Dayo Ogodo Haastrup: Small Business Startup, Sustainability

Mr. Dayo Ogodo Haastrup, a representative of the African Institute of Enterprise Development and Management, presented the following write-up at the seminar aimed at motivating and inspiring the outgoing 7th cohort of Imole Eko Foundation Graduates.

If you have been paying attention for some time, you may have noticed the frequent mention of the term ‘entrepreneurship,’ which essentially refers to the process of initiating and managing a business while assuming all associated risks. Regardless of whether you achieve profitability, the journey requires perseverance.

Every day, numerous businesses emerge, yet many of them eventually cease operations. The reality is that anyone can launch a business, whether they possess formal education or not; one can lease a space and equip it with desirable products for sale. Therefore, initiating a business is not the primary challenge; rather, understanding the essential components is crucial for success.

Some individuals may believe that acquiring funds is sufficient to establish a business and achieve success. However, I can assure you that many people have access to financial resources but struggle to maintain a viable business. Numerous individuals have secured funding for their ventures, yet they often find themselves making excuses for their inability to achieve profitability.

It is important to take a moment to acknowledge and express gratitude to Amb. Yommy Eshinlokun Ogungbe for his remarkable initiative in training and empowering individuals to sustain the knowledge imparted by the NGO. This is truly commendable, and I wish for his business to flourish rather than diminish.

The African Institute of Enterprise Development and Management conducted research to understand why many businesses are failing, a study funded by The Association of Private Enterprise in the United States of America. One of the findings we uncovered is that the issue is not merely about starting a business; it is fundamentally about comprehending how to initiate a business and maintain its sustainability. We are moving away from just discussing the initiation of a business and are instead embracing the era of business sustainability. A prime example is Dangote, who is widely recognized, it is on the internet that he started his business with a capital of Five Hundred Thousand Naira. 

This amount was provided to him by his uncle, who supported his entrepreneurial journey. The pertinent question now is: how did he rise to become the richest man in Africa? This can be attributed to his strategic approach to sustainability. 

Do you believe that many of you can also achieve success like Dangote by managing viable businesses? You certainly can. I urge you not to think, ‘I did not attend Harvard University, so I cannot run a business.’ You are capable of running a business. 

You can successfully manage a business even without formal education. Through the Imole Eko Foundation, you have acquired the knowledge necessary to operate a business, and now all you need is sustainability, as we are now in the age of sustainability. 

The Basic

When you are preparing to start a business, there are some factors that you must take into consideration. It is essential to conduct thorough research, visit the location where you intend to set up your business, and inquire about the surrounding environment to determine whether your type of business will succeed there or not.

We are currently in an era characterised by new dimensions, which allows us to utilise traditional methods in innovative ways. Understanding consumer behaviour is important; once you grasp this concept, your business is not going to fail.

Adapt to the needs of your customers or even anticipate their needs to drive change.

•Your location will support your business.

•Your innovation in products and services will guarantee your sustainability.

Humans are dynamic and constantly evolving. Have you ever wondered why the Chinese are leading nations? The answer lies in their adaptability; they are innovative and conduct research on both current and future needs. They are transforming tiles, roads, furniture, vehicles, and more.

They are motivated by strategic sustainability, whereas in Nigeria, we often fail to maintain our infrastructure.

Start small

It is crucial to begin your business on a small scale. You will take on multiple roles, such as managing director, messenger, and janitor. As you progress, more people will join your venture. In this digital age, I have witnessed individuals who started with minimal resources and have since achieved great success. For instance, McDonald’s eatery in the United States began with selling plantain chips and has now expanded to numerous countries worldwide.

Customer relationship

A seller insulted me because I wanted to purchase an item priced at N200; she failed to realise that I could return and buy products worth 10,000. Dangote has achieved wealth because of his customers; if no one were purchasing Dangote’s products, he would not be in his current position. Never underestimate individuals; do not insult a customer simply because they appear to be less wealthy.

We operate within a competitive market system, characterised by a Gorilla marketing approach, where individuals may attempt to undermine you to promote their own products. Everyone in your vicinity will contribute to your success narrative.

Look beyond mere profit; while I understand that business fundamentally revolves around profit, consider this: if you are supposed to sell an item for 200 but choose to sell it for 500, you may deceive customers temporarily, but such deception cannot last indefinitely. The product you sold for N500, which should have been N200, will eventually lead to a collapse in your profits, as customers will refrain from returning due to previous dishonesty. Build your business on principles of integrity and honesty; let us instill a sense of reverence for God in our business practices. Imole Eko has trained you by serving God; from the profits he generates, he has dedicated himself to serving God through his business, and you too must serve God in your own business endeavours.

From a single business, you will discover your direction; you may not be aware of where you will find yourself tomorrow.

Effective communication is essential; refrain from speaking carelessly. Learn to greet others and show respect, fostering interpersonal relationships.

Prayer holds significant importance in business; entrust your business to God’s care. As you step out, say, ‘Father, protect my business and protect me.’ Your business will thrive, grow, and expand into branches. I am grateful to Amb Prince Yommy Eshinlokun Ogungbe for inviting me to speak with you today.