In order to start a successful business in Nigeria, entrepreneurs and founders have been urged to possess a big vision; total clarity on what the business will solve, as well as discipline, financial prudence, consistency and courage.
This formed part of the keynote address delivered by the Chief Executive Officer (CEO), Chapel Hill Denham, Bolaji Balogun, at this year’s celebration of the London Business School (LBS) Worldwide Alumni Celebration held in Lagos with the theme: ‘Africa’s builders: What it Takes to Start, Grow and Scale’.
Balogun noted that the founders of all big businesses in Nigeria had a big vision, which translated into what is visible to all today. He said that, in addition to a lot of resilience, founders must also gain experience by working somewhere else before venturing out on their own to learn the ropes of managing a business.
He decried the fact that Nigeria was still not paying enough attention to the free trade zone and the African Continental Free Trade Area (AfCFTA). He maintained that if well utilised, it would bring Africa together into a massive free trade zone.
“Even if we are half-trading with each other on the continent, it will be a massive game-changer. The informal economy in Nigeria and the rest of Africa is large and we can explore this.
“Africa is going to be central to global outcomes, food outcomes, global resources and the world’s critical minerals and rare earth elements in a few years’ time and we must not miss this opportunity.”
Speaking on growing a business successfully, he said founders must be able to hire, identify and retain high quality people. “You also need some aggression, establish structures that promote accountability and transparency and have a continued commitment to excellence.
“What does scaling a business involve? You must have a significant impact on your community. Governance needs to get stronger to work for businesses. Also, embrace and use the capital market. Understand and build sustainability. Invest in your future and think long-term. Finally, you must remain on a ontinued quest for excellence,” he said. President of the LBS alumni, Lagos chapter, Akintayo Sanwo-Olu, stated that the WAC was one of the school’s most enduring traditions.
“Across more than 80 cities worldwide, alumni are celebrating this occasion and Lagos is definitely not left out. This year’s theme, ‘Beyond Borders’, is particularly meaningful for us here in Nigeria, speaking to our reality that our education and values are not confined to geography.
“We are called to think globally while acting locally, bring the very best of international business ideas into our own markets and export African innovation to the world. The theme also speaks to collaboration across industries, generations and cultures, so that together, we can solve these problems we face. Africa is burning with energy, talent and ambition but turning potential into progress requires vision, resilience and leadership,” he said.
The panel session discussed what it takes to build a regional and continental business in Africa and offered practical advice on how to grow and scale businesses successfully.
Panelists included Chairman, Parthian Partners Ltd, Adedotun Sulaiman; Group Managing Director, Access Bank, Roosevelt Ogbonna; Clinical Professor, LBS, Kathleen O’Connor; Co-founder, Bluechip Technologies and Voltron Capital, Olumide Soyombo and was moderated by CEO, EnergyInc Advisors, Rolake Akinkugbe-Filani.
