Entrepreneurship lessons from Tony Elumelu boot camp
Tony Elumelu Foundation brought together 1,000 entrepreneurs from 52 countries of Africa between July 10 and 12 at Convenant University, Otta, Ogun State.
It was tagged ‘Tony Elumelu Entrepreneurship Programme (TEEP) boot camp 2015’. The successful 1,000 entrepreneurs, who underwent a rigorous selection process, received $5,000 each to advance their businesses, create jobs for the hugely unemployed Africans and lay a platform for an all-inclusive growth in the continent.
Entrepreneurs and leaders from various walks of life provided nuggets of solid information, advice, mentorship and insights for start-ups and players in the micro, small, medium and large enterprises.
Top on the list is Tony Elumelu, founder, TEF. At a press conference held on the sideline, Elumelu revealed some secrets of his today’s success.
“I want them (the 1,000 entrepreneurs) to imbibe my own business values which include hard work, emotional and social intelligence, integrity, resilience and discipline,“ he said.
“You have to dream the dreams, set the milestones, develop a saving culture and, most especially, form visionable partnerships. If we imbibe these factors, then we are on the way to having future leaders in Africa,” he stressed.
“What we are doing is a means to an end. The end is to see these entrepreneurs create jobs, develop society and enable Africa achieve an all-inclusive growth,” he added.
Elumelu pointed out that there are lots of unemployed people in Africa, while also calling on other endowed Africans to support entrepreneurs to help reduce the joblessness plaguing the continent.
He said now is the time for governments of various countries in the continent to create the enabling environment that will allow entrepreneurs to grow.
Yemi Osinbajo, Nigeria’s vice-president said the success of any enterprise can only endure when an entrepreneur is known for respecting obligations, adding that business, commerce and society cannot survive without character.
According to Osinbajo, who represented Muhammadu Buhari, Nigeria’s president, African entrepreneurs must work on themselves to develop character and integrity, which also include respect for the rule of law and prompt payment of taxes.
“Enterprises cannot endure without high values and self-discipline,” Osibanjo said.
“You cannot be an entrepreneur and expect the system to work in your favour when you are a tax dodger. Many think they can cut corners, but it is only an unwise person that thinks he is smarter than any other person. One day, you will be found out and you lose a lot,” he admonished, while urging the participating entrepreneurs to become little Tony Elumelus in their own ways to empower others and develop their countries.
Lionel Zinsou, prime minister of Benin Republic, said as Africa faces electricity problems, entrepreneurs should begin to look at the business of providing renewable energy as an alternative means of solving the power problem.
“We can bring solutions based on green technology,” Zinsou said.
Rasheed Olaoluwa, managing director, Bank of Industry, said an entrepreneur’s ideas only makes sense for today but will not remain relevant forever. According to Olaoluwa, a budding entrepreneur should understand the dynamics in the economy, while also monitoring their environment and customers.
“Many businesses today have been overtaken by change and dynamism. To be a successful entrepreneur, you cannot afford to have plan B. You need to protect your business as if it is the only thing and nothing else,” he counselled.
He said the development bank is planning to induct successful entrepreneurs under the Tony Elumelu Foundation (TEF) programme into its hall of fame, while urging the entrepreneurs to avail themselves of the services of the Business Development Service Providers (BDSPs) identified by the bank in order to aid ease of access to bankable loans for their businesses.
Samuel Nwanze, chief investment officer, Heirs Holdings, said apart from debt and equity, entrepreneurs can generate capital from ‘everything in-between’, which includes spontaneous financing, leases, factoring and convertibles.
“As an entrepreneur, you must know your numbers, your market and your competitors. Understand that profit is not cash. What attracts financing is cash and how you manage it. Ideas must translate into value and that value must translate into cash,” Nwanze said, in his paper entitled ‘Understanding Access to Finance: An Alternative SME Financing Model’.
ODINAKA ANUDU