Good evening ladies and gentlemen, I don’t what to say but I think in the business world by the grace of God have learnt sometimes and starting up a business is not very easy but if that’s what you want you will always get there. When I saw the title HOW TO MAKE A LIVING WITHOUT A JOB well, would I say I didn’t have a job when I started my business, no, I actually had a job. I read Computer Science with mathematics in school
when I graduated I got an employment almost immediately with an auditing firm, it was okay, it was good even back then it wasn’t as if we were badly paid and I was still able to make ends meet with my job. But the only thing I knew even while I was taking up the job was that I wasn’t going to do it for too long, because I knew that I need to do something better than I was doing, fine if I had chosen to be a successful computer analyst, software management or something I think I will have done very well to, do you understand but somehow somehow in the mist of all that I still found out that, cooking was something I will still dump that to do.
Do you understand what I mean now? Don’t let me waste too much of your time, it’s not as if I have too much time, I have just about 30 minutes, so let me just stay to my slides. It said: HOW TO MAKE A LIVING WITHOUT A JOB, if you don’t have a job you can create one for yourself.
There is something that you can do you might not know it, but you need to discover what you can do. Do you understand, for me while I was a teenager my mum got me cooking from a very small age, like while I was 8yrs, you know growing up we were so used to house- mades you know at a point in time like two house-mades in the house, one cooking the other doing another thing and basically my father found that very important because he was not always around you know he's traveling, jobs take him out of town and he feels like well fine, the burden was to much for my mum that was why we had two house-helps at a time. He just came home one day and he’s like can someone do this for me and is the house-help that’s there. He needed a clean glass of water and it was the house-help that was there to get him the water and he got so furious, he was like are you kids silly are you crazy and all that and that day he was like the two house-helps are leaving this house today without any offence and low and behold they packed there bags that day and left.
Behold we were all left alone, we had to do the washing, cooking, cleaning, just like that, you know it wasn’t as if we were some irresponsible children growing up but he was like so you have to do everything.
Unfortunately I was the first in the house and the boys could run away just wash the car and do the boys jobs, so I had to do all the girl’s job, so at the age of 8 I had to make the breakfast, lunch and dinner whether good or bad, I have to do it. It was tough I felt like my childhood was stolen away from me, you know normal things even my friends in the neighborhood will go for swimming and I can’t go because I have to make lunch, I have to do everything that a woman does in the house, but somehow I took by faith but it brought out something from me, it didn’t take them too long before they found out that I can cook very well, so everybody that comes to my house is like who made this food and of course it was like you know it’s sola and it like whoa such a very young girl at 10 at 11 and that got into my head everybody says whoa whoa to it so somehow I was just stock to it, if you come to my house you wont found me watching T.V, I wasn’t film frick, I will always be in the kitchen doing something. If you come to my house the first thind I’ll ask you is do you want to eat because I want to hear that compliment too, as in oh lovely cooking, good cooking and all that so you know I got it into me, you know to me it was like fun, it was like an hobby and as I grow up.
I grew up with it but it took my dad sitting me up and telling me that you can actually make a living out of this thing if you make up your heart to it and he gave me so many examples, he tells about when he travels,this shop and that shop, that restaurant, that this that that and somehow somehow that was how I discover my gifts. Now I don’t know what….,
Lets just go on now, as in I’ll say what are you passionate about as far as me am concern passion is what drives you. Cooking was a passion for me it was something I love doing. I could cook like until 10 o’clock go to sleep my father comes in like 12 o’clock I’ll still stand up to cook for him because it's not punishment to me its not a struggle, it just for me to think of what’s the easiest thing I can do, no matter what is it, the fact is that I must enjoy whatever I do, so its like what are you passionate about, your gifts, not your qualifications, I don’t know whatever I share with you tonight I didn’t get it from a book, a study, a quote or all that. Its just what I have learnt over the years and I believe that it works.
What are you passionate about? I know some people they don’t have to go to some fashion stuffs, they can just seat you down and make good clothes for you, make-ups like that, I know some people who are just good with hair, you need to discover what your talents are. Some people they are just good organizers, I have a friend, she’s so…..she doesn’t lose a receipt, she doesn’t…you know I don’t do all that I cant even do it, in fact as a matter of fact I have to consciously bring home my teller and tell someone to keep it for me so the next time am looking for it I just call you and say oh I gave you a teller one day bring that teller am sure that’s the teller am looking for. Am not such a person, I have to teach myself to do things like that, then your talents, passion is what you do, your gift is what you do without anyone prompting you to do it what do you just like doing.
So what do you do that you like, you are doing it and you are catching fun with it as in its not stressful that’s your gift, that’s a pointer to your gift you can actually create something out of that, you know, you need to discover your talent and I feel its your gift when anything you do you don’t feel as if you are been burden you are been stress off that’s your gifts.
What problem can you solve with your gifts, now let me tell you a little bit about myself as in, when I… I was working, while I was working I started cooking for my friends, it could be your birthday, I’ll offer to do the shopping and cook for you, do you understand, so that when your friends come and they are like who made the food, you’ll call me now, so I still like the compliment, I might make money out of it but maybe it was very small but I was enjoying doing that for a couple of my friends, it didn’t take me so long while I was doing it for my friends, hem my boss was going to do something one day, they were going to have a big convention and I said I can do it for you, he said no, they are going to use UAC, I said no don’t use UAC I can do it for you, he said no that do you know who and who will be there, he said this person and that person and I said you know something, let me do it with my money if it’s not good then don’t pay, so he doesn’t have to pay me as at that day and I had something like 48hrs , I said he shouldn’t pay me that by Monday when we get back to work he’ll decide if he want to pay me or not and all that and I did it by the time I did it.
On Monday morning when he called me he just told me, he said , you know what, you are not suppose to be working in this office think about it am your boss, you are good at your job oh, am not trying to sack you, am not trying to do anything but think about it that you can actually do that much and you are here just sitting in front of a computer doing data processing and you know and all that, that your wasting your talent and all that I said wish my father was Babangida then or who was… I don’t know, give me some money and I can start up this, I said that I actually have dreams that I have this and all that, he said that no, I should just sit back and think about it and that if I really need anything from him, that he doesn’t not mind, you know helping me out but he feels that I should go and develop what I have and turn it into a business.
That was encouraging to me so I use to still do that, so then because he said that, he gave me a little bit of confidence and then I started doing punch drink, now, then sobo was in vogue, sobo just came in from the north down south and then people were doing it and they will tie it inside linen bags and sell along the road and I saw it with somebody one day, you know the idea I had of punch was that, have seen it different films, people carrying…. But what I use to see then was Chapman, do you understand, but I don’t know what or how they made the Chapman but because the sobo looks like the Chapman colour, I felt I could create drink out of it so I took the sobo and then I did so many things with it, I added different fruits, just my own way and I did it and served it in one of my friends party and by the next Saturday somebody actually called me and said he wanted about 20 or 40 glasses of that kind of drink and I was like to me I didn’t do it to make money, I just did it, you know, I was like really, I now sat down and calculated this and that, I think #50 or something crazy like that and of course the guy ordered, I was going to order 20 he now said just give like 50, oh I felt good and I did it and for the next 4 weeks he was like because everybody that came, came from church and somehow somehow it’s either this department was doing something or its another person’s birthday or something, so I got to start making my punch drink every weekend so after a month I was like, my husband just said this is good business oh, I said I think am going to start this thing everyday.
One Monday morning I said am going to take it to work, my office we are about 200, do you understand, it was an auditing firm and we were auditing Oyo State then so every Monday morning like this even if you’re going to Ogbomoso, Oyo or whatever everybody has to report in the office in the morning and we were many so I just said okay fine what will it take me to sell about 20 bottles of this drink if I sell it for #50 or no, I think then coke was #20 or something, I don’t know, but it was just a little bit less than coke maybe #5 less am sure am going to sell it so I made it in the morning and I put iced block in it and I put it in a cooler and I did just about 20 bottles and I took it to work, you know I was just joking that I have drinks and everybody was like what drink and somebody just bought it and he was like this is really nice and within like 10 minutes I had sold everything, hah, I am sure I didn’t… I wasn’t concentrating on that’s day job till I closed, immediately, I just drove down to the market, I bought everything, went to somebody that I know normally drink bottled water in there house, we don’t drink bottled water in our house, I just told him, I said I want all the empty bottle in your house, he was like, its crazy what do you want to do, they gave it to me by the next day, I did like two coolers full to work, immediately I was packing like this, you know I was fortunate, we had just one car, I was married then but my husband let me take the car to work while he sort out himself, so by the time I was driving to work the first thing was like hah (funmi ni )give me drink (yen mofe eyo kan) I want one and everyboby started rushing it and before I know it hah and I was making it everyday.
One day I just decided I was going to save the money whatever I make out of this am going to put it in an account, so I opened an account then at AIB at Oke bola for this sobo drink, I don’t know what I called it, I think sobo account. I just opened the account and I used to put everyday like #1000 or #1200 by Friday, there some weeks that I’ll have #10000 so I’ll remove some money again and all that within a month I was a able to save like #30000 which was like 3 times my salary then, from that drink alone, so I was going to work, my salary was there and I was still making money, so I kept doing that in between. I still have some friends that call me for birthday parties and all that so after doing it for a while, for like 6 months my account was really beautiful, you know my husband was so proud of me he was like should he get me a second car so that you know… even people will make special orders that in my own because I use to put some pineapple flavour, some ginger bears so I’ll put some sugar, some people that are diabetics, will say I like the flavour but don’t add sugar so for your own special order, I’ll put an extra coin on it and I’ll put your name on it. I was doing that business one of my immediate boss got so mad that, (omo yi sa ) this woman, once I get to work the first 30 minutes everybody is just coming into my office , you know like that so he moved me from the office and posted me to then AIB bank, as in monitoring that I should start doing monitoring, you know collating data’s from the bank, I said okay but he opened me to my breakthrough because by the time I got to the bank I was even selling more than I was selling in the office because you know bankers, now they were on the different level, you know they had money so they didn’t like the small bottles so I had to do this 1.5 litters for them and I made 3 or 4 times the amount, if you tell me to add this, I’ll say boss do you know that if I add ginger, I’ll put some extra money, he said just bring it, on Friday’s it was like a bum everybody buys 4,5 bottles to take home and all that.
To cut the long story short. I made my first working capital from sobo, by the time I said I was going to resign and start my restaurant, I think from sobo I made #100,000 and of course that was good money for me then, okay we are going to start up so I started looking for a space and I got a space. One mistake I made was that because of my dreaming, passion and everything, I think I started bigger than I should have started, the point I want to make, am still going to get there, my gifts is a solution to some peoples problem so I thought further okay fine apart from the drink I can also cook and then when I thought of starting up the restaurant, I thought will I was working at AIB we had a problem then that was eating, you know we had to look for some of the cleaners and beg them and at times they just tell you they can only buy food two doors away and things like that and that’s not what you wanted or want and you have to beg some of them as in like, where do they sell good foods here.
I got a place that was okay, that was good enough, that could suit my purpose, my rent was exactly the #100,000 that I had and nothing more so I said fine if I paid #100,000 as rent how will I get money to buy things to the place and all that of course my husband could give me some money, he said I don’t have much but I’ll give you an extra #70,000, add this 70 to it, so out of the 70 I was able to make like 16 chairs and 4 tables, that was there, I had a cooker at home in thee kitchen, I moved it to the shop, then I wanted an executive lawn, where bank managers could come in to seat, so I moved my dinning table in the house into any other room in the shop and I made it my executive lawn and I removed my curtains in the sitting room and I put it in the executive lawn, so I removed the curtains in my bedroom into the sitting room, so I just got married about two years then, there were some gifts that I had that have not opened for, you know, they give you different things, I opened them and found out I had plates, cutleries, things there, I brought everything to start up.
so I didn’t really buy anything apart from the furnitures, I didn’t really have to buy so much, I stared with everything I could pick in the house and all that I leverage on my parents too, I said am starting this business if you like support me if you don’t like don’t support me. I know my mum had a lot of cutleries and plates somewhere by the time I choked her she was able to release some things to me, my mother-in-law felt like they wont say I didn’t support her, she too gave me some coolers and people just contributed some things, she has just made up her mind that, that’s what she want to do so let’s be part of it so that in future she won’t say that we all cursed her and things like that.
I started off like that, well maybe starting off wasn’t as if you started off and you are making so much money, hah people were flooding in but at least the system was workable, the process was you know, it show to me that okay fine I can actually do something out of it and we start off. I got some sales girls they will come to your office take your order take your food, you know to you and all that, maybe little mistakes we made we didn’t price so well I couldn’t spread my overhead over my product so that I could make maximum profit, those were mistakes and flows that I didn’t learn that I had to learn on the job, I didn’t get anybody to teach me all that so I said every great accomplishment have a small beginning, small start help you to be grounded, now I can tell you the story because that’s the way I started and I can never forget and have seen the process improve over the years, yes.
To the next slide, get obsessed with excellent, I won’t lie to you for anything I do, yes I like to make profit, but as much as possible, if I work for you and you don’t call me back to say hey men that was really nice I don’t fill fulfilled. I honestly tell you that so is like am waiting to see you the next time or that you’ll call and tell me that, that your food was lovely.
In the whole of Ibadan its not as if I won’t be able to sell this much, then we did that one thing I made sure was that for every service or any food or product we delivered to you as much as possible it has to come out excellent and because the first few jobs that we did then got us recommendations, it didn’t take us too far even after we are at dugbe starting off with that GTB I remember then walked into the shop and said you know what we know you sell but we can actually give you our kitchen just bring your foods there, everybody comes to eat in the kitchen, so we started doing that, we didn’t do that for 2 to 3 months then STB came and said okay fine we have a canteen and we are about 70 of us that was like ready market, you know and all that, it didn’t take us some month down the line, then CPPI came they just walked in and ate, about 4 of them and they just walked in and they were like why don’t you just bring this food to our office in Onireke we are about 20 or 25 of us at time we have…. I said okay fine and you know we went to CPPI so initially some of my staffs could be idle, you know they would have gone out and come back and have no other things to do but by the time we got all these retain ship I could split them, okay you go to Guaranty, you go to STB, you go to CPPI.
So on a daily basis you know we had something to work on, either which way we make like 10,000 to 15,000 because we have sold no matter who comes into the shop or not which brings us to the next point that if I had not taken the 100,000 shop I’ll still have been able to do my business because it was a draining point for me, do you understand what I mean, my overhead there was to high too many things were not working right for me there.
What I just told you know which is putting excellence to your work held us and was able to sustain us, what happened, after the business got burnt I was like whoa this is a big blow, am in and out as in I need a break, not that I was not going to do the business again but I felt that I needed a break to get myself together and all that and then, one of the manger in STB sent for me and he said I heard that you wanted a break, you know because I had to go and tell them that don’t expect me tomorrow because there is nothing to work with and things like that and the guy said I heard you needed a break, I said yes, I think I need to go off for a month or two to get myself together then I’ll come back, he said no way,you are not going on any break,
He said you know what, you are going to give the devil a big laugh, you understand and he’s going to snick into your life and take what you have from you, but I can help you out, how much do we pay you every week when we eat, I said maybe my bill is #30,000 he said okay fine we’ll give you #20,000 up front every week so you use that as a running capital but I want you to resume back here on Monday morning, he said I can’t afford to let you go like that and God used him, let me put it like that but well if you weren’t so good am not sure somebody will tell that but people looked at it and they felt like look, this is going to be like a talent wasted if we allow her to go this will discourage her so much she wont even wanted to do the business anymore and that was how I was able to hold on for that period, it just took sometime to do that and after a while I got myself together again and of course my dreams came back to me, all I had always dreamed about, it not just doing STB, I still wanted to do the delivery thing do you understand, so after I was doing that, of course my market dropped because it was just them that I was servicing people could not come into STB to come and eat so I just had to work with STB but I was able to gain more branches, they only had 3 branches in Ibadan and they gave me the three, that kept me busy for a period of time and after that I went back home and thought of it, what if STB tells me tomorrow to go. That means I’ll be back on the street without a job as in my business, so I said okay fine I wasn’t going to do STB alone, so in the morning apart from the fact that they take the food to STB, I’ll also make my food and put in the cooler and put it at the back of my boot and drive to dugbe and I can pack in front of your office take your order, serve your food sell to you and I’ll drive round and round till I sell like 100 packs everyday do you understand that was how I started back again apart from STB.
Somehow we got a place and that was how MATTERS KITCHEN started back again as a restaurant in Cocoa House after sometime like 2yrs then the restaurant got burnt and the guy listened to my story and he was like impressed and because of that he shared is own experience too with me, a very successful business man, when I say successful I mean successful, he was a very wealthy man and by the time he told me how he started too, he only told me because he want me to be encouraged and to believe in myself and believe that look just give yourself sometime you’ll get there and all that so I took him like a mentor and he helped me in several ways, by the time I was starting off the Coca House, I didn’t start off like 3 or 4yrs back when I was in old gbagi the building that got burnt I didn’t start on that level again my dreams, vision had changed, my expectation was higher, I came with a lot of confidence again and much more strength and all that and I was going to do that and by the time I put up the place and started. I leveraged on him. He was helping me because of the kind of person he was.
In everything at every stage of it I can tell you where God came in. God has been very faithful to me, he keeps his word at everything, he’s not a lazy God so I believe in hard work, I don’t like people lazy around me, people look at me, yes I know I could get to the extreme, you overwork yourself , you need to put balance to everything in life and all that but I feel if you have passion, vision, strength and God with you then you don’t have anything to fear take it one step after the other you know at a time.
Don’t despise the days of little beginnings, start off with little. it is not in your qualification it’s in your strength, your dignity, your work, what you know in your hands, what you can make out of your hands, what your hands can make for you that nobody can take from you.
THANK YOU
ooihoiuguify
Thursday, November 6, 2008
Wednesday, October 22, 2008
Prince Edward Okotiebhor (CEO Bamisoro Telecom) @ The Entrepreneur
I Started Bamisoro Telecom With Phone Repairs – CEO Bamisoro Telecom
My name is Prince Edward Okotiebhor I was born in Warri Delta State I was born into a polygamous. As at 1986, my father had 36 wives and all of them resided in the same compound. Then I was in class five; as a matter of fact there was discipline and principles in our family. No child must say he or she has one mother. My mother happened to be a very good nurse in those days in service and I love her so much.
I attended 14 different primary schools and 8 secondary schools in different states not because I’m a dullard but because I fell in love with traveling with my mother anytime she was on transfer she happened to be a very good nurse, so she was transferred every 2 months, before you know it I was off with her unknown to me that what I was doing was affecting my education. After finishing secondary school, she wanted me to become a Medical Doctor, I also wished the same, along the line I got admitted to the University of Benin to Study Pharmacy, after sometime I got an information that my admission has been terminated because my name was fished out has one of the people who spearheaded an illegal movement while fighting for our right when I was in secondary school.
I prevented the information from getting to my mum. So I took a decision to obtain a shell scholarship examination, I passed it and I was admitted into Petroleum Training Institute to study welding and Engineering, I have a Higher National Diploma (HND).
Funny enough, I graduated from the school before my mum got to know I did not attend University of Benin. “I got a job offer from Shell immediately I finished my studies, they were ready to pay me a sum of one hundred and fifty-two thousand naira a month but I did no take it. Knowing fully well that no other offer existed but I knew inside of me that, that was not my purpose for going to school in the first place. After some time, I met a friend who was a driver with Guinness, he was making money, one day he told me he would be traveling to Lagos, and I joined him on the trip because I have never been to Lagos. On our way he stopped to load bananas and he asked me to join them.
Going to Lagos on the second time, I met some of my friends hope of getting any job to survive. I got a job as a cleaner in a hotel. It was a dirty job but I made sure my job was done perfectly because it was part of our core values at PTI. It got to an extent that my boss started increasing my salary just because there is always a difference in whatever I did. After some months with the hotel I left the place for a night club at Allen Avenue own by Onanbolu’s I worked there as a supervisor.
I met a white gentleman who asked me to work in his casino outfit. He offered me $200 for the first 2 weeks of training, after which he would double the salary, I was excited and I jumped at the offer but after working for just 2 days I discovered he was cheating me. In a single day we made about N2 million as a matter of fact our patrons were military socialites I mean prominent Nigerians who will come at night.
The dream of ever young Nigerian was to travel out of the country so I saved some money and traveled to Italy. When I got there I explored the place and their fashion but after some time I realized I did not fit in so I came back to Nigeria.”
After spending about 2 years in Nigeria, it dawned on me that Nigeria was dry, I could not see anything which makes life comfortable in other countries like internet mobile phones, meanwhile, I was told by a Ghanaian friend I met in Italy that Ghana has embraced Information Technology, I said to myself, was it not Ghanaians that Nigeria was deporting to their country years back. I decided to pay him a visit in Ghana. After learning about Internet technology I got a job in an Internet office, where I also learnt Internet configuration. I also learnt how to work with masts but I discovered that their mast were not strong enough to last for 3 years. I realized that then none of the Universities in Ghana had course on mast building. Fortunately, I was connected to a man whose job is to build mast and on hearing of my knowledge of welding, construction and engineering he started given me jobs that he himself could not handle, that was how I started making money.
Returning to Nigeria was really exciting because I saw gaps needed to be filled in the telecommunications industry. The time I came back Internet technology was operational in Lagos, then it was a dialogue system. I met with the owner of one of the Internet Service Providers, after sharing my experience with him on advanced Internet calling and some other technicalities that could boost his business, he didn’t let me go. He offered me the sum of N200, 000 per month and I agreed. I started designing masts for him and installing them at different locations in Lagos, by the time he discovered that I could configure phone jerk to enhance the voice quality and a lesser tariff he added more money to my salary and job description. When wireless phones came on board, we ventured into it as well and people come from different places to make calls.
One man Hon. Olusoji Oluwatokesi met me one fateful day and asked if it can work in Ibadan and I told why not, on that same day he asked me if I could help him set up a cyber café for his wife, and he gave me a cheque of eight million naira, I could not believe it until I withdrew one hundred thousand naira out of it. He promised to call back in a month’s time but I did not see him.
We met again after some months and I set-up for him the first cyber café in Ibadan located at challenge. After some months of operation I discovered that we could open computer accessories store. Later we added the sale of recharge cards and repairing of phones even when Ibadan was still laid back in the skill of phone repairs. It is surprising that I did not earn a salary within the two years within the two years I signed with the man because our agreement was that the profit would be shared on a 70-30% basis each time I talked to him concerning my share he would say we have made no profit two years down the line nothing was coming in as my share except if I demanded for some money from him but we were making money. After sometime I started noticing that I was being pushed out of the business and decision making level when his brothers came from school to join the business but I did not mind I kept establishing more branches for them. But they kept tossing me about and transferring me from one branch to another until one day the wife of the man I was working for asked me to resign my appointment and I did,
I started thinking of what to do, I couldn’t go back to Lagos. Where would I start? I was confused after some months, I just decided to walk around Dugbe and Challenge axis, then I saw a flat, a cyber café owner wanted to sublet it for N100, 000 I was really broke but I knew in my mind that I can start doing something. I have the skill to repair phones but money became a problem, depression crept in but I kept motivating myself; fortunately, I began to see my former boss friends, whenever they see me they would appreciate me and give me some money, it was these money that I saved to pay for the office. There was no furnishing for the new office and no working tool except my skill of G.S.M. I can boldly say that I am the first G.S.M. engineer in Ibadan. As at that time, 9 years ago, mobile phone was new in Nigeria and very few in Ibadan. Ibadan people were still ignorant of how to even fix their pin lock, security code which is in their sim pack fortunately on my first day of operation I realized N28, 000.
“I used to have a old alcohol as a friend who used to ask me why I didn’t smoke nor drink; on this particular day, he asked me the same question but then I could not speak Yoruba, so I told him that “Baba o gbadun” (old man you are not well) meanwhile what I wanted to say was that “Baba Ongbadu” (meaning old man,you are enjoying) immediately I made that statement the man slapped me, I kept wondering why he slapped me, I kept wondering why he slapped me but people who knew me as a good friend of the man called me and asked what happened? I was hearing ‘Basoro, bamisoro now omo Igbo’. So later after the show I asked a friend what ‘Basoro’ and ‘Bamisoro’ meant? He told me but I did not have any idea of what to do with it but by the time I opened my first shop of G.S.M repair office I discovered that 80% of my customers did not understand English. I was thinking on which name to write on the chalkboard, ‘bamisoro’ came to my mind so I wrote “BAMISORO Repair your phone while you wait.”
When people came in, they were expecting to see a Yoruba man but by the time they saw me. They realized I didn’t even understand Yoruba language but I had some boys who would quickly ask them what they wanted, after a while my customers started asking me to help them buy good phones, I did not have enough money, so I would collect money from them and buy from Lagos. Within 2 months of involving in this business I realized N250, 000 that was the money I used to start BAMISORO telecom; I bought office furniture stocked my office phones; one day I came to the office and everything was empty, not even a chair was spared. So I stated all over again by selling phones. The two months after, burglars came back again and cleared the whole thing. I thought of going back to Lagos but I remembered that Lagos itself was not safe. I had conviction that I would make something out of this place because I knew there was something in it for me.
I knew that what attracted the thieves were the phones so I decided to stop selling phones and returned to phone repair. During one of my trips to Lagos to get some materials, I met the woman whom I used to buy phones from and she asked me why I have not been coming and I told her about the robbery incidents and she told me it happens every where, she gave me phones worth N2 million within 2 days on credit. I decided to keep them in a police station, but they refused to allow my goods to be kept there. At last I met an Igbo man who was the Area Commander Personal Assistant, he allowed me to use his office outside the police station. The step I took was to transport the phones to the office and back again to my friend’s shop after the close of business but one day there was no vehicle to transport the goods back so I decided to keep them in my office. These thieves gained access to the place and took half of all the phones and left; it was really a sad period of my life, “The following day one Alfa who was aware of the incident asked me if I pay my tithe, I was surprised a Muslim challenging me about tithe.
To be sincere as at that time I don’t pay tithe, my belief was that it is pastors that spends it on their family, so with that challenge my orientation changed, but the problem I had was that I did not know how to calculate it with such a loss. Secondly, the loss was so much that I could not afford to pay my tithe immediately because it was enormous, but I made it my goal If that is only part of business I did not know, I started experience peace and enlargement the day I started paying tithe.
Prince Edward talking about his challenges like every successful entrepreneur, he said, “my only challenges is staff problem and whenever I ask my colleague in business they keep telling me it’s a general phenomenon. Infact it’s a tasking job managing about 83 staffs.” Responding to how he has been managing his public figure as a business man and a socialite, “it was not a problem for me because where I am coming from, my mother used to tell me that if you humble yourself God would left you up, infact many people don’t know me facially if not for my club LeMERVEILLE because I try to be myself despite my accomplishments.
My name is Prince Edward Okotiebhor I was born in Warri Delta State I was born into a polygamous. As at 1986, my father had 36 wives and all of them resided in the same compound. Then I was in class five; as a matter of fact there was discipline and principles in our family. No child must say he or she has one mother. My mother happened to be a very good nurse in those days in service and I love her so much.
I attended 14 different primary schools and 8 secondary schools in different states not because I’m a dullard but because I fell in love with traveling with my mother anytime she was on transfer she happened to be a very good nurse, so she was transferred every 2 months, before you know it I was off with her unknown to me that what I was doing was affecting my education. After finishing secondary school, she wanted me to become a Medical Doctor, I also wished the same, along the line I got admitted to the University of Benin to Study Pharmacy, after sometime I got an information that my admission has been terminated because my name was fished out has one of the people who spearheaded an illegal movement while fighting for our right when I was in secondary school.
I prevented the information from getting to my mum. So I took a decision to obtain a shell scholarship examination, I passed it and I was admitted into Petroleum Training Institute to study welding and Engineering, I have a Higher National Diploma (HND).
Funny enough, I graduated from the school before my mum got to know I did not attend University of Benin. “I got a job offer from Shell immediately I finished my studies, they were ready to pay me a sum of one hundred and fifty-two thousand naira a month but I did no take it. Knowing fully well that no other offer existed but I knew inside of me that, that was not my purpose for going to school in the first place. After some time, I met a friend who was a driver with Guinness, he was making money, one day he told me he would be traveling to Lagos, and I joined him on the trip because I have never been to Lagos. On our way he stopped to load bananas and he asked me to join them.
Going to Lagos on the second time, I met some of my friends hope of getting any job to survive. I got a job as a cleaner in a hotel. It was a dirty job but I made sure my job was done perfectly because it was part of our core values at PTI. It got to an extent that my boss started increasing my salary just because there is always a difference in whatever I did. After some months with the hotel I left the place for a night club at Allen Avenue own by Onanbolu’s I worked there as a supervisor.
I met a white gentleman who asked me to work in his casino outfit. He offered me $200 for the first 2 weeks of training, after which he would double the salary, I was excited and I jumped at the offer but after working for just 2 days I discovered he was cheating me. In a single day we made about N2 million as a matter of fact our patrons were military socialites I mean prominent Nigerians who will come at night.
The dream of ever young Nigerian was to travel out of the country so I saved some money and traveled to Italy. When I got there I explored the place and their fashion but after some time I realized I did not fit in so I came back to Nigeria.”
After spending about 2 years in Nigeria, it dawned on me that Nigeria was dry, I could not see anything which makes life comfortable in other countries like internet mobile phones, meanwhile, I was told by a Ghanaian friend I met in Italy that Ghana has embraced Information Technology, I said to myself, was it not Ghanaians that Nigeria was deporting to their country years back. I decided to pay him a visit in Ghana. After learning about Internet technology I got a job in an Internet office, where I also learnt Internet configuration. I also learnt how to work with masts but I discovered that their mast were not strong enough to last for 3 years. I realized that then none of the Universities in Ghana had course on mast building. Fortunately, I was connected to a man whose job is to build mast and on hearing of my knowledge of welding, construction and engineering he started given me jobs that he himself could not handle, that was how I started making money.
Returning to Nigeria was really exciting because I saw gaps needed to be filled in the telecommunications industry. The time I came back Internet technology was operational in Lagos, then it was a dialogue system. I met with the owner of one of the Internet Service Providers, after sharing my experience with him on advanced Internet calling and some other technicalities that could boost his business, he didn’t let me go. He offered me the sum of N200, 000 per month and I agreed. I started designing masts for him and installing them at different locations in Lagos, by the time he discovered that I could configure phone jerk to enhance the voice quality and a lesser tariff he added more money to my salary and job description. When wireless phones came on board, we ventured into it as well and people come from different places to make calls.
One man Hon. Olusoji Oluwatokesi met me one fateful day and asked if it can work in Ibadan and I told why not, on that same day he asked me if I could help him set up a cyber café for his wife, and he gave me a cheque of eight million naira, I could not believe it until I withdrew one hundred thousand naira out of it. He promised to call back in a month’s time but I did not see him.
We met again after some months and I set-up for him the first cyber café in Ibadan located at challenge. After some months of operation I discovered that we could open computer accessories store. Later we added the sale of recharge cards and repairing of phones even when Ibadan was still laid back in the skill of phone repairs. It is surprising that I did not earn a salary within the two years within the two years I signed with the man because our agreement was that the profit would be shared on a 70-30% basis each time I talked to him concerning my share he would say we have made no profit two years down the line nothing was coming in as my share except if I demanded for some money from him but we were making money. After sometime I started noticing that I was being pushed out of the business and decision making level when his brothers came from school to join the business but I did not mind I kept establishing more branches for them. But they kept tossing me about and transferring me from one branch to another until one day the wife of the man I was working for asked me to resign my appointment and I did,
I started thinking of what to do, I couldn’t go back to Lagos. Where would I start? I was confused after some months, I just decided to walk around Dugbe and Challenge axis, then I saw a flat, a cyber café owner wanted to sublet it for N100, 000 I was really broke but I knew in my mind that I can start doing something. I have the skill to repair phones but money became a problem, depression crept in but I kept motivating myself; fortunately, I began to see my former boss friends, whenever they see me they would appreciate me and give me some money, it was these money that I saved to pay for the office. There was no furnishing for the new office and no working tool except my skill of G.S.M. I can boldly say that I am the first G.S.M. engineer in Ibadan. As at that time, 9 years ago, mobile phone was new in Nigeria and very few in Ibadan. Ibadan people were still ignorant of how to even fix their pin lock, security code which is in their sim pack fortunately on my first day of operation I realized N28, 000.
“I used to have a old alcohol as a friend who used to ask me why I didn’t smoke nor drink; on this particular day, he asked me the same question but then I could not speak Yoruba, so I told him that “Baba o gbadun” (old man you are not well) meanwhile what I wanted to say was that “Baba Ongbadu” (meaning old man,you are enjoying) immediately I made that statement the man slapped me, I kept wondering why he slapped me, I kept wondering why he slapped me but people who knew me as a good friend of the man called me and asked what happened? I was hearing ‘Basoro, bamisoro now omo Igbo’. So later after the show I asked a friend what ‘Basoro’ and ‘Bamisoro’ meant? He told me but I did not have any idea of what to do with it but by the time I opened my first shop of G.S.M repair office I discovered that 80% of my customers did not understand English. I was thinking on which name to write on the chalkboard, ‘bamisoro’ came to my mind so I wrote “BAMISORO Repair your phone while you wait.”
When people came in, they were expecting to see a Yoruba man but by the time they saw me. They realized I didn’t even understand Yoruba language but I had some boys who would quickly ask them what they wanted, after a while my customers started asking me to help them buy good phones, I did not have enough money, so I would collect money from them and buy from Lagos. Within 2 months of involving in this business I realized N250, 000 that was the money I used to start BAMISORO telecom; I bought office furniture stocked my office phones; one day I came to the office and everything was empty, not even a chair was spared. So I stated all over again by selling phones. The two months after, burglars came back again and cleared the whole thing. I thought of going back to Lagos but I remembered that Lagos itself was not safe. I had conviction that I would make something out of this place because I knew there was something in it for me.
I knew that what attracted the thieves were the phones so I decided to stop selling phones and returned to phone repair. During one of my trips to Lagos to get some materials, I met the woman whom I used to buy phones from and she asked me why I have not been coming and I told her about the robbery incidents and she told me it happens every where, she gave me phones worth N2 million within 2 days on credit. I decided to keep them in a police station, but they refused to allow my goods to be kept there. At last I met an Igbo man who was the Area Commander Personal Assistant, he allowed me to use his office outside the police station. The step I took was to transport the phones to the office and back again to my friend’s shop after the close of business but one day there was no vehicle to transport the goods back so I decided to keep them in my office. These thieves gained access to the place and took half of all the phones and left; it was really a sad period of my life, “The following day one Alfa who was aware of the incident asked me if I pay my tithe, I was surprised a Muslim challenging me about tithe.
To be sincere as at that time I don’t pay tithe, my belief was that it is pastors that spends it on their family, so with that challenge my orientation changed, but the problem I had was that I did not know how to calculate it with such a loss. Secondly, the loss was so much that I could not afford to pay my tithe immediately because it was enormous, but I made it my goal If that is only part of business I did not know, I started experience peace and enlargement the day I started paying tithe.
Prince Edward talking about his challenges like every successful entrepreneur, he said, “my only challenges is staff problem and whenever I ask my colleague in business they keep telling me it’s a general phenomenon. Infact it’s a tasking job managing about 83 staffs.” Responding to how he has been managing his public figure as a business man and a socialite, “it was not a problem for me because where I am coming from, my mother used to tell me that if you humble yourself God would left you up, infact many people don’t know me facially if not for my club LeMERVEILLE because I try to be myself despite my accomplishments.
Thursday, September 11, 2008
Mr. Seyi Osho (Chairman, Nadina Press) @ The Entrepreneur
UNCERTAINTY AND OPPORTUNITY
I want to welcome you and I will be sharing with you from my experience and from what I have seen, and again from some of the recent studies that I am doing because for every entrepreneur, you are always studying and studying and studying because there is always something new. So we will share from our experience, we will share from new things that we are getting to know. Sometimes in December, I think I was in the States and I listened to a song, funnily I won’t be able play that song to you but I will tell you some parts of the song.
It was a song written by a lady called Indie Arie, some kind of funny name, and the title of the song is that ‘There is hope’. And the lady said that back in the United States, she would complain oh this is not working, that is not working and she is a successful musician. I just said well. Somehow she went all the way to Brazil and she met a brother; she called the guy a brother. She said she met a brother who wanted to sing like herself. But this brother was living in a house (he was so poor) without a door, no window, it seems like he has no hope. And in addition to all those challenges-environmental challenges, this brother didn’t even have eyesight. He couldn’t even see and yet he wanted to be a great musician. Then the brother said to her (the one who would complain back in America) “It’s not about your eye-sight, but it’s about the size of the faith that’s inside of you” So even the one who did not have the eyes, who was living in deplorable condition said “NO, I can still do something”.
The reason why I believe Nigeria is the way it is, is because we don’t have enough entrepreneurs. So I want to start from there.
Entrepreneur is a way of thinking; it is a way of thinking. It is a way of life and you can apply it to any aspect of life. You can apply it to business; you can apply it to ministry; you can apply it to your home; you can apply it to a community. It is a way of life. It is a way of looking at the world. It is a mind-set.
When you look at the situation in the country, some people see so many problems, problem, problem, problem, or bad roads and this and that, no power supply, no this no that. But there is something you will take out of here; I want you to meet a couple. , A very interesting couple. Now, you know when you talk about couples, it is a question of two people coming together and then, they become one. That is how it is suppose to be. That is why they are a couple. But most of the time, remember when you have two people joined together, you always think to hear or see the dominant partner.
Now when two people are married and the wife is outspoken, most of the time it is the wife you will hear. You’re not, probably going to hear the man all the time. But now, if the man is very domineering, you will probably see him more of the time than the woman. So in a partnership, you will always see the one that is the domineering partner. So I want to introduce you to a couple. And they are called ‘Uncertainty’ and ‘Opportunities’. They are a couple.
Uncertainty and Opportunity. They go hand in hand, they are so much in love. They don’t leave each other. They go together. You always see them together. But the problem is that, Mr. Uncertainty is the head of that home. He’s outspoken. He’s everywhere. You will hardly hear Mrs. Opportunity. She’s the gentle one. She’s hidden there. Now I want to tell you something. Every entrepreneur knows that wherever you find uncertainty, there are opportunities.
I deliberately used the word uncertainty because…my job is just to open up your mind.So I just want to be able to ignite something in you that will set you thinking. So that long after you’ve left here, you will still be up by 1:00am or so, still thinking about what you have heard.
I used the word uncertainty because some other people will use the word ‘risk’. But risk is negative. Risk is the ill, presupposes that there is some danger there. Don’t do it because it is risky. It is a risky business. Now, that presupposes that there is some danger there. But uncertainty means that there is something we don’t know about it, so that if we know our perception of it may be different.
The reason why a lot of people can’t see gain or opportunity where others can see is that they don’t know. They don’t have full knowledge of the uncertainty that is surrounding that thing. Let me give you an example.
Recently, I was on a project and somebody gave us a very big cheque, very big. He divided it into three. One cleared and the rest didn’t clear. And everybody panicked. Oh this man has destabilized us, he has disorganized us.
Are we ever going to get this money? And I was smiling because as far as they were concerned it had become risky. Because of the uncertainty of whether we are going to get that money or not, because we had banked on that money for something else. And I said, “wait wait wait, what are we talking about here. And I said, if we got one third of the money, whoever gave us the one third should be able to go the whole journey”. They said a third is small, I said a third is not small because that one third is quite a lot of money. So if he can give that one third, something is happening. I am going have a meeting with him. So I went for a meeting with him. And because they are professional people, they were struggling to explain themselves and I was laughing because I wasn’t looking for explanation, sorry or this. I was hoping that: My thought was that we would be able to solve the problem because I was confident that whoever brought… Maybe I should take it home for you.
We are talking about 500 million naira and somebody had paid 200 million naira and he is struggling to pay 300. So if he can bring that 200, surely he can bring the rest. And we went, we went for a meeting. So they were struggling, we are very sorry, is this, is that and I was waiting because I was looking for something. I was looking for information so that the problem can be solved. Because I knew there is an opportunity there. And it turned out that they had something and they didn’t want to sell it because they didn’t like the market price. And they want a bank to give them a loan. And of course it is usual with banks, when you want it, they won’t give you, so they took a process and they were going back and forth, back and forth. And it turned out that what they have and didn’t want to sell, we wanted. I didn’t tell them I knew I had the solution, I pretended like I didn’t know. I said that’s all right, no problem. In our presence they called and they gave us another post-dated cheque but I knew I wasn’t going to cash that cheque so I went. I didn’t even tell my partner that we went to together but I knew I had the solution because I had gotten the information that I want. I knew somebody wanted to pay me because I sought for the information. They thought it was a risky thing, I knew there was no risk because I already had an information. Now when I went for additional information, I got to know that what they were giving the bank to give them 200 million naira was worth about 1.9 billion naira.
So a man who had 1.9billion cannot have a problem 300 million. Now I have the information now and it is not risky as I thought before. So I went back. I knew I had the solution. So I allowed about 2 days and I now called my partner. I said look listen we don’t need to present that cheque. What they have and they want to borrow against, we need. Why don’t we take the cheque back to them and tell them by the way, instead of, listen, give us that because when we get the money form you, we are going to use it to buy the same thing that you have. When I spoke to the guy, the guy was happy. And there was exchange. No more agro, no risk, we have gotten our value for what we want, they are happy. And everybody is happy. What am I saying?
The reason why you will consider something risky and you will not go after it is because of uncertainty and because you don’t have enough information. If I tell you for example, I was analyzing with Pastor about two weeks ago. Tell anybody who knows what’s good for them, any land between Lagos and Ibadan that is offered for sale, they should go and buy. Any land that exists between Lagos and Ibadan, they should go and buy. As long as it is about 5 or 10 kilometers from the road, from that express road, you can buy and keep it. Why do I say so? Now somebody will say that is a risky investment, very risky, because he doesn’t have the information. He is working on the basis of uncertainty but I have the information. Number one, Lagos was moving towards Lekki, Lekki all the way to Egbe has become very expensive, way expensive and there are already so many people there. Human beings will always survive……………………
The reason why you will consider something risky and you will not go after it is because of uncertainty and because you don’t have enough information. If I tell you for example, I was analyzing with Pastor about two weeks ago. Tell anybody who knows what’s good for them, any land between Lagos and Ibadan that is offered for sale, they should go and buy. Any land that exists between Lagos and Ibadan, they should go and buy. As long as it is about 5 or 10 kilometers from the road, from that express road, you can buy and keep it. Why do I say so? Now somebody will say that is a risky investment, very risky, because he doesn’t have the information. He is working on the basis of uncertainty but I have the information. Number one, Lagos was moving towards Lekki, Lekki all the way to Egbe has become very expensive, way expensive and there are already so many people there. Human beings will always survive……………………
Nigeria has a shortage of housing of about of 25 million housing units. If all we are doing every day is building houses, in the next 15 years we will not build enough and we are not even doing that. We are not building new houses. Now so human beings will seek houses somewhere. So when they saw that the Lekki housing was becoming a problem, they we simply moved to the next available place, which is Lagos - Ibadan expressway. Now those people moving from Lagos, those ravaging people looking for accommodation, they are now reached the redemption camp. They are going beyond. I want to ask you a question. Ogun state now made it easy. Ogun state said any land that is 2 kilometers to Lagos Ibadan expressway is marked as industrial zone. So all a lot of the industries in Lagos are now taking their new factories along that route. Now if a Lagos Company, listen to me please, if Lagos companies were to be sited immediately after redemption camp and they have staff. I want to ask you a question. From a cost effective point of view, will they have their staff live in Lagos or Ibadan? One of the generator companies am aware has a very big industrial land where they want to assemble generators immediately after the Lagos redemption camp. Lagos on its own without any influence has reached Mowe, has reached redemption camp and is advancing. Are you going to wait until they come and meet you in Ibadan? And you say there is uncertainty there, well so just because of the information that you heard. You have assigned a risk level that is too high. So what you need to do to be able to see opportunity under situation of uncertainty is to be able to get more information. And to understand that beyond every problem, beneath every uncertainty, there are opportunities waiting to be tapped.
Nigeria has a population as we are told of 150 million people. I think some 7 or 8 years ago we had 400 or 700 thousands lines belonging to Nitel and they weren’t working, you had to bride. Some people saw that as a problem, human beings must communicate. This is a very large market. Let me tell you something, today MTN cannot open their mouth and to tell you their turnover. They can’t tell anybody because if they tell anybody, there will be in crisis. They can’t tell you. They are digging out sites in South Africa and bringing them here in a hurry. But 7 or 8 years ago somebody said it makes sense to bid for a license for $250,000,000 and pay it. They have done so...10% of MTN for almost a billion dollars.
If you hear what is not true, what do you do? Disregard! If you hear what is not fair about you, keep it away from irritating you. If you hear someone say what is ignorant about you, because the man is ignorant he’s talking like that, just smile! But if they are justified to say what they are saying about you, learn from it and move on.
Entrepreneurs don’t have time to discuss people. They are asking themselves questions on how things can be better. What have I said, this is the greatest time, and it’s the best time to be a Nigerian. This is the best of time to be a Nigerian. But we have a problem we are used to: Let me go to somebody to give me a note, then I will go somewhere to get a contract and I will execute that contract, then when I make money, then I’ll buy a jeep, I will buy that, I will buy that. If that money finishes, I will get another contract.
Entrepreneurs seek out and take advantage of situations of uncertainty because they know beneath uncertainty lays tremendous opportunities. Many of us when we see unpleasant situations, nothing rises within us. Nigerians have come to accept that things must be the way they have been. I told them in Lagos (I was telling the bankers), “I thought you guys should be smarter than this”. All of them are in Victoria Island, all of them are spending. The bank uses a generator in the head office. They can buy 1000kva generator and buy like three because now that NEPA is zero, you must have first back up and second back up. And I ask all of them “all of you, put together what you used to buy generator this year, bear in mind you are going to buy again in two years time, why don’t you put all that money together, float a company and build a power plant in VI and charge each other ”. I said, “Ah you are waiting for politicians”.
You see the problem we have in Nigeria by infrastructure is that until the time the private sector takes it up, every scope of government have their own peculiarity. If you don’t have entrepreneurs in government, see what will happen to Lagos state in the next four years because an entrepreneur has come into government. The man is going around the whole world, he is raising money from Paris, from this from that to put infrastructure in Lagos because he’s an entrepreneur. You fix problems because you know beneath problems lies opportunities. Many of us if we drive through hold ups, terrible ones; your leg is aching you. That leg is aching you because God wants to tell you something, that the situation demands change.
We are so complacent, we are waiting for somebody else to come and solve the problem.
In 1991, I was a senior manager in a bank and I told them, I said: “the future of banking is in ATMs”. They said I should keep quiet; you don’t know what you are saying. I forced them to send me to do a course in Germany in 1992. I said this is the future. Now let me tell you this, every time you put your card in that hole they take N100 from you; so that you won’t sue them they give you an option: ‘YES or NO, do you want to pay N100?’, and you use your hand to say yes. Listen to this, if there are ten million transactions in a day, multiply that by N100 that is one billion. The revenue that the banking sector will make in 2008 from that will be over 500 billion. They will pay for those ATMs in one year; you are going to put your card in the hole, you are putting it, you are putting it and they are drawing your money and they are taking your N100.
Why? Because somebody sat down and said it is not good for man to be without cash when the bank is closed. Like God said it is not good for man to be alone. So somebody said; an entrepreneur said: it is not good for man to be alone without cash after official banking hours. Look at all of them, they are running everywhere to put those ATMs. And somebody sat down and said ‘I should be able to withdraw from ATM irrespective of what bank I am’ and somebody say its interswitch.
What do you have to offer the society? What do you have to offer your family? What do you have to offer your community? What is it that you see you don’t like that there must be a change?
A man before the world war was running a defense company. He was running a company that was supplying, they were researching, they will bring out new equipment, new, so they were supplying to the US military. But you know when the war is about to end, some people are unhappy. So when the war was about to end, the man realized they have 1,500 staff but the entrepreneur in him started to show that we are going to be in trouble. What am I going to do with 1,500 people? Because once this war is over, these politicians will forget about us, they will be thinking of how to rebuild the economy. While he was thinking about that, he went on a vacation with his family. And he took a picture. He took a picture and his daughter, you know how children are, said Daddy I want to see that picture now. If it is you, you will shout I will slap you. Which picture do you… picture don’t come out like that. They told the girl we need to take it to the shop, they will wash it and they will do this. But the girl said, Daddy I want to see that picture now. The guy sat down. It didn’t leave his mind because he is an entrepreneur. There is no challenge, no problem of human race that comes to the mind of an entrepreneur, he becomes uneasy. So something rises up within him because he wants to solve that problem. This man went for another 3 years and he invented Polaroid. It was the request of a young girl that I want my picture now that led to a ‘wait and get’ picture.
The first set that the man made sold in one day, thousands. And in the next few years, a company that was supposed to go under came up again. Now if you look at it that entrepreneur set out to solve problem and you then look within you environment. You find problem to solve and you are ready to address them. Somebody sat down and discovered that when you have a party, and people have eaten and eaten, all of them will go. You first of all have to start washing plate and doing this and doing that when you should go and rest. Somebody said no, we wouldn’t do that again. I will be a professional caterer, I will bring everything. And people started to embrace it gradually and gradually. Has an industry not emerged? Those in that industry are they.
You see human beings run in cycles. Do you remember how many years ago when Brazil has so much inflation that they were changing the currency everyday. It’s not long; it’s not up to 20 years. Do you know that today, Brazil is one of the most prosperous, they are even, I read a report a few days ago, somebody saying that Brazil is going to be hotter than China even though they have less population. The world has changed. Do you know that there is now food shortage because there is an emergence of middle class that want to eat more because they can afford more all around the world. The rate at middle class is re-emerging which in China, in Brazil, in India is so much that there is pressure on grain; on rice and it is going to affect food prices world wide. And to further compound it, they said because oil prices was rising too high, they were looking for alternative fuel, so they were beginning to use things ‘grains’; ‘coal’ and so to make plastics and it made the food situation worse, and today there is food crisis in the world over. What does that tell you?
That famine may not be as risky as you thought before. Everybody here knows that there is worldwide food shortage and there is a bush nearby. An entrepreneur will not sit down, since I read the report that there is short of 25 million housing unit in Nigeria and to confirm it, I went to Zaria. And I discovered that there is shortage of housing in Zaria because of the student in ABU. University cannot accommodate them. And I went to overseas and I discover that it is a common trend for universities all over world, for universities not to be able to accommodate. And when there is a university in that community, there is housing needs and the students around that place are among the best tenant to have, if you know how to manage them. What does that tell you? That it’s not so risky again for me to have a house in Zaira. In other words, if I’m in real estate business the whole nation is my constituency. Now if I know already that there would not be a difference between Lagos and Ibadan now in ten years, it means that the risk of that land I’m trying to obscure, that is risky for me to put 10,000 now is not as risky anyway because that land may become 1 million.
What am I saying? What is certain? There is no fortune to be made out of it. What we all know today will not make you money anymore. It is your understanding of uncertainty and seeing less risk better than other people that positions you.
I am telling you this is the best time to be a Nigerian because wealth is spreading so fast even to the villages; if only you knew. The population is expanding, people must live somewhere.
I was discussing with someone, I said ‘the way we build is very wasteful’. So I gave him an analogy: which one would you prefer; to have a three bedroom flat the way the size is today and two families managing it or to have half the size of a three bedroom (sitting room half, bedroom half, everything half) and now have two units so that two families live separately. Which one would you prefer for the same cost? So if the rent now were to 200 thousand naira per annum and two families are struggling with it, what if the rent is 100 thousand naira and its now two separate flats but it’s a smaller size.
What am I saying? It is time to wear our thinking cap. That’s the job of an entrepreneur. What you call an uncertainty depends on who’s looking and it depends on the level of information that you have. But I want to advise you; start, think big, stick with it! Start; think big, stick with it! Look for an area where you can make a difference. It doesn’t matter if there’s no money in it now, have a vision. Think rich; stick with it if you believe in it. Don’t let the opinion of people bother you. Don’t even let your past failures stop you. But we have a problem here; I have a problem with the way people judge failure. As far as I am concerned, when you fail you’ve just earned yourself a B.A degree. Then again, I am proud when I fail. I’m proud! Why? I can rearrange myself and come out stronger.
There are two approaches to failure; there is the British approach, there is the American approach. Now we have adopted the British approach. When you fail, everybody run away from you. When you fail, it is seen as if something is wrong with you. So you too take it as if something is wrong with you and it becomes difficult but you can fail for many reasons. The economy can move against you, you might have made a misjudgement. Everybody makes misjudgement. You make ten decisions; two go very well that people will not remember the other eight.
So what are we saying? Some people are afraid to take risk or to face uncertainty because they are afraid once I fail everybody will abandon me. But do you need everybody? Have you ever been with anybody before? You have always been on your own. Maybe you don’t know. When problems come, you will know that you have always been on your own any way. This is nothing new. But the American style is somebody can make a mistake but when they make a mistake they can rise again. From a dead company a lot of money can still be made because they know that beneath every problem there are opportunities.
You must have capacity to take pains to achieve your goal. You must be able to take pains in an extraordinary way. It’s painful; it’s not easy to build as an entrepreneur because you are working against so many odds particularly in life. You must be able to shake your head and say: and so what. Recently we were on a project, about five of us and we were trying to raise a large amount of money. And it got to a point that it was not going to work and they were all discouraged. They were all downcast, they said let’s give it up. And I was laughing at them. I said did you think before that it was going to be easy? Did you think we would ever get to a point where we want to give up? By any standard in two days; and I am a student of statistics because statistics is wonderful. I said the rate at which we have done in the last two days, if we continue at that rate, we will exceed our expectation. So I started phoning all of them, I started encouraging them ‘saying you are wonderful, didn’t you see the write up you wrote? Somebody said it was a beautiful write up, somebody said it is the best write up he has ever seen’. So I started pumping them up with encouragement. And in a few days they said ‘what has happened?’ Why? Be able to stick with it.
When Jeremiah was rebuilding the wall somebody said that, the wall you are building if a fox were to climb on it, it will fall. There are human beings like that, they will speak one word and you will not be able to eat for one week. That’s there profession. They do it to kill people’s spirits. Who are you, eh? I tell people always, I say ‘I am positioned to be known all over the world. I enter everywhere I enter and they will know I entered’. Why? Because there is one word. Jesus said: ‘Go ye into the world’. He didn’t say go to Ibadan, He said into the world. I said I hold on to it, everywhere I am going I talk with authority and I say this is what is going to happen. Yes and I act on it so don’t let anybody discourage you. The one who wants to discourage you doesn’t know as much as you know. My wife can’t discourage me, my children can’t discourage me, my pastor can’t discourage me. If my pastor tries to discourage me, I will remember that he’s flesh as me and he’s struggling and that he can miss it sometimes. So even he can’t discourage me because I’m going somewhere.
One thing I have seen with most entrepreneurs is that they love people. I love people because they are either your customers, your friends or they are there with you to chat in your lowest moment or to pray with you or to fight you in your lowest moment. You know some people will fight you the time you are down and you say because of you; whatever it’s going to take I must come out of this problem. You need people like that. They strengthen you; they hold your hand so if you joke with human beings you cannot be an entrepreneur. You need them.
Entrepreneurs are usually generous, very generous. Why? You need to put smile...If I’m passing somewhere or I go to an office and somebody is squeezing his face, I will joke with him. If I’m in a lift and a man is squeezing his face I’ll say ‘ah what is it now? Ah ha, Jesus died for you, what problem do you have? Do you have a job? I know of someone who doesn’t have a job and all his children don’t have a job so they can’t give him money. You have a job. Smile; Jesus loves you’. So the man will smile a bit and I’ll say ‘no, apart from Jesus loving you, I also love you’; and shake hands with him.
Why? You know one of the greatest problems of this nation is that we don’t value people. You can’t produce and consume it by yourself. If you can empower the population that is in this country, people will begin to struggle to come here. Treat people as if your life depends on them and you see what is going to happen. I went to an office last week and the receptionist was very nasty. So when I finished with the boss, I said ‘come, you have a wonderful receptionist; wonderful!’ I said ‘but you know like everybody under too much pressure she will snap because she’s having too much to do. You ask her to do this, do this and then she still has to attend to people’. I said ‘you know what you can do, send her on training’. He said we have trained her. I said no she needs more training. I was trying to help them solve their problem in a positive way, so I forgot to give her something. She was rude to me when I was waiting. She told me her oga was not around. I said eh you are wasting your time. If I can’t see the man I want to see the MD. She said MD too is training and I said the reason he’s training is because of people like me who give them business. So I said tell him one of the people who help him to train is here. She looked at me and said what kind of a man is this; I said yes, I’m not an ordinary man. I must get what I want, I can’t come here in this holdup, drive myself and you’ll send me away so easily. No, it’s not going to be easy.
Be generous to people everywhere you go because you need them and make it a point of duty never to fight with anybody. Fight for what now, over what? You are looking for what you are going to eat and I’m looking for what I’m going to eat. That’s all, what’s there to fight about? I make it a point of duty to be at peace and if your wahala is too much, I just step aside a little bit. If you don’t love people, you can’t carry a passion to help them solve their problem.
You can turn set back to your advantage. Make the right decisions quickly and effectively. Give a very high ethical standard; you are going to need it. Those who want to make money by all means are the ones who don’t make the money. Keep your standard; don’t cut corners. The process of making money or being a successful entrepreneur, it takes time, it takes years. It’s not going to happen overnight.
Be confident! Question the norm and when you question the norm, have confidence in your opinion. Listen, there is nobody who can; it is the way you take yourself that people will take you. If you are weak and you don’t have confidence in yourself, that’s how they are going to take you. You can’t be an entrepreneur. You have to be bold. Look at the other man they call ‘the bull’. He said a Nigerian man will run a telecoms company and he’ll give the other people a run for their money. I heard that, that man is laying a submarine cable all the way from Europe to Africa and when he finishes that, the way we do Internet would change radically. One man; and they call him ‘the bull’. Whatever it takes, he’s ready to give it. I heard that Dangote works 18 hours a day. 18 hours! He’s hard working. Entrepreneurs are not lazy people. They are working hard. They don’t fear failure, I’ve told you. They use circumstances to their maximum advantage.
Nigeria will remain the way it is until we change our mindset. Nobody is going to change Nigeria except you and I.
It is the greatest time to be in this country because the needs are just too many.
Listen to me, we are starting too late in this country. By the time a child is 15, teach her how to make money, teach him how to make money. Let him realise that. Work and earn money. When somebody works to earn money, the attitude is different. We need to put in our children. The reason why we are where we are is that we ourselves are not entrepreneurial enough and we are indulging our children. For an oyinbo man once your child is 18 he starts paying rent in your own house. You collect rent from the child. You collect the rent. Remind him when he’s going to the university ‘you have to graduate quickly o, don’t go and join cult and riot’. Listen to me, it’s an attitude, it’s a way of life. Solve the problem; move on to the next one. Don’t sit down complaining; respond to the situation and as you do so you’ll begin to see changes. Nigeria requires the effort of everybody, the government has failed us. Are you now going to fail yourself? Who cares about you; government will keep on lying, they lie everywhere in the world. It is in the nature of politicians to tell half-truth. They don’t lie but they tell half-truth.
Listen to me, we are starting too late in this country. By the time a child is 15, teach her how to make money, teach him how to make money. Let him realise that. Work and earn money. When somebody works to earn money, the attitude is different. We need to put in our children. The reason why we are where we are is that we ourselves are not entrepreneurial enough and we are indulging our children. For an oyinbo man once your child is 18 he starts paying rent in your own house. You collect rent from the child. You collect the rent. Remind him when he’s going to the university ‘you have to graduate quickly o, don’t go and join cult and riot’. Listen to me, it’s an attitude, it’s a way of life. Solve the problem; move on to the next one. Don’t sit down complaining; respond to the situation and as you do so you’ll begin to see changes. Nigeria requires the effort of everybody, the government has failed us. Are you now going to fail yourself? Who cares about you; government will keep on lying, they lie everywhere in the world. It is in the nature of politicians to tell half-truth. They don’t lie but they tell half-truth.
So ladies and gentlemen, it is a way of life. You want to solve problems. In the presence of problems, your own problem is solved.
I’ve heard people talk about capital? Where do I get money? What I want you to know is that:
Everywhere there is return; money goes there with its own two legs. Returns don’t look for money, money looks for returns. If you have a good idea, well packaged, people will give you money.
I sat down recently, I repackaged my company, I told everybody the truth this is what is going on here but if you bring this, this is what you are going to get and I raised billions. Money will follow where there is return.
How do I make my breakthrough? One of the things you can do; you can be somebody’s agent. Help them push their product and collect a commission. Help them push their service somewhere. I’m glad a program like this is coming up. As you go along this project and as you go back, begin to look at the needs in your environment, package yourself, see how money will be made there and when you see how money will be made, document it, begin to examine it, go over it several times, stimulate it, try something out.
Let me tell you this: There is an emergence now of what we call private equity market, so I’m glad that the organisers of this program are in tune with what is going on and when I go back I will tell one or two people. We are having an emergence of private equity market, people who are holding money and are looking for people with good ideas. They will put the money there as a seed, ready to wait for two or three years for the business to come up and then the sell off and go and move to another one. In most cases they will organise a company to virtually be taken to the stock market. They are coming out aggressively because everybody has seen that for Nigeria’s economy to take the turn for the better we need to go to medium scale. We need to take capital, chase and meet those who have good ideas. So this is the best time to prepare on a programme like this because the money is coming.
Why would you be a student and you won’t earn money? Because you are a student, you are waiting until you finish, that has to stop. If we can get everybody working as an entrepreneur, you’ll be amazed what will happen to our future.
God bless you. But watch, the private equity people (they) are coming to look for your ideas and the money is there.
Be prepared! I pray that God bless you.
Why would you be a student and you won’t earn money? Because you are a student, you are waiting until you finish, that has to stop. If we can get everybody working as an entrepreneur, you’ll be amazed what will happen to our future.
God bless you. But watch, the private equity people (they) are coming to look for your ideas and the money is there.
Be prepared! I pray that God bless you.
Saturday, September 6, 2008
What Is an Entrepreneur by Mr. Gbenga Oluniyi
What Is an Entrepreneur?
There are many differing views on what makes someone an entrepreneur and what an entrepreneurial venture is.
While we speak of many of the originators of businesses in the past as entrepreneurs, it was not until the mid1970's that the concept became a prevalent enough part of our economy that definitions even were necessary. Consequently, we see in the literature a wide variety of possibilities for what this field of endeavor really is.
The Webster's Revised Unabridged Dictionary from 1913 defined an entrepreneur as "one who creates a product on his own account." That sounds a trifle stuffy, very limited and doesn't fit for many of the people widely known as entrepreneurs. The meaning of the word entrepreneur has certainly evolved since 1913.
Does just creating a product make you entrepreneurial if you never do anything with it? What if you take someone's product and make it a success? That is not entrepreneurial? A set of definitions of financial terms, defines an entrepreneur as "an individual who starts his/her own business."
At what point then are you no longer an entrepreneur? When are you no longer starting up? From the Merriam-Webster comes a more current definition: "one who organizes, manages, and assumes the risks of a business or enterprise." Assuming risk certainly fits most entrepreneurs.
This definition is definitely richer, but still lacks the sense of innovation that one usually associates with entrepreneurs.
The concept of business entrepreneurs leading innovation is appealing because it denotes more than just starting a business. An entrepreneur herself, Daile Tucker, provides her thoughts on what it takes to be an entrepreneur in Are You an Entrepreneur?
She defines an entrepreneur as "a person who has decided to take control of his future and become self-employed whether by creating his own unique business or working as a member of a team, as in multi-level marketing."
She identifies work ethics and several character traits of successful entrepreneurs, ending with "Entrepreneurs compete with themselves and believe that success or failure lies within their personal control or influence." This begins to touch on motivational aspects for being an entrepreneur, which may distinguish the type of person drawn to being an entrepreneur.
Mark Hendricks takes Tucker's definition a step further, acknowledging innovation, but also providing alternatives. Hendricks suggests that to be an entrepreneur you don't particularly have to be daring.
Many entrepreneurs are perfectly content to sell tried-and-true products, bringing a steady income without the intensity of launching a new product. He labels these lifestyle entrepreneurs.
They want to be their own boss and make a good living, but they don't need to be on the cutting edge, which entails living where one wants, working with people one likes, and doing work one wants to do.
"Entrepreneurs are about loving their journey, not their destination."
For me, this sums up the excitement and fun of being an entrepreneur. And that is why it is not synonymous with being a small businessperson. The entrepreneurial mind set can operate in all sizes and types of businesses.
An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures.
The word derives from the French "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new project or trying a new opportunity.
Characteristics of an entrepreneur include spontaneous creativity, the ability and willingness to make decisions in the absence of solid data, and a generally risk-taking personality. An entrepreneur may be driven by a need to create something new or build something tangible.
Entrepreneurs are described as being engaged in the creative destruction of existing products and services.
As new enterprises have low success rates, an entrepreneur must also have considerable persistence.
Entrepreneurs are generally highly independent, which can cause problems when their ventures succeed. In a small company the entrepreneur is able to personally manage most aspects of the business, but this is not possible once the company has grown beyond a certain size. Management conflicts often arise when the entrepreneur does not recognize that running a large stable company is different from running a small growing company. The problem is often resolved by the entrepreneur either leaving to start a new venture, or being forced out by shareholders.
At Apple Computer, for example, one founder, Steve Wozniak, left to pursue other interests, while the other, Steve Jobs was ultimately fired and replaced with a CEO from a much larger company. Note that many years later, Jobs returned to the helm.
Should You Be An Entrepreneur?
Studies of successful entrepreneurs reveal common characteristics—family backgrounds, experiences, motivations, personality traits, behaviors, values, and beliefs. How do you fit these patterns? What is your E.Q. (Entrepreneurial Quotient)? We have created the following test to predict how suited you are to entrepreneurship.
This test cannot predict your success—it can only give you an idea whether you will have a head start or a handicap with which to work.
Entrepreneurial skills can be learned. The test is intended to help you see how you compare with others who have been successful entrepreneurs.
Add or subtract your score as you evaluate yourself:
1. Successful entrepreneurs are not, as a rule, top achievers in school. If you were a top student, subtract four. If not, add four.
2. Entrepreneurs are not especially enthusiastic about participating in group activities in school. If you enjoyed group activities—clubs, team sports, double dates—subtract one. If not, add one.
3. Studies of entrepreneurs show that, as youngsters, they often preferred to be alone. Did you prefer to be alone as a youngster? If so, add one. If not, subtract one.
4. Those who started enterprises during childhood—lemonade stands, family newspapers, greeting card sales—or ran for elected office at school can add two, because enterprise usually can be traced to an early age. If you didn't initiate enterprises, subtract two.
5. Stubbornness as a child seems to translate into determination to do things one's own way—a hallmark of proven entrepreneurs. If you were stubborn as a child, add one. If not, subtract one.
6. Caution may involve an unwillingness to take risks, a handicap for those embarking on previously uncharted territory. Were you a cautious youngster? If yes, deduct four. If no, add four.
7. If you were daring or adventuresome, add four more.
8. Entrepreneurs often have the faith to pursue different paths despite the opinions of others. If the opinions of others matter a lot to you, subtract one. If not, add one.
9. Being tired of a daily routine often precipitates an entrepreneur's decision to start an enterprise. If changing your daily routine would be an important motivation for starting your own enterprise, add two. If not, subtract two.
10. Yes, you really enjoy work. But are you willing to work overnight? If yes, add two. If no, subtract two.
11. If you are willing to work as long as it takes with little or no sleep to finish a job, add four more.
12. Entrepreneurs generally enjoy their type of work so much they move from one project to another—non-stop. When you complete a project successfully, do you immediately start another? If yes, add two. If no, subtract two.
13. Successful entrepreneurs are willing to use their savings to finance a project. If you are willing to commit your savings to start a business, add two. If not, subtract two.
14. Would you be willing to borrow from others? Then add two more. If not, subtract two.
15. If your business should fail, would you immediately start working on another? If yes, add four. If no, subtract four.
16. Or, if you would immediately start looking for a job with a regular paycheck, subtract one more.
Do you believe being an entrepreneur is risky? If yes, subtract two. If no, add two.
17. Many entrepreneurs put their long-term and short-term goals in writing. If you do, add one. If you don't, subtract one.
18. Handling cash flow can be critical to entrepreneurial success. Do you believe you have the ability to deal with cash flow in a professional manner? If so, add two. If not, subtract two.
19. Entrepreneurial personalities seems to be easily bored. If you are easily bored, add two. If not, subtract two.
20. Optimism can fuel the drive to press for success in uncharted waters. If you're an optimist, add two. Pessimist, subtract two.
What's your E.Q. (Entrepreneurial Quotient)?
If you scored +35 or more, you have everything going for you. You ought to achieve spectacular entrepreneurial success (barring acts of God or other variables beyond your control).
lf you scored +15 to +34, your background, skills and talents give you excellent chances for success in your own business. You should go far.
If you scored 0 to +15, you have a head start of ability and/or experience in running a business and ought to be successful in opening an enterprise of your own if you apply yourself and learn the necessary skills to make it happen.
If you scores 0 to -15, you might be able to make a go of it if you ventured on your own, but you would have to work extra hard to compensate for a lack of built-in advantages and skills that give others a leg up in beginning their own business.
If you scored -15 to -43, your talents probably lie elsewhere. You ought to consider whether building your own business is what you really want to do, because you may find yourself swimming against the tide if you make the attempt. Another work arrangement—working for a company or for someone else, or developing a career in a profession or an area of technical expertise—may be far more congenial to you and allow you to enjoy a lifestyle appropriate to your abilities and interests.
Traits and Qualities of Entrepreneurs
en'tre - pre - neur
n. A person who organizes, operates, and assumes the risk for a business venture.
Confident
Risk taker
Hard working
Creative
Flexible
Busy, time consuming, long hours
Dedication
Effort
Believer
Enjoys what he/she does
Driven, has a reason
Great sacrifices
Passion/love for what they do
Committed
Never quits
Doesn't know how to relax
Impersonal, task oriented
Doesn't stay within the lines the company sets
Unorganized
C or D student, has their own ideas
Visionary
Courageous
Headstrong/stubborn
Idealistic
Self-motivated
Innovative
Problem solvers
Won't take no for an answer
Stressful
Able to overcome challenges/negatives
Jack of all trades, good at a lot of things
Perfectionist
Knows where he/she is going and where he wants to be.
There are many differing views on what makes someone an entrepreneur and what an entrepreneurial venture is.
While we speak of many of the originators of businesses in the past as entrepreneurs, it was not until the mid1970's that the concept became a prevalent enough part of our economy that definitions even were necessary. Consequently, we see in the literature a wide variety of possibilities for what this field of endeavor really is.
The Webster's Revised Unabridged Dictionary from 1913 defined an entrepreneur as "one who creates a product on his own account." That sounds a trifle stuffy, very limited and doesn't fit for many of the people widely known as entrepreneurs. The meaning of the word entrepreneur has certainly evolved since 1913.
Does just creating a product make you entrepreneurial if you never do anything with it? What if you take someone's product and make it a success? That is not entrepreneurial? A set of definitions of financial terms, defines an entrepreneur as "an individual who starts his/her own business."
At what point then are you no longer an entrepreneur? When are you no longer starting up? From the Merriam-Webster comes a more current definition: "one who organizes, manages, and assumes the risks of a business or enterprise." Assuming risk certainly fits most entrepreneurs.
This definition is definitely richer, but still lacks the sense of innovation that one usually associates with entrepreneurs.
The concept of business entrepreneurs leading innovation is appealing because it denotes more than just starting a business. An entrepreneur herself, Daile Tucker, provides her thoughts on what it takes to be an entrepreneur in Are You an Entrepreneur?
She defines an entrepreneur as "a person who has decided to take control of his future and become self-employed whether by creating his own unique business or working as a member of a team, as in multi-level marketing."
She identifies work ethics and several character traits of successful entrepreneurs, ending with "Entrepreneurs compete with themselves and believe that success or failure lies within their personal control or influence." This begins to touch on motivational aspects for being an entrepreneur, which may distinguish the type of person drawn to being an entrepreneur.
Mark Hendricks takes Tucker's definition a step further, acknowledging innovation, but also providing alternatives. Hendricks suggests that to be an entrepreneur you don't particularly have to be daring.
Many entrepreneurs are perfectly content to sell tried-and-true products, bringing a steady income without the intensity of launching a new product. He labels these lifestyle entrepreneurs.
They want to be their own boss and make a good living, but they don't need to be on the cutting edge, which entails living where one wants, working with people one likes, and doing work one wants to do.
"Entrepreneurs are about loving their journey, not their destination."
For me, this sums up the excitement and fun of being an entrepreneur. And that is why it is not synonymous with being a small businessperson. The entrepreneurial mind set can operate in all sizes and types of businesses.
An entrepreneur is an individual who accepts financial risks and undertakes new financial ventures.
The word derives from the French "entre" (to enter) and "prendre" (to take), and in a general sense applies to any person starting a new project or trying a new opportunity.
Characteristics of an entrepreneur include spontaneous creativity, the ability and willingness to make decisions in the absence of solid data, and a generally risk-taking personality. An entrepreneur may be driven by a need to create something new or build something tangible.
Entrepreneurs are described as being engaged in the creative destruction of existing products and services.
As new enterprises have low success rates, an entrepreneur must also have considerable persistence.
Entrepreneurs are generally highly independent, which can cause problems when their ventures succeed. In a small company the entrepreneur is able to personally manage most aspects of the business, but this is not possible once the company has grown beyond a certain size. Management conflicts often arise when the entrepreneur does not recognize that running a large stable company is different from running a small growing company. The problem is often resolved by the entrepreneur either leaving to start a new venture, or being forced out by shareholders.
At Apple Computer, for example, one founder, Steve Wozniak, left to pursue other interests, while the other, Steve Jobs was ultimately fired and replaced with a CEO from a much larger company. Note that many years later, Jobs returned to the helm.
Should You Be An Entrepreneur?
Studies of successful entrepreneurs reveal common characteristics—family backgrounds, experiences, motivations, personality traits, behaviors, values, and beliefs. How do you fit these patterns? What is your E.Q. (Entrepreneurial Quotient)? We have created the following test to predict how suited you are to entrepreneurship.
This test cannot predict your success—it can only give you an idea whether you will have a head start or a handicap with which to work.
Entrepreneurial skills can be learned. The test is intended to help you see how you compare with others who have been successful entrepreneurs.
Add or subtract your score as you evaluate yourself:
1. Successful entrepreneurs are not, as a rule, top achievers in school. If you were a top student, subtract four. If not, add four.
2. Entrepreneurs are not especially enthusiastic about participating in group activities in school. If you enjoyed group activities—clubs, team sports, double dates—subtract one. If not, add one.
3. Studies of entrepreneurs show that, as youngsters, they often preferred to be alone. Did you prefer to be alone as a youngster? If so, add one. If not, subtract one.
4. Those who started enterprises during childhood—lemonade stands, family newspapers, greeting card sales—or ran for elected office at school can add two, because enterprise usually can be traced to an early age. If you didn't initiate enterprises, subtract two.
5. Stubbornness as a child seems to translate into determination to do things one's own way—a hallmark of proven entrepreneurs. If you were stubborn as a child, add one. If not, subtract one.
6. Caution may involve an unwillingness to take risks, a handicap for those embarking on previously uncharted territory. Were you a cautious youngster? If yes, deduct four. If no, add four.
7. If you were daring or adventuresome, add four more.
8. Entrepreneurs often have the faith to pursue different paths despite the opinions of others. If the opinions of others matter a lot to you, subtract one. If not, add one.
9. Being tired of a daily routine often precipitates an entrepreneur's decision to start an enterprise. If changing your daily routine would be an important motivation for starting your own enterprise, add two. If not, subtract two.
10. Yes, you really enjoy work. But are you willing to work overnight? If yes, add two. If no, subtract two.
11. If you are willing to work as long as it takes with little or no sleep to finish a job, add four more.
12. Entrepreneurs generally enjoy their type of work so much they move from one project to another—non-stop. When you complete a project successfully, do you immediately start another? If yes, add two. If no, subtract two.
13. Successful entrepreneurs are willing to use their savings to finance a project. If you are willing to commit your savings to start a business, add two. If not, subtract two.
14. Would you be willing to borrow from others? Then add two more. If not, subtract two.
15. If your business should fail, would you immediately start working on another? If yes, add four. If no, subtract four.
16. Or, if you would immediately start looking for a job with a regular paycheck, subtract one more.
Do you believe being an entrepreneur is risky? If yes, subtract two. If no, add two.
17. Many entrepreneurs put their long-term and short-term goals in writing. If you do, add one. If you don't, subtract one.
18. Handling cash flow can be critical to entrepreneurial success. Do you believe you have the ability to deal with cash flow in a professional manner? If so, add two. If not, subtract two.
19. Entrepreneurial personalities seems to be easily bored. If you are easily bored, add two. If not, subtract two.
20. Optimism can fuel the drive to press for success in uncharted waters. If you're an optimist, add two. Pessimist, subtract two.
What's your E.Q. (Entrepreneurial Quotient)?
If you scored +35 or more, you have everything going for you. You ought to achieve spectacular entrepreneurial success (barring acts of God or other variables beyond your control).
lf you scored +15 to +34, your background, skills and talents give you excellent chances for success in your own business. You should go far.
If you scored 0 to +15, you have a head start of ability and/or experience in running a business and ought to be successful in opening an enterprise of your own if you apply yourself and learn the necessary skills to make it happen.
If you scores 0 to -15, you might be able to make a go of it if you ventured on your own, but you would have to work extra hard to compensate for a lack of built-in advantages and skills that give others a leg up in beginning their own business.
If you scored -15 to -43, your talents probably lie elsewhere. You ought to consider whether building your own business is what you really want to do, because you may find yourself swimming against the tide if you make the attempt. Another work arrangement—working for a company or for someone else, or developing a career in a profession or an area of technical expertise—may be far more congenial to you and allow you to enjoy a lifestyle appropriate to your abilities and interests.
Traits and Qualities of Entrepreneurs
en'tre - pre - neur
n. A person who organizes, operates, and assumes the risk for a business venture.
Confident
Risk taker
Hard working
Creative
Flexible
Busy, time consuming, long hours
Dedication
Effort
Believer
Enjoys what he/she does
Driven, has a reason
Great sacrifices
Passion/love for what they do
Committed
Never quits
Doesn't know how to relax
Impersonal, task oriented
Doesn't stay within the lines the company sets
Unorganized
C or D student, has their own ideas
Visionary
Courageous
Headstrong/stubborn
Idealistic
Self-motivated
Innovative
Problem solvers
Won't take no for an answer
Stressful
Able to overcome challenges/negatives
Jack of all trades, good at a lot of things
Perfectionist
Knows where he/she is going and where he wants to be.
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