Entrepreneurs must think differently to grow

Entrepreneurs have been urged to think differently if they desire growth in their businesses.

This call was made by the Managing Director/Chief Executive Officer of Mainland Oil & Gas Co. Limited, Dr Chris Igwe, at the 10th annual conference & trade expo organised by the Masterpiece Resource Development Centre in Lagos.

According to the 2024 PricewaterhouseCoopers MSMEs report, the growth potential of businesses was stunted by funding gaps, power outages, and over-taxation.

Igwe, in his speech, urged entrepreneurs to embrace reinvention, innovation, strategy and expansion, saying these principles are essential for business growth.

He described the theme “RISE: Reinvent, Innovate, Strategise, Expand” as “not only timely but deeply transformational”.

Igwe shared his personal journey, noting it was shaped “not by comfort but by necessity.” He recalled being born after the Civil War and told participants that “greatness is rarely inherited; it is forged,” adding, “To achieve greatness, one must first rise.”

He recounted lessons from his father’s palm-oil business, which succeeded because “we dared to do things differently,” including paying families “twenty per cent upfront for palm fruits that were not yet ripe.” He said many businesses stagnate because owners are unwilling to reinvent their operations.

“We live in a time where business is being redefined every single day. Industries that seemed unshakeable are being reinvented by bold startups. Ideas that began in garages, co-working spaces, or on the back of napkins are now global businesses. And this spirit, our spirit, is what keeps the world turning forward. As we come together under the theme of this conference, let us remember that the path to success is not always easy. It requires dedication, perseverance, and a willingness to step out of our comfort zones. It demands that we embrace change, adapt to new technologies, and constantly challenge ourselves to think bigger and bolder,” he said.