Monday, 12 May 2014

7 Reasons Entrepreneurs Love Owning Their Own Businesses Revealed In A New Article by Hometown Values

Hometown Values, a Seattle-based coupon magazine, recently published an article explaining the top seven reasons that entrepreneurs enjoy owning and operating their own businesses.
Seattle, WA (PRWEB) May 09, 2014
“Being your own boss allows you to create a culture and a brand for your own organization,” says Hometown Value’s recent blog article on the top seven reasons entrepreneurs love operating their own business. “Building from the ground up with your bare hands will give you a new conviction, inspiration and determination to succeed and be proud of what you've accomplished.”
The article lists seven reasons that self-starters experience a vast degree of fulfillment from owning and operating their own businesses. According to the article, “There must be some reason that an average of 543,000 new businesses are founded each month.”
The ability to set one’s own destiny, be in charge of one’s own company, and find the perfect work/life balance is incredibly appealing to individuals who have always worked for an upper level of management.
Not only that, but entrepreneurs are also able to maximize their profit margin by working harder, faster, and smarter, and finding creative ways to minimize expenses. Entrepreneurs are also personally in charge of hiring employees for their own business, which conveniently allows them to choose their own co-workers.
The final reason the article cites as a motivation for beginning an entrepreneurial endeavor is the ability to give back to the community.
According to the article, “Ask any entrepreneur you know why they love owning their own business, and we guarantee one of the first things out of their mouths will be the opportunity to connect with their customers and their community.”
Rather than being cooped up in an office cubicle on level 9 of a high rise building, entrepreneurs operate locally and are able to be actively involved in the lives of their customers.
About Hometown Values
Hometown Values is a Seattle-based coupon magazine that connects local business with interested customers. Their abundance of coupon opportunities range from numerous types of products to a vast array of services, and their new mobile app makes their magazine widely accessible to customers on the go. Individual looking to start a business can take advantage of Hometown Value’s unique business opportunity and sell advertising packages to local businesses.

Culled from Virtual Strategy Magazine

The 10 Most Shockingly Untrue Entrepreneurial Myths, Exposed

A central theme in the entrepreneurial world is challenging the status quo and questioning conventional wisdom in search of new and better ways of doing things. After all, if you’re just going to follow the pack, you may as well just get a real job and call it a day.
That’s why nothing raises the hairs on the back of my neck more than everyone moving in lockstep to the same drumbeat. When a thousand shrill voices tell you to do the same thing, that’s a sure sign of groupthink. It’s also a good time to get some earplugs and do some critical thinking.
Today, there is a pervasive and nearly deafening mantra insisting that you quit your job and become an entrepreneur. The collective says you should do it today because every day you wait brings you closer to a life of poverty and regret.
But that’s simply not true. The idea that you can’t have a fulfilling career, be remarkably happy, and even get rich working for someone else is perhaps the most ludicrous, disingenuous, and irresponsible myth I’ve ever heard, and I’ve heard a lot.
Don’t get me wrong. Entrepreneurship can be incredibly rewarding. Starting your own business may be the best decision you ever make. But it’s not for everyone. There’s a lot to consider before you take the plunge and a lot of myths to expose, starting with these.
Myth #1: It’s the only way to get rich. One article I read argues that, because the world’s top billionaires are entrepreneurs, that’s the only way to get really rich. There’s simply no data or logic to support the premise that any given person will make more money running their own business. Also, did you know that Microsoft created some 10,000 millionaires? Something to consider.
Myth #2: You should follow your passion, not the money. Yet another article says money isn’t everything and you should follow your passion. That is true, but who says you can’t do that working for someone else? Most entrepreneurs actually find their passion while working for others. That’s the best way I know to gain exposure to opportunities.
Myth #3: You’ll be happier. Last time I checked, the question of what makes you happy is entirely up to you. Most people are actually happier without the headaches, risks, burdens, hurdles and uncertainty of having their own company. Maybe they’re less happy now that everyone’s making them feel guilty about it.
Myth #4: You won’t have a boss. Wrong. Everyone has bosses. CEOs answer to their boards of directors, customers, and shareholders. Entrepreneurs also have to answer directly to regulators and bureaucrats at the federal, state and local level. Trust me, they can be pretty bossy.
Myth #5: You’ll have more freedom, control and work-life balance. If you’re on your own, chances are you’re going to find yourself wearing all sorts of hats and working 24x7 for a very long time. Work will become your life. There’s nothing wrong with that, but not everyone feels more freedom and control that way.
Myth #6: Corporate America is evil. Here’s something I bet you’ve never considered: Every corporation – even big ones like Apple and Intel – started out as somebody’s small business. So what’s the difference? I had a fabulous career working for companies big and small in the high-tech industry. So have thousands of people I’ve known over the years.
Myth #7: You’ll be more fulfilled. You know what just about everyone loves to do? Great work that accomplishes goals they can be proud of. You can do that working for a big company, a small company, or your own company. Fulfillment has nothing to do with business ownership. If you want to manage, lead, or run a business, you’re better off learning the ropes in a good company before starting your own.
Myth #8: There are no jobs; technology and outsourcing killed them all. Shockingly untrue. If technology destroyed jobs, then what do you call the most lucrative and fastest-growing industry on Planet Earth? That’s right: technology. If you can’t find a job, chances are you lack in-demand skills or education, in which case, yes, you might want to consider starting a small business.
Myth #9: The middle class is dying. Maybe that’s true, but what’s that got to do with you, me, or anyone else? If the assumption is that, by working at someone else’s company, you’re destined to live hand-to-mouth, I can just as easily argue the opposite is true. Web 2.0, for example, squeezes entrepreneurs while employees at big companies like Google, Apple and Facebook make beaucoup bucks.
Myth #10: Quit making excuses; just do it now. If you’re struggling with the decision, there might be a very good reason for that. Maybe it’s not a well-informed decision and you feel you’re being pushed into it. Or maybe the timing isn’t right or you don’t have enough cash stashed away to survive. If your gut tells you not to do it and your instincts are usually right, you might want to listen.
Funny thing is, every article and book I’ve come across that tries to push people into entrepreneurship regardless of their circumstances was written by people who got their start working for others, didn’t quit their day job, were just plain lucky, or were so talented or well-educated that they would have made it no matter what they did.
Look, what you do with your career is your own business. Make it your business to make an informed decision. Do what’s right for you, when it’s right for you. Have faith in yourself. Everything will work out fine.    

From Entrepreneur

Friday, 9 May 2014

How African entrepreneurs are bringing power to the people




I see huge promise for growth in sub-Saharan Africa. The region is home to six of the 10 fastest growing economies in the world. A majority of Africans will belong to the middle class within a generation. There is enormous potential for development to accelerate rapidly.
Despite this potential, I remain struck by the contradictions and counterforces that are working against growth. Without electricity, clean water and basic healthcare, the talented people who will facilitate responsible, sustainable economic growth cannot do their job and may seek opportunities elsewhere. Nairobi, for example, is home to booming tech communities like iHub, which provides a base for start-ups and entrepreneurs to collaborate. Still, 60% of Nairobi's population lives in slums, lacking access to basic sanitation and electricity.
African companies are tackling many of these challenges. Afrisol Energy, a four-year-old Kenyan company, is looking to turn waste into fuel that can power Nairobi's slums and rural neighbourhoods. The bio-digesters it is developing will both alleviate sanitation problems and generate the electricity that will allow school children to read after dusk or clinics to refrigerate vaccines.
Afrisol's work is symbolic of the inventiveness and entrepreneurial spirit that drives people to overcome structural barriers and unlock growth potential. The company was one of the winners of an innovation challenge launched by GE and the US-Africa Development Foundation that awarded funding to businesses working to bring sustainable, renewable energy technologies to underserved markets. Afrisol was one of more than 150 entries, a fact that showcases how many African companies are innovating to solve the region's challenges – and a gaping power deficit is one of the biggest of all.
There are challenges. In sub-Saharan Africa, 74% of the population have no access to electricity. Power inefficiencies cost the region $3.2 billion annually in lost productivity, while consumption is only one-tenth of that found elsewhere in the developing world. This means that it takes an Ethiopian two years to consume the amount of energy an American or European uses in a matter of days.
African countries can build sustained and inclusive economic growth by increasing access to, and the reliability and affordability of, power. The good news is that governments are working more and more with businesses to make universal access to electricity a reality; initiatives like the deregulation of the energy sector in Nigeria are paving the way for more partnerships and a market-based environment that will attract private capital to supplement government investment.
My company, GE, is involved in several of these initiatives, pledging to jointly develop 10 gigawatts of incremental power with the Nigerian government over the next decade. To put this in context, the entire country presently has about 15 gigawatts of power connected to the grid to serve its population – only four of which are actually produced. Our commitment would increase the installed base by more than 60%, making access to electricity possible for millions more Nigerians. We are also committing to support projects in Ghana that will provide 1.3 gigawatts of additional power, and as one of the founding partners for the Power Africa Initiative, we committed to help bring online 5 gigawatts of additional electric generation capacity, in cooperation with the initiative's government and other private sector partners.
The opportunities for Africa to lift itself out of energy poverty are right in front of us. While grid infrastructures, where they do exist, are burdened with enormous demand and still leave 600 million Africans unserved, distributed power offers a solution. Distributed power systems can bring electricity to off-grid communities while improving waste management practices and minimizing greenhouse gas emissions.
Gas-to-power initiatives are another way to make power available to people who need it. Despite the region's gaping power deficit, it is endowed with over 400 TCF of gas reserves; Nigeria has among the largest gas reserves in the world. Bringing these stranded assets "online" will help meet the urgent demand for electricity and provide an alternative to diesel in low-income countries.
The barriers to powering communities and cities across the continent are increasingly becoming less physical, but more procedural. Technology solutions like virtual pipelines – which use compression technology to transport "containers" of natural gas – make it possible to take advantage of stranded gas resources long before physical pipelines are in place. We need to solve how to finance energy projects, how to agree to contracts more efficiently, and how to properly price gas once it is brought to market.
All of this takes both financial and human capital. When financial investments are connected with the best entrepreneurial talent on the continent, the kilowatts will flow to places they have never been before. Conversations about sustainable growth models, improving standards of living, and reducing wealth disparity will take on a new meaning, with demonstrable results. Governments, companies and the confluence of public and private capital will all be part of an equation in which the whole can be greater than the sum of the parts. This is a future that will no longer be limited to our imaginations, but that becomes a reality.

By John Rice, Vice-Chairman and President & CEO, GE Global Growth & Operations

From All Africa

Gbenga Sesan collects Social Entrepreneur of the Year award at WEF on Africa


Gbenga Sesan collects Social Entrepreneur of the Year award at WEF on Africa

Gbenga Sesan, executive director of Paradigm Initiative Nigeria (PIN), has recognised at the ongoing World Economic Forum (WEF) on Africa in Abuja, Nigeria after being named one of the winners of the Social Entrepreneur of the Year award.
HumanIPO reported last month Sesan was one of seven Africans from Nigeria, Ghana, Tanzania, Kenya and Mozambique to be declared winners of the Schwab Foundation’s Social Entrepreneurs of the Year 2014 awards.
Sesan was recognised for PIN’s drive in the fight against cybercrime in Nigeria.
“One of PIN’s innovative programs is TENT – an in-school programme that helps university students develop and launch ICT-related business plans upon graduation,” WEF said in Sesan’s citation.
Sesan wore a t-shirt with #BringBackOurGirls printed on it, calling the attention of the Nigerian government to the plight of over 200 missing girls in northern Nigeria.
Sesan said: “This is both a pat on the back for the work that the PIN team did with 12 people working in Abuja and Lagos Nigeria, and a call to do more. None of these milestones would have been possible without the support of our board or the commitment of our partners. This goes to appreciate them really.”
The other African winners were Patrick Awuah of Ashesi University (Ghana), Ashifi Gogo of Sproxil (Nigeria), Martin Kariongi Ole Sanago of Institute for Orkonerei Pastoralists Advancements (Tanzania), Jay Kimmelman and Shannon May of Bridge International Academies (Kenya), and Allen Wilcox of VillageReach (Mozambique).
Hilde Schwab, chairperson and co-founder, Schwab Foundation for Social Entrepreneurship, Switzerland said: “Social entrepreneurs are the driving force behind innovations that improve the quality of life of individuals around the world, and they represent an integral and dynamic community of the World Economic Forum.”
The award presentation ceremony had in attendance the presidents of Nigeria and Rwanda, Africa’s richest man Aliko Dangote, and several other dignitaries.

From Human IPO

WEFA: Elumelu Advises Global Shapers to Embrace Entrepreneurship

B1607212-Tony-Elumelu-.jpg - B1607212-Tony-Elumelu-.jpg
Mr Tony Elumelu
The Chairman of Heirs Holdings and Tony Elumelu Foundation, Mr. Tony Elumelu, has told Global Shapers at the SHAPE Africa 2014 that young people need to embrace entrepreneurship, saying it was important to the growth of the continent.
Elumelu, who made this known during the World Economic Forum’s SHAPE Africa 2014 event, also disclosed that being a CEO at a very young age was one of his greatest challenges as there was lack of trust from people.
He told Shapers that at the young age of 34, he and a group of like-minded friends took over an ailing bank and within 15 years turned it into a regional banking powerhouse with branches spread across the world. 
He stated that because they were so young and had a vision to revolutionalise the banking industry, some referred to them at the beginning as Cowboys.
According to him, “banking is a trust business. When you are called a Cowboy in a trust business, you know already there is a problem. The biggest challenge when we started was that we were so young.”
He further stressed that entrepreneurs had more chances if they embark on long-term projects as long term plan should guide selection of investors in their business, adding that a key success factor for entrepreneurs is to scale up in phases.
He continued that the Tony Elumelu Foundation was putting together a platform that will impact 1,000 entrepreneurs across Africa as the continent needs to step up and develop the natural resources that lies within.
He further said: “If we move away from investing in the short-term to the long term, we will create a better Africa. Entrepreneurship is very important to the growth of Africa. It is a call on the Private Sector to impact on their immediate community.”
Elumelu told Global Shapers that the private sector can make money and create social impact at the same time. He pointed out that while they grew as a bank, they impacted the lives of both the people and the communities in which they operated. 
Emphasising the importance of hard work and focus, he added from the outset they had a long term plan to turn the bank into a Pan African Bank and because they were focused, they realised their vision and turned the bank into one of the top two banks in country within 15 years.

From ThisDay Live

Sierra Leone News: Fadika is Africa Entrepreneur of the Year


Sierra Leone’s businessman and philanthropist, Gibril Moseray Fadika, has been awarded among foremost entrepreneurs in Africa, alongside distinguished regional and global figures. Gibril Moseray Fadika is a recipient of the recent Africa Economy Builders Award, the fifth edition of which was held in the Ivorian capital, Abidjan on April 30, 2014.

Mr Fadika is Executive Chairman of AML Sierra Leone, a subsidiary of AML Limited, where he also serves as Executive Director; a co-founder and Non-Executive Director of African Petroleum and Pan African Minerals Limited with a cumulative investment portfolio of over 3.1 billion United States dollars in Africa.


With promising investments in iron ore, oil and gas and related resources in nine West African countries among them Sierra Leone, Ghana, Ivory Coast, The Gambia, Senegal, Burkina Faso, Liberia and Niger, Mr Fadika has provided jobs for over 10,000 youths in the region.

The Africa Economy Builders Award has been equated to the America Business Awards, the Canadian Business Network Awards, the Greenworks Gala in Luxembourg and the French Business Council Awards.  


Mr Fadika was decorated alongside such global laureates as Rosa Whitaker, a former US diplomat under Presidents Bush and Clinton and one of foremost experts on Africa trade; founder of the Whitaker Group – a consulting firm with US$ 3 billion in trade; and the Vice Chair of the Executive Board of Mercy Ships. Also was Chichi Maponya, the Chairman of Brand South Africa, who is also the CEO of Maponya Group and a recipient of Business Woman of the year in 2008/9, as well as the likes of Ghanaian born Sir Samuel Esson Jonah, KBE, OSG, who was knighted in 2003 by Her Majesty, Queen Elizabeth II of Great Britain. 

“You will get this Award for your entrepreneurial success and the significant contribution of your company to the economic growth of Sierra Leone and Africa”, the organizers said in a December 17, 2013 letter addressed to Mr Fadika, breaking the news and inviting him for the ceremony.   


That honour, for being one of the best builders of the continent’s economy, came just weeks after the Executive Chairman of AML (SL) Limited was deservedly given the Civitan Award for his exemplary good citizenship, dedication and immense contributions to individuals and communities across Sierra Leone. Civitan, a US based charity, is an international organization with a worldwide mission to build good citizenship and it is dedicated to serving individual and community needs with emphasis on helping people with developmental disabilities. 

On February 22, 2014 Mr Fadika and his African Minerals (SL) Limited were chosen, out of the many Sierra Leonean entrepreneurs and businesses respectively, to be celebrated by the Sierra Leone Chamber of Commerce, Agriculture and Industry for being the lead businessperson with the fastest iron ore mine developer in West African and the biggest investment contributor to the country’s GDP.


The citation reads: “This award is given to African Minerals (SL) Ltd in recognition of its unparalleled corporate leadership demonstrated in successfully developing a world class mine, its outstanding contribution to the economic and social life of its employees and communities in which it operates, its immense contribution to the country’s economy and for setting a stellar example in implementing its corporate social responsibility scheme”.

In his humble but gracious communication to tell the board, management and staff of the company of the recognition, the Executive Chairman, wrote: “I am very pleased to report to you that out of all the mining companies and industries in Sierra Leone we have been selected as the best mining company in Sierra Leone by the Sierra Leone Chamber of Commerce, Industry and Agriculture for 2014. We have been able to achieve this distinguished accolade due to your support commitment and that of the board and shareholders”.

He added: “Furthermore I am also pleased to report that I have been nominated and voted for an award as one of the best builders of the African economy in Abidjan for what has been described as entrepreneurial success and significant contribution of AML to the economic growth of Sierra Leone and Africa”.

Three prestigious awards under six months in 2014 speak volumes of the steady progress in the effort of any determined and successful person and business anywhere in the world, said one of his aides. He added that, “these recognitions are either complementary to or are in themselves complemented by the steady socio-political and economic gains of Sierra Leone since 2002”.

From Awareness Times

Thursday, 8 May 2014

How To Handle Negative Customer Reviews



It’s inevitable. You’re going to at some point receive a negative customer review. Even if you’ve done everything by the book, it only takes that one bad experience to ruin your flawless record of positive feedback. Of course, you may be thinking that just because one person has nothing better to do than nitpick, it won’t really affect business, right? Wrong.
Research has proven that “80% of people have changed a purchase decision due to a bad review they saw.” That’s a fairly significant stat, and that’s putting it lightly.
Just follow the following suggestions and you will be able to perfectly navigate your way out of those tricky negative customer reviews.
Have a Plan of Attack
Before you can handle any negative customer reviews, you should have a plan in motion on what to do if this happens and how to prevent customers having a bad experience. But, that’s a vague and broad area to focus on. Where’s a good starting point? Typically, according to MarketingProfs, these are the areas you should be keeping tabs on:
  • Dominant Search Engines - attempt to have your brand rank highly and make sure that all information is correct; having first page results can establish authority.
  • Brand Monitoring - use tools like Google Alerts, Social Mention, Hootsuite or Spout Social to be aware of when people are talking about your brand.
  • Perfect Social Media - find the social media outlet that best fits your brand and reaches your audience effectively and maintain that network as best as possible.
  • Highlight Reviews and Recommendations - don’t be afraid to showcase both the positive and negative comments.
  • Customer Service - this can make or break a business, make sure that your customer service is top notch by being timely, polite and helpful.
  • Negative-PR Management - discuss with your team how to handle every scenario possible so that you are not caught off guard; regardless of the situation use that stellar customer service of yours to at least acknowledge the problem or concern until it can be resolved.
  • Brand Advocacy - thank your loyal customers by asking for their feedback, inviting them to an event or offering some sort of incentive that will make them speak highly of your brand.
Now that you have a game plan, it’s time to break the film down and discuss how to handle those negative comments.
Be Familiar With the Culture
Where are your reviews or comments coming from? It may not sound like a big deal, but each culture is different, which means your response will vary. For example, you could have a follow-up call with a customer. This may not work in all fields, but think about the businesses that have followed-up with you in the past. Not only did it make them stand out, it showed that they cared about their work and wanted to make sure that you were satisfied. This connection can go a long way to establish trust and a repeat customer, or at least someone who would recommend your brand.
As for online reviews, you have to remember that not everyone leaving a review is out to harm your business. Someone could leave a comment on your preferred social media network because there was a legitimate issue. In fact, this person may be a repeat customer and was only bringing the issue to your attention. The same could be said of someone leaving a comment on your website or blog.
Then there’s review sites like Yelp. While a lot of people turn Yelp for advice, you have to understand that most of the people leaving reviews are people who enjoy making recommendations. Again, not everyone is is out to get you. However, the reviews on Yelp may be coming from a first-time customer who is sharing their first impression of your brand with a dedicated community.
Understanding where the comments are coming from, like Yelp, Trip Advisor, social media or your blog, can help you understand the concerns of those customers and how to handle them in the right manner.
Don’t Ignore The Negative Comments
No matter where the comments are coming from, you just can’t ignore them. While we’re not saying that you have to publicly respond to each comment, you at least have to acknowledge that person, such as sending them an email to resolve the matter if you don’t want to make this open to the public.
When responding to comments, make sure that you take the high road. Don’t follow in the footsteps of the epic breakdown behind Amy’s Bakery. Be polite, apologetic (if you are at fault), share your side of the story and figure out how to make the customer happy. While you may be offended initially, there’s a good chance that you were wrong in the first place, so make amends.
Of course, there people who like to stir up trouble. You may not be able to win with those kind of people, but others can tell if that is a troll, so don’t keep engaging them. Regardless of the situation, however, you should at least send out a one-time response that informs others that you are listening and do care about customer satisfaction. And, if you make good, that individual may go and change their comment or share an update that places you in a more favorable light.
Here’s one final tip when responding to negative comments; match the response to your brand or the situation. Take Taco Bell, for example. Overall their social media campaign is fun and lighthearted, so when people do have a snarky remark, Taco Bell offers a witty comeback. But, when things get serious, Taco Bell delivers the appropriate response.
Make it an Educational Moment
Sometimes we can learn from a major mishap. It may be embarrassing or hurt business a little, but in the end, it will make you stronger. For example, let’s say you have a restaurant, cafe, etc. and you switch to a new brand of seasoning and your customers have begun to leave comments noting the difference. You notice these comments and figure out that the new brand isn’t as good as the previous seasoning and you switch back. What do you think will happen? We best customers will pleased that you made the change.
Of course, there are a million other scenarios. Perhaps the delivery service you use is unreliable. Maybe that Groupon experiment was too much for your business to handle. Whatever the case may be, you learned a lesson. And, most importantly, you made the adjustment to correct the problem.
However, you also don’t have to wait for a serious PR moment to occur. You could learn from the experiences of others. Take some time and view examples of what not to when handling negative comments, like the aforementioned Amy’s Bakery. And, what some of the pros have successfully done, like what photographer RJ Hidson did on his Google Plus page.
Ask For Positive Reviews or Help
Instead of sitting around and waiting to defuse any negative comments that may come your way, be proactive and ask for your customers to leave some positive feedback. You may even be surprised that many happy customers will be more than willing to share their good experiences with others - 78% of customers actually. In fact, these customers may be, or become, brand advocates who will do what they can to help expand your brand. And, don’t be shy about promoting those positive comments - just don’t overdo it.
Just keep in mind that when receive positive comments that you respond as well. A simple “Thank you for the comment and your support” will work just fine. This keeps the conversation going and makes it visible. So, if that customer has their friends and family see the positive comment and conversation, that could influence their decision to give your product or service a try. In fact, about 86% of people have their purchasing decisions influenced by friends and family.
Finally, if you notice that you’re being harassed by negative comments, don’t hesitate to reach out to the review site. It may be a long process, but at least you’re taking the issue out of your hands. If you are in control of the comments on your website or blog, you may consider removing comments that are hurtful, offensive or factually incorrect.
Have you gotten any negative customer reviews? If so, how did you handle the Situation

By: John Rampton