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Developing The CEO in you

This YouTube video seeks to help aspiring executives prepare themselves to be strong CEO candidates in the future. Professor Joseph Bower from the Harvard Business School believes anyone hoping to hold a corner office someday should be able to ask serious questions—and answer them objectively—about their own work and the work produced by the company. Becoming a CEO is all about constantly learning and improving oneself—and later, others—to establish a true role within a company, instead of merely being a placeholder. Bower also recommends that CEOs-in-training take an interdisciplinary approach to networking, thus promoting innovation within the company.

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Governor Evans Kidero directs officers not to arrest residents on Fridays

 

Nairobi Governor Evans Kidero has instructed the city askaris not to arrest any person on Fridays.

The order is to take effect immediately. 

Dr Kidero said that the enforcement of arrests by the city askaris especially on Fridays was an avenue to mint money, especially by the department of Physical Planning.

“Arrests are made on tampered charges, which put residents in an awkward position where they have no recourse but to negotiate their way out privately,” he noted.

He emphasised, “there will be absolutely no arrest on Friday.” He also ordered that any arrests to be made at a planning site, will only be effected in the company of a technical person from the Department of Planning.

He further announced that phase one of CCTV installation system in Nairobi Central Business District (CBD) was through and would soon be launched.

“All the cameras are in place,” he confirmed.

He explained, “The second phase covering hotspots such as Kariobangi, Komarock, Kawangware, Kangemi and Dandora will be operational next year, while by 2016 a total of 200 cameras will have been installed to cover the whole of Nairobi,” he revealed. Kidero spoke as he unveiled the new chief of Security, Compliance, Investigations and Fire and Disaster Management in the city. Former Central Provincial Police Officer Francis Munyama is the city commandant and will be working with director of Inspectorate and Acting Chief fire officer.

Munyambu has a BA and is pursuing a Master’s Degree in Human Resource Management at the University of Nairobi.

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30 Under 30: Africa’s Best Young Entrepreneurs

Young entrepreneurs are changing the face of Africa. I set out to produce a list of the 30 Africans under 30 years old who are making the most dramatic impact across the continent. To do so, in November  I enlisted an outside panel of 12 judges from across Africa to help identify this group of outstanding entrepreneurs and innovators under the age of 30.

Cut across Real Estate, Financial Services, Manufacturing, Media, Tech, Green tech, Healthcare, Agriculture and Fashion, the 30 young African entrepreneurs, disruptors and innovators featured on this list are impatient to change Africa. Together, they represent the entrepreneurial, innovative and intellectual best of their generation.

They’re solving problems like healthcare and electricity shortages, proffering innovative solutions to waste management, building virtual and physical communities and creating lots of jobs. A few of them are manufacturing the foods we love, designing exquisite clothing for our women and some are developing some cool apps for mobile phones across Africa.

 Of course, this list is by no means official or exhaustive, but this is the closest you’ll get to a definitive list.

 A round of applause for Africa’s 30 Under 30 – the continent’s best young entrepreneurs, today’s disruptors and tomorrow’s brightest stars:

 Jonathan Liebmann, South African

 Real Estate developer, CEO of Propertuity

Liebmann, 28, is the Managing Director of Propertuity, a South African Real Estate development company and the brains behind the construction of the Maboneng Precinct, a thriving cultural district in the east side of Johannesburg’s CBD. Once a neglected and deteriorating neighborhood housing abandoned industrial complexes, Liebmann transformed Maboneng into a vibrant urban mixed-use community complete with Art galleries, artist studios, retail spaces, offices and artist studios. Read more about Jonathan Liebmann, Propertuity and Maboneng Precint here.

Patrick Ngowi, Tanzanian

CEO, Helvetic Solar Contractors

Nine years ago, Patrick Ngowi, 28, received a small loan from his mother to start off a business. He started off selling Chinese mobile phones, but when he discovered that a tiny fraction of Tanzanians enjoyed any access to stable and reliable electricity, he knew he had to rectify that problem. Ngowi set up Helvetic Solar Contractors Limited, a company that is a pioneer in the supply, installation and maintenance of solar systems throughout the Northern Circuit of Tanzania. Helvetic Solar Contractors is the first company in the Northern Circuit to cater for Solar needs. The company did about $3 million in revenues last year. Read more about Patrick Ngowi and Helvetic Solar here.

Lorna Rutto, Kenyan

Green Tech Entrepreneur, Founder, EcoPost

Lorna Rutto, 28 is the founder of EcoPost, a profitable social enterprise which manufactures aesthetic, durable and environmentally friendly fencing posts using plastic waste, a more environmentally friendly alternative to timber. EcoPost collects this plastic waste (such as polypropylene and polyethylene) and manufactures fencing posts from it. Rutto has earned international acclaim for her efforts in providing an alternative waste management solution to Kenya’s plastic menace. Read more about Lorna Rutto and Ecopost here.

Justin Stanford, South African

Founder & CEO, 4Di Group

Stanford, 28, is a software entrepreneur and venture capitalist. Seven years ago, he cornered the exclusive and lucrative distribution rights for ESET, a Slovakian anti-virus software package. Today, Stanford’s ESET Southern Africa operates the ESET brand in the region and sells ESET’s range of internet security products in about 20 sub-Saharan countries, recording over $10 million in annual turnover.  He controls about 5% of the anti-virus market in Southern Africa. Stanford is also the founder of 4Di Capital, a Cape Town-based venture capital fund. Read more about Justin Stanford here.

Rapelang Rabana, South African

Founder, Yeigo Communications

Rapelang Rabana, 28 is the CEO and founder of Yeigo Communications, an innovative Cape Town-based company which develops software for telecoms-related services including Voice over IP, Instant messaging, SMS messaging and push email services. In 2008, Telfree, a Swiss mobile telecommunications firm acquired a 51% stake in Yeigo. Read more about Rapelang Rabana here.

Kimiti Wanjaria & Ian Kahara, Kenyan

Founders, Serene Valley Properties

Both in their late 20s, Kimiti Wanjaria and Ian Kahara are part of a group of four co-founders of Serene Valley Properties (SVP), a Real Estate development company in Nairobi that constructs and sells residential properties to Kenya’s ever-growing middle class. SVP is behind the development of Sigona Valley project, a KSh350m (US$4.2m) gated residential community outside Nairobi. Read more about Wanjaria and Kahara here.

Evans Wadongo, Kenyan

Chairman, SDFA Kenya

Wadongo, a 26 year-old Kenyan engineer designed a solar-powered LED lantern called MwangaBora (Swahili for “Good Light”), an invention which is fast replacing smoky kerosene lamps and firelight in rural Kenya. Wadongo has been distributing thousands of these lanterns throughout rural Kenya where there is little or no electricity. His organization, Sustainable Development For All (SDFA) sponsors an empowerment initiative that teaches poor Kenyans how to reproduce these solar lanterns and sell for profit. Read more about Evans Wadongo here.

 Ludwick Phofane Marishane, South African

Founder, Headboy Industries

Marishane, 21, is the founder of Headboy Industries, a South African company which developed and owns the patent for Drybath, the world’s first germicidal bath-substituting skin lotion/gel. Read more about Marishane and Headboy Industries here

Cosmas Ochieng, Kenyan

Founder, Ecofuels Kenya

Cosmas Ochieng, a 26 year-old Kenyan entrepreneur runs Ecofuels Kenya, an East Africa firm which produces environmentally friendly, green biofuels and organic fertilizers from renewable indigenous sources such as the croton nut. Read more about Ecofuels here.

Eric Muthomi, Kenyan

Founder, Stawi Foods & Fruits

The 26 year-old Kenyan entrepreneur is the founder of Stawi Foods and Fruits, an innovative start-up which procures bananas from smallholder farmers in rural Kenya and processes them into banana flour. Read more about Eric Muthomi and Stawi Foods here.

Joel Mwale, Kenyan

Founder, Skydrop Enterprises

Mwale who is 20 years old runs SkyDrop Enterprises, a rainwater filtration and bottling company which produces low-cost purified drinking water, milk and other dairy products in Kenya. Mwale founded Skydrop in December 2009 and the company now employs over 20 people. Read more about Joel Mwale and Skydrop here.

Verone Mankou, Congolese

Tech Entrepreneur, Founder & CEO, VMK

Verone Mankou is the founder of VMK, a tech company focused on mobile technologies, specifically in the design, in Africa, of Tablet PCs & Smartphones.  In 2011 VMK presented the Way-C, its first Android Tablet PC. The Way-C retails at USD $300 and is available in the Congo and France. VMK also manufactures an African-themed Android smartphone called Elikia. Mankou is 26. Read more about Mankou and VMK here.

Opeyemi Awoyemi, Olalekan Olude & Ayodeji Adewunmi, Nigerian

Founders, Jobberman

The trio founded Jobberman, Nigeria’s biggest job search engine and aggregator. Jobberman went live in August 2009, and today the site attracts over 50,000 unique users each day. Through simple, yet cutting-edge technology, Jobberman helps link qualified personnel to the right job opportunities. Jobberman is one of the few companies in Nigeria’s tech space that enjoy venture capital backing. Read more about Awoyemi, Olude and Adewunmi and Jobberman here.

Oluwaseun Osewa, Nigerian

Founder, Nairaland

Nigerian geek Oluwaseun Osewa is the founder of Nairaland, Africa’s largest online forum. He founded the site in March 2005 as a general purpose discussion forum with a bias towards issues of interest to Nigerians. The site took off. Nairaland now has close to 1 million registered users and is the most popular Nigerian website today. For perspective: In Nigeria, Nairaland gets more visits than Wikipedia. Nairaland earns its revenue through its ad inventory. Read more about Oluwaseun Osewa and Nairaland here.

Ashley Uys, South African

Founder, Medical Diagnostech

Ashley Uys’ company, Medical Diagnostech develops and markets affordable and reliable medical test kits for malaria, pregnancy, syphilis, malaria, HIV/ Aids for South Africa’s rural poor. The company’s Malaria pf/PAN (pLDH) Test kit can reportedly detect all strains of malaria and indicate within 30 minutes whether the malaria treatment provided is effective. Last November, Medical Diagnostech won $120,000 in prize money at the SAB Foundation 2nd Annual Social Innovation Awards. Uys is 29. Read more about Ashley Uys and Medical Diagnostech here.

Sizwe Nzima, South African

Founder, Iyeza Express

The 21 year-old South African entrepreneur runs Iyeza Express, an innovative enterprise which helps reduce overcrowding at public health facilities by collecting and delivering medication from public clinics and hospitals on bicycles to residents of the Western Cape who are on protracted medication. Read more about Sizwe Nzima and Iyeza here.

William Kamkwamba, Malawian

Inventor

Meet the boy who harnessed the wind. Born in Malawi, William was only 14 years old when he built an electricity-producing windmill from junkyard scraps in order to provide a steady source of water for his family’s farm and village in Masitala Village, Wimbe. With a bicycle dynamo and chain ring, tractor fan, rubber belts and bamboo poles, William succeeded in building a functioning windmill that provided energy for two radios and four light bulbs. Fuelled by the modest success of the initial windmill, William set out to build a larger windmill to help with irrigation for his entire village. Kamkwamba is currently studying for a degree in Environmental studies and Engineering at Dartmouth College in the USA.

Sandra Appiah and Isaac Boateng, Ghanaian

Co-founder, Face2Face Africa

Sandra Appiah, 23 and Isaac Boateng, 28, both Ghanaian nationals are the founders of Face2Face Africa (F2FA),a New York city-based new media company with a mandate to restore Africa’s image within the global community. The company has three divisions: an outfit that publishes a magazine which explores African development, culture, entertainment and fashion, an events business and a thriving website. Read more about Sandra Appiah, Isaac Boateng and Face2Face Africa here.

 Ola Orekunrin, Nigerian

 Medical Doctor, Founder, Flying Doctors

 A Nigerian healthcare entrepreneur and medical doctor, Orekunrin, 25, is the founder of Flying Doctors Nigeria, West Africa’s first Air Ambulance Service. Flying Doctors Nigeria provides urgent helicopter, airplane ambulance and evacuation services in Nigeria and other countries across West Africa. Read more about Ola Orekunrin here.

 Andrew Mupuya, Ugandan

 Founder, Youth Entrepreneurial Link Investments (YELI)

 In 2008 Andrew raised $18 from family and friends and started making paper bags on a small scale. In 2010 he registered his company, Youth Entrepreneurial Link Investments (YELI), which is now the first locally registered paper bag and Envelope-producing Company in Uganda. The company now employs about 15 Ugandans and YELI is a leading supplier of paper bags and envelopes to local hospitals, retail outlets, roadside sellers and local flour manufacturers. Between 2008 and now, YELI has produced more than half a million paper bags. Andrew Mupunya is 20. Read more about Andrew Mupuya here.

 Chude Jideonwo & Adebola Williams, Nigerian

 Founders, Red Media/ The Future Project

 Jideonwo and Williams are co-founders and Partners of Red Nigeria– a leading full service media-content, communication and Development Company in Nigeria. The firm also owns The Future Project (TFP) – a strategic social enterprise/change communications firm which hosts theannual Future Awards, Nigeria’s most important awards for outstanding young Nigerians. Read more about the duo here.

 Mark Kaigwa, Kenyan

 Partner, Afrinnovator

 Mark Kaigwa, 25 is a multi-talented creative director, filmmaker, digital marketer and entrepreneur. Kaigwa is a co-founder and partner at Afrinnovator, a venture which aims to put Africa on the map by publishing exploits across African innovation, technology and start-ups. He is also Partner at African Digital Art – the web’s leading resource for creative inspiration in animation, illustration, photography and design from Africa. Read more about Mark Kaigwa here.

 Arthur Zang, Cameroonian

 Inventor

 Last year, Arthur Zang, a 25 year-old Cameroonian engineer invented the Cardiopad, a touch screen medical tablet. With the Cardiopad, heart examinations such as the electrocardiogram (ECG) can be performed at remote, rural locations while the results of the test are transferred wirelessly to specialists who can interpret them. The device spares African patients living in remote areas the trouble of having to travel to urban centers to seek medical examinations. The Cardiopad is expected to become commercially available in 2013. Read more about Arthur Zang here.

 Thula Sindi, South African

 Fashion Entrepreneur, Founder, Thula Sindi

 The 28 year-old is one of Southern Africa’s best-known young fashion designers.  After completing his studies at the London International School of Fashion he landed his first job as head designer at Vlisco, a Dutch textile company. He quit shortly afterwards to launch his eponymous self-titled clothing label which designs, manufactures, and markets delicately crafted women’s clothing. Read more about Thula Sindi here.

 Farai Gundan, Zimbawean

Founder, Farai Media

The Zimbabwean-born media personality and Internet entrepreneur is the founder of Farai Media, an Africa-focused online mobile and advertising platform. She is also a co-Founder of AfricaTripDeals, a global distribution system for travel to Africa. Read more about her here.

Source: Forbes

 

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Looking to Borrow? An Audited Financial Statement Can Help

More than one-half of all small-business loan applications are being rejected by banks, according to the Biz2Credit Small Business Lending Index. In such a tough lending environment, companies in need of capital might find lenders more receptive if they invest in audited financial statements.

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“We’ve had clients who needed these statements to even get the loan, and it can make a difference in the interest rate you get,” says David G. Barbeito, a principal in the Miami office of Morrison, Brown, Argiz & Farra, a large independent accounting firm.

A study by Michael Minnis, assistant professor of accounting at the University of Chicago Booth School of Business, published in the Journal of Accounting Research found that companies with audited financial statements have interest rates that are nearly three-quarters of a percent lower than companies that do not. In general, large companies are more likely to require audits in order to receive loans; however, Minnis found that firms with annual revenue of $10 million were not always asked to supply such materials, while firms in the $500,000 range sometimes were.

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Audited financial statements are expensive, in the ballpark of $15,000 to $20,000 for the smallest businesses and $50,000 to $75,000 for middle-market businesses, estimates Eric Martinez, CPA, an auditor with Jericho, N.Y.-based accounting firm Grassi & Co. So it’s important to do the math before hiring an auditing firm to pore over your books. In some cases, a review by an auditing firm may be all that is necessary, yielding the same lending benefits at about half the cost.

“One of the first things you need to do is to talk to the banker and understand what they’re looking for. A lot of times, we’re able to achieve the bank’s objectives with a reviewed statement,” Martinez says. He recommends business owners make sure the bank is comfortable with the auditing firm in advance, as the bank may have standards of expertise that the auditor needs to meet.

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Minnis agrees that a cost versus benefit evaluation is important before incurring the expense of audited financial statements, particularly if a loan approval is not at stake. Still, audited statements may have other benefits to business owners, such as helping them establish larger and more favorable lines of credit with suppliers or meeting the management review requirements to attract outside investors. 

Source: entrepreneur.com
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Incorporating Your Business

The term corporation comes from the Latin corpus, which means body. A corporation is a body–it is a legal person in the eyes of the law. It can bring lawsuits, can buy and sell property, contract, be taxed, and even commit crimes. It’s most notable feature: a corporation protects its owners from personal liability for corporate debts and obligations–within limits.

The corporation is considered an artificially created legal entity that exists separate and apart from those individuals who created it and carry on its operations. With as little as one incorporator, a corporation can be formed by simply filing an application for a charter with the respective state. By filing this application, the incorporator will put on record facts, such as:

  • the purpose of the intended corporation,
  • the names and addresses of the incorporators,
  • the amount and types of capital stock the corporation will be authorized to issue, and
  • the rights and privileges of the holders of each class of stock.

Why Incorporate?
It is true that operating as a corporation has its share of drawbacks in certain situations. For example, as a business owner, you would be responsible for additional record keeping requirements and administrative details. More important, in some cases, operating as a corporation can create an additional tax burden. This is the last thing a business owner needs, especially in the early stages of operation.

Remember, aside from tax reasons, the most common motivation for incurring the cost of setting up a corporation is the recognition that the shareholder is not legally liable for the actions of the corporation. This is because the corporation has its own separate existence wholly apart from those who run it. However, let’s examine three other reasons why the corporation proves to be an attractive vehicle for carrying on a business.

  • Unlimited life. Unlike proprietorships and partnerships, the life of the corporation is not dependent on the life of a particular individual or individuals. It can continue indefinitely until it accomplishes its objective, merges with another business, or goes bankrupt. Unless stated otherwise, it could go on indefinitely.
  • Transferability of shares. It is always nice to know that the ownership interest you have in a business can be readily sold, transferred, or given away to another family member. The process of divesting yourself of ownership in proprietorships and partnerships can be cumbersome and costly. Property has to be retitled, new deeds drawn, and other administrative steps taken any time the slightest change of ownership occurs. With corporations, all of the individual owners’ rights and privileges are represented by the shares of stock they hold. The key to a quick and efficient transfer of ownership of the business is found on the back of each stock certificate, where there is usually a place indicated for the shareholder to endorse and sign over any shares that are to be sold or otherwise disposed of.
  • Ability to raise investment capital. It is usually much easier to attract new investors into a corporate entity because of limited liability and the easy transferability of shares. Shares of stock can be transferred directly to new investors, or when larger offerings to the public are involved, the services of brokerage firms and stock exchanges are called upon.

Advantages of Incorporating

  • Owners are protected from personal liability fro company debts and obligations.
  • Corporations have a reliable body of legal precedent to guide owners and managers.
  • Corporations are the best vehicle for eventual public companies.
  • Corporations can more easily raise capital through the sale of securities.
  • Corporations can easily transfer ownership through the transfer of securities.
  • Corporations can have an unlimited life.
  • Corporations can create tax benefits under certain circumstances, but note that C corporations may be subject to “double taxation” on profits. To avoid this, many business owners elect to operate their corporations under subchapter S of the Internal Code. Also known as an S corporation, this entity allows income to pass through to the individual shareholders.

Disadvantages of Incorporating

  • Corporations require annual meetings and require owners and directors to observe certain formalities.
  • Corporations are more expensive to set up than partnerships and sole proprietorships.
  • Corporations require periodic filings with the state and annual fees.

Source: entrepreneur.com

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5 Ways to Close The Sale With Indecisive Customers

One of the biggest challenges sales organizations face is securing customers who aren’t ready to buy. Maybe they’re considering a competitor’s offer or having internal issues that are delaying their decision-making. Whatever the case for their indecision, your goal is to convince these prospective customers to eventually buy from you.

To accomplish this often elusive task, you need to be savvy about the way you follow-up with prospective customers. Here are five keys to follow-up success:

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1. Create a follow-up marketing budget. Your company probably spends significant dollars on marketing and advertising to attract new prospects. Why not invest more in converting prospects into customers — particularly if they’ve already shown an interest in your company? This kind of approach will help you yield the highest return on investment for your advertising dollars.

2. Simplify their lives. While the ultimate purpose of your follow-up is to close sales, your messaging to prospects needs to go beyond selling. No prospect wants to constantly hear your message of “buy my stuff.” Instead, use the follow-up to establish yourself as a trusted advisor. You can send a prospective customers articles and information addressing their concerns, for example. By helping them, you build trust. When they are finally ready to make their buying decision, they will be more likely to buy from you.

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3. Use multiple touch points. Email is the easiest and quickest way to follow up with prospects, but don’t limit yourself to one form of communication. When following up, you an reach out with a phone call, through snail mail, or by sharing a video link. All of these give you a better chance of engaging prospective customers, increasing their likelihood of buying.

4. Set a follow-up timeline. Set a follow-up timeline based on your typical sales cycle. For example, if the typical sales cycle is one month, perhaps you should follow up with prospects twice per week for the next four weeks, once per week for the following two weeks, and then monthly for the next 12 months.

Most importantly, don’t give up. You’ll be surprised how effective reaching out to a prospect six months after your initial contact can be. Most importantly, because your competitors will rarely follow-up with prospects for that long, you’ll often be able to close sales without any competitive pressure.

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5. Establish a follow-up system. It’s important to establish a system, particularly with follow-up sequences that last many months or even years. Without systems in place, it’s too easy for someone to drop the ball and for necessary follow ups not to get done. This can range from simple follow-up alerts in your CRM system to hiring a marketing manager whose sole focus is helping sales staff secure more sales from follow-ups.

In today’s competitive business world, it’s all too common for buyers to delay making a decision. Those firms that can leverage this fact via effective follow-up will dominate their markets. Remember the old adage — you can’t improve what you don’t measure. Measure the effectiveness of your follow-up campaigns. Determine what’s working and do more of it. Likewise, fix or refrain from continuing the efforts that aren’t yielding results. Do this and you’ll be the envy of your market.

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