Dear entrepreneurs,
In recent days, a trend emerged on social media that says, "We listen, we don’t judge." It encourages people to share their mistakes, bad habits, weaknesses and misdeeds knowing they won’t face judgment. I’ll say it’s been fun watching various individuals and organisations jump on the trend; it has engendered so much vulnerability amongst other things.
What If I flip the script? Yes, I want to judge you !! 😂.
As entrepreneurs, constructive criticism is crucial for growth. Would you agree with me that real growth could happen when we do judge—constructively?
Meet John, a startup founder who launched a faulty product, leading to significant financial losses including the investors’ fund. He shared his story with a mentor, expecting a pity-party. His mentor showed empathy but also gave him some feedback: "You actually bungled it, John. Next time, test your product thoroughly before launch." John's mistake became a lesson.
Imagine this: A young entrepreneur starts a business, makes every mistake in the book, but never receives feedback. Let’s face it; without judgment, there's no direction to improve. Growth is stunted. On the other hand, if someone steps in, offers a thoughtful critique, and provides advice, that's when progress begins.
Here’s what I have for you today:
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) to 27.50 per cent from 27.25 per cent as part of efforts to combat surging inflation. This is the sixth time the CBN has raised the interest rate since February 2024. In September, the bank pushed the rate to 27.25% following a drop in the country’s inflation level in August 2024. Earlier this month, the National Bureau of Statistics (NBS) pegged the country’s inflation levels at 33.88% for October 2024, up from 32.7% in September 2024. Read more
The Corporate Affairs Commission (CAC) says it has removed the names of companies that have not filed their annual reports in 10 years from its register. The commission’s statement comes more than three months after it warned the concerned companies of the looming action. More details HERE
The Bank of Industry continues to prioritize MSME growth, setting ambitious disbursement targets for small businesses. As of October 2024, BOI had disbursed N107 billion to 1.5 million MSMEs, surpassing its yearly target of N103 billion.By December 2024, the bank aims to disburse up to N120 billion, impacting over 2 million MSMEs. Read more
WhatsApp is launching a new feature that will allow users to convert voice messages into text.This feature is designed to help users follow conversations in noisy environments, while on the go, or when they’re unable to listen to audio. Check out how it works HERE
Ngozi Okonjo-Iweala, the first woman and African leader of the World Trade Organization (WTO), has been reappointed for a second term. The reappointment, announced on Friday, was reached by consensus during a closed-door session of the WTO General Council. Her current term, ending in August 2025, will now extend for another four years. Read more
Established by ARM in 2015 in honour of its founding CEO, Deji Alli, DAAYTA aims to provide young Nigerians with an opportunity to develop innovative start-up ventures that contribute to Nigeria’s economic growth. DAAYTA 2025 welcomes registered and innovative start-ups with an MVP (minimum viable product) and a customer base from essential sectors like agriculture, education, healthcare, housing, and transportation. Apply today
Innovations Against Poverty (IAP) Challenge Fund offers matching grants to businesses ready to scale their inclusive innovations. IAP also offers tailored non-financial support, including business development advice, inclusive business strategy development, and marketing, distribution, and investment readiness training. For select grantees, IAP offers matchmaking with investors and funders, including local and regional investors, as well as access to ongoing investment mentorship. Get more details and apply.
The National Business Skills Development Initiative (NBSDI) is a program aimed at increasing the number of start-ups and enhancing the capacity of existing Micro, Small, and Medium Enterprises (MSMEs). It provides tools, training, and support to help potential and current business owners thrive. NBSDI is open to unemployed Nigerian youth and existing nano businesses that want to start or expand their operations. Get more details HERE
The Stanbic IBTC Digital Skills Empowerment Programme (DiSEP) is an initiative that will provide excellent digital training, upskilling and paid certifications to a group of eligible Nigerian candidates for free. The initiative will train eligible candidates with digital skills to build their capabilities and broaden their digital scope which will give them an edge in the employment market. Get more details here.
The Allan Gray Makers Startup Academy is an 8-month incubator programme designed to provide entrepreneurship training and comprehensive support to aspiring artisan entrepreneurs aiming to establish new businesses in the plumbing and electrical trades. Check out this opportunity HERE
You can access many more opportunities HERE
Did you know that in ancient Africa, around 2000 BC, the Egyptians practiced a form of entrepreneurship known as "Shenu," where merchants and traders would pool resources and share risks to undertake trade expeditions and commerce along the Nile River?
The "Shenu" system allowed Egyptian merchants to share resources, such as goods, ships, and labor, to undertake trade expeditions. This collaborative approach helped to minimize risks, increase efficiency, and maximize profits. The Shenu system played a significant role in establishing Egypt as a major commercial power in ancient Africa
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Till next time
Ododoola, MSME Africa
