The Association of African Startups (TAAS) has called for greater inclusion of entrepreneurs in policy-making decisions to foster the development of the sector.

President of TAAS, Just Omomo Ibe, emphasised that policies about entrepreneurship in Nigeria should not be finalised without the input of top-tier industry players. Their insights, she argued, would bring a market-driven perspective essential for the growth of both the sector and the country.

Speaking at the Build Initiative themed, ‘Building Profitable and Thriving Businesses in Africa’, organised by TAAS in Lagos, Ibe stressed the need to bridge the gap between policymakers and entrepreneurs. She highlighted that African entrepreneurs significantly contribute to the continent’s GDP and should have a voice in shaping industry policies.

Expressing concern over the survival rate of businesses in Africa, she noted that few ventures make it beyond their first five years. This, she said, has made it difficult to establish generational businesses across the continent.

Ibe outlined TAAS’s commitment to building a resource center, stating that for the past five years, the organisation has been dedicated to curating over 300 valuable resources to help entrepreneurs build sustainable businesses.

“Whatever level of challenges an entrepreneur meets, there are answers in our resource. We gathered the finest experts across the world to put together these resources, so launching the build initiative is our way of letting the world know that African entrepreneurs don’t have to struggle anymore. Our resources can help them build without the risk of starting and failing,” she said.

According to Ibe, TAAS has developed five key frameworks to equip entrepreneurs with the necessary steps for business success. The first framework is faith and environmental stewardship, which emphasises the importance of aligning businesses with a higher purpose and understanding why they are established in Africa.

Speaking on proactive systems, Chief Executive Officer (CEO) of Oludare Akinlaja Research and Development Company, Dr. Oludare Akinlaja, highlighted the importance of anticipating risks, identifying opportunities, and preparing for industry changes. He stated that proactivity is a mindset that leads to better decision-making and resilience.

He urged entrepreneurs to develop a positive attitude, as businesses started out of frustration rarely survive beyond five percent of cases. Proper preparation and proactive systems are key to sustainability.

He also noted that faith can provide an additional edge in scenario planning and decision-making. Urging entrepreneurs to align their ventures with market needs rather than personal passions, he encouraged them to seize opportunities, solve problems, and build strong networks.

Principal Consultant, The Teal Tree Company, Ibukun Omololu, emphasised the significance of strategic partnerships and stakeholder engagement. She outlined key areas such as identifying and developing partnerships, building and maintaining stakeholder relationships, designing and implementing stakeholder engagement plans, leveraging collaborations for business growth, and evaluating and refining partnership efforts.

Group Managing Director, Esorae Luxury, Ewaen Sorae, highlighted that success in business does not necessarily depend on having a sophisticated idea, but rather on identifying market gaps and capitalising on them.

Sorae emphasised that many aspiring entrepreneurs wrongly assume that substantial capital is necessary to start a business. Instead, he stressed the importance of leveraging available resources, bootstrapping, and reinvesting profits for sustained growth. He cited examples of businesses that thrive by focusing on scalability and market dominance rather than immediate large capital investments.

Speaking on retail, wholesale, and distribution, Sorae elaborated on the critical role each plays in trade and commerce. While retailing offers higher profit margins, wholesaling provides market control, and distribution ensures consistent product availability. He underscored the importance of eliminating middlemen, securing supplier credit, and adopting innovative logistics solutions to maintain a competitive edge.

Reflecting on challenges in the Nigerian market, Sorae acknowledged infrastructure deficits as a major hurdle. Unlike in developed economies where businesses can rely on existing logistics networks, Nigerian entrepreneurs often need to build their own logistics and supply chain solutions.

Chief Executive Officer (CEO), Innoventure Solutions, Chika Ilang-Phillips, charged business leaders and entrepreneurs to rethink their approach to branding, emphasising that a strong brand extends beyond just aesthetics.

She highlighted the importance of creating a full-brand experience, one that encompasses every aspect of a business, from logos, service delivery to customer touchpoints, among others.

Ilang-Phillips said that product and service delivery must match brand expectations, adding that businesses must prioritise the quality of their operations, ensuring that what is promised is exactly what is delivered.

She encouraged entrepreneurs to craft their brand promise based on real problems identified within their target audience, adding the importance of strategic communication, especially in public relations. While PR may not yield immediate sales, she emphasised that it plays a critical role in expanding brand visibility and attracting future clients.