Inside... - Young Naija Entrepreneurs

Transcription

4th Edition
Inside...
Meet The 20 Year Old With A Women Who Did Wonders
A Conversation With The
Queen of Fabric; Banke Kuku Business Valued @65 Million For Their Husband’s
Naira
Businesses
How To Run A Business In School &Avoid Academic Failure| 7 Important Qualities Of Self made Millionaires| Amazing Business Story
Young Naija Entrepreneurs|2
Cover
18 BiBi: Nigeria’s Leonardo Da
Vinci
Features
10 A Conversation With The
Queen of Fabric; Banke Kuku
14 Learn How A 16 Year Old
Dropout Built A $7b Fortune
26 Women Who Did Wonders For
Their Husbands’ Businesses
28 Lamentations Of A Nigerian
Student
32 How To Run A Business In
School And Avoid Academic
36 Never Too Young Or Old To
Make An Impact
38 Meet The 20 Year Old Man With
A Business Valued at 65 Million
40 7 Important Qualities Of Self-
Made Millionaires
42 Amazing Business Story: Aliko
Dangote
Columns
34 Business Lessons From Amancio
Ortega
37 It’s Time To Get Rid Of The
Myth
Regulars
8
Editorial Piece
Editorial
Piece
The need to be responsible
S
ome days ago I was with a friend when her
But for people who don’t use such system they get
landlord came back from a trip. The scrawny
billed a flat rate every month (most times peanuts)
looking man went into his apartment, and after
regardless of how much power they consume.
a few minutes of rummaging around the house
came out with a plastic bottle of water that was frozen
solid. The ice was so thick it was obvious the bottle had broken.
I was baffled.
So I understood why my friend’s landlord left his appliances running while he travelled for days. He didn’t
see the need to be responsible. If he was being billed
by how much power he consumes he won’t dare try
such absurdity. What is more painful is the fact that
many Nigerians also share the same mentality as this
“I thought you said the man travelled” I said to my friend.
“Yes he did” She replied.
“For how many days?” I asked.
“Five days”
man; they don’t see the need to be responsible, to be
accountable for the works of their hands. No wonder
there is so much antagonism towards the system.
In the developed world there is a high level of responsibility, if you must own a jet then you must be re-
“Then how come he still has block in his freezer after five
sponsible to it (pay taxes for it), if you must own five
days?”
cars then you have to do same. It cuts wastage and
“He left the fridge on when he travelled; he also left his fan
and some other appliances on”
theft, and encourage productivity and responsibleness.
I was appalled. Who travels for five whole days and leaves
If we must grow as a nation then we must know that
his appliances on!? I later discovered the man got his elec-
it is nonsensical to waste resources just because we
tricity supply directly from PHCN pole and not using the
don’t pay for them.
new Pre-paid system.
Where I live, we use the Pre-paid system where we are
billed according to how much power we consume.
God bless Nigeria.
Yemzee’s Touch| Whatsapp: 07032648381, 08154485209 |Instagram: @yemzeestouch
|Konga: www.konga.com/yemzeestouch|BB Pin: 7fed4e84 |
Email: [email protected]
INTERVIEW: BANKE KUKU
Banke Kuku
S
he is one of the fastest rising young designers
in Africa. Her designs are so peculiar, so
breathtaking, they have been featured on several world renowned platforms as Vogue, Elle,
Times U.K, Arise Magazine, Financial Times, House and
Garden etc. Her creativity is so genius she has designed fabrics for reputed fashion houses like Duro
Olowu, Jewel by Lisa, Virgos Lounge and Lot78 that
have been worn by the likes of Michelle Obama, Kelis
and Catt Sadler.
She is the winner of Women in the Making 2014 and
one of the top 10 finalist in the She Leads Africa Entrepreneurial Showcase. She has been interviewed on
Bellanaija.com, thisdaylive.com, cdnetng.org among
others.
She has enjoyed so much success in young life, and
with the very many active years still ahead of her, we,
at Young Naija Entrepreneurs, see her attaining or
even surpassing the heights of fashion legends as Calvin Klein and Ralph Lauren.
Q. Can you tell us about yourself? Who is Banke
Kuku?
I’m a textiles designer that is inspired by Africa. I
grew up in Nigeria until I was 8 years old and then
moved to England. I love art, food and music. I love
travel and as you can imagine textiles is my passion.
Q. Can you tell us about yourself? Who is Banke
Kuku?
I’m a textiles designer that is inspired by Africa. I
grew up in Nigeria until I was 8 years old and then
moved to England. I love art, food and music. I love
travel and as you can imagine textiles is my passion.
Q. Where do you get inspiration for such lovely
designs?
I’m inspired by Nigeria at the moment I’m inspired
by the Niger Delta which has been a running theme
in my resent collections.
‘The Delta’ collection was partly inspired by the
work of the photographer George Oshodi, in his
collection ‘Paradise Lost’ who like me has taken his
subject matter from the Niger Delta region.
ke
n
Ba
ku
u
K
INTERVIEW: BANKE KUKU
Banke Kuku during an interview with Bella naija
I chose to explore, tangentially, the theme of the oil production and pollution in the Niger Delta, using bold patterns to
bring to life an otherwise bleak theme.
The main print tries to capture the intensity of an oil spill in
the Creeks, water reflecting into the sunlight. Tales by
Moonlight, the secondary print, is inspired by the sight of the
Delta at night: I was struck by the vision of multiple gas flares
(gas wastefully is burnt or ‘flared’ by oil companies) erupting
like little volcanoes against a backdrop of a pitch black Delta
night-sky.
Q. There are several other talented young designers in Nigeria who are struggling to make their voices heard, how do
you think you and other established designers can help them
achieve their dreams?
Mentorship is really important. Throughout my design career
I have had several mentors. Mentors are there to guide you,
you can learn from them and sometimes they open doors for
you.
Q. People who read your biography and learn that
you travelled abroad at an early age would assume you never had any challenges in business,
can you share with us any challenge that you
faced starting up?
Start up businesses face many challenges where
ever they are based in the world. Some problems
vary from country to country. As I trained as a creative designer, I found it quite hard to structure my
business when I first started. I took business
courses, read lots of books and got a lot of advice
from my mentors.
Q. If you were not a textile designer what would
you be doing?
Honestly, I don’t know! Being a textiles designer is
my definition of success and my only option is to
succeed.
Words by Segun Egbeyinka
A
mong the many stories of grass to grace, rags to
riches, the story of Zhou Qunfei is perhaps the
most dramatic and most interesting. None of those who had
worked with her as co-factory workers would have imagined
that she would one day be the richest woman in the whole of
China. Even if a soothsayer had whispered such monumental
idea in Zhou’s ears she would most likely have regarded such
talk as nonsense.
Zhou Qunfei was born in 1970 to a very poor family in a farming village in Central China. Her father was blind, having suffered an accident in the 1960s. When she was five, her mother
died. In order for Zhou to support the family she began to
work in the farm. But when she turned 16 she had to quit
schooling in order to take up another job that would help herself and her blind father.
She first worked in a small family owned business that made
watch parts. According to Zhou, the work was tough and the
pay was too little. She was paid $1 per day and worked from
8am to 12am, and sometimes to 2am.
When the business Zhou worked with eventually
folded, she left, and, under the advisement of her
cousin started her own business of manufacturing glass
lenses for watches. She had saved up HK$20,000 from
her overtime. She was known to send her monthly salary to her father. Her relatives (brother, sister and two
cousins) also contributed financially to the start of Zhou
Qunfei’s company in 1993.
In 2001, Zhou had a big break when she was contacted
by a Chinese mobile phone giant asking if she was ready
to retool her business for the production of screens for
smart phones. She jumped at the opportunity, and that
started her long fruitful journey into producing scratchresistant screens for smart phones.
Having made good profit from the contract with the
phone giant, Zhou Qunfei in 2003, launched Lens Technology, a touch-screen manufacturing company. The
knowledge and experience Zhou had gathered while
she worked as a factory worker in her former job played
an important role in the rapid rise of Lens Technology.
INSIGHT
Here are some valuable keys to Her
success…
2. She thoroughly understood her business.
Because she'd started on the factory floor and risen
1. She refused to accept less than she wanted.
through the ranks at her first employer, Zhou thoroughly
Zhou did well in school, but she had little choice but to
understood every step of the lens-manufacturing proc-
set aside her dreams of becoming a fashion designer.
ess before she launched her own company. Even now,
Instead, she dropped out at age 16, to go to work in a
with a work force reported at between 60,000 and
factory, "making watch lenses for about $1 a day," ac-
80,000 employees, she's known for walking through her
cording to the Times. It was hard work:
factories and paying close attention to process.
I worked from 8 a.m. to 12 a.m., and sometimes until 2
"She'll sometimes sit down and work as an operator to
a.m. There were no shifts, just a few dozen people, and
see if there's anything wrong with the process," one of
we all polished glass. I didn't enjoy it.
her general managers told the Times. "That will put me
Despite the fact that she needed the work and that
in a very awkward position. If there's a problem, she'll
there were many others lining up to replace her, Zhou
say, 'Why didn't you see that?'"
wrote to her boss after only three months, thanking him
for the opportunity but saying it wasn't enough for her.
Instead of letting her go, her boss promoted her. This
brave move turned out to be step one on her long road
to immense wealth.
INSIGHT
3. She bet on herself again and again.
5. She worked incredibly hard.
Zhou left her factory job to launch her own manufacturing firm
There's a saying in the Hunan dialect that describes
with a total of $3,000 that she and relatives had saved. This
Zhou, her cousin (who serves on her company's
was the first of 11 business she started, according to the SCMP,
board) told the Times: ba de man. It means "a person
most of which ultimately failed.
who dares to do what others are afraid to do."
"Twice I had to sell my house to pay my employees' salary,"
Yet Zhou apparently demonstrates a rare combina-
she said.
tion of initiative and diligence. The Times described
In fact, it wasn't until 2003 that she had the opportunity to
her work habits as "lean[ing] toward the obsessive."
really make her company successful, which leads us to--
Her company's headquarters is at one of her manufacturing plants in Changsha. In her spacious office, a
door behind her desk opens into a small apartment,
4. She said yes to opportunity.
ensuring she can roam the factory floor day or night.
Zhou's expertise was in manufacturing glass lenses for
watches, but it was the rise of the newest generations of
6. She maintains balance and humility.
smart phones that really enabled her success. In 2003, she was
Despite her great fortune and success,
contacted by executives from a major mobile phone company,
the Times described her as exuding both "charm and
asking whether she'd be willing to retool her company to
humility," remaining silent during meetings, but com-
make screens for phones.
manding attention when she does speak up, and admonishing a subordinate for failing to sit up straight
(The timing on this is actually a little unclear; the Times says it
during one meeting.
was Motorola in 2003; the SCMP says it was China's TCL Corpo-
"I'm not qualified to be a high-profile person," she
ration in 2001. Regardless, Zhou jumped at the chance.)
was quoted as saying in the SCMP. "I think it's impor-
"I got this call, and they said, 'Just answer yes or no, and if the
tant not to get carried away when you are successful
answer's yes, we'll help you set up the process,'"
--and not to let yourself feel gloomy when times are
the Times quoted her as saying. "I said yes."
bad."
The Negotiator
The Best Online Platform to Buy and
Sell
Anything at the Best Prices...
Automobiles| Home Appliances| Clothes| Phones| Personal Computers|
Landed Properties| Electronics| You just name it!
BBM: 59026d8d|Whatsapp: 07039842222|IG: de_negotiator |Twitter: @De_Negotiator| Phone: 08081643462
Young naija
EntrEprEnEurs
Editor
Egbeyinka Segun
Beauty Editor
Malomo Oluwatosin
Feature Writers
Ime Ekpon John
Valentine Ogbamebor
T
here are so many young Nigerians spread across the globe who are doing marvelous
things and painting Nigeria in very bright colors. In fact, that was why Young Naija
Entrepreneurs was founded in the first place; to help publicize the works of these
young Nigerians, so as to correct the wrongful notion that every young Nigerian is an
internet fraudster.
Bibi is one of such Nigerians, who is literally painting Nigeria in wonderfully glowing colors. I
came across her while researching for something unrelated and I am supremely glad I did. She
is an autodidact with such wonderful spirit, and has a command of the brush synonymous to
that of Da Vinci.
She was born in Nigeria and when she was 19, she traveled abroad and took two years off her
studies just to paint. At 21, she held an exhibition in her house and sold every single painting.
That was when she decided all she wanted to do was paint and since then she has never
looked back.
Bibi currently resides in Dubia, UAE, and has exhibited in the US, UK, Europe and Africa.
INTERVIEW: BIBI
Can you please introduce yourself to our readers?
How would you describe your painting?
My name is Bridget Oronya; BiBi
My style of painting is hard to describe, my work varies
from traditional to modern African art, from semi abstract
to abstract or symbolic, Most of all colorful and vibrant.
You are fast-raising talented young Nigerian painter,
when did painting begin for you and how did you know
painting was your calling?
I have always loved drawing and painting as a child, I
started painting professionally after finishing high school
in 2004. While waiting for my final result , I made the decision to paint professionally because it was the only thing
that kept me happy and satisfied with myself. I spent
most of my time learning to paint and mixing colors. I
took several art classes as well but most of all I learn better when I am alone and can think freely.
Where do you draw your inspiration from?
My inspiration comes from all around me, my childhood
memories, Exhibitions, traveling and visiting museums.
How long does it take you, on average, to complete a
painting?
It takes from three weeks to six months or even up to a
year to finish a painting. I like to take my time with each
painting, chatting and drinking coffee looking at it every
day till somewhere my brain decides it’s time to stop.
Why is ‘travelling’ a central theme for many of your paintings?
Traveling has always been a theme in my work, my fondest
memories are the places and countries I visited with my
mother as a child.
INTERVIEW: BIBI
Many Nigerians consider artworks exorbitant and overpriced luxurious items so they don’t think to buy them,
do you think artworks are sometimes too expensive?
You have exhibited in the UK, US and Europe, do you
plan to do any major exhibition in Nigeria anytime
soon?
Some paintings are over priced due to value and name of
the artist behind it, the value of an art work goes up the
minutes it gets into a gallery or a dealers hands. The galleries have their bills and expenses to pay, the art business is like any other business. There are affordable arts
it all depends on what the buyer is looking for.
I am always excited to go back home let see what the
future brings.
What are your fondest memories of Nigeria? What do
you miss most about Nigeria?
My fondest memories are the markets and fresh food, I
love walking through the art markets and finding little
souvenirs to take back home.
What advice would you give to Nigerian parents, who
have talented children like you, but prefer them to be
doctors and lawyers rather than go into painting?
I believe every child is unique and different, we should
learn to appreciate and nurture every talent. In other
ways being creative and studying something completely different has both benefits.
Women who
did wonders for
their
husband’s
businesses
T
here is a saying that, behind every successful
man there is a woman. There is hardly an aspect of life where this saying holds true as in the business arena. Below is a brief account of women who
stood firmly by their husbands and contributed in no
small measure to the success that their husbands
eventually became.
Zheng Ying is Jack Ma’s wife. Jack Ma is the richest
man in China and the founder of Alibaba and all
other subsidiary companies under that name
(Aliexpress, Alipay etc). Zheng Ma was involved in
the early building of Alibaba; she served as the General Manager for their China headquarters. But the
busy schedule of the couple was having a very negative effect on their only son, who was sinking deeper
into online gaming and gambling. To save their son’s
sanity, Jack asked his wife to step down from her
PRODUCTIVITY
from her official position and become a full time house-
Several bitter disputes between Ford and the Auto mo-
wife.
bile trade unions. Ford refused to recognize them de-
It was a difficult decision for Zheng, who was even more
educated than her husband. In the end she agreed. She
stayed at home with their son while Jack travelled for
weeks on business. She prepared food for business guests
and associates whenever they came to their house for
meeting, instead of being at the table also discussing
deals. In the end her sacrifice paid off. Jack Ma presently
has an estimated wealth of $23.9 billion and their son is an
undergrad student at the University of California. Jack Ma
attributes his success to the sacrifice and unflinching devotion of his wife.
spite repeated appeals from many quarters. The crisis
got to its peak in 1941, when a sit-down strike was issued
by the United Auto Workers Union (UAW), causing
Ford’s plant to shut down. Ford announced that he
would rather break up the company than cooperate with
the union. He was about to destroy the company when
his wife stepped in. She threatened to leave him if he
dared destroy the company. Henry listened to his wife
and in June 1941 signed the most favorable UAW contract that kept the Ford Motor Company in business,
even to this day.
Pauline Denyer is Paul Smith’s wife and partner for thirty
years, and in those three decades she was instrumental
Helen Walton was Sam Walton’s wife. Sam Walton is the
to Paul Smith’s success and rise to iconic fame. Paul met
founder of Walmart; the largest retailer in the world. Many
Pauline in 1969; then she was a Fashion student in the
researchers believe that the idea of a store that sold every-
Royal College of Arts. As of this time Paul never had any
thing at a discounted price came from Helen Walton. Also,
formal training in fashion and design. Pauline greatly en-
it was by virtue of Sam’s marriage to Helen that he got a
couraged Paul and even provided him with her savings
$20,000 loan from Helen’s father to start his very first vari-
so he could open his first shop in 1970; the shop was just
ety store. Just a few years after starting, Walton had prob-
12ft in size. Times were difficult but she stood by him and
lems with his landlord who refused to renew his rent and
gave him the necessary motivation that he needed and
consequently threw him out. Walton found another store,
they grew together.
but the store owner was not ready to give Walton the 99-
Today, Paul Smith’s products are wholesaled in seventy
year lease he wanted, despite Walton meeting with the
five countries. He has seventeen shops in London and
store owner six different times. His father-in-law, by virtue
over 200 in Japan. Other countries where his shops are
of Walton’s marriage to Helen, once again came to the res-
located include Paris, Milan, New York, Korea, and UAE;
cue. He met the store owner in secret and paid him
all because of one woman.
$20,000 to finally secure the desired lease.
In every of his interviews Paul Smith attribute his success
majorly to the support from his wife.
Henry Ford was known to be a stubborn and difficult-toconvince fellow. He was also known for his dislike of Trade
unions. In the late 1930s and early 1940s, there were
“a wise woman knows the importance of speaking life into
her man. If you love him; believe in him, encourage him
and be his peace” Denzel Washington
FOOD FOR THOUGHT
Y
You accuse me of being half-baked yet I have no simple thermometer in my lab, the best I know of it I
ou say that I am half-baked yet you gladly
learnt from the pages of my textbook. You say that I
watch as I waste several months at home,
am half-baked; have you seen the microscope in our
year in year out, due to countless and meaningless strikes.
lab? It was purchased twenty years ago, some of its
And when we are finally back in session I am bombarded
knobs are already out and hardly can you use it to fo-
on every side, so much that I feel my head spin with confu-
cus on a specimen. One mouse is to thirty students, yet
sion, a 12-weeks semester is automatically shrunk to 6
you say I am half-baked. You direct your abuses at me
weeks, and who is left to bear the brunt? Me! Yet you ac-
like I am the one to blame; you say I have chosen not
cuse me that I am half-baked, wanting me to feel guilty for
to read, have you given me the books? You say I have
my state, to cover my face in shame for a crime that is not
failed how much have you done to help me pass?
mine. You stab me with your words like sharp arrows, making me feel like I am inferior to my peers all around the
world yet you are the one responsible for what I have become.
You accuse me of being half-baked yet my lecturers
read out notes to me that they compose ten years ago,
and had since been reading to students every year
without any modification. They act with impunity because there is no one to caution them, no one to ask
FOOD FOR THOUGHT
questions. I am left at their mercy, so they request induce- This piece is to everyone who is, or was once, in the poment, tactfully or openly, so I can pass my exams. They sition to do something good in the educational sector
withhold my result so they can behold my pretty face in but yet withheld their hands from doing it. The evil that
private and share with me their lustful illicit intents; in my you have cheerfully done will one day come around and
hands are two things: my dignity and my success, I am left hunt you; you think those children of yours have beto choose one and forgo the other. Yet you still say to me come successful, you just wait and see. There is no refthat I am half-baked.
You claim that I am half-baked, yet three of my elder
brothers and two of my sisters are languishing at home
uge from the evil that you have done, the spirits of your
foolish deeds will continually haunt regardless of how
far you run.
after years of hard schooling; they have no jobs and still no
hope. What motivation gladdens my heart? What do I have Featured image is courtesy VOA Hausa. The image features
Ayo Omolale, a 30 year old student of Political Science lamentto look up to? Those who were ahead studied real hard ing the government’s inability to rescue the kidnapped school girls
still…nothing, and yet you finger me as someone with no of Chibok.
seriousness, that I have no drive nor burn with a fire to It has been over a year since about 200 girls were kidnapped
learn…those pudgy fingers are most rightly directed at while sitting for their final secondary school exams. Since then the
government has been unable to rescue them.
you, for whatever attitude I display is as a result of your
failures.
You accuse me of being half-baked and that I am unemployable, what have you done for my school? Oh! Pardon
my forgetfulness, your wards do not go to the same
schools that I do so you have never had any moral obligation to do much good for it. You couldn’t care less if I study
without seats to sit, or if I have to do my lab practical under trees, as long your children are in the best ivy league
schools you are fine, yet you still turn around and accuse
me of being half-baked, when you are the one directly controlling the oven. You have turned down the heat so low it
has become of no effect, no usefulness to my overall development. Your words place a load on me like Atlas,
threatening to crush me to the very earth. You are responsible for what I have become yet you push the blame to
me like I am the culprit.
Do you wish to be a featured entrepreneur on Young
Naija Entrepreneurs? Then visit
www.youngnaijaentrepreneurs.com/how-to-be-a-featuredentrepreneur-on-yne/ It’s FREE!
Share Your Challenge
Inspire others...
“
One time we had designed a fabric for a Bride, from colors to Pattern and all, everything was fine, she approved the design and all, then we placed the order with our
manufacturers, and told the bride to come pick up her fabric on a particular
Date.
The Fabric got into Nigeria 2 days before that date but NAHCO (Nigerian Aviation Handling Company Plc) decided to go on strike, Oh my Goodness, you
cannot imagine all the strings we tried to pull before the pick-up date we had
given the Bride-to-be; unfortunately we were not able to get the fabrics out
until 2 weeks later. The Bride that had never met me before and had sent
such a substantial amount of money tried to be calm the first 3 days but after
that, she lost it completely, she was having major trust issues and was calling
me almost every hour for those 10 days, trust me it got to a point when I see her
Ngozi Elendu : Ms. Asoebi
number on my screen I just get weak and tearful {laughs}. It is not an experience I
would love to happen again. Luckily, when the fabrics came out she was so in love
with it that she wasn't too upset when I personally went to deliver it and apologized
for the delay. Oh, and yes, she still ordered more but this time we didn’t use Cargo
{smile}.
”
Akanimoh E. Etuk and Christiana
Samali: Yummy Delight
“
Our challenge now is to get befitting premises, because where we are
presently is actually a mechanic workshop and it is hidden, that’s why we
do takeouts only. Most of our clients want to come, sit and relax. We also
have a major challenge with delivery. Any order outside Surulere goes via
public transport, as a matter of fact I’m in a bus right now heading to CMS
for a delivery, the traffic over here adds to the delay. Getting motorcycles
which are very flexible and can maneuver their way through any traffic is
what we are looking for.
“
”
Ok, let me share my worst challenge so far, there was a
time I lost over a thousand birds and that was when I
started, it was as if I won't bounce back, but I refused to
give up.
”
David Caleb Usman: Galaxy Team
Chioma Ndubuisi: OMA Beauty World
“
Working with clients that are so difficult to satisfy. Operational
expenses; as it is a growing business makeup materials with high
quality are expensive. And then working at odd hours is another
challenge. You might be called for a job at 9pm and you will leave
by 12am due to delay by client.
…I had a bride, with so much spots on her face and she needed
glam. But she was like; I don’t want, my eyebrows are not so small,
my lips are not so loud and on and on, but thank God for His Spirit
and the gift of patience. After everything she called back to say
Oma thanks a lot.
OHMA
”
“
Owning any sort of small business in a struggling economy is difficult. But when your passion is beauty and fashion, getting off the
ground may be a hassle, but once that initial investment goes
through you’re off and running. Some of the challenges I faced was;
first and foremost, what course to register for and which school to
attend. Second; to excel in this business experience is requisite and
I had none so I decided to start with friends and family offering my
services at token fees. Now I have a strong database of
clientele mostly based on referrals.
”
Emmanuel Ogar
“
The challenge of financing my dream wasn’t easy. Secondly, Nigerians
don’t believe in Nigerians. Most of these rich politicians like patronizing
foreigners, who would now take these jobs and outsource it to blacks, or
use blacks to execute it at peanuts prices. It is annoying, very annoying.
Currently, I am faced with financial constraint. I want to buy some machines that can increase my speed of work.
”
SELF DEVELOPMENT
How to run a
business in
school and
avoid
academic
failure
Starting a business in the university can be nerve-
1. DON’T START A BUSINESS YOU DON’T UNDERSTAND:
racking. This is due to the fact that you now have to
Many people choose to go into certain businesses be-
combine two very time-demanding activities –
cause they heard from somewhere that the business of-
studying and doing business. So many people have
failed out of school because of the division of attention that starting a business can bring to a student.
fers huge profits. Many do not take the time to learn and
understand what it entails to run a business. As a college
student and an entrepreneur, you don’t have the time to
waste going into a business you don’t understand. Be-
However, there are several people, like myself, who
fore starting my Cheapest Rate Enterprise on campus, I
have successfully combined business and academ-
took the pain to study how printing, photocopying and
ics, even though it wasn't easy at the start. With a
scanning business works. Even though some may con-
combination of the following rules, I was able to
sider this a trivial activity, it paid off for me. At least I
successfully run a business in school and end my
academic pursuit on a high.
started out prepared and could set a very low price to
beat off my competitors. As the name of the business
implied, my price was the cheapest on campus.
SELF DEVELOPMENT
2.DON’T START A BUSINESS YOU ARE NOT PASSIONATE
5.PICK NEW AND DROP YOUR OLD UNSERIOUS
ABOUT:
FRIENDS:
Before you even try to understand the type of business
With limited time on your side, you know that you
you want to go into, you must be sure you have a passion
must pick your friends and not let them pick you. And
for it. Because when the going gets tough, and you begin
you must have the courage to break away from unse-
to get bouts of discouragement, it’s your passion for the
rious ones. Sometimes, you begin to have a lean circle
business that will keep you motivated and help you suc-
of friend like I experienced, don’t kick yourself, it’s
cessfully combine it with your school work.
only natural due to your new commitments and focus.
Also, try to pick new friends. These should be indi-
3.BE FOCUSED:
viduals who are serious with their academics so that
When you decide to start a business on campus, you have
they can help you meet up and make up for lost times
brought in another activity to compete for space in your
and missed classes that may be required. Dropping
daily allocation of twenty four hours, which has already
your friends may sound harsh, however, cutting off
being dwarfed by your academic activities. You need to be
the influence of your unserious friends will only make
highly focused on these two activities, and your energy
you a better student and successful entrepreneur.
must be channeled towards these activities. This way, you
will achieve both business and academic success. All other
6.BE DISCIPLINED:
activities should be avoided as much as possible.
Discipline here involves doing what is required of you
whether you feel like doing it or not. You have to fol-
4.SET PRIORITIES:
low your priorities strictly and routinely, and work
After adjusting your focus to be on the two most impor-
from a list. Create daily to-do lists and discipline your-
tant parts of your life for now, you must set priorities.
self to follow through on every item on the list. I
Streamline all of your daily activities and eliminate those
started to effectively use my time for academic and
ones that do not contribute to your overall goal of busi-
business purpose, when I started to write down my
ness and academic success. Don’t waste your time to so-
priorities and follow them strictly. Don’t allow your-
cialize around your room or with friends. This is one of the
self to do the things that are not contributing to your
mistakes I made when I started CRE. If you are a night
overall well-being as a student and an entrepreneur.
reader, make good use of your day time and rest enough
once you have closed your business for the day, so that
7. SET YOUR BUSINESS TIME:
you can have enough energy for night reading and doing
Regardless of the kind of business you are engaged
other academic assignments.
in, set time for it. You can do this either daily or to
favor of your school time table. If you don’t set your
business time, you will most likely find yourself spending most of your time chasing after money.
SELF DEVELOPMENT
The unfortunate result of this is that you will have less time for
your academic activities which could lead to academic failure.
8.DON’T ENGAGE IN MULTIPLE BUSINESSES:
I know there are people who would want to counter this
thought. However, this will not change its truth based on my
experience. I tried adding a computer repair business to my
printing business while in school; the result was something I
was largely unprepared for. This choked me of my time, even
though I had done my research right. The key is to focus on
one business at one time.
9.BE GENEROUS:
By being generous, I don’t mean taking all your profits and giving it away to a charity. What I mean is to be considerate while
Business Lessons from Amancio Ortega
The benefits of Privacy:
I have heard many celebrities say they wish they could exchange their fame for a little bit of privacy. They yearn for
those times when they could walk on the street without being harassed by paparazzi; they wished they could still take
their families out to the park without being accosted by
overly enthusiastic fans who want to take photos or want to
have a chat.
The price celebrities pay in return for their fame is enormous,
sometimes eating so deep into their private lives that it almost turns them mad. Their personal or family matters become juicy headlines in tabloids.
But people like Amancio Ortega need no fear such mutilation
of character by these newshounds. He has successfully managed to keep his private life private and so he has little to
worry about as regards the paparazzi.
will be instances where people will come to use your services
If only celebrities and societal figures would try to emulate
Ortega, and strive to keep their private lives private, rather
than uploading every photo of their lives on social networks,
they would live much happier and longer lives, and divorce a
little less than what is obtainable.
and offer to pay later or even just say they don’t have money
Cutting out the middlemen:
but need your help, always consider this people. It may be
I run a business too, and my great priority is to strategize a
means of cutting out the middlemen and selling directly to
my customers. I did the Maths and I discovered my profit is
being cut by as much as one third or even half by my selling
to middlemen instead of consumers.
dealing with your customers, who are mostly students like
you. We know for a fact that all fingers are not equal. There
risky because some may never pay you back, but you will
surely reap goodness someday.
10.PAY YOUR TITHE:
If you are not religious, you can still benefit from this act by
giving away 10% of your income to a charity or a cause you support. For the religious ones like me, it is very important to pay
tithe off your income. I must admit that when I defaulted in
following through on my tithing, my income and business patronage plummeted and I just knew that it was my unfaithfulness towards God was the cause. When I restarted, things
changed for good. Not forgetting the fact that it takes favor
for someone to skip your competitor and decide to patronize
you.
Amancio Ortega recognized this fact quite quickly so he developed a business model where he could deliver directly to
the customers rather than passing through middlemen. So
not only was he producing, he was also selling to people who
walked into his stores, hence maximizing profits.
Giving customers what they wanted as fast as they wanted
it:
There is an old adage that says “customer is king”, whoever
fails to treat his customer as king no sooner would be out of
business. From the onset Ortega treated his customers as
kings; he purchases quality but affordable fabrics, makes nice
outfits with them and sells them to customers at pocket
friendly prices. He was able to take designs from the runway
and make them available in his stores for prices that the ordinary man can afford. For Ortega, it was all about satisfying
the customers, and in the end it paid off.
MOTIVATION
Never Too
Young
or
Old
Helu is currently the second richest man in the world,
with a net worth of $82.2 billion dollars.
Harland Sanders was 40 years old when he began to
cook for hungry travelers
and serve them from his
dining table. He was 62
when he finally succeeded
in franchising his recipe
to Make
an Impact
to one of the largest restaurant in the city, and
when the name Kentucky
Fried Chicken (KFC) was
born. As of December
Elon Musk was 12 years old when he wrote the
2013, there were 18,875 KFC outlets in 118 countries
computer code for his own video game called
making revenue of $23 billion. The likeness of
Blaster which he sold for
Harland Sanders appears on
$500. At 24, he founded his
every KFC post sign and meal
first company, Zip2, and at
bucket worldwide.
28, the company was sold
to Compaq for $307 million
making Elon a multimillionaire. Today, Elon is the cofounder of Tesla motors, Paypal and SolarCity.
Wolfgang Amadeus Mozart
began composing from the
tender age of 5. He was so
talented that his father had to give up composing and
allowed his son to do all the song
composition. At the age of 17, he
Carlos Slim Helu had a father that
was employed as a court musician by
valued business education very much
the ruler of Salzburg. Mozart today
and taught his children the basic prin-
is remembered as one of the greatest
ciples of saving and investment. At
composers of all time.
the tender age of 12, Carlos Slim
Ray Kroc didn’t open his first Mac-
bought his first shares in a Mexican
Donald’s restaurant until he was 52.
bank, and at the age of 25 started
He was 59 when he finally had com-
laying the foundation for his holding
plete ownership over the Mac-
company, Grupo Carso. Carlos Slim
Donald brand. Barely two years after he took full own-
MOTIVATION
ownership, Ray sold three billion burgers and
IT’S TIME TO GET RID OF THE MYTH
th
T
opened his 500 store. Presently,
there are more than 25,000
McDonalds in operation worldwide.
Nick D’Aloisio was 15 when he created the application Trimit, which
here are a great many myths
about self-made millionaires. If
you want to become a self-made
millionaire yourself, you must dis-
pel these myths from your own mind. Remem-
later became Summly. In March 2013,
ber, as the humorist Josh Billings once said,
Summly was sold to Yahoo! for $30
“It’s not what a man knows that hurts him, it’s
million making D’Aloisio one of the
what he knows that isn’t true”.
youngest self-made millionaires
Many people have fixed ideas about them-
ever.
selves and money that are holding
What were you doing when you
them back. These ideas may be com-
were 12? Building sand castles
pletely untrue, but they will cut off
around your feet. What are some
your chances of success nonethe-
people doing at 25? Wearing
less. You must get over them. To
their trousers below their but-
achieve something you have never
tocks and claiming to be the
achieved before, you will have to
‘don’ on their street. It is time to
think in ways you have never
wake up.
thought before.
Are you 40 or 45 and you think all is lost? Take a
One myth is that you have to have great education to become
lesson from Harland Sanders and
rich. Another myth is that you have to
Ray Kroc, and make an impact in
start off with a lot of money. Some peo-
this world.
ple are convinced that financial success
depends on getting a lucky break of
some kind, like picking a hot stock in
the stock market.
None of these myths are true, in fact, a
survey of members of the Forbes 400, the 400 richest men and
women in the united states, found that high school dropouts in
the group who made it to the list were worth, on average $300
million more than university graduates on the list.
INTERVIEW: DAVID CALEB USMAN
W
hen he first contacted us on one of
Can you please introduce yourself to our readers?
our social media platforms, I was
tempted to ignore him. He told me he
was 20 years old and he was in the
Agric business, I thought he was a joker or just somebody
I am David Caleb Usman, I am 20 years old, I am a Yoruba
but born and brought up in North Central, Nasarawa
state, I am a farmer.
who wanted attention. But for some reasons, I decided to
hear him out. Fifteen minutes into our conversation I was
Why did you choose to go into farming?
gamed. I pushed aside everything I was doing and concentrated completely on him. His business story is by far one
of the most impressive stories that we have had on this
platform. I was completely blown away by what I learnt
I have a passion for farming, right from a tender age, I
love keeping animals, and there's a saying that the secret to a man's success is his interest.
from him.
Very true, so how long have you started your farm?
Looking back, I am glad I exercised that little dose of patience to hear him out.
Exactly 4 years 11 months now
Okay. Which means you were
Very interesting. I am impressed.
about 16 when you started,
Not many young people would
were you not afraid going into
have thought of something like
business at such early age?
I was very bold, and the passion
that. Well done.
Thank you!
was there, I was willing to take
You mentioned to me earlier
any risk for success, because it's
that you started with 1,000 Lay-
more risky not to take a risk
ers, what is the present status of
your farm now? How many birds
do you have?
Hmm. I like that. At such early
age what was the source of your
To the glory of God I now have
capital? Where did you get the
21,000 birds. My business was
money to start?
valued at about 62 million Naira
last year by my bank valuers.
Nice question. It keeps amazing
They wanted me to take loan but
people how I started, especially
I didn’t oblige.
those who knew when I was in the womb, the truth is that
even my parents don't know how I
sourced money to start but I will
tell you.
Impressive. Do you deal only
with Layers or do you breed
other type of birds?
I kept exotic dogs where I stay, and
it's a developing town, I was the
only one keeping such kind of dogs
then, so when the dogs litter I sold
the puppies and made 300,000
from it, which I used to purchase 2
hectares of land in a village. I collected 500,000 from my mum and
raised 200,000 from my personal
savings. Then I started. I come
from an average family.
No, I deal only with layers.
Focus is very important in this
kind of business. I once kept
boilers and I had little challenge, but that's not why I
stopped keeping them just that
I wanted to achieve my aim before thinking of going into another part of the business. You
know agriculture is very broad.
My aim is to be the largest producer of eggs, and I see it coming. We produce about 450
crates of eggs daily now.
Okay. Where is your farm located?
At Akwanga, Nasarawa
Do you have people working for you?
state
And how many?
Finally, Mr. Caleb
Sure I do, 15 of them. They were 20 be-
where do you see this
fore but because I have begun to mecha-
business in the next 5-
nize the farm I had to reduce them.
10 years?
Wow, going nationwide.
Can you share with us some of the
You are surprised I am
challenges you have faced so far?
not saying international,
right? I want to take
Ok, let me share my worst challenge so
far, there was a time I lost over a thousand birds and that was around the time I
started, it was as if I won't bounce back,
but I refused to give up
over the market in the
north, then move to the
east, south and west. If I
can conquer Nigeria, I
have the world.
That's inspiring. What is the great-
That's wonderful.
est need of your business right now?
Thank you Mr. Caleb
What do you need most?
for agreeing to speak
to us. We wish you
What I need now, to be honest, is the
spirit of focus. That's what my business
needs. These days I am getting distracted and that's not good for the
business, because money is not the
problem.
the very best in
achieving your
dreams.
Thank you sir, God
bless you!
DISCOVERY
7 Important Qualities of Self Made Millionaires
I
f you want to learn to cook, you study cooking. If
you want to be a lawyer, you study law. If you want
or a dishonest man who calls white blue?
Honesty, they say, is the best policy.
to be an engineer or an architect, you study engineering or architecture. And if you want to be finan-
Self discipline:
cially successful, you study others who have become finan-
Self discipline is not only essential if you want to be a
cially successful before you. You find out what they did,
self made millionaire but it is also vital if you want to
and you do the same things, over and over, until you get
live a meaningful life. Saving is one of cardinal pillars
the same results.
of financial success. A man who lacks discipline can-
Below are seven qualities of self made millionaires that
not save. A man who lacks discipline cannot plough
you can learn and could place you on the track to becom-
back the profits of a business deal to get greater
ing one of them.
profit. An indiscipline man would always complain
about how little he is earning, and blame it for his in-
Honesty:
ability to save or invest.
This is the number 1 quality of self made millionaires, and it
Self made millionaires are reputed for their dogged
is one quality that can make you belong to their class.
self discipline.
How? Because, when you have a reputation for honesty,
people will find it easier to lend you money when you run
Good interpersonal relationship:
out resources for your business. People will find it easy to
It is popularly said that your network equals your net
refer you to people who can help you out of difficulties.
worth. The number of people you know, and have
People will find it easier and they would be more comfort-
good relationship with, will determine how successful
able to do business with you.
you would be in business. This point is most visible in
Ask yourself this question; who would you rather do busi-
the Nigerian environment, whereby contracts and
ness with, a honest man who is plain and simple or a dis-
juicy appointments are distributed not purely on mer-
DISCOVERY
but according to ‘who know who’.
Love for what they do:
Majority of the billionaires we have in Nigeria attained that
It is almost intimidating when you are advised to work
status by virtue of their relationship with different govern-
hard!, but there a trick to it; Love what you do. A famous
ments in power. As it happens in Nigeria so it does in other
billionaire and inventor once said, ‘I have never worked
parts of the world.
in my life, I just found what I love doing and I kept doing
it with all my strength”.
Supportive spouse:
Socrates once said, “a happy man is always a productive
man”, If you want to destabilize a man use his wife against
him. If you want a man to fail, use his wife against him. This
happens both ways, male and female. Once a person cannot
find joy in his home then it becomes difficult to achieve any-
Linda Ikeji confessed that she had blogged every single
day for the past nine years, every single day!” the reason
she was able to do that is because she loved what she
was doing. Nine years is an awfully long time to be doing
one particular thing, but she did it.
thing meaningful.
A supportive spouse would also give encouragement, verbal
and material, they would give warnings about any possible
You can only work as hard as is needed if you love what
you do.
pitfalls, the ones you may be too blind to see.
Wives of men like Sam Walton, Henry Ford, Jack Ma played
very vital roles in the success that their husbands eventually
became. And Mary Kay Ash’s husband, before he died, also
contributed in no small measure to her company.
Ability to sell their product or service:
Have you ever found yourself buying a product or patronizing a service not because you really need it but because of the salesperson? We have all being there. According to Brian Tracy 10% of all self made millionaires
Hard work:
Self made millionaires are known to be hard workers. They
work hard and stay long hours. They know that there are no
are salespeople. They would never have been able to
achieve that feat if they didn’t have the special skill to
successfully sell their products.
tricks around being successful, so instead of looking for
short cuts, they exert their energies into what they believe
in. Thomas Edison, the most prolific inventor of all time, was
said to work so hard he sometimes forgot to eat. Jason
Njoku of iRoko tv once worked so hard during a week he
was on the brink of a breakdown.
We do not advice that you do harm to yourself while trying
to make wealth, because you need your health to enjoy your
wealth, but you have to work if you want a financially successful life.
Ability to sell product is a skill, it is learnable. Most self
made millionaires have leant that utter mostly important
skill of selling their products, service or even themselves.
The business world is becoming more and more competitive. There is hardly a business niches that is not occupied by three or four individuals, hence, to be successful,
you have to learn how to sell.
T
he Dangote Group, a mighty conglomerate of companies owned by
Alhaji Aliko Dangote, has interest in
virtually every sector of the Nigerian
economy, from oil and gas to building materials,
from textiles to commodities like sugar, flour,
spaghetti, etc. The conglomerate recorded revenue of $2.6 billion dollars in 2012.
Alhaji Aliko Dangote was born in Kano state, Nigeria on the
10th of April, 1957 to the families of Mohammad Dangote
and Hajiya Mariya Sanusi Dantata. Although Dangote was
continue his business in building materials and commodities.
born into a very wealthy family he was not deceived by his
Having received exceptional business tutoring from
families’ wealth so as to be lazy and spoilt, instead, Dan-
an astute businessman as Dantata, no wonder every-
gote, while still in primary school was known to buy boxes
thing Dangote touched instantly turned to gold. Dan-
of sweet and then sell it to his mates. From his very early
gote’s trading business enjoyed tremendous success
age he had showed an inclination for business.
and in 1981, he incorporated two companies. Since
Dangote studied Business at the Al-Azhar University in
Cairo, Egypt and thereafter returned to Nigeria to start
his own business.
then, his business has been growing in leaps and
bonds. Part of what has made Dangote so successful
is his ingenious ability to network and form strategic
alliance. For many years his businesses enjoyed exclu-
In 1976, Aliko Dangote started his business, trading in com-
sive support from the government owing to his ability
modities and building materials. His initial capital was pro-
to build relevant connections.
vided by his grandfather and wealthy business mogul, Alhaji Sanusi Dantata who had taken him in after the untimely death of his father. Dangote was given a loan of
500,000 to start his business which he was to pay back
anytime he felt like. This sum was a huge amount back
then; to get an idea of the sum, a Mercedes Benz car then
was sold for 5,000 and Volkswagen Beetle went for 9001,000. In June of 1977, Dangote moved to Lagos to con-
His flagship business, Dangote cement, is Nigeria’s
leading cement manufacturer with a market capitalization of $20 billion (as of 2014). It has subsidiaries in
Benin, Cameroon, South Africa and Zambia. The Obajana plant is the largest cement plant in Sub-Saharan
Africa.
Dangote is the leading producer of sugar in Africa, his
AMAZING BUSINESS STORY: ALIKO DANGOTE
sugar refinery in Apapa port is the largest in Africa and
has an annual capacity of 800,000 metric tonnes of sugar.
BUSINESS LESSONS FROM ALIKO DANGOTE
1. The power of connection:
The company also has another 100,000 tonnes sugar mill
in Jigawa state. The company supplies 70% of the total
For many years Dangote enjoyed a monopolistic right to
market demand of sugar.
import certain very essential commodities into the country.
This was made possible by his connection in government to
Dangote’s textile company, Dangote Textiles, produces
120,000 meters of finished textiles daily.
the people who mattered. It is popularly said, ‘your network determines your net worth’. It took Dangote three
Dangote Group is also a major importer of rice, fish,
decades to earn a billion dollars, during this period he had
pasta, and fertilizer and it exports cotton, cocoa, cashew
dealings with virtually all the governments in power, start-
nuts, sesame seed, ginger and gum Arabic to several
ing from the Shagari regime.
countries. It also has major investment in real estate, with
luxury flats and high rise complexes in Ikoyi, Victoria Island, Abuja and Kano.
The conglomerate employs over 11,000 people across its
varying companies.
Alhaji Aliko Dangote, just like many billionaires around the
world, has reached out to assist people with his wealth.
The Dangote Foundation is the philanthropic arm of the
group and has generously given out millions of dollars for
worthy causes both within Nigeria and outside. In 2014,
the Nigerian government said Dangote donated 150 million Naira (US$750,000) to halt the spread of Ebola. Also,
during the 2012/2013 flood, Dangote donated millions to
displaced victims. Dangote foundation also donated $1
Many people criticize the business mogul for his style of
business, but the truth remains, you need to network with
the people that matter, or else, you may remain a mediocre
player the rest of your business career.
2. Manufacture, don’t trade:
Dangote once said, “manufacture, and don’t just trade.
There is money in manufacturing even though it is capital
intensive. To achieve a big breakthrough, I had to start
manufacturing the same product I was trading on. I am an
advocate of manufacturing because it does not only improve your business status, it also helps you give back to
your community and country; with respect to job creation
and economic development.”
million to Nepal to relief victims of an earthquake disas-
Start up with trading in order to boast your confidence and
ter.
gather capital, and then later, move straight to manufactur-
Alhaji Aliko Dangote is listed as having three children;
Halima, Fatima and Sadia, although some accounts states
he has fifteen. He is currently the richest man in Africa
with a net worth of $17.7 billion.
ing. As a manufacturer you are directly in the driver’s seat,
you call the shots! A trader can never go higher than a
manufacturer, a manufacturer can get as high as he ever
wants to.
In whatever business you are engaged in keep ruminating
and strategizing on how you can begin to manufacture
rather than just being a trader.
AMAZING BUSINESS STORY: ALIKO DANGOTE
Aliko Dangote at the World Economic Forum

Inside... - Young Naija Entrepreneurs

Transcription

Similar documents

to read

THEEND

Information Kit - Entrepreneurs` Organization

Tech-driven solutions that connect people to their passions

DOWNLOAD 3rd Edition of YNE Magazine

NAIJA BITES SPONSORSHIP2014-S

a social entrepreneur - Universiti Tenaga Nasional

The Dangote Academy

press release

2013 Annual Review - Cherie Blair Foundation for Women

Forbes - Dream Up, Speak Up, Stand Up