Why Young Entrepreneurs Need Business Model

The Creative Director of BBvibrant Creations, a full-service event management and Production Company in Lagos state, Mrs. Olubunmi Oreaje-Ogbori has stressed the need for young entrepreneurs to have a clearly defined business model and value proposition to enable them to succeed in their businesses.

Olubunmi in an interview said in an environment like Nigeria where friendly loan schemes are not readily available for SMEs, young entrepreneurs need a well rooted and clearly defined business model first.

 “Young entrepreneurs running their businesses on the support of their personal savings, friends and family or angel investors, needs a defined business model. They also need to understand early that ‘business money is not my money’ they need to embrace proper bookkeeping and financial management system no matter how small,”

“Keep your books, pay yourself a salary. Your books are important to you to monitor your growth and also important to other external stakeholders who might be interested in your business,” she advised.

She noted that most youths consider entrepreneurship because there are no jobs.

She added that the support of the government is needed in ensuring favourable conditions for entrepreneurship to thrive in Nigeria. “Government needs to ensure constant power supply and easy access to funds among others,” she added.

Source: Daily Trust

 

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