Frontline events manager and entertainment promoter, Kemi Otegbade, has seen the good and the bad sides of doing business in Nigeria. She reveals a bit of herself to NewsmakersNG’s Matilda Omonaiye.
‘if you survive in Nigeria, you will survive almost anywhere in the world. For me I have dabbled into various lines of businesses and have had my share of losses, betrayal, and burnt fingers etc, which are the indexes that will eventually propel one into greatness.’
Q: You have been an entrepreneur for over a decade in Nigeria. How have you been coping or surviving? In a nutshell, tell us about how an average entrepreneur will be on top of his game in Nigeria.
A: Yes I have been an entrepreneur in Nigeria for almost 19 years now and I can tell you it is not a cup of tea at all. There has been highs and lows.
There are many factors that are peculiar to this environment for example, no compensation for natural disasters, people have lost their businesses in volatile areas in the Northern part of the country and they have to begin again without government assistance.
I have published business directories in the past, and at a time, the printer’s printing press got burnt after I just paid him his final installment, both cash and books of over 2000 copies got burnt. Of course I did not get compensated because there was no proper insurance in place. It was like the whole world came crashing for a struggling new business. Of course, we started all over again with the support of family and friends, adverts have been paid for, so there was no going back. Thank God for e-world, no need for printing of hard copy directories anymore.
Other factors affecting business growth in Nigeria are: Political, Economical, Legal , Technological, Power/Energy, Lending Rate, and Personnel.
An average business man has to contend with the above on his own, generate power, expensive wifi, water etc. for the business to survive; the lending rates are not attractive and will almost choke you. The personnel are unique and always looking for loopholes to cut corners or shortchange you. Government policies are unpredictable and there is no distinct continuum.
One can go on and on but in a nutshell if you survive in Nigeria, you will survive almost anywhere in the world. For me I have dabbled into various lines of businesses and have had my share of losses, betrayal, and burnt fingers etc, which are the indexes that will eventually propel one into greatness.
These are some of the lines of business I dabbled into after 10 years in the banking industry; Business Centre, Creche/primary school, publishing of four different editions of business directories, TV review program, Recruitment, Construction, and events management. I phased many out when the heat was on and stuck with events management and recruitment among others.
We have taken events management to Ghana, Cotonou, South Africa, London and United States. Some have been very profitable while some, we barely managed to break even. I will always refer to my mantra, you win some; you lose some.
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