Monday, June 3, 2013

Business Lesson 101

As you all know I am the créateur of House of Ularée or Ularée, a fashion accessories company, oh I love the sound of that, don't mind me. Anyway I will be working on a series titled Business Lessons 101, here I would be talking about my mistakes, my goals, my good points, my scores and my progress in the world of business. I hope we will all learn a lot from my experience, thank you. 


The first time I decided to be on my own i.e be an entrepreneur, follow my dreams, I was excited and naive. I had the picture of DSW or Macy's in my head and that was what I wanted for my business, I still do don't get be wrong. 

I had written a huge business plan, where I was going to use about 10 million Naira to set up the company, office space, staff salaries at least for 6 months, running cost, official vehicle, fuel/diesel funds( as we battle with electricity daily) etc. When I got my proposal ready, armed with it I went out in search of the funds to kick start the business, off course I was thrown out of every office and home. How did I expect to be given that amount of money without a good track record? With my tails between my legs I went back home crying and declaring that it was time to get a 9 to 5 as this entrepreneurship wasn't my thing. 



Fast forward to present day, I have learnt that the mistakes you make with as little as #16,000 or $100 are the same mistakes you will make with a million dollars when you do not have good business expertise to back it up.

After learning the hard truth I choose to start small, first of all I looked for things I could do with little or no cash e.g the internet. Even though the internet isn't really great in Naija it can be affordable and one can get by nevertheless. So I subscribed for one of the cheapest internet services, the 8 pm to 8 am schedule. With this google became my friend, I devoured everything I could get on starting a business and I still do, cos one never stops learning. 

Secondly I got people to pre order their products, that way I didn't have my money tied down.. now in this aspect family will always come through for you. 

Key notes: Start small and make google your friend.

Pause: Time to Quit: Will Continue another day: Ciao





I thought this was just for laughs at first until I checked the website and it actually worked. Now who says Nigerians aren't creative. Its high time we drop the 9 TO 5 job hunt after university and explore our creative vibes.


N/B: using this opportunity to say RIP today. Exactly a year ago Nigeria was affected by the Dana airline crash. Rest In Peace my friend Ayoola Somolu and to all who lost their lives. You will all be missed. 



Ciao 

19 comments:

  1. So true. Wishing you all the very best!

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  2. True about Internet and goggle being your best friend. I usually say the word " I do not know how" should be scraped, thanks to the internet.

    dressed2dnines.blogspot.com

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  3. Great tips here, I guess I would be able to learn from you since I hope to start a business someday.

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    Replies
    1. feel free to ask questions any day any time

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  4. Nice one, Ibifiri.

    Thank God for internet. Capital should not be a stumbling block though its a determinant. Equally important is gathering requisite knowledge about one's intended business interest, passion among other requirements.

    Cheers.

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  5. In business one learns a lot by starting small, and gain lots of experience as one goes along the road. Forging ahead armed with perseverance, patience, time and God on ones side, great things can truly be accomplished.

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  6. Hi Ibifiri, where can I see your products? Have you got a web page for Ularee? Nice name.

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    1. working on my online store but a few products have been put up. will send you a link soon

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  7. It takes great guts and determination to be able to quite a 'regular' for the 'unknown'. But it turns out the better option to start a business, however small, and grow it.

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  8. All the best with your business venture. House of Ularee has a nice ring to it :)

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  9. That Agege Bread web site is priceless, Ibifiri! So are the discoveries you shared here. It's not easy, but you can do it!!! Hope to see you soon :-)

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