Ideas Rules the world

In this article, Irene Ottih stresses the need for access to funding by start-ups and entrepreneurs to help grow their businesses

As a Mentor, Social entrepreneur, Publisher of Own Boss Entrepreneur Magazine and the Convener of Youth Entrepreneurship Summit Nigeria, I’ve realised that one of the major problems face by young people in starting business in Nigeria is access to fund. Sometime ago, in my course of sourcing for speakers for my programmes, I invited a speaker from the US and during our discussion, he told me that Nigerian entrepreneurs are the best.

With curiosity, I asked why? he replied that, it’s easier to teach entrepreneurship in the US than in Nigeria because you can get little loan with your credit card and pay at ease and if you can’t pay back on time, there are so many platforms that can help negotiate on your easy re-payment. He repeated that Nigerian entrepreneurs are actually the real entrepreneurs’ because they start from the scratch; how do you ask someone to start business without access to fund? He commended our efforts in teaching entrepreneurship in Nigeria.

It jolted me back to consciousness that we are really on a hard task and I started thinking of ways to change the mindset of the financial sector in Nigeria. I had a business initiative that I’ve been planning to launch and was enthusiastic on how this idea will make a difference in the society, I have been postponing it for over five years and have been planning and re-planning, I kept waiting for the perfect moment or for the right time. one day I told myself that I’m going to stop procrastinating and create time; I decided to take the right step to launch it, I remembered this quote by a mentor Belasco# Don’t be afraid to take risk or be the first to do something, it motivated me to unveil a means of financial freedom for entrepreneurs with my loan package # Make mine a million naira business and also to launch Youth Entrepreneurship Summit Nigeria and Young Entrepreneurs Summit.

I wrote Invitation and Sponsorship letter to Central Bank of Nigeria, Bank of Industry, SMEDAN, Abuja Enterprise Agency, NAFCON, NDE, Nigerian Banks, NYSC etc. CBN supported me, I met with Mr Olagunju, the acting MD of BOI and he promised to help that if we can identify credible entrepreneurs under our platform, they will support them with loan, I was impressed.

I reserved a space at the Sheraton Hotel with my N100, 000.00 that have been with Sheraton hotel account for over 4 years, I invited NYSC for the unveiling of my #Win a Loan package and the Director General of NYSC agreed to send Corp Members to the launch. A coordinator from NYSC lead the Corp Members by 10am before our agreed time of 12noon and the Sheraton management misinformed them that I have not paid for a space and before I could reconcile with the Sheraton group, the Coordinator got disappointed with us and left with the Corp Members, I was embarrassed and downtrodden because things didn’t go as planned and was also surprise that they couldn’t appreciate my young effort and contribution!

As an entrepreneur, we see failure as a road to despair or a springboard of growth, a mechanism to make a mental change and embark on a new much-needed direction.
Failure is necessary to shake things up! Otherwise we will coast along comfortably but we wouldn’t make any quantum leaps. so I decided to organise a bigger event at the big Auditorium hall at International Conference Center, I raised a draft of 2million Naira, two days before the event, my reserved space was blocked; this actually destabilised me, that I almost gave up, I was told that the big hall will be undergoing renovation for Projectors to be installed at the ICC hall, this was after bill boards, jingles on radio and television, adverts on the daily papers, and international speakers has been invited, I was startled and more embarrassed!, after much pleadings to the members of the International Conference Center not to frustrate the event failed, I decided to continue, the big event which was supposed to be on the 6th and 7th of November 2014 at the big auditorium of the International Conference which was cancelled, we quickly paid for a small Aso hall for the 6th of November to unveil our Products and program. Though in a low key we still made it…
I remember in my lecture that day I told the crowd that it does not matter how crowded the hall is, what matters is the impact we are making and the history,

The Theme was ‘Entrepreneurship a tool for National Economic Development’ the summit was conceived as a contribution of Own Boss Magazine to encourage small and medium enterprise (SME’S] and to help make them viral as economic backbone of developing economy.
YES brought together young entrepreneurs to learn and explore business and investment opportunities in different sectors of the economy.

Own Boss intend to make budding entrepreneurs future millionaires by building entrepreneurial spirit in them.
We unveiled the WIN a loan package #Make mine a million naira loan, a giving back to the society project with aim to help young entrepreneurs grow their business to that One million naira + business.

Own boss Make mine a million naira business encourages start-ups and entrepreneurs to write their business plan or ideas and apply and the best ideas are selected and the winner gets the loan with two percent interest rate. I decided to unveil this because of my desire to make a change and challenge the financial institution to look for entrepreneurs and also make credit available to entrepreneurs because I’m also a young entrepreneur and know the problem of entrepreneurs which is access to fund.

I was surprise that shortly after that BOI launched a Loan programme with NYSC and named it YES. We wrote BOI and congratulated their effort but disappointed on Intellectual Property theft; that they copied our programme and choose to use the same acronym of our company YES. We also wrote a letter to the President and the acting MD of BOI advising them on our disappointment in approving loan for only Corp members because most Young entrepreneurs need fund.

We are happy today that BOI has disbursed 3.1 billion for on-lending to micro entrepreneurs with microfinance bank. Bottom of Pyramid programme (BOP), a scheme that is essentially aimed at poverty reduction through job and wealth creation focusing on the rural micro-enterprise operators with a view to extending financial inclusion in the country.

If you have an idea, take it up! Five years ago I kept it, if I had continued to be scared of taking a risk; it wouldn’t have kick start a process that will be of great benefit to entrepreneurs thus will help to stabilise a nation. Recently we went to International Conference Center and a director confirmed that no renovation of projector of such has happened in ICC over the past 10 years, the question is who paid ICC a government establishment to sabotage our program?

Last year I reported Sheraton Hotel to the securities on intention to steal our money and they apologized and refunded our 100, 00.00 with no interest to our Zenith Bank account after 7 years! A young entrepreneurs company of Nine years old!

The big Question is.. Which government establishment takes care of Entrepreneurs challenges?
Who takes care of young Nigerian entrepreneurs when they encounter challenges in business?
We demand that the federal government should ask the management of International Conference Center to refund our two million Naira draft raised by Diamond bank in favor of Own Boss Entrepreneur to ICC on a hall we did not use and also pay us for the loss of business they caused to us…. Federal government should be reminded that MTN paid them for their loss sometime!

Despite challenges, we didn’t give up, if it’s in other countries I would have been commended and appreciated for a noble idea, but as a social entrepreneur whose passion is to make a change, I’ve achieved my aim of gradually building financial freedom for entrepreneurs, it’s a success!! Kudos to us and all of you who participated to our Yes Nigeria.. I advise all entrepreneurs to seize this opportunity and visit these three Microfinance banks for loans. Fortis Microfinance Bank, LAPO Microfinance Bank and Lotus Capital

We are not relenting; we will send our media crew to make sure that this loan gets to entrepreneurs
Success is brought about by hard work, being focus and indeed passion. Successful entrepreneurs are constantly experimenting and tweaking their product and other aspects of their business, failures should be celebrated for subsequent opportunities they bring, the key is to learn from them and quickly make adjustment.
Ideas rule the world! Don’t give up!!

– Ottih, Publisher of Own Boss Entrepreneur Magazine and the Convener of Youth Entrepreneurship Summit Nigeria