SMEDAN lectures aspiring entrepreneurs on survival


The organisation organised a seminar for SMEs

?Start your businesses on a small scale,in order to guarantee survival,?Olugbenga Ogundeji, the South-West Zonal Coordinator, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), told aspiring entrepreneurs on Thursday.

Speaking at a seminar for Nigerian entrepreneurs in Lagos, Ogundeji said that a lot of business have failed because their owners wanted to start on a large scale.

??No employer can guarantee you job security. It is an illusion that makes you think you cannot survive without your salary,” he said. ?You can only be financially secured when you have your own business.

?Many businesses fail before they are actualised because people want to start on a large scale. Many aspiring entrepreneurs do not want to start small. They would rather want to borrow millions of naira from the bank in order to set up a business. Businesses should be started on a small scale.”

Nosa Iyamu, a Business Developer, told the participants that Small and Medium Enterprises (SMEs) were the engines that ran the world?s economies.

Iyamu said that SMEs were very vital to a nation?s economy, and theywere getting a lot of attention in developed countries because of the gross income they were generating.

Angela Ihunweze, a facilitator with Fate Foundation, said that aspiring entrepreneurs should develop their own business concepts instead of copying pre-existing ones.

Ihunweze said that somebody conceived the idea of sachet water, but now the market was being flooded with varieties of it.

According to her, having your own business idea will give you the monopoly for a long time.

She appealed to participants not to be deterred by the challenges confronting the survival of businesses in Nigeria, because manyentrepreneurs were making profits in spite of the existing challenges.

Deola Oyelakin, a participant, lauded the organisers of the seminar, saying that the seminar had equipped participantswith the knowledge of how to start their own businesses.

The seminar, tagged ?Business and Branding Seminar for Small and Medium Sized Enterprises?, was targeted at helping people to develop business ideas and to encourage them to start one.

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