Experts want entrepreneurs to foster sustainability goals to ensure long-term survival of their businesses.
They say it is important for entrepreneurs to draw strategies that will ensure that their business outlive them.
Abosede George-Orga, director, strategy, funding and stakeholder management of the Lagos State Employment Trust Fund (LSETF), said “it is essential that every business outlive its proprietor. Therefore, sustainability must be the goal of every business.”
Speaking at the Women in Business seminar organised by The Phoenix Learning and Developmental Academy (TPLDA) in Lagos, she said in order to allow sustainable business, it was important for every business to have a structure and for the owners to have values.
”Building a sustainable business entails driving up revenues, reducing cost, mitigating risk and building intangible assets,” George-Orga said.
She stated that businesses were started to solve problems, adding that any business setup must be needed in the society because it solved problems.
She disclosed that one major problem MSMEs had was people-network. She advised entrepreneurs to expand their horizons, build people-network, take on big businesses, have a long-term goal and be willing to do the work attached to it.
Ajibola Ponnle, registrar of the Chartered Institute of Personnel Management (CIPM) Nigeria, advised that entrepreneurs should know their craft and get every certification available in order to remain distinct and ensure business sustainability. She added that there was a room for improvement in every business, stating that team-building and people- network was important for the growth and effectiveness of businesses.
Uduak Ndiokho, acting co-ordinator, Dangote Women Group, said that it was necessary for women to provide second source of income for themselves and their families while broadening their courage and confidence within the executive space. She advised that women and entrepreneurs leverage on the platforms provided by the government to enjoy the personal business space.
Ayodeji Alao, creative director of Aeymoda and one of the participants, stated that the juggling business with personal life was amazing. She added that anything could be achieved as long as determination was involved. She commended the programme as a very good learning platform and an opportunity to share thoughts and ideas useful for business growth.
Olanrewaju Aduloju, chief executive officer and lead consultant at TPLDA, said the programme was a platform to manage, introduce, educate start-ups. He said businesses owners must build value for themselves and their business. He advised entrepreneurs to be bold and put up structures to their passion, adding that it was essential to build structures to passion because passion without structure would not go a long way.
He advised government to provide platforms of tools and skills to help establish sustainable businesses which would convert a lot of people from the informal to formal market.
Gbemi Faminu
