Former Managing Director/ Chief Executive Officer of
Ihejiahi made this known when he presented a paper titled, "Is Compliance with Global Best Practices a Challenge for
The former MD/CEO of
He told THISDAY in an interview that in spite of financial provisions made available by government and banks, such funds are never enough because of the high demand.
"You will never have enough of the demands (of funds). At the end of the day it has to come into normal commercial banking system. That is the reality. When you have special windows they will always be rationing and it is difficult to decide who gets what and who doesn't get. Let me say that over and beyond this, some of the issues I raised are what are fundamental," he said.
He added: "For small businesses to endure they have to be run properly and professionally. I think that is where a lot of people miss the boat. Yes, money is important but ideas are superior."
Ihejiahi said what is important is that businesses are run with commitment, clear vision and integrity and also to be abreast of what modern technology can offer to enhance the business.
"The key idea is commitment to have clear vision, to run the business with integrity and to run it in the context of the century: technology and maintaining good records and accounts and to continue to grow. That is really the way a small business can grow," he said.
During the presentation, Ihejiahi said the economic base of many countries, including the Asian tigers like
He noted that in
All these, he said, could discourage entrepreneurs. He therefore stressed the need to have a good business idea is important because such ideas and determination can help to surmount these challenges as they would facilitate easy access to funding.
He said there are fundamental conditions that an entrepreneur of small and medium business must abide by to ensure the success of his enterprise. One of such conditions is record keeping. According to him an entrepreneur should pay attention to basic record keeping.
"You ought to set up your own record keeping. This should be done in such a way that it will guide your activities and you should ensure that your account is audited. This is critical because if you go to many places what they will ask you is if you audit your account," Ihejiahi said.
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