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Small businesses key to economic sustainability, says Awosika

By Kingsley Jeremiah
18 November 2016   |   2:49 am
Path to a sustainable economy for Africa, particularly Nigeria, is feasible only if efforts are made and sustained to build as many Small and Medium Enterprises ...
Mrs. Ibukun Awosika

Mrs. Ibukun Awosika

Path to a sustainable economy for Africa, particularly Nigeria, is feasible only if efforts are made and sustained to build as many Small and Medium Enterprises (SMEs) as possible, the Chairman of First Bank Nigeria, Ibukun Awosika has said. SMEs constitute the bulk of most African economies, and comprise business enterprises that employ fewer people.

Since SMEs are the bedrock of economic sustainability, Awosika, who was guest speaker at the maiden edition of Fate Alumni Conference, organised by Fate Foundation in Lagos, noted that infrastructure and other key challenges were surmountable if entrepreneurs cautiously build their businesses on lasting value.

Speaking on “Road to Sustainable Growth for Nigerian Entrepreneurs”, Awosika, who narrated her business experiences, said entrepreneurs must build on lasting relationship and leverage on skills, technology and the right people.

“As an entrepreneur, you must evaluate your environment to know your advantage and manage growth in a sustainable manner,” Awosika said,

According to her, entrepreneurs must have a sense of what is sustainable to understand the nature of the opportunity that wouldn’t get business into trouble.

Linking entrepreneurs’ failure to the inability to build and sustain value system, Awosika said: “Once you eliminate the option of compromise in business, you build a strong foundation for your business.”

To remain sustainable, Awosika stressed on the need why businesses must not be built around owners, noting that entrepreneur must find a way to limit themselves to strategy and ideation and must be deliberate about finding and leveraging the right people and relationships.

“To build a sustainable business, you need to be clear on where you want to go and why you started,” Awosika said.

To her, businesses could only turn to an institution when owners delegate and trust other people.

Awosika, who said sustainable growth must be managed in viable ways in the face of opportunities, stated that entrepreneurs must be aware that the value and beliefs that drive business journey would eventually become a book for future generation.

Advising entrepreneurs on how to build a long-term business on a sustainable model in an ever-changing business environment and how to handle business opportunities, Awosika said some opportunities are dysfunctional and unsustainable.

She also said entrepreneurs must build lasting relationships and avoid greed.

Executive Director of the foundation, Adenike Adeyemi said the conference was necessary to discuss topical issues, birth new ideas and create pathway for development.

She said the foundation, which started few years ago have above 5, 000 graduates, who cut across every sector of the Nigerian economy.

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