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…
‘Stay ahead of your game’ -Korede Roberts
Fusion Boutique
What does it take to set up a business?
You have to love the business and have passion before venturing into it.
How challenging is it to sustain a business?
It is extremely difficult because we don’t have government policies, no infrastructural development, no bank loan.
Can you, please itemize the tips, dos and don’ts of successful business?
Stay ahead of your game, innovate ideas and understand your local market. Sell what people demand. You need to develop customer and client confidence, integrity and consistency. Don’t deceive your clients. Don’t bite more than you can chew. You need to have advantage over others to excel.
‘You need to concentrate and devote time’-Lanre Bashiru Tanimowo, Labash
What does it take to set up a business?
First, you need to know what you want to do. You need to have knowledge of what it is, then you think of location. Afterwards, finance comes up, and also you need to look for your source of supply.
How challenging is it to sustain a business?
Very challenging. Nigeria is a very difficult country in terms of electricity. If you have things that would bother the business for four to five years and you survive, I think that business will last. The first two to three years is nothing to write home about. Electricity is very important because petrol and diesel are always scarce.
Can you, please itemize the tips, dos and don’ts of successful business?
You need knowledge and idea, so that if any of your staffer fails to deliver, you can pick up your tools and do it yourself. If the business is for high earning people and you are located in an area where low earners stay, then you will not make profit.
Do not encourage buying on credit. You need to involve yourself, if possible be 100 percent involved in the business. A lot of businesses pack up because owners don’t involve themselves. You need to concentrate and devote time. Don’t be too soft or too hard on your staffers. Set rules and regulations to guide them, and punish them for going against it, if necessary send them packing. Let your goods and services be creative and presentable. You also need to get adequate equipment.
‘You must plan what you need to buy’-Ebatan Joseph, Clean Edge Limited
What does it take to set up a business?
It takes determination and courage to take on the challenges of setting up a business. When I started, I had no fund, not even a kobo, but took the bull by the horn. I had less than N1,000 in my bank account when I started.
How challenging is it to sustain a business?
It shouldn’t be too challenging since we are helping the economy but the case is the reverse in Nigeria. For example, clients remove service charge when you charge them for work, and we also have to pay tax to the government. the banking industry doesn’t encourage up and coming business by granting them loan.
Can you, please itemize the tips, dos and don’ts of successful business?
Determination, courage, discipline and focus are some of the tips to become successful. Have it at the back of your mind that there will be ups and downs. Be ready for challenges. Some people are ready to milk and discourage you, but you shouldn’t lose hope because you will overcome them.
Your business has to be running for five years or more to be sure that you can stand the test of time. You also have to be on point. For example, when you have a meeting with a client for nine o’clock, get there before nine o’clock and let your client meet you there. Let your client trust you. You should also know what money to touch and the one to save. Be ready to plough back all your interest into your business. No spontaneous purchase should be made. You must plan what you need to buy.
-NKECHINYERE IBEMERE
