– Ayobami Komolafe
The best feeling when you start a business is when you put the title CEO or MD on your card. You match along as everyone hails; the CEO (drum rolls)😊. Your head swells to the high heavens knowing you have a business name, a business card and maybe you are lucky to have an office to your dynasty. You change your Facebook status, create a company pages and do same across all social media platform known to any human on earth. Bam! The birth of a new CEO with very promising and exciting dreams like we have never seen before. Everyone bows in admiration of the New born CEO. All hail the CEO; her royal Highness .😊
Nigeria is blessed with a lot of CEOs. If you so desire to be one, I can tell you how within minutes due to my magnanimity but, in all honesty, tasks ahead are beyond the name and splendor. With my experience from my startup days, I can tell a lot of my pitfalls and successes. A startup experience is a bitter/sweet one but a route you must explore to understand the business world and its dynamics .
To allay any fear, the world constantly need entrepreneurs. The world yearn for innovations. The world needs frontrunners to carry the burden. People have money they want to spend to buy what interest them. I also want you to be an entrepreneur. But in my own case, I want you to be a successful one.
When I was fixing prices for my services years back, after I started my company Kobatunm Entertainment , I moved from studio to studio to determine how price worked around here. I met a guy who also had come back from the UK, he had such a dream to dominate the entire media from audio to video, photography, Video production, advert, training and post production name it!. He took action . He had money. He invested , rented a big four bedroom flat , bought computers , bought audio equipments , cameras , employ personnel. After two year he became bankrupt and was in debt. According to him , he was owing a year rent now and it has gone bad between him and his landlords at his residence and office. He open up to me because he thought we could partner or I could buy the business. I remembered while I hosted him in my office later on, I called him by the name the CEO. He rightly declined the title because now all his confidence had crashed and vanished. He said I should not call him by that again because he did not think he was one. He was looking for a way to sell out and offset debts. The down side was that when people knew he was desperate and panicky, they were offering him ridiculous prices that would not even get him out of the precarious situation he found himself. He renounced his membership as one of us ‘CEO’ in my presence. I had pity but there was nothing I could do to help. I only knew I had to work hard before I too would have to renounce my membership in the league of CEO confederation because I myself had my fierce battles ahead…hmm..🙂
Business gets its name from ‘busyness’ and it is no child play. You have to understand the dynamics before venturing into one. It is easy to put money into business but it is hard to take your money back from it once its in it. The guy I told his story above got it wrong because he had little knowledge on media and the media business. He failed to put other modalities in place that his business required.
Before you quit your job, put a good plan in place. If you are not hardy like a Carmel in sahara desert, don’t quit your job yet friend. You have to save or procure what can help you live until the period you think your business will become viable or keep your job, work part-time so you current job can be a shock absorber till you leave infantry stage in your business. Make sure you calculate every cost and be sincere with your expected revenue. Get a mentor if you can to provide you information at each stages. Make sure you perfect your business models and its execution. Know your risk and how you intend to mitigate. Don’t boycott processes. They may come back to ruin everything. Follow your plans through and also effect changes along as you go.
Business is a beautiful world that juice out what you don’t think you have. Be prepared to deal with it. Don’t undervalue knowledge and knowhow . Money is only part of what you need. I can not cover all you need to be a business person with this writeup but I encourage you to learn more on your own. The world needs business people and I want you to be a successful one. Do have a great adventure with your businesses and I wish you a fulfilled life.