Innovation, focus, passion crucial to build lasting businesses, say experts at UBA business series

Experts in entrepreneurship say building businesses that stand the test of time requires a blend of innovation, unwavering focus, and passion.

They spoke at the last edition of the United Bank for Africa (UBA) business series held at the firm’s headquarters in Lagos on Thursday.

The event, themed, ‘Profit with Purpose, Business Continuity’, featured top industry leaders and entrepreneurs who shared actionable insights and strategies for ensuring business resilience and sustainability “in today’s dynamic economic environment”.

Bolanle Austen-Peters, founder of Terra Kulture; James Asare-Adjei, chief executive of Asadtek Group Limited; Frank Edoho, TV personality and multi-media entrepreneur; Toke Makinwa, multimedia personality; and Princess Adeyinka Tekena, founder of Happy Coffee, were the speakers at the event.

Speaking about her journey in business in a keynote address, Austen-Peters, also a lawyer, stressed the need for small and medium-scale businesses to define their purpose, build a workable framework, and “have a team that shares in your vision”.

On how she has successfully run her business for over 20 years, the award-winning film director and producer underscored the significance of being purpose-driven.

“I can never overemphasise the role that purpose plays in your business. There is a need for business owners to set clear goals and achievable targets,” Austen-Peters said.

“From Day one, I started with having an organisational structure like what we have in banks, complete with legal structure, a board of directors, administrative officers, and all.

“The truth is that if you do not have a framework for your business, you may just be another business from the street. Putting together a structure shows that you are in for serious business, and people will treat your business as such.”

Also providing insights on how businesses can stand the test of time and thrive in a competitive environment, Asare-Adjei encouraged businesses to be innovative and have integrity.

The Ghanaian said MSMEs need to identify areas they can excel at and work towards developing them.

“As business owners, you need to take advantage of the market available to you, and ensure that you add value at every point,” Asare-Adjei said.

For Edoho, passion remains an essential ingredient that drives business growth.

“Passion is very important, as business owners, you should stick to your guns and learn from what others are doing and add it to your experience to make your business better,” the TV personality said.

On her part, Makinwa said she grew her brand by being “very focused”, recalling her humble beginnings as a banker and later a broadcaster.

“I kept the right attitude and surrounded myself with people who are team builders. These are winning strategies anytime,” she noted.

Tekena, a beneficiary of the Tony Elumelu Foundation (TEF), said was able to build her business from the ground up through the $5,000 grant she received from the foundation in 2015.

Noting that the business has been thriving for over 10 years, she said tenacity, determination and financial discipline were some of the factors that have contributed to the growth of her company.

Alero Ladipo, UBA’s group head of marketing and corporate communications, commended the participants for sharing valuable insights.

She said with the capacity-building programmes, UBA focuses on empowering other business owners to build sustainable businesses.

“At UBA, it is not just about banking, we are also passionate about helping our customers to grow thriving businesses, and that is why we do this on a regular basis,” she said.

The UBA business series is a regular seminar/workshop organised by the bank as one of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in difficult business challenges.