Experts in Nigeria’s entrepreneurship ecosystem have highlighted key strategies for entrepreneurs to scale sustainably.
Speaking at the Life, Investment, Money and Business Made Simple (LIMB SIMPLE) conference, Niyi Adesanya, a business re-engineering consultant and chief executive of FifthGear Plus, urged entrepreneurs to adopt a sustainable business model that ensures longevity and long-term success that transcends generations.
Adesanya stressed the need for entrepreneurs to develop a strong organisational culture, seek truthful guidance, and be determined to succeed.
According to him, staying in the game and maintaining sanity require professionalising the business and leadership evolution.
Adesanya added that business success should be generational and not for the short term, noting that it must outlive its founders.
“As a projector of your business, you must pay attention to the third generation. Most of the time we mentor our next generation, and we leave that next generation to mentor the next generation, that is not something you should give room for,” he advised.
“When your success does not go from generation to generation to generation, I do not consider your business a success,” he noted.
“The strength of a leader is not what happens when he’s around but what happens when he has left the scene,” Adesanya explained.
He stressed the need for business operators to prioritise professionalism, strategic planning, and creating and maintaining customer relationships rather than just selling products.
“Don’t ever sell products to people. Sell relationships and if you’re also buying a product, don’t ever buy a product, always buy a relationship.”
“Don’t just buy products, look out for after the product what else do I have to gain? How can I get you not into my circle, but into my corner?”
“What else do I need to do? How do we interact daily? That’s why, when you buy anything, there is always a mantra given to you. The mantra given to you is for you to continue the relationship with them.”
“I’m not going to look at the customer, I’m engaging the cost of what will be the lifetime value of this customer and I must cultivate this customer.”
He emphasised the significance of maintaining connections with critical professionals such as doctors, investors, lawyers, politicians, accountants, and bankers to sustain one’s position.
Ameenah Gurib-Fakim, biodiversity scientist and first female president of Mauritius highlighted the potential of digital retail sectors, fintech, agribusiness, and renewable energy.
She emphasised the need for government, investors, and organisations to support these sectors through favourable policies, funding, and mentorship.
“Local and international investors can furnish the much-needed capital for startups to scale while supporting organisations can offer mentorship, networking opportunities, and capacity building. Here, collaboration is pivotal to success,” she noted.
“This is where there’s a serious call from entrepreneurs for the government to fix this ecosystem that will empower startups to thrive at scale and attract talented Africans,” Gurib-Fakim said.
Wale Olajubu, executive director of Sprintplus Financials, urged entrepreneurs to have a unique business model that aligns with its vision and strategic direction, consistent cash flow to make it viable to lenders, strong management, and a clear demand for products.
Olajubu noted that a business that drives value has a history that includes financial performance and measurable numbers, letters of commendation on what people are saying about the business, independent leadership, talent, and talents.
“Your business model should be an outcome of your vision and strategic direction into the market. When speaking to a finance person, your conversation should be in numbers, measurable numbers, performance.”
“If you are looking to get money from investors, either from Nigeria or abroad, your business should have a business history which is your accomplishments.”
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