THROWBACK 2024 – EMPY BUSINESS COHORT MENTEES RETREAT
The mentees in the Business Cohort had the privilege of having an in-depth and practical first session with Prof. Yinka Fisher, (The Acting Director, Partnership & Coordination Department, Small and Medium Enterprises Development Agency of Nigeria(SMEDAN) on Understanding Business Development.
Prof. Fisher, an exceptional business trainer taught the mentees on Saturday July 20, 2024 on Business Model Canvas which entails the foundation, process and actualization of a business. He painstakingly went through the business plans of the mentees providing insights on the components and importance of a business plan.
He encouraged the young entrepreneurs to be familiar with their environment, identify a niche for their business and follow that niche until they gain recognition.
He explained that in every business, integrity matters a lot and one of the best models for growth is through referrals.
His words to the mentees was to
think big, start small, start now, and avoid procrastination.
We are extremely grateful to Mrs Olaitan Alao, Retail and SME Products Manager, Wema Bank Plc, who taught on Financial Planning and Funding. She defined, financial planning as the process of managing one’s funds to achieve personal and business goals. She highlighted the key components and importance of Financial Planning which include: budgeting, saving, investing, and debt management. In addition, she talked about Budgeting, Forecasting, and Funding, encouraging the young entrepreneurs to ensure proper book keeping, separate business income from their personal income, seek mentorship and save for emergencies/milestones.
Our profound appreciation to Mr. Ademola Adewusi, Senior Human Resource Business Partner, Wema Bank Plc who taught extensively on the Components of a Business Plan. He exemplified the fact that a business plan should contain an Executive Summary, Problem Statement, Introduction, Business Profile, Budget, Financial Plan, Implementation Plan, Risk and Mitigation.
We are also grateful to Mr Ademola Adewuyi, Innovation Program Manager for the highly insightful session on The Fund Raising Formula.
The climax of the day were the one on one business clarity sessions by Prof. Fisher with mentees in the Business Cohort. This session helped provide customized solutions to the business challenges of the young entrepreneurs.
