Despite challenges in the economy, many Nigerian small businesses are doing well – SEDAC founder

The foundation for Social-Economic Development of African Communities for Peaceful Co-existence (SEDAC) has collaborated with Stanbic IBTC Plc, Rome Business School and Nigerian Bottling Company Limited to organize a clinic for Micro, Small and Medium Enterprises (MSMEs) in Lagos.

In his welcome address during the event, SEDAC founder, Mr. Modestus  Nwaulu said the essence of the clinic was to train the MSMEs for higher productivity.

Speaking at the event which was graced by the Founder, Rome Business School, Dr Humphrey  Akanazu, business guru and head of The Business Club, Mr. Michael Adeola, and about 50 MSMEs operators, he stressed that “the good news is that despite challenges in the economy, some small businesses are doing well increasing work spaces and hiring new employees.”

He said the MSMEs are the engine of growth for economies globally and that we should make every effort to ensure their success in our overall interest.

In his contribution, Mr. Adeola debunked the view that the most critical problem of MSMEs are the issue of lack of finance, saying that majority of their predicament are usually located somewhere else.

Going further, he addressed about 10 business misconceptions bothering most MSMEs  and potential MSMEs, advising ”that you are making money from an enterprise does not mean you are doing business.”

Adeola advised the MSMEs gathered to always think partnership and win-win in their business efforts,hinting that they should always have a business plan and should work with the intention of executing that plan.

Dr Akanazu in his lecture entitled ”Evaluation of Entreprenueral Attitudes and Values”stressed that attitudes and values are the critical factors for business success.

He therefore urged the MSMEs to be intentional in their operations even as he urged them to acquire needed knowledge in their area of business operations to develop needed skills and competences in order to excel


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