FOR many Small and Medium Entreprises (SMEs) to successfully operate and survive in Nigeria, the dynamics of the country's business environment must be put into consideration, as well as the business' regulatory framework, experts have noted.According to Head, Micro, Small and Medium Enterprises (MSME) Proposition, Diamond Bank Plc, Chima Nnadozie, while speaking at a training session organised by the bank for entrepreneurs in Ibadan, Oyo state, explained that as drivers of the economy, small businesses must mitigate challenges that may affect their sustainability in the business environment.To achieve this, he noted that capacity building serves as a major tool in achieving this, adding that the bank is also ready to give loans to entrepreneurs, who meet its conditions.According to him, 'the bank is interested in the growth of MSMEs as they are the engine of a vibrant economy. Therefore, we need to help them in overcoming challenges in the harsh and competitive business environment.'Senior Consultant of Mark-George Consultants, one of the facilitators of the event, John Ekpikhe while giving insight on sustaining businesses, noted that every business or brand must be characterised by unique differentiating factor(s) as these differentiators help to put businesses at a vantage edge, adding that the perception of customers would go a long way in determining the success or otherwise of any enterprise.Furthermore, Ekpikhe, while noting the importance of growing and sustaining a business, highlighted four ways of growing businesses as increasing the number of target customers; increasing the number of repeat purchase, increasing the average value of each sale and increasing the efficiency of the process that exists in one's business, adding that for any business to run without hitches an operational structure must be put in place.Founder and Chief Executive Oficer, Lifeforte International Schools, Mrs. Sarah Olubi-Johnson, while speaking on 'Dare to Dream and Succeed in a Harsh Economic Climate,' stated that the capacity building seminar is a necessary tool in conquering the economic threat called 'recession.'She further explained that integrity was a powerful tool in ensuring success in business. She urged them to embrace the principle of 5Ps for success in running businesses, which are purpose, plan, principle, passion and promotion, noting that success and failure begins in the mind.The MD/CEO of Ibadan Central Hospital, Dr. Abib Olamitayo said every business had a capacity to grow into a dream business empire despite the unfriendly business climate but noted that to remain in business, a brand must be creative, adding that the purpose of businesses is to create and keep customers.Olamitayo, while speaking on the topic: 'Sparking Innovation and Creativity in your Business,' noted that the bedrock of creativity was knowledge, urged entrepreneurs to imbibe the culture of reading books that relate to their line of business as this would take them ahead of others, adding that the difference between the rich and the poor was knowledge.
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