Monday 18 June 2018
BUSINESS DAY
31
Start-Up Digest
How Mosunmola redefines business of event planning, catering
ODINAKA ANUDU
Event planning and catering business is changing. One of those who are creating the needed change in the industry is the restless Mosunmola Olalekan- Otun, chief executive officer of Minds and Brains Limited, which is fully into event planning, decoration and catering services.
Mosunmola started with nothing several years ago but has now grown to become a household name in the events planning industry.
The name‘ Minds and Brains Limited’ reflects Mosunmola’ s vision about business.
“ When you talk about creativity, you need your mind and your brain. Fortunately for me, my husband already had a business name called Minds and Brains before I started. Then we were producing Insurance World on MiTV. Naturally, I just picked the name because it went with creativity,” she explains.
According to her, creativity starts from planning an event, down to ensuring that it is successful.
“ Let’ s assume that it’ s a corporate event, you must try to find out what the company is trying to achieve. If the company wants to change its logo, you now ask,
The Nigerian Association of Small and Medium Enterprises( NASME) says that accessing MSMEs finance is becoming increasingly difficult despite that more funds are currently sitting in the banks now than before.
The association urges the country to provide cheap funds to small business owners across the country, urging the federal government to finalise logistics around the Development Bank of Nigeria to enable entrepreneurs realise their potential.
Eke Ubiji, executive secretary, NASME, made this known to journalists at a press briefing held in Lagos recently.
“ There are lots of funds available now for MSMEs but the conditions to access them are too stringent,” Ubiji said.
The executive secretary urged the government to
Mosunmola Olalekan-Otun
‘ Since you are changing your logo, do you have any corporate colour in mind or are you changing your colour?’
“ Another question to ask is,‘ where do you want the event to take place?’ Some companies can say they want a five-star treatment. If they want something for the masses in places like Mushin or Ajegunle, the planning will be different. You can also ask them of
Nigeria must provide cheap funds for SMEs- NASME
JOSEPHINE OKOJIE
reduce some of these conditions so that MSMEs can easily access funds from development financial institutions.
Ubiji stated that funding has hindered the development of MSMEs in the country.
“ A lot of our members have shut down their businesses due to the combination of challenges they face, which is making it difficult for them to be competitive,” he said.
“ With the MPR at 14 percent, it is difficult for MSMEs to survive with loans from commercial banks. Also, the infrastructural deficit is still huge and these are some of the issues we will look at when we talk about the ease of doing business,” the executive secretary added.
“ If we really want to attain what is stated in the economic growth recovery policy document, we still have to intensify our efforts as a country,” Ubiji said. their target market. You must find out if the programme appeals to the youths, the elderly, the medium income or to the super rich. With this, you will be able to plan. If it has to do with the youths, you can come up with music and fashion,” she says.
She tells Start-Up Digest that event planning is very lucrative but can also be challenging.
ODINAKA ANUDU
“ In Nigeria we do not believe in holidays and vacations like the West. Our own way of relaxing is at the parties. There is no weekend there won’ t be parties. It’ s just that the economy affected us in the sense that the event you do for 10 million, they can just ask if you can manage N3 million. So you have to squeeze things and work with the ones you have,” she states.
The entrepreneur exiCreate Skill Fest 2018 is a youth empowerment programme targeted at equipping Nigerian and African young people with skills needed to succeed in the 21st century. plains that she has four or five permanent staff members and many trainees, adding that she works with decorators, ushers and hostesses, among others.
She was motivated to go into event planning by an encouragement from her pastor.
” As a Christian, one of my pastors asked me to pursue events. He said I had a skill in organising things. If anybody was doing anything in the church, I would be the one that would organise the cooking, the serving and all that. He asked me to look into the area and see if it was my calling. I prayed and went for a formal training,” she discloses.
As of today, Mosunmola has undergone entrepreneurship trainings in South Africa and India.
How much did he start this business with? Mosunmola replies,“ I didn’ t have much. I only relied on the grace of God and my husband’ s purse. He is a big encourager. If clients paid like N40, 000 and the cost of the whole thing was N80, 000, I would run to him crying. I want to thank God because my husband has been quite supportive.”
How big is she now? She replies that she is not there yet.
“ We have moved from where we were in terms of clientele, materials and personnel. We are worth millions now.”
On the biggest deal she
How iCreate SkillFest 2018 will empower Nigerian youths
iCreate Skill Fest 2018 is expected to shape public perception of vocational skills, serving as a catalyst to vocational skill acquisition, according to the organisers.
The event will enable young people appreciate the need to upscale their skills and ready themselves has done, she answers that there have been many.
“ So many, like the Lagos Business School Presidential Dinner. We have been handling it for six to seven years. It’ s always a real challenge and brings out creativity in us. When you work with Lagos Business School, there is nobody you can’ t work with, because they want the best.”
Like all entrepreneurs, she faces some challenges.
“ You have the challenge of personnel. Once your drivers work for two or three months, they decide to leave. They are well remunerated. But some will even begin to think of setting up their own even when they have not learnt the job well.
“ Finance is also a problem. To expand the business, you need money. You approach the banks and their interest rate will scare you away. Most of the things you want to buy can damage any time, so it’ s a big risk to even borrow from the banks.”
“ Again, clients are not making up their minds on time. Approvals sometimes come late.
Again, in some occasions, you find the challenge of not telling the whole truth. A client can tell you he needs food for 500 people, but when you get there you find 1,000 people. But the client will tell the guests that it is the caterer that didn’ t bring their food.” for 21st century challenges.
The vocational skills event is organised in partnership with Abuja Chamber of Commerce and Industry. It will take place in October 2018 alongside a host of other programmes, including skills competition, exhibition and a conference.
“ With a focus on the youth and the upcoming generation, we will pioneer a new generation of credible, creative, innovative, and excellent vocational experts, who will tremendously and positively impact the Nigerian economy,” said the organisers.
The event will bring together talented technicians, artisan, tech start-ups, and innovators from universities, polytechnics and vocational training centres in Nigeria, while showcasing their skills excellence. Participants will compete for funding opportunities and exclusive internship programs.
The event is expected to attract hundreds of government officials, vocational skills experts, big firms and other stakeholders.
The organisers urge would-be participants to visit www. icreateafrica. com.