SMEs Need Structure, Not Just Talent to Survive — Dr. Kelechi Oghene
A serial entrepreneur, Dr. Kelechi Oghene, has recommended the establishment of proper structures and systems by small business owners to survive the highly competitive business environment in the country.
She noted that many small scale businesses collapse within their early years, not because of a lack of talent to drive them, but due to overdependence on their owners and the absence of sustainable structures.
Dr. Oghene, the founder of GMYT Group, gave the advice during the National Parliamentary Summit organised by the Lagos State University Students Union 36th Students’ Parliamentary Council, held at the Femi Gbajabiamila Auditorium within the premises of the institution in Ojo, Lagos.
Speaking on the topic, “Africa SMEs Need Systems to Thrive,” Dr. Oghene urged entrepreneurs to avoid the bandwagon mentality when starting businesses merely to satisfy sentiments, trends, or peer influence.
According to her, research has shown that over 80 per cent of SMEs in Nigeria fail within five years due to lack of structure, undocumented procedures, poor accounting systems, and excessive reliance on founders.
She further stated that SMEs contribute about 80 per cent of businesses and 90 per cent of employment opportunities in the country, adding that every business must position itself to solve problems from day one while breaking barriers through the GMYT SMART initiative.
Dr. Oghene stressed that while creativity may help in starting a business, only proper structure can sustain it for long term growth. She advocated for entrepreneurs to start small in order to reduce unnecessary expenses while strategically planning for expansion.
Sharing her experience as a startup founder, the serial entrepreneur disclosed that at the early stage of her business journey, she handled virtually everything herself and worked tirelessly with little return because there was no proper structure in place.
She also urged small business owners to take full advantage of social media platforms, describing them as free tools for networking and promoting products to a global audience.
Records show that Dr. Oghene has successfully trained over 12,000 young Africans through her foundation and empowered many others.
She said she remains committed to excellence and to building a new generation of fashion CEOs and networks of changemakers across the country.
Dr. Oghene has also authored about nine books in the course of her career.
In his goodwill message, the Special Adviser to the Lagos State Governor on DAWN, Mr. Lanre Odesanya, represented by Bakare Zainab, wished participants fruitful deliberations and a successful outcome.
On his part, the Speaker of the Students’ Parliamentary Council, Ogunbiyi Akorede Joshua, explained that the essence of the summit was to expose students to opportunities for economic empowerment and self reliance.
He also expressed appreciation to Dr. Kelechi Oghene for inspiring students with her real life experiences and for providing cash rewards to five students in support of their businesses.
