BusinessDay
NigeriaDecides2023

Experts task entrepreneurs to adopt survival structure

Business and marketing experts have tasked budding entrepreneurs in Nigeria to adopt modern and technological tools and techniques to build businesses that will ensure business survival with or without them in charge.

The charge was given at the inaugural Advertisers Association of Nigeria (ADVAN) Small and Medium Enterprise (SME) Business Summit in conjunction with The SME Mall in Lagos, as part of the activities for the ADVAN Africa Excellence Awards.

Addressing the entrepreneurs, Osamede Uwubanmwen, President of the Advertisers Association of Nigeria (ADVAN), who spoke on the theme: Marketing as a tool for sustainable business development’ said, “Most entrepreneurs build business around their own skills, abilities, and vision. They don’t consider their business to be a separate entity.”

He said as an entrepreneur, “you have to pay yourself and make sure your business is separate and distinct, adding that it’s dangerous to deep your hand into your business funds to run other things outside your business”.

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According to him, “Every entrepreneur must inculcate the habit of record keeping so also have functional organizational structure through which activities of the business will be monitored and evaluated for the sake of performance assessment.

On his part, Samuel Akinrimisi, a Marketing professional who spoke on Building sustainable SME Brand said; “every entrepreneur whether big or small should consider his or her business as a brand and work toward building the brand.”
According to him, brand promise and the kind of message the brand owner sends out to the target audience is very important.

He pointed out that, in relating your message to your target audience, you have to be intentional and also factor in emotion simply because the story that surrounds a brand will take the brand to the next level.

Earlier in her remarks, Chief Executive Officer of the Advertisers Association of Nigeria ADVAN, Ediri Ose-Ediale, said the event is the initiative of ADVAN.