Abudu, Okonkwo list survival tips for entrepreneurs

The Chief Executive Officer of Ebony Live TV, Ms. Mo Abudu, has said that besides having a viable business idea, it is more important to be focused on achieving it.

The entrepreneur, who has been variously described as “multi-talented”, while speaking at the Fidelity SME Forum on Inspiration FM, Lagos, reiterated that entrepreneurs, young or old, must also set clear plans of how to achieve idea, which must be realistic.

“It is easy to look at Nigeria as it is today as a market and find opportunities that can be created within the reality of the market. But I oftentimes find out that the business ideas that the millennial are not grounded in reality of the times and everything won’t work.

“That is the most important piece of advice I can give to any entrepreneur. Make sure your ideas are grounded, make sure they are realistic and that you must be able to execute them. Why will people switch to your channel? Why are they going to buy your product or your service? What makes you different? What makes you unique?” she queries.

According to her, ideas must identify what people or businesses needs and be able to fill the vacuum, look at the existing business opportunities and if possible, modify them. “The difference is the added advantage and extra value you are bringing to the market.”

Abudu commended Fidelity Bank for setting up the forum that serves as platform for young entrepreneurs, giving them the opportunity to understand issues about starting a business.

“Every business person, including myself, must have made mistakes which the young ones can learn and avoid. By learning from those that have experienced life in business and their mistakes, you may not need to repeat the same errors.

However, the Chief Executive Officer, Fidelity Bank, Nnamdi Okonkwo, reiterated the financial institution’s resolve to extend huge support to operators in the entertainment industry.

According to him, the bank’s decision to play in the small businesses’ sector came with a deliberately developed strategy meant to add value to the operators.

“A lot of people get entertained by musicians; they watch movies and get entertained too. But as bankers, we look at the business components of what people do and how to transform those talents into business,” he said.