If you’re an entrepreneur aiming to build a business that lasts, there’s no magic formula – it takes a mix of innovation, focus, and passion. These key ingredients were at the heart of discussions during the United Bank for Africa (UBA) Business Series held in Lagos. The event, themed ‘Profit with Purpose, Business Continuity’, featured some of Africa’s top industry leaders and entrepreneurs who shared their insights on sustainable business growth in today’s competitive economy.
Entrepreneurs are often faced with challenges, from market saturation to unpredictable economic shifts. So, what makes a business thrive and endure over time? Let’s take a closer look at the wisdom shared by the distinguished panelists and how their strategies can be applied to businesses of all sizes.
The Importance of Purpose-Driven Businesses
One of the key takeaways from the UBA Business Series was the idea of building a purpose-driven business. Bolanle Austen-Peters, the founder of Terra Kulture, emphasised the importance of having a clear business purpose. She shared her journey of running a successful cultural hub in Nigeria for over two decades and explained how having a clear mission has been central to her growth.
Austen-Peters highlighted the following:
- Define Your Purpose Early: Without a clear purpose, a business risks becoming just another company in a crowded marketplace. Define what you stand for and communicate that to your team, customers, and stakeholders.
- Build a Strong Team: “Surround yourself with a team that shares in your vision,” said Austen-Peters. A shared purpose ensures alignment in business goals, making it easier to overcome challenges together.
- Establish a Robust Framework: From day one, create an organisational structure. Whether it’s a legal framework, a board of directors, or clear operational roles, these structures show that you’re serious about your business.
Austen-Peters stressed that without a structured approach, businesses might not be treated with the seriousness they deserve. Having a framework demonstrates that you’re playing for the long game.
Innovation and Integrity: Keys to Thriving Businesses
In today’s competitive business landscape, innovation is no longer optional; it’s a necessity. James Asare-Adjei, the CEO of Asadtek Group Limited, discussed how businesses must continuously innovate to stay relevant. His advice? Find your unique selling point and double down on it.
Asare-Adjei shared actionable steps for innovation:
- Identify Your Niche: Discover areas where you can excel. As an entrepreneur, look for market gaps and create products or services that serve unmet needs.
- Adapt to Change: The business environment is constantly evolving. Be flexible and ready to adjust your strategies to stay ahead of trends.
- Add Value: The more value you can provide to your customers, the more loyal they will become. This goes beyond just offering products but creating an entire experience.
Additionally, Asare-Adjei emphasised the importance of integrity in business. Maintaining trust and honesty with customers builds long-term relationships that outlast any fleeting market trend.
Passion: The Driving Force Behind Business Growth
Frank Edoho, a renowned TV personality and multimedia entrepreneur, brought passion into the spotlight as a critical factor in business success. His advice was simple yet profound: business owners must be passionate about what they do.
Edoho shared how his passion for his work fuels his success, even in tough times. Here are his key points:
- Stick to Your Guns: Don’t be easily swayed by competitors or market trends. Passion gives you the resilience to stay focused on your business goals.
- Learn from Others: Passion doesn’t mean working in isolation. Learn from others in your field, take inspiration from their successes, and apply it to your own business.
- Make it Better: Passion keeps you going and encourages you to continually improve your business, whether through refining your product, marketing, or customer service.
Passion, combined with focus, makes business owners persistent. The commitment to pushing through challenges is often what differentiates successful entrepreneurs from those who give up too soon.
Focus: The Secret to Consistent Growth
Focus was another critical point discussed by Toke Makinwa, a multimedia personality and entrepreneur. Makinwa’s rise to prominence wasn’t without challenges. She reflected on her early career, from being a banker to becoming a broadcaster and ultimately, an entrepreneur. What helped her grow was staying focused on her goals.
Here’s how focus contributes to business longevity:
- Set Clear Goals: A focused business owner knows exactly where they want to be and creates a roadmap to get there.
- Surround Yourself with the Right People: As Makinwa noted, she succeeded by building a team of people who were equally committed to the business’s vision.
- Consistency Over Time: Growth isn’t about overnight success. It’s about building your business one step at a time with unwavering focus.
Focusing on what matters most, whether it’s your product or customer experience, can prevent entrepreneurs from getting lost in distractions.
Tenacity and Financial Discipline: The Foundation of Business Success
Lastly, Princess Adeyinka Tekena, founder of Happy Coffee, shared her success story, highlighting the role of tenacity and financial discipline in building a long-lasting business. Tekena recounted how she used a $5,000 grant from the Tony Elumelu Foundation (TEF) in 2015 to launch her business, and has since grown it into a thriving coffee brand.
Her tips for success included:
- Be Tenacious: Keep pushing forward, even when the road is tough. Your determination will help you overcome obstacles.
- Master Financial Discipline: Managing your business finances effectively is key to longevity. Ensure you have a solid financial plan and avoid overspending.
- Seek Support: Tekena’s journey was made easier by support from business networks and resources like TEF. Don’t hesitate to ask for help or seek mentorship.
Tenacity helps businesses weather difficult times, while financial discipline ensures that companies can survive even during economic downturns.
UBA’s Commitment to Supporting Entrepreneurs
Alero Ladipo, the Group Head of Marketing and Corporate Communications at UBA, emphasised the bank’s dedication to supporting businesses through capacity-building initiatives like the UBA Business Series. These programs provide entrepreneurs with actionable insights from industry leaders and help them develop strategies to build resilient, sustainable businesses.
“At UBA, we are not just about banking. We are passionate about helping our customers grow thriving businesses,” said Ladipo.
Conclusion: The Power of Innovation, Passion, and Focus in Business
Building a lasting business is no easy feat, but with the right ingredients, it’s entirely possible. The UBA Business Series highlighted essential qualities every entrepreneur needs:
- Innovation to stay ahead of competitors.
- Passion to fuel long-term success.
- Focus to drive consistency and growth.
- Tenacity and financial discipline to ensure sustainability.
These lessons, shared by entrepreneurs and industry leaders, can guide you as you build and grow a business that stands the test of time.
