Starting a business in Nigeria has become the dream of many entrepreneurs lately. This can be attributed to the impressive successes that have been recorded around the startup sector. More specifically, the FinTech startups are doing impressively well. In 2018, out of the USD114 million reportedly raised by tech companies in Nigeria, 75% of it went down to FinTechs. This is according to a report from Segun Adeyemi, the CEO of Amplified Payment Systems Ltd.
Thus, 2018 for Startups in Nigeria is considered to be a very impressive year as many startups secured funding. This in addition to other strategic partnerships with established organisations, financial institutions, banks, and also, tech giants.
To begin, it is good to have an entrepreneurial spirit, most especially in a country like Nigeria. Accordingly, it is equally necessary to also have the right business skills to drive your business to success. For the FinTech space in Nigeria, having technical skills for computer programming, or being innovative with ideas may not be enough to lead your startup to success. You also need a good business knowledge to drive your business.
Furthermore, a right component of good business skills, financial management knowledge and technical skills will make a perfect combination for entrepreneurs looking at FinTech space. This does not imply that a single person should possess all these skills. At least, a co-founder within a startup should possess a good financial management knowledge. For FinTech startups, an MBA Finance would make a good combo for this.
FinTech has become an area of huge interest in the finance sector, including among startups in Nigeria and globally. For finance professionals seeking an MBA in Finance with interest in FinTech, accordingly, they will require to blend their Financial management know-how in addition to technology, innovation and business.
How your Finance MBA can also help make you a better Entrepreneur
To start with, for every startup, and specifically those in the tech space, there are key areas which such startups are expected to have a co-founder, or at least, a senior team member with specialised strength. Such areas include a Chief Marketing Officer (CMO), a Chief Financial Officer (CFO) and a Chief Technical Officer – for tech startups (CTO).
With an MBA in Finance, it puts you in a suitable position to join a startup (as a co-founder, board member or senior team member) seeking a financial officer. Also, if you have interest in FinTech, it makes it an added advantage for you. Thus, your ability to blend business knowledge with financial management brings the ideal component of skills required to pilot a business.
Professionals with MBA in Finance possess the business and financial skills needed to work in any startup. They have the opportunity to join a new enterprise as co-founders. In other cases, they command a senior management position as financial managers.
It is not far from the truth to conclude that everyone wants to own a business. However, it is also an established fact that in many cases, startups fail. The passion of starting a business should never becloud the fundamental skill components required in driving such business. More fundamentally, every business should first pay attention to its human capital resources. Like most venture capitalists would ask “who are your team members?”
Consequently, before investors would consider a business good for investment, they are also interested in many other factors aside innovation and profitability. Investors are also interested in the crop of team driving the business. In most cases, investors are wary of startups being driven by just a single individual. They are also wary of startups with team members lacking sufficient business and financial management skills. One critical element they check for every potential business is the academic and career background of the key team members driving the business. For this reason, investors are interested in knowing if they have the right skill components and expertise to drive the business.
Master of Business Administration in Finance
A Master of Business Administration in Finance (MBA Finance) is becoming more popular with professionals in the finance sector. An MBA in Finance opens a lot of career opportunities ranging from corporate finance, financial management, strategic planning and portfolio analysis. First, when considering to start your own business, your academic background of MBA Finance will give you the right business knowledge to manage various lengths of financial resources. Here are some crucial ways an MBA in Finance can also help your entrepreneurship desires.
You will gain knowledge on business and financial management strategies based on real world situations.
Any business founded on a strong business and financial management strategy will ensure healthy growth of such business. Such business will invariably grow in the right direction and right pace. Your MBA in Finance will enable you to learn how to develop solid business and financial plans. You will be able to apply appropriate financial risk management and other fundamental business analysis.
Increased chances to join startups as co-founder.
Every startup needs the right component of skills among its key founders, and a Chief Financial Officer is one of it. Therefore, how you expediently manage financial resources to align with overall business objectives and goals also makes your input an intricate part of every business. Your ability to blend financial management with core business principles makes you an ideal co-founder for every startup. With your MBA in Finance, you will stand out as an exceptional business and financial manager.
Financial and business skills you require to start your own business.
For professionals seeking to start their own business, an MBA in Finance will help with the right business and financial skills. You will gain knowledge on the fundamentals of marketing, accounting, business and financial management. This includes the ability to manage your cost and budget. These skills will guide you on preparing good business plans and financial statements or projections which can attract investors.
Introducing Unicaf University’s MBA Finance and its Benefits to Nigerian Entrepreneurs
The Unicaf University MBA Finance provides basic principles on business and financial processes and concepts. Professionals who have studied this will gain profound knowledge on management and administration procedures. They will be able to successfully function in their entrepreneurial or professional pursuits, managerial positions and other aspirations. The course will enable students to become efficiently equipped with all the necessary skills and knowledge. UNICAF MBA in finance helps students to be able to advance in international organisations and local businesses. Students who have studied for this programme should also be able to achieve positive results when operating in executive positions.
About Unicaf University
Unicaf University is a pan-African institution, with established campuses and learning centres in 11 African countries. UNICAF offers undergraduate and postgraduate degree programmes of top quality through online and blended study system. The UNICAF education system brings an ample opportunity for students in Nigeria seeking internationally recognised degrees.
Candidates can also study in their home country through the online study system of Unicaf University. They can still study for these degrees “on campus” in one of the campuses or Study Centres of Unicaf University in Africa. Some of the Study Centres of Unicaf University in Africa are available in Rwanda, Zambia or Malawi, among others.
UNICAF’s Scholarship on MBA Finance
UNICAF offers partial scholarship to interested individuals seeking international education. More than USD 90 million worth of scholarships already awarded to students across Africa. Also, about 20,000 students across Africa have benefited from UNICAF scholarships.
Application for the Unicaf University MBA Finance
Candidates with an interest in Unicaf University’s MBA Finance can apply by visiting the application page here. Candidates should fill out the application form to express interest for the programme. Applicants will be contacted by a Student Adviser from Unicaf University within 48 hours of application.
Okeke Vincent Chidozie (Entrepreneur, Writer & Digital Education Consultant)