Beyond capital: What entrepreneurs really need to grow

As an entrepreneur, I have participated in countless conversations about access to finance. Whether at conferences, webinars, policy discussions, or networking events, one challenge consistently dominates the conversation: funding.

At the recently concluded Young Africa Works Dialogue in Lagos, that theme surfaced repeatedly. For many young entrepreneurs, access to capital is often presented as the missing piece needed to unlock business growth. In delving deeper into the discussion on funding, we discovered that while financing is undoubtedly important, that diagnosis is incomplete. The challenge facing entrepreneurs is not simply a lack of capital; it is the absence of the broader systems that enable businesses to grow sustainably.

As the founder of a growing leatherworks business, I understand firsthand what it means to navigate the daily demands of entrepreneurship. On any given day, I may be overseeing production, managing customer relationships, handling administrative responsibilities, marketing products, coordinating suppliers, and making decisions that directly affect the future of the business.

Many entrepreneurs across Nigeria and Africa face similar realities.

Yet despite the growing number of financing opportunities available, many business owners still struggle to access them. In some cases, eligibility requirements are unrealistic for small and growing businesses. In others, funding structures fail to reflect the realities of entrepreneurship. Even when funding is secured, many businesses lack the support systems needed to deploy that capital effectively and generate sustainable growth.

This is why we must move beyond the assumption that access to finance alone is the solution.

A business may secure funding and still struggle to grow because it lacks reliable market access, business development support, mentorship, or the operational capacity required to manage expansion. Capital can provide an opportunity, but opportunity alone does not guarantee success.

Too often, entrepreneurs receive funding without receiving the tools, knowledge, or connections needed to scale. As a result, the burden of growth becomes even heavier. What should have been a catalyst for expansion can quickly become another challenge to manage.

When we talk about supporting entrepreneurs, we must think beyond disbursement. We must ask whether businesses have the capacity to absorb and utilise funding effectively. We must ask whether entrepreneurs have access to customers and markets. We must ask whether they have the skills, networks, and support structures needed to navigate growth. And we must ask whether the broader business environment encourages sustainability rather than survival.

This requires a shift in how we design interventions for entrepreneurs.

Financial institutions should develop products that better reflect the realities of small and growing businesses. Development organisations should pair financing with technical assistance, mentorship, and business advisory support. Policymakers should focus on creating an enabling environment that reduces barriers to growth and improves access to markets. Ecosystem builders should strengthen the networks and partnerships that help entrepreneurs move from survival to scale.

Most importantly, solutions must be informed by the lived experiences of entrepreneurs themselves. The most effective interventions are often those designed with entrepreneurs rather than for entrepreneurs.

The impact of getting this right extends far beyond individual businesses.

When entrepreneurs grow, jobs are created. Families gain income and stability. Communities benefit from increased economic activity. Local industries become more competitive. Economic growth becomes more inclusive and sustainable.

This is why investing in entrepreneurs should never be viewed simply as providing capital. It should be viewed as investing in people, ideas, and the systems that enable those ideas to thrive.

As conversations around youth employment, enterprise development, and economic inclusion continue, we must listen more closely to the realities entrepreneurs face every day. The future of our economy depends on the ability of young people to build businesses that can survive, grow, and create lasting impact.

If we continue measuring success by the amount of money disbursed rather than the number of businesses that sustainably grow, we will continue solving the wrong problem.

The goal should not be access to finance alone. The goal should be access to growth.

Amanda Jaiyeola is a Nigerian entrepreneur, craftswoman and women and youth empowerment advocate. She founded Achèo Koncept and Achè Handmadecrafts, creating bespoke leatherworks and handcrafted resin art. As Bureau of Representatives for West Africa at the Afrikan Youth Business Council, she champions entrepreneurship, skills development and sustainable economic opportunities.