‘Embrace Failure In Business,’ UNILAG VC Advices Student Entrepreneurs

By Joy Emele

The Vice Chancellor of the University of Lagos (UNILAG), Professor Folashade Ogunsola, has advised students to embrace and learn from failure.

She gave this counsel on Wednesday, July 17, 2024, at the presentation of business registration certificates from the Corporate Affairs Commission (CAC) to UNILAG students. The program was hosted in concert with Ignite Career Initiative.

The Ignite Career Initiative is a non-governmental organisation effort aimed at empowering young people with admirable and lofty entrepreneurial ideas, by providing a veritable platform to actualise their ideas with sustainable results.

According to Ogunsola, failure will occur in any human endeavour, hence the need to always embrace it as a friend, rather than as a foe. “We must strive to embrace and learn from failure and never to give up. We must keep moving forward,” she said.

The VC urged the “student-preneurs” who were present to imbibe honesty, ethics and integrity when running their businesses. “Approach every business ethically. What is in your mind is what you express. Guard your mind, as it shapes your actions and character,” Ogunsola said.

Another speaker at the event, Mrs. Tayo Fakorede, who represented the founder of the Aare Bashir Fakorede Foundation, Aare Bashir Fakorede, also emphasised the need to accept failure whenever it comes and build resilience. She expressed the foundation’s belief in the potential of youth and pledged its continuous support to student businesses.

Speaking on behalf of the Managing Director of NEM Insurance, Mr. Tope Smart, the Group Managing Director, Mr. George Emefiele, expressed satisfaction with the organisers of the event and affirmed the company’s commitment to supporting the initiative.

The event also featured goodwill messages by Mr. Tobi Oluwole, Deputy Director of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); and Mr. Uche Nwachukwu, Group Head of Business Development at Bank of Industry (BOI).

The event was concluded with a brief address from a 500-level law student, Mofiyinfoluwa Akin-John and testimonials from previous recipients of CAC certificates. The high point of the event was the presentation of CAC certificates to 10 business owners, conducted by the vice-chancellor, alongside Mrs. Fakorede and the co-founder of Ignite Career Initiative, Hon. Moyosore Adebanjo.