Mr Niyi Adesanya began by giving the percentage of businesses that expire within a year. He explained that even in the west, businesses collapse. He says the business owners need to pay attention to key issues highlighted by earlier speakers.

He directed his own discourse to the entrepreneurs. He categorised them into two types. Structured – those entrepreneurs whose foundations are structured and, Street – the ones who happened upon success even without structure. He said the latter were the ones more difficult to help.

He then talked about the high net worth individuals who account for only 136,000 in the whole of Africa.  He said Nigeria only has 10,000 of those people.  He said there were even only 51 centi-millionaires (in dollars) in Nigeria. He said this evidenced the short-termed measure we as Nigerians have for success. He said we celebrate success too early and don’t think long term. He pointed out that according to statistics, your business is not yet considered successful until you have crossed the 10-year mark. It is essential that they do not tie down capital before their cash flow is established. The ability to turn money around needs to be concrete before any house is bought.

Privileged relationships and Privileged information were essential to success and that’s what mentorship provides.

He talked about working with some entrepreneurs using his template; the MACEE (Mentorship, Advisory, Coaching, Evaluation and Energy) procedure.  He said they got results within a short time, even though earlier than planned.

In the MACEE procedure, the first key you need in your entrepreneurial journey is a mentor. Everyone needs an industry mentor. He warned people to beware of Ponzi schemes, with people above 120, which serve the interest of only those at the top.  He referred to the law of dispensation, saying the number being mentored should be contained.  He says the name mentor has its origins in Greek mythology where Odyssey handed his son to his friend Mentor. Mentorship is foster fatherhood.  It involves a relationship. The goddess Athena ( wisdom, art and war)  took on the form of mentor to Odyssey. Privileged relationships and Privileged information were essential to success and that’s what mentorship provides. Bill Gates’ mother was on the board of a bank. 

He pointed out three things to build or attract a mentorship relationship: productivity, visibility and gifts. You must bring gifts whenever you’re in their presence. You need a mentor who will use their strength to your advantage. A protégé refers to one who is protected. As an entrepreneur, you must know when to evolve in your leadership, because, at every point in time, you must evolve to meet the evolving demands of the business., i.e. moving from operational management to operational leadership, to strategic leadership and ultimately sophisticated leadership.