Home » Businesses Need More Than Just Money To Thrive – Mitchell Elegbe

Businesses Need More Than Just Money To Thrive – Mitchell Elegbe

by Adejoh Albert Enemosah

Tuesday, May 19, 2020. Mitchell Elegbe, the Founder/GMD of the Interswitch Group, has said
that although money is necessary, it is not sufficient enough to make a business thrive. He
explained that it was more important for entrepreneurs to identify the problems they are trying
to solve before venturing into any business.
Elegbe made this call while giving the keynote address at the annual Lagos Business School
MBA Entrepreneurship Expo and Contest with the theme: ‘Entrepreneurship and business
He highlighted that the more value customers perceive, the more they are willing to pay for
goods and services. He also spoke about the different types of entrepreneurs: the hustler-
preneur, life-styler, dealer-preneur, maker-preneur, jack-of-all preneur, slugger-preneur, travel-
preneur, side-preneur, Do-side preneur, geek-preneur, and incubator-preneur. He noted that
the knowledge you have as an entrepreneur determines the kind of problem you are expected
to solve.
He concluded his session by advising business owners not to make business plans based on
time, but on seasons. He said: “Do not work so hard climbing a ladder only to discover it is
resting on the wrong wall. Don’t get too busy with your day-to-day activities that you forget the
main reason/objectives for starting that activity in the first place. Beware of activity hype and
remember that there is a lot of disruptive hype.”
After his keynote address, Mr. Elegbe answered questions from some of the over 300
participants on the online Expo, where he emphasized the direct correlation between problems
and opportunities and urged budding entrepreneurs to see problems as opportunities to create
solutions, businesses and employment.
The keynote address was followed by a panel session of four panelists reviewing it, sharing their
business experiences as well as giving tips for new opportunities. All the sessions of the Expo
were moderated by Dr. Henrietta Onwuegbuzie who is the Academic Director for the Owner-
Manager Programme and Project Director for the Impact Investing policy initiative at the
Lagos Business School.
Panelists at the LBS MBA Entrepreneurship Expo and Contest included Paul Orujiaka, CEO of
Auldon; Richmond Okafor, CEO of Cleanmax Industries Limited; Stephanie Obi, Business &
Marketing Strategist, ST HUB LIMITED and Lawrence Egunjobi, an Entrepreneur.
The Lagos Business School MBA Entrepreneurship Expo and Contest is a project aimed at
empowering entrepreneurs across Africa with business acumen and soft skills, building
sustainable businesses, giving free business advisory, providing training and pairing them
with relevant life-long mentors.

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This Expo ended with a pitch where some entrepreneurs pitched their business plans to
selected judges and had an entrepreneurship exhibition. The criteria for participation
included: the nature of the problems being solved, quality of the solution proposed, business
model, sustainability plan and operational effectiveness.
Professor Enase Okonedo, Lagos Business School Dean, in her closing remarks, disclosed that
the Lagos Business School will continue to give entrepreneurship in Africa all the support it can,
to tackle the looming issue of unemployment in Africa.

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