Speaking on Thursday at the latest edition of the United Bank for Africa Series seminar/workshop, held at the Tony Elumelu Amphitheatre, UBA House in Marina, Lagos, with the theme: “Profit with Purpose, Business Community,” the experts, who shared insights for running a successful business in a competitive business environment, said building businesses that stand the test of time requires a blend of innovation, unwavering focus, and passion.
Bolanle Austen-Peters, a prominent lawyer, Award Winning Film Director, and one of the speakers at the event, in her keynote address, spoke of the need for small and medium-scale businesses to define their purpose, and set clear goals and achievable targets. Drawing from her experience as a business owner in the past 20 years, she said: “I can never over-emphasise the role that purpose plays in your business. There is a need for business owners to set clear goals and achievable targets. From Day one, I started with having an organisational structure like what we have in banks, complete with a legal structure, a board of Directors, administrative Officers, and all.
Continuing she said, “The truth is that if you do not have a framework for your business, you may just be another business from the street. Putting together a structure shows that you are in for serious business, and people will treat your business as such,” she explained.
James Asare-Adjei from Ghana also noted the role of innovation and integrity in building small and medium-scale businesses.
“As business owners, you need to take advantage of the market available to you, and ensure that you add value at every point,” he said.
Frank Edoho, the presenter and producer of the popular TV programme, “Who Wants to be a Millionaire,” cited passion as an essential ingredient that drives business growth.
He said: “Passion is critical, as business owners, you should stick to your guns and learn from what others are doing and add it to your experience to improve your business.”
“One of the things I did to grow my brand was that I was very focused,” said Toke Makinwa, who recalled her humble beginnings as a banker and later a broadcaster. “I kept the right attitude and surrounded myself with people who are team builders. These are winning strategies anytime,” she noted.
Princess Adeyinka Tekena, who is a beneficiary of the Tony Elumelu Foundation (TEF) Grant, said the $5,000 grant she won in 2015, helped to build her business from the ground up, noting that the enterprise has been thriving for over 10 years now. She pointed out that for a successful business, entrepreneurs should cultivate the requisite elements of; tenacity, determination, and financial discipline.
UBA’s Group Head, of Marketing and Corporate Communications, Alero Ladipo, who commended the participants for sharing valuable insights explained that with these regular capacity-building programs. organised by UBA focuses on empowering other business owners to build sustainable businesses.
“At UBA, it is not just about Banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this regularly,” she noted.
Participants at the event who were on the ground to share their experiences in the business world, their struggles, and successes include: Founder, Terra Kulture, Bolanle Austen-Peters, Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award-winning TV Personality & Multi-Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering Indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Bolanle Austen-Peters.
The UBA Business Series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where entrepreneurs share experiences and insights on best practices for running successful