Dr Henrietta Onwuegbuzie

Snr Lecturer, Entrepreneurship

Academic Director, Owner-manager Programme

The best time to

climb an elephant is

when it is

seated….so that

when it rises, you’re

already on its back

My

business is

dying

Time to

think

differently

Recession: Nigeria saved N62.8B from importation of French

fries

New opportunity

Nigeria is the 14th largest producer of tomato in

the world!

…Why do we import tomato paste/ketchup?

...This recession presents opportunities for

local entrepreneurs willing to work well

Export opportunities that create

jobs

Even Louis Vuitton would admire these

Auldon toys –Paul Orajiaka

Mission-driven entrepreneurship

Why are you in

business?

What problem can

you solve?

What need can

you meet?

The core of

entrepreneurship

is value creation

by providing

solutions to

problems and

needs of

humanity

What do these people have in common?

Objective: Survival

• Do not contribute much to the economy

• Usually suffer social and financial exclusion

Necessity-driven entrepreneurs:

Objective: Increase personal wealth

• See problems as responsibility of govt and NGOs

• Do not contribute much to the economy

Profit - driven entrepreneurs

Objective: See business as a tool to transform society

• Solve problems: Make a significant contribution to the economy

• Also create more wealth than others

Impact driven entrepreneurs

• Success and purpose driven

Types of entrepreneurs

The type of

entrepreneurs

Africa needs

Create wealth

Entrepreneurship

KFC closing in

Ilupeju, Isaac

John and Allen

closing down

Snack rack/Food truck • Giz-boli

• Boli burger

• Dundun

• Akara

• Asun

• Suya

Health benefits

of cassava bread:

Rich in Minerals-

• Calcium

phosphorus,

manganese,

iron and

potassium

• Rich in Fiber

• Gluten Free

• Rich in

Saponins

Cassava bread

No forex to import wheat?

Tiger nuts (Ofio)

Tailoring?

Stimulate sales

• Training (fee/earn-to-learn)

• Matching accessories –earrings, neck pieces, bangles

• Benefits:

• Increased capacity

• Large orders (local/export)

Bake?

Specialise/customise:

– Weight watchers

– Diabetics, cholesterol patients

– Contracts with schools –parents place orders on children’s birthdays

More made in Nigeria goods on shelves:

Fast foods:

fries – sweet

potato crisps

People are

searching for

local

alternatives

Tailoring:

School

Uniforms

Expensive

cement/falling

buildings:

mud/containers

Expensive

Kerosine:

biogas

Expensive Fast

food outlets:

mobile food

carts

Agric:

grinders/

processors

Mud house in Europe

Plastic bottle house

Container

house

…Low hanging fruits

Zobo drink (Hibiscus Sabdariffa, Sorrel)

Commonly found in Northern Nigeria

Health benefits Keeps the body’s pH

balanced Anti-aging Contains anti-

oxidants Rich in riboflavin,

vitamin C, niacin, carotene, calcium and iron

Diuretic (stops fluid retention

Calming effects Refrigerant (cooling

effect) Many children currently suffer from Attention Deficit

Hyperactive Disorder (ADHD), stimulated by unhealthy sugary drinks. Sorrel provides a healthier and more affordable

alternative

Uses: For making Wine Juices (different

flavours) Tea Spice Jelly (contains pectin

that firms jelly)

Millet Kunu Health benefits Has cancer fighting

properties

Prevents heart diseases

Reduces risk of

diabetes

Rich source of

Phosphorous and

magnesium

Recommended for

menopausal health in

women

A healthier alternative to carbonated soft drinks

Palm wine

Health benefits • Improves eyesight • Improves efficiency of

mental faculty • Contains high levels of

Thiamin and vitamin B12

• A paliative for high blood pressure, gout, malaria and other ailments

• A natural aphrodisiac • Enhances fertility • Facilitates breast milk

production in lactating mothers

Can be better packaged for export

…Instead of carbonated drinks….natural

juice

Naija Snacks

Akomolafe Kayode,

08090902808

Dankwa

Tiger-nuts

Kulikuli

Coconut balls

Value-chain of job and wealth creation

Kulikuli- made from

groundnuts

Health benefits

Contains resveratol promotes heart health and reduces risk of cancer

Rich in calcium, Iron, zinc, boron

Vitamin A,B, C and E

Niacin (antiaging), protein and Manganese

The Guardian Newspaper. Thursday 17th March 2016

Lemon grass

Health benefits Detoxification: Gets rid

of harmful toxins. Assists functioning of liver, kidneys

Antibacterial/antifungal: Clears infections in the colon, stomach and wounds

Aids digestion: Eliminates flatulence and gastroenteritis

Reduces blood pressure: Boosts blood circulation

Removes cholesterol Painkiller Anti-inflammatory

Superior to any of the Chinese teas in our markets

Herbal plants

Bitter leaf- Vernonia

Amygdalina (Ewuro, onugbu)

Medicinal benefits Stomach ache

Proper functioning of liver

and kidneys

Skin infections: Ringworm,

itching eczema

Diabetes

Arthritis

Prostate cancer

Memory loss

General weakness

Stroke

Pneumonia

Ogbono- Irvingia Gabonensis

(African Bush Mango)

Miracle natural fruit- Grown

only in West Africa

Health Benefits: Weight loss without dietary

change or activity level

• 150mg in a glass of warm

water 30mins before meals

Combats fat in a natural way

Lowers cholesterol

Regulates blood sugar

Retail price $56

www.hlifestyles.com

America’s new discovery for weight-loss locally

available in W. Africa

Moringa plant-Tree of life (Moringa Oleifera) • Ewe-Ile, Ewe igbale-Yoruba • Gawara, habiwal hausa- Fulani • Odudu oyibo, Okwe oyibo - Ibo

Health benefits: Considered the most nutrient rich

plant found on earth- contains 90 nutrients and 46 anti-oxidants (incidentally grows where malnutrition is most prevalent)

Natural antiseptic Corrects sexual dysfunctions Promotes heart health Amino acids-2,500 times > green

tea, 242 > apple Potassium-4 >carrots Fibre-4 times > oats Calcium- 14 times >milk Iron- 9 times >spinach Vitamin A- 2 times > carrots

Source: www.treesforlife.org

Other Uses: Medicinal remedies Water treatment Renewable energy-

biofuel

Commercial forms: • Sachet powder

(pharmaceutical /hospital usage)

• Edible oil • Drinks (use in apple, orange,

or pineapple drinks) • Teas

Beauty products

Highest quality Shea butter found in Nigeria Tree is native to West

Africa Benefits Evens skin tone Returns lustre to skin

and hair Rich in vitamins A, E &

F Prevents wrinkles and

sunburn Hydrates skin and hair Healing properties-

antimicrobial

ORI- Shea butter

$10 billion industry

Simple Ankara dresses

…Also for export

Economic depression: ◦ Low demand: Falling

purchasing power

◦ Inflation: High cost of production

◦ Competition leading to price wars

◦ Increased crime/fraud

Do’s Manage lean

Review operations: Involve staff

Where can we buy cheaper?

Can we aggregate purchases to get higher discounts and

lower unit costs?

What substitutes exist?

Reward cost saving ideas

What new needs can we satisfy

Do’s Revise operations:

Hire on contract especially if business is seasonal

Consider selling idle assets

Backward integration

Affordability: (monthly/quarterly rent?)

Reward good ideas: incentive for innovation

Cost effective advertising: FB, Instagram, blogs twitter

Provide attractive commissions to make full-time staff

become contract

Explore new markets (e.g. Banks-MSMEs, training)

Customer service:

Listen more to get new ideas

Create convenience

Sell solutions

Dont’s Do not be passive:

Avoid denial and communicate challenges to staff

Create awareness and consequences of inaction

Don’t over analyse:

Avoid analysis-paralysis

Avoid knee-jerk reactions:

Do not take actions that can harm your future e.g stop

training/research

Avoid panic among staff that can lead to fraudulent

actions- create awareness and hope

In an impoverished

society, a privileged

few are endangered

species

52

Train people,

empower them,

make money

Making money from it

Provide solutions

Identify a problem

Thank you

Problem

identification

Value

created

Wealth

/prosperity

Solutions/

innovation

Sustainable

development

Especially

social

problems

Ready market

assured once

the solution is

effective

Willingness

to pay

Value leads to

sustained

profit and

wealth

creation

Social

development

must grow with

economic

development to

achieve

sustainable

development

Problem No value

created

Wealth

amidst

problems

No

Solutions

Rise in

crime/No

prosperity

Problems in

the society

(e.g.

unemployment)

Focusing on

making

money

through

buying and

selling-

Problems

fester

Making

money in the

midst of

poverty

No

sustainable

development