Serial entrepreneurs outline 4 success factors at the CFA’s startups hangout

Startups in Nigeria will stand a better chance of succeeding in their entrepreneurial pursuit, if much focus and attention is directed to proper visioning and detailed planning.

 

Speaking recently at the second edition of the CFA’s Startups Hangout, Mazi Sam Ohuabunwa, Founder Sam Ohuabunwa Foundation for Economic Empowerment (SOFEE) tasked Nigerian startups to give out all they could to achieve success in their entrepreneurial journey.

 

He said in the journey of life especially in doing business, there four critical factors that are important, when running a business and the application of these four factors usually go a long way in ensuring that success is achieved.

 

“I have studied successful people and discovered that there are things they do which other unsuccessful people are not doing. Most times, I found out

it’s usually three of the principles are the most common, but the fourth factor remains the key amongst them”.

 

“Successful people develop a vision, plan properly, and are highly passionate but the fourth factor is the God factor. I have been thought many and different things in school, but nobody teaches you the God factor in school”, Mazi Sam said.

 

He told entrepreneurs at the event that vision is the ability to anticipate where you are going before the journey starts, insisting that having a laid down vision remains germane in the success world.

 

“You just have to imagine the end from the beginning, and there must be a detailed plan that will define the modalities of how to achieve that vision, driven by passion,” he said.

 

He said outlining a significant plan and critically analysing what is achievable provides a better chance of making a vision realizable, stating that passion must be engineered in the entire process to achieve great results.

 

He explained that the fourth factor is the God factor which is the ultimate in the entire journey.

 

“I have had several personal experiences when dealing with God, if you can ask him anything in his name and believing that he will do, he will do. God should be prioritized in the journey of life, he concluded.

 

According to Rev. Folayan Sunday, a renowned Internet Protocol Network Engineering Consultant and Educator, he emphasized that integrity has a major role that it plays in the world of business, irrespective of the fact that a growing number of businesses no longer imbibe integrity.

 

“Integrity still rules in business today in as much as you are creating an irresistible value to your customers, adhering to the right process and the needed technology.”

 

He explained that business should be seen as borderless as a venture, as businesses are becoming dynamic, but still maintains the same process and methodology.

 

“For instance, technology has always been there, the same method, starting a business follows the same methodology, the principles have not changed, what has changed is time and actors.

 

He advised startups to develop the attitude of asking their customers areas of improvements in the form of feedback, urging them to add value and increase their value propositions by creating compelling and ubiquitous products.

 

The March edition of CFA’s Startups Hangout comes up on the 17th of March, 2017 by 5pm and it will feature Nkemdilim Begho, CEO, Future Software & Atul Kshetry, CEO, IDM. Interested participants can register here