What went down at the Lagos Small Business Summit- read all the action here.
In line with this, SME100 Nigeria, a youth driven enterprise organized the Lagos Small Business Summit on November 15, 2016. The event which held at Civic Centre, Victoria Island, was themed “Growing and sustaining an innovation driven economy”. In attendance were panelists who shared their stories and challenges as professionals in various industries. The audience ranged from Youth Corps Members to young small business owners. Mrsceonaija was there to get the juicy lessons for you! Yes, we are savvy like that.
During the first session, movie producer, Kemi ‘lala’ Akindoju stated the importance of understanding the eco-system of one’s industry of interest. Using Nollywood as an example, she spoke about the skills gap in areas such as talent management, production management, cast directing, script-writing and other non-acting aspects in the movie sector. She also emphasized the part discipline and value creation plays in guaranteeing long term career success.
The second session of the event kicked off with Orode Okpu -founder of Otres, a Nigerian food restaurant- speaking on the role of credible partnerships in scaling up businesses during the recession. Also mentioned was the need to be aware of growing trends in business and be flexible. Kehinde Smith, Ceo of MyExtensions, hair extension brand and retail outlet talked about providing deals for customers as a way to attract new ones, as well as retain the old ones. For instance, clients at MyExtensions salon get their hair styled for free if they buy hair extensions at the salon.
Another speaker, Sophia Ikeonu, CEO of the 5k shop (an online budget store ), emphasized on leveraging on e-commerce platforms to reduce the operational costs (power supply, shop rent etc.) of running businesses. The representative of the Lagos State Governor, His Excellency, Mr Akinwunmi Ambode briefed members of audience on measures being put in place by the state government to provide enabling environments for SMEs to thrive. Among such measures are tax reduction schemes and provision of alternative routes for transporting goods across the state.
After each session, members of the audience were given the chance to ask the speakers questions. One of the questions centered on the function of international education on career success. The panelists assured the audience that having an overseas degree does not necessarily translate to triumphs in business. Especially in the 21st century where there is vast information available online.
Other notable speakers at the event were Beverly Naya (Nollywood actress), Seyi Tinubu (Chairman Loatsad Global Services), Tewa Onasanya (Editor-in-Chief Exquisite Magazine) and Nike Fowowe (Chairman EMR marketing). At the end of the occasion all speakers agreed that humility, delayed gratification, informal and/or formal education are prerequisites for business sustainability in today’s economy.