If you are building a business in Nigeria, you’re better off getting advice from people who have excelled in what is a challenging economic environment. And there’s indeed a lot to learn from Nigerian’s leading entrepreneurs—especially the younger ones.
Read more about Business
In line with this, we have curated eight insightful quotes from the country’s best founders and venture builders. These quotes allude to various truths about running for-profit organisations in our clime, so you’ll want to pay attention to them. Read on to find out what these top figures have to say:
You Don’t Have to Build a Unicorn
“You need to be comfortable with what size of business you want to build. There’s no rule that says you must build a gangbuster, huge business.” –Tayo Oviosu (CEO, Paga)
We are inspired by the stories of founders who braved the odds to grow their startups into trillion-naira corporations. But the vast majority of entrepreneurs will not scale their businesses into large capitalisation conglomerates. And that’s fine. Tayo Oviosu, whose company has a presence in several African countries, insists that you can decide against expanding your venue beyond your ability to manage it.
Be Audacious, Dedicated, and Empathetic
“Aim very high. Work very hard. Care very deeply” –Odunayo Eweniyi (COO, PiggyVest)
Oduayo says she took this quote from her father. He often urged her to give herself all to the things that mattered. Sometimes what matters is planning well. At other moments, it’s putting in the work to achieve goals. And, both these things must be undergirded by empathy, of the kind that summons us to act. These, for Odunayo, are keys to excelling in business.
Validate Before Launch
“Validate your business very early. Do not build your business, then go find a market. You find a market first, and then you can build a business.” –Mark Essien (CEO, Hotels.ng)
Many would-be founders just assume that there’s substantial demand for the solutions they’re building. So they plan, design, launch, and market their solution, while barely engaging their target audience through these processes. More often than not, these kinds of businesses fail. If you want to raise your chances of surviving and thriving in your target market, you need to get the input of your target audience.
Keep Relationships Alive
“It’s always good to keep good relationships and leave a good impression with people you’ve worked with. One day, you may need them, and your relationship currency may be all you can trade with.”—Onyeka Akumah (CEO, Treepz).
Many people just abandon the working relationships they’ve had within a setting as soon as they’ve exited it. But Onyeka notes that it’s better to keep those relationships alive. He points out that those connections may serve the parties involved in the future.
Sign up for the Connect Nigeria daily newsletter
Work Smart
“Beware the activity trap. Do not work so hard climbing a ladder only to get up there and discover it had been resting on the wrong wall.” –Mitchell Elegbe (Founder, Interswitch).
Hard work is a crucial part of any real success story in the world of business. But entrepreneurs must also be sure that they aren’t putting in a lot of work for things that matter little in the end. Knowing what demands your attention and exertions is just as important as being motivated to execute. Mr. Elegbe, who has carved out a position for himself in Nigeria’s IT sector, would know a thing or two about this.
Think about More than Just Revenue
“Business is an enabler of good. It’s not just about revenue. If you build a successful business, it can raise other people up.” –Affiong Williams (CEO, ReelFruit).
Affiong emphasises the somewhat altruistic side to running a business that wins. A majority of the entrepreneurs we admire say that they’re always thinking about solving the problems that people have. This fixation on eliminating one more problem that individuals and organisations face is what enables founders like her to build robust solutions.
Don’t Make Fundraising Your Crowning Glory
“When starting a business, your vision should not be tied to raising funds, but solving a problem.”—Oluyomi Ojo (Founder, Printivo).
Closing out a fundraising exercise with substantial commitments from notable investors is a dream that many entrepreneurs have. But this eventually tells on the quality and quantity of output you deliver. In simple terms, fundraisers are a means to an end, not the end itself.
Your Passion Should Not Override Your Customers’ Needs
“As a company [Risevest], no matter how passionate we got about our vision, there was zero chance that we would get here if customers didn’t agree or align with that vision and trust us to do the job for them.” –Eke Eleanya Urum (CEO, Risevest).
Eke is one of a few pioneers of the digital WealthTech segment of Nigeria’s tech ecosystem. He recognises that, without the real demand for the investment opportunities that his company offered, the RiseVest team would never have sustained the startup for as long as they have. So, no matter how passionate you are about what you’re building, it will only yield the desired result if it plugs a real demand gap.
Register to attend the CN Business Mixer
Final Words
The quotes we’ve discussed in this article have come from people who have walked the talk with respect to starting and growing exceptional businesses. Hopefully, you’ll find a few of these quotes helpful as you work on your own project or enterprise.
Featured Image Source: Gateway Academy
Did you find this article useful? Contact us: [email protected]
