Innovation, adaptation, key to successful business –Experts

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Innovation, adaptation, key to successful business –Experts


By Merit Ibe

Economic The Lagos Chamber of Commerce and Industry (LCCI) and other stakeholders gave the charge at a Youth Entrepreneurship Summit organised by the chamber with the theme: “Innovation and Business Opportunities in a Changing World.” 

Speaking at the occasion, LCCI President, Toki Mabogunje, noted that in today’s changing world, particularly with the COVID-19 pandemic, innovation plays an important role within organisations.

“The way we do business across the globe keeps changing by the day, therefore, entrepreneurs need to adapt and innovate in the face of these changes so as not to flounder.

“While there will always be problems and other bumps along the road, it is imperative that these obstacles are overcome.”

“In view of this, the Chamber will continually encourage the youth to embrace entrepreneurship through sensitisation programme of this nature.”

The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr Dikko Radda, stressed the need for Micro Small and Medium Enterprises (MSMEs) to adapt to the changes in digital transformation for seamless growth and development of the sector.

Radda said some of the challenges confronting the nation included how to ensure that its strong economic performance translates to improved standards and growth in the MSME sub-sector.

He listed some of the challenges confronting the sector to include weak capacity to adhere to local and international standard, poor access to finance, lack of work space, weak enabling environment and infrastructure, mismanagement of business operation, administrative barrier and multiple taxation.

The SMEDAN DG however advised that, to ensure seamless development and growth of the sector in Nigeria post COVID-19 era, all these challenges should be addressed.

“MSMEs must quickly adapt to the massive changes in digital transformation.”

“It behoves on business owners to build stronger customer relationship to help them build better competitive advantage.”

Chief Executive Officer, Fate Foundation, Nike Adeyemi, tasked MSMEs to find a better pathway to innovation by changing processes to meet the market place demand, extract value from existing resources and be scalable.

“You must be open to using extra resources and technology to boost your product and service value proposition.

“MSMEs must explore partnerships and collaborations, take advantage of community learning and sharing and encourage employees and customers to provide feedback,” she said.

Otunba Akinbo Akin-Olugbade, Managing Director, Kawai Technologies Ltd

talked about  accessing customers in the new era where internet and technology make things a lot better .

He also emphasised that entrepreneurs need to take advantage of technology, citing the chamber as a place where you can get information on your type of business  to expand the customer list.

Akin-Olugbade posited that businesses need to take  taxation, VAT payment serious right from the early stage as these will help the business in the long run as you grow and scale.

On her part, Executive Director, Junior Achievement  Nigeria,  Foluso  Gbadamosi defined innovation as the  ability to solve problems, adding that to be successful in business entrepreneurs  need to have the  ability to anticipate problems and solve them in advance.

The pandemic has disrupted everything including our thinking.

“So much is going on in the internet and entrepreneurs need to key in and focus on the opportunities. Entrepreneurs need to leverage the internet to boost their business.  Despite the challenges on ground, there are huge opportunities.”

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This post was written by Rapheal and was first published at www.sunnewsonline.com

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