A former Minister of Finance, Kemi Adeosun, has advised aspiring entrepreneurs to embrace business failure as a learning curve that helps identify weaknesses and build resilience for future success.
She gave the advice at the 2026 edition of The Platform Nigeria, held in Lagos to commemorate Workers’ Day, where she shared insights from her entrepreneurial journey and lessons from both success and setbacks.
Adeosun revealed that she had run nine businesses, six of which failed, stressing that failure is an inevitable part of entrepreneurship.
She warned against the notion that success can only be achieved through starting a business, describing such thinking as risky and misleading.
According to her, even the most promising ideas must pass critical tests to succeed, outlining four key laws that govern business viability: the market, the numbers, the timing, and the team.
She explained that entrepreneurs must validate real demand by clearly identifying who will pay for a product or service and why, while also paying close attention to revenue, costs, and profit margins.
Highlighting the importance of execution, Adeosun said timing determines whether a business leads or follows in a competitive environment.
She added that no entrepreneur succeeds alone, underscoring the need for strong teams to support vision and growth.
“Moses needed Aaron. Every founder needs a team,” she said.
She further emphasised the need for thorough research and financial awareness, urging entrepreneurs to approach opportunities with both diligence and wisdom.
“Do your research with wisdom. Some things are not what they seem; that is why knowing your numbers will help you,” Adeosun stated.
Encouraging young Nigerians to strive for excellence in their chosen paths, she noted that preparation, combined with prayer, plays a crucial role in building a successful entrepreneurial journey.
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