Twenty-five year old Samuel Jegede, the founder of ‘Ads-Extraordinaire’ and ‘Fruity Life’, speaks to MOTUNRAYO JOEL about the challenges he faced in starting his business
What services do you render at ‘Ads-Extraordinaire’ and ‘Fruity Life’?
Fruity-Life produces natural fruit drinks and we supply several selling spots and events, while Ads-Extraordinaire is an advertising company using digital and printed signage.
What year did you start your business and what motivated you?
Fruity Life started in January 2009 (it was formerly under Change Maker Events); while Ads-Extraordinaire started in November 2012. What motivated me to start Fruity-Life was the need for a good source of income. The Ads-Extraordinaire is not just another source of income; it is a means of adding value.
Where and what did you study?
I studied Electrical and Electronics Engineering at Covenant University.
What do you consider to be success as an entrepreneur?
Success to me, is not just making huge profit, it is about the profitable things that you make happen, with a percentage of that profit for the benefit of others. Success to me is creating jobs, improving the standard of living of people and mankind benefiting from whatever I create long after my lifetime. That’s real success to me.
How is running a successful business different from what you thought it would be?
Theory and practical most times are different in the business world. Because all things are almost never equal. I had always thought that once the feasibility studies/reports look good, you’re good to go, only to find out that there are lots of factors that can alter your desired outcome, most especially personnel. Even after a grand plan, you need an awesome team to carry out that the plan.
What methods have you adopted to grow as an entrepreneur?
On a daily basis, I communicate with the most superior business person – God (for insight). I assess and appraise my performance thus far and map out strategies to improve. I read, try to learn something new (as, the broader your mind, the easier it is to solve problems). When I don’t have the time or chance to read books, I go on Youtube for any choice business or self development video to keep me ahead of the game and most importantly, I create time to think – that cannot be overemphasised.
What entrepreneurial skills have you developed to stay focused and productive in your day- to-day activities?
I don’t know if this is a skill, but accountability is one of the many keys to focus on. People tend to work harder when they have to report to some person/team/group. Hence, even as the chief executive officer, I have a board of advisors I report to, as regards the progress of my business. This helps me to stay focused and it also gives me a sense of urgency to improve.
What difficulties do you face in growing the business?
First, how to get the best and trustworthy personnel; and second, keeping up with the rapid development in the business world.
Looking back, what is the one thing you wish you understood about entrepreneurship before you ever got started?
The need for business mentors, models or structures. This stands out amongst things I wish I had learnt. Like some persons, I had to learn many things on the job, suffered many losses, wasted undue time on less important things and didn’t know how to keep up with the growth. If only I had a solid business mentor, model or structure, many things I faced would have been averted.
If you are to offer a first-time entrepreneur only one piece of advice, what will it be?
Knowing when to start, stop, continue or quit a venture. Once you can identify these, you’re good to start.
What systems have you set up in your business to help it grow?
We acknowledge a new feat for a few hours or a day, after that we set higher targets for ourselves. Apart from that, our business atmosphere is very conducive for idea generation and implementation.
What is the single most important reason for your success?
As cliché as this may sound, one reason that stands out of many is the ability of a successful person to improve the standard of living of others. I see myself as a channel of blessings and I view money as a means to an end. Success to me is seeing others succeed through me and my God given endeavours.
What challenges did you face in starting the business and how did you overcome them?
I faced quite a number of challenges ranging from lack of financial capital to lack of motivation, lack of personnel and even the frustration caused by those who promised to help and later failed.
Like I said about Fruity Life, we have sales spots; we’ve had to deal with several rules and regulations in the places where we dispense. Ads-Extraordinaire, because of its capital intensive nature, had to be delayed for a long time before we could raise capital to start it. I also had to learn how to structure the business in such a way that it could run with or without my physical presence.
Overcoming these challenges takes determination, very strong will never to break. Nature has a way of favouring the diligent. For Fruity Life, I had to do some contracts here and there to get the funds to start it. For Ads-Extraordinaire, thank God, someone believed in the dream enough to fund our initial set of advert screens. As regards other challenges, seeing we learn every day, plus consulting experts and prayers, we overcame and are still overcoming them.
Do you think the Federal Government is giving enough attention to small scale businesses?
I believe the Federal Government can do better in this aspect. I’ve seen people with great ideas and do not know how to go about raising funds. There should be facilities (sponsored by government) and good advertisement on how one can get resources to start up or improve on; small scale businesses.
More businesses means more (and probably better jobs), more money – taxes paid, cheaper goods (from competition), lesser crime rate – just to mention a few. If they pay more attention to this, in a matter of years, the improvement in the nation will be obvious. I strongly believe the government can do better.
Where do you see yourself in the next five years?
I see Fruity Life being a household name and having the largest market share in the industry. I see Ads-Extraordinaire helping organisations reach their target audience and improving in sales or output through; cutting-edge marketing, our strategically placed digital-signage boards and breakthrough branding tips. I see myself playing a major role in the development of Nigeria seeing that I have a passion for the improvement of this country and her people. I believe strongly that corporate bodies can come together in helping to improve the standard of living of Nigerians and see myself being a key player in this. I believe, in five years, my organisations will be employing at least 700 people, helping to fund SMEs; sponsoring life enhancing projects and world-class.
What advice do you have for unemployed youths?
Whatsoever – value-adding and positive thing that your hands find to do, please do it. It’s just a starting point.