Ugo Aliogo and Esther Ehoche
In order for entrepreneurs and small medium scale enterprises (SMEs) to strategically structure their businesses and achieve profit, there is need for them to scale growth and performance, while understanding the measures needed to be put in place to increase revenue.
The advice was given recently in Lagos at the Eureka Moments organised by Trayny Brand to train entrepreneurs on how to structure their businesses through online training, while leveraging on the lessons of successful entrepreneurs.
Speaking at the event, the Chief Executive Officer, House of Tara International, Tara Durotoye, said a lot of entrepreneurs need to understand that to achieve growth in business, there is need for them to increase their revenue, stating that they also have to increase their customer base and product offering to attract more customers.
She also noted that in scaling, the entrepreneur needs to think of the type of business to venture into, which would generate income and how to project more in the business.
Durotoye advised up and coming entrepreneurs to invest in self-development efforts in order to build a solid foundation for their businesses, adding that there are non-governmental organisations (NGOs) that are focused in training entrepreneurs. â€œEntrepreneurs should not engage in these trainings because they have the money, but devote their time and implement the knowledge gained into their businesses to move it to the next level.â€
Earlier in her remarks, the Founder of Trayny, Stephanie Obi, said the focus of the initiative was to bring onboard established entrepreneurs, who have succeeded in businesses in Africa to teach other up and coming ones on how to strategically grow in business. According to Obi that they get the knowledge of those established entrepreneurs, package it into an online course and share it with the younger generations as well as entrepreneurs across Africa.
â€œThe first person we had when we launched the online courses is Tara Durotoye, the owner of House of Tara. We told her to come and teach on how to structure your business so she created a series of lessons which were shared to everyone that registered in Trayny,â€ she noted.