In a country where nearly 80% of businesses fail within their first five years, Nigerian entrepreneurs are rallying around a new solution: strategic mentorship and structured growth.
That was the message at the recently concluded 2-day Business Growth Conference in Lagos, themed “Principles of Scaling Your Business to 10 Figures.” The event brought together ambitious founders and top business minds to explore practical strategies for building sustainable, billion-naira enterprises.
“Most businesses crash within two to three years—not because they’re bad ideas, but because they lack structure and guidance,” said Dr. Stephen Akintayo, Chairman of GText Holdings and founder of the Stephen Akintayo Foundation.
From Survival to Scale
Dr. Akintayo emphasized that mentorship, not just capital, is the true game-changer for startups. His foundation, previously known for $5,000 grants, has shifted its focus toward training and coaching.
“Without mentorship, most of the businesses we supported didn’t survive a year. That’s why we now invest in knowledge and strategy,” he explained.
He added that scaling a million businesses to a billion-naira turnover each could generate over 50 million jobs, offering a direct path to national prosperity.
“Sales Cure All”: The Wakanow Strategy
Bayo Adedeji, Group CEO of Wakanow, brought a sales-first approach in his session titled “Sales Strategies for Reviving a Dying Business.”
“If your business is dying, it means you don’t have enough customers buying at the right price,” he said. “Sales cure all—understand your business deeply, focus on the customer.”
Adedeji also stressed the importance of learning before launching, advising would-be founders to gain experience in structured environments through jobs or mentorship. “You can’t replace what you learn in a job,” he noted.
Build Systems, Not Just Businesses
Eziu Uwaoma, another top speaker, delivered sharp insights on building scalable and sustainable businesses. His core advice: structure is everything.
“If you’re managing every department yourself, you’re not a CEO—you’re a general manager,” Uwaoma said.
He encouraged entrepreneurs to implement a solid organogram and train their businesses to operate through independent, scalable branches—like banks or churches. “Each unit should function autonomously. That’s how you grow,” he explained.
The Three Pillars of Scalability
Uwaoma broke business scale into three key elements:
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A standout product – “You need just one winner,” he said.
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Massive distribution – “That’s where scale happens.”
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A strong ecosystem – One that supports growth across touchpoints.
Using Apple’s iPhone and its global distribution via AT&T and China Mobile as examples, he demonstrated how powerful distribution turns a great product into a global success.
High-Energy, Hands-On Learning
The conference wasn’t just about listening—it was about doing. In interactive pitch sessions, participants presented their business ideas in two-minute bursts, sharpening their communication and clarity.
A team strategy session saw attendees grouped into teams of seven, each with a president. Their challenge: devise a strategy to generate ₦1 billion in revenue within a year. The most viable strategist will lead the planning committee for the 2026 edition of the event.
