It’s time to stop comparing, ladies
She has so many likes on Facebook/Instagram… We started this job together but she has left me behind… O my God, did you see her wardrobe… Everyone likes her, she is the life of the party… She had a BellaNaija wedding, how will mine be… The boss just praised her work again… The cute guy I like has eyes for only her… Just wait a second! Why don’t you stop comparing, you have no idea of the back story. Comparison may be human nature but we have to decide on whether it’s to be positive or negative. Positive comparison motivates us as well as our object of comparison to do well. Negative comparison, on the other hand, tries to hinge our happiness or progress on the object of our comparison. This is absolutely dangerous and could affect our performance in everyday life. Did you know people only show what they want you to see? No one uploads selfies that don’t flatter them. Why should you then get depressed because Bola is on vacation in Dubai? Why should you lose your appetite because Sefi got 500 likes and 30 shares on Facebook? Why should you feel like a loser because Joyce started a business and you are tied up in a job you hate? Why should you compare your behind-the-scenes with someone else’s highlights? Thomas J. DeLong, a professor at Harvard Business School, noted a disturbing trend among his students and colleagues —a “comparison obsession.” He writes, “more so than ever before…business executives, Wall Street analysts, lawyers, doctors, and other professionals are obsessed with comparing their own achievements against those of others…This is bad for individuals and bad for companies. When you define success based on external rather than internal criteria, you diminish your satisfaction and commitment.” So what can we do to stop this ugly trend? Change the object of comparison Start comparing yourself to yourself. Oh yes! Measure your today against your yesterday and your plan for your tomorrow. Did I just lose you? Hopefully not. After measuring, if you do not like what you see then you know you need to get to work. One step at a time. However, if you do like what you see, keep on your grind as you are well on your way to greatness. Understand we have different callings Your calling might be teaching and another person, acting. It is highly unfair to compare your teaching experiences and perks with that attached to acting. Doing this would only steal your joy and halt your progress. Come on, we don’t want you unnecessarily depressed. Instead, use your time to engage in rewarding activities to boost your chosen career path. Celebrate your accomplishments You are unique and have a lot to offer your environment. Focus on that and celebrate how far you’ve come. Be genuinely happy for others and appreciate your own milestones. Gratitude for where you are on your journey would take you further. Dear Motherland Moguls, instead of unhealthy competitions, let’s begin to empower one another. Starting today, redirect your thoughts and keep your eyes only on your path.
4 genius business tricks to steal from Genevieve Nnaji
It’s obvious to every Nigerian it-girl and our African sisters that ignoring Genevieve Nnaji’s pristine and effortless beauty is a bad idea. This is regardless of whether or not you watch her movies! Luckily, there’s a lot to learn from her streamlined, hyper-organized disposition. Even if we never completely get it, as we’re mere mortals. Have fancy dinners with a view Yes, you heard right. Head to some trendy island, club or restaurant for dinner. It should have an amazing view and probably stocked with successful, inspiring, rich and maybe good-looking people too. The food might be a little pricey, but it’s the connections you’re paying for. It’s called networking, girl! Somehow, these celebrities seem immune to the business problems that the rest of us mortals are afflicted with. From me to you, there’s a shameless networking routine that they follow. Don’t head on starting that business without connecting with the people who are going to be instrumental to your success. Take it all off… the make-up I mean This is debatable, but it feels even better to take the make-up all off sometimes. This is especially useful when the Nigerian heat perpetually threatens to melt it all off anyway. Genevieve gives us the no-makeup look often enough to keep us envious and wanting for more. Being a celebrity or even the owner of that unique start-up may be a good reason to have flapping eyelashes, gold-toned smoky eyes, and perfectly done nails… you know for the optics. But how about you shake things up a bit and get us all confused by actually getting down to work? Like, if you’re not doing anything lucrative besides getting your face done, what are you even doing? Be authentic. It’s all that matters. I am really eager to know the stories behind movies with impossible titles —who decided that “Blackberry Babes” was a good name for a movie? Okay, my argument is —why spend much money scouring for classics when you can watch an affordable ‘sub-standard’ movie? Here’s the thing, as an aspiring or already established business woman, you’ve got to be authentic, otherwise, you’ll ruin your own magic in no time. You’ve got no business copying every new or trending business idea. Be real, girl! Be unique! Talk less, unless of course, you’re telling us about what you do Traumatic consequences aside, being a little secretive is a necessity . Especially, if you’re involved in ventures that don’t feature story-telling as a requirement for practical reasons (like being an OAP or writer). If your business is not one of those, the least you can do is choose to give us short, simple, or playful dozes of your life every other time, just to add a little charm to your image. Minimize that icky feeling that comes with people knowing too much, too often about your business. In summary, all you need is to devote yourself to learning/mastering your craft, tirelessly networking, being authentic and a little tight-lipped when necessary. It’s pretty simple and practical.
Lessons from the demolition of small businesses in Lagos: Three steps to protect your small business
Last week, we woke up to the news that Nuli Juice Company, Nuts About Cakes, The Drug Store —all small businesses in the upscale Ikoyi area of Lagos— were on the verge of being demolished. The Drug Store had only opened for business a week earlier and Nuli Juice opened six weeks earlier. The owner of Nuli Juice only became aware of the demolition when the bulldozer showed up ready to reinstate her shop to what was once her imagination —she did not receive any prior notice. She was shocked, as like most savvy entrepreneurs, she had obtained all relevant permits, licenses, paid her taxes, etc. In the midst of the chaos, she found out that the demolition was as a result of the landlord’s failure to pay N40 million in permit fees. The landlord was given prior notice before her lease term commenced. Within a few hours, the only evidence of the stores was rubble. Unfortunately, Nuli Juice, Nuts About Cakes and The Drug Store represent a few of the many businesses that experience this issue on a yearly basis. Given the recent trends, it is evident that applying for a business permit, registering the business and registering with the tax authorities are not sufficient to safeguard businesses. Business owners must take additional precautionary steps to further protect their businesses from unexpected disruption or in this instance, demolition. Below are a few additional precautionary tips. 1. Dig deeper Treat your store lease like you would treat the purchase of new land. Before signing a lease, conduct a thorough search on your potential landowner, the land, and the building. Tips: Not every alleged landowner is indeed the true landowner. Ask people in the neighborhood about who owns the building. Investigate to make sure that the alleged landowner indeed owns the building. Ask about the landowner’s reputation. Has the landowner had any brushes with the law (personal or otherwise)? If the landowner has a multitude of legal cases (personal or otherwise), it may not be wise to lease from him or her as the building might become subjected to legal processes. Ask whether the property has been subjected to any extraordinary visits from government officials. Such regular visits could be a sign of disaster waiting to strike. Confirm from the landowner that all relevant permits have been obtained. Thereafter, negotiate his or her assertion into the warranty section of the lease agreement. Do the same for licenses, permit fees, etc. If the store has been recently renovated, ask the landowner to confirm, in the lease, that all renovations are in compliance with all relevant laws. Ensure that there is a valid certificate of occupancy for the building. Check with your local government officials to make sure that the neighbourhood has indeed been marked for business purposes and not strictly residential purposes. Your business will most likely be kicked out of the neighborhood if the area is strictly a residential area. 2. Negotiate Many small business owners ignore the importance of negotiating the content of their lease agreements. Despite the fact that as a small business you may not have much bargaining power, you still owe it to your business to take all necessary steps to protect your investment. So, before you sign the dotted lines, negotiate! Tips: Include a clause in the lease agreement that covers you in the event that your store is destroyed or damaged as a result of the landowner’s act or failure to act. Such provision will allow you to seek damages (i.e. seek payment for losses) from the landowner in the event that something the landowner did or failed to do caused disruption to your business. Most business owners assume that the landowner pays for repairs and often skim through the repairs provision of the lease. Please do not be one of those. Do not assume. Ask! If the lease contains a provision that requires you to pay for repairs, try to negotiate an exemption for normal wear and tear of the premises. Under such arrangement, the landowner will cover repairs for damages that are not caused by you. Also, pay close attention and negotiate who will be responsible for big-ticket items such as plumbing, roof leaks, air conditioners, etc. Review your lease agreement to make sure that it includes a clause that states that the landowner does not owe any duty to any other persons or third parties (e.g. taxes, liens, restrictions). That way, you will be protected contractually should there be any third party interference on the property. 3. Ensure your business is covered Many small business owners underestimate the importance of business insurance. Business owners should ensure that their businesses or their buildings are covered by insurance. Such coverage will minimize the impact of a disaster to the business cash-flow. Tips: Consider obtaining business insurance that covers material damage to your business premises and their contents. This should cover malicious damage, strike, riot, flood, storm, burglary, and litigation. Alternatively, consider requesting that your landowner purchase a building insurance that will cover your business in the event of a business disruption (such as a fire incident, obviously, not a fire you deliberately caused). Such insurance policy should be able to provide an alternative store location in the event that your current store is inhabitable. This process might seem daunting. However, as the saying goes, “its better to be safe than sorry.” These steps, though not exhaustive, can add an additional layer of protection from undue external business disruptions. If you would like insights on a particular topic, write to us! We are listening.
What Jhene Aiko showed us about divorce in Nigeria
Remember the not-so-shocking end of Jhene Aiko’s marriage to her Nigerian husband, DotdaGenius? It really brought to the forefront how most Nigerians view divorce. The lessons to learn from this bitter and public divorce are numerous. Let’s look at what not to do when a relationship goes sour. Don’t ever feel the need to air your dirty laundry in public For absurd reasons like getting “support”, even if it’s from outsiders, people tend to share more than they should. Jhene Aiko sort of did this on social media after the divorce news broke. Rather than do this, how about settling the rift(s) with the other party without the prying eyes of people who may not really care? Especially as we all agree that there’s some sanctity to marriage. Your value kind of diminishes when you give third parties undue vested interests in your business. Infidelity Being in an unhappy marriage is better imagined, especially when a partner is cheating. But cheating to get back at the spouse is never the best solution to an already terrible situation. Playing the two-can-play-the-game revenge tactic is never the way to go. Rather than cheat, please girl, opt out! Fear Nigerian women have this inexplicable fear of divorce. This may have been fueled by the myth that kids from “broken homes” don’t make good homes themselves. Unfortunately, there is still a never-ending stigma associated with divorce. Nigerians have a way of labeling divorcees (especially women) as rude and not submissive. It’s always the woman’s fault. Making women feel this way because a marriage didn’t work, has made a lot of women stay in unhappy relationships “for the kids”. No one wants to be stereotyped unfairly. Starting over Marriage offers some form of validation for women in Nigeria, and maybe even other parts of Africa. It is believed that irrespective of what a woman achieves, she is nothing without a man. Owing to these beliefs, even otherwise strong women would rather stay in a loveless marriage while enduring being treated badly or even cheated on. In conclusion, Nigerian women need to realise that a divorce can never be the end of one’s life. Everyone is entitled to a new beginning and even after a divorce, there’s still hope. There you have it, ladies, it’s time to have a fresh outlook on love and relationships, and marriage.
The Empretec program is in Kenya. Here’s what you need to know
By now, it is no secret that the prestigious program, Empretec is now in Kenya. This came about after an intense week of the United Nations Conference on Trade and Development (UNCTAD) in Nairobi last month. After the formalities, it was announced that the Kenyan National Chamber of Commerce and Industry would be partnering with UNCTAD on this program. Mary Muthoni is the chairperson of the Women In Business committee at the Kenya National Chamber of Commerce. Empretec will mean a lot to Kenyan women as they get to benefit from the perks that come with being a part of the program. Some of these benefits are already being enjoyed by women in other African countries, like Zimbabwe. This will bring many benefits too Kenyan Motherland Moguls and we share some of them below. Capacity building Empretec offers a rich training program with a pool of 64 international trainers and 160 trained local trainers. These trainers are all about impacting personal development and business skills to participants who include women from the formal, informal and the employment sectors. Their curriculum is also tailored to international standards. Creating of life bonds amongst Empretec trainees Once a part of Empretec, you’re in it for life. The program follows up on its participants even after training as part of a lifelong relationship. Empretec sponsors follow up to see how the lessons learnt impacts the businesses of participants. It gets even better because you can always find a shoulder to lean on in the Empretec family. Networking and mentorship Ladies love conversations and it’s never a dull moment you can open up and create bonds. Empretec takes in women of all ages and orientation. So hanging out with other women in the program will always mean something new will be learnt. Also, Empretec has trained a large pool of women over the years since its establishment in 1988. Empretec’s presence in 37 countries means that when you join this community, you get to build a network with women from not only your home country. You’re part of a network of women from the rest of the thirty-six countries including Ethiopia, Ghana, Jordan, Botswana, Argentina, and Algeria. Smart girls know that their network is their net worth. Here you’ll need to be ready to establish contact with people from all walks of life. Be it the Motherland Moguls who have already established their businesses and are looking to offer seed funding for great business ideas or intelligent young women with brilliant ideas and that are looking for persons with expertise to partner with. Empretec is a well that keeps giving but never runs dry. Here, you get everything you need and all that’s required of you is to make it work. You’ll get to see that women from various developing countries face the same difficulties as you. And that the only way to emancipation is in finding long-term solutions for entrepreneurs. Locally certified trainers The availability of local trainers certified by the UN body means that members have access to the very best. With Empretec, you can have access to trainers with the know-how to get you through business challenges. This will help you confidently experiment with new ways of doing business . Obviously, the business field can be tricky, filled with uncertainties and other stress. You will need to have your hand held by the right people to navigate through these scenes and come out successful. Identifies and enhances personal opportunities Empretec’s training is personalized and depends on what stage you’re at in the business world. There will be people looking to venture into business for the first time and those with great business ideas needing guidance on breaking even. In addition, there are others already in the business scene and seeking to expand their visibility. Empretec will be a great space for Kenyan women to get answers and to learn how they can use their talent to make money . Eradication of poverty and social problems. Empretec encourages women to be social entrepreneurs. This means establishing businesses that seek to solve social, cultural and environmental problems. The purpose of these businesses is not just to make money but to also leave a positive mark on the society. Empretec encourages entrepreneurs to work towards achieving sustainable development goals even as they make their money. Awards and recognition Empretec honors her alumni at the Women in Business Awards. A Vietnamese lady, Tran Thi Viet won gold at this year’s awards for her company, Viet Trang Handicraft. Her company makes basket-woven goods from banana leaves, water hyacinth, corn leaves and bamboo. The company had a humble beginning but now exports goods worth $1000 million to the European Union. Viet Trang Handicraft went on to create employment for 250 weavers. This is the spirit of Empretec, to solve societal problems in our countries and at the same time make money for the entrepreneur. In summary, Empretec is the place to be for any woman seeking to make it in the business arena. The opportunities here are immense and ladies up for first dibs will definitely have more than enough to carry home. With all this said, it’s time for Motherland Moguls in Kenya to grab this opportunity!
Andrena Sawyer: Flexibility is key to increasing your business lifespan
Start-ups sometimes need miracles to survive. Luckily there are superheroes who rise up to the challenge. Take Andrena Sawyer for example, she runs P.E.R.K. consulting an advisory firm that provides quality and affordable services for small to mid-sized nonprofits and businesses. Andrena is so effective at ensuring SMEs survive that in 2015, P.E.R.K. consulting, placed 1st in the AccelerateUp Business Growth Competition presented by the Maryland Small Business Development Center and Capital One Bank. This basically means that P.E.R.K consulting can serve as great model to new startups. When Andrena offered to share her story with SLA, we jumped at the opportunity. Get ready for actionable advice on overcoming funding challenges, lengthening your organisation’s lifespan and increasing revenue. Firstly how can SMEs overcome the juggernaut that is funding? Importantly, SMEs need to create effective business models that include strategies for cash flow management if they’re to navigate funding challenges. Cash flow challenges are inevitable for most start-ups, and many wait until a seeming crisis to develop a management plan. Creating a strategy before the need arises is essential for survival. In addition, it is important that SMEs have a compelling value proposition. As a Small Business Consultant, I meet passionate entrepreneurs with brilliant ideas, but the value ends at their passion. To survive the initial start-up years, the problem that a business solves should be clear to customers, investors, and partners. I firmly believe that the more informed stakeholders are, the more engaged they will be. How can organizations lengthen their lifespan? Simply, flexibility and innovation are the keys to organizations lengthening their lifespan. With the advent and increased use of social media, industries and consumers are rapidly changing. It has become more important now that founders remain flexible and informed of how their customers’ needs are changing. The focus should be on creating a culture where change is encouraged. Doing this can take an organization from a reactive to a proactive stance in marketing, capacity building, and revenue generation. How did you manage to increase P.E.R.K.’s revenue by 72.3% in one year? Primarily, the reason for the increase in revenue is that we identified our niche. When P.E.R.K. launched in 2013, I envisioned being all things to all clients. I desperately wanted my passion for community development to translate quickly to meet the needs of anyone that was interested. The challenge was that our customers were confused about our expertise, experience, and scope of work. Also, in our second year of operations, we started to refine our offerings to three key services. They include entity formation, business development, and capacity building support. This created a more targeted marketing approach, which allowed us to focus our efforts and ultimately bolster our credibility. Understanding our market also allowed us to conduct more accurate research. This helped to set competitive rates and create strategic partnerships with other key players in our industry. What advice will you give other startups looking to use P.E.R.K. as a model? There are two things I would say to startups looking to use us as a model: Be persistent. As cliché as it sounds, do not give up. Entrepreneurship can be extremely stressful, and founders may find that they initially encounter a lot of rejection. My advice is to do your due diligence by ensuring the idea is viable. Get the support of trusted mentors and advisors, and push through the challenges. Be creative. I once read that the average millionaire has about seven streams of income. There is a lesson to be learned there. If those who are thriving financially are always looking for ways to earn more, I believe that businesses can thrive in much the same way. For example, P.E.R.K. primarily provides consulting services. However, there are several other ways that we generate revenue including trainings and seminars, publications, and referrals through partnerships. As long as it is consistent with the business’ value proposition, there is no limit to how creative founders can get in generating revenue or reaching their audience. As a Sierra Leonean, are you engaged in any initiatives back home? Interestingly, even though I am not directly engaged in any initiatives in Sierra Leone, P.E.R.K. maintains a partnership with several organizations. These organizations help to mobilize young Sierra Leonean professionals in the United States and within the diaspora. In 2013, we helped launch the Sierra Leonean Empowerment Network. The network has since grown to include thousands of young professionals, many of whom are now working in Sierra Leone. Who will you say is the greatest African woman to have ever lived? Fortunately, there have been many great African women who have impacted the continent and the world. Women like Nana Yaa Asantewaa, Winnie Mandela, and Miriam Makeba immediately come to mind. However, I have been personally impacted by Leymah Gbowee’s story. As someone whose life was altered by the Liberian/Sierra Leone civil war, her story narrated in the documentary Pray the Devil Back to Hell reignited my passion for community work. Studying her work as a peacemaker who mobilized thousands of people in Liberia to put an end to the war compelled me to launch P.E.R.K. Consulting as a platform to support other change agents. Surprisingly, women like her are often thought of as just extraordinary. But her story challenged me to believe that any woman with a conviction and commitment can inspire a community to effect change. If you’d like to share your story with She Leads Africa, let us know more about you and your story here.
Helen Dausen: If used well, fear can be your propeller
There was a time when it wasn’t easy for Tanzanian women to find a skincare product that was 100% natural and meant for the African skin. That was before Tanzanian-made African beauty brand, Nuya’s Essence came along. Nuya’s Essence is a natural bath and body care brand that handcrafts natural products from botanical oils, butter, and herbs. The product is made from the purest botanical and non-toxic ingredients there is. Largely, the ingredients are sourced locally and from South Africa, Ghana, India, and Morocco. Njeri Meja, our SLA contributor spoke to former beauty queen and formulator of Nuya’s Essence, Helen Dausen. She found out more about how Helen’s beauty queen past helped her business and the steps Helen takes to improve her hustle. What motivated you to start Nuya’s Essence? I have always been so careful about how I nourish my skin. I think I got it from my mother. As a young girl, she would apply olive oil and pure coconut oil on my sisters and I. I had also been unemployed and needed to do something about my life. While in college, I wondered if I could get a quality soap to complement my beauty care routine. So I went looking and found some DIY ideas for soap. I started mixing stuff at home and sharing recipes with friends. I would also tell them what to apply or what food to eat and the like. The idea of Nuya’s Essence first gained root in my heart in April 2013. However, we didn’t start marketing it publicly until in June 2014. How did you start? I started small with support from my parents. I began with making handmade skincare products from the backyard at home. I sold to my mom’s salon, farmers market, pop-up shops, and friends. Did being a beauty queen help your business in any way? Yes, it did. As the crowned Miss Universe Tanzania 2010, people often asked about my skin and hair-care routines. That also fueled my decision to build a skincare brand. Who is your target audience? Actually, everyone can use my products. The marketplace is saturated with products made with harmful chemicals patronized by unsuspecting African women. I wanted to create something great enough to be an option to the mainstream skincare products. Nuya’s Essence is for women looking to go all natural and adopt a healthy lifestyle. Tell us more about your range of products Our natural skincare range is formulated to work with all skin types. The ingredients are carefully selected and suited for everyone. We do not add fillers, toxic chemicals or test them on animals. Our products are recyclable, bio-degradable, eco-friendly and safe enough to be used by kids. It can be used on sensitive skin, very sensitive and mature skin. We produce them in small batches with our customers’ satisfaction in mind and they do serve the purpose. Did I tell you that they also smell amazing? Oh yes, they do! Currently, our product range includes natural handmade soaps, body oil, body butter, body scrub, 100% pure coconut oil, and raw shea butter. However, we keep working at developing new products. How have you improved yourself as an entrepreneur? I just completed a Mandela Washington Fellowship program for Young African Leaders. The intense 6-week-long program ended on the 4th of August 2016. I worked hard at it and formed great partnerships and friendships. It was a great experience and boost for my personal and business growth. I look forward to better opportunities. I have also done some training in natural/organic skincare formulation in Johor Bahru, Malaysia. There, I learnt the basics of formulating a perfect product. I still study online, read lots of books on the subject and strive to improve my beauty range or create new ones. Any challenges? How do you mitigate them? My biggest challenge so far is getting customers to believe in our products, especially women. I started using my products long before I sold them. This made me more comfortable and confident to tell other women about them. Personally, I have experienced the healing powers of plants and I have been able to achieve youthful, flawless, glowing and evenly-toned skin. However, getting clients to believe in you is hard. To tackle this, I give free samples for trials and this has worked. They usually return with their friends and this time, they actually buy. Word goes round and we’ve done well so far. How would you advice a woman looking starting something like Nuya’s Essence? Fear will always be a constant factor but if used well, can be your propeller. You may never enjoy absolute support. Money may never be enough. But girl, you can rise above it all. The trick is to start with what you have at the moment and then grow in small paces. Last words? One of my favorite successful businessmen said, “The harder you work, the luckier you get.” I believe there are so many opportunities out there. You just have to be ready to take them. Be willing to take risks and accept failure as a learning curve. The only real failure is not trying at all. After all, what’s the worse that can happen? Always believe in something. Personally, my hope and faith are in God. I am at peace with myself, my work and the people around me and that helps. I set out to glorify Him in everything I do as a person or business woman. Always have something or someone to fall back on for support. You can never go wrong with this. Want to see women you know featured on SLA? Tell us what amazing things women are doing in your communities here.
Pensions, Savings, Trusts, Insurance. What is This All About?
With so many investment products on the market, we understand that it can become quite overwhelming and confusing when trying to make the best investment decision for your financial goals. But, fret no more! We’ve produced a pensions, savings, trust, insurance guide that will help you make the In-Telligent Choice and be on your way to financial freedom. Pension A pension scheme is a type of savings plan that helps you save money for later life. It has favourable tax treatment compared to other forms of savings, which is an added advantage. How it Works? You save a little of your income regularly during your working life so you can have an income when you retire or decide to work less (at retireable age). There are several types of pension schemes. Some may be run by your employer, others you can set up by yourself. Saving in to one scheme doesn’t mean you can’t save into another or use other tax-efficient savings plans. When the time comes for you to start enjoying your pension, there will be several options available to you. These may include being able to take a tax-free cash sum and the added security of being able to receive a regular income, now that you are not working full time. Savings Saving is income designed not to be immediately spent. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving more than just an account, it is also a deliberate act to reduce expenditures in your life. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher; in economics more broadly, it refers to any income not used for immediate consumption. To be considered financially secure, an individual or household should save at least six months’ worth of expenses. For example, a household that has N20,000 per month of expenses should have at least N120,000 in savings (N20,000 multiplied by 6 months). To reach this amount, it is recommended that 10- 20% of net income should be saved until the appropriate amount of savings is reached. Trusts A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization. A grantor establishes a trust fund to provide financial security to an individual, most often a child or grandchild, or organizations, such as a charity or other nonprofit organization. A trust fund contains cash, stocks, bonds, property or other types of financial products. The recipient of a trust fund must typically wait until a certain age, or until a specified event occurs, to receive a yearly income from the fund. Prior to this, a single trustee, or a group of trustees, manages the fund in a manner appropriate to the trust fund’s specifications. This usually includes some allowance for living expenses and perhaps educational expenses, such as private school or university. Insurance Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. For more information about investment products and services, contact United Capital Plc. Web: www.unitedcapitalplcgroup.com Phone: +244-1-280-7596 Email: customerservice@unitedcapitalplcgroup.com Twitter: @UnitedCap Facebook: Facebook.com/UnitedCapitalPlcGroup United Capital Plc is a leading Investment Banking Group providing capital financing solutions to governments, companies and individuals across Africa. We are well positioned to play a strategic role in helping Individuals achieve their strategic objectives through our robust suite of financial and investment service offerings. Sponsored Post
Squad goals for the Motherland Mogul
So, it’s 2016 and us Motherland Moguls are too busy planning world domination to be bothered with perpetuating silly stereotypes of women tearing each other down. According to the Urban Dictionary, one can define squad goals as, “an inspirational term for what you’d like your group of friends to be or accomplish”. To be perfectly honest, this term is fire right now. But even fierier? The power women this article is about to lay down for you. They are killing it in their careers and looking bomb while at it. It’s definitely time to up your squad a notch or two. Who knows? You all could end up in the next edition of SLA’s squad goals. LaLa Anthony, Ciara, Kelly Rowland and Serena Williams This awesome foursome consists of incredible women who are leading successful lives and still finding the time to be each others cheerleaders. Key in a world champion tennis player, a superstar singer/one-third of Grammy-winning music group Destiny’s Child, a RnB songstress/dancer, and an actress/co-producer of the first all-black, all-female cast Broadway show. Talk about goalssss! Sometimes their schedules don’t permit them to all be present to mark important milestones but they support each other ferociously nevertheless! Just recently, Serena turned down the offer to be Ciara’s bridesmaid at her wedding to Russell Wilson as it coincided with the Wimbledon semi-finals. But, she was a part of the all-girls trip Ciara planned to Vegas before her big day. These are the kind of boss women the Motherland Mogul needs around her for motivation and inspiration; women who are killing it and who value their friendships immensely. This squad is so bomb, Queen Bey is like an honorary member. I think that says it all. I’ll stop right here. Arese Ugwu and Toke Makinwa Do these women really need an introduction? I think not. Just in case you’ve been under a rock this entire time and missed our article on inspirational websites, Arese is a personal finance guru and the founder of Smart Money Africa. Toke Makinwa is known as a vlogger, multimedia personality, and fashion icon. This dynamic duo has got mad love for one other and ruling their respective empires hasn’t dimmed it one bit. Muna Abii, Sarah Ofili, and Adaeze Yobo Former beauty queen and current rapper/entertainer, Muna Abii and designer/blogger Sarah Ofili serve us some serious goals. This sensational twosome work hard and slay even harder! This friendship definitely makes us green with envy! Whenever the third pal Adaeze Yobo is in town, the squad gets together to catch up and cheer each other on. Adaeze is also a former beauty queen and a Sickle Cell Awareness advocate. These women prove that there is beauty in unity and that powerful women don’t necessarily have to be at odds with each other. Squad goals for sure! ? Are you and your squad as fly as these ladies? Tell us in the comments!
Acing your side hustle: the DJ Khaled example
Say what you want about DJ Khaled, but you can’t knock the major key to his success— his hustle. While the Miami mogul has been behind some of hip-hop’s hottest hits over the last decade, he’s also dabbled in various other ventures as a producer, executive, entrepreneur. And most recently, he’s the hottest social media phenomenon on the block. Even though being your own boss is appealing, don’t play yourself. Definitely, it’s no walk in the park. Setting your own hours and building your own product or service can help fulfill your passion and purpose. Yet, the grass isn’t always greener in the startup life. With growth comes staff management, customer acquisition and retention, and the dreaded mountain of paperwork. Start a side hustle. It’s a great way to earn some extra money or slowly grow your business. If you’re an aspiring #MotherlandMogul, establishing your side hustle is one of the first steps to building your empire. Evidently, pursuing a passion project while working a 9-to-5 is no easy task. It takes creativity, discipline, and a whole lot of grit. So here are a few keys to help you follow DJ Khaled’s lead and stay winning. Figure out what you’re good at In an ideal world, the thing we’re most interested in is the thing we do best. More often than not, that’s not the case. That doesn’t mean that you have to abandon things you’re passionate about. It just means you have to evaluate where your skillset overlaps with your interests. Okay, think back to your childhood years. Did you show an aptitude for something? Do you often receive compliments from others for something that comes innately? Do friends and colleagues repeatedly ask for your help with certain tasks? By honing in on what you’re good at, you can figure out if it can be translated into cash. Once you’ve established your talent, consider whether people need your services and, more importantly, how much they’re willing to pay for it. Use your network As the saying goes, “your network is your net worth.” If you’re launching a new service or product, do a test run or distribute samples to family and friends to get their feedback. Those who are closest to you are often the most likely to keep it real. Now, if you’re looking for financing, your network becomes particularly crucial. Family, friends, acquaintances, and colleagues—these are the low-hanging fruit that can get the ball rolling. People who are invested in you as a person will be more invested in your success. These are the folks who can speak passionately about your work and spread the word to help you secure more clients. The first step is asking. Be direct and personal whenever you can. Send individualized emails and notes, post on social media, and set up coffee dates where you discuss your side hustle clearly and succinctly, and outline concrete areas where you need to fill gaps. Manage your time well You have the same amount of hours in a day as everyone else. Admittedly, you might not have the staff or millions… but you do have the same power to decide how you spend your time. Time management is essential if you’re investing time in a side hustle in addition to full-time employment. We each have 1,440 minutes every single day. To make the most of them, fully commit to your goals by blocking time off each day to work on your project and making the most of that time. Set deadlines to hold yourself accountable. Believe in yourself Most importantly, if you want someone to buy into your idea or project, you have to first buy it into it yourself. It’s easy to get discouraged when trying something new, but remember that each failure is a lesson that prepares you for your next success. Entrepreneurship is a creative process. We learn what works by learning what doesn’t.