Emmanuel Okoro is the director of an auto parts outfit, Seedorf Nigeria Limited. He speaks with OKECHUKWU NNODIM on how he built the business from the scratch
How did you start your business?
I would say I was a bit lucky. This is because one of my friends paid the rent of my shop. But after the payment, I had no money to buy goods for the shop. So, I decided to ‘hustle’ by supplying things to people that they really needed. From this, I started making little money. But I realised that I wasn’t making enough and might not be able to pay for the rent of the shop when it expired.
So I decided to partition the shop and put it up for rent. I later gathered enough money and started getting products for the shop. Luckily for me, we used to have people bringing in goods and releasing them to trusted persons and they allowed for payment in a month’s time or more. From that process, any serious minded person could raise money, no matter how little. I was able to make good use of this opportunity and it really paid off.
Do you think that such opportunities still exist?
That kind of opportunity is still available, but not like before. It is only available for those who know what they are doing. If you can go into the market and make people believe in you, trust you and vouch for you, then they can release their products for you to sell and make profit. With this process, you can raise your capital and start your business.
How much capital did you raise to start the business?
I started with just N50,000. It is the Lord’s doing because I don’t know how much I have now, considering how the business has grown. I know I am doing well and it is not compulsory to start big. In fact, it is best to start small and grow your business gradually, instead of starting big and eventually crumbling the business.
Young entrepreneurs should have patience and must resist the urge of making money fast. They have to realise that such motive is not a good one. But when you have interest in a business and believe that it is what you can do, you will be surprised to see how well you will perform.
What inspired you to run a private business, after obtaining a degree in public administration?
Before I went into business, I didn’t have the certificate to look for a white-collar job and even if I had a certificate, I wanted to be independent. I wanted to be on my own to enable me move around, have my own freedom and take my own risks. I strongly believe in working for myself and taking the challenges that come my way head-on.
For how long have you been in business?
I have been in business for approximately 10 years and it has never been smooth all the way. This is because in business, there are usually some setbacks. But it is up to you to decide how to go about the obstacles or challenges. For instance, when someone I know brought a deal, which involved shipping some goods, I invested in it. But it didn’t turn out well; I lost money. This is just one of the kinds of risks one takes in business. But if that deal had been profitable, one would be happy and might even go further to make other investments. This means that business does not always come out fine.
Why did you go into this type of business?
I went into this business because it is better to be self-employed, unless you are someone who is opportuned to work in an oil company that pays fairly well than other firms. The major reason people work there is because of the high pay and good benefits they get from oil companies. But for me, I went into business because it is better to be independent, take my own risks and learn from my mistakes and grow the business.
It will surprise you to know that most employees working in good companies want to be on their own. In fact, I know most guys that worked in oil companies, and after raising enough capital, they started their own businesses. Some others are looking for ways to start their own ventures.
What is your educational background?
Aside my secondary school certificate, I have a degree in Public Administration. I am looking forward to enrolling for my masters’ degree.
As a young businessman, what will be your advice to unemployed graduates who want white-collar jobs?
It is an established fact that raising capital for a private business in Nigeria has remained a major problem to those interested in running their individual ventures. Many graduates of these days want to be independent by working for themselves. But because of lack of capital, they are now taking their time to work for others in order to make some money to start their own businesses later. Most people really want to be on their own.
I advise young graduates who may not be able to raise enough cash for their businesses to look for a part-time job and gather funds little by little. They can also consult family members and friends in a bid to raise capital for their businesses as it is important to be independent, especially in an economy where there are very few good jobs.
Are there expansion plans for your business?
With the nature of business that I’m into, I don’t need to have branches outside Lagos, though I have different outfits. This is because the business is not the type of venture that you can open in different states and have people to man it. If you do, they will steal your profit with the whole capital and run away.
However, I am planning to have another business since I have my degree now. I want to set up a different company outside this type of business that I currently do. I’m working hard to see that in two months’ time, I start a new business.