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.