Do you agree that birds of the same feathers flock together? Well, that saying has been proven over and again so you should. So, where’s the best place to find people of like minds such as entrepreneurs? What better place than entrepreneurial conferences organized by entrepreneurs themselves? Chris Kohol is the founder of the Young
Do you agree that birds of the same feathers flock together? Well, that saying has been proven over and again so you should. So, where’s the best place to find people of like minds such as entrepreneurs? What better place than entrepreneurial conferences organized by entrepreneurs themselves?
Chris Kohol is the founder of the Young Entrepreneurs of Nigeria (YEN). He stated in emphatic fashion his desire to provide a truly Nigerian hub where entrepreneurs can always meet, share ideas, and grow together with the successful hosting of the #YAWEC2017 conference.
The #YAWEC2017 conference will remain fresh and alive in the minds of many, thanks to inspiring entrepreneurs who graced the occasion. Amongst them was Mr. Nnamdi Ezeigbo, CEO Slot Systems.
The knowledge you earn studying entrepreneurial books are good. But they don’t come close to the energy you feel, or the inspiration you derive, when you hear the words from a practicing successful entrepreneur.
If you missed out on the conference, here are some business lessons shared by Mr. Ezeigbo:
Nigeria is the Best Place to do Business:
If you’re feeling the impact of the change currently being experienced in Nigeria, this may sound very out of place. In his own words:
“…despite the challenges, despite the unstructured nature of the business environment in Nigeria, this is the best place to do business.”
Those words ended with a rousing ovation from the conference attendees.
The charming entrepreneur went on to highlight that the situation has helped entrepreneurs to pay more attention to the Nigerian business environment. Yes, things appear unfavorable in Nigeria, but this should serve to create a fighting spirit in you which only has success as its aim. Mr. Ezeigbo called it “broadening your horizon but narrowing your focus at the same time.”
The explanation made here revealed that Mr. Ezeigbo had acquired enough knowledge fitting for the different success hats he adorns. First he made it clear that the potential to grow any business is limitless. With that in mind, entrepreneurs must know their capacity; acquire the needed ability, which will ultimately build capability.
Pursuing a passion without the right competence will only create failure in the business world.
Entrepreneur who understands their capacity will be able to identify the limit of their strength. Knowing this, they can now go after the needed abilities that will guarantee success in their ventures.
Illustrating with a clear example, the former computer repairer used the conference hall to further buttress his point. “If this hall has the capacity to hold 500 hundred people, to accommodate more, one must acquire and have the ability to arrange the sits…” He awed everyone in the hall with other intuitive examples that left palms jamming together. In a nutshell, Mr. Ezeigbo advised entrepreneurs to always acquire the right training, and not depend on miracles.
Always Measure the Value Created
Entrepreneurs survive only when they add value to people’s lives who in turn become customers. It is simply a systematic way of solving problems in a profitable manner. However, they must measure the value they are adding, the business mogul stated this must not be over created or under created. Either of which will amount to a loss to the entrepreneur.
“If a company builds a N350k/night hotel in Agege, Lagos; is that a viable business execution?”
In essence, entrepreneurs must ensure the attempted value addition is in demand, has the potential for scaling up, and most importantly, targeted prospects must be able to afford same.
Doing otherwise creates over value or under value for prospects, while also destroying any chance of profitability for the entrepreneur.
Finally, it is important that entrepreneurs borrow insights from other successful entrepreneurs. It is the one of the proven ways to avoid pitfalls in the uncertain terrain of entrepreneurship. Learning about their mistakes and strides to success not only provides invaluable knowledge, it also ignites in them, the fire to do more and be better.
Another chance at such opportunity to learn from successful entrepreneurs is the Nairabet’s CEO #Yec2017 coming up on March 30.
[tps_footer][/tps_footer]Editor’s Note: This post was contributed by Eduoh Victor. Victor loves entrepreneurs with a passion. He understands that for them to keep increasing they must keep developing. That’s the single idea behind everything he writes. Follow him on Twitter & Instagram @evasouth_ and LinkedIn @candideduoh1 comment