page9: well, I urge people telling their stories to go a little further by mentioning the industry or sector where they operate (not necessarily specific ) so they can encourage other people who might be thinking of venturing in similar or allied sector.

secondly, if the truth must be told, not everyone is actually cut-out for business. I say this based on everyday experience as an employer. Some graduates have impressive qualifications but are so unimaginative that you have to tell them everything to be done.

Therefore, before you take the plunge, get about 5 independent mentors who have been in self-employment for long to assess you objectively. You must also have passion and drive to beat successful entrepreneur . You either have the traits in you, which you can decide to develop over time or you learn about it and develop a "goat mentality " for success until you get it right because failure will surely visit you on the way. it is inevitable.


About my experiences, I started-off in business about 21yrs ago, then in my first year on campus.OAU-Ile-life. I made two units of suede shoes from a cobbler somewhere in Alagomeji-yaba, Lagos. And I realised each time I wear any of the shoes, people kept asking me where I got it from, I told them I made it, some were willing to drop money for me to get it for them.

Initially, I did it for free, but at a point, I turned it to biz, while going to campus, will use all my allowance and every money on me to buy different designs. Then I was buying a pair for N85 and selling for N150 then, it was a lot of money. Through out the session never had cause to ask for money from home. Then no gsm, only nitel. I used to call my younger brother to collect money on credit from my mother go to the cobbler, collect the shoes and bring to campus and I usually return the money immediately he showed up.

The issue then was, you could not pay to someone's account as it is done now.

After doing that for about 3yrs, we were sent home by the school authority over the June 12-Abacha imbroglio.

In 1994, after sitting at home for over a year due to the refusal of Abacha govt and ASUU, I decided to venture into pure water biz.

we started with 2 sealing machines borrowed from two friends. I also had some money saved from my campus biz totalling N16, 000 . That was about 18yrs ago, there was no automatic sealing machine then. Everyone then was using impulse sealing machine. Infact only 4 companies were producing pure water then and it was only in lagos. We were the fifth, within 3months of production, we had already hit net profit of N1million!!!

But shortly after that, the ASUU people resolved their problem and we had to go back to campus. I was tempted to abandon my university education but my parents would not hear of such so off I seatback to school. I had the challenge of getting a competent hand to manage the biz . I finally settled for a younger brother of a close friend. Within a month, the mismanaged the biz, the report I had was he went on spending spree, never showed up , andwhen he did, it would be to collect the money made for the day. That was how the business ended. It almost affected my academic study when I heard the news.

I hope I am not boring you all with my story?

Now, we are into oil and oil related industry, our factory is around Amuwo odofin industrial estate is worth over N200million now

I will continue when time permit . I have a meeting about now

Da infamous: doing very good more brain work that's all

lacasa: i dnt believe Enterpreneur is the word ϯo use in Nigeria especially.

Rather, i'd prefer Hustler be the keyword here

For u ϯo be an enterpreneur, u must αve d enabling environment, n 4 naija dat environment no just be am

Gettin d job security is the most ppractical option in our circumstance.

But, tђere is being "Risky" n tђere is being "Impractical".

The fact is, the top hustlers in ds country such as the Dangote's the Otedola's r nothing of Enterpreneurs but Hustlers with a stack of government/PDP backed concessions anϑ monopolistic policies †ђat favour their arenas.

Compared ϯo Enterpreneurs around the wworld like Mittal, Trump anϑ Vince Mcmahon, the line btw Hustlers anϑ Enterpreneurs is surely clear

Emokai: hmn! life! life! I worked 2 and half yrs wit a private firm b4 starting my business exactly 1yr ago. i now have 2 branches and a jeep within 1 yr. i've also employed 4 semi skilled labour. i wont rest until i've developed my business 2 d extent that i'll b able 2 employ skilled nd experienced labour. working 4 someone was like hell 2 me; i suffered every form of humiliation to d extent of loosing my self esteem. now i'm free. i'm now a Director.

bigx:

Bankers or ex-bankers would be in the best position to explain.
Sometime last year, my Account Officer in GTB here who helped in opening my first corporate account when I was just an undergraduate actually called to ask what business I'm into as he was tired of the job & was planning to resign.
He's still there though, I guess they believe the reward for the effort expended isn't enough.

bigx:

Nice, How do you get around the issue of getting honest and reliable people to manage your business? I'm having that problem right now, all the people I get are thieves, lazy, not motivated or just plain destroyers.

question:
Thanks for sharing your story. This shows that telecoms is a gold mine.

okpara ugo:

I have had a share of business destroyers too.

Now i spot them under 2days and disengage them immediately before any damage is done. They can erode your one year toil in one month.

page9: All payment comes thru me. We have petty cash limit of 100k and no one gets any money without my approval.

I make use of technologies. I can pay and receive money in any currency and from any part of the world.

I have surveillance camera in my factory to monitor all activities.

We constantly observe loopholes and we strive to block it as soon as it is detected.

Is an on-going thing, it is a battle field where both parties try to out-smart each other.

acidtalk:
What is still keeping you guys going?

annastacia15:
I am a strong advocate of the theory that an employer's aim is not to enrich you but to give u just about enough to keep you wanting more.
Such was my case at my previous job, I was employed as an accountant but because I'm very passionate about making a name for myself anywhere I find myself, I took up sales and marketing in the firm and I helped the company make a lot of money during my stay there. I was supposed to earn a commission but somehow the company ended up not paying me and requested that I leave.

I was depressed and didn't know what to do. I gathered my savings, this includes all the 2k I hide in jeans pocket, 4k in shoe boxes, everything I had and I decided to open a laundry initially. The USP for the laundry was drafted and I had a feeling that it would work.... I had to work within the limits of my budget, so I set out to find an office space, it was difficult considering that landlords nowadays want to charge 2million for a 4x4 room (pun intended).

After a large manhunt for space, I had to go back to the drawing board and calculate the rate of turnover if I would use that space for a laundry. I had always had a passion for hospitality/bar/restaurant business, so I drew up a business plan for a bar business. By my calculations it was pretty fair.

Not to bore you out, i got a space, designed it myself, I must add here that it wasn't easy at all, after I paid the rent and bought some electronics (freezer,sound system et al) my money got finished, I was almost done with the place and I had no more money to continue, the items were just lying fallow, rats has even started eating the floater attached to the items. It was a bad bad period for me and i would cry everyday. finally God answered my prayers and the small side jobs (training marketing staffs for startups) began to yield fruits, I received payment and used it to complete the bar.

Today we make more more than what I used to earn per month every week. I'm not one to live a luxury lifestyle so most people don't know. Many of my customers see me as a sales girl and my bar manager as the owner, it helps them relate well with me, I get to hear firsthand what their issue/concerns are and work expediently to resolve it. I'm barely there but when I am, I feel fulfilled

What keeps me going is the fact that I can do all this when I was at my lowest, I can only imagine what I can do at my peak.

My advice to people like me: refuse to be idle! I mean absolutely refuse it, If I didn't offer trainings to startups at a token, when I actually did need money, I would have nothing to fall back to. I sold my experience and expertise for a very minute fee and it helped my business at the right time. I didn't stay down, I can't stop, I won't stop! I didn't let my former job get the best of me and I didn't let despair win. Have faith in yourself, say to urself everyday, I have done it already and it will be done and most of all PRAY!!!

If u are ever in Ikotun please feel free to visit us at THE OFFICE LOUNGE AND BAR at 2 Diffri Road, (church b/stop) Abaranje Ikotun Lagos.