Money is necessary, but not sufficient for business survival and growth – Interswitch Boss

The Group CEO of Interswitch, Mitchell Elegbe had stated that while money is necessary, it is not sufficient to guaranty the survival and growth of business on a sustainable basis.

In a keynote address, at the 3rd #LBSMBA Entrepreneurship Expo & Contest held on 16th May, with the theme: Entrepreneurship, Growth and Competitiveness, Mitchell Elegbe who spoke on the topic “Business Innovation in Entrepreneurship”, explained the importance of offerings, value proposition and satisfying the changing needs of customers.

While emphasizing that money is necessary, but not sufficient alone to guaranty the survival and growth of a business, he challenged the MBA finalists to focus on innovation-driven sustainable business models with a clear purpose of making an impact that will positively change the world.

In a brief but concise presentation, he highlighted a model with key components for business survival and sustainability to address the following rhetoric questions:

• What problem are you solving? – Purpose-driven with a burning desire to solve a problem and make a change.
• How are you going about solving them? – The problem-solving approach matters a great deal, depending on the Entre-’preneur’ hat you are wearing.
• What is your business model? – Secret for competitive advantage: Key partners, Key activities, Key resources, Cost structure, Value proposition, Customer relations, Distribution channels, Revenue streams or Customer segments
• How will you create sustainable value? – Typically focus at the early stage may tilt towards Cheapest product, Best solution and Fastest delivery. However, at the late stage, focus naturally changes to Operational Excellence, Product leadership and Customer intimacy.

He also admonished the finalists to beware of what he described as ‘Activity Trap’ by working so hard to climb to the top of a ladder only to discover that it’s resting on the wrong wall.

In conclusion, he urged them to always adopt a sustainable approach to business by designing for the seasons, while discerning enough to recognize times; as seasons are recurring constants while times will always throw up traps and triggers.