Business leaders share practical steps to build 10-figure companies at growth conference

A report suggests that up to 80% of Nigerian businesses fail within their first five years due to poor structure, lack of mentorship, and limited access to growth strategies.

In response, business owners and aspiring entrepreneurs gathered in Lagos for a 2-day Business Growth conference themed: Principles of Scaling Your Business to 10 Figures. The event featured experienced speakers focused on practical knowledge for growing sustainable businesses.

Stephen Akintayo, Chairman of GText Holdings and founder of the Stephen Akintayo Foundation, explained the purpose behind the conference. “We observed that many businesses fail within two to three years. The aim is to reduce this rate by equipping business owners with tools to grow and expand,” he said.

Akintayo pointed out that if one million businesses could scale to a billion in annual turnover, the country could create over 50 million jobs. He said the Foundation, beyond giving $5,000 grants, now focuses more on mentorship and training. “We realised that without mentorship, most businesses we supported didn’t survive a year,” he said. The Foundation also provides scholarships and runs food programmes for underserved communities.

He emphasised the need for continuous learning. “Many CEOs invest in assets but not in personal development. Coaching and mentorship are not luxuries, they are necessary,” Akintayo added.

Bayo Adedeji, Group CEO of Wakanow, delivered a session on: Sales Strategies for Reviving a Dying Business. “Sales cure all,” he said, urging business owners to understand their business deeply and focus on the customer. “A dying business simply means you don’t have enough customers buying at the right price,” he explained.

Adedeji advised new entrepreneurs to gain experience through jobs or mentorship. “Learn how businesses run before starting yours,” he said. He described structured environments as valuable learning spaces, adding, “You can’t replace what you learn in a job.”

Eziu Uwaoma, another speaker, focused on: Building a Scalable and Sustainable Business. He emphasised the importance of a working organogram and multiple branches. “You must have buffers between yourself and departments. If you manage everyone directly, you’re not a CEO—you’re a general manager,” he said.

He also spoke about business models in churches and banks, highlighting how structure and delegation contribute to their expansion. “Each branch must be seen as a unit that can operate independently,” he added.

Uwaoma broke down business scalability into three pillars: a great product, effective distribution, and a solid ecosystem. “You need one winner product. Then build everything else around it,” he said, using examples from the tech, retail, and real estate sectors.

He cited Apple’s iPhone as a flagship product and explained that massive distribution through partners like AT&T and Chinese Mobile enabled its global reach. “The strength of scale lies in distribution,” he said.

Interactive sessions featured business pitch presentations, where participants delivered a two-minute speech outlining their business ideas. Another session involved forming a team of seven, with a president selected. The team are tasked with developing strategies to generate N1 billion in revenue by next year. The individual with the most viable strategy will lead the planning and organisation of the 2026 edition of the event.

Chisom Michael

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.