Tuesday, April 1, 2025
26.8 C
Lagos

‘Businesses Need More Than Just Money to Thrive’ –Interswitch CEO

 

Mitchell Elegbe

Founder/GMD

Interswitch Group

Mitchell Elegbe, the Founder/GMD of the Interswitch Group, has said that although money is necessary, it is not sufficient enough to make a business thrive. He explained that it was more important for entrepreneurs to identify the problems they are trying to solve before venturing into any business.

Elegbe made this call while giving the keynote address at the annual Lagos Business School MBA Entrepreneurship Expo and Contest with the theme: ‘Entrepreneurship and business innovation’.

He highlighted that the more value customers perceive, the more they are willing to pay for goods and services. He also spoke about the different types of entrepreneurs: the hustler-preneur, life-styler, dealer-preneur, maker-preneur, jack-of-all preneur, slugger-preneur, travel-preneur, side-preneur, Do-side preneur, geek-preneur, and incubator-preneur.  He noted that the knowledge you have as an entrepreneur determines the kind of problem you are expected to solve.

He concluded his session by advising business owners not to make business plans based on time, but on seasons. He said: “Do not work so hard climbing a ladder only to discover it is resting on the wrong wall. Don’t get too busy with your day-to-day activities that you forget the main reason/objectives for starting that activity in the first place. Beware of activity hype andremember that there is a lot of disruptive hype.”

After his keynote address, Mr. Elegbe answered questions from some of the over 300 participants on the online Expo, where he emphasised the direct correlation between problems and opportunities and urged budding entrepreneurs to see problems as opportunities to create solutions, businesses and employment.

The keynote address was followed by a panel session of four panelists reviewing it, sharing their business experiences as well as giving tips for new opportunities.

All the sessions of the Expo were moderated by Dr. Henrietta Onwuegbuzie who isthe Academic Director for the Owner-Manager Programme and Project Director for the Impact Investing policy initiative at the Lagos Business School.

Panelists at the LBS MBA Entrepreneurship Expo and Contest included Paul Orujiaka, CEO of Auldon; Richmond Okafor, CEO of Cleanmax Industries Limited; Stephanie Obi, Business & Marketing Strategist, ST HUB LIMITED and Lawrence Egunjobi, an Entrepreneur.

The Lagos Business School MBA Entrepreneurship Expo and Contest is a project aimed at empowering entrepreneurs across Africa with business acumen and soft skills, building sustainable businesses, giving free business advisory, providing training and pairing them with relevant life-long mentors.

This Expo ended with a pitch where some entrepreneurs pitched their business plans to selected judges and had an entrepreneurship exhibition. The criteria for participation   included: the nature of the problems being solved, quality of the solution proposed, business model, sustainability plan and operational effectiveness.

Professor Enase Okonedo, Lagos Business School Dean, in her closing remarks, disclosed that the Lagos Business School will continue to give entrepreneurship in Africa all the support it can, to tackle the looming issue of unemployment in Africa.

spot_img
spot_img
spot_img

Hot this week

Tinubu Signs Investments and Securities Bill 2025 into Law

In a major boost to capital market regulation in...

NDIC Slates April 2025 for Liquidation Dividends to Heritage Bank Depositors

In response to concerns raised by depositors of the...

Bayo Adeyinka Secures Freedom for 8 Inmates, Donates Medical Supplies to Mark 50th Birthday

Fourth from left, Deputy Controller of Corrections (DCC) in...

Fidelity Bank Records 210.0% Growth in PBT to N385.2bn in 2024

Leading financial institution, Fidelity Bank Plc released its 2024...

Veritas Kapital Assurance Champions Health Awareness Walk for Prostate, Breast Cancer, Erectile Dysfunction

Veritas Kapital Assurance Plc, in collaboration with Waka Community...

Topics

Sovereign Trust Insurance Partners Rotary Club on Project Wash

Sovereign Trust Insurance Plc in collaboration with Rotary Club...

Anchor Insurance Business Training Program

L-R: Nigeria's foremost music export, Patoranking (real name: Patrick...

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

ITU Unveils Trends in Telecommunication Reform 2016

The latest edition of ITU’s annual global ICT regulatory...

World Bank, Partners Launch $24bn Universal Health Coverage in Africa

The Sixth Tokyo International Conference on African Development (TICAD-VI),...

5 Reasons You Should Look Out for FirstBank At Social Media Week 2018

First Bank of Nigeria Limited has announced its sponsorship...

MTN Nigeria, Gemalto Partner on Commercial GSMA Mobile Connect Service

Gemalto, the world leader in digital security, has been...
spot_img

Related Articles

Popular Categories

spot_imgspot_img