Imokhuede Identifies Key Element For Successful Business

FOR any successful business venture, the foundation must have key elements like vision, focus, and planning, the president of the council of Nigerian Stock Exchange, Aigboje Aig-Imokhuede, has said.

Imokuhede told female Chief Executive Officers (CEOs) and Entrepreneurs at the just concluded annual conference organized by Women In Management, Business and Public Service (WIMBIZ) that the three qualities work together for the survival of any business enterprise.

According to him, vision was key to a successful business because it represent source of confidence and stability, saying “it serves as motivation for one’s passion and conviction to succeed.”

For vision to be actualized, Imokhuede said, there must be planning and focus which must work concurrently for the actualization of the vision. Advising female CEOs and entrepreneurs not to be discouraged by the prevailing economic situation, he said.

“ Dreams are good, but we wake up, plans are the actionable steps you must exude successfully to make your vision a reality. Without a game plan, there is nothing to focus on, focus is relevant in the context of a plan, and focus without plan is meaningless.”

The president of the stock exchange council urged women to use the opportunities thrown open by the prevailing economic situation in the country to develop better streams of income for themselves by setting goals and clear-cut vision.

Delivering a lecture tittled: “Thriving in Tough Times: Navigating Challenging Environments”, Imoukhuede said motivation spurs the owner of the business to do the impossible. “ You need achievable plans to realize your vision. You need the right support system.

Who are the people you surround yourself with? Do they enable you or disable you? You must expand the list of those who enable you and shrink the list of those who do not”, he added. Another important element involved in a successful business, according to Imokhuede, was risk management.

Which he said could be mitigated by insurance. “Insurance is the best way to navigate against risks. You should spend more time with people who can help you navigate or follow through.

You must always have a plan A, B, C, D and E if you must survive. So that if one fails, you can continue to navigate with the other(s) Those who are close to me know that I am a plan A, B, C, d and E person.

It is he best way to deal with adversity,” he said. On the Nigerian economy and the reason for the high inflation, Imoukehuede explained that the reason for the high exchange rate of naira to dollar was the crash in the price of crude oil, adding that it was impossible for Nigeria to escape inflation, as 90 per cent of Nigeria’s income is dependent on oil.

The Chairperson of WIMBIZ, Osayi Alile had said in her opening address that the topic was chosen because of the need for people, especially women, to prepare and learn from current situation. “When we go into business we are always looking at the profit of today, but when you go into business with a long term vision, you find out that regardless of the ups and downs and some challenges you face, at the end you are able to achieve those goals.

So I think is a process but we needed to be prepared for that process by having a strong decision.” On her part, Tokunboh Ishmael, Co-Founder and Managing Director, Alitheia Capital said female business owners and executives must develop strategies and look within themselves in order to know how to survive the harsh economic situation in the country.

If we are not planning, then we are dreaming. We need to wake up to the realities around us. Women need to think deep and evolve strategies that will help them cope in challenging environments.” She therefore urged women to begin to do things differently by collaborating with one another. “Now is the time to partner with others who share the same values and goals with you.

Now is the time to use our initiative to drive success,” she said. Bolanle Austen-Peters, the quintessential businesswoman, and founder of Terrakulture, said she gave Terrakulture her best shot because she had a burning desire to create jobs and engage in activities that were passion-driven. According to her, she ventured into the arts despite low patronage and other odds.

She also advised entreprenuers to confront the stereotypes associated with hardworking and successful female executives “The truth is there are stereotypes, there is nothing you can do about stereotyping. Are you going to live your life based on a stereotype? It takes a woman with a high value system to overcome trying times.

As with most businesses, there are a few tips and tricks to the trade. For any successful enterprise to thrive, the first thing to possess is passion,” She advised.