The Senior Vice President/Managing Director, Viacom International Media Networks Africa, Alex Okosi has advised entrepreneurs in the entertainment sector to develop sound business plans that will articulate how they are going to sustain their businesses as well as take it to the next level....more
Okosi said this recently when he spoke on a radio programme entitled: Fidelity SME programme and sponsored by Fidelity Bank Plc.
According to Okosi, it is very difficult for businesses to survive after the first three years, because of poor business plan. To this end, there is the need to create a sound plan that is also flexible enough to adapt to the changing environment and also how you fund the business are very essential.
“A lot of people borrow money from friends and families to start a business, with those friends and families expecting unrealistic returns. So, being able to structure your business and for you to raise money from sound institutions like banks, they are going to ask you basic questions such as how you are going to sustain and grow your business. There is no way to run a successful business as one man. The success of our organisation today is based on the people that we have, their talents, being able to empower and trust them and being able to have systems,” Okosi explained.
“A lot of people borrow money from friends and families to start a business, with those friends and families expecting unrealistic returns. So, being able to structure your business and for you to raise money from sound institutions like banks, they are going to ask you basic questions such as how you are going to sustain and grow your business. There is no way to run a successful business as one man. The success of our organisation today is based on the people that we have, their talents, being able to empower and trust them and being able to have systems,” Okosi explained.
The story was first published in The Sun newspaper on Wednesday, April 1, 2015
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