TriciaBiz, known for her transformative work with over 250,000 entrepreneurs through The Business Lab Academy Africa, reveals the key ingredient that sets successful entrepreneurs apart: vision. She shares how a clear and compelling vision not only drives business growth but also aligns every decision and resource toward long-term success. In her words, “Vision provides direction, ensuring that every effort is channelled toward achieving the bigger picture.”
Amidst Nigeria’s economic challenges, TriciaBiz advises entrepreneurs to embrace new technologies, prioritize customer relationships, and diversify income streams to stay resilient. Her experience judging business grants has taught her the value of viability, a sustainable business model, and scalability in determining the next big success.
You have successfully trained over 250,000 entrepreneurs across various countries through The Business Lab Academy Africa. What do you believe is the key ingredient that differentiates successful entrepreneurs from those who struggle?
A key ingredient that differentiates successful entrepreneurs from those who struggle is Vision. Working with businesses across different growth stages, industries and countries has given me deep insights into the common challenges entrepreneurs face. I’ve seen that those who succeed consistently have a clear and compelling vision for their business.
Vision provides direction, ensuring that every decision, effort, and resource is aligned toward a long-term goal. Entrepreneurs with a strong vision are able to navigate through inevitable setbacks and uncertainties with focus and resilience. It becomes their North Star, guiding them through both strategic planning and day-to-day operations, allowing them to seize opportunities, innovate, and pivot when necessary. On the other hand, those without a clear vision often get bogged down by short-term challenges, losing sight of the bigger picture and struggling to adapt in a dynamic business environment.
In my experience, the entrepreneurs who thrive are the ones who not only have a bold vision but also actively communicate it, empowering their teams and stakeholders to work towards it collectively.
Given the current economic challenges in Nigeria, such as inflation and currency devaluation, what strategies would you recommend for entrepreneurs to remain strong and continue growing their businesses?
Given the current economic challenges in Nigeria, such as inflation and currency devaluation, entrepreneurs need to adopt proactive strategies to remain resilient and continue growing their businesses. Here are key recommendations:
1. Adoption of New Technologies:
In today’s global business environment, leveraging technology is crucial. Digital tools and e-commerce platforms provide entrepreneurs with the ability to reach a wider audience, streamline operations, and cut down on costs. By embracing digitization, Nigerian businesses can access new markets, offer online sales options, and implement automated systems to improve efficiency. This allows entrepreneurs to maintain or even scale their businesses while reducing reliance on costly traditional methods.
2. Keeping Close to the Books:
Inflation has drastically increased the cost of goods and services, so it’s critical that entrepreneurs keep a close eye on their financials. This involves carefully tracking expenses, negotiating bulk purchases, and seeking partnerships that can help lower costs. It’s essential to scrutinize the business’s profitability to ensure it stays afloat during these tough times. Prioritizing cost-saving measures, without compromising the quality of goods or services, helps protect margins and sustain growth.
3. Prioritize Customer Relationships:
In periods of economic instability, strong customer relationships can be a business’s lifeline. Entrepreneurs should focus on retaining loyal customers through effective communication and exceptional service. Sending regular, strategic messages via email or text to educate and engage customers can foster brand loyalty. Meeting customer needs promptly and maintaining product or service quality are critical factors in ensuring repeat business and positive referrals, which are vital in a weakened economy.
4. Diversify Income Streams:
Relying on a single product or service exposes businesses to significant risks, especially during economic downturns. Entrepreneurs should explore diversification by offering complementary products or services or entering new markets. Additionally, creating subscription-based models can generate recurring revenue, providing more financial stability. This approach mitigates the impact of inflation and devaluation on a single revenue source and helps sustain long-term growth.
5. Business Restructuring:
Entrepreneurs should consider restructuring as a strategy to optimize their businesses. This includes analyzing slow-moving products and those that offer low margins, as they can negatively impact cash flow. It may be necessary to streamline inventory and discontinue underperforming items. Additionally, reviewing staffing levels in light of technology adoption can help ensure that the workforce is lean and efficient. Consulting with experts can provide valuable insights and data-driven solutions during this process.
While Nigeria’s economic challenges are formidable, entrepreneurs who embrace technology, maintain financial discipline, prioritize customer relations, diversify income streams, and consider restructuring will be better equipped to not only survive but thrive in this environment.
Through your experience judging business grants for 9mobile and MTN, what qualities do you look for in entrepreneurs who are ready to take their ventures to the next level?
When judging business grants like I have done for 9mobile, MTN, Herconomy and a host of others, I focus on several critical qualities that demonstrate an entrepreneur’s readiness to take their venture to the next level. The three key elements I look for are:
1. Viability of the Idea:
A solid idea is the foundation of any successful business. When assessing the viability of a business idea, I examine whether the product or service addresses a clear market need and if there is sufficient demand for it. Entrepreneurs with viable ideas have often done their market research, validating that their offering solves a real problem or meets an unmet need. Additionally, I look for innovation and differentiation—how does the idea stand out in a competitive market? A strong, viable idea must also be adaptable, allowing the entrepreneur to pivot or adjust their approach as market conditions evolve.
2. A Clear and Sustainable Business Model:
An excellent idea is not enough on its own; it must be backed by a well-thought-out business model that outlines how the venture will generate revenue and sustain itself. I look for entrepreneurs who have a clear understanding of their cost structure, pricing strategies, and target market. The business model should clearly articulate how the company plans to acquire and retain customers, as well as its path to profitability. Entrepreneurs who can demonstrate that their business model is both practical and scalable show that they have thought beyond the idea stage and are prepared for long-term success.
3. Scalability Potential:
Scalability is a critical factor when considering whether a business can grow and succeed beyond its initial stages. I look for ventures that have the potential to expand without proportionately increasing costs. This means assessing whether the business can serve a larger market or enter new regions with the resources available. Entrepreneurs with scalable ventures have typically developed systems and processes that can be replicated and adapted as they grow. Their vision for growth should include strategies for scaling operations, increasing production, or expanding their service offering while maintaining efficiency and profitability.
Other Considerations:
• Leadership and Execution Ability:
A great idea and business model won’t succeed without strong leadership. I evaluate whether the entrepreneur has the skills, passion, and perseverance to execute their vision. This includes their ability to lead a team, manage resources, and make strategic decisions under pressure.
• Financial Discipline:
Entrepreneurs who demonstrate strong financial discipline and the ability to manage cash flow effectively are often better positioned for growth. They must show they understand their financial needs and can secure funding or reinvest profits wisely to support scaling efforts.
• Market and Industry Knowledge:
Entrepreneurs who are well-informed about their industry and the competitive landscape are better equipped to navigate challenges. They should have a clear grasp of market trends, customer behavior, and potential risks.
In summary, when judging business grants, I’m looking for entrepreneurs who combine a viable, innovative idea with a sound business model and scalable growth potential. These qualities, along with strong leadership, financial acumen, and deep market knowledge, indicate that the entrepreneur is ready to take their venture to the next level.
Your work with Slum2School and other education initiatives highlights your passion for giving back. How can other entrepreneurs incorporate social impact into their business models?
Incorporating social impact into a business model can create both community benefits and business value. Entrepreneurs can start by aligning their social initiatives with their core business objectives, ensuring that the impact they seek is seamlessly integrated into everyday operations. This could mean sourcing materials sustainably, reducing environmental footprints, or creating products and services that address societal challenges like education, healthcare, or clean energy. By doing so, businesses not only address real-world problems but also attract a growing number of consumers who are passionate about supporting companies that drive positive change.
Another powerful way entrepreneurs can embed social responsibility is by cultivating a culture of giving within their organizations. Encouraging employees to participate in volunteer activities or offering incentives for social engagement helps foster a sense of purpose and belonging in the workplace. Additionally, businesses can establish partnerships with nonprofit organizations or create profit-sharing models that allocate a portion of their earnings toward causes aligned with their values. This not only strengthens the company’s social impact but also enhances its reputation, building stronger connections with customers and stakeholders.
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Finally, entrepreneurs can further their social impact by focusing on inclusive practices within their operations. Hiring from marginalized or underserved communities is a meaningful way to provide economic opportunities while promoting diversity and inclusion in the workforce. Moreover, businesses can directly invest in their communities through mentorship, skills training, and resources that empower others to succeed. By integrating these approaches into their business models, entrepreneurs can build sustainable ventures that are profitable while also contributing to lasting societal improvements.
5. Your expertise spans over 15 years across marketing, public relations, and brand building. How do you stay ahead of trends in such a fast-evolving digital landscape?
In a fast-evolving digital landscape, staying ahead of trends requires a commitment to constant learning. I make it a priority to regularly attend certification programs, online courses, and engage in observatory learning to keep myself informed about the latest developments. The rapid pace at which technology and digital solutions are launched means that what worked a year ago might not be relevant today. By continuously updating my skills, I ensure that I am not only aware of current trends but also equipped to apply the latest tools and strategies to benefit my clients and projects.
Remaining a leader in the fields of marketing, public relations, and brand building demands more than just experience; it requires the ability to adapt and innovate in real-time. I actively seek out new information and trends, attending industry conferences and learning from thought leaders to stay ahead of emerging practices. This proactive approach to learning allows me to integrate cutting-edge strategies into my work, helping brands stay competitive in an ever-changing marketplace. By making lifelong learning a core part of my professional routine, I am able to provide forward-thinking solutions that keep my clients ahead of the curve.
In light of the Nigerian government’s push for diversification beyond oil, how do you see sectors like agriculture, tech, and creative industries playing a role in shaping the future of Nigeria’s economy, and how can entrepreneurs position themselves for success in these industries?
Despite broader economic challenges, Nigeria’s push for diversification beyond oil is creating opportunities in key sectors like agriculture, technology, and the creative industries, which have the potential to shape the country’s economic future. Agriculture remains a fundamental pillar of the Nigerian economy, and the government’s focus on achieving agricultural self-sufficiency has opened doors for entrepreneurs to explore agribusiness, food processing, and export opportunities. By embracing technology-driven farming practices, such as precision farming and agritech solutions, entrepreneurs can not only increase productivity but also ensure sustainability in the long term. The use of data analytics, drones, and automated irrigation systems can revolutionize farming and position Nigeria as a competitive player in the global agricultural market. Additionally, the global demand for organic and ethically produced food products provides an avenue for Nigerian entrepreneurs to tap into export markets.
In addition to agriculture, sectors such as renewable energy, healthcare, and education present immense opportunities. Nigeria’s power supply challenges have created a high demand for renewable energy solutions, particularly solar power. Entrepreneurs offering innovative, affordable energy alternatives stand to benefit significantly as more businesses and households seek reliable electricity sources. Renewable energy is not only a viable solution for the country’s energy deficit but also aligns with global sustainability goals, positioning Nigerian businesses to attract international partnerships and investments.
Healthcare and education are also critical sectors where entrepreneurs can make a substantial impact. The need for affordable healthcare services and telemedicine solutions has become more urgent, especially in underserved areas. Entrepreneurs who leverage digital health technologies can help bridge the gap in access to quality care. Similarly, educational technology (edtech) holds the potential to transform Nigeria’s education sector. With the rise of online learning platforms and digital tools, entrepreneurs can develop scalable solutions to improve learning outcomes and address the education crisis. Furthermore, government funding and partnerships in both healthcare and education provide additional support, making these sectors attractive for long-term investment and growth.
Overall, entrepreneurs can position themselves for success by focusing on innovation, sustainability, and scalability in these emerging sectors.
The removal of fuel subsidies has impacted the cost of doing business across sectors. How can small businesses adapt to the increased costs and still maintain profitability?
The removal of fuel subsidies has made it increasingly tougher to do business in Nigeria, as fuel prices have a ripple effect on other costs such as food, transportation, and logistics. Small businesses, already grappling with inflation and economic instability, are feeling the pressure of rising operational costs daily. To maintain profitability in such an environment, entrepreneurs must adopt resilient and adaptive strategies that not only address immediate cost concerns but also position them for long-term sustainability and growth. Key considerations for thriving in this challenging climate include the following:
1. Diversification:
• Relying on a single revenue stream or market can make businesses vulnerable to economic shocks.
• Expanding product offerings, entering new markets, or developing complementary services can help spread risk and create multiple income sources.
• Diversifying revenue streams ensures businesses are less dependent on a single sector or customer base, providing a buffer against market fluctuations.
2. Cost Management:
• Effective cost management is crucial for maintaining profitability in times of rising operational expenses.
• Businesses should focus on optimizing operational efficiency by reducing overhead costs, streamlining supply chains, and negotiating better terms with suppliers.
• Implementing technology solutions for inventory management, automation, and financial planning can lead to significant cost savings and better cash flow management.
3. Adaptability:
• Flexibility is key in an unpredictable market environment.
• Small businesses should regularly review their strategies and make adjustments based on changing market conditions, consumer preferences, and economic indicators.
• Developing contingency plans, conducting scenario analysis, and being agile in decision-making allows businesses to pivot quickly and stay competitive.
4. Innovation in Operations:
• Small businesses can explore innovative approaches to service delivery or product development that reduce reliance on fuel or energy-intensive processes.
• Alternative solutions like remote work, local sourcing, and renewable energy adoption can lower operational costs and contribute to sustainability.
5. Customer Engagement and Retention:
• Fostering stronger customer relationships is vital during challenging economic times.
• Businesses can increase loyalty through personalized marketing, exceptional customer service, and maintaining product or service quality, even with cost increases.
By embracing these strategies, small businesses can adapt to the increased costs from fuel subsidy removal while continuing to grow and maintain profitability.
You have worked with both multinationals and small businesses. How does your approach to growth strategies differ when working with large corporations versus startups?
When working with large corporations versus startups, my approach to growth strategies differs significantly due to the unique nature and needs of each business. Large corporations, with their substantial marketing budgets and established resources, tend to be more risk-averse. They can afford to run multi-faceted marketing campaigns with a wider reach, often targeting broad audiences across multiple channels. The strategies for these companies focus on long-term planning, brand positioning, and optimizing large-scale campaigns. With such resources, the goal is often to maintain stability, expand market share, and ensure consistent brand messaging across diverse markets without exposing the company to high levels of risk.
For startups, which typically operate with lean budgets, lean marketing principles are essential. Lean marketing emphasizes maximizing value while minimizing waste, focusing on agility and continuous adaptation based on customer feedback. A customer-centric approach is key, ensuring that marketing strategies are closely aligned with the evolving needs and preferences of the target market. Startups require a flexible and adaptive approach, where data-driven decisions allow for quick adjustments to marketing efforts, optimizing growth strategies within tight financial constraints. In this way, startups can achieve growth by focusing on efficient, customer-focused strategies that maximize impact with limited resources.
Your academic background spans from English and Literature to an MBA in view. How has your diverse education shaped your career, and what skills have been most valuable in your entrepreneurial journey?
My diverse academic background, which includes degrees and certifications in English and Literature, Public and International Affairs, Marketing, Public Relations, and Digital Marketing, alongside my ongoing MBA, has deeply influenced my career and entrepreneurial journey. The foundation in English and Literature has sharpened my communication skills, enabling me to craft compelling narratives and engage diverse audiences effectively. This has been essential in brand building, public relations, and developing marketing strategies. Additionally, my education in Public and International Affairs has equipped me with a global perspective, helping me approach business decisions strategically, while understanding policy and market dynamics on a broader scale.
These varied skills also play a crucial role in my ability to teach and mentor entrepreneurs effectively. The combination of creative and analytical thinking enables me to break down complex business concepts into simple, relatable terms, ensuring that the message resonates with different types of learners. My experience in Marketing, Public Relations, and Digital Marketing, coupled with my business acumen from my MBA, allows me to provide entrepreneurs with practical, actionable strategies. Whether it’s in large corporate settings or working with startups, this blend of storytelling, strategy, and data-driven insights helps me empower entrepreneurs to understand and implement growth tactics confidently and efficiently.
Nigeria is facing a high unemployment rate, especially among youth. How do you think entrepreneurship can play a more significant role in addressing this, and what initiatives should be prioritized to encourage more young people to start their own businesses?
Nigeria’s high youth unemployment rate is a critical challenge, but entrepreneurship offers a powerful solution to address this issue. By fostering a culture of innovation and self-reliance, entrepreneurship can create jobs, stimulate economic growth, and empower young people to take control of their futures. To unlock this potential, the government, educational institutions, and the private sector must prioritize initiatives that create an enabling environment for entrepreneurship to thrive. One key initiative is integrating entrepreneurship education into the formal curriculum, starting from secondary school to higher institutions. By teaching young people the fundamentals of entrepreneurship—such as business planning, financial management, and problem-solving skills—alongside real-world applications, we can equip them with the mindset and tools necessary to identify opportunities and turn them into viable businesses.
Furthermore, improving access to funding and support services is essential in helping young entrepreneurs overcome financial barriers. A major stumbling block for many aspiring entrepreneurs is the lack of capital and the difficulty in navigating the funding landscape. Government programs, in collaboration with the private sector, should focus on providing more grants, low-interest loans, and seed funding specifically designed for youth-led startups. In addition, initiatives like business incubators and accelerators can offer mentorship, training, and technical assistance, helping young entrepreneurs not only launch but also scale their ventures. These support systems create a pipeline of businesses that have the potential to grow, contribute to the economy, and generate employment.
Lastly, creating a robust entrepreneurial ecosystem requires public-private partnerships that promote infrastructure development and digital access. The digital economy holds significant promise for young entrepreneurs, especially in tech-driven fields such as e-commerce, fintech, and digital services. Ensuring that young people have access to affordable internet, technology tools, and digital literacy programs will enable them to tap into new markets and innovate more effectively. By investing in these initiatives and encouraging a supportive regulatory framework, Nigeria can harness the entrepreneurial potential of its youth, helping to drive long-term economic growth while addressing the country’s unemployment challenges
As someone who has trained entrepreneurs in pricing strategies, digital marketing, and product development, what is the most common misconception entrepreneurs have when it comes to scaling their businesses?
One of the most common misconceptions entrepreneurs have when it comes to scaling their businesses is the belief that money alone is the key to growth. While funding is undoubtedly important, especially for expanding operations or entering new markets, it is far from the only factor that determines the success of scaling. In my experience training entrepreneurs in areas like pricing strategies, digital marketing, and product development, I’ve seen that those who focus solely on acquiring more capital often overlook other critical elements such as strategic planning, operational efficiency, and customer acquisition. Scaling a business requires a well-rounded approach that involves not just financial resources but also a clear strategy on how to allocate those resources effectively to achieve sustainable growth.
For instance, many entrepreneurs fail to consider whether their current systems, processes, and teams can handle the increased demand that comes with scaling. Without the right infrastructure in place, even significant capital injections can lead to operational inefficiencies or an inability to meet customer expectations, ultimately stalling growth. Additionally, entrepreneurs need to focus on their market positioning, customer retention, and brand consistency. Scaling is not just about expanding your reach but ensuring that your product or service continues to deliver value at a larger scale. Successful scaling requires a deep understanding of the market, a strong operational backbone, and a relentless focus on delivering a superior customer experience—elements that money alone cannot secure.
How do you balance running The Business Lab Academy, Ziba Beach Resort, and other ventures while pursuing personal growth and further education?
Balancing my responsibilities between The Business Lab Academy, Ziba Beach Resort, and my personal growth, including further education, really comes down to prioritization and time management. I’ve learned to be intentional about where I focus my energy. For example, I set clear priorities at the beginning of each week, ensuring I devote time to both my businesses and my personal development. It’s all about creating structure—whether it’s carving out hours for strategic planning at Ziba or setting aside focused study time for my MBA. I’ve come to realize that without this kind of planning, it’s easy to get overwhelmed when you’re juggling multiple ventures.
A huge part of how I manage it all is by building the right team and learning how to delegate effectively. I’m very intentional about surrounding myself with talented, driven individuals who share my vision. Delegation isn’t just handing off tasks; it’s about giving my team the trust and responsibility to take ownership of their roles, which allows me to focus on the bigger picture. This helps me balance everything, knowing that I’ve got people I can count on to keep the day-to-day operations running smoothly. It also gives me the space to pursue my personal growth, which is just as important to me as growing my businesses.
You have been recognized among the most inspiring women and top marketing influencers. What advice would you give to young women who aspire to be leaders in business?
To young women aspiring to be leaders in business, my first piece of advice is to approach everything you do with integrity. In business, your reputation is everything, and the way you conduct yourself will open or close doors for you. If you’re going to pursue something, commit fully and make sure you’re doing the best job you possibly can. Excellence and integrity should be your foundation—they build trust, credibility, and long-lasting success. The road to leadership can sometimes feel challenging, especially in environments where women are underrepresented, but your values and work ethic will always set you apart.
I also want to remind young women that leadership is not just about titles, it’s about impact. Don’t wait for someone to give you permission to lead—step up in every space you occupy, whether it’s in your community, your business, or your personal life. Be confident in your abilities and never underestimate the power of continuous learning and growth. Surround yourself with mentors and people who challenge you to be better, and always stay curious. The world needs more women in leadership, and the most powerful thing you can do is to be authentic, work with purpose, and lift others as you climb.uccess.
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