March 2017 - Archieve

Under the hood articles from the past.

8 Factors to Note When Finding the Right Funding Option for Your Startup

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There are eight primary things you need to consider before seeking outside funding for your startup, and that will help you make these decisions. Looking at these eight factors will help you determine the how, what, when, where and why of your financing round.

1. Ultimate goal and milestones

The first thing you need to have is a vision. Where do you ultimately want to take your business? To get investors excited and willing to invest, it is essential to clearly articulate your vision, exhibit passion and create excitement about your business. Once you have this big picture story, you need to have your vision grounded in an actionable plan.
What are your financial and non-financial goals for your business over the next 12 to 18 months? How much capital do you need to raise to achieve those goals? What will you do with the money? What key milestones can investors expect you to achieve over the next two to three years, and are there some big milestones that you’ll achieve in the next 12 to 18 months that will result in a step function increase in your valuation?

2. Target market size, growth and market share

Most outside investors have a particular investment thesis that they like to pursue. They invest in particular technology areas or certain vertical markets. Being able to clearly articulate your market size, market growth and your forecasted market share is essential to having credibility in your financial model. However, it is also critical to understanding which investors are the best targets to finance your company. Depending upon the stage of your company, your company might be suitable for angel investors or VCs.

3. Unique value proposition

You need to have a unique value proposition, sometimes called a unique selling proposition, for your product or service. I like to use the word value since it implies that you are looking at things from the customer’s perspective.
How much value does your solution have? It is based 100 percent on the problem you are solving for your customer. The only way to determine this is to intimately understand the customer. It is essential to have customer interaction and feedback before seeking outside financing for your startup. Therefore, it is also implied in a unique value proposition that your target customers have validated this value.
You must have testimonials and case studies that demonstrate this value. At the right stage in the process, some investors may even want to do reference calls with your key customers about this, especially in the B2B world.

4. Product-market focus

Part of your strategy needs to show that you have a specific product market focus, and this will be your beachhead for establishing your business. You can then have a roadmap to attack adjacent markets with your solution. Or you can develop adjacent products that leverage your current product to service a bigger portion of the overall business with your customer.
If you come across as wanting to do everything for everybody out if the gate, then you will raise significant concern with investors. I call this the “boiling the ocean” strategy. It is really hard to do. However, if you just focus on a single product-market segment, unless it is massive, investors will consider your idea as “too niche.” 
In many cases, even if you can show that your business idea can be profitable, if the market is not large enough, investors will relegate your idea to a “lifestyle business.” This is a business where you can make a fine living for yourself and have a comfortable lifestyle, but investors can’t make much money.
You resolve the conflict of these two issues by having an initial target that is very interesting, and a roadmap that addresses a spectacular opportunity.

5. Investing your personal resources

Prospective investors will want to know that you are busting your hump in building your business and that you are willing to make massive sacrifices to make your business successful. They will also be even more impressed if you have made significant progress on the business by using your own money. Investors like to see that you have “skin in the game” or “sweat equity” both in terms of your time, and in terms of your money. This is even more significant if you have had a big exit in a former startup.

6. Desire for control

When you make a decision to raise outside capital for your company, you are making a decision to relinquish sole control of your business. This is true even if you maintain a majority interest in the company. You may also be faced, at some point, with whether to bring an outside CEO into the company.
I like what a corporate attorney friend of mine who focuses on startups and VCs says about this: “Do you want to have a CEO title or do you want to be rich and have a successful company?”
It is not always true that you need an outside CEO, but there are many more circumstances like this. See Steve Jobs, Bill Gates, Jeff Bezos, Henry Ford, Mark Zuckerberg and Michael Dell. Two notable examples of amazing companies that hired outside CEOs while they were still startups are Google and eBay.

7. Ability to service debt

If your business generates a lot of cash and you can service debt, then a small-business loan may be a better alternative than raising outside equity capital. In that case, you will be able to maintain control. It is something that some companies should consider.

8. Leverage in negotiations

The final point is knowing what leverage you have in negotiating a deal and the importance of negotiating a “fair” valuation vs. a “optimum” valuation. Each financing round in a private company is an intermediate step to an ultimate exit for your company, whether you ultimately sell your company or take it public. It is way more important to get the right investors into your deal at a fair valuation vs. the wrong investors that add no value at an optimum valuation. It is also important that you consider corporate governance and deal terms as key factors in negotiating a financing for your company. In some cases, this is even more important than valuation.
A good mentor or coach can help you if you’re looking for further advice on which funding options are right for you and your company.                               -(Credit: Entrepreneur)   

2 Graduate Vacancies Opened At GRENIGAS Limited

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GRENIGAS Limited was established in 1967 and operates filling plants, bottling and distribution of LPGas Butane throughout Nigeria. The company’s activities are driven by commitment to the provision of excellent service delivery, steady product availability and affordability. 
GRENIGAS continues to make significant strides in the industry and keeping pace with global changing trends.
The company is the oldest indigenous and independent LPG Bottling Plant Operator in Nigeria.
An Indigenous Liquefied Petroleum Gas (LPGas Butane) Bottling Company has opportunities for hardworking, goal driven, focused, creative and qualified candidates, who can cope in a fast-paced environment, to fill the position below:

1. Job Title: Accountant
Location: Lagos, Nigeria
The successful candidate will be responsible for the following:

  • Developing and implementing excellent record keeping and accounting systems using Sage for   operating system;
  •  Establishing tables of accounts and assigning entries into proper accounts;
  •  Managing accounts receivable and accounts payable properly in line with extant accounting principles;
  •  Preparing annual company budgets and overseeing the implementation;
  •  Preparing periodic management and statutory reports – Trial Balance, Management and Financial reports
  • Developing and maintaining good internal accounting controls;
  • Providing Internal audit services;
  • Maintaining Company assets register;
  • Reporting to management periodically on the financial status of the Company;
  • Compliance with state, federal, and international financial and legal requirements and prompt advice to management on needed action.
Qualifications Required:

  • Minimum of a 1st Degree in Accounting/HND plus Professional Qualification (ICAN)
  • Minimum 5 years Accounting experience in a reputable firm or institution;
  • Good knowledge of National and International Accounting principles, processes and standards;
  • Excellent interpersonal and communication skills.

2. Job Title: Assistant Operations Manager
Location: Lagos, Nigeria
Job Description
The incumbent will be responsible for the following:

  •  Preparing an Annual Plan for the Company’s Operations;
  •  Managing the Company’s fleet of vehicles for the supply of LPG to clients;
  •  Formulation of strategy for Company growth;
  •  Planning and preparation of sites for Company Operations;
  •  Overseeing the procurement of all equipment for the smooth running of Operations;
  •  Ensuring that all equipment is properly maintained with downtime reduced to barest minimum;
  •  Planning and ensuring adequate supply of LPG and Propane to Clients and maintenance of appropriate inventory levels;
  •  Working closely with the Coordinating Director and Business Development Manager and Clients to ensure a good business relationship is maintained at all times.
  • Requirements
  • Qualifications Required:
  •  Minimum of a degree or HND in Mechanical Engineering (or Process Engineering), a Masters degree or an MBA will be of added advantage;
  •  3-5 years’ post graduate experience;
  •  Excellent knowledge of the Safety and Environmental requirements;
  •  Excellent interpersonal and Communication skills.

How To Apply
Interested and qualified candidates should submit copy of their detailed resume and handwritten application using the position of interest as subject to:
Admin Manager
P.O.Box 3862, Marina, Lagos State, Nigeria

Submit electronic copy of their detailed resume and application using the position of interest as subject to:

Application Deadline: 15th April, 2017

Graduate Receptionist Needed At KPMG

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KPMG Professional Services and KPMG Advisory Services are the KPMG member firm in Nigeria. The partners and people have been operating in Nigeria since 1978, providing multidisciplinary professional services to both local and international organizations within the Nigerian business 
community. Our vision is to build and sustain our reputation as the best firm to work with by ensuring our people, clients and communities achieve their full potential.

KPMG is recruiting to fill the position below:

Job Title: Receptionist
Auto Req ID: 121424BR
Location: Lagos
Function: Infrastructure - Operations & Administration
Service Line: Operations & Administration
Job Summary 

  • The successful candidate shall sit at the front desk of our business / office premises. 
  • He/she will be responsible for answering telephone calls and receiving visitors with efficiency and politeness, amongst other duties.
Qualifications, Skills and Experience 
  • Possession of a university degree in any discipline from a reputable institution, with a minimum of Second Class (Lower Division)
  • Possession of a minimum of 5 credits at one O’ level sitting (Mathematics and English inclusive)
  • Proven ability to multitask or deliver on multiple tasks within tight timelines
  • High ethical standards and demonstrable integrity
  • Excellent persuasive and negotiation skills
  • Sound judgment, discretional ability and good decision-making skills
  • Team-oriented individual with good relationship skills
  • Working knowledge of the Microsoft Office suite, including but not limited to Word, Excel, Outlook, etc.Extensive knowledge of modern office administrative practices and equipment usage
  • A minimum of three (3) years’ relevant post-NYSC experience in a similar role.
  • Excellent telephone skills
  • Good organizational skills
  • Excellent communication skills – attentive listening; ability to speak in a clear, articulate manner
  • Excellent customer service orientation
  • Well-dressed; presentable and professional outlook
  • Ability to work independently (without supervision)

How to Apply
Interested and qualified candidates should:
Click here to apply

Graduate Employment At Fan Milk Plc

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Fan Milk Plc is a leading manufacturer and marketer of healthy, nutritious and safe frozen dairy and non-frozen dairy food products with distribution channels across the length and breadth of Nigeria. Fan Milk Nigeria is a well established and fast growing food processing industry offering wide range 
of products.

We are recruiting to fill the position below:

Job Title: Sales Officer

  • Manage & develop outdoor focused channel customers - FT, Ex Agent and Agent, through influencing order generation and ensure achievement of set KPIs while building a superior long term business relationship.
Principal Accountabilities (IPE Factors: Impact & Innovation)
  • Ensure the achievement of sales volume targets.
  • Prospecting for new customers/ sales points  while maintaining existing ones
  • Ensure the availability of FM’s products in all outdoor focused channel customers.
  • Report vendors daily sales per customer in his/her sales area
  • Freezers
  • Pushcarts/bicycles
  • Ensure faulty assets are repaired on time and in full (OTIF)
  • Communicate information and advice customer on ways to optimize their business and ensure they utilize the spare parts given to them for repairs of assets.
  • Credit Limit & Debt Management to ensure customers do not divert fund  
  • Monitoring of competitors’ activities and prompt report of same.
  • Vendors management – manage all activities regarding vendors such as:
    • Vendors route mapping
    • Vendors recruitment
    • Vendors retention
    • Vendors hygiene
  • Organization of vendors sales promotions in the territory  as required
  • Ensure that trade/vital information is passed to customers  with uttermost dispatch and to management
  • Ensure sales assets are optimally utilized and not in idle state.
  • Generator
  • Supervises and provides day-to-day support to franchise takers and agents including (but not limited to):
    • Attend to request for new sales equipment
    • Monitor and report on utilization of outdoor sales points
    • Monitor and report on condition of sales points
    • Monitor and report sales equipment usage compliance with franchise contracts.
Critical Qualifications/Skills/Experience (IPE Factor: Knowledge)
The ideal candidate: 

  • Must have an outgoing and convincing personality, with a sense of urgency, who can communicate at all levels and persuade key stakeholders into the right course of action
  • Minimum of Bachelor degree in Marketing, Business Admin., Economics or other related discipline.
  • Is driven by his/her desire to perform
  • Has broad experience with a structured approach to customer relationship management and business development
  • Has excellent entrepreneurial and commercial awareness
  • Possesses a high degree of assertiveness across cultural and educational diversity
  • Good knowledge of the FMCG market.
  • Selling and Negotiation Skills.
  • Ability to Drive a Truck - possession of Class E Drivers Licence
  • Minimum of 2 years relevant work experience in FMCG
  • Have good driving skill and possess a valid driver’s licence

How to Apply
Interested and qualified candidates should:
Click here to apply

2 Fresh Vacancies At Flour Mills of Nigeria Plc

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Flour Mills of Nigeria Plc has been a part of the lives of Nigerians at home and abroad. Our global vision is to be a leading foods company in Africa providing high quality and affordable products in the most convenient ways to consumers through world class brands like Golden Penny Flour, Golden 
Penny Semovita, Goldenvita, Golden Pasta and Golden Noodles. The Company's flagship brand, Golden Penny, remains one of the best known and the preferred brands amongst bakers, confectioneries and consumers in Nigeria.

We are recruiting to fill the position below:

1. Job Title: Dynamics AX Consultant 
Job Responsibilities

  • Identify and creatively solve complex Dynamics AX problems to help customers achieve their objectives.
  • Ability to implement solutions requiring the mapping of common customer business problems and processes to reusable end-to-end business application solutions.
  • Ability to implement the principles of Microsoft Dynamics Sure Step, Microsoft Solutions Framework (MSF)
  • Apply analysis skills and experience in principles of an ERP solution to provide detailed reliable solutions and quality deliverables
  • Responsible to present complex development topics to both functional and technical personnel
  • Knowledge of full application life cycle design tools and methodologies
  • First Degree in relevant discipline
  • Minimum of 5 years’ Dynamics AX consulting experience
  • 2+ years of relevant industry experience in Dynamics
  • Demonstrate capabilities as a team member in large, global, complex ERP projects
  • have strong communication, consulting and interpersonal skills
  • 1+ Full life cycle Dynamics AX project implementation  2+ years of Financial Business process experience.
  • be competent in analytical problem solving, product and technology expertise
  • Be result oriented
How to Apply
Interested and qualified candidates should:
Click here to apply for this Position

2. Job Title: Commercial Lead
The Job

  • Responsible for profitability of FMN Seed business operation and sales leadership.
  • Identify, build and develop growth opportunities for new markets or products within business unit.
  • Drive market share growth/concentration and penetration for new markets or products within business unit.
  • Plan, organize, develop and operationalize effective model and design of dedicated resources to effectively support business unit(s).
The person must:

  • Have seed business acumen.
  • Have strong communication skills.
  • Have leadership and problem solving skills.
  • Be result oriented.
  • First degree in Agronomy (or any other Agric. extensions related discipline).
  • M.Sc. in Agronomy/Plant Science; or MBA in Sales/ Marketing will be an added advantage.
  • Minimum of 5 years cognate experience in Agricultural inputs industry.
  • At least 1 year experience in broad business management.

How to Apply

Interested and qualified candidates should:
Click here to apply for this Position

4 Approaches to Developing your Skill into Profitable Business

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One industry with a high number of skill based business is the fashion industry. You will notice that most of the designers discovered their passion for fashion later in life after having studied another course in school.

You too can do the same. Regardless of your field of study, you can become anything you want to be based on your skills. All you need to do is follow a planned approach towards sharpening your skills and turning it into products or services that people will patronise and pay for.

If you are looking to develop your skills into a profitable business, here are some approaches that you should take to actualise your goal.

1. Read literatures
There are lots of published works of the early comers in your niche available for you to read and learn from. Stories such as how they started their journey, and lessons learnt from their mistakes. You should get these books and read through so that you can start based on the experience of established industry players.

Bear in mind though, that you cannot have the same journey with another person. Only use the literature as a guide, do not plan your journey solely around it.

2. Follow industry leaders
The tool I recommend for this approach is social media. Either you follow a company page or an individual account, you stand to gain a lot of experience. You will get insight into how they navigate activities​ such as customer complaints, product announcement, and general audience engagement. For individual accounts, you also stand a good chance to glimpse into how they reason as some of these leaders use social media to indirectly mentor their followers.

3. Get a mentor
Mentors are experts who have acquired experience and rich knowledge in their fields. Some are like moving encyclopedia such that spending​ just an hour with them could change your perspective on a subject matter.

To hone your skills into a money maker, you should seek out mentors in your industry and learn directly from them. They are also available to guide and put you in the right mindset of a professional.

4. Further learning
If your skills require technical knowledge such as IT, you may need to enrol in classes to learn further. There are several online classes that you can join and learn at your own pace. Examples of sites where you can sharpen your IT skills are Codecademy and W3Schools.

If you are going into entrepreneurship, you should form an organised reading habit and dig into the articles at Entrepreneur and Small Business Trends.

Another way you can learn further is through internships. Some organisations accept graduates into short term internship programmes where they can learn or develop business skills. You may consider interning for some months in a company with long strides where you get to learn the business in a real setting.

You don’t have to take all of the aforementioned approaches to sharpen your skills. However, it is advisable to explore each briefly to identify the one you are more comfortable with. You may then stick with it till you are ready to launch and start selling your skills for profit.

Did you just discover a new skill that you want to develop? Share your planned approach with us.                                                                                           -(Credit: Nairaland)

10 Fresh Vacancies At Cummins Nigeria

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Cummins Inc. - A global power leader, is a corporation of complementary business units that design, manufacture, distribute and service diesel and natural gas engines and related technologies, including fuel systems, controls, air handling, filtration, emission solutions and electrical power generation systems. Headquartered in Columbus, Indiana, (USA) Cummins currently employs approximately 48,000 people worldwide and serves customers in approximately 190 countries and territories through a network of approximately 600 company-owned and independent distributor locations and approximately 6,800 dealer locations. Cummins earned $1.48 billion on sales of $17.3 billion in 2013.

We are recruiting to fill the following positions below:

1.) Regional Sales Manager

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2.) Sales Manager - Port Harcourt

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3.) Sales Manager - Abuja
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4.) Revenue Controller

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5.) Project Sales Manager

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6.) Sales Support Leader

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7.) Manufacturing Engineer

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8.) Internal Controls Manager

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9.) HR Manager

10. Field Service Technician
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Application Closing Date