A former governor of Anambra State, Peter Obi, renowned economist Pat Utomi, and other experts on Wednesday sought solutions to the common trend of businesses closing down as soon as their founders are no more.
In the same vein, Abia State Governor Okezie Ikpeazu urged people of the South-East to sustain legacy of apprenticeship scheme so as to create jobs and boost the region’s economy.
They made these suggestions in their separate speeches at the opening ceremony of the 2021 edition of Abia Business Leadership Summit and Awards with the theme “Transferring Tested and Proven Business Models to the Next Generation” in Aba.
On his part, Governor Ikpeazu appealed to Ndigbo not to jettison their age-long business tradition of apprenticeship.
According to him, apprenticeship teaches business discipline, procurement, management, storage and warehousing, selling, business seasons, using other people’s money to do business and corporate social responsibility.
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He announced his administration’s plan to establish a business school in Aba, the commercial hub of the state, to improve businesses and capacity of entrepreneurs in the state.
The school, which would teach students in Igbo language, according to Ikpeazu, would ensure that Igbo business people are taught skills and ways to sustain their businesses beyond their lifetime.
Obi, a former governor of Anambra State, who delivered the keynote speech, observed that business mentoring culture is phasing out, because some parents with tough beginnings don’t want their children to suffer.
This is as he also blamed inconsistent government policies for death of some businesses.
Obi called on banks to reconsider providing businesses with cheap funds, stressing that banks are part of business challenges faced by entrepreneurs in Nigeria.
Cosmas Maduka, president, Coscharis Group, urged Nigerian youths to nurse a strong desire to succeed than fail, despite the tough business terrain.
He also urged businesses to inculcate good financial management, innovate, and to see life’s challenges as business opportunities.
Barth Nnaji, managing director, Geometric Power Limited, advised Igbo business people to insist on doing what is right and also to teach young people how to stand strong and straight in adversity.
He urged entrepreneurs to think of establishing sustainable business structures, involve high quality people to run their businesses and keep good records.
Utomi, a renowned economist, expressed need for business operators to imbibe learning as an important part of business to be able to do things right.
He also called on businesses which have found the opportunity to serve people to also find a way to institutionalize their ventures.
