Popular Agege's golden daughter, Mrs. Busayo Taiwo Adelanwa a. k. a Bountiful is in the news. This time it's not about community works with Elephant Club of Ogba or philanthropic engagement with Rotary Club, rather, it is an exquisite exhibition of her prowess in the business and financial sector.
She stressed that it's obvious that capital is the opium of any business but MSMEs suffer a lot because of their inability to service humongous credit facilities often offered by financial institutions.
Mrs Adelanwa who is the Convener of Bountiful Foundation, a business consultant and social worker while responding to questions on a TV programme (AM Chat of MITV) themed: Doing successful business in an unpredictable economy like Nigeria, she said it's high time financial institutions began to encourage Small and Medium Scale Enterprises with little interest soft loans if the country truly wants to build a self reliant economy.
Bountiful Highighted some areas which young entrepreneurs need to envision before dabbling into any venture. she said they need to identifying a need, study the need to understand it (through feasibility studies, business ideation, business concept development, business planning, skill acquisition, internship and apprenticeship, market analysis, industry analysis), then feed the need sustainably and excellently (i.e product or services).
"In case of capital challenges, seek support from friends, families and folks. When you exhaust your lower hanging fruits, seek partnership, equity investors, angel investors, loan, grant." She asserted.
The social worker advised prospective businessman to make contractual agreements they can achieve, "all agreement must be win-win and keep all contractual agreement intact."
Thereafter, Bountiful urged government to ensure creating an enabling environment for business to flourish saying that "Chinese or Lebanese investors come into Nigeria with only a brief case and cart away money in containers.The briefcase on arrival is a cheque of international loan at a very low interest rate with longer moratorium yet he gets tax holidays here which indigenous investors may not get."
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