24 Business Nuggets from Ibadan SME Bootcamp 1.0: Personal Commentary

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Ibadan SME Bootcamp 1.0 in collaboration with Piggyvest and UI-Reconnect Alumni group happened on the 4th of September 2021 at Ibadan Business School, Old Bodija, Ibadan.

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Speakers at this event include Hon. Akin Alabi, Hon. Seun Fakorede, Joshua Chibueze, Edememe Oladiji, Gbenga Totoyi, Temitope Runsewe, Tobi Olorundero, Adegoke Pamilerin, Dr. Adeolu ‘Dele. You can read more about the speakers and the event at large here.

Disclaimer the nuggets shared below are personal takes from the event as an attendee. The nuggets are not word for word as given by the speakers but written in my own language in respect to what was said by the speakers for easy comprehension.

24 Business Nuggets from Ibadan SME Bootcamp 1.0: Personal Commentary
The Speakers

Tolulope Olorundero (Public Relations & Communications Advisor & Founder, #NGWomeninPR) said;

I cannot buy an iPhone yet because my Android hasn't served me enough. Whatever it is I buy must give me multiple returns before I buy another one.

Tolulope Olorundero

While speaking on how to grow as a startup, Tolulope said

If you like, spend N10 million running campaigns on generating leads. The best business growth channel is referral: words of mouth, personal testimonials… So whether you're a Product business owner or Service business owner, always treat your clients/customers with respect!

Tolulope Olorundero

In the same vein, Temitope Runsewe (Managing Director, MD, Dutum Group) said

Whatever you achieve as a business person is a product of your relationship/network. He also said you don't need a first class to build a successful business. What you need is good relationships.

Temitope Runsewe

He continued by throwing weight on religious people and how their faith help them fair in running their businesses. He said

Spirikoko lifestyle won't help you as a business person. You have to be open-minded. Most business deals are completed at lounges, bars etc. It doesn't necessarily have to be in the office. So no one is asking you to compromise. But be open-minded. Yes, it is heavenly race, but if someone invites you to a bar to talk business, GO. Take malt if trophy na sin.

Temitope Runsewe

He continued

People do business with people they (KLT): KNOW, LIKE and TRUST.

Temitope Runsewe

This brings me to remember what one of the earlier speakers said, that as a startup, nobody cares about whatever brand you're building. People only care about YOU. Majority of those who patronize you do so because of YOU not because of your business.

According to Runsewe,

There is always someone who needs what you know or have. So instead of begging for urgent 2k in people's DM, offer them something that can help you earn it.

Temitope Runsewe

Adegoke Pamilerin (Social Media Influencer and Entrepreneur) speaking on how entrepreneurs can leverage on social media to grow their businesses said

If you have a N100 million budget, spend N70million on Facebook, N25million on Instagram and then N5million on Twitter. That's 70% - 25% - 5%. Facebook remains the most engaging social platform in the world.

Adegoke Pamilerin

According to PamPam as known on Twitter

Facebook owns the content marketing world, still.

Adegoke Pamilerin

So you're a Twitter king? We hear. But learn Facebook marketing (ad & organic campaign). With Facebook and Instagram now integrated, it's quite easier to run ads on both platforms using the same ad set and budget.

Pamilerin also hinted that

The next big place to sell your products after Lagos traffic is social media.

Adegoke Pamilerin

Temitope Runsewe, while reacting to hints dropped by Pamilerin on social media platforms and their marketing strengths said when he arrived at the venue, he had the intention that Facebook is dead. That he hasn't posted anything in 5 years. But immediately Pamilerin talked about Facebook being the most engaging platform for brand building, he went to update his profile picture and posted. According to him, that's how to be a business person.

On a personal note, only God knows where you and I could have been now if we took these free courses, fellowships, scholarships, training & workshops etc on ACEworld seriously.

Well, from what has been said so far, it's safe to conclude that

If where you live is still a barrier in your growth as an entrepreneur, then the positive impact of social media has failed in your life.

Micheal Ace

Akin Alabi (Politician, Author, Entrepreneur and Founder, Nairabet) held a question and answer session and here are few takes from what he delivered.

According to Akin Alabi,

If you have several things you do, you can't perfectly handle all of them. Something has to be left alone for another. So it's all about a scale of preference. Draw one!

Akin Alabi

He continued

You shouldn't touch your business income as a startup. You shouldn't feed on it. Your business needs money and the income should be spent on it.

Akin Alabi

As sweet as this sounds, is it feasible for people like us? Well, Akin Alabi who has authored two bestselling books: Small Business, Big money and How to Sell to Nigerians continued

Not everyone who enquire about your business will patronize. Map out a conversion ratio. Like, if 1,000 people enquire about my business, and I can manage a conversion ratio of 2%, then 20 people should actually patronize.

Akin Alabi

Then always find a way to retain them. If they promise to come back, get their contact and save in a WhatsApp broadcast list or their email and subscribe them to your newsletter.

Akin Alabi

When you have their contact, you can always follow up. But get it, not all of them will convert! It is okay for people to promise to get back and not actually get back.

Akin Alabi

Personally, I think Akin Alabi's savage attitude makes him a very good speaker and marketer. When asked about Headstarts and their effect on businesses as regar competitions, he said

When it comes to headstart. It will always be around. Someone somewhere must have a headstart ahead of others. So while you think someone is lucky to come from a rich family (as regard business), someone else thinks you're lucky because you're probably well schooled. Just find your own headstart and use it well.

Akin Alabi

While weighing on different choice of career and their corresponding lifestyles, Akin said

If you choose to be a banker, you must be ready to accept the outcome. So don't later start to get jealous of a friend who makes 6 figures while inside the house all day. There is no right way to life. If you leave banking and start whatever he's going at home with him, you may fail woefully.

Akin Alabi

You chose to be a doctor. Don't get intimidated by Lawyers with their wig and wit. Whatever you choose as a career, think about the lifestyle that comes with it and be satisfied.

Akin Alabi

Someone asked Akin Alabi how she can manage school and business. He said, if she looks well, she may be able to find out that what actually takes most of her precious time may neither be business nor school. Just pick whatever benefits you more at every particular time.

Ayo-Bankole, the convener also took attendees on how to write business plans and why they need one. While weighing on the importance of business registration in Nigeria, he said

Some companies won't patronise you if you're not registered. And that fact that you are running a business on Instragram doesn't mean you should not register it.

Ayo-Bankole

Ayo continued

Knowing fully well that majority of Nigerians don't have cars, if you're into shoe-making business, then aside the want to make money, you should also have an empathetic drive. Say, okay. I will make shoes that are softer to wear, to reduce chances of some foot conditions and injuries. So yes. You want to make money, but what problem are you solving.

Ayo-Bankole

Ayo also talked about the benefit of being precise, specific and realistic in writing a business plan as a startup

You can't start a phone brand and say your mission is that you want to become the biggest phone brand in the whole world. Apple is already doing that.

Ayo-Bankole

Just the same way you can't create a search engine and as a startup, your mission is to take over the internet. I wonder where you want to send Google and Bing.

Ayo didn't fail to stir controversy on the usual brawl between education and entrepreneurship. Ayo said

The only thing good about Nigerian universities is finishing with Good grades. So if you are on 2.2 in your final year, then it's time to take a break and focus on something else. You already know you will finish with 2.2 so take it easy and build your life outside school.

Ayo-Bankole

Do you mind watching the event as a whole? Enjoy below:

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DISCLAIMER: Do not pay or release sensitive financial details to any organizer/recruiter unless futher verified from your end.

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About the Author: Micheal Ace

Simply Ace, Founding Editor & CEO of ACEworld Publishers. I'm obsessed with growth. Join me on Twitter .

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