Some successful entrepreneurs in the world today have either be said to acquire necessary business skills from their parents or inherit a family structured business. John Orajiaka is one of the entrepreneurs who honed his entrepreneurship flare while working with his father from a tender age. Based on the business skills impacted on him by his father, John says his father and others have played a great role in inspiring and motivating him. After university education and professional career with various multinational telecoms companies like Alcatel-Lucent, and Ericsson, John established his own firm.
“I had always nursed the idea of setting up and running a company of my own, hence I started by moonlighting on my start-up while working for a multinational company.
“As my company grew in business scale and operations, I deemed it necessary to focus myself 100% on its operations and management, so I had to resign my employment as Head of Sales for Ericsson.”
I started my business with the little savings from my salary. Thereafter I was able to raise a little repayable investment from a mentor.
Accounting structure absence. And this left us with a financial system gap. To deal with this lacuna, we hired a seasoned Accountant to help define the company’s financial structure and the process going forward. Starting a business without a financial structure leaves you vulnerable to mismanagement. Therefore it’s highly imperative to have this structure instituted from the beginning and not in between financial progress of your company.
Ideal successful entrepreneur in Nigeria
Some people are comfortable with taking a risk, others might not. However, everyone might not be cut out to be entrepreneurs. So it depends on interest and aspiration which are highly relative. Apart from the risk taking, entrepreneurs need to be determined and focused before recording a number of successes. Irrespective of the geographical sphere of operation, these elements holds true. However, the seemly challenges facing Nigeria are also the opportunities for determined and focused entrepreneurs to grab.
Dealing with competition
Competition is inevitable. I deal with competition by employing the “Blue Ocean Strategy” and trying to be a step ahead. You emphases should be on evolving business strategy and execution in order to address competition as much as possible. Leave competition guessing what will be the next move!
Starting the company again
Nothing! I would have probably resigned my employment much earlier than I did.
Key elements for starting and running a successful business
– Goal : Defined and concise
– Organic growth : Start Small but aim Big
– Integrity : Be reliable
– Prudency: Have your eyes on the numbers. Be wary of growing expenses and grow your profit
– Leadership: Practice management of inclusiveness and your team will stand by you.
Advice for aspiring entrepreneurs in telecoms industry
It’s all possible! Your aspirations shape your reality. So, go for it and never give in to failure. It’s a part of the process towards achieving your desired objective.