Experts harp on innovation, hard work as success factors for entrepreneurs

Entrepreneurship and small businesses mentors have stressed the importance of innovation and hard work as key success factors for aspiring micro, small and medium scale enterprises (MSMEs) in the country.

They described innovation, passion, vision and hard work as the key factors for the growth and sustenance of entrepreneurs.

This was the position of Chairman and Chief Executive Officer, Channels Media Group, John Momoh, Chairman of Fate Foundation, Fola Adeola and its Executive Director, Adenike Adeyemi, at the second FATE annual alumni conference in Lagos.

Specifically, Momoh said if an entrepreneur focuses mainly on the returns he would make from his business from the outset, he should expect a loss, stressing that money is the bye product of a good business.

He advised the entrepreneurs to leverage on those who are aligned to their zeal to help them grow, that once a business is well planned, money would follow in due course.

Speaking on Unlocking the Growth Potential of MSMEs Through Partnership and Innovation,” Momoh, who disclosed how his organisation recorded successes through hard work, said to ensure sustainability, entrepreneurs have to break new grounds and chart new paths of satisfying their customers.

His words: “You have to step up the game. Do not focus on money because money is a bye-product of a successful business, while profit is the bye-product of a good business.

“Wherever you are, try and change your environment, stand up to international standard and let the greater environment come and meet you. That is the only way we can change this country. This country must change we have no choice because if we continue the way we are, we will be sorry for it.”

He stressed that there must be a strategic importance of partnerships and innovation in any business to grow to entrepreneurial level. Entrepreneurs have to constantly break new grounds or chart new ways of satisfying the end user and they need to leverage on what they do.

Adeyemi in her welcome address, said the conference was about how MSMEs could gain knowledge from industry experts and influencers to unlock growth strategies and thrive in their businesses.

“The first thing is that you can do it yourself. on our business, we rely on people and reliance on people for partnerships is in different areas, which can be vendors and those that can help you get your services and market them,” she added.

“The main thing is to look for people who share the same mission where you can partner to achieve an economic scale. Secondly, there is always an opportunity to learn and share the challenges of running a business in Nigeria and the lessons of failure and how those lessons can help subsequently in ensuring success.”

Adeola also advised the entrepreneurs to consistently work hard as there was no alternative to success.