Entrepreneur advises youths on business risks

The founder and CEO of Elboogie Boutique, Mrs Lilian Famadewa, has advised entrepreneurs to always take risks in order to expand their businesses.

In a chat with newsmen in Abuja at the weekend, Mrs Famadewa explained that Elboogie, which has four branches in the FCT and an online store, started as a niche she developed while in the university.

She listed resilience, hard work, focus and continuous learning as essential in building successful businesses.

She said, “As the saying goes, ‘A journey of a thousand miles starts with a step.’ So, the first step is to start. However, you must develop a vision. A dream is a dream until it becomes a vision which is actionable.

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“In doing this, you must carve a niche for yourself. Elboogie started as a niche that I developed as a university student. You must transform your vision into action. Continue to review your actions with focus on your vision. Never remain in your comfort zone; dare to explore.

“Many people do not want to take risks and they are waiting for that ‘big capital’. Businesses do not often grow that way. Do not be afraid to start small, résilience, hard work, focus and continuous learning are essential in building successful businesses.

“For fashion business specifically, you need to be abreast with trends across the major fashion capitals. There are times I spend days walking through the stalls of different fashion stores abroad to study trending styles.”