By Providence Obuh
Chairman, Board of Directors, First Bank of Nigeria Limited, Mrs. Ibukun Awosika, has advised entrepreneurs to always prepare to qualify to get funding from microfinance banks and other development finance institutions.

She spoke in response to complaints by entrepreneurs about funding as key setback to doing business.

Fielding questions from journalists at the Fate Alumni Conferene in Lagos, Awosika said: “Sometimes it is about finding where the money is and getting yourself prepared to qualify to get that money, either from microfinance or other development finance institutions. Money is  number five on the list, there are many things that needs to be sorted out before the money, it is good to have an idea but the idea must be sustainably viable and source beyond money to bring that idea to light.

“It is good to have entrepreneurship education so that even when you have the money, you dont waste it. For instance, if you evaluate Youwin, you will wander how many beneficiaries actually built something for themselves. That shows you there are other problems beyond money. It is also important to note that banks are in business and the product of their business is money. There is no bank that isn’t looking for the right people to give money,” she said.

Advising entrpreneurs on how to susutain their businesses, she said that it behooves on them to to find the right people to bring into the business, stating: “not the available people, because we tend to employ our cousins, wife brother, among others, people we can pay peanuts. But what you must understand is that what you sow is what you will get in terms of value. Be deliberate in getting the right people, train yourself to delegate because it helps to take quick decisions.

“No matter how small you are don’t make it all about you, even if you have two other member of staff.”

On the other hand, Executive Director, Fate Foundation, Mrs. Adenike Adeyemi, advised entrepreneurs to see the challenging time as opprtunity to improve efficiency in their products and services.

“There are opportunities even in a downtime. When there is a recession, it means the economy is not going as planned and the economy is not going well. Therefore it is a time to go back and look at business strategy and ensure cost efficiency. Recession is an opportunity for businesses to go back to the drawing board and think of how they can better improve efficiency on their product and services and reduce cost in a strategic way,”Adeyemi said.

Chairman, planning Committee, Fate alumni conference, Mr. Ibrahim Salau, said that the conference is  about Nigerian entrepreneurs, graduates of Fate Foundation and interested entrepreneurs and about the challenge Nigerian entrepreneurs face. “We thought there is a need for Nigerian Entrepreneurs to come together to exchange ideas, learn from one another and ensure our business remain sustainable knowing where new opportunities are,” Salau said.