How entrepreneurs can beat 21st Century speed
Seeing the level at which recession is taking a big toll on the Nigerian economy, the Nigerian-British Chamber of Commerce (NBCC) recently organised a breakfast meeting in Lagos to educate the public on the necessity of building multiple competences in a challenging economy in order to succeed as entrepreneurs.
Adedapo Adelegan, president and chairman of council, Nigerian-British Chamber of Commerce (NBCC), provided nuggets of information that would guide Nigerians willing to become successful in an ever-changing, fast-paced 21st Century.
In his presentation entitled, ‘Life in the 21st Century- Building Multiple Competences in a Challenging Economy’, Adelegan, who is also the managing director of Celtron Group, said the economy was heading into a serious technical recession, a type distinct and worse from other types experienced in the past.
“Towards the last 10-20 years of a century, the speed of change becomes supersonic, and we get a glimpse of what the next century will be like. But we lack good governance to ensure that we do not suffer from it. That is the consistent reason why Nigeria is a paradox of wealth and abject poverty and unless we have a good leadership emergence strategy, we will still have the same calibre of people leading us,” he said.
According to him, the 21st Century was not an age of jobs but the Internet, stressing that only the ‘unreasonable man’ could survive it.
“The 21st century is the age of the unreasonable man and woman. ‘Unreasonable’ here means striving for the world to adapt to you. But ‘reasonable’ means striving to adapt to the world. In the 21st century which is the age of the unreasonable, you need to think out of the box. It needs those that are strong-willed and most of all those that won’t reason the usual way. These are features of those that will dominate in the 21st century,” Adedapo explained.
“The solutions are two-fold: the individual and the corporate. There are three factors that affect the competence of both sectors, which are competition, change in tastes and change in government policy.
It is necessary to note that one cannot rely on your jobs only. Every individual has talents in which they can fall back on. This is time to go back to your talents and add to the existing core so that you can have something to keep you going in a time as this,” he said.
According to him, in a time where recession was creeping in gradually and taking its place, corporate entities should concentrate on their strengths.
Also speaking on the theme, Claire Omatseye, managing director, JNC international said, “To stay alive in an economic recession, there are some survival strategies you need. They are financial savings, inventory, building of reserves and strategic flexibility,” Omatseye said.
She said that every company needed to look at that their cash flow and save money wherever the needs arose.
“There is a need to collaborate and adapt to customers. It’s not all about competition. Sometimes there is a need to collaborate with competitors so that you can offer new streams of value to your customer. Most importantly, begin to see your workers as your partners. Customers should also be taken as your partners. Bring in customers to tell you the kind of services they want to see or get. This will be most useful in a time as this,” she said.
Ray Atelly, vice president of NBCC, said every company should look for their uniqueness. “If your company lacks uniqueness, then create one and then return to the market. You need to re-invent yourself to deliver premium value at a cheap cost. Create an environment accessible to people and, most importantly, social value needs to be created by showing social responsibility.
To individuals and younger generations, it’s time to look at what you do comfortably and develop yourself in that direction so that it becomes your strength. Look at the weaknesses of your competitors and make it your strength. Don’t let anyone define you; you have to define yourself,” Atelly said.
ODINAKA ANUDU & CHINYERE OKEKE