The role of social media in entrepreneurship

The annual social media experts and enthusiast gathering Social Media Week Lagos rounded off last week, and Mara Online hosted a masterclass tagged: Integrating Africa with Social Media and User Applications.

The event highlighted the role social media can play in entrepreneurship and Mentors on the entrepreneurship-focused social app Mara Mentor were on hand to share how young Nigerians can leverage social media to inspire a collaborative approach to business and entrepreneurship. Below are tips from the mentors:

“Mentoring is a necessary tool that saves you from making an avoidable mistake” – Pade Durotoye, CEO Oando Energy Resources.

The lesson here for young entrepreneurs is that mentoring can save you the financial strain mistakes bring. With an expert to advice you on your every step in business, you’re sure to succeed. And with the Mara Mentor app, expert advice from industry leaders has been made easily accessible.

“Social media could be a huge distraction or huge benefit depending on your strategy,” Niyi Yusuf, Country Managing Director, Accenture Nigeria. 

Know your people, know your product and be convinced of the value you offer. Social media could be a distraction or benefit depending on what you or your consumers need.

“When u find the right mentor u can’t go wrong. Their advice will always be timely.” – Onyeche Tifase, MD/CEO Siemens Nigeria Ltd. 

And with tools like Mara Mentor you can learn from other entrepreneurs and industry experts. You can also network and build your expertise; this will inform your strategy and activities on social media.

“Don’t go to social media if you haven’t discerned what you want from it,” Anita Erksine, Founder, Brand Woman Africa.

Set clear objectives. Know what you want to get from social media before you jump on it. Get a strategy and list out your objectives before starting out. Also try to learn from like-mind – people in the same business as you. Leverage social media for business discussions, forums and find out more before starting.

“Mentoring starts by developing yourself first and always willing to learn before developing others,” Oreoluwa Somolu Lesi, Executive Director Women’s Technology Empowerment Centre.

So as young entrepreneurs, it is important you build capacity in your area of interest.  You can use social media as a learning tool before delving into business.  And even before you get a mentor; know what your business is about.