The Association of Small Business Owners of Nigeria (ASBON) has urged business owners in Nigeria to engage in apprenticeship and training before establishing new enterprises. The body says this will help them to scale up.
Femi Egbesola, national president, ASBON, made the assertion during a press briefing in Lagos recently.
“Lack of skills and apprenticeship is responsible for the high failure rate of businesses within five years of operation. Apprenticeship is a fantastic model of knowledge and learning to building businesses for scale,” Egbesola said.
“Start-ups need to engage in apprenticeship to grow their businesses. They must understand that enduring businesses are not products of chance. They are characterised by clear vision and growth strategies actualised through trainings.”
He also identified the country’s difficult operating business environment and government policy inconsistencies as some of the factors responsible for the high failure rates among start-ups.
“The economic environment is not friendly enough and the policy is not right”
Egbesola stated that despite this, start-ups that undergo any form of apprenticeship program can position themselves with the skills and experience learnt to build their business sustainably.
He also urged entrepreneurs to take advantage of the various capacity-building programmes organised for operators of small business to further deepen their entrepreneurial skills.
He stated that the confident level of entrepreneurship in the country has been on the rise because people have begun to realise that it is the only way to drive growth and development.
Egbesola also spoke on the association’s upcoming award for small and medium enterprise in Nigeria tagged ‘Nigeria SME National Business Awards.’
“We seek to reward excellence amongst the most committed and dedicated businesses operating in Nigeria.
“We want to celebrate entrepreneurs and game changers of business in the country for their continuing commitment to excellence, developing best practices and innovative strategies.”
According to the association, several nominees were brought forward, evaluated, screened and eventually, 18 of the nominees were approved as award winners of different categories.
The various awards cut across sectors relevant to the growth of SMEs, Egbesola said.
Godwin Emefiele, governor of the Central Bank of Nigeria, is expected to give the keynote address at the event.
The award ceremony is scheduled to hold 19th of December, 2018 at the Business Club, Ikeja Conference Centre.