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Foundation Urges MSMEs on Business Ethics, Partnerships for Growth
Foundation for Social-Economic Development of African Communities (SEDAC) has urged owners of Micro, Small and Medium Enterprises (MSMEs) in Nigeria to embrace business ethics, seek more partnership to enhance their enterprises.
Partnerships, right evaluation of businesses, and the commitment to acquire knowledge are other tools to help boost MSMEs as recommended at the maiden SEADC MSME Clinic held in Ikeja, Lagos State.
Powered by Stanbic IBTC, Rome Business School Nigeria, Powered by Stanbic IBTC, and Nigerian Bottling Company Limited, the MSME Clinic was designed to build the capacity of small enterprises for high productivity.
In his presentation, CEO of The Business Hub, Mr Michael Adeola, said it was imperative for SMSEs owners to embrace business ethics and the right mindset to enhance their enterprises.
He, however, acknowledged that business grows when people invest money into it. “Small hustle becomes big with time. In finding a business, follow your passion.”
According to the business guru, investors run after perfect products and motivational words like ‘Sack Your Boss’ inhibit the person in growing the business.
“Having worked with business owners over the years via my consulting firm, which has evolved into nine different businesses over the last 15 years, I have learnt that a lot of business owners need to arm themselves with the right knowledge which will guide them in business,” Adeola emphasised.
To grow your business, the CEO listed four levels of impartation including encouragement, motivation (counsel books), skills (training), and tools.
To get these four necessary impartions, Adeola recommended participants acquire knowledge about their businesses and relate continuously with a coach or mentor.
“It is imperative for business owners to understand that business grows when one is a team player,” while insisting that the more parties you have in your business the longer it will last.
In his words, “Think of partnerships not as a one-man business. It is a win-win situation.”
The Country Director of Rome Business School, Nigeria, Dr Humphrey Akanazu, tasked every MSME owner to be deliberate in their pursuit of being a business person.
As a research methodology lecturer and social entrepreneur, Akanazu shared his insightful experience on the life-changing choices he made. He aborted plans to become a seminarian, thus dashing his family’s hopes. He acquired three Masters’ Degrees, a PhD, and enrolled in Rome Business School abroad.
With this, he implored the business owners to develop personal initiatives, self efficacy. “Knowing one’s strengths and getting the right training for your businesses has helped me to duplicate and grow the Rome Business School in Nigeria within a short time.”
According to the converner and founder, SEADC Foundation, Mr. Modestus Nwaulu, the first edition of the business clinic aims to support business start-ups and help them to develop their businesses, thus, creating youth employment.
He said: “SEDAC Foundation is a youth development focused, with a commitment to reducing youth unemployment, poverty, insecurity and hunger in Nigeria.
“SEDAC has impacted on the lives of many young men and women in Nigeria through capacity building support in the area of the provision of entrepreneurship and employment skill development.”
As a non-for-profit organisation, SEADC focuses on promoting entrepreneurship by enabling access to apprenticeship, internship, volunteering and also strengthening the capacity of SMSEs in Nigeria.