biz1234: God, sincerity and the passion to help others have really kept me going.

Nice one.
But sharing a little experience along the line won't be a bad idea.

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

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

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.

^^^
So so inspiring.
Please do continue.
I believe a lot of people will learn from your story.

@bigX

I am afraid it is the same with most if not all employers in Nigeria.

Little wonder why the Indians and Chinese will prefer to lock Nigerians up inside the factories.

I have quite a lot of them here as friends, they constantly complain about the desire of most employees to steal at the slightest opportunities.

For me, I employ the use of technologies such surveillance cameras everywhere, attendance recording machine to record days and time each staff report for work. The machine recognises every staff by their fingerprints. I constantly plant few loyal staff among the crooks .

But the presence of the cameras everywhere is the best method to deal with people within the office or factory depending on the nature of your business.

Outside office? you may need to document all activities and cross-check regularly. Most people complain about the employer but some do not even want to work rather they are looking for an opportunity to destroy the business.

This has nothing to do with salary. There was a case of my personal assistant that had a deal with one of our competitors to sell company secrets and vital information on products formulations and business strategies for a million naira!!!

This Longman's salary was increased by 300% within 2years!

He was one of my trusted hands, but most will sell out for next to nothing. I got to know when he took those people to one of our suppliers. The supplier hinted us and we had people monitoring his activities till we got him.

Those people out-smart him, they gave him advance of N100k as first instalment but never gave him anymore so we were told when he came back begging that "it was the work of the devil".

As an employer I have developed a thick skin. Now, I expect the worst while hoping for the best from any staff. There are plenty bad people out there always looking for work.

If you can try check the background of your staff both new and old staff. It does help to avert potential problems.

will be back later to continue with my journey in the biz world
.

My story goes like this.i was working and was paid 25k. one day my boss called a guy that is into the same business with us, telling the guy that if he finds out that the guy is doing business with any of his staff, he would deal with him acordingly. imediately the guy called me, and i new there was fire on the mountain. so i set in motion my resignation letter. A month later i resigned. I started doing the same business. i must tell you, it was not easy, but the main point here is you as a man or woman must be goal orientated. you dont have to make 100k profit a day and what you think is let me go to a beer parlor and relax. the only thing one should think is, this 100k is too small and how can i make profit of 500k, and even when you hit the said 500k, increase your projected ptofit to 700k.

you see i have a GLO Distributor living upstairs my building before, i have nerver seen this kind of guy in mine life before. this guy does business of BILLIONS in a month yet he leaves in a room and parlour self contain. i mean what am saying. he does business of BILLIONS in a month with GLO, MTN,ZAIN, MILTILINKS, STARCOMMS etc. this guy is basterdly rich yet he drives car of 2.5M. the car was even given to him by MTN. i think the main reason why our success diffs is because we project different wants, or we choose to purshu the wrong wants at the wrong time. EG the GLO disrtibutor in my house did not buy houses because he has money, rather he concentrated on opening more recharge card outlets. for example if you buy a house of thirty Million Naira, the annual projected rent you can get cant not be more than Two Million Naira. But as a confirm business man if you invest 30 Million naira in a recharge card business, i believe recharge card sellers reading my post knows the calculation of even a months profit benefited from that 30Million Naira. what am trying to say, we should try and build our business to a very high standard so that when flood comes the foundation would not be moved.

Our mind is the key to success, bearing in mind God is constantly with us. As for me two yearsafter my resignation i have a landand a housei bought in good location in Lagos plus i have my time, because if you say guylets party by 2am i can make it because am the boss. But i dont do such except such party is full with people i can do business with.

This thread is a Goldmine Thanks @ page9, would be expecting more posts from you.

Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing[i]Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing[/i]Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing

page9: Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing[i]Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing[/i]Now, after graduating from the school in 1996/1997, i served in Adamawa state, shelleng local govt to be precise. I don't know as of now but then, there was no electricity in the entire local govt and trucks only come to the village once a week on market day usually every friday. Hope things have change now. I wanted to go into foodstuffs biz like beans, maize, etc then but the structure and distance discouraged me after due diligence was conducted.

I got a job with a computer firm in Ilupeju, right from when i was given the employment letter, i knew i was not going to stay long. But i was willing to learn from my boss and wait for my breaktbrough opportunity to come. I was also reading every book on business that i could lay my hands on including Think and Grow Rich, how to win and influence people, "Rich dad Poor dad" by Robert Kiyosaki.

After reading the "Rich dad Poor dad" my mind was made up to start my biz but like most employees, the fear of unknown wouldn't let me. Then i was earning a monthly salary of N13, 500 while my contemporaries were earning N70k and above. I was notbothered becausei knew i was iworking to learn and not to earn.

After much reflection, i decided to rent a shop in maryland, opposite mobil petrol station beside wema bank plc with all the money i save to start the gsm business. Those were the early days when we were selling sim card for 20k per unit and talkabout phone for N15k. I. was luck to employ a very dedicated salesgirl paying her N8, 500 while i earn N13, 500 myself. At the end of the month, i will be left with N5, 500!

The logic of this strategy is to test the water first before taking the plunge. The shop strategy did not work as expected but rather than quit, i changed the marketing strategy by deploying about 20 boys to major traffic prone areas in lagos from cms,P&T, Ojuelegba bridge, maryland-bank anthony etc to sell recharge cards in traffic. The boys were paid on commission not salary.

Within 3months of the new strategy, we had over N1.5million naira in net profit. Those days we only had MTN (N1, 500) and Econet (N1, 000) as highest and lowest denominations. I realised i have made about Ten years salary within 3months!

When i tendered my resignation letter, my boss was asking me how much were they offerring me where i was going, boasted he could double the pay. I just laughed. That was the last time i collected pay check from any one till date.

There were challenges no doubt but i my dtermination was far greater than any problem that could come my way. For instance, i had barely N300k then and each of the two network providers expected us to deposit N5million naira each to be appointed as a dealer. I met a friend working in Econet then who was helping me to buy my stock under a dealer's name till i could raise enough money.

Secondly, i was buying Econet cards on behalf of another dealer who was an accredited dealer with MTN. This strategy became necessary because you get discount based on volume you buy, instead of me to buy little of the 2 networks, i would buy only Econet for all members of my alliance while the other man. would buy on our behalf. That way we were getting better discount then.

Right now, i have left the gsm biz but will continue the story, may be tommorow God willing

Ur inputs are really inspiring and very pushy, for this sole reason I'm going to " follow " u on NL from this day forward.

If not for anything to atleast get some doses of motivation/inspiration when the spirit is down and fragile.

apology to you all for repeating my last post making it pretty difficult to read.

It was an error on my side

The essence of telling my story is to show people that " It is doable"

I make specific mention of locations, time and events surrounding the story to drive home the point

God-willing, I hope to conclude the story by the weekend

page9: apology to you all for repeating my last post making it pretty difficult to read.

It was an error on my side

The essence of telling my story is to show people that " It is doable"

I make specific mention of locations, time and events surrounding the story to drive home the point

God-willing, I hope to conclude the story by the weekend

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

Page9, thanks so much for the inspiring posts. God bless u real good...

We no doubt made good money from gsm business while it lasted.

But much later, the boys selling the recharge cards were becoming smarter. After selling the recharge card we gave to them, some of the boys would use the money made to buy elsewhere from our competitors. The competitors were not willing to sell on credit but were prepared to give a slightly better discounts compare to the commisssions we were paying.

Consequently, the sales dropped, some boys made away with our money. But all in all, the risk we took was highly rewarding because the losses altogether should be less than 2%. Thereafter, we changed strategy, by setting up branches in populated areas of Lagos positioning foot soldiers who were selling directly to phone call centers and recharge cards bulk buyers in each local govt and sales moved up again but by then we had far more players in the industry. Also, the network providers slashed the margins, it was becoming difficult to maintain our profitability at the level we were used to.

I left the business when the robbers were attacking gsm dealers regularly. Two of my fellow dealers were attacked and their entire capital wiped out. The unfortunate part is that most of the informants of these robbers were staff of the dealers. Then it was cash and carry because the banks were not as efficient as now. No one will pay into any customer's account. Some other staff will collect fake money. If an amount up to N2000 came in fake notes, it will require us to sell up to N100, 000 worth of Econet cards to recover the loss, hoping there will be no fake note within the N100k. It was that bad then.

We were beginning to loose our capital gradually because of multiple challenges. It was obvious we needed to quit and we did just that.

I trained a lot of people in the gsm biz, some of who are still in the business now but most are complaining that the biz is a shadow of what it used to be.

@saxywale

It is a bit difficult for me to agree or disagree with your assertion because I don't have an idea of the current situation aside from what I hear everyday. But if you intend to go into d biz, lower your expectation, expect the worse while hoping for the best.

Thereafter, I went into bakery and eatery biz under a brand name "megaspices" but it was a disaster. I also went into processing and packaging of Ofada rice for local and international mkt but the retailers were not paying. when I had to deposit money before the farmers can harvest for me, after doing all the "wahala", to get it down to the market stories will still follow.

I did quite a lot more biz, time and space will not allow.

I finally settled for oil business after going through the mill with lots of "bruises" and six years down the line, we are still waxing stronger and we are now planning to diversify into into export of agricultural products and solid minerals. I do not believe in importation except when the goods are essentials with no local substitutes because we cannot grow as a nation if we depend on others. Our goal is to export our own company products in the nearest future atleast to the Ecowas first before taking on the rest of the world.

I believe it's time we formed a new generation of Nigerians who will think of Nigeria first in all our dealings.

I am available for questions and advise for those who think I can be of help to them. post your questions here and I will respond asap.

@page9 what challenges did you have in the eatery business? I'm involved in that field as I'm trying to diversify from the IT I'm into now so I need to know what and what can happen down the line apart from unnecessary levies, staff theft, food preservation, poor attitude of sales staff, quality control, advertising and diesel costs I'm facing now

yam:

first step to failure looking for a biz to do as a graduate.

the biz to do as a graduate is to practice wat u read in school,lol.

.....You are totally wrong sir

@page9, thanks for the bèautiful writeup.MY question to u is vegetable oil production from groundnut and soyabèan profitable?

[color=#000099][/color]@page9 what challenges did you have in the eatery business? I'm involved in
that field as I'm trying to diversify from the IT I'm into now so I need to
know what and what can happen down the line apart from unnecessary levies,
staff theft, food preservation, poor attitude of sales staff, quality control,
advertising and diesel costs I'm facing now

my dear brother, my opinion borne out of experience is that "all other things being equal" you can succeed better in a biz with less labour inputs in Nigeria because the human factor is critical. Unlike other factors of production, labour is most unpredictable. The labour input usually shoot up your overheads far more than other factors whether or not there is sales, you have to pay the salaries. It's not funny at all when you have to keep paying all sorts of bills when sales are terribly bad.

I don't want to discourage people but you need lots of cash to maintain, sustain and manage eatery to a successful brand. More importantly, the business requires you to get involved or get a "trust-worthy and dedicated manager " which is pretty hard to find. Therefore, if you don't have the above, or you don't know how to get around these challenges, then you need to think it through.

For me, I am currently married to oil industry and I don't think I can pursue so many businesses at the same time, what I do now is to be selective in businesses that would not require heavy physical or financial structure, lean labour force, mostly contractual so I don't have to worry about too much overheads. That's why export seem to fit into my specification.

Service industry or trading of consumables is a good start and a better stepping stone for a green-horn with limited capital and experience.

If you are desperately searching for a biz of your own, why not start an independent marketing firm that could help others sell their products or services. Companies are looking for people who can help them sell their products and services for a fee or commission. Get good e-books on sales and marketing strategies, identify a product, analise the potential buyers demographically, geographically using the 4ps-Product, price, place and promotion and connect the dotted lines. Or you can help companies source for raw materials at reasonable price.

@ whatalife

I honestly have not done the biz of extracting vegetable oil from groundnuts or soybeans but I know you will succeed better if you site the plant nearer to the source of raw materials.

You will need to pay a visit to those states in the north where d raw materials are in abundance. The outcome of your research will help you make informed decision. remember that these items are seasonal so you will need to stock enough during glut. Best of luck

@ all
Service industry or trading of consumables is a good start and a better
stepping stone for a green-horn with limited capital and experience.

If you are desperately searching for a biz of your own, why not start an
independent marketing firm that could help others sell their products or
services. Companies are looking for people who can help them sell their
products and services for a fee or commission.

Get good e-books on sales and
marketing strategies, identify a product, analise the potential buyers
demographically, geographically using the 4ps-Product, price, place and
promotion and connect the dotted lines. Or you can help companies source for
raw materials at reasonable price.

@Page9, you are the BOMB!!!
I dove my hat for you sir.

page9: [color=#000099][/color]@page9 what challenges did you have in the eatery business? I'm involved in
that field as I'm trying to diversify from the IT I'm into now so I need to
know what and what can happen down the line apart from unnecessary levies,
staff theft, food preservation, poor attitude of sales staff, quality control,
advertising and diesel costs I'm facing now

my dear brother, my opinion borne out of experience is that "all other things being equal" you can succeed better in a biz with less labour inputs in Nigeria because the human factor is critical. Unlike other factors of production, labour is most unpredictable. The labour input usually shoot up your overheads far more than other factors whether or not there is sales, you have to pay the salaries. It's not funny at all when you have to keep paying all sorts of bills when sales are terribly bad.

I don't want to discourage people but you need lots of cash to maintain, sustain and manage eatery to a successful brand. More importantly, the business requires you to get involved or get a "trust-worthy and dedicated manager " which is pretty hard to find. Therefore, if you don't have the above, or you don't know how to get around these challenges, then you need to think it through.

For me, I am currently married to oil industry and I don't think I can pursue so many businesses at the same time, what I do now is to be selective in businesses that would not require heavy physical or financial structure, lean labour force, mostly contractual so I don't have to worry about too much overheads. That's why export seem to fit into my specification.

Service industry or trading of consumables is a good start and a better stepping stone for a green-horn with limited capital and experience.

If you are desperately searching for a biz of your own, why not start an independent marketing firm that could help others sell their products or services. Companies are looking for people who can help them sell their products and services for a fee or commission. Get good e-books on sales and marketing strategies, identify a product, analise the potential buyers demographically, geographically using the 4ps-Product, price, place and promotion and connect the dotted lines. Or you can help companies source for raw materials at reasonable price.

If we were to meet in real life na OGA and yes sir I go they call and answer u.
I'm really impressed with all ur realistic input on Nigeria and business,they are really priceless I must tell u,
What most people do not know is that u are actually lecturing us on what our lecturers didn't lecture us while in school.
I just finished my masters(in marketing) around this time last year so I know the value of the info u've given out here,
Like u made mention of the 4p's of marketing,
Also we have the SWOT analysis etc etc, these are normal theoretical aspect of marketing that the lecturers "only"know about, but u actually went in depth with the day to day challenges in the field..............
Doing this without a fee attached to it is really lovely.
All I can say is that God will bless u for what u are doing.
Once again thank u sir.

What keeps me going on is the assurance that the future is as bright as God's promises. That is what keeps me moving in my business endeavor.

My husband once asked me: what is the one thing you would do for people, even if you would not be paid for it? I answered: Baking. For most of us, the success in being an entrepreneur starts first with God's ability, then passion. Passion is only gotten when you're doing what you love, and it's keeps you going when things are tough. And boy, things get tough along the way. Being an entrepreneur is much more challenging than being an employee. It's riskier and you definitely work harder than an employee.

The truth is most people are not duly informed about what it takes to be an entrepreneur, a lot only see the 'success' of entrepreneurs and jump right into it. Along the way, they realize how much it's costing them and they are not ready to pay the price.

As an entrepreneur, at the start of your business, you will not wear the latest clothes or shoes nor will you drive the latest car. You probably will earn much lower than your contemporaries. The question is: are you willing to delay gratification? Until your steady flow of income is established, running a business can mean money today, none tomorrow.

But in all, I would rather keep walking this road as an entrepreneur, because for me as a wife and mother, it has afforded me the privilege of being at home to cook for my husband, drop and pick up our daughter from school and by God's grace build our home. Being an entrepreneur is much more than 'being in control'. Don't let that be the focus of your desire to be one. Let it be about the ability to use that liberty to be a blessing to other around you.

God bless.

Its funny owning businesses though, at month end when everyone's celebrating their salaries, you're transferring out your own as salaries. Though its fun being paid daily.. Just a thought.
@page9 thanks for the insights, the human factor is really horrible here, theft and the way they handle your expensive equipment.

cheddarking: At the risk of derailing this thread,

I believe that far too many people put a lot of emphasis on 'running my own business' and 'sacking my boss(es)'.
It is very very possible to be an employee and an entrepreneur at the same time.
Investing in some buisnesses like real estate or being a silent partner can allow you to be an employee and an entrepreneur at the same time.

my advice to some Nairalanders is to chill and observe, speculate well well before you tell your oga to do one.

Running your own biz can be HELL.





But the benefits are heavenly.....

@gracefulkemi,

Thanks alot.
That is surely a good advice.

My kids have kept me going, each time I think about them, I get inspired.

emailguru: My kids have kept me going, each time I think about them, I get inspired.

Eyah! This is so touching.
You just touched my heart.

Did i just read all in the comments in this thread??this must surely be intresting...

Joeblis: Did i just read all in the comments in this thread??this must surely be intresting...

Sure it is.

People have different things that motivate them, once you identify what motivates you, then, nothing can stop you on the way to greatness. This thread is very important for people who haven't identified what motivates them.

hmm! this is highly enriching @ acidtalk thanks for creating such a thread i am highly inspired. having share ideas 4rm great men/women i must say i enjoy been here. well my story is this i am an Engineer that just finish service last year, and my first attempt to get a job end up in been dupe #30000 and spending close to #8000 on transport, after that i decided to do things differently & went in2 fish farming and fingerling production which cost me another #45000 to acquire d knowledge, but today i have cover all my expensis. infact my first training lecture i charge the person #40000 plus been treated as a king becos of d information i have. my farm is not up to one year old but is giving me nothing less than #60000 in every two month from production of fingerlings apart from the ones i get from lecturing. my driving force is dat i don't want my children to ask me in near future where i am when others are emashing whealth. i can 4give myself if i am poor. though i have my challanges