Experts see integrity, branding as biggest start-up drivers

Experts and successful entrepreneurs have said that integrity, trust, branding, social impact/responsibility, resilience and humility are ingredients that can catapult start-ups to conglomerates.

These experts, who spoke in this year’s learning summit organised by the Entrepreneur Organisation (EO), also said too much regulation of Nigerian start-ups and micro, small and medium enterprises (MSMEs) are preventing them from creating sufficient jobs and contributing meaningfully to the Gross Domestic Product (GDP).

Tonye Cole, managing director, Sahara Energy Group, said start-up owners should not compromise their integrity no matter what they think they can gain from doing so.

“Opportunities will come for you to compromise,” Cole said.

“But let people know you as someone whose ‘yes’ is ‘yes’ and whose ‘no’ is ‘no’. Do not try to dodge phone calls. Once you are known to be honest, you will be trusted. Trust can change your business for the better in the twinkling of an eye,” he said.

According to Cole, most start-up owners want to be associated with ownership of their businesses, but urged them to focus more on the result rather than recognition.

“The title on that business card is not important. The business model is very simple in our firm: All of us are staff,” he said.

“You must not feel less important if people do not know you as the owner of the business. For me, I don’t really matter in the context of things; the most important thing is that dividends will come whether I am recognised or not. Build your brand and let it grow,” Cole advised.

He urged entrepreneurs and start-up owners to be interested in politics as decisions made in the terrain will affect their businesses.

Nkem Obi, executive director, Exxon Mobil, testified that what has driven the company he works for over the years is its integrity and total refusal to give bribes irrespective of potential gains.

Anthony Okoye, president, EO, Lagos chapter, advised start-ups to gain customers’ trust as this is the easiest way to succeed and survive the tough business environment.

“The more customers trust you, the more they can refer you to others,” Okoye said.

Okoye explained that start-ups must concentrate more on developing great business ideas as such will always be funded by banks and many organisations looking for young entrepreneurs with feasible proposals.

He urged governments at various levels to formulate policies that will reduce taxes for MSMEs as high taxes stifle businesses.

Jamie Douraghy, global chair, EO, explained that freedom is the most important thing for entrepreneurs, while asking Nigeria to reduce over-regulation to allow start-ups and MSMEs to grow.

“In my experience, SMEs can create the majority of jobs than government. Too much regulation slows down progress,” Douraghy said.

EO is a global organisation that seeks to engage leading entrepreneurs to learn about leadership. It is also targeted at promoting entrepreneurs around the world, being in 46 countries, having 10,000 members. Admittance is only for entrepreneurs whose turnover is $1 million and above. However, it has an accelerator programme for businesses making between $150,000 and $200,000, aimed at making such businesses reach $1 million mark.

Highpoint of the event is the showcase of businesses by student entrepreneur finalists from various parts of the country.

Joshua Oyeniyi, a 26-year-old student radio presenter, won the first prize, comprising a fully sponsored trip to Washington D.C (USA) to compete for EO’s global prize. He also won N1 million, a gift from the Business School of the Netherlands and will also receive a mentorship opportunity from the EO.

ODINAKA ANUDU