Start-ups must tap into network to build visibility- Survey
A recent survey conducted by starit.ng, a start-up service provider, shows that low network capacity is limiting the capacity of micro, small and medium enterprises (MSMEs) in the country.
According to the survey, 51 percent of small business owners polled from the six geo-political zones, whose businesses span across various sectors, are not sure they have the networks required to grow their businesses.
“The situation is startling, when considered in the light of the practical benefits strong networks provide to entrepreneurs at various stages of their business life cycle,” the report states.
Strong network helps entrepreneurs access opportunities, and provides exposure to industry and market knowledge. It also helps entrepreneurs build the visibility needed to scale their businesses, experts say.
According to the report, only 39 percent of respondents, who are owners of small businesses, say they have the network required to grow their businesses.
Reacting to the report, Obinna Igwebuike, managing partner, Sawubona Advisory Services, said as much as business networking platforms are in active engagement, entrepreneurs need to take personal responsibility for building their networks.
“There are many factors that could have led to such high rate of un-networked entrepreneurs in Nigeria. Maybe the networking platforms can do better in reaching out to entrepreneurs outside mainstream commercial cluster,” Igwebuike said.
“However, the entrepreneur has to principally take responsibility for building the infrastructure for success, and this includes, among other things, pro-actively building a network that can help the business achieve the desired success. This is strategic and there are quite a few platforms out there that can be leveraged to achieve this,” he added.
Michael Ebia, CEO, ADE Digital Media, stated that “in developing an effective network, entrepreneurs also need to look beyond just benefitting from the network. They also have to be willing to offer benefits. Industry events and programmes provide good opportunities for this, but again, the principle is entrepreneurs must look to give in order to get.”
Naomi Lucas, CEO, Eclat Support Services Limited, said:
“I have to admit that partnerships are somewhat problematic in this part of the world where factors such as religion, ethnicity, pedigree and trust tend to determine who we work with. Despite these concerns, the benefits of collaboration far outweigh its demerits. However, as a rule of thumb, I will say, don’t work with people who you can’t trust or who don’t trust you. And most importantly, if it doesn’t feel right, even when you can’t put your finger on it, don’t do it.”
Josephine Okojie