20 — Vanguard, THURSDAY, APRIL 18, 2019
Many people f<strong>in</strong>d the entrepreneurial journey to be a lonely and stressful one, fraught with highs and lows, elated w<strong>in</strong>s, and crush<strong>in</strong>g losses. The crux of anxiety is uncerta<strong>in</strong>ty; entrepreneurs fear the future and worry about how they will cope. The absence of a regular pay check, market fluctuations, and the <strong>in</strong>evitable risk-tak<strong>in</strong>g required to grow, only compounds this uncerta<strong>in</strong>ty. As an entrepreneur, <strong>you</strong> are <strong>you</strong>r biggest asset and How w to over ercome entrepreneurial anxiety ty <strong>you</strong>r mental health is <strong>every</strong> bit as important as <strong>you</strong>r physical health. Anxiety is one of the most common mental disorders that we can suffer from, so here are five ways to manage <strong>you</strong>r entrepreneurial anxiety. Self Compassion: As an entrepreneur, failure is <strong>in</strong>evitable. But be<strong>in</strong>g compassionate to <strong>you</strong>rself cushions <strong>you</strong> aga<strong>in</strong>st failures, allow<strong>in</strong>g <strong>you</strong> to bounce back and try aga<strong>in</strong> because <strong>you</strong> learn that failure is just part of be<strong>in</strong>g human. It's treat<strong>in</strong>g <strong>you</strong>rself as <strong>you</strong> would a good friend, with understand<strong>in</strong>g, k<strong>in</strong>dness, and respect. Tak<strong>in</strong>g breaks: It's time to start work<strong>in</strong>g smarter, not harder. Your bra<strong>in</strong> is not designed to work flat out for 10 hours a day. You need time-outs to process <strong>in</strong>formation and perform at <strong>you</strong>r best. Schedule breaks <strong>in</strong>to <strong>you</strong>r diary to make sure they actually happen and head out for a walk, have a stretch, meditate, make tea, daydream, read, or phone a friend. Meditation: Meditation doesn't take time away from <strong>you</strong>r busy schedule; it gives <strong>you</strong> time. Famous entrepreneurs who espouse the benefits of meditation <strong>in</strong>clude Tim Ferris, Oprah, and Russell Simmons. Those with a regular practice report <strong>in</strong>creased mental focus, lowered stress and anxiety, Vanguard, THURSDAY, APRIL 18, 2019—21 and higher levels of creativity Phone boundaries: Mobile phone addiction is on the rise. Each time <strong>you</strong> check <strong>you</strong>r emails, receive a new tweet, or an <strong>in</strong>trigu<strong>in</strong>g news story pops up on <strong>you</strong>r our phone, <strong>you</strong> get a hit of dopam<strong>in</strong>e. You get addicted to <strong>you</strong>r phones. Be<strong>in</strong>g at the beck and call of <strong>you</strong>r mobile and answer<strong>in</strong>g email 24/7 is bad news for <strong>you</strong>r mental health because it keeps <strong>you</strong> on high alert, never allow<strong>in</strong>g <strong>you</strong> to fully switch off. Procrast<strong>in</strong>ation: Anxiety and procrast<strong>in</strong>ation are often l<strong>in</strong>ked. When <strong>you</strong> feel scared and joverwhelmed it can be hard to take action and get th<strong>in</strong>gs done. If <strong>you</strong> fear failure, <strong>you</strong> might struggle even to get started. Then the more <strong>you</strong> put th<strong>in</strong>gs off, the more pressure <strong>you</strong>'re under, mak<strong>in</strong>g it even harder to focus and concentrate. •Culled from LSETF Digest Over 59m Nigerians work <strong>in</strong> MSMEs sector — SMEDAN By Y<strong>in</strong>ka Kolawole The Micro, Small and M e d i u m Enterprises (MSMEs) sector offers more than 59 million jobs <strong>in</strong> Nigeria, the Small and Medium Enterprises Development Agency (SMEDAN) has said. Deputy Director, Enterprise Development and Promotion, SMEDAN, Ibrahim Abdumalik, disclosed this at a capacity build<strong>in</strong>g workshop for <strong>you</strong>ng bus<strong>in</strong>ess owners, organised by SMEDAN <strong>in</strong> Yenegoa, Bayelsa State. Accord<strong>in</strong>g to him, there are over 37 million MSMEs <strong>in</strong> Nigeria offer<strong>in</strong>g over 59 million jobs. He noted, regrettably, that the global recession had adversely affected so many enterprises with MSMEs as the worst affected, add<strong>in</strong>g however that the challenges posed by the recession should serve as a catalyst for <strong>in</strong>novative enterprises. Abdumalik who represented the Director-General, Diko Radda, at the event, said the tra<strong>in</strong><strong>in</strong>g was designed to curtail the mortality of small bus<strong>in</strong>esses <strong>in</strong> Nigeria. He stated: "MSMEs are for sure the most viable <strong>in</strong>struments for diversify<strong>in</strong>g our economy and tapp<strong>in</strong>g <strong>in</strong>to the rich but largely dormant resource deposits across the length and breadth of Nigeria. "The stiff competition <strong>in</strong> the global markets has tended to further stifle the operations and growth of our MSMEs that can rightly be classified as 'endangered species'. The fatalistic state of the majority of these enterprises is as a result of either environmental or e n d o g e n o u s constra<strong>in</strong>ts. "This <strong>in</strong>tervention is essentially to re<strong>in</strong>force my agency's commitment towards ensur<strong>in</strong>g the eas<strong>in</strong>g of the harsh operat<strong>in</strong>g environment especially for MSMEs." Another Deputy Director at SMEDAN, who was a also resource person at the tra<strong>in</strong><strong>in</strong>g, Chibuzo Osuoha, noted that the programme was simultaneously go<strong>in</strong>g on <strong>in</strong> Ogun and Kaduna. She said that the tra<strong>in</strong><strong>in</strong>g was packaged to address the problems identified by SMEDAN to be responsible for the failure of small bus<strong>in</strong>esses. "We have taken time to groom <strong>you</strong>ng bus<strong>in</strong>esses and we noticed some deficiencies and lapses, so, we created a curriculum that would LCCI opens entrepreneurship mentor<strong>in</strong>g programme By Naomi Uzor The Lagos Chamber of Commerce and Industry, LCCI, is today launch<strong>in</strong>g its 2019 Entrepreneurship Mentor<strong>in</strong>g Programme, aimed at help<strong>in</strong>g to curb the l<strong>in</strong>ger<strong>in</strong>g high rate of unemployment <strong>in</strong> Nigeria. Director General, LCCI, Mr. Muda Yusuf, <strong>in</strong> a statement disclosed that this year's edition which is the 7th <strong>in</strong> the series, will also feature exhibitions by beneficiaries of the scheme. He stated: "The scheme is a notable Corporate Social Responsibility (CSR) <strong>in</strong>itiative of the Chamber, and its objective is to create and develop an army of <strong>you</strong>ng entrepreneurs that will be enhance their management skills," she stated. Accord<strong>in</strong>g to Osuoha, the participants were selected and put through a sensitisation programme on how to manage small bus<strong>in</strong>esses profitably. She said the 104 beneficiaries, who run exist<strong>in</strong>g bus<strong>in</strong>esses were divided <strong>in</strong>to two groups and would be assisted with a grant for operational space for one year. able to manage their various bus<strong>in</strong>esses efficiently. We are prepar<strong>in</strong>g them to be the future 'Fortune 50' companies <strong>in</strong> Nigeria. "One sure way of <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> the future of the economy is mentor<strong>in</strong>g the <strong>you</strong>th to create and manage bus<strong>in</strong>esses. It is a way of launch<strong>in</strong>g them <strong>in</strong>to the Establish<strong>in</strong>g account<strong>in</strong>g system for small bus<strong>in</strong>ess The series on standard f<strong>in</strong>ancial management has been slightly modified after some repeated publications. We are <strong>in</strong>troduc<strong>in</strong>g more elements that are reflected <strong>in</strong> a standard requirement for loan applicants <strong>in</strong> f<strong>in</strong>ancial <strong>in</strong>stitutions. Thus an extended portion of the series is start<strong>in</strong>g today with discussion on book-keep<strong>in</strong>g mean<strong>in</strong>g establish<strong>in</strong>g a standard account<strong>in</strong>g system for an MSME. Earlier we had noted the overrid<strong>in</strong>g importance of sound f<strong>in</strong>ancial management for survival and thriv<strong>in</strong>g of any bus<strong>in</strong>ess, more for small or emerg<strong>in</strong>g bus<strong>in</strong>esses. We had also listed the key elements of the sound f<strong>in</strong>ancial management practices to <strong>in</strong>clude, sett<strong>in</strong>g up or open<strong>in</strong>g a bus<strong>in</strong>ess bank account; creat<strong>in</strong>g and ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a budget, establish<strong>in</strong>g an account<strong>in</strong>g system and book keep<strong>in</strong>g method and this would be subdivided <strong>in</strong>to two other practices, viz, account review and establish<strong>in</strong>g a credit control system. The last content on this series focused on creat<strong>in</strong>g and ma<strong>in</strong>ta<strong>in</strong><strong>in</strong>g a bus<strong>in</strong>ess budget. In another series we shall delve <strong>in</strong>to a detailed discussion on budgets and forecast<strong>in</strong>g which gives medium to long term view of the growth of the bus<strong>in</strong>ess. Today we look at establish<strong>in</strong>g an account<strong>in</strong>g system for the bus<strong>in</strong>ess. Account<strong>in</strong>g (or bookkeep<strong>in</strong>g) is a process of record<strong>in</strong>g the f<strong>in</strong>ancial transactions of a bus<strong>in</strong>ess. Keep<strong>in</strong>g good records for <strong>you</strong>r bus<strong>in</strong>ess can assist <strong>you</strong> to apply for f<strong>in</strong>ance, review <strong>you</strong>r bus<strong>in</strong>ess activities, manage effectively and comply with tax requirements. For tax purposes <strong>you</strong> are legally required to keep records related to <strong>you</strong>r <strong>in</strong>come, payments to employees, payments for supplies and all <strong>in</strong>puts <strong>in</strong>to the bus<strong>in</strong>ess and other sundry bus<strong>in</strong>ess expenses. Very important for the purpose of this topic is that <strong>you</strong>r bus<strong>in</strong>ess cannot have access to loan without an account<strong>in</strong>g system. There are two types of account<strong>in</strong>g methods; Cash and Accrual. Next week we delve <strong>in</strong>to more details on these. bus<strong>in</strong>ess world, much better equipped to ride on the waves and challenges <strong>in</strong> their quest for success." Accord<strong>in</strong>g to him, developmental <strong>in</strong>itiatives such as entrepreneurship d e v e l o p m e n t programmes will be the focus of the mentor<strong>in</strong>g scheme. "The l<strong>in</strong>ger<strong>in</strong>g high rate of unemployment <strong>in</strong> a consumer based economy like ours can only be solved with programmes aimed at <strong>in</strong>vest<strong>in</strong>g <strong>in</strong> the future bus<strong>in</strong>ess leaders. In a bid to achieve this, LCCI is unreservedly committed to mentor<strong>in</strong>g programme geared towards contribut<strong>in</strong>g mean<strong>in</strong>gfully to the development and empowerment of our <strong>you</strong>th," Yusuf added.
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