Oba Otudeko hinges business success on innovation, hardwork

Chairman of Honeywell Group, Dr. Oba Otudeko, has emphasised the importance of innovation to business success, describing the process of building a business as an art and scientific endeavour.

Otudeko stated this at the breakfast forum organised by the Nigeria-South Africa Chamber of Commerce (NSACC), held in Lagos. The Honeywell boss who spoke on the topic, ‘Business success and sustainability’, explained that the start-up phase of any business impacts on the ability of the enterprise to stay successful and outlive competitors in the same economic and operating environment.

“The same celebrated characteristics that make entrepreneurs successful in the start-up phase, are the same characteristics that create friction for sustainability,” he said. He highlighted some critical elements of business success to include, good combination of an enduring vision; competent board; reliable management; sustained relevance; large and growing revenue stream; profitability, multi-stakeholders reward, and sustainability roadmap.

According to Otudeko, an entrepreneur has to be passionate and innovative as both are critical elements to business success. He added that tenacity is important in building a successful business, stating that character and integrity are also important for business success. He advised entrepreneurs and business owners never to run against the steam of policy as this could lead to failure in business.

In his remarks, Director of NSACC, Osayaba Giwa-Osagie, commended Otudeko for his outstanding achievement in the business space and his continued support and simplicity on business strategies.