Enterprise leaders share sensible steps to construct 10-figure firms at progress convention

A report means that as much as 80% of Nigerian companies fail inside their first 5 years as a consequence of poor construction, lack of mentorship, and restricted entry to progress methods.

In response, enterprise house owners and aspiring entrepreneurs gathered in Lagos for a 2-day Enterprise Development convention themed: Rules of Scaling Your Enterprise to 10 Figures. The occasion featured skilled audio system targeted on sensible data for rising sustainable companies.

Stephen Akintayo, Chairman of GText Holdings and founding father of the Stephen Akintayo Basis, defined the aim behind the convention. “We noticed that many companies fail inside two to 3 years. The purpose is to scale back this price by equipping enterprise house owners with instruments to develop and develop,” he mentioned.

Akintayo identified that if a million companies might scale to a billion in annual turnover, the nation might create over 50 million jobs. He mentioned the Basis, past giving $5,000 grants, now focuses extra on mentorship and coaching. “We realised that with out mentorship, most companies we supported didn’t survive a 12 months,” he mentioned. The Basis additionally gives scholarships and runs meals programmes for underserved communities.

He emphasised the necessity for steady studying. “Many CEOs put money into property however not in private improvement. Teaching and mentorship are usually not luxuries, they’re obligatory,” Akintayo added.

Bayo Adedeji, Group CEO of Wakanow, delivered a session on: Gross sales Methods for Reviving a Dying Enterprise. “Gross sales treatment all,” he mentioned, urging enterprise house owners to grasp their enterprise deeply and give attention to the shopper. “A dying enterprise merely means you don’t have sufficient prospects shopping for on the proper worth,” he defined.

Adedeji suggested new entrepreneurs to achieve expertise by way of jobs or mentorship. “Find out how companies run earlier than beginning yours,” he mentioned. He described structured environments as precious studying areas, including, “You may’t substitute what you study in a job.”

Eziu Uwaoma, one other speaker, targeted on: Constructing a Scalable and Sustainable Enterprise. He emphasised the significance of a working organogram and a number of branches. “You could have buffers between your self and departments. If you happen to handle everybody instantly, you’re not a CEO—you’re a basic supervisor,” he mentioned.

He additionally spoke about enterprise fashions in church buildings and banks, highlighting how construction and delegation contribute to their enlargement. “Every department should be seen as a unit that may function independently,” he added.

Uwaoma broke down enterprise scalability into three pillars: an amazing product, efficient distribution, and a strong ecosystem. “You want one winner product. Then construct every part else round it,” he mentioned, utilizing examples from the tech, retail, and actual property sectors.

He cited Apple’s iPhone as a flagship product and defined that large distribution by way of companions like AT&T and Chinese language Cell enabled its world attain. “The power of scale lies in distribution,” he mentioned.

Interactive classes featured enterprise pitch displays, the place contributors delivered a two-minute speech outlining their enterprise concepts. One other session concerned forming a crew of seven, with a president chosen. The crew are tasked with creating methods to generate N1 billion in income by subsequent 12 months. The person with probably the most viable technique will lead the planning and organisation of the 2026 version of the occasion.