Despite challenges faced by micro entrepreneurs, producers of herbal products are developing strong businesses that are benefitting the economy, Daniel Essiet reports.
The herbal industry has offered a lot of Nigerians an opportunity to make their dreams come true.
This is evidenced by the successes recorded by many including Ayo Adekiyesi, Chief Executive, Chavan Cosmetics Limited, a firm producing herbal soap.
When he started the business in 2006, he lacked the required money for a big business. He started with N2,500 after he left his job at PZ industries. However, he took it as a challenge and built the business solely on his marketing skills and hard work.
Then, he was living in a room with his wife. He used part of it for living apartment and the other for production. When his idea blossomed, he then moved to a self-contained room.
Along the line, he took a loan of N350,000 from a bank on yearly interest rate of six percent. After the milling production machines began running, revenue began to grow. The turnover helped them move out of poverty. The business has grown from a home-based start up to a fully fledged factory endeavour. The goal, thereafter was to market the products to large traders – sending them to the shelves of the large stalls and shops, responding to a growing demand among consumers.
After few years of operation, Adekiyesi is recording significant earnings annually.
He is however reinvesting the earnings. They are creating more storage, buying equipment to improve the quality of the products. The good news is that he is almost liquidating the loan he took from the bank. This is because his products are doing well in the market.
While his customers base has increased, this is attributed to word of mouth publicity following personal use. His hard work has paid off and its successful presence is felt across the industry.
Adekiyesi attributes his success to his wife who motivates him and is involved and helpful in every aspect of the business. No wonder, success comes easily to him.
Today, he has 14 employees and the business is worth N2million. The company is thriving with two major products. From the proceeds, he has been able to build his personal house. The business provides employment and is helping to stimulate the economy.
He established the company around the belief that regardless of background, there is a market for a good product.
He had an idea that with more personal attention and a customised approach, the statistics could be better.
According to him, an entrepreneur must have a goal in mind. He believes in what he is doing and follow the goal with great determination. These qualities have helped him to forge ahead and make a mark.
His success story is merely one example of how a worker with a dream of a better future and a willingness to improve his life, led him to became a prosperous micro business-owner.
He is a living testament to his personal credo of maximising productivity and assuring “meaningful work, paid or unpaid, through the last breath.”
He wants to create something that instead of assuring jobs and stability would assure jobs and security for the low-income families.
Adekiyesi knows what it is to fail and fail hard . He never allowed failure puncture his entrepreneurial ambition .
To start from the bottom means to actually come from nothing. He is forever grateful to his friends and family who supported him then and continue to do so now.
So far, he has been able to spread positive messages of self-esteem and hard work to encourage all people to perform to their full potential.
People like Adekiyesi are proof that despite many challenges the economy is facing , entrepreneurs can, and are, developing strong businesses that benefit people and the economy