‘Economic challenges are catalyst for resilient entrepreneurs’

Economic downturns are often the yeast that most successful entrepreneurs requires to bring about innovative solutions says experts at the maiden edition of Success Circle Africa Conference.

The conference organised by Success Circle Africa and themed ‘Innovation and collaboration as catalyst for growth in African businesses’, was a platform that brought together budding entrepreneurs from different fields of endeavours. According to the convener and executive program coordinator of the organisation, Tale Alimi, the program was born from a need to challenge the convention and to help young business owners to move their ideas to the next level and partner with other likeminded people.

Ikenna Okonkwo, CEO of www.heel.com.ng who facilitated the first session, highlighted some of the developments in the e-commerce sector. He disclosed that the sector was fast developing and that major investors are flocking in because of the opportunities that abound in e-commerce.

“Nigeria is projected to reach N75 billion in e-commerce revenue by 2025,” said Okonkwo.

Unhealthy competition among the major players in the sector and perception of an “undersized” market has led to “opportunity hoarding” he said.

 Audrey Joe-Ezigbo, Co-founder and CEO of Falcon, noted that entrepreneurship was a choice and sacrifice people who chose to own a business should be willing to make.

“Every big company you know were started by two to four people with the same heads. If they could make it, why not you?” said Joe-Ezigbo.

Entrepreneurship, she noted, required resilience and the individuals should make their minds to be different and distinct because that is necessary for success in the market place. On several points, the individual’s commitment will be tested, hence it is important to stay focused, she said.

Joe-Ezigbo also pointed out that running a business with a staff one cannot sack was a mistake most owners of businesses were making and which is costing them so much. According to her, it creates a situation where mistakes may not be properly addressed for fear of hurting the staff.

Entrepreneurs should also be flexible and know when to move away from a business. “You must not own your company. Entrepreneurs are creators; you build and move on,” Joe-Ezigbo said.

A company that will do well, she said, is one that is properly constituted, that has proper accounting systems flowing from the head to the least person and with a clean tax record. This becomes vital in the case where there are investors hoping to invest or partner with the company. If the company cannot afford a properly constituted board of directors, it may go for advisors – people who the business owner can listen to.

James Agada, CEO Computer Warehouse, highlighted three words that are used interchangeably such as invention, innovation and entrepreneurship. Companies, he noted, should not shy away from innovation because failure to innovate means imminent death. Adapting to technology has become concomitant with success in the business space in today’s market.

Beyond that is the place of the family, said Audrey Joe-Ezigbo. “Family should come first because at the end of the day you will be going back to them. As you are building, build yourself,” she said.