Don’t rely on bank’s 10% credit to build ur business, Maduka charges local entrepreneurs

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The Founder and Chief Executive of Coscharis Group, Dr. Cosmas Maduka, said entrepreneurs should limit bank credit to not more than 10 percent of what is required to build their businesses.

Dr Cosmas Maduka Maduka said this at the 3rd Fate Foundation Annual Alumni Conference held in Lagos with the theme: “Building for Scale”. He stated: “The mantra in today’s business is to innovate or die, innovation is driven by having the right talent on your hand.

To stay ahead, small businesses must be adventurous and entrepreneurs in their thinking must be driven by entrepreneurial culture.

“The easiest way to commit suicide is to go and borrow money from a bank when you do not have an established business. You can only leverage on bank borrowing and not plan your business on it.

Bank borrowing should be 10 percent of what is required to do your business. It is better to build your own capital or get suppliers credit.

“Honesty is prerequisite for trust in business. You cannot compromise integrity to succeed as an entrepreneur. I worked with the Japanese who thaught me integrity,” he said.

Giving a highlight of how the Coscharis group evolved, Maduka urged entrepreneurs to set goals for themselves and their organizations, having a clear vision, simple and comprehensive business plan and therefore building a team that can think and live long.

“We did not get to where we are overnight. The journey has been long and hard. Many times we were tempted to quite, but we have a clear vision and we persisted despite the odds.

Ours therefore, is a story of resilience, focused implementation of agreed objectives, and desire to build a business that is not only able to compete today, but also to be there in the future providing for the next generations,” he added.

Also speaking, Executive Director, Fate Foundation, Adenike Adeyemi stated: “If you look around Nigeria, everybody has been talking about entrepreneurship and that is what we have been talking about in the last 18 months.

But entrepreneurship that would grow Nigeria and get us to achieve the economic scale that we want to, are businesses that starts that grow their scale, businesses that create jobs beyond the founder that started the business.”

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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