Experts in the development of Small and Medium-scale Enterprises (SMEs), have tasked prospective entrepreneurs on the need to seek in-depth knowledge on businesses before venturing into them.
At a business summit organised by Legal Business Network (LBN), recently in Lagos, a legal practitioner, and business advisor, Ifeoma Ben, said the essence of getting first hand information and background knowledge of a proposed business is to prepare prospective entrepreneurs against any unfriendly eventuality along the line.
Ben added that due to the myriads of complex challenges SMEs suffer, she was moved to ensure that budding entrepreneurs stand on the right footings and follow the right tracks as they journey through the world of business. The experts also enjoined startups to get professional counsels from the legal, business and investment angles from the onset of their businesses in other other to avoid regrets in the long run.
“Small businesses usually have legal, initial access to credit and finance, working capital, some even find it difficult to break even, this is because they didn’t seek for expert guidance ab initio, thus; we enjoined them to arm themselves with the requisite knowledge to soar higher in the business world, because information put into action is power,” said Ben.
She added that those in the creative and entertainment industry should be aware of the laws of intellectual property to avoid undue exploitations and intellectual property theft.
Also speaking, a business advisor and member of the Enterprise Development and Fate Foundation, Ibrahim Buwanhot, advocated early education of real life challenges for secondary and university students to fill the gap between the graduates and the employers of labour.
Buwanhot stressed that the need for record keeping and Research and Development (R&D) must not be treated with kid gloves, saying that proper records keeping is key for investors to bankroll any going concern.