Can you be an entrepreneur?

There are people who are happy with being a worker till they retire, and there are some who likes to be their own chairperson and starts up a business. Though, it does not mean that one person trumps the other, there are lots of personality differences between the two. Really, there are personality tests available online that one can take to identify their personality characteristics and learn whether or not you have what it takes to be an entrepreneur.

Though lots of entrepreneurs differ in their style and perspective, there are some common traits that make one a successful businessman.

1. Hard working

this is a characteristic that every entrepreneur should have. Having non-stop energy to do a large amount of work and multitasking while a pile tasks here and there should be done to achieve your goals. If it suggests, work double time? Then, do work double time!

2. Positive attitude

it isn't assured that when you are into a business you'll always be good and no Problems will come, there will be issues and complications and these things are the ones that are going to shape you up to be a successful entrepreneur. Being pessimistic? There's no room for that! You want to know the way to deal with even the darkest times of your life for it would occur again.

3. Sense of commitment

Whatever you do, you should be committed to doing the absolute best you can and achieve what is predicted of you and for the business. It is tantamount to sense of professionalism, which is quite significant when you go to the outside world.

4. Goal-oriented

what good a business is, if there are no goals to live from? It is as if going out in battle without knowing what to do next. Setting up goals for your business is crucial since all of the activities revolved around the goals.

5. Passionate about reaching such goals

what good goals are if not achieved? Be sure that when you set targets, it's realistic and doable. You need be obsessed about what you do and have a thrust to keep you pushing forward to reach your goals.

6. Perseverance

Business includes lots of challenges. It's very likely that you're going to fail first time, even 2nd time, and sometimes even third time. Perseverance is the key to success here. Successful entrepreneurs try to benefit from their mistakes and never give up. Learn from PMB's struggle to be the president of Nigeria. 

To be an entrepreneur you also must have a business idea, a clear appreciation of a difficulty you are trying to solve and some system in mind how you'll take it to the market. Just having above discussed traits doesn't guarantee that you are going to be a successful entrepreneur but certainly sets you aside from others, help you face difficult challenges, and save you from falling down on your face.

Is entrepreneurship for you? I don't know. You've got to answer that for yourself. Ask yourself whether you some who likes to follow or who likes to guide, whether you like to do things your way or you mostly need guidance, whether you want to be managed or you are self-motivated. There are many such self-evaluations you can do yourself. But definitely, if you're a sort of person who likes new challenges each day, can fly in thin air, and lead without any direction; then you've a greater chance of succeeding as an entrepreneur. If you've got a business idea lurking deep within you, it's high time to try it out because that's the first thing an entrepreneur would say lets try it, let's do it.

Culled from here:http://www.nairaland.com/3116423/entrepreneurship-it

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Bank Of Industry to Provide loan for more Graduate under its YES program.

Following the turnout of applicants for its N10 billion facility earmarked for on-lending to small businesses under the Youth Entrepreneurship Support (YES) programme, the Bank of Industry (BoI) has concluded plans to expand the fund size as well as accommodate more candidates under the scheme.

Specifically, the bank noted that due to the high rate of applications received for the YES initiative, it would increase the size of the fund from the initial N10 billion, while considering an increase in the number of would-be loan beneficiaries from 1,200 yearly to 4,000 candidates.

Speaking at the assessment exercise of the initiative and inauguration of a seven-man panel to serve on the application screening committee in Lagos, BoI’s Acting Managing Director, Waheed Olagunju, noted that out of the 40,000 applications received, 15,000 or 37.5 per cent were properly completed and thus qualify for consideration for the first segment of the entrepreneurship capacity building programme which is the eight weeks online training component.

“This programme was launched in response to the alarming unemployment problem among Nigerian youths. Having noticed the huge volume of registration on the online portal of 40,000 which has far outstripped the 10,000 entries earlier envisaged by 300 per cent over the six-week period, we have come to the realisation that Nigerian youths have enormous entrepreneurial appetite waiting to be unleashed on the nation’s economy in a positive sense.

“We have therefore come to the conclusion that we should provide more opportunities for the youth by increasing the number of would-be loan beneficiaries from 1200 to 4000. Efforts would be made to ensure a fair distribution of the beneficiaries in consonance with the proportion of entries received from the six geopolitical zones”, Olagunju added.

Minister of Industry, Trade and Investment, Dr. Okechukwu E. Enelamah, while inaugurating the committee, commended the bank for the initiative, saying, “I am quite satisfied with the implementation of the YES-Programme thus far, considering the calibre and quality of the facilitating institutions. The candidates’ screening and evaluation process are transparent, merit-based and in line with global best practices.

“The synergy created by the consultants working in concert with BoI’s in-house team, will undoubtedly manifest in the quality of young entrepreneurs that will be produced under the programme.

“The import of the overwhelming response by our youths to the YES-Progammes is a manifestation of their desire to take control of their destinies via the entrepreneurial route by being self –employed. It is therefore apparent that the earlier envisaged 1,200 would-be loan beneficiaries would fall far short of the yearnings of the aspiring young entrepreneurs.

“I would like to assure our youths of Federal Government’s absolute commitment to its financial inclusion programme. Government will endeavour to meet the aspirations of youths by providing the support needed by BoI to successfully implement the YES-programmes”.

Members of the application screening committee include the Acting Managing Director, Waheed Olagunju, Executive Director, Financial Inclusion, Mrs. Toyin Adeniji, Divisional Head, SME (North), Abdul-Ganiyu Mohammed, Divisional Head, SME (South), Umar Shekarau, and three other eminent members made up of successful entrepreneurs, professionals, retired bankers, SME consultants.

We talked about this YES program when it was launched last year, I believe this of us that have applied for it are now happy to know that it would accommodate more beneficiaries 

Bank of Industry launches loan program for small businesses

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Nigerian Graduates will have to sacrifice their certificates to get access to CBN small Business loan.

Good news! the central bank of Nigeria have just come up with a loan program for those interested in setting up small and medium businesses in Nigeria, the news is a welcomed one but it has its conditions which is, only those who are in possession of some form of certificate from recognized Nigerian tertiary institutions and those who have a "O" level certificate can benefit from this program.

these are the conditions for getting the Loan as stated by CBN:

The central bank recently came up with a Micro, Small, and Medium Enterprises fund to allow for new businesses to borrow from the fund as start-ups in a bid to create new jobs and curb unemployment.

"this is a new and recent development as it is targeted at the teeming number of unemployed young Nigerians, in the past to get access to such a loan you would need to already have an existing business but however the new guideline released by the Nigerian apex bank CBN have removed this limitation.


   “PFIs are expected to accept charge on fixed and floating assets of the financed projects as collateral for start-ups. Collateral requirement from start-ups by PFIs (DMBs and DFIs) shall be educational certificates such as SSCE, National Diploma (ND), National Certificate of Education (NCE), National Business and Technical Examination Board (NABTEB), Higher National Diploma (HND), University degree (NYSC Certificate where applicable) and a guarantor. "


“The start-ups to access the MSMEDF must present their Bank Verification Number (BVN). Venture Capital Firms (VCFs) that wish to finance start-ups in form of equity participation shall be eligible to access the MSMEDF at 2.0 percent for investment in start-up projects. The collateral for such facility to the VCF shall be bank guarantee. “Incentive shall be offered to PFIs that repay loans as at when due. a) Start-Ups (i) DMBs/DFIs playing in this space, shall access MSMEDF facility at zero percent interest for on-lending at 9.0 percent (all-inclusive) to start-ups. (ii) The PFIs shall qualify for a 50 percent risk shared on the net outstanding balance in the case of default. b) Other Incentives Microfinance Banks with PAR of 10 percent and below shall be exempted from providing financial assets as collateral to access facility under the MSMEDF.”


you ask me steve what do you think? should i use my Certificate as a collateral for a loan? what if my business idea does not work?

well what i think is, if you cannot responsibly manage your business and repay the loan given to you for start up then you have no business looking for a job in another man's Business.

we actually announced last year that the CBN governor was saying something about small business loan during the 7th annual bankers retreat, well this is the much awaited program it is a very attractive loan scheme if you ask me but na only few die hard enterpreneurs like me go fit get mind drop certificate for ground use carry loan enter business.

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