According to Michael Fritsch, Udo Brixy and Oliver
Falck in their paper titled “The Effect of Industry, Region and Time on New Business
Survival – A Multi-Dimensional Analysis”, “The survival chances of start-ups
tend to be relatively low in industries characterized by a high minimum
efficient size and high numbers of entries.” The paper also indicated that
“Setting up a firm can be an arduous task. Entering a market and competing
successfully is subject to severe uncertainty and requires diverse
qualifications that are rarely united in one single person. As a result, a
considerable proportion of new firms have to leave the market relatively soon
with the result that in many industries, regions or years only a minority of
the entrants is able to survive for a longer period of time”
In their hypotheses, it was elucidated that “Empirical
studies have shown that new firms are characterized by a relatively high risk
of failure during the first years of their existence. The main reasons for such
a liability of newness are the problems of setting up an organizational
structure and getting the new unit work efficiently enough to keep pace with
competitors. This includes establishing business relations with suppliers,
acquiring suitable personnel as well as gaining customers. Another reason for
the relatively high vulnerability of new firms to closure is that quite often a
certain time period has to be survived until the first profit is realized.
Because new firms tend to start relatively small, the liability of newness may
also be a liability of smallness (Aldrich and Auster, 1986).”
Coming from this background, it is not hard to find a
reason to celebrate a firm that has survived 20 years in business.
Congratulations KFA you have made us proud and given us a reason to succeed.
Today KFA rolled out the drums, extending invitations to colleagues and friends
in the event industry to join in their high octane celebration to mark the 20th
Anniversary of KFA Event Centre. I was invited but I missed the occasion so I
am doing this piece as a tribute to the KFA family. Kudos to you all.
KFA runs an Event Centre located in the highbrow Lekki
corridors of Lagos, among other event services businesses in its portofolio. Let
me look at a few factors that have distinguished KFA as an event centre of choice
Ambience: The atmosphere inside KFA is
exhilarating. Once inside the arena it will switch you quickly into a joyous
mood. You will feel calm, relaxed and homely. The air conditioning is super
while the environment is neat, clean and hygienic.
Space: The centre is spacious allowing the guest
to seat comfortably while an event is going on. This gives you the latitude of luxury
while eliminating the evasion of your private space.
Service: The quality of service is superb and you
get treated like a celebrity. I have a feeling the management set a minimum
standard of compliance for every vendor contracted to serve during events. The
courtesy and smiles are there to smoothen your experience and make you want to
come again soon.
Security: The facility is fenced and gated and
every movement in and out of the premises is supervised and directed. The
procedure in place effectively eliminates uninvited guests and imposes
confidence on the guests.
Parking Space: The parking area is clearly marked and the
security personnel direct the parking arrangement ensuring free movement of
cars within the complex.
Interpersonal Relationship: There is this warm feeling of welcome you
get on arrival and throughout your stay. This attitude is ingrained in all
service personnel working in KFA. During the planning of this event for
instance, guest were called personally and notified of the upcoming event. This
was followed up with the delivery of the invitations with acknowledgement of
receipts. Thereafter a follow up call was made to confirm attendance. Classic
performance I must say.
Design: The event centre is well laid out. There
are distinct service points for other vendors. The conveniences are clean, neat
and well perfumed with friendly fragrance. The interior is well lit while the
floor is adorned with beautifully patterned tiles.
Safety: This is also a top priority in the
premises as well marked exits are visible. The doors are wide and emergency
lighting installed at strategic places as a contingency to power failure before
the generators are switched on. Also noticeable are fire extinguishers mounted
freely for easy accessibility.
Aesthetics: Beauty they say is in the eyes of the
beholder. In KFA event centre, every guest is a beholder because you cannot
help but notice the appealing and cosy setting.
I can go on and on. But let me stop to say that these
are some of the features that has endeared KFA event centre to the hearts of
many customers. It is these same qualities that made them to overcome the high
risk of failure that characterise many start-up businesses. And these same
indices which they have built for the past 20years is what they are celebrating
today (29th Nov. 2015)
In signing off this article, I would recommend to
aspiring start-ups and many existing event centres who want to grow in the
business to learn one or two things from the KFA experience.
Congratulations once again.
NB: Kemi Adeleke can be reached on 08062795680,
07040434341. kfarentals@gmail.com.
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