Serial entrepreneur Fasesin-Gbolahan Setofunmi has urged young Nigerians to embrace multiple streams of income as a strategy for financial sustainability and business growth amid prevailing economic pressures. Speaking on TRADE FM’ SME Segment of the Business Breakfast Briefing,she said entrepreneurs must move beyond dependence on a single source of revenue by identifying and developing scalable business opportunities with proper structure and discipline.
Setofunmi explained that successful serial entrepreneurs combine innovation with strategic planning, stressing that diversification without sound financial management could expose businesses to significant risks. According to her, entrepreneurs should conduct thorough market research before expanding into new ventures, while maintaining financial discipline to prevent cash flow problems that could destabilise multiple businesses at once. She identified low-entry sectors such as the fashion and online retail business, particularly wig sales driven through WhatsApp groups and social media platforms, as viable side-income opportunities for young Nigerians. However, Setofunmi advised entrepreneurs to focus on scalability, effective time management, and the use of tools such as CRM systems to improve organisation and operational efficiency. She also highlighted mentorship as a critical factor in helping business owners avoid costly mistakes and identify profitable opportunities while balancing diversification with focus.
