The pact was signed by the President of ECOWAS Commission, Kadre Desire Ouedraogo, and Chief Executive Officer of the NEPAD Planning and Coordinating Agency Ibrahim ASANE Mayaki at the African Union (AU) Secretariat in Addis Ababa, Ethiopia.

The facility which was provided by Spain through NEPAD-Spain Fund for empowerment of African women; will be implemented for two years.

According to Ouedraogo, the business incubator project is aimed at eradicating poverty and contributing to economic empowerment of women. He noted that the project will also provide capacity building, technical assistance and financial support to emerging rural women entrepreneurs, who face constraints that make it difficult to sustain their businesses.

This will be done by providing grants for rural African women with business ventures in agriculture. ECOWAS said the incubator project will provide a guarantee fund for rural women entrepreneurs in Africa so that they can receive support from banks and financial institutions in the areas of loan processing of agricultural produce and market for the sale of this produce.

The Common Market for Eastern and Southern Africa (COMESA) and ECOWAS are the two regional economic communities leading the implementation of the project. The project will be tested in Burkina Faso and Sierra Leone, and if successful, extended to other member states of the community.

“The proposed business incubator project is, therefore, a regional strategy to enhance economic opportunities of rural women within ECOWAS countries,” Ouedraogo explained.

The project is intended to support initiatives in economic capacity building for women, promote rural entrepreneurship and develop agricultural resources.

Ouedraogo asserted that the commission as the implementing authority for the project, would use its existing close-working relationship with institutional structures in member-states to ensure that the business incubator not only meets a variety of economic, socio-economic and policy needs, but to also secure the commitment of the community to ensure sustainability of the project.

He affirmed that one of the most demographic phenomena facing many countries in West Africa is the predominant representation of women in agriculture and other rural industries, with women producing more than 50 percent of food.

Meanwhile, the Ambassador of Spain in Ethiopia, Miguel Fernandez-Palacios, who was present at the signing of the agreement, commented that the implementation of the project is a new proof of Spanish commitment with African continent to empower women as well as improve on their situation in all fields by promoting gender equality, increase their capacity and autonomy.

In a related development, Nigerian finance minister, Ngozi Okonjo-Iweala and African Development Bank (AfDB) Donald Kaberuka, will be addressing participants at the Second African Women Economic Summit, in Lagos, Nigeria.

The program will run from the 12th – 14th of July.

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Today’s post is borne out of my experience as an employee with two different entrepreneurial-type organisations. Both had one singular trait in common – they both believed they could start a business from the very scratch and beat the market-leaders in their line of business hands down in a short term (say 6months to 2 years). The 6-month term is similar to the ‘probation period’ given to new employees.

Did I hear you say, it’s not the same for businesses, is that possible or that it’s too early a time to judge the success of any start-up business? I thought so too but the two businesses under my review gave an opposite picture. How do I mean? Please stay with me.

The following 3 reasons taught me otherwise:

They started their business based on mere mental projections: The MD for both businesses were part of a successfully run business and felt they had worked to a point where they could start their own businesses and they resigned. This decision was based on a mental projection that once they start it would be smiles all the way to the bank. But, the hard reality of this assumption soon became evident to them. Please, contemplating starting a business? Please never start a business based on mere mental projections alone, do your homework!

They started with the hope to cut overhead cost to the point of cutting short their survival: Yes, I choose my words correctly, it was not an error. There are a few overhead cost of doing business that are non-negotiable and holds irrespective of the line of business. But you cannot operate minimizing these cost even to cutting down the essential operational costs that are must have!

They started with the hope of running the business on a ‘me-mentality’ and forgot business continuity: When you build a business on a ‘me-mentality’, every part of the business runs on you alone, without you moving nothing does. While this maybe beneficial at the early stage of a start-up, it becomes a minus on the long run. Only businesses that are built on structure outlast those that are not!

The above views are based on my experience and I’m not sure if anyone shares my view in any way or at best has a different view. Please do well to drop it in the comment section.

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By Elton Plaatjes

VENTURES AFRICA – Milton Snavely Hershey - born September 13, 1857, shortly before the American Civil War, on a Derry Township farm located in central Pennsylvania, is someone most people may not know, but this story is phenomenal and inspiring.

Milton Hershey had little formal schooling. He attended at least seven schools due to his family moving from their original home in Derry Township to Lancaster County. His education was sporadic and disjointed and as an adult Milton was self-conscious regarding his limited formal education. Despite his phenomenal success without the benefit of a good education, he made many provisions to provide the children of his community with quality schools and opportunities for learning.

Africa in many regards is seeking willing and able young entrepreneurs (and there are a few to mention) to change the face of our economies. As much as what we cannot borrow skills and vision, the concepts and understanding of what made the fore fathers great, can appreciated through a glimpse of their insight and application of brainpower.

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Twenty-three year old entrepreneur, Stephen Manzini, who is also the organiser of the event said that there is no better place to hold a fashion show in South Africa than in Soweto.

“You walk around Soweto, you see creativity everywhere,” he says.

A fashion blogger, Mahlatse James, says the fact that Manzini did not impose on the designers to show extensive collections or charge them to take part, gives struggling designers the chance to show their work to boutique owners and potential investors.

“Creatives from Soweto do need their own platform,” James said. “If the other fashion platforms cannot afford them that, they have to create their own.”

Although Manzini agrees that the name -Soweto Fashion Week- is an ambitious title for his three-day showcase of 16 designers, he is confident that with time the event will grow to a full week and give many more designers an opportunity. He hopes to start his own business distributing designs that will first take the catwalk this week.

Prior to the beginning of the fashion show, rehearsals were held in the parking lot and garden of a modest apartment borrowed from a tailor friend, in a northern Johannesburg neighborhood.

“We refused to be stopped because we don’t have funding,” said Manzini, who raised 60,000 rand (about $7,500) from churches, business people and other sponsors for the event. His mother, a nurse, tapped her contacts and acted as chairwoman of the event, and is someone off whom he could bounce ideas, Manzini said.

Soweto has long been known for its quirky sense of style, with designers splashing bright colors and urban sensibilities on everything from the latest silhouettes on European runways to reworkings of the dapper suits Nelson Mandela wore when he lived in the township in the 1940s. The older Mandela is best known for his relaxed but colorful shirts. But as a younger man, the son of a royal family was a political celebrity in Soweto, and dressed the part.

“The style that Nelson Mandela rocked in his day,” and other looks from the 1940s and 1950s are popular among Soweto designers, said fashion writer James.

The show is set in one of modern Soweto Hotel, which is also a sponsor of the event. It provides a classy stage with a reminiscent history as it sits on the square where, in 1955; South Africans of all races gathered to adopt the Freedom Charter, which proclaims:

“South Africa belongs to all who live in it, black and white.” Freedom Square is now a national monument. One of the designers exhibiting on the show, 29-year-old Tebogo Lehlabi, said “It’s a great opportunity. It’s a long time coming. There’s a lot of talent that’s going on in the townships.”

Lehlabi, who comes from another Johannesburg township, Alexandra, has never before participated in a fashion week. She said she had not been confident enough in the past to seek such a showcase, but now hopes that boutique owners will see her designs in Soweto and seek her out.

Image via The event

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The study on Chief Okundaye’s business is an intriguing case of a social enterprise inspired by the difficult experiences of an entrepreneur who, in spite of her sufferings, was willing to share the little she had to lift others out of poverty.

Case studies are used by business schools to illustrate real-life scenarios for teaching management in the classroom.
“In today’s increasingly capitalist society, the case shows that doing good can still lead to doing very well financially. It testifies that creating social value can precede or go along with wealth creation as opposed to the common belief that amassing wealth should always come before doing good,” she said.

“Today, this entrepreneur owns and manages the biggest art gallery in all West Africa”, Onwuegbuzie said.
Henrietta is also the winner of the 2010/2011 Emerald/ALCS African Management Research Fund Award – “Achieving Sustainable Development through Indigenous Innovation and Entrepreneurship.” Her areas of interest include strategies for entrepreneurial growth in developing countries. She is also on the Governing Council of the African forum in Brussels.

The study contributes to the knowledge of entrepreneurship in Africa and Nigeria in particular. It was also presented by Onwuegbuzie in January this year, at the United States Small Business and Entrepreneurship conference (USASBE, 2012) in New Orleans.

As a reward, Onwuegbuzie, Adomdza and Ogola are awarded US$1,500 .

Michael Goldman with the case study “Growing the Mama & Papas brand” emerged the first runner-up with the sum of US$1,000 while Dr. Ellinami J Minja with the case study of “The Umoja Fund Collective Investment Scheme: Preparing for the End of Lock in Period” won US$500 as the second runner-up.

The next competition will be launched in December 2012.

Image via thestephansinnaija

The post “Nike Davies Okundaye: Building A Family Enterprise” Wins 2012 Emerald And Association Of African Business Schools (AABS) Case Study Competition appeared first on Ventures Africa | .

The seminar, which was formerly tagged “MTN motivational Series” but now rebranded to “MTN Leadership Series” is open to MTN subscribers under the age of 40.

According to Mrs Funmi Omogbenigun, MTN General Manager on Corporate Communications, the seminar was repackaged to bring more value to MTN customers and the general public. She said the seminar is part of MTN’s commitment to empower and enrich the lives of its customers, especially the youths.

MTN, Nigeria’s biggest Telecom network, has in the past four years successfully brought in renowned speakers like Chris Gardner, David Plouffe and Les Brown to speak to budding entrepreneurs in Nigeria on how to be successful in their business venture.

To mentor participants at this year’s leadership forum is American entrepreneur and success teacher , Dr. Farray Gray. He is expected to deliver a paper on motivation, entrepreneurship, leadership, integrity and strategy at the seminars.

According to the General Manager, Consumer Marketing of MTN Nigeria, Kola Oyeyemi , Gray will mentor winners of the MTN business Plan competition that would be given N30million grant for having a fantastic business idea. MTN is offering this assistance to growing entrepreneurs to “see the dream of still budding business come into full bloom.” The overall winner will get N20 million and will be mentored by Dr. Farrah Gray for 6 months, while the first and second runner up will get N5million each to enhance their businesses.

Dr. Gray was chosen to mentor the program as a result of his rich entrepreneur and successful story. He is a successful American philanthropist, author, syndicated columnist and motivational speaker. At only 27, Dr Fray has achieved success that will be rivaled by his peers. He is a living example of success of harnessing youth potential.

According to the influential People Magazine, Gray is the only African American to rise to the position of a business mogul without being in entertainment or having family connections. He is the CEO of Farrah Gray Publishing and the youngest person to open an office on the iconic Wall Street, New York. He became a Self-made millionaire at the age of 14.

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