Challenges faced by women entrepreneurs in the country and ways to navigate through were some of the burning issues discussed at a breakfast meeting organised by the Women Business Arena (WBA), in Lagos recently.
The meeting, which brought together old time business women and women who are new in business also x-rayed what it takes to be a successful women entrepreneur.
Founder of Women Business Arena, Joy Agbakoba who spoke at the breakfast meeting described access to funding as a major challenge facing women in business and advised that women entrepreneurs who were unable to get fund from friends and families should approach finance institutions for funding.
“I know there is funding available; it is for the women in business to have all the requirements so as to be qualified for those opportunities. I will advise that they should keep on updating their knowledge and continue in business no matter the situation. They should do what they need to do in order to grow their businesses, Agbakoba said.
Also, she stressed the need for women entrepreneurs to separate themselves from their business account, saying that such would enable them ascertain the strength of their businesses at any time.
On the other hand, she advised women who want to venture in to business to know their financial capacity first, adding “If you are not ripped to venture in to a business of your own, ensure you keep your fulltime job and other means of generating fund. When you know that you have gathered enough money to set up a business, you can quit your boss and focus on your business.”
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Delving into, ‘essential governance for directors, founders and SMEs’, Agbakoba called for transparency in whatever women directors are doing.
“Integrity is the key word. We must have integrity in accessing fund. Women should also strike a balance between work in the family and the business,” she said.
Speaking on the topic, ‘Building a successful business- starts with building you,’ Ebere Njoku affirmed that the role a woman plays in her business determines how successful such business would be.
She urged participants at the meeting to define their business intention and content, adding, “When you set up your content and vision, you will be a leader and not a follower.”
Stating the need for women in business to have a clearer vision of what they want in their businesses, she said: “You have to be clearer in whatever you are doing so as to avoid being confused. Get your mind away from fans and followers to actual customers, fans will only bring admiration while customers bring profit and business ideals.”
Emphasising the importance of women entrepreneurs to win the trust and confidence of their customers, she opined that they should be able to solve the problems of their customers by providing them with what they want.
“Customers are those who you are solving their problems through your business. You should know your value and what you are bringing in to the market for them to buy,” she said.
On her part, Assistant Director, National Agency for Food and Drug Administration and Control (NAFDAC), Jumoke Makanju educated the women on the need to get their products registered by NAFDAC.
“You need market authorisation by NAFDAC to make sure whatever you are giving out is awesome,” she added.
While stating that some women entrepreneurs can make use of their apartments to start off a business, she also warned against using such environment in the production of chemical based- products such as detergents.
“It is not safe to use places like kitchen to produce chemical- based product because it is hazardous to health, so when you are about to start production of products like that, you should not think of using your kitchen,” said Makanju.
A financial expert, Gwen Abiola-Oloke who spoke on ‘Finance for business/access to finance,’ advised women not to shy away from rigours associated with accessing fund from financial institutions.
“Investigation has shown that a lot of women quit the process of accessing fund when they are almost through with the process, it ought not to be so, we should be determined to get what we want,” Oloke added.
She frowned at women who are so conservative and counseled them to partner with females of like-mind and interest so as to learn from one another.
