The Chairman of the Nigerian Association of Small and Medium Scale Enterprises (NASME) and Chairman of Trends Group of Companies, Architect Zakirudeen Oladotun, gave a keynote speech on Wednesday, 19th July, 2023, at this year’s CISSA Leadership and Entrepreneurship Summit
The summit, organized by the Communication and Information Sciences Students’ Association, University of Ilorin, was themed “Carving a Path for Emerging Leaders and Entrepreneurs “ and headlined by a host of accomplished leaders and entrepreneurs from different walks of life in Nigeria.
The event aimed to provide a forum for information exchange, networking, and motivation as well as empowering students to realize their potential and make significant impacts in their chosen careers.
According to the President, of the Faculty of Communication and Information Sciences, Lateef Sodiq Olamilekan, “ I believe we can produce students who can significantly impact our society with their little resources, but they are usually held back by fear of failure. So, I think we should create an enabling environment that can bring forth their potential and spur them into action.”
Speaking on the topic, “Navigating the Path from Idea to Execution: Steps and Pitfalls to Avoid in Entrepreneurship”, Zakirudeen started by highlighting some steps crucial for the success of any entrepreneurial journey.
He said, “Every entrepreneurial endeavour begins with an idea, but it is essential to evaluate and validate its practicality.
“Developing a business plan is the next crucial step, outlining the nature of the business, sales, and marketing strategies, and financial projections are necessary steps for success.
“Funding is another crucial consideration. Options available to an aspiring entrepreneur are self-funding, seeking loans from financial institutions, leveraging assets, or pitching business ideas to potential investors.
“Building a competent team that shares your vision and possesses skill sets is vital.
“Delegating tasks effectively, communicating goals, and fostering a supportive work environment are crucial for success.”
On the pitfalls to avoid in entrepreneurship, he identified the following:
Lack of clear direction: “It is vital to have a clear vision and long-term goals for your business. Develop a comprehensive plan that aligns with your vision and outlines strategies for success.”
Failure to define your target audience: “Every business has a specific target audience with unique needs. Define your audience in terms of demographics and the problems they need to solve. Conduct thorough research before launching your product.”
Sole focus on monetary gain: “While making money is important, solely prioritizing profit can lead to burnout. Focus on solving customer needs and providing value. When you are perceived as valuable, monetary success will follow.”
Unhealthy obsession with your competitors: “Paying excessive attention to competitors can distract you from your own goals. Strike a balance and make business decisions based on your own plans and vision.”
Overworking and neglecting work-life balance: “Find a balance between work and personal life to avoid burnout. Taking breaks and engaging in relaxation activities will rejuvenate your mind and lead to fresh ideas for business growth.”
Having a lazy mindset: “Entrepreneurship requires hard work, patience and determination. Cultivate a strong mindset and be prepared to put in the effort necessary for success.”
Believing you can do it alone: “Building a support system is crucial. Seek guidance from mentors, coaches, employees, friends, and family members who can assist you in your entrepreneurial journey. The African entrepreneurial landscape, while burgeoning with promise and potential, has its share of challenges. Entrepreneurs often find themselves grappling with a host of issues, including limited access to finance, regulatory constraints and a scarcity of mentorship and support structures. These obstacles underscore the need for a robust entrepreneurial ecosystem that empowers startups to thrive and scale. “
He ended his speech with an impassioned call to action, pointing out how each stakeholder can help nurture entrepreneurship in the country.
“Government can institute favourable policies, provide funding opportunities, and foster an environment conducive for innovation and risk-taking. Local and international investors can furnish the much-needed capital for startups to scale, while support organizations can offer mentorship, networking opportunities, and capacity building.”
Zakirudeen also received an award for his contribution to the success of the summit and his unwavering commitment to the development of young people in society.