Felix Omoh-Asun in Benin City
There are business opportunities in every challenge in Nigeria currently, says Dr. Godwin Ehigiamusoe, founder of Lift Above Poverty Organisation (LAPO) Microfinance Bank.
Ehigiamusoe who made the remarks in Benin on Tuesday during a conversation with young entrepreneurs and students, said challenges are opportunities which always propel intervention.
In the conversation titled “From Ideas to Enterprise,” organised by DeeMoat Hub Books & Ideas, Dr. Ehigiamusoe urged young entrepreneurs to look beyond the surface, and find many opportunities presently in Nigeria.
He therefore urged aspiring entrepreneurs to develop clarity of purpose, arguing that business opportunities often emerge from society’s most pressing challenges.
“Every one of our problems is an opportunity,” he said, encouraging young people to look beyond the difficulties confronting the country and recognise the possibilities for enterprise development.
He advised young Nigerians aspiring to become entrepreneurs against starting their businesses with borrowed money, warning that depending on loans at the early stages could undermine the survival of a new enterprise.
He noted a prospective entrepreneur must first learn to mobilise personal resources and support from family and friends before considering borrowing to finance business expansion.
Speaking on lessons from his book, “Twelve Commandments for Business Owners: A Guide to Business Success,” the microfinance pioneer stressed that while external funding was important for business growth, loans should not be the starting point for an inexperienced entrepreneur.
“I advise anybody not to begin a business with loans. It is not right,” he declared.
According to him, entrepreneurs should adopt a gradual approach to raising capital, beginning with their personal contributions, followed by support from family and friends, angel investors and, eventually, responsible borrowing.
“You have to put something in it, no matter how small,” he said, recalling that LAPO started with just N300, which he contributed to support three women engaged in small-scale economic activities.
He explained that entrepreneurs must demonstrate commitment to their ideas and convince potential supporters of both their character and the viability of their businesses before seeking financial assistance.
“Your own money may be enough to begin. It will not be enough to expand,” he said, adding that borrowing becomes more appropriate when a business has demonstrated its capacity to operate and generate returns.
The LAPO founder identified self-knowledge as another critical requirement for entrepreneurial success, urging young people to understand their abilities before choosing a business.
He introduced what he described as the TITE framework: Training, Interest, Temperament and Experience, explaining that aspiring entrepreneurs should assess these four factors against the demands of a business before venturing into it.
He cautioned against choosing businesses simply because they appeared profitable or popular, noting that an individual’s natural disposition, interests and previous exposure could determine whether such a venture would succeed.
“Who are you? And who you are is not about your name. It’s about what you have to relate to the business,” he said.
Drawing from his experience establishing LAPO in 1987, Ehigiamusoe urged young people to identify a problem they are passionate about solving and remain committed to it, even when others fail to understand their vision.
He recalled that his commitment to poverty alleviation began during his university days at the University of Benin, where he joined the Nigerian Socialist Movement and became interested in improving the conditions of ordinary people.
That conviction eventually influenced his decision to become a cooperative officer rather than pursue the more prestigious administrative career preferred by many of his contemporaries.
“I had made up my mind on where I wanted to be,” he recalled, explaining how his ideological convictions eventually found practical expression in the establishment of LAPO.
Ehigiamusoe also identified integrity as indispensable to building a sustainable business, describing it as an asset that creates opportunities and protects entrepreneurs when their reputation is challenged.
“Your integrity opens doors for you, and it is also your defence,” he said.
Another rule he emphasised was delayed gratification, warning business owners against consuming the resources needed to grow their enterprises through unnecessary spending and extravagant lifestyles.
He illustrated this with an experience involving two small organisations that received development grants. While another organisation reportedly spent a substantial portion of its funding on a new vehicle, he chose a more modest approach, acquiring a second-hand vehicle and preserving resources for the organisation’s work.
The decision impressed a visiting German programme officer, who subsequently encouraged LAPO to submit a proposal for a significantly larger grant.
For Ehigiamusoe, the experience reinforced the importance of financial discipline, modest living and reinvesting in an organisation’s future rather than rushing to enjoy the proceeds of its early success.
He also challenged young entrepreneurs to see the difficulties confronting their generation as opportunities to develop resilience, insisting that adversity could prepare them for greater responsibilities.
“People and institutions make progress in a time of crisis,” he said, adding that the ability to withstand challenges was essential to long-term success.