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Our Little Journey To Building Entrepreneur Platform & SumoTrust As We Add Motute To the Queue

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ceo of sumotrust gt igwe chrisent

Wow, just like that, it’s already another 365 days and my 28th birthday! (2020)

Ah, GT, you don old ooooo…

Happy birthday to me.

My life has been nothing but testimony from all angles and I want to use this medium to appreciate the amazing grace of God in my life.

3 years ago (early 2017), when I was still much of a serious blogger, I was involved in a heated argument on Facebook where people that knew SEO came to brag about their knowledge and argue on some of the best working SEO practices.

It was during this argument that I got into a BLOGGING BET CHALLENGE.

The concept was that everyone in that argument should start a new blog and rank it in 6 months as a way to prove who the SEO GURU was among us.

Well, of course, I jumped into the challenge and decided to pick a niche in Business and registered the domain name: www.entrepreneur.ng (Entrepreneur Nigeria), which have been rebranded to Entrepreneur Platform.

6 months down the line, my blog started ranking so high in some business keywords and was being rated as one of the Top Business Blogs In Nigeria.

As at that period, there were lots of inquiries and requests from our readers on;

  • How to access capital for their businesses.
  • How and where to grow their money.
  • How to improve their financial lives, etc.

On this request, we carried out a survey on over 275000 people using Google form and over 66% turned out to need services of savings, investment, and better careers.

I was hungry and passionate to help build the future entrepreneurs even with almost no resources available, so we decided to build SumoBank (Now SumoTrust) which went live on June 14th, 2019 (2nd anniversary of Entrepreneur Platform as of then).

Sumotrust savings and investment platform in nigeria

There were lots of hurdles and bottlenecks before this time that we had to conquer to even get SumoTrust to a live stage, no need to go into the details here, that will be a story for another day.

As at when we launched SumoTrust, we had our core goals on SAVE, INVEST and LEARN.

Today, SumoTrust is +1 and Entorm +3 and I’m happy to see our baby startup with zero funding and very little resources process over 135 million Naira in deposit and withdrawal volume with over 12,000 customers. 

It still feels like a dream to me; because we have not spent up to 1 million Naira in marketing. Everything has been pure organic growth and community support by customers.

We understand that our customers need to become better and improve their sources of income to become better savers.

On this approach, education and skill acquisition is one of the underlying foundations to help our customers grow and that is where our LEARN goal comes in.

Today, I’m happy to announce Mobile Institute (Motute) to you.

motute homepage

Motute is an Edtech marketplace connecting quality instructors to students all around the world on the go. With motute, you can learn anything at your own comfort and pace.

For Instructors and creators, Motute will help you generate passive income for your work. What knowledge or skill do you have that people can learn from you? Come to Motute, it will become a money-making machine for you.

We also understand that learning a skill to start a business is hard, so, we have added an automated 4-7% discount access to any course on Motute when you have above 50,000 Naira in your SumoTrust account and pay for courses with your SumoTrust account.

This, for now, is our own little way to help African Entrepreneurs and people grow into financial freedom.

For anyone who is a high earner today, is of high knowledge or skill and that is why we built Mobile Institute.

Use it, take advantage of it, it was built to serve you.

In all of this progress, I must appreciate everyone in my team: Ossi Samuel, Idoko Nicholas, Maureen John, Okaria Franklin, Hugbo Clement, Odi Valentine, Ellem Kuti, etc. These people are the pillars of our company with their experience and passion, I owe them my lifetime loyalty and support. When I say they’re the best, they are indeed the best.

We will focus on improving the services we provide and adding more features that will make life easy for you.

Thank you for the immense support, we will keep doing our best.

 

Once again, happy birthday to me….

GT Igwe Chrisent.

 

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Business

7 Common Mistakes Nigerian Managers Make

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In this guide, I discuss the 7 common mistakes Nigerian managers make and how to avoid them. However, before I get to that, I want you to know that finding and keeping credible hands in your business is an important process that you should never put aside for any reason. As an employer in Nigeria, once you’ve hired a competent employee, it becomes an even tougher challenge trying to retain him or her except you know and avoid the common mistakes Nigerian managers make. Many of the talented people within your business structure won’t stick around for long if you don’t take some smart management initiatives.

As a manager, one of the common mistakes that you are likely to make is the mistake of complacency or related issues. This applies to managers in companies and organizations of all sizes and societies. This mistake is easy to make especially when it seems like you have the very best of workforce for your organization.

common mistakes managers make

When you ignore various aspects to keep credible employees in your organization, you could face a big dilemma in employees’ management and retention and before you know what is happening, they are gone. So, if you don’t want your employees to abandon you soon as they resume work, endeavour to avoid the common mistakes Nigerian managers make.

To help you with this, I put together this awesome guide which is a compilation of 7 managerial mistakes to avoid within your company to maintain a high turnover rate and sustain your business growth and productivity.

7 Common Mistakes Nigerian Managers Make

Below is a discussion on the 7 common mistakes Nigerian managers make and how to avoid them.

1. Supposing That Your Best Employees Will Not Leave Your Company

One of the worst examples of contentment is automatically assuming that your employees want to stay with your company for ever.

You should not have this sort of stupid idea. Most top talented people are extremely smart and want to challenge themselves with higher tasks and better offers.

So, don’t make the mistake of assuming that they will keep staying with your organization if they are constantly exposed to the same rhetoric that stifles their creativity. Not everyone is after money; some people just want to develop their skills while earning money. So, if you fail to engage them with tasks that meet their goals, they are likely to leave sooner or later.

2. Deploying Long Hiring Processes

How long is your hiring process? All those candidates you want to hire don’t want to wait weeks or months to start work. Keeping them waiting only creates impatience in them, which can force them to accept a another offer.

Some statistics show that up to 46% of all candidates accept or seek another offer if they have to wait too long for a response from an organization they applied to. Don’t assume they will stick around just because you offer competitive advantages.

3. Poor Training and Personal Development Programmes

Training is a big part of every forward-going organization. If you fail to train, retrain and provide your employees with suitable training programmes to boost their morale and productivity, chances are that they will become moribund and develop lethargy working on the same rhetoric for years.

Most forward thinking employees appreciate a company that is always working on new projects. They want to feel like they have nowhere to go (in terms of projects), and hence will like to keep with the company and execute projects they are proud of.

Hardworking employees will feel suffocated and will look elsewhere for challenges if they spend all their life on one job position in a company.

This shows that retaining the best employees in an organization requires time and financial resources to ensure they are retained.

4. Poor Interpersonal Communication

The lack of proper communication applies to all types of employment situations and all organization sizes (small, medium, large, national, etc.)

You should keep in touch with your employees as soon as possible so that both you and they are in tune with the direction of your company.

If you don’t, misinformation can set in among your workforce and the impact can be disastrous.

Poor communication network between the management and the employees and among the employees is what gives rise to false assumptions in an organization and that you don’t want this to happen to your organization particularly during difficult times

So, maintain one-on-one communication with your employees and ensure the information shared is true and intact.

5. Hiring the Wrong Candidates

Maybe you’re so desperate to get someone to fill a vacant position in your company that you end up hiring the wrong persons. It’s easy to detect a discrepancy between what someone’s resume says and who someone actually is by mere observation. But this will happen after the candidate has been employed following a faulty recruitment process.

Anyone can say something on a resume without proper research. Have your interviewers focus on the real tangible elements, such as what the candidate’s proven skills are, their track record of success, and their responsibility. You may check this detailed guide which I wrote on tips for hiring the best job applicants for guidelines.

6.  Not Appreciating your Employees When they do a Good Job

Whenever your employees work hard to contribute their best to your company’s projects, they want to be recognized, praised and appreciated for the work they do.

Many of them want more than money, which is why recognition is very important in the workplace. Praise, rewards, bonuses, tips, etc. help to boost your employees’ morale and give them morale to put in more energy, move forward and continue to achieve their set goals for the organization. Often, for many applicants, it is not about the financial aspects and more about simply being recognized and valued.

Offering bonuses is always good. But keep in mind to consider other rewards like vacation packages, gift cards, and certificates.

7.  Resisting Changes to Move Forward When You Should

Your employees won’t want to stick around if they’re not going to hit an important short-term or long-term goal in your organization. Think of Apple and its continued push to create new devices for the public. In the Steve Jobs era, all of their talents were kept because they were definitely on board with his vision. Your company needs the same mindset, so don’t resist change. In the corporate world, things change all the time.

Conclusion

The world is fast being overtaken by a workforce filled with millennials.  Millennials are exponentially changing the corporate landscape in today’s workforce and are worth hiring because of their energy, zeal and enthusiasm to get things done quickly and efficiently, as they are used to change. One reason is that they grew up at a time when they expected a change in everything.

If you want to keep the employees that you took pains to hire, it is essential to invest quality resources to keep them in your organization. Some of the things mentioned above can help you correct this, but the most important thing is to keep them engaged.

Employee engagement is critical to keeping your team constantly interested and never bored with their job. A recent Gallup poll shows that 51% of employees are not participating as they should. Take this seriously and look at possible solutions through which you can keep your employees constantly engaged and inspired while working for you. You just read some of the tips; you can find out more online.

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Entrepreneurs

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