Today’s Entrepreneur – New Overtime Pay Rules & Nigerian Billionaire Reaches Out To Entrepreneurs

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While many small businesses start as a one-person operation, small businesses can grow beyond what one person can handle hence the need to hire additional help. While many people are turned off by politics but ignoring the changes in law that may affect your business can quickly land one in trouble with the government. Recently the Obama administration through the US Labor Department made some changes in the way workers are paid.

A Huffington Post piece “How Obama’s New Overtime Rule Could Affect Your Small Business” covers some of the changes and today let’s review some of the issues from a business owner’s perspective.

Did you know a Nigerian billionaire last month launched a $100 million initiative for African and African-American entrepreneurs? According to BlackBusiness.org, “Tony Elumelu, a Nigerian billionaire and philanthropist, has designed an entrepreneurship program that will disburse $100 million dollars in financial assistance to African and African-American entrepreneurs throughout the U.S and Africa.”

The foundation has three goals:

#1 – Identify 10,000 African startups and African entrepreneurs with ideas that have the potential to succeed.

#2 – Grow the businesses through business skills training, mentoring, access to seed capital funding, information and membership in our Africa-wide alumni network

#3 – Create businesses that can generate at least 1,000,000 new jobs and contribute at least $10 billion in revenues across Africa over 10 years.

For more details about the Tony Elumelu Foundation, visit www.tonyelumelufoundation.org and check out the YouTube video about the program.

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