GIVING HOPE TO YOUNG NIGERIAN ENTREPRENEURS: THE KOLA ALUKO AND RICHARD BRANSON INITIATIVES

It is generally known that small and medium enterprises are the élan vital of thriving economies in third world countries. 96% of Nigerian businesses are SMEs, compared to 53% in the US and 65% in Europe.

SMEs represent about 90% of the manufacturing/ industrial sector in terms of number of enterprises. They are distributed by clusters within regions. They are critical providers working across the supply chains of most large businesses, enabling to push businesses forward.

It is also known that a good number of young people possess entrepreneurial drive. However, there exists a fissure between their imminent ambitions and the actuality of life after acquiring education or even basically life without one. Hence, it is perhaps no wonder that a healthy chunk of young people can’t get access to expert role models, an accurate comprehension of the business world and the financial support needed to kick off a venture of their own.

Certainly, it isn’t all bad news. A good number of businesses are lending out helping hands to fund fledgling entrepreneurs in homegrown areas through reputable schemes. One of such schemes is the Kola Aluko Foundation, the charitable venture which he established in 2013 in order to inspire, mentor and support future generations of African leaders.

Kola Aluko is one of Nigeria’s leading entrepreneurs.  He is the Officer and an Executive Director of Atlantic Energy, an indigenous, private upstream oil and gas company, focused on independent exploration and production (‘E&P”) participation in Nigeria.

Kola Aluko has been ranked by Forbes Africa as one of the 40th Richest Africans, as well as included in the Top Ten list of Successful African Entrepreneurs to Follow on Twitter.

Central to the Kola Aluko Foundation’s vision, as quoted in a press release is the “…belief that leadership is above all a mind-set and that large-scale social impact always starts with the individual. The Foundation will focus on working with young people to instill a strong belief in their capabilities and their ability to succeed. Key areas of activity will include:

1. Competitions – Developed to identify the most talented young Africans from entrepreneurship, arts, information technology and agriculture.

1. Education – Devised and tailored for secondary school pupils with a focus on character-building and personal development.

1. Support Environments – Established to provide innovation spaces that bring people together, encourage a creative work environment with team building, and offer tailored skills development and mentorship coaching, with all the necessary technical facilities in pursuit of developing world class young leaders.

As time goes on, the Foundation hopes that the young people it supports will not only develop into leaders, but will also become inspirational role models for others, thereby creating a cycle of change that benefits all communities and countries.”

Another business magnate and investor who began his first business venture at the age of sixteen and is devoted to supporting upcoming entrepreneurs is Sir Richard Charles Nicholas Branson. He is the founder of Virgin Group, which comprises more than 400 companies. According to the Forbes 2012 list of billionaires, Branson is the sixth richest citizen of the United Kingdom, with an estimated net worth of US$4.6 billion.^[1]

He came up with The Enterprise Challenge” a competition by Virgin Atlantic Airways in partnership with the British Council and Zenith bank in Nigeria and it targeted Nigerian students interested in studying in the UK, as well as Nigerian students with a potential of doing so.

It was an online competition seeking to give young entrepreneurial minds the opportunity to present their innovative ideas with the possibility of winning a mentoring meeting with Richard Branson amongst other mind blowing prizes.

The competition proved very popular with almost 2,000 applications received in the first week. Two winners were selected – one based in Nigeria and one Nigerian already studying in London. The prizes won included an opportunity to meet Sir Richard Branson in London, a fully-funded scholarship to attend an entrepreneurship foundation course at the Branson Centre for Entrepreneurship in Joburg South Africa, a grant  from Zenith Bank in Nigeria to further develop their proposed business idea and two economy class return tickets to the United Kingdom.

Ingvar Kamprad said if there is such a thing as good leadership, it is to give a good example. Kola Aluko and Richard Branson are leaders who live by such good example. And the good news is that there other leaders, companies and initiatives in Nigeria set up to help the growth of young entrepreneurs. We are in a time where we need to instantly inspire growth. Employers should focus on what they do best; creating opportunities and running fruitful businesses that contribute to financial growth.

Entrepreneurship is an effective and worthwhile occupation choice. It is important that young people hear from people with the widest range of experiences about what the business world is all about. Introducing young people to groundbreaking small businesses gives them a stable image of the local labor market and leads them to a broader number of latent trails after education, which could easily help them kick off their own venture for a start-up organization.