The Nation Newspaper

Tag: Young entrepreneur

  • Inspiring others as a young entrepreneur

    Nigeria has become home to many young talent, some of whom have gained international recognition.

    With his name being counted after establishing a thriving startup, a young graduate of Kogi State University and the creative Director, Toubie’s Creations, Aiyenigba Oloruntobi, is an entrepreneur to watch.

    All over, youths are finding a way to survive the economic situation. Increasing retrenchments in workplaces and the increase of jobless young people, fuel the rise of local innovators as people strive to fight against the tide of economic challenges . Many  employed youth have shifted focus to the informal sector, often learning completely new skills in order to survive under harsh economic conditions. Young graduates are establishing successful ventures to create unique and innovative products. One area they are recording successes is in the creative industry.

    The industry is helping to mitigate the country’s unemployment challenge and helping the youths to unleash their entrepreneurial capabilities, thus helping to create jobs for the local economy and lifting many out of poverty. Making shoes has become the way of life for the youth where the economy continues to recover from shrinking amid perpetual closures of industries.

    A creative and versatile footwear innovator and trainer with a fantastic eye for detail, product design and development, Aiyenigba Oloruntobi is among the very few young e entrepreneurs that are pursuing shoemaking while empowering young people and women to acquire the right skills to become financially stable.

    For Oloruntobi, running shoe business has become a way to escape unemployment.

    How did he come about with the business idea? This was his answer: “It was shortly after I graduated that I realised that people had the need for good shoes and so I decided to go into it since I already have an idea. “The shoe industry is peculiar. This is because every sane person needs a good shoe and so, the demand for it can never come to an end. This is the reason I went into it.”

    He started small in December 2016. “I started with repairing of old shoes. I didn’t start with any capital. So, speaking of how much I started with, I think it was with less than N1, 000.”

    He is faring well. So far, the signals justify the upbeat mood. Local buyers are flocking in droves to patronise indigenous producers and many of them are new customers.

    For the first time too, domestic manufacturers are in the enviable position of being able to turn down business.

    The enterprising young business man has plunged into serious leather shoe production. The business is growing .It has five staff and a number of apprentices.

    A combination of personal savings, goodwill from material suppliers built up during his business has helped the business to grow. Besides, he is fortunate to start the company with good clients.

    However, for one to succeed, an aspiring shoe maker needs basic knowledge of creative engineering, shoemaking skills and fashion knowledge.

    The thing about shoemaking is that one really has to know something about every process involved in the manufacturing of shoes, along with a good sense of what is happening with the market. This he has achieved.

    His failures and what he has learned from them? His words: We’ve made some designs that didn’t really do well in the market. It wasn’t welcomed by people. What I learnt from there is that, not everything you do will be accepted by the masses. But that shouldn’t stop you from trying out new things.”

    All this made him take a hard re-look at his business. For him, if he has to grow the business beyond Lagos or even beyond what he is doing now, he had to do things differently. The business has many challenges. Prominent among others include influx of cheap imports from China and strong brands. Right now, competition is fierce and comes from both local and international sources. Some of the big brands have the ability to mass produce shoes at very competitive prices due to their labour costs that are significantly lower than theirs.

    A lot of them have managed to maintain a competitive edge by creating niche brands offering unique products.

  • Success story of an inspiring young entrepreneur

    The rags-to-riches story of Chief Executive, Business Impact Limited, Mr Samson Olatunde, will serve as an inspiration for those hoping to make it big in the start-up world. He shared it during Digital Enterprise Summit 2017 held at David’s Christian Centre, Elegushi Beach Road, Lekki Penninsula II , Lagos,DANIEL ESSIET reports.

    Nigeria is in a run to achieve big heights in terms of economy with young talents who come up with successful business ideas. Such startups are predicted to be billion naira companies within a span of  time. Chief Executive, Business Impact Limited, Mr  Olatunde Samson is one among many such talents.

    Samson has always wanted to be financially independent. He shared during Digital Enterprise Summit, a forum for career & business executives, which held at David’s Christian Centre, Elegushi Beach Road, Lekki Penninsula,Lagos.

    He recalled that as an undergraduate at Ogun State University, where he studied Business Administration, he wanted to assuage his parents’ financial burden.

    While in the university, he started computer tutorials for his fellow students and made some money to take care of his needs. Sometimes later, he heard about an internet business seminar put together by Success Attitude Development Centre (SADC).The hype about the seminar was too much for him to contain.  But the N25, 000 gate fee stood before him like the famous Mount Kilimanjaro. He had to persuade some of his friends to lend him the money with the promise to refund it when he returned from the seminar. Though he got the money, there was a delay in the process. This made him turn up late for the seminar. He had to appeal to the convener and Publisher, Complete Sports, Dr Samson Ojeagbase to repeat what he had taught others in the past two days. The man was eager and answered his questions. At the end of the seminar, he was handled a CD that contained some e-books with resale rights on them. He was devastated because he expected something better than it since the organisers promised he was going to get rich quick after participating in the seminar. He decided to return to school in the evening as he didn’t want to be embarrassed by those who lent him the money.

    But he didn’t not realise the CD was a goldmine. As he was instructed during the seminar, he decided to  reproduce the eBooks and sell them. After printing and placing poster, he received tremendous responses. He  reproduced the eBooks and  raked in N4 million in sales in four months.

    As business started growing, he had to deal with several issues and the most irksome among these was looking for bigger office space.

    Today, he operates from an exquisite office in Gbagada, Lagos. Samson, alumni Pan Atlantic University is one of the few Nigerians that have their books on Amazon.com, the largest online bookshop.

    Founder, LoyalBonus Rufai Oseni urged young entrepreneurs to  explore businesses to address high levels of unemployment.

    The event attracted successful entrepreneurs, youth entrepreneurs and  members of startup companies.

  • Young entrepreneur strikes gold in fish farming

    Young entrepreneur strikes gold in fish farming

    Catfish business is helping young Nigerians to earn extra income and put more food on the table, as typified by Abiodun Eniola, who runs a fishery business, raising catfish. DANIEL ESSIET reports.

    If there is an entrepreneur recording success in fisheries business, Abiodun Eniola is one. Life has changed dramatically for him since he took up fish farming. Staying focused, he has grown his aquaculture business in the same way nature grows a tree.

    He studied Urban and Regional Planning from the Federal Polytechnic, Ilaro, where he obtained in HND (distinction).

    “ I did my Post-Graduate Diploma in the same course at Yaba College of Technology in 2011. I got into agribusiness (catfish farming specifically) six months after my National Youth Service around June 2008.”

    Going into fish farming was not his first preference as a vocation. Like any other youth of his age, Eniola had dreamt of securing a job. Despite his good result, he could not bag any. Instead of losing patience, he tried his luck in fish farming.

    His words: “    The idea came through my inability to secure a white collar job after my National Youth Service Corps (NYSC). I was offered a job in a poultry and catfish farm as a poultry attendant. I discovered that I was more passionate taking care of catfish more than laying birds in our farm. My passion led me to seek for more knowledge outside what I was taught an our farm. I worked in that farm for more than six years and my highest salary ever was N25,000, probably because I was not a professional in the field of agriculture. Yet I needed to earn more to meet my rising expenditure.”

    He  started with N200,000, being his entire life savings.   He felt confident that he could get back the investment within two years. Today, the business is big with three direct and up to seven other indirect staff. He has 15 ponds.He is happy, working hard to take care of the fish so they grow quickly from baby fish into large fish that people can eat.

    With more than eight  years’ experience in the business, Eniola said fish farming business is profitable.

    ”I was also privileged to get information on expenditure and Income of the farm. I concluded that catfish farming is more profitable than poultry, easier to set up and requires minimum fixed capital.”

    He is proud of his accomplishment so far. He said: ‘’I remember when there was bountiful harvest in crop farming. I was able to get my input at cheaper rate and I was able to make around 140 per cent in one season (six months).” To be a successful fish farmer, he gave the business  all it required.  ” I work extremely hard….I work 365 days every year. My work is also a way of relaxation for me’’.

    Besides being a successful entrepreneur, he has become an inspiration to other fish farmers. People come to him for expertise and assistance, both in terms of technique and finance.

    But the success story has not been without challenges. He recalled: “   I could remember when I was in a hurry to stock my ponds; I ended up with poor quality juvenile from an unknown supplier. I paid dearly for my impatience. I will rather wait for months to have quality seed than wasting the whole season raising fishes that will not do well.”

    Like small scale entrepreneurs,, he faced significant barriers in entering new markets, such as securing financing and learning how to responsibly grow the business.

    A major challenge he faced was the high cost of fish-feed, which takes up nearly 60 per cent of the production cost in fish farming.

    In 10 years’ time, he sees the business going international… beyond the nation’s border. His is passionate about feeding people who are hungry and giving people who do not have an opportunity to have a job or create a business that could support their families.

    His hard work, enthusiasm to learn the new technologies, and the interest to share his experience with novices inching to enter into the aqua culture, make him differ from other farmers. He advises young entrepreneurs to pursue their passion because that is the key to their success.

    He also runs training to impart his knowledge on aqua culture to other farmers, especially starters to the sector. The corporate package he offers  includes giving initial advice to the farmer, constructing the ponds, managing the ponds, harvesting and marketing the fish. They realised that many farmers fail because they lack professional guidance and proper management.

    One of  his mentees is Bamidele Onibalusi, a frontline writing consultant.

    His words: “I first got into catfish farming in 2014 when my teacher,Mr. Abiodun Eniola, told me about the prospects of catfish farming and how profitable it has been for him. I was looking for businesses with good profit potential, and that I can easily scale, at the time so I was naturally excited when he recorded as much as 100 per cent profit in a season (usually six months), several times since starting his catfish farming business. I got into catfish farming because I could see returns within a relatively short time (six months), and I can gradually scale my business to succeed without much supervision from me. I started my catfish farming with about 11,000 fishes. I made some mistakes and recorded some losses in the early stage, but I’ve since learned from my losses and things have been better.”

    He said  catfish farming is profitable. “ Yes, catfish farming is a sustainable business. Even though I had a loss during my first attempt, I learned from experience — by getting good juveniles, carefully monitoring feed I give my fishes, and ensuring my fishes are properly cared for. As a result, baring any uncontrollable disasters (such as flood or disease outbreak), my business has been profitable. I’m gradually expanding my catfish farming business, and my farm currently employs about four to five people at any given time. If one can understand the system, especially how to use locally available ingredients instead of expensive imported materials, catfish farming can be a very profitable and sustainable business. ”

    He rears up to 20,000 fishes, which grow up to one to two kilogramme before harvest.

    He wants to enlighten farmers that they could make money from the trade as well as improve their diet as fish is highly nutritious.

  • How Africa’s young entrepreneur plans to solve the job crisis

    It is often best for start-ups to actually have co-founders. Whether you are a tech person or a business person, you should look for someone who complements your business,” said Chris Kwekowe, co-founder of Slatecube in Nigeria.

    “It is often best for start-ups to have co-founders. Whether you are a tech person or a business person, you should look for someone who complements your business,” said Chris Kwekowe, co-founder of Slatecube in Nigeria.

    A few weeks ago, 22-year-old Chris Kwekowe was announced the 2015 Grand Prize winner of The Anzisha Prize, Africa’s premier award for youth entrepreneurship. He is the first Nigerian to win the award. He takes home US$25,000.

    Kwekowe is the co-founder of Slatecube, an online platform he started with his younger brother that seeks to solve the unemployment crisis in Nigeria, and ultimately sub-Saharan Africa.

    According to World Bank research, 11 million young people will be entering the job market  yearly across sub-Saharan Africa, but a large percentage will face unemployment. In Nigeria alone, a study by the British Council revealed that around 23 per cent of fresh graduates will not find jobs, mainly due to these graduates lacking both the skills and experience required by companies and organisations.

    Kwekowe realised this while trying to recruit his computer science classmates to work at Microbold Smart-Systems, a company he and his brother started as teenagers to build websites and online solutions for businesses. He noticed many classmates lacked the practical experience required to solve real-life problems.

    “I just couldn’t recruit my classmates to work, even temporarily, on projects because they didn’t really have the necessary skills. So we thought: why not create a platform that leverages on users building knowledge and experience so they can get a job at the end of the day?”

    The idea behind Slatecube was born, and Kwekowe and his brother officially launched it towards the end of 2014. It offers courses that combines skills development with practical experience, and then matches this to industry-related jobs.

    For example, if a user takes a web development course, at the end of it they have to build a web application as their project. Once completed, their projects are listed on the projects board and relevant employers are notified.
    •Culled from www.howwemadeitinafrica.com

  • Young entrepreneur driving piggery business

    Young entrepreneur driving piggery business

    Pigs have the highest yield in terms of profit. They cost a little to maintain and produce much more meat than other domestic animals. But running a piggery can be challenging, an entrepreneur, Wole Osileye, tells DANIEL ESSIET.

    Wole Osileye, Chief  Executive, Wisewaters Strategies and Resources Limited is a young businessman making a career in agriculture.

    He is someone, whose venture into piggery project has paid off.

    He  started  piggery business in  January 2013 with 11 pigs, whose number has increased to 100 and   created employment opportunities for others.

    According to him,  his main expenses are on feeds, consisting   maize, brewery waste, cassava peels and others, which he mixes with pig concentrates to produce the feeds for the pigs.

    Observing  a prompt and scheduled feeding of the pigs ought to have translated into an immediate profit for him, however, it was not so. Piggery, he was made to understand, is a long term project which consumes much time and energy.

    Operating from the piggery estate in Oke-Aro, in Ogun State, Osileye said the  experience   could be challenging for a first timer, adding that there were times, he  thought of abandoning the venture several times.

    What hurt him most was losing  two of  his pigs.

    Aside, he has had  to battle  high feed prices, worms and diseases.

    Diseases, which commonly affect pigs are pneumonia, diarrhoea, piglet anaemia and helminthiasis.

    To prevent this,Osileye  said  the  business  requires  a clean environment, safe and secure rearing methods.

    Although the challenges are real, the joy of pig farmers across the estate is the avalability of a ready  market.

    According to him, piglets are sold on first come first serve basis, but  there is the challenge  of meeting  demands from fellow breeders.

    “Generally, a sow could have as many as 30 piglets per year in between two cycles of pregnancy, but it might not always turn out that way, ” he said.

    According to him, there are times a sow  can  give birth to three  piglets depending on feed conversion ratio.

    “When a piglet feeds well it  could gain a weight of 80 kg within three  months and 120 kg in six months,” he said.

    But this is not always the case  because pigs do not  grow  at the same  rate. When selecting pigs for breeding, he  said,  one   must always go for those with good mothering abilities.

    As entrepreneurs, he said, pig farmers must work hard and be smart. According to him,they  have to conduct research, plan carefully, keep track of finances, and be able to adapt when things go wrong.

    To relieve his growing responsibilities, Osileye  said he paid somebody to  clean the pens and  scrub the floors.

    “Along the line I read everything I can lay  my hands on. I also ask other pig farmers for advice and to know the local feed and veterinary suppliers,” he said.

    Osileye is a go-getter, very dynamic and is always trying out new ideas.

    He hopes to increase  production, and number of permanent structures in his piggery.

    Osileye is optimistic that the growing agriculture industry will benefit his business.