Stakeholders urge small businesses to move beyond survival

Bambo Adebowale, Dean, The FATE School; Tara Fela-Durotoye, Founder, House of Tara International; Oluwatoyin Bakare, President, FATE Alumni Executive Committee; Ayomide Akindolie-Igwe, Executive Director, FATE Foundation and Oluwaseun Oshoniyi, Senior Programs Manager & Head, Growth & Alumni Support, The FATE School.

Nigerian entrepreneurs have been urged to move beyond survival mode and build businesses capable of sustained growth despite the challenging economic environment.

Founder of House of Tara International, Tara Fela-Durotoye, gave the advice at the FATE Foundation’s 11th FATE Businesses Conference in Lagos.

Fela-Durotoye, who shared lessons from her 27-year journey in the makeup business, urged entrepreneurs not to become trapped by present economic realities at the expense of long-term planning.

She identified discipline, resilience and diligence as some of the qualities that helped her build her business from a small enterprise into an international company.

The conference brought together business leaders and experts to share practical knowledge, insights, and connections to help micro, small, and medium enterprises (MSMEs) scale and compete globally.

Speaking on “The Global Talents Playbook: Equipping MSMEs for the Future of Work,” Managing Consultant at StreSERT Integrated Limited, Roselyn Onalaja, said entrepreneurs should develop a clear business strategy before deciding which positions to fill.

“So, before you ask, ‘Who do we need to hire,’ ask the question: ‘Where do we want this business to be in the next two years, three years, five years? And what capabilities do we need to get us there?’” she said.

Onalaja said MSMEs needed to move from simply filling vacancies to developing deliberate talent strategies aligned with their long-term objectives.

She urged entrepreneurs to ensure that the right people were placed in the right roles at the right time, with the skills required to deliver their business ambitions.

General Counsel, Transport Services Limited, Ogo Graham-Lawal, advised MSMEs to move from informal hiring practices to proper employee documentation.

She said workers should be documented immediately after employment, noting that proper documentation could help businesses meet requirements for accessing loans and other forms of finance.

At another panel session, titled “Unlocking Capital: Pathways to Financial Resilience and MSME Expansion,” participants discussed ways entrepreneurs could access finance to expand their businesses.

Founder of The Money Wit, Oler Oladele, said businesses must be properly positioned, structured and presented to attract investment.