FCMB renews its commitment to entrepreneurship development and engages business leaders
The FIRST City Monument Bank (FCMB) has reiterated its commitment to promoting entrepreneurship, knowledge sharing and capacity building through its latest initiative known as the “Top-5-in-5” series.
The series, according to the bank, was designed to give small and medium-sized enterprises (SMEs) a practical insight into different areas of business and inspire them to achieve optimal results.
Entrepreneurs, especially startups, have been tasked with acquiring the right knowledge and skills if they are to succeed and stand the test of time in a rapidly changing business environment.
Twelve celebrity business leaders and entrepreneurs made the call during Season 2 of FCMB’s capacity-building series, Top-5-in-5.
Offering advice on a wide range of topics, business leaders noted that no entrepreneur could stand the test of time without the right skills and offerings aligned with market needs.
They added that companies need to think broadly and deliver solutions that exceed expectations to achieve peak performance and sustainable growth.
Speaking on “How to grow a local startup with global appeal”, Mitchell Elegbe, CEO of Interswitch Limited, said entrepreneurs need to have a unique business model and be clear about the products or services they are offering to the public. .
“Clients come to you because they have a challenge, and you’ve created a solution to solve that problem,” he says. Having a clear idea of the problem you are solving translates directly to your business success, especially when it comes to monetizing your solutions to achieve the bottom line.
For his part, Nkechi Wigwe, Business Manager, Africa Development Centre, believes that given the challenges posed by COVID-19, which has led to employees working remotely, entrepreneurs should provide the necessary tools for their staff to work effectively.
She also urged them to adopt the right technology, policies and processes to stay relevant and competitive.
Also speaking on the topic “How to Create Awareness Priority on a Budget”, X3M Group CEO Mr. Steve Babaeko advised entrepreneurs to create a strong network of partners and customers.
“Networking gives you the opportunity to find others who are in similar circumstances or who can buy your business. When you network appropriately, doors start to open and your brand is a priority. building professional relationships can help you attract new customers, retain existing customers and manage your reputation.Your network is your net worth,” he said.
In his presentation on “How to Handle Tax Issues as a Small Business Owner”, Mr. Taiwo Oyedele, Tax Policy Partner and Africa Tax Manager at PriceWaterhouseCoopers, highlighted the importance of professionalism, best business practices and record keeping.
He said that “cutting corners will not last. It won’t get you far, especially if you plan to grow your business, grow, and become a big organization. Make sure you commit to doing the right thing, including following laws, regulations, and paying taxes. It is much more affordable to do the right thing. Although tax compliance can be complicated, having the right knowledge can help you,”
Mr. Emeka Eboegbune, Group Technology Program Manager at FCMB Group Plc, also offered advice on “How to Harness Technology to Transform Your Business”. He advised entrepreneurs to leverage digital platforms to market their products and services.
“To succeed in the digital space, you need to focus on the people who work with you. First, consider the skills of your employees. The more digitally-minded employees you have, the easier it is for your organization to grow and succeed. You need to continually refresh your product and react very quickly to market changes. Keep your finger on the pulse of your business; know where customers are going, why they are going there and what they need The data will help you with this.
Other prominent thought leaders and experts featured in this year’s FCMB Top-5-in-5 series include Olori Boye Ajayi, President, Borderless Trade Network; Ifedayo Durosinmi-Etti, CEO of Herconomy; Mr. Joseph Edgar, theater producer/investment banker; Nike Majekodunmi, CEO of Nuts About Cakes; Tomiwa Aladekomo, CEO of Big Cabal Media and Dr. Echefu Ukattah, Senior Partner at Olaniwun Ajayi Legal Practitioners.
The FCMB Top 5-in-5 series aims to make it easier for existing startups to run successful businesses. Topics for this year’s edition cover entrepreneurship, marketing, technology, personal development, legal issues, among others.
Like the previous season, the series positions FCMB as an industry leader, empowering entrepreneurs and businesses nationwide to operate, sustainably grow and improve.