Managing Director of Jumia Travel Nigeria, Omolara Adagunodo has said creating processes that will protect a business and its owners is one of the crucial ingredients necessary for the survival of a start-up.
Adagunodo made this remark during a fireside chat on the opportunities and challenges of running an e-commerce business in Nigeria at the just concluded CEO Apprentice Africa programme organised by the digital arm of Business Day tabloid.
The Business Day CEO Apprentice boot camp focuses on equipping teenagers; ages 15 and up with the skills required to set up a business. The program features the use of the latest technology in training, including the use of a workbook, which becomes a functional business plan, teaches young entrepreneurs how to come up with a business idea, how to structure their company, how to price their products, product testing and market validation, customer segmentation, competitor analysis and go to market strategies.
At the event which held at Microsoft office in Lagos, Adagunodo emphasized on the importance of creating processes that will ensure the survival of the business and cater to the untold challenges that will arise in the lifespan of the business. “Often times,” she said, “a lot of entrepreneurs overlook the relevance of putting processes that will guide the business to its future. Some often realise this when it becomes too late and perhaps damaging to the business.”
Adagunodo also listed some of the challenges facing small businesses (SMEs) in Nigeria to include, cash flow management, incomplete documentation, lack of access to funds, limited human capital, poor data/information management and government regulations.
In a similar vein, the co-founder of Jobberman, Lekan Olude who interacted with Omolara on the challenges of e-commerce in Nigeria, said the survival of a start-up, to a large extent, is dependent on its workforce. Hence, he encouraged aspiring business owners to always look out for people who believe in the company’s vision and can give constructive criticism.
Olude also stressed the importance of partnerships with bigger brands. He mentioned that one of the partnerships that turned around the fortune of his company was with the telecom company, MTN. He encouraged the young teenagers at the event to always trust their instincts and their staff.