Nigerian entrepreneurs and young innovators have been urged to prioritise market research, customer acquisition and strategic teamwork to transform innovative ideas into sustainable businesses.
Speaking on Trade FM, entrepreneur and engineer, Jacob Oluwayanmife Abiodun, said many startups struggle to grow not because their ideas are ineffective, but because they fail to understand their target market and attract customers willing to pay for their products.
Abiodun, who develops and manufactures innovative machinery, stressed that addressing real market needs remains essential to business sustainability, noting that entrepreneurs must focus on solving problems that customers are willing to pay to overcome.
He explained that building a successful business requires more than technical expertise, adding that founders must assemble teams with the right skills in marketing, finance and operations to drive growth.
The entrepreneur also highlighted the importance of collaboration, saying partnerships with farmers, distributors and other stakeholders have helped his business strengthen its supply chain and expand its operations.
He encouraged local manufacturers to support Nigerian-made products, noting that increased adoption of locally developed technology would improve competitiveness and strengthen the manufacturing sector.
On funding, Abiodun advised young entrepreneurs to explore different financing options, including grants, equity investment, angel investors and bootstrapping, while sharing that he initially used his salary to support the development of his innovations.
He further urged Nigerian innovators seeking international recognition to focus on solving local problems, saying solutions developed to address challenges at the grassroots could be scaled to meet global demand.
Abiodun also emphasised the need for entrepreneurs to embrace artificial intelligence without abandoning human creativity and practical problem-solving skills.
He said resilience, learning from failure and working with the right team remain critical lessons for business owners navigating the challenges of entrepreneurship.
The engineer called on innovators to conduct proper market research before developing products, stressing that entrepreneurs must engage directly with the people experiencing the problems they intend to solve.
