Leonard Stanley Nnamdi Ekeh, a Nigerian entrepreneur, and philanthropist has shared his business insights with young Entrepreneurs to improve their entrepreneurial mindset and foster business growth.
Leonard Ekeh is the founder and chairman of Zinox Technologies Limited. Also, the chairman of Konga.com. Ekeh believes that, “To be a solution provider and an entrepreneur, a change of mindset and clarity of purpose is highly needed.” He has demonstrated this virtues in his entrepreneurial journey and pursuit for excellence.
Popularly known as Leo Stan Ekeh, he is known to have spearheaded the creation of the following companies: Technology Distribution Limited, Task Systems Limited, Zinox Technologies, Buyright Africa Dotcom Limited, Task Direct Limited, ITEC Solutions. Task Systems was his first start up, It is the first company in Nigeria to venture into desktop publishing and computer graphics.
Leo Stan Ekeh led the team that delivered the largest single ICT project in Sub Saharan Africa. The group that was also responsible for the technology infrastructure of the 2007 and 2011 voters’ registration in Nigeria. In December, 2013, Microsoft appointed Leo Stan as a global partner Advisor.
The Nigerian business mogul at a tech conference shared his perspective on entrepreneurship in Nigeria. He was of the view that aspiring to become an entrepreneur in the 21st century and particularly in a country like Nigeria, comes with tough choices.
According to him, the configuration of successful entrepreneurship should cover the following; Common sense, 40% common sense, knowledge of the business 40% and spirituality 20%, noting that without these elements navigating the business environment will be difficult.
Another component of entrepreneurship which was raised by Ekeh is capital, he observed that this was critical for sustainability in business. He said in raising capital, hope is not a strategy, and that the failure rate of startups in Nigeria is becoming embarrassing because of the perception that money is raised to live cozy lives.
“An entrepreneur must accept an incubation period, successful entrepreneurs are seen as stingy because they know the value of every Naira lm spent but they use the same money to sustain the society”, he said.
Speaking further the Serial entrepreneur who acquired Konga, mentioned that, “my advice to Nigerians here, I see a lot of new startups now selling death it means technically you are leaving a company and if am an investor I watch your lifestyle. Entrepreneurs who have startups don’t drive the best cars they hide until they emerge”.
Mr Ekeh also emphasized the need for entrepreneurs to have character, decrying the fact that some young entrepreneurs take their first level of financing to live in costly houses, taking first class flights to Britain.
Giving a advice to young tech entrepreneurs, Ekeh charged them to be very resourceful and leverage on their capital which is their greatest wealth, as the bankers who provide financing are holding money in trust for depositors.
“As an entrepreneur build yourself first as personal collateral, an entrepreneur must suspend luxury in the short run” Ekeh argued.
Approach the market uniquely
As an entrepreneur, be creative in the way you approach the market. The Zinox laptop came with new designs like the Naira sign. Clients want to see innovation, so, give them what they want.
Make a positive impact while making money
Leo Stan Ekeh is known for his good deeds by helping the poor climb the ladder of riches. Whatever you do, leave a legacy that will outlive you.