Young entrepreneurs must have clear business idea – LAPO founder

Founder of LAPO, Godwin Ehigiamusoe,. Photo: LAPO

Founder of Lift Above Poverty Organisation Microfinance Bank, Dr. Godwin Ehigiamusoe, has urged young entrepreneurs to have a clear purpose, noting that business opportunities often emerge from society’s most pressing challenges.

Speaking in Benin on Tuesday on the topic, ‘From Ideas to Enterprise’, organised by DeeMoat Hub Books and Ideas,  Ehigiamusoe said challenges are opportunities which always propel business ideas.

He urged young entrepreneurs to look beyond the surface, and find many opportunities presently in Nigeria.

“Every one of our problems is an opportunity. I will encourage young people to look beyond the difficulties confronting the country and recognise the possibilities for enterprise development,” he added.

He advised young Nigerians aspiring to become entrepreneurs against starting their businesses with borrowed money, warning that depending on loans at the early stages could undermine the survival of a new enterprise.

Speaking on lessons from his book, ‘Twelve Commandments for Business Owners: A Guide to Business Success,’ the microfinance bank pioneer stressed that while external funding was important for business growth, loans should not be the starting point for an inexperienced entrepreneur.

“I advise anybody not to begin a business with loans. It is not right. You have to put something in your business; no matter how small,” he said.

He eecalling that LAPO started with N300, which he contributed to support three women engaged in small-scale economic activities.

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He explained that entrepreneurs must demonstrate commitment to their ideas and convince potential backers of both their character and the viability of their businesses before seeking financial assistance.

“Your own money may be enough to begin. It will not be enough to expand,” he said.

The LAPO founder identified self-knowledge as another critical requirement for entrepreneurial success, urging young people to understand their abilities before choosing a business.

He cautioned against choosing businesses simply because they appeared profitable or popular, noting that an individual’s natural disposition, interests and previous exposure could determine whether such a venture would succeed.

He also challenged young entrepreneurs to see the difficulties confronting their generation as opportunities to develop resilience, insisting that adversity could prepare them for greater responsibilities.