Mr. Austin Okere, country manager, the founder of Computer Warehouse Group Plc; Banke Alawaye, Praekelt, were some of the key players in the Nigerian telecom ecosystem who attended the September 2017 edition of CFA’s Start-ups Hangout, weekend.
The monthly event which has been in the run for the ninth consecutive month had in attendance different startups, entrepreneurs who were addressed by two successful entrepreneurs.
Speaking at the event, Okere, founder, and vice-chairman, CWG Plc, explained that moving from the bottom to the top in the course of entrepreneurship is like a mixture of bile and honey, adding that there are times when things would go as planned, while there are times when things become tough.
“In this journey, I have learned that it is not always flourishing, when it is flourishing, save some money; when it is tough to keep moving and don’t relent.
There were times that my company was making money, at some point, I accumulated debt worth over N500 million, but we kept pushing; today the story is not the same. You just have to keep moving it’s a mixture of bile and honey, Austin stressed.
The CWG Plc boss explained that startups should always see the entrepreneurial journey as a journey without destination, as most entrepreneurs get victimised under the illusion that they have arrived.
“There is no such thing called destination in the journey, you have to keep going and avoid spending resources recklessly.
He argued that entrepreneurship is about continuously providing solutions to problems, through a service or product. Adding that the App entrepreneurs develop is not the business rather the solution that the App solves is the business.
In her words, Banke Alawaye, country manager, Praekelt, IT Consulting Company said running a business as an entrepreneur is a complex model that involves several phases.
She said understanding properly the modes of operation, and the product cycle of a business requires every entrepreneur to keep the passion going while learning in every phase.
The reason for starting a business is the passion that keeps an entrepreneur going in that business. “It is the reason that excites and drives an entrepreneur to pursue their ideas.
Banke stated that the ‘How,’ includes issues, such as finding the right relationship help you achieve your thoughts, taking good care of them to motivate them well, in spite of the limited resources available to you as a startup.
She explained that the use of technological tools wisely will improve work processes, understanding your product cycle and accountability.
“These methods involve which involves tracking the cost of funds that go into making your goods and services, checks and balances.”