The Institute of chartered entrepreneurs’ consultants, Nigeria (ICECN) is an independent professional body that offers concentration on entrepreneurship, with particular emphasis on structured entrepreneurship mentorship, otherwise referred to as ‘PSYCHO-ENTREPRENEURSHIP CONSULTANCY/MENTORSHIP’.
The Objectives of the Institute are:
Five Pillars of ICECN:
Why ICECN is Necessary for the Economic Development of Nigeria
Amongst other Institutes that may exist on entrepreneurship, the Institute of Chartered Entrepreneurs’ Consultants, Nigeria (ICECN) plays a leading role in the following areas:-
Complementing Government Efforts in Job Creation
On April 1, 2014. The finance minister stated during the inauguration of the new batch of the ‘You-Win ‘graduates that about 1.8million graduates enter the Job market every year. No doubt, the economic condition in the country has clearly shown that paid employment is no more available to absorb our teeming graduates who continue to roam about the streets searching for no-existing jobs. This has resulted in high rate of unemployment. The Institute of Chartered Entrepreneurs’ Consultants, Nigeria (ICECN) as an independent professional body will complement the effort of government in job creation by promoting entrepreneurship education. Small and medium Enterprises (SME) is a sure way of resolving the deteriorating unemployment situation in Nigeria because it is easier to establish, and require smaller start-up capital than larger organisations, has higher turnover employee ratio and has greater flexibility in management. While it is recognised that attrition rate is high, greater regulatory intervention on account of preparation, training exposure, appropriate and structured mentorship would turn the sector into a significant agent of economic transformation.
Provision of Consultancy /mentorship Services
Several factors influence the development of small and medium Enterprises (SMES). These factors vary in nature, quantity and type from one economy to another. Commonly and generally, finance is adduced as the greatest influence in the development of this sub-sector. The common argument is inadequate financing either due to inaccessible finance or no finance at all. Nigeria is not an exception in this regard. However, in Nigeria, though, the hue and cry about ‘poor financing’ is deafening as a close scrutiny will show otherwise. This is because the Nigeria SME sub-sector has over the years continued to receive tremendous amount of financing through government agencies and institutions.
Here are few examples:
From the above, it can be seen that it is no more about finance than it is about management of the SMES that is more responsible for the poor performance of this sub-sector. And in providing the right management skill for the SMES, there is little that can substitute one-on-one and individual attention to the specific needs and issues of a business establishment. Also, the value of personal support, ongoing concern, customised services and guidance of a committed, experienced Chartered Entrepreneurs’ Consultant to emerging entrepreneurs cannot be overlooked. It is against this background that the Institute was established to provide this very important service (consultancy) to business owners.
Provision of Psycho-Entrepreneurship Mentorship Programme
The Institute of Chartered Entrepreneurs’ Consultants, Nigeria is presently the only professional body in Nigeria providing this service. Before now, there is no structured entrepreneurship mentorship programme that would serve as a guide or plan upon which fund liquidation would be based. What obtains is the dis-jointed capacity building programme or the so called business development services (rendered by service providers). In other instance, the best form of mentorship offered does not take into consideration the psychology (mental and spiritual state) of the entrepreneur. Unlike the above form of mentorship, which is unstructured, the ICECN is providing a modern, workable, tested and successful variant of mentorship referred to as ‘psycho-entrepreneurship mentorship (PEM).
PEM is known to be the only mentorship programme of its variant at the moment, if effectively implemented, PEM possess the capacity to improve entrepreneurship level for over 60%; reduce the rate of business failure to below 10%. Psycho- Entrepreneurship Mentorship is the interventionist strategy our economy desperately requires to boost not only our SMES sector, but also to ensure that our economy blooms, thereby escalating the rate of employment through direct and indirect multiplier effect.