How entrepreneurs, SMEs can propel their businesses to the next level

How entrepreneurs, SMEs can propel their businesses to the next level

The Chief Executive Officer ( CEO) of ILISS Nigeria Limited, Ojuse Omotayo Richmond, in this exclusive interview with TEMITOPE ADEBAYO, spoke on why entrepreneurs need dedication and innovation in driving the growth of their businessgrowth, among many other salient economic issues discussed. Excerpts….

Let us meet you, sir?

My name is Ojuse Omotayo Richmond, a business development professional with a decade-long track record. My passion lies in propelling businesses to new heights, and I have a personal business interest in business development consulting, training, event planning and management, tourism, technology, and agriculture.

I have mentored over 500 upcoming entrepreneurs and guided 1500+ young minds in mastering business development intricacies. I am a proud alumnus of Obafemi Awolowo University where I studied Economics, majoring in Entrepreneurial Economics, and an Executive MBA from Quantic School of Business and Technology in the USA.

I am an active member of YALI-RLC Nigeria, Lagos currently serving as the Treasurer, of Data Science Nigeria, and the FATE Foundation Alumni Community among others. I contributed to Nigeria’s Medium-Term National Development Plan 2021‐2025 Project, specifically the Digital Economy, Bioeconomy, Science, Tech, and Innovation Thematic Working Group as a professional, working alongside other notable consultants. I am proud of that service to my country.

Tell us about your company and the services you render?

ILISS Nigeria Limited is dedicated to exceptional customer service and the delivery of premium products and services. Our diverse offerings encompass various sectors, starting with ILLIS Consulting. This division specializes in furnishing Business Development and Consulting services, with a distinct focus on empowering SMEs.

We have ILISS Events, a branch committed to delivering unparalleled event planning and management services. This includes catering, drink icing, and serving, as well as grilling, ensuring memorable and flawlessly executed occasions. ILISS Tech takes the lead by providing cutting-edge technology services and equipment supplies to meet the evolving needs of our clientele.

Our dedication extends to agriculture through ILISS Agric, where our efforts concentrate on Maize and Vegetable Farming, contributing to sustainable and quality food production.

In essence, ILISS Nigeria Limited is synonymous with excellence, catering to a range of needs across consulting, events, technology, and agriculture sectors.

How do you become an entrepreneur, do you developed it?

The journey to becoming an entrepreneur is a blend of nature and nurture, and in my case, both factors played a significant role in shaping my path. I believe that entrepreneurial tendencies can be both inherent and cultivated. In my experience, it’s a fusion of these elements that shaped my entrepreneurial spirit. The foundation was laid by my mother, who not only worked as a teacher but also engaged in trade to support our family. Witnessing her resilience and determination, I was inspired by her entrepreneurial approach to augment her income. My first formal exposure to entrepreneurship came when she enrolled me in a fashion design course in 1992. Despite skepticism from her colleagues about whether this was fitting for the child of a teacher, she stood her ground, emphasizing the importance of pursuing one’s passion and skills.

A pivotal turning point arrived in 2000 when I crossed paths with Engr. Timilehin Fanoiki, a mentor who generously took me under his wing shared his business wisdom and nurtured my foundational entrepreneurial knowledge. His guidance laid the groundwork for my skills and experiences in the business world. Additionally, the influence of Prof. Olufemi Saibu cannot be overstated. He assumed the role of a business mentor and consistently provided invaluable guidance on the journey to achieving business success.

My journey into entrepreneurship is a blend of the entrepreneurial spirit inherited from my mother and the training and mentorship provided by remarkable individuals like Engr. Timilehin Fanoiki and Prof. Olufemi Saibu. This confluence of innate inclination and deliberate development has been instrumental in shaping my entrepreneurial endeavours.

What were the main challenges you faced in the early stages of your business?

During the initial phases of my business, I encountered several challenges. Inexperience in managing a personal business emerged as a prominent hurdle. Each business possesses its unique pathways to success, which I had yet to fully comprehend, leading to a steep learning curve.

Financial constraints were another formidable obstacle. Acquiring sufficient funding to fuel our growth proved to be a substantial challenge, significantly impeding our progress.

Also, assembling the right team of employees presented a challenge. The process of recruiting suitable staff members was intricate, and in some instances, the mismatch of personnel contributed to the initial setback of the business, eventually leading to a total collapse before the process of rebuilding commenced. It was a bitter experience.

How long have you been in business?

In terms of business experience, I have accumulated over two decades, while my journey as an entrepreneur with my own company is nearing its ninth year. Throughout this period, we have been consistently building and refining our efforts with the unwavering aim of hitting the bullseye of success.

Are you the only one managing the business or do you have other staff?

Presently, our team consists of six full-time employees, complemented by an additional over 50 ad hoc staff who are compensated per job. This strategic approach aids us in managing costs effectively as we continue to expand as a growing company.

Considering your experience, how easy it is to be an entrepreneur in Nigeria?

Drawing from my journey, I can attest that being an entrepreneur is a demanding endeavour that takes a toll on various aspects, including one’s health. This sentiment is underscored by the challenging landscape within Nigeria, where government policies often impede business growth. Recently, we experienced a setback when our relaxation centre was demolished by government bulldozers for road expansion. This was particularly disheartening as we were still repaying the loan used to establish the business. The path of entrepreneurship is undeniably arduous, demanding thorough preparation. There have been moments when I found myself secluded, questioning my decision to embark on this entrepreneurial journey, even shedding tears in contemplation.

Which books motivate you and who is your role model as an entrepreneur?

I find myself immersed in entrepreneurial literature, and among the multitude of books I’ve devoured, a few have truly left an indelible mark. Simon Sinek’s “Start with Why” is a standout, resonating deeply with its insightful perspective. I’m equally captivated by Akin Alabi’s “How to Sell to Nigerians” and “Small Business Big Money,” which offer invaluable insights into navigating the unique landscape of Nigerian business. “Dangote’s Ten Commandments on Money” by Peter Anosike, and “The School of Money” by Olumide Emmanuel, are resources I often return to. Additionally, “10 Ms of Money” by Matthew Ashimolowo serves as a guiding light on financial matters. These works provide practical wisdom that I find immensely applicable. The autobiographies of successful Nigerian entrepreneurs hold a special place in my reading repertoire. Learning from their journeys and gleaning insights from their experiences fuels my aspirations.

Among my role models, Rev. Sam Adeyemi and Rev. Mother Esther Ajayi shine as exceptional exemplars. Their tangible successes and practical approaches inspire me, adding a layer of authenticity to their influence.

What keeps you going even in hard times?

What keeps me going, even in the face of adversity, is a potent blend of personal and altruistic motivations. At the core of it all is my unyielding drive to build a flourishing business that not only secures financial stability for myself but also paves the way for a brighter future for my family. The vision of providing them with a comfortable and fulfilling life is a powerful force that propels me onward, even in the toughest of times. Also is the profound impact that my business has on the lives of others. Witnessing the tangible difference my efforts make in the lives of numerous families is a constant reminder of the purpose behind my entrepreneurial journey. Knowing that my endeavors contribute to the well-being and betterment of these families fuels my determination to overcome challenges and forge ahead.

What are your thoughts on entrepreneurship for young people, especially in an economy with high unemployment rate such as Nigeria?

Currently, we are running a graduate internship program focused on entrepreneurship. This program is designed to address the gaps in entrepreneurship, where many individuals aspire to start businesses without first acquiring the essential skills and knowledge required. As I frequently advise young people interested in pursuing entrepreneurship, I emphasize the importance of gaining the necessary skills, learning from those who have succeeded before them, and recognizing that not everyone needs to be an entrepreneur. Acquiring valuable skills can also lead to employment within organizations, contributing to their growth. I have observed that acquiring the right skills and working in a professional capacity within an organization can be financially rewarding. In many cases, salaried employees earn more than business owners, depending on the organizations they are associated with.

This brings forth the fact that entrepreneurship is not the only pathway to success, and a balance can be found by harnessing skills and expertise to contribute to the growth of existing businesses or other ventures. As the landscape of job opportunities evolves, young people need to consider various avenues, acquire valuable skills, and make informed decisions about their career paths. By focusing on skills development and learning from those with experience, individuals can position themselves for success and contribute to both the entrepreneurial and corporate sectors.

How do you define success; Do you believe you are a successful entrepreneur?

To me, success is the accomplishment of a set goal, regardless of its size or complexity. When a goal is established, whether modest or ambitious, and it is successfully attained, that marks a moment of success. I can confidently say that I am a successful entrepreneur. This assertion is grounded in the fact that I consistently achieve the goals I set for myself and my business, resulting in continuous growth even though we have our setbacks sometimes. While we may not have reached our ultimate destination yet, we are progressing steadily toward it. Also, the impact I have on individuals and businesses further reinforces the idea of my success as an entrepreneur. This positive influence serves as a testament to the progress and achievements I have been able to realize along my entrepreneurial journey.

What do you think it takes to succeed in business?

To achieve business success, it’s crucial to possess a robust skill set, substantial knowledge, and practical experience, which collectively form a solid foundation. Additionally, assembling a competent and dedicated team is pivotal for steering the business toward growth and prosperity. Another indispensable factor is delivering impeccable customer service. Invariably, customers play a pivotal role as the lifeblood of any business, making their satisfaction and loyalty paramount. Their feedback and engagement not only bolster your offerings but also contribute to a thriving business ecosystem.

Lastly, adaptability to changing market dynamics and the ability to innovate are also critical. In today’s rapidly evolving landscape, being receptive to new ideas and trends, and adeptly pivoting when necessary, can set your business apart and facilitate continued success.

What advice can you give to people who want to become an expert in their chosen field?

For individuals aspiring to become experts in their chosen fields, my advice is on strategic focus and continuous learning. In our rapidly evolving world, specialization is key. Rather than attempting to master every facet of a broad field, it’s wise to pinpoint a specific area within that field and dedicate yourself to acquiring comprehensive knowledge and expertise in that niche.

For instance, consider my journey: I studied Economics, a vast discipline. However, I chose to specialize in entrepreneurial economics, focusing my efforts on gaining in-depth skills, knowledge, and experience in this particular area. This strategic focus has allowed me to position myself as an authority in a distinct segment of economics. Similarly, in the legal field, specialization can be a game-changer. Take a lawyer as an example. Instead of aiming for a general legal practice, one could opt to become a tech lawyer, specializing in drafting and defending legalities for tech startups. This strategic specialization enables them to cultivate the specific skills and insights necessary to excel in their chosen domain.

Expertise flourishes through the deliberate choice of a niche, dedicated learning, and a continuous pursuit of knowledge within that specialized area. This approach not only enhances one’s professional standing but also facilitates the mastery that is synonymous with true expertise.