads

Click here to apply.

Fidelity ads

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
act markets
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
act markets
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement