A former Director of Internal Audit on the Nigerian National Petroleum Company Limited (NNPC Ltd), Wosilat Adebayo, on Wednesday unveiled a book inspecting why businesses, notably family-owned enterprises, typically fail to outlive past one or two generations.
The book, titled “Igniting Entrepreneurship: Your Guide to Build a Successful Business”, was launched at an occasion in Abuja attended by NNPC Ltd administrators, members of the Institute of Chartered Accountants of Nigeria (ICAN), together with its president, Queensley Seghosime, and members of the general public.
Tope Omage, a former director of finance on the Central Bank of Nigeria (CBN) and present director at First Bank Plc, reviewed the book on the occasion.
Mrs Omage described the publication as a well-structured and methodical textual content that bridges the hole between educational enterprise principle and the sensible realities of operating an enterprise.
She stated the writer made the book partaking by presenting enterprise possession as a problem-solving life-style quite than merely a collection of company monetary calculations.
“What makes ‘Igniting Entrepreneurship’ an interesting read right from the start is how the author frames the mindset of a business owner. She doesn’t treat business as a series of cold corporate spreadsheets. Instead, she presents it as a dynamic, problem-solving lifestyle,” she stated.
A sensible information to constructing businesses
The book is structured into 11 chapters that cowl the totally different levels of establishing, managing, and sustaining a enterprise.
It attracts on Mrs Adebayo’s skilled expertise and her upbringing, notably the sensible intelligence and collaborative methods she noticed in her late mother and father, Alhaji Tijani and Alhaja Hamdalat.
The first two chapters introduce a framework for assessing an entrepreneur’s abilities and talents, encouraging readers to establish their technical and interpersonal strengths earlier than beginning a enterprise.
The writer argues that present abilities and concepts can type the inspiration of a enterprise, difficult aspiring entrepreneurs’ tendency to prioritise entry to capital over figuring out viable alternatives.
Chapters three to 5 study the mechanics of beginning a enterprise, together with assessing market measurement, analysing rivals, understanding buyer expectations and growing a marketing strategy.
Chapters six to eight focus on monetary self-discipline, drawing on Mrs Adebayo’s expertise in company finance. The chapters clarify money move administration, value minimisation, working capital and record-keeping in accessible language.
The last three chapters deal with enterprise growth and sustainability, with specific emphasis on why Nigerian businesses, particularly family-owned enterprises, typically battle to outlive past their founders. Mrs Adebayo discusses how entrepreneurs can set up a sustainable enterprise tradition and plan for management succession to make sure that their enterprises outlive them.
Businesses Nigeria wants
In her deal with on the unveiling, the ICAN president, Mrs Seghosime, counseled the writer for contributing to data, enterprise growth and nationwide progress.
Represented by Nyakno Oluokun, a member of the institute’s council, the ICAN president stated data, self-discipline and integrity had been important to constructing profitable businesses.
“The title of this book speaks to one thing elementary about human potential. Every profitable enterprise begins with an concept, however not each promising concept turns into a profitable enterprise.
“An idea may start a business, but it takes knowledge, discipline and integrity to build an enterprise that endures. That is why this publication is particularly timely,” she stated.
She argued that Nigeria wanted entrepreneurs who might establish alternatives in tough conditions, flip challenges into options and construct enterprises succesful of creating worth past their founders.
“Nigeria doesn’t merely want extra businesses. We want extra businesses that survive, develop, create employment, compete efficiently and contribute to nationwide prosperity.
“We need entrepreneurs who can recognise opportunities where others see difficulties, transform challenges into solutions and build enterprises capable of creating value beyond their founders,” she stated.
Mrs Seghosime additionally expressed concern concerning the quantity of Nigerian businesses which have collapsed, attributing some failures to weak foundations.
She stated poor monetary administration, insufficient planning, weak inner controls and the failure to separate private funds from enterprise assets might undermine even promising enterprises.
“But ambition alone is not enough. Passion may ignite an enterprise, but sound financial management keeps its flame alive. Too many promising businesses struggle, not necessarily because their ideas lack merit, but because their financial foundations are weak,” she stated.
She stated the accountancy career had a duty to assist entrepreneurs perceive their funds, handle dangers, meet tax obligations, entry funding and strengthen company governance.
“Chartered Accountants do more than prepare financial statements. We help entrepreneurs understand their numbers, manage risks, fulfil their tax obligations, access finance, strengthen governance and make decisions that support sustainable growth,” she stated.
Family businesses battle to outlive past founders
Nigeria has a protracted historical past of family-owned businesses that flourished beneath their founders however struggled to outlive after their deaths, with some collapsing earlier than reaching the third era.
The disappearance of a number of once-prominent enterprise empires has raised issues about succession planning, family disputes and the absence of sturdy administration constructions in businesses that rely closely on their founders.
One notable instance is the Ekene Dili Chukwu Group, based by the late transport mogul Augustine Ilodibe. The firm, which operated a significant fleet of luxurious buses and haulage vans, was a number one participant in Nigeria’s transport trade. After Mr Ilodibe died in 2007, the enterprise declined amid disputes amongst family members over his property and the corporate’s administration.
Another instance is the Concord Group, based by the late businessman and politician Moshood Abiola. The conglomerate included Concord Newspapers, Concord Airlines, Abiola Farms and Wonder Loaf Bakery. After Mr Abiola died in 1998, the businesses step by step declined, with the newspaper finally ceasing publication and several other different ventures disappearing.
The Henry Stephens Group, based by businessman Henry Fajemirokun, additionally skilled an identical destiny. The conglomerate had pursuits in engineering, banking, insurance coverage, transport and oil, however its fortunes declined after his loss of life in 1978.
These examples illustrate the challenges of sustaining family businesses past their founders.
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