Encomium
One bright idea can lead to great success in business. Creative thinking allows you to come up with fantastic ideas. So, think outside the box. ENCOMIUM Weekly talked to young, successful entrepreneurs who analysed how to package successful businesses…
‘Set standards, let your customers know your quality’ -JOKE SOGUNRO
What does it take to set up a business?
You have to be determined, put in all effort, focus your attention on the business. It takes a lot of hard work, so you have to be hard working.
How challenging is it to sustain a business?
Every business has its ups and downs. In Nigeria, we have a lot to do. We have to go the extra mile to become successful and some people will not support you. Huge tax is killing businesses. Electricity is also a challenge. The society is complex, therefore, you have to be hard working. The high rate of foreign exchange is also playing a major role. Our naira is falling. Only God can help us.
Can you please, itemize the tips, dos and don’ts of a successful business?
Don’t put all your eggs in one basket because of uncertainty and eventuality. Don’t spend your capital. A lot of people spend their first million on unnecessary things. You shouldn’t do so. Keep your capital and your profit separately. Your profit is not for you to start buying cars and living large.
Continuity, integrity, honesty are key. Set standards, let your customers know your quality.
‘Focus on the business, don’t listen to just anybody’ -FEYINTOLA KOTUN
What does it take to set up a business?
To set up a business, you need creative ideas. Have the idea of what you want to do, research and also ask people. Then source capital. Focus on the business, don’t listen to just anybody. Be convinced and pray for help.
How challenging is it to sustain a business?
It depends on the type of business. Anything you do is a risk. For example, if you are into frozen foods business, you need to have it in mind that electricity will be a challenge. Traffic is another challenge. For example, you have an appointment with a client in 30 minutes and you don’t get there in two hours due to traffic. These can be frustrating. So, one needs to love what he/she is doing.
Can you please, itemize the tips, dos and don’ts of a successful business?
Be focused and determined. You have to be different in whatever you do. For example, you are a baker, we have a lot of bakers, so make your products special.
When you are doing something and you are not sure of the turnout, don’t borrow money, so as not to become a debtor.
