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Milestone 2: Connecting Academic Theories to Business Experience

Adeyemi A. Adesina

Master of Business Administration, Nexford University

BUS 6140: Business Capstone - Entrepreneurial Focus

Dr Michael Rodriguez

October 9, 2023
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Company Overview

Company Name Your Answer:

What is the legal name of your company? Vesil Ventures Private Limited

Doing Business As (d.b.a.): Vesil Delivery Services.

Be sure to list the full name as it will be shown on Vesil Ventures Private Limited would be established as a private limited

the registration with your local government, along company registered under the Companies and Allied Matters Act (CAMA),

with d.b.a. (doing business as). Chapter C20 Laws of the Federation of Nigeria 2004 which governs

corporate registration in Nigeria. Registering as a private limited company

provides protections such as limiting shareholder liability that can

encourage investment while allowing for scalability (Andreou, 2023). The

d.b.a. name unifies the delivery service brand separately while maintaining a

corporate identity under the registered name (CT Corporation Staff, 2023).

Adopting this dual naming structure has been shown to provide

organizational clarity for customers, partners, and regulators alike when

operating distinct business lines or subsidiaries under a parent brand (CT

Corporation Staff, 2023). Private limited registration also facilitates goals of

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future expansion under the Vesil Ventures group if pursued. However,

compliance with corporate secretarial filings and maintenance of records is

required (Federal Republic of Nigeria, 2004).

Proposed Legal Form of Business Vesil Delivery Services would be registered as a private limited company

under Nigerian law, falling under the legal classification of a corporation.

Identify the proposed legal form of your company There are several reasons why this form was deemed most suitable. As a

and explain why you have chosen this form. corporation, it provides benefits such as limited liability, where shareholders

are not personally responsible for company debt or judgments against it

Options for identifying the legal business form: beyond the value of their investment (Hayes, 2022). This protection

● Sole Proprietorship encourages investment and separates personal finances from business risk.

● General or Limited Partnership Incorporating also allows for more flexibility in issuing shares to multiple

● Corporation owners or investors if growth requires additional capital, a benefit which

● Subchapter or S-Corporation partnerships do not share (Bishop, 2021). The corporation structure

● Limited Liability Company facilitates governance through a board of directors overseeing management.

This leadership model aligns well with operating Vesil Delivery Services as

a subsidiary accountable to Vesil Ventures.

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Other options like sole proprietorships or simple partnerships do not provide

sufficient liability protections or governance structures conducive to

operating a delivery venture subsidiary. While an LLC is also a limited

liability structure, the corporate form reportedly provides more prestige,

familiarity to Nigerian investors and potential competitive advantages in

certain sectors like logistics (Markus Okoro & Co, 2022). In summary,

registering as a private limited company under CAMA optimizes the legal

benefits, responsibilities and oversight aligned with both the business goals

and shareholding context as envisioned for Vesil Delivery Services.

Current Business Location Vesil Delivery Services is currently headquartered in Surulere, Lagos,

Where is your business currently located? Nigeria at the following primary address:

13A Bank Anthony Way, Surulere, Lagos 101212, Nigeria

Be sure to include the primary business address, This location in Surulere was chosen as the headquarters and main business

as well as satellite locations (corporate office as it provides a central hub close to major transport arteries without

headquarters, business office, etc.) being located within the high-rent district of Victoria Island or Ikoyi.

Satellite offices have not been established but the plan is to establish them in
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key zones to optimize routing efficiency for deliveries.

These secondary locations will allow for regional coordination and transfer

hubs to group deliveries by vicinity, minimizing travel times across the

sprawling urban area.

Proposed Management Team for New Venture ● Number of women and men = 1 woman, 1 Man

(Note: If setting up a new business, treat the ● Number of years of experience in marketing, including the

“Current Officers” section below as new officers companies where the experience was gained = 5 years’ experience

for the new business) from roles at Coca Cola

● Number of years of experience in corporate development, including

*Fortune 1000 company backgrounds mentioned the companies where the experience was gained = For the startup,

here add credibility to your management team. the CEO will be responsible for creating and executing her

innovative strategies. The CEO has 6 years’ experience in business

*Good company backgrounds pertinent to your development from Nestle

management team's functions are good references. ● Number of years of experience in engineering and design, including
This demonstrates a solid management the companies where the experience was gained = All engineering
background and assures a probability of future and design projects will be outsourced. No need for this for now.
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success. The organization to be outsourced to will have at least 10 years’

experience in the logistics industry.

● Number of years of experience in accounting, administrative, and

merger and acquisition held by your CFO, including the companies

where the experience was gained = All financial activities will be

outsourced to Deloitte.

Provide your response

Proposed Vesil Delivery Services Management Team:

 Adeyemi Adesina

 Olamide Adesina

Officers ● President – Adesina Adeyemi, 34 years old, 50% initial stock

Identify the name, age, and stock holdings of the holdings

designated individuals. ● Vice President of Operations and Marketing – Olamide Adesina, 38

years old, 10% stock holdings

● Vice President of Sales - 'Biola Fabunmi, 42 years old, 7% stock

holdings
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● Vice President of Finance - Adetutu Shonibare, 55 years old, 5%

stock holdings

● Vice President of R&D - Bukola Akindele, 37 years old, 8% stock

holdings

● Corporate Attorney - Ifedolapo Adebayo, 48 years old, pro-bono

advisor role

Key Employees  Number of corporate staff members = 3

Indicate the designated information about your  Number of founders = 2

key employees.  Positions of founders

o Adeyemi Adesina, President & CEO

o Olamide Adesina, VP of Marketing

 Percent of original stock issue provided to each founder

o Adeyemi Adesina: 55%

o Olamide Adesina: 45%

Board of Directors Adeyemi Adesina (President & CEO)

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List the names of each member of the current Co-founder and visionary leader in Quality Management. MBA from

Board of Directors. Be sure to include note- Nexford University with over 10 years’ experience in high-growth

worthy details from each of their backgrounds. companies.

Olamide Adesina (VP Operations and Marketing)

Co-founder and marketing leader, having driven user acquisition for multi-

million-dollar ventures. Expertise includes branding, digital strategies, and

partnership development.

Bamidele Onalaja

Bamidele Onalaja, an MBA graduate from Lagos State University, has a

passion for real estate and mortgage banking. He has built three tuition-free

schools and created employment opportunities for youths in Lagos State.

Through Revolutionplus Property, he aims to make housing affordable and

impact the lives of the less privileged.

Tomi Otudeko

Industry stalwart as owner of leading logistics conglomerate and seasoned

Board member of multinational corporations. Decades of experience

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advising and growing large enterprises.

Funke (Esan) Amobi

As the Standard Bank Group's Regional Head for People & Culture in

Nigeria and West Africa, Funke Amobi is responsible for creating the bank's

people and culture strategy across six nations. She oversees the fulfillment

of the Country People agenda in her capacity as Country Head People &

Culture for Stanbic IBTC Holdings Plc. She also serves as a non-executive

director for the company. Funke is a member of the Nigerian Dean's

Council/Advisory Board at Pan Atlantic University (LBS) and Lancaster

University Management School (LUMS).

Staffing Number of staff members (total) = 10

Examples of additional staff may include:  Management

● management [number] o CEO (1)

● marketing [number] o Operations & Marketing Manager (1)

● sales [number]
 Delivery & Logistics
● engineering [number]
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● customer relations [number] o Delivery Coordinator (2)

● administration [number] o Drivers (5)

● manufacturing [number]  Customer Support

● assembly [number] o Customer Service Representative (1)
● repair [number]
 Number of additional staff members required to meet the demands
● field service technicians [number]
of the projected market over the next five years = 40
● maintenance [number]
Discuss any additional staffing requirements you have, including the

position and the number of individuals needed for that position.

Provide your response.

Based on projections of a 5-fold increase in order volume over the next five

years, our staffing needs will need to scale accordingly in a planned manner.

The additional positions and headcounts estimated as necessary are:

Delivery & Logistics

Additional Delivery Coordinators (5)

Additional Drivers (20)

With a growing fleet and number of orders to coordinate daily routes for,
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expansion of our delivery team will be paramount.

Marketing

Additional Marketing Executives (3)

Social Media Manager (1)

As awareness builds, a larger marketing team can effectively promote across

more channels and maintain our brand presence.

Customer Support

Additional Customer Support Agents (5)

Greater order volumes will require a larger customer service staff to handle

an increasing ticket volume professionally.

Fleet Maintenance

Mechanics (3)

Administrative Support (1)

Keeping more vehicles roadworthy will necessitate mechanics dedicated to

maintenance and repairs.

Finance
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Accountants (2)

Transaction volumes will rise, requiring a support team to efficiently

process payments, invoices, and tax filings.

Total Additional Staff Projected: 40

Bringing the projected 5-year staff count to 50. Scaling in a phased,

demand-driven manner will be important to support growth while

maintaining operational control. Advanced planning now can help achieve

our expansion goals.

Leadership Style As the founder and CEO of our new delivery startup, I aim to lead through a

Describe the leadership style held by the leader of transformational approach. Early studies guided my philosophy that a

your new business venture. Include a rationale for strongly envisioned future inspires maximum dedication (Kotter, 2001).

how that style best serves the business. While responsible for key decisions, my style emphasizes cultivating

ownership among staff. Transformational leadership prioritizes developing

followers into leaders themselves (Steinmann et al., 2019). By empowering

their abilities and interests, we unleash untapped potential.

This distributed approach strengthens as our complexity grows. Lateral

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connectivity boosts agility when addressing new challenges (Langston

University, 2020). It also motivates by satisfying individuals' higher order

needs (Rupprecht, 2022).

Communicating our vision is paramount. Regular discussions confirm

direction and acknowledgment of progress nourishes morale and milestone

celebrations inspire by evidence of realized goals (Gitnux, 2023).

Leading transformationally necessitates building trust through candor,

integrity, and consideration (Mustafa & Nazir, 2018). This secures honest

feedback critical for innovation and accountability. It also cultivates

identification through shared values and purpose (Javed et al., 2018).

In challenging early stages, enthusiasm and optimism are motivational fuel.

My role as transformational leader is spreading confidence that dedication

overcomes obstacles. With coordinated efforts guided by an aspirational

vista, I am enthusiastic about our venturing adventures.

Organizational Structure

Startup Organizational chart (Hierarchical)

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CEO (Adeyemi
Adesina)

Operations and
Marketing Manager
(Olamide Adesina)

Delivery
Coordinator (2)

Customer Service
Drivers (5)
Representative

Resumes

Directions: Provide the resumes of officers, key employees, and members from the board of directors (if you have access to

their resumes.)

Provide the resumes here.

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References

Andreou, C. (2023, August 3). Top 7 Advantages of a Private Limited Company. Www.goforma.com.

https://www.goforma.com/limited-company/advantages-of-a-private-limited-company

Bishop, C. (2021, February 24). 8 advantages and disadvantages of sole proprietorship. Ideas.

https://www.wework.com/ideas/professional-development/management-leadership/advantages-of-sole-proprietorship

CT Corporation Staff. (2023, June 19). Doing business as (DBA): The. Www.wolterskluwer.com.

https://www.wolterskluwer.com/en/expert-insights/dba-the-aka-for-your-business

Federal Republic of Nigeria. (2004). Nigeria - Companies and Allied Matters Act, 2020 (Act No. 3 of 2020). Www.ilo.org.

https://www.ilo.org/dyn/natlex/natlex4.detail?p_isn=112593&p_lang=en

Gitnux. (2023, August 25). 12 Vital Elements of Leadership Planning at Work • Gitnux. Blog.gitnux.com.

https://blog.gitnux.com/leadership-planning/

Hayes, A. (2022, July 14). Limited Liability: What You Need to Know. Investopedia.

https://www.investopedia.com/terms/l/limitedliability.asp

Javed, B., Rawwas, M. Y. A., Khandai, S., Shahid, K., & Tayyeb, H. H. (2018). Ethical leadership, trust in leader and creativity: The

mediated mechanism and an interacting effect. Journal of Management & Organization, 24(3), 388–405.

https://doi.org/10.1017/jmo.2017.56

Kotter, J. P. (2001, December). What Leaders Really Do. Harvard Business Review. https://hbr.org/2001/12/what-leaders-really-do
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Langston University. (2020). Transformational Leadership.

https://www.langston.edu/sites/default/files/basic-content-files/TransformationalLeadership.pdf

Markus Okoro & Co. (2022, June 29). How To Choose The Best Structure For Your Business In Nigeria - Corporate and Company

Law - Nigeria. Www.mondaq.com. https://www.mondaq.com/nigeria/corporate-and-company-law/1207148/how-to-choose-

the-best-structure-for-your-business-in-nigeria

Mustafa, G., & Nazir, B. (2018). Trust in Transformational Leadership: Do Followers’ Perceptions of Leader Femininity, Masculinity,

and Androgyny Matter? Journal of Values-Based Leadership, 11(2), 10. https://doi.org/10.22543/0733.62.1221

Rupprecht, E. (2022). The Contribution of Transformational Leadership in Developing Intrinsic Motivation and Creativity of

Employees. https://www.modul.ac.at/uploads/files/Theses/Bachelor/Undergrad_2022/

BSC_2022/11703691_RUPPRECHT_Eleonore_BSc_Thesis_-_Copy.pdf

Steinmann, B., Klug, H. J. P., & Maier, G. W. (2019). The Path Is the Goal: How Transformational Leaders Enhance Followers’ Job

Attitudes and Proactive Behavior. Frontiers in Psychology, 9(2338). NCBI. https://doi.org/10.3389/fpsyg.2018.02338