Young Nigerian entrepreneurs have been urged to focus on identifying and solving real market problems rather than relying solely on business ideas and personal talents to build sustainable enterprises.
The speakers gave the advice at the 2026 Get Started Summit, held on Saturday, at Work and Connect, Jabi, Abuja, with the theme, “The Entrepreneurial Leap: Moving from Thinking to Building.”
The annual summit, convened by Philip Agboola through the Philip Agboola Foundation and officially sponsored by Footstool Estates, brought together business leaders, corporate executives, and emerging entrepreneurs to discuss business development, market opportunities, and strategies for building sustainable ventures.
Speaking at the event, Lanre Phillips, chief executive officer of Elpee Consults, cautioned aspiring entrepreneurs against establishing businesses without first identifying problems that require practical solutions.
Phillips, who has more than 25 years of experience across the fast-moving consumer goods, banking, telecommunications and social enterprise sectors, said the ability to identify market gaps and develop solutions around them was central to building commercially viable businesses.
He outlined a five-step framework for aspiring entrepreneurs, starting with identifying a real-world problem, developing a solution, assessing market size, understanding customer behaviour and building a team with complementary skills.
“Ideas don’t make you money; what makes you money is the identification of problems,” Phillips said.
He urged entrepreneurs to establish whether there was genuine demand for their proposed products or services before committing resources to their businesses.
According to him, “having a business idea or being talented in a particular area does not automatically translate into a viable enterprise unless customers are willing to pay for the solution being offered.”
Phillips also advised founders to move beyond operating solely as proprietors by embracing partnerships and collaborative business structures that could strengthen execution and improve long-term sustainability.
He said, “entrepreneurs must pay attention to profitability rather than focusing only on revenue, noting that generating substantial sales does not necessarily mean a business is financially healthy.”
Also speaking, Fanda Zichat, chief executive officer and managing director of Footstool Estates, warned participants against approaching entrepreneurship as a quick route to wealth.
Zichat said building a sustainable business required consistent commitment, sound knowledge of the industry and the willingness of founders to remain actively involved in resolving operational challenges.
He stressed that “entrepreneurs must understand the businesses they intend to establish and be prepared for the demands of running them, rather than expecting immediate financial returns.”
Similarly, Demola Aderibigbe, author, business humourist and principal of Lalaa Consulting, encouraged emerging businesses to explore alternative routes into established markets instead of attempting to compete directly with dominant players.
Using the concept of “Gbogbonise”, Aderibigbe explained how startups could identify gaps in existing markets and attract customers by offering alternative solutions.
He cited the emergence of financial technology companies as an example of how new businesses had challenged traditional banking models by providing faster and more accessible digital payment services.
According to him, “entrepreneurs do not necessarily have to dominate an existing market to succeed, as identifying underserved customers and developing solutions to meet their needs could create opportunities for growth.”
The summit also featured an interactive panel session moderated by Damilola Alabi, where Olaniyi Soyinka, Wisdom Ating, chief executive officer of Ngage Media Global, and Joseph Etim, founder of YPC Africa, examined some of the challenges confronting emerging businesses.
The panellists discussed access to venture capital, regulatory compliance and the need for resilience in an increasingly uncertain economic environment.
They also explored the difficulties entrepreneurs face in moving from the idea stage to actual business operations, particularly when resources are limited and market conditions are unpredictable.
The summit was initiated by Agboola during his National Youth Service Corps (NYSC) year as a platform for connecting experienced business leaders with emerging entrepreneurs.
Through mentorship, networking and knowledge-sharing, the initiative seeks to equip young people with practical insights and relationships that can support their transition from aspiring entrepreneurs to business owners.
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