Leadership, capacity, technology critical for women entrepreneurs
Given the changes taking place across the globe, experts say women entrepreneurs can take the centre stage if they learn effective business leadership, develop their capacities and embrace modern technological inventions.
The experts, who are also female entrepreneurs, believe that now is the time for women in business to make significant contributions to job creation and the gross domestic product of Nigeria.
Onikepo Akande, deputy president, Lagos Chamber of Commerce and Industry (LCCI) and former minister of industry, said Nigerian women have remained resilient and dogged in their quest for survival even when placed side by side by their male counterparts, stressing that female entrepreneurs should build their capacities to be able to access some credit facilities available in the country.
Akande reminded female entrepreneurs that the Central Bank of Nigeria, as at July this year, set aside N255 billion with a view to reducing the high cost of funds for women-owned businesses in the country, adding that the Bank of Industry (BoI) also recently appointed business development consultants to support their applications for credit facilities.
“In today’s evolving business environment, every female business leader must be prepared to explore her leadership and innovative potential needed to take her and the organisation to the next level,” she said at the business luncheon of the Women Group of the Lagos Chamber of Commerce and Industry (LCCI) held in Lagos.
“We must also be ready to lead our organisations or enterprises through periods of disruptive innovation and rapid change. Technology has provided a veritable platform for innovations and high mobility of business transactions across the globe. Women must not shy away from exploring available technology to gain access to larger international markets,” she added at the luncheon themed, ‘Strategies for Income Generation & Effective Leadership’.
Eniola Fadayomi, principal partner, Eniola Fadayomi & Co, who was the guest speaker, said business success is about growing employees in particular and the company in general.
According to Fadayomi, without quality leadership, the environment in which frontline executives work will become poisoned and factionalised.
“You have to be strong but not rude; kind and thoughtful but not weak; bold but not a bully, and humble but not timid,” she admonished.
“To be confident, assertive, decisive and self-reliant, you need to have the knowledge of your subject matter. Be an expert in it. Mentor people and care about the people you lead. Fully realise consequences of your decisions in advance. Know when to move from consensus to executive decision,” the woman entrepreneur counselled.
According to her, more and more women are emerging as leading women in the workplace and successfully leading large organisations in both private and public sector, but said the number is low when compared with the men’s.
“In modern times, women face some unique challenges not faced by their male peers. These are the challenges and various sacrifices connected to combining a career with family demands. To combat this, women leaders sometimes redefine their concept of a successful leader,” she observed, adding that time management, strong multitasking and self-organisation skills are necessary to juggle work and home responsibilities.
“Redefining a successful woman leader as one with a career, husband, children or dependants and family need to be considered, and any decision must first consider the above. This may involve prioritising choices and decisions,” she emphasised.
“Employing or adapting masculine behaviour to respond to stereotype threat may prove counterproductive for women because anybody who does this may be rated or perceived as less warm by their subordinates,” she further said.
Agnes Adenike Shobajo, chairperson of the group, said the forum presented an opportunity to discuss strategies and ways of generating income and leading effectively in businesses.
ODINAKA ANUDU