In this interview with PATIENCE EGWUWA, she shares her experience as an entrepreneur.
Excerpts…
How eventful were your 13 years as a teacher?
They were very eventful. Even after I left teaching, I was still meeting students I taught years back. Sometimes, while walking on the street; someone will be calling out to me: ‘Mrs. Okoye, Mrs. Okoye.’ So, talking with them, and asking them about their schooling gives me a lot of joy!
So, why did you leave your teaching career for the dicey waters of entrepreneurship?
Teaching is a profession that should actually give one joy, but here in Nigeria, teachers are looked down upon and neglected. They say your reward is in heaven. But I choose to have my reward both in heaven and on earth. So, that was why I went into business.
I voluntarily retired and went into business. And I am happy I went into trading.
How did you start up in business?
I must be frank with you, going into business then, I had no money. As a teacher, how much was my salary? It was peanuts. We were just living from hand to mouth. I started my business with nothing. Back then, there was a woman living next door. She was into fabrics, and she travelled to Switzerland to get them. And because of my huge interest and taste in fashion, people are impressed with wears. They wanted to know who made my outfit and where I bought them. That was how I decided to key into the business. So, whenever my neighbour returned from her trip, I would take some of her goods, run around and sold them. That was how I gradually built the business. That was how I started growing.
Later on, when the craze for 22-carat gold came into fashion, many people then were into 18 carat. I can say that I was among the first women in Lagos that started selling the 22-carat gold. And really, I didn’t have the capital to do it. Then I had this Indian woman, a friend of mine that I used to buy from. I met her and told her we could go into partnership. ‘You give me and then I will give you returns every month.’ She agreed because of the trust she has for me.
Your start up story exposes that one must not gather a huge capital to lunch out in business…
Of course! I even encourage young ladies that I know to come into business. I urge them to come pick up some fabrics in my shop, to go and sell, and make some extra money for themselves. I believe that if I could do it, then any other person can as well achieve even more. So, you mustn’t wait till you see the big capital because it might never come. Our banks cannot give you loan without collateral.
How do you rate the response of the youths towards going into entrepreneurship? Has it been encouraging?
Well, not very encouraging. Some of them do not want to work hard. I am telling you the truth because I have tried a couple of people. At the end of the day, they come back with the goods because they have not taken the pain to look for buyers.
I remember those days I used to go to school, when I bring my children back from school, I would go out to market my goods. Then I didn’t even have a driver. My boot was my mobile boutique. I would drive up to Victoria Island, go to the banks, and sell to them. At the end of the month, I would go back to collect my money. I was making it. That was how I built up my capital.
A lot of people say that Nigeria’s environment is not conducive for business. What is your take?
I totally agree with you, but for somebody that is just starting, you don’t need a shop. A lot of women don’t have shops. They just carry their goods about and make their money. The most important thing is you need to keep telling yourself that ‘I just have to make it.’ If you don’t have that will to survive, no matter what you do, you are just wasting your time.
Tell us about the other business.
I am also into oil and gas business. There was a time I was into it fully. After a time, it wasn’t as lucrative as it used to be. It still goes on, but I have people running it. I spend most of my time in the fabric business because I have a lot of women coming in for consultations. Women must always dress up. There are lots of functions, weddings, etc.
How can one succeed in business?
Well, everything depends on God. I give God all the glory for everything. The Bible says ‘that unless the Lord buildeth a house, the labourers worketh in vain.’ So, first of all, before you do anything, you have to talk to God in prayer for the Holy Spirit to direct you. Again, whatever you want to go into, you need to be sure that you have flair for it. If you are not fashionable and you want to go into fabric business, you may end up not doing well. The reason is that people will first of all see what you are wearing before they can take you serious. If it is a restaurant business that you want to do, you must know how to cook very well for you to succeed in it. Another thing is that you must be determined to succeed. The truth is that it is tough to do business in Nigeria. And it is only the tough people that get going. So, you must make up your mind to succeed no matter what. Like I said earlier, don’t wait until you have like N1 million before you start. The main thing is starting it. A lot of very rich people you hear of today started very small. A good example is Mrs. Folurunso Alakija, one of the richest women on earth today. I used to go to her shop when it was just Supreme Stitches. That was how she started. It was a small-scale business, but today she has gone into other businesses like oil and gas. That is my word to everybody. Start up, be determined and leave everything to the will of God.
Where do you see Raynes Fabrics in the next 10 years?
By the special grace of God, I believe that it will be a household name by that time. It will be the place to go when people really want something different, something exquisite and something you can get at an affordable price. That is what I tell people. ‘It doesn’t matter how expensive it is, what matters is how it turns out to be; the combination and then stepping out in class.
We cater for the rich as well as the poor. All classes of people are welcomed to Raynes Fabrics and we will make sure that you turn out well.
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