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Nigerian entrepreneurs have been urged to embrace calculated risks in order to grow. This advice was handed down by former Access Bank Chairman, Mrs Mosunmola Belo-Olusoga, when she spoke on the topic, “Leveraging Innovation for Entrepreneurial Success” at the maiden edition of the business forum organised by the Lagos Country Club, Ikeja.
The event which was sponsored by FairMoney Microfinance Bank was held on Friday at the Club’s premises.
According to the consummate banker who is also the Lead Consultant/CEO of The KRC (Knowledge and Resource Centre), a world class services provider with focus on Credit Training, “the relationship between innovation and entrepreneurship is symbiotic.”
She said: “Innovation creates new opportunities while entrepreneurship drives innovation by bringing innovative ideas to the marketplace. It has to add value to the marketplace and it has to make money.
“The entrepreneur’s journey is a journey of opportunities and innovation exposes new opportunities. So entrepreneurs need to ensure that their organisations are intrinsically innovative and are coming up with innovations every time.”
Mrs Belo-Olusoga identified different types of innovation to include Product innovation, Service innovation, Process innovation, Business Model innovation, Architectural innovation and Social Emotion innovation. She also urged entrepreneurs to determine the type of innovation they want to enter the market with. She however, advised that entrepreneurs need to embrace risk-taking as they seek to innovate and grow.
“We need to encourage risk-taking with experimentation,” she said.
“And I don’t think people should be penalised for taking risks. If (your staff) take intelligent, logical, well-thought out risks that don’t pan out, please do not penalise them. Because if you penalise people who have told you the process that they have taken and it’s logical, then nobody would come up with innovation again because everybody would be very careful.”
She further advised entrepreneurs to, “foster a culture of innovation in which people feel free to express themselves. And collaborate with others. Teamwork is essential. And also your organisation has to have a continuous learning environment. And obviously, you need to stay updated on industry trends.”
The event was attended by Asiwaju Dr. Michael Olawale Cole, the President of the Lagos Chamber of Commerce and Industry (LCCI) who was represented by Mr. Olugbenga Ismail, the Vice President of LCCI, captains of industries, guests and members of Lagos Country Club, Ikeja.
The President of Lagos Country Club, Ikeja, Mr. Seyi Adewunmi, thanked Mrs Belo-Olusoga for sharing from her wealth of experience and said the event “marks the inaugural edition of our business forum, an initiative that is deliberate about bringing experts, captains of industries, political leaders, entrepreneurs, scholars, policy makers, distinguished military personnel, technocrats, and other opinion leaders to our dais for the purpose of knowledge-sharing, stimulating discussions and suggesting solutions that would help contemporary topical issues affecting our people in the market place and in the society at large. It would offer a unique opportunity for networking which would encourage like-minded individuals to connect and foster collaborations that would extend beyond these walls.”
Founded in 1949, Lagos Country Club, Ikeja is Nigeria’s foremost sports and family club.
