Ayodeji Ayenuwa
During a breakout session at the WorldStage Economic Summit 2023, successful entrepreneurs unanimously emphasized that passion and perseverance, not quick wealth, are the keys to unlocking success for upcoming entrepreneurs.
Tim Akano, CEO of New Horizons Nigeria, and Adekunbi Ademiluyi, Managing Director of HumanManager Limited, shared invaluable insights during the session held at the Nigerian Exchange event center, themed “The Game Changer.”
Reflecting on his journey, Tim Akano stressed that while startup beginnings are challenging, enduring passion and perseverance empower entrepreneurs to overcome hurdles.
He cautioned against negative partnerships and advised focusing on problem-solving, stating, “The reward for solving problems is money.”
“Don’t make a company of negative people, particularly the learned and academic who are fond of analysis leading to paralysis, only rolling out problems rather than solutions,” warned Akano.
Akano also addressed the question of engaging partners from the start, acknowledging the difficulty but highlighting the success of ventures like Google, which originated from collaborative efforts.
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Adekunbi Ademiluyi presented insights on the journey from conception to launch, underlining the significance of understanding one’s passion and engaging with the community.
She recommended executing plans, creating value propositions, defining business models, and establishing legal structures for successful startups.
“Focus on your goals even when your plan is cascading,” advised Ademiluyi.
She acknowledged the government’s role in supporting startups through institutions like the Bank of Industry and microfinance banks. Ademiluyi addressed the dominance of technical experts in the fintech sector, explaining that investors prioritize technologists.
“It’s a global issue. There’s even domestic japa where people resign from their jobs and prefer to work on their own. There are opportunities in Nigeria; we only need to adjust ourselves to curb the lure of japa,” reasoned Ademiluyi.
Segun Adeleye, President/CEO of WorldStage, highlighted the urgent need for government action to combat unemployment, emphasizing policies that enhance productivity.
“Getting the youth to work must be an immediate task for the government, Getting the youths to work must be an immediate task for the government and will be driven by fixing productivity through combinations of policies that cut across some strategic sectors of the economy,” urged Adeleye.
He further stated, “Many startups that need to be encouraged are developing technology to solve identified problems in payment systems, insurance, agribusiness, e-commerce among others. The beauty of their emergence is that their concepts are globally acceptable, making them eligible to expand to other countries while attracting foreign exchange and creating new jobs.”
The session collectively emphasized practical strategies, resilience, and government support as essential components for the success and sustainability of startups in Nigeria.
Techrectory with Agency Report.
