BusinessTips Opeyemi Adeneye Aboderin, Port Harcourt (2026)

Name: BusinessTips Opeyemi Adeneye Aboderin
Address: Port Harcourt, NG

12/01/2022

: A subject you must not fear if you want to succeed as an entrepreneur

__"Mathematics allows for no hypocrisy and no vagueness"

If you don’t know how to read accounts, you will end up at the witch doctor! I once knew an older gentleman who ran a very successful trading business [by the standards of his time]. He had shops, warehouses, farms, and a large family.

Then the economy of the country began to slow down, and soon there was hyperinflation. The impact on his business did not come at once, but soon he was struggling, and he came to see me to unload and vent: “I don’t know where my money is going. People are stealing from me. I also suspect I have been bewitched.”

Since we were related, I felt an obligation to try and help, so I asked him the following: “Would it be possible for me and you to sit down with your accountants, so I can get an understanding of your financials?”

To which he answered: “I have a bookkeeper who keeps records for the tax people. It’s another relative. I have to be careful, you know. And besides, we have to manage those government guys.”

“I’m sorry, unless I can see a proper set of financial statements, I cannot even begin to show you what must be done,” was my stern reply.

“My nephew, if you are really interested in helping me, just call the bank and give them a guarantee for a loan. I will pay back,” he pleaded.

“I will not do so unless I see your financials. Period. I don’t want to pour money into a black hole,” I declared.

Desperate, he finally relented, and allowed me to see a rather unimpressive bookkeeper. It was a mess.

Before he died, this relative had found solace in seeing witch doctors, and so called “prophets”. He was also running for elected office so that he could have power against his creditors!

Today there is nothing of what he built.

We all know someone like that, and I have a message for them: “No one is stealing your money, and if they are, it is because you have no financial literacy [yourself]. No witch doctor or medicine man ever made anyone rich in the history of mankind on the planet!”

As you make plans to this year, mastering financial literacy should be top on your list, which of course includes at least basic maths.

The fact is, fear of numbers paralyzes a lot of people. In part this is because maths teaching is often not up to standard in the formative years. This is something we need to recognize and work on URGENTLY in our schools [and homes] if our children are to drive the next wealth creation revolution.

I would rather you speak bad English or French as a second language, and yet be able to do your maths than the other way around!

Calculating percentages, for example, is something EVERY entrepreneur must be able to do, even if you are just selling tomatoes!

These are the “first numbers” of any business! It is non-negotiable!

If I ask you: “What is your Profit Margin?” you must be able to flash back in an instant.

“What is your GROWTH RATE?”

-Revenue?

-Volume?

What percentage of your OPERATING COST is salaries?

Can you sustain a conversation on your business that is based purely on NUMBERS?

All too often I meet young entrepreneurs, and they cannot even calculate the percentage increase in price that they just added to their product or service.

Don’t say things like, “I was not very good at maths in school, and so I can’t do percentages.”

I have known entrepreneurs who barely went to school able to do business percentages.

No excuse here. Time to go and learn, this and more.

"An investment in knowledge pays the best interest." Benjamin Franklin

Image caption and credit: "If there are nine rabbits on the ground and you want to catch one, just focus on one". Jack Ma. With thanks to

09/03/2019

If you have an idea, get started (Part 2)

__You need a co-founder.

In my last post, in which I talked about what you need to do when you have an idea, I said, “You must be honest in assessing your own capability, as well as weaknesses”... When I started Econet in 1993, I had already been in business for six years. I was running a successful engineering construction company, then I had this brilliant idea after learning about a new technology called GSM...

Every day after hours, I would read sometimes until 3am, doing research on this new industry. There was no Internet at the time so I could not do a “Google search”. I also travelled to trade shows to learn more. I was convinced this was the future.

Next I began to work on a business plan. It showed me that I would need US$10m. This was like a billion dollars in those days for someone in my position. The most I had ever raised was $300,000! When I talked to guys at the bank, they started using banking terminology I had never heard before!

It was beginning to sound like I was out of my league.

“You need about $5m in equity, and as the business grows, you will need even more equity. You are going to be diluted to maybe 5% or less, by the time this is off the ground,” a banker friend explained.

Yes, I had six years of experience. Yes, I had 700 employees in my existing business, and had already won both "Businessman of The Year," and "Industrialist of the Year" awards (the country’s highest awards for business), but I knew, listening to the advisors, that I did not have the capability, YET, to raise this kind of money.

__Next: I needed to find someone to advise me who had experience in raising big money.

My research turned to looking for the type of people who had the experience...

I approached the only banker I knew with this type of international exposure. He worked for one of the international banks. I was excited when my research showed me he had a degree in physics. That is how detailed I was in my research!

I made a very technical pitch to him, and he was excited.

“We will act as your advisors,” he agreed.

They were not cheap, but I knew it would add to my credibility, so I signed their mandate.

__Next: I knew my company accountant would not be able to handle this.

“We need someone on your team who understands Project Finance. This business of yours will need continuous financing.”

I started to search for someone who had banking experience.

“I want to hire a banker, as Finance Director,” I told a friend.

“Why would a banker want to come and work for you?" my friend asked. "They are highly paid!”

Then I heard that there was a banker who had just returned to the country and was looking to start his own bank... (This reminds me of a conversation I heard between PayPal co-founder, Peter Thiel and LinkedIn co-founder Reid Hoffman on one of his "Masters of Scale" podcasts. I really urge you to look up!)

This is what I said to Jeff Mzwimbi:

“Come and work with me for a few years. I will teach you how to be an entrepreneur, and you can teach me how to raise Project Finance.”

“I don’t really want to work for someone,” he protested.

“It’s not a job. You can be my partner," I said. "Free equity, 10%. You can leave as soon as the business is up and running.”

Initially, he agreed to come as my advisor to meetings with the banks. But after a few weeks, he was hooked!

Soon he took over all discussions with banks and financing partners. I returned to being an engineer, and Chief Entrepreneur!

We would be together for several years, and true to our agreement, when the company listed in 1998, he left to go and start his own business. I headed to South Africa for the next stage in my journey:

Continental expansion!

Lessons:

Notice how I addressed the problem of raising capital:

__I focused on getting knowledge. My own capability was being the "ideas guy" who had an engineering background. But I had a weakness: I did not know how to raise the kind of money needed to build a business.

How about you?

__What weaknesses do you have that needs to be addressed before you can move to the next level, and what are you willing to pay to deal with it?

Despite his extraordinary genius, Bill Gates needed co-founder Paul Allen and CEO Steve Balmer; Mark Zuckerberg needed COO Sheryl Sandberg; Larry Page needed co-founder Sergey Brin, and soon they both realized they needed CEO Eric Schmidt. The list is endless!

They are called “co-founders”! Some venture capital investors will not even consider investing in you, if they don’t see your co-founder. The co-founder is there to take risk with you, share your vision and also to plug a gap in one of the 3Ps! The best co-founder is not an employee, but an entrepreneur themselves.

__Sometimes they are looking to launch their own ventures but also recognize their own weaknesses which can only be solved by becoming someone else’s co-founder.

Some of you are trying to find some big company or established Big Man, when what you need right now is a co-founder!!

Let me close with this secret:

Some of you have been on this platform for as long as five years. By now you should already have used this platform to reach out to potential co-founders of your venture.

END.

Image caption: Google co-founders Larry Page and Sergey Brin at the Frankfurt Book Fair in 2004.

24/02/2019

Pause: Food for thought

__Take a look and a read, and tell me what you think.

A few months ago I agreed to participate as part of an interview series on prominent Africans by the McKinsey Global Institute (the world’s foremost private think tank) to share some ideas about African entrepreneurship. Here's a link to my interview and much more: https://mck.co/2V9EHgl

I hope you enjoy it. You can also watch other interviews with thought leaders on Africa which I think you will find very interesting. Please don’t publish it for copyright reasons at McKinsey but you can like it on our platform or share with a friend.

For those of you who enjoy a serious read as I do, McKinsey & Co's Africa team, which includes some of the smartest people I know, has just released an amazing book: “Africa's Business Revolution: How to succeed in the world's next big growth market”, by Acha Leke, Mutsa Chironga and Georges Desvaux.

This book contains the kind of information on Africa that investors will expect you to know, when you go for the BIG $’s!

Now here's a little homework. Check out below a few of the facts and figures from that book. As an entrepreneur, what do you see?

# Africa's population today is about 1,2bn, expected to double by 2050;

# 122 million people across Africa are active users of mobile financial services; (this is more than half the users globally!)

# $5.6tn (yes, trillion) is the projected consumer and business spending on the continent by 2025;

# Africa's 700 largest companies earned a combined $1,4tn in revenues;

# Africa has over 400 companies with revenues of $1b or more (soon to include some of you, if not already).

"Why Africa? Why now?" is the first section... The next (which is most of the book) is "How to win in Africa, a strategic guide". The book concludes discussing something we talk a lot about here, "Doing well by doing good"...

Need I say more? Get the book. You can see even my friend Aliko got himself a copy!

End.

Image caption (L-R): Mutsa Chironga, Aliko Dangote, Acha Leke.

19/02/2019

Pause: From vision to action...
__ , starting at home!

I have a vision. I call them Rural Entrepreneurship Centers. Each one would be located at a business center in rural Africa, powered by a solar "mini-grid" providing enough electricity for any small business activity, plus Internet cafes, and eventually, clean water and sanitation. Last week we launched a new company to roll out these "mini-grids"! It is called Ugesi Energy. Here's the link: www.ugesienergy.com Let me know what you think!

My wife suggested and I agreed that we should start out in the Matabeleland provinces of Zimbabwe, where we will roll out the first 10 "mini-grids" over the next six months! Teams have already arrived in Bulawayo, the regional capital, and will start work within two weeks.

I want each Ugesi Energy-powered Rural Entrepreneurship Center (REC) to attract entrepreneurs and innovators of all kinds!

We know entrepreneurs need financial support to get started, so a couple of weeks ago we launched the $100m Masiyiwa Rural Challenge Fund in my home country of Zimbabwe. Through Steward Bank, loans of up to $10k will be disbursed at 5% interest, to entrepreneurs who show they can set up and scale their ventures in rural areas. The Masiyiwa Fund is an “impact investment” supported by our family foundation.

Anyone from Zimbabwe with an interesting business that can be based in or within a 5k radius of these RECs will be able to apply for a loan, without having to put up collateral. Applications will be processed using our AI platform called Kwenga.

At each REC, I want to see shared economy businesses like KariGo and HelloTractor offering contract ploughing services to local farmers. I want to see agritech and agrifood ventures. I want to see young people with their own visions launching amazing new businesses!

: What businesses might you set up in a REC, if you had access to electricity, Internet, and a loan of up to $10,000?

Already we have people planning to set up businesses such as poultry, cottage dairies, welding and sewing shops. Others are talking about food products such as tomatoes and fresh vegetables. Others have new innovations in mind...

What about the rest of Africa? If the Zimbabwe pilot is successful, I will encourage other African countries also to adopt this model. Already I have targeted Rwanda, Burundi, Lesotho and Botswana as potential countries for similar projects. Are you in?

Success for me is not just rural Zimbabwe. I want to scale this vision across Africa!

I have spoken to several global philanthropists about . The response has been remarkable, principally because I have “skin in the game” -- an African philanthropist putting his own money on the table.

But we cannot do it alone. I need you to succeed once an opportunity like this is opened. Don’t allow fraudsters and others to ruin it. Be vigilant even if you are not benefiting immediately. Help me to help you!

For instance, if people who get these loans from Steward Bank don't pay them back on time, it will hurt the community's ability to get future loans. When they do repay as promised, it will grow the fund for the community!

, please share with others on the platform here about the Grameen Bank model and how it works.

Your generation must define the future. Who will take up my challenge?

What can you do ?

I know times are very, very tough, in many places. Still like eagles in the storm, you must stay focused and keep your eyes open for opportunities. They are out there!

What is your own vision? What do you see?

End.

01/01/2019

Reflection: All change begins with a decision

__Be strong and of good courage, and get started...

This is the time of year when people seem to talk most about changing something they are doing, either doing it better, or less, or more, or not at all. "In the New Year, I will..." the proclamations go, but then a week or so later, things are still being done pretty much the same way all in all... Is that you? I hope the answer is no.

"All change begins with a decision. You made a decision that took you into whatever it is that is destroying you, and getting out of it, also requires a decision..."

These are words of Dr A.R. Bernard, taken from notes I wrote down years ago. I will share a few more today as I know many of you are starting to consider your New Year "resolutions" which I think for an entrepreneur, we should instead call "goals." Let's talk!

__Not just for the Senior Class: What is your own goal-setting ? Do you write them down?

"Decision-Dedication-Discipline..." my notes continued.

"The moment you make a decision to change, you are energized. Decision means you have passed judgment on the issue under consideration. You cannot embrace the new, unless you pass judgement on the old.

Decision must be followed by dedication; in other words, you must be devoted to that change that you have decided to make in your life.

The third component is discipline. Discipline is the bridge between a thought, and its accomplishment."

What is the hardest part about discipline for you? Is it believing in yourself? Thinking your dreams seem impossible to achieve?

"The most potent weapon in the hands of the oppressor is the of the oppressed," said Steve Biko, the late South African anti-Apartheid activist, in a paraphrased quote I know most of you have heard before.

# There are many challenges in life, but do not be imprisoned by your own thoughts and fears.

We know there are people around us with a that tends to see problems and wait for others to solve them. There are others, like many of you entrepreneurs on this page, with a problem-solving , even amidst huge challenges around you.

__Entrepreneurs, visionaries, creators, innovators, inventors: Many of you right here are the hope of the continent and the world! I am not exaggerating. And many of you are indeed already busy transforming thoughts to accomplishments. (Read somewhere recently: "The road to success is always under construction!")

Now looking forward with that thought to the New Year ahead, let me mention a couple of exciting things happening in January that will kick off our entrepreneurial year. First, I will be taking part in a "co-creation" conversation at the World Economic Forum in Davos, Switzerland on Thursday, 24 January with Mr Svein Tore Holsether, CEO of Yara International (the largest crop nutrient company in the world, based in Norway).

We'll be talking together and also listening to others' ideas about a new agri-food youth entrepreneurship initiative we're calling "Generation Africa." I'll tell you more about it soon. I hope we'll be able to livestream the conversation here, and if some of you are in Davos, perhaps there's still some way for you to attend in person.

Secondly, I wanted to let you know about a new pan-African entrepreneurship competition sponsored by Alibaba founder, Jack Ma. His team approached me and asked that I bring it to your attention as they have been following our discussions on this platform.

Applications will open next month and close sometime in April. Check out: http://www.netpreneur.africa to find out more. I would love to see some of you on stage!

"Either you will lead change, or change will lead you. And if you want to take my advice, you lead," said Dr Bernard, "because when change leads, it may take you where you do not want to go. Your ability to lead change will determine your success in life."

Happy New Year.

End.

09/09/2018

-ImagineRural (Part 2)
__Do you see what I see? An incredible business... Wow!

When President Paul Kagame asked me to participate in a ceremony to name 23 baby gorillas a few days ago, I thought it was cool, and it earned some bragging rights for my youngest daughter amongst her animal-loving schoolmates..."My dad went to name a baby gorilla!"

I was grateful for the honor, and fully appreciated its importance from a conservation point of view. I did not realize at the time, however, that it would lead to one of the most profound entrepreneurial discoveries I have ever observed.

As we set off, I was initially a little disappointed to learn that I would not actually get to see any of the baby gorillas. I even wondered if it was such a smart idea to attend a ceremony whilst others discussed serious agriculture issues.

As our helicopter landed near the foothills of Volcano National Park which is home to the Silverback Mountain Gorillas, I realized we were entering a small town with beautiful homes and neat homesteads. I was surprised by the size and relative prosperity of the community and remarked about it to one of my colleagues.

It certainly looked more prosperous than communities around any game reserve I have ever seen in Africa, including Victoria Falls and Livingstone. This really raised my curiosity.

As we disembarked, I realized that the entire community appeared to be walking in one direction by their thousands, waving and singing.

“Where are they going?” we asked.

“To Kwita Izina. That is what we call the gorilla-naming ceremony," one of the hostesses explained. "We expect 60,000 people.”

“For the naming of a baby animal?!” I exclaimed, totally shocked.

“Is there nothing else they can be doing?" I asked. "Surely they have seen it before.”

It was clear they were excited and happy.

“Sir, the people of this community know every one of the gorillas in that forest. And when a baby is born, they celebrate like it’s a human child “

As our vehicles drew through the excited crowds, something else caught my eye. There were also hundreds of foreign tourists of different nationalities and races, including westerners and Chinese.

“What is that the children are singing to the tourists?” I asked.

“Welcome to Rwanda. Thank you for visiting Rwanda!” one hostess explained.

“For these children and their parents, those tourists represent school fees and income for their community," another added.

“These baby gorillas are at the center of the economy of this region. They are the source of income. For these people each of these baby gorillas is worth more than 1000 cows.”

“What?!”

Then I added: “Wow! I get it!”

Then another of the many hostesses and guides who joined us on the trip added something which blew my mind:

“The government distributes 10% of the revenue earned from the tourists who come to see the gorillas directly to the communities around the park.”

“Do you know how much they got last year?” I asked.

“Between two to 10 million US dollars.”

“Wow!” again.

“Yes, they get the money, and it is used to build things like schools, clinics, homes, roads and sanitation. The hotels are also built to service our gorilla industry.”

“Wow!”

She continued to explain: “These baby gorillas that you're going to help name bring big money into the community!"

“I imagine there is no poaching?” I asked.

“No, sir. This community seriously guards and defends the gorillas and their habitat.”

Finally, I whispered: “If I could take my gorilla with me, I wouldn’t have to work again.”

“But you have more animals than we do, where you come from. Surely you can do the same with your lions and rhinos?” she asked.

By the time the minister responsible for the development of the tourist sector made her speech, it was like attending a Warren Buffett shareholders’ meeting. She proudly reported the state of the “gorilla-driven" business, declaring that Rwanda had earned over $400m from tourism.

There was thunderous applause.

And when she said they want to double it to $800m, the “shareholders” of this remarkable venture cheered even louder. These were so-called ordinary people who understood the value that comes from conserving their environment and its wildlife.

is a mindset! We've talked about this time and again.

This is entrepreneurship by a government that implemented an inclusive business model to protect an endangered animal.

As I flew back the capital, Kigali, I thought about my baby gorilla and his family. He is safe because the people will protect him.

“What a wonderful gift from God,” I thought to myself. “All we have to do is protect them, and stay out of their way. They are like a beautiful annuity business that gives ever-increasing returns year in and year out."

I tried to think of a better business model, and I could not!

There is no African country which does not have a similar gift, be it a rare animal or even a location.

In 2015, tourism in Africa was worth about US$39.2bn. It could be worth 25x that amount!

__All we have to do is protect our animals and our environment. Then tourists will come and spend good money having a great time. If we look after these animals, we can earn more money than we make from almost any other industry just now!

“Visit Africa!”

In 2016, global international tourism revenues were about US$1.34tn! But Africa’s share (using 2015 AfDB figure of US$39.2bn) is a miniscule 2.93% of that.

As a point of comparison, France earned US$51.21bn (2017) and Greece US$16.88bn (2017).

It makes me want to cry...

But this is not a time for self-pity or bitter criticism. It’s not my way. We need “fast follower” entrepreneurial nations.

What stops other African countries from adopting the Rwanda model?

“Visit Africa!”

Yeah, on this trip I think I discovered the most profitable business in Africa! You can make money from it all year round, for years. But we cannot do it alone.

We need an inclusive partnership with the communities that live near these animals and in these spectacular locations. Let’s give them at least a 10% share and show them the benefits.

As I wrote in Part 1, bringing innovative ideas to rural areas is one of the key frontiers of African entrepreneurship. Do you see what I see?

To be continued. . .

Image credit: Funke Obasanjo (Baba’s daughter), Graça Machel, Baba Olusegun Obasanjo, me and my daughter Vimbai.The baby-naming ceremony requires the “namers” to be dressed in the traditional Chief’s attire. Baba called me a “trainee elder”!

06/09/2018

-ImagineRural... Our next town hall!
__Join me and HE President Paul Kagame here at 5 pm CAT on Thursday September 6th.

Last week you heard me echo here the words of the former head of the African Union, Dr Nkosazana Dlamini Zuma: “The hoe belongs in a museum!” We have thousands of African innovators, including on this platform, who can easily eliminate this relic of servitude to millions of African women. I am counting on you to do your part! And I can see some of you are... So many of you shared success stories and ideas of how to -ImagineRural. We will be talking about this topic for the next several weeks.

Meanwhile I have just landed in Rwanda where I'll be attending the annual Africa Green Revolution Forum (AGRF). This will be my last meeting as the AGRF Chairman. I have chaired all but one of the meetings since Kofi Annan asked me to do it. In particular, my “Chief” asked me to look after the interests of smallholder farmers in Africa -- all 400m of them.

__For me, this is not a position, but an interest of the heart. I will always look out for them as long as I breathe.

Now tomorrow at the AGRF, I will have a town hall discussion that fits right into our -ImagineRural series. This one is called Unlocking and I am so honored to join President of Rwanda, HE Paul Kagame, the Chair of the African Union, in this discussion which will be moderated by author Saul Singer who wrote the amazing book "Start-up Nation" that I mentioned here before.

Also in the audience will be all, or nearly all, of our inaugural group of , plus some of the star "pitchers" from previous town halls, as well as one from from this platform who made a memorable comment! I can't wait to see them. They just finished a three-week experiential learning program hosted by Cassava Fintech, one of the Econet family companies in Zimbabwe.

I will have some stories to share about this at a later date.

Please note: The Rwanda Town Hall is already sold out but please join us on the Facebook Live at 5 pm CAT on September 6th. http://bit.ly/AfripreneurTalk

So much to talk about ... and do... as we -ImagineRural. I hope you will be able to take part!

End.

03/09/2018

-ImagineRural (Part 1)

__What have you been doing in rural Africa?

There are young entrepreneurs and thinkers who are beginning to -imagineRural. They are thinking of entrepreneurial solutions that could improve the lives of millions of people who live throughout the African continent, far from urban centers. Many of these ideas will help draw investments and resources and may even stimulate national economic development by creating demand for locally manufactured products such as cement and roofing materials.

Bringing innovative ideas to rural areas is one of the key frontiers of African entrepreneurship. We need to move on from the only source of employment being rural stores, butchers, and grinding mills!

Armed with our degrees and diplomas we need to find new ways to bring commerce into our hinterlands that will help make them thrive. We need fresh ideas for tackling problems that have long been ignored by policymakers and entrepreneurs.

China and India are beginning to take the bull by the horns and getting smart entrepreneurs to focus on rural businesses with stunning results! I follow them both very closely. Israel is probably the world’s leader when it comes to using rural entrepreneurship as a platform for national development.

It is virtually impossible to tackle unemployment if we cannot -ImagineRural!

If we do not -ImagineRural, we will just end up with ever-growing urban slums and despair amongst the youth who have fled to the cities seeking non-existent jobs.

I’m intrigued with the idea that one can even make millions of dollars through ventures that are directed entirely at rural consumers, as well as through innovative new local partnerships. I might not be the only one thinking about this.

What are you thinking about?

(e.g.production, disposal, preservation, processing and marketing)

(local research and development)

...

__These are just some general categories you all know about, but as an entrepreneur, what do you see? What do you hear? I would love to hear your success stories, large or small.

Let's talk. I’m listening!

Maybe I can invest in what you are doing!

What have you been doing so far in rural Africa, as an entrepreneur?

I want to buy eggs!

To be continued. . .

Image caption: Zingiziwa, Malawi (solar-powered water pump for irrigation and water supply).

BusinessTips Opeyemi Adeneye Aboderin

12/01/2022

09/03/2019

24/02/2019

19/02/2019

01/01/2019

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