Stories That Touch: "From Serial Entrepreneur to Serial Debtor"

 

Tell us your first experience with making money

Well, I used to take a lot of contrabands such as sweets and chocolates to my secondary boarding school. I noticed my dorm mates weren’t good at sneaking theirs in. Hence, they would result in begging from me. So, I started offering it to them at a price and they jumped at the offer. That’s how I got the nickname Contra Mama. I became the go-to for contrabands and I made sweet money from it. I was selling an item for over double the price of the initial cost.

Impressive! So was that when you decided to be a Business Owner

No, I wanted to be a Lawyer. I studied law at the University of Lagos. However, right from year one, I was into one business or the other. I always took advantage of my environment and created opportunities for them.

Do you think it has anything to do with how you were raised?

Hmmm! That’s very possible. My mum is a Medical Laboratory Scientist but she runs a SuperMart. Thinking back now, I think my mum has dived into several businesses. I remember her selling gold, fabrics and even paint at different times. So maybe you’re right, she may have had an impact on me.

Now, let’s talk about running a business while being a Law Student. How was that?

I actually ran 3 businesses.

What!!!

*laughs, Yes. I sold wigs, jewelry, shoes and bags. That’s 4 businesses actually. 

Well, it was pretty easy for me. I had a lot of referrals and made use of social media to promote my business as well. I did that till I graduated. My business was doing so well that I decided to skip Law School and focus solely on being an entrepreneur. If only I knew, I’d have chosen differently.

Really?! What makes you say that?

Well, I guess it was pretty much a lack of information on my part or maybe I knew and I just chose to ignore it.  My business was doing so well; I never thought about saving. So I always reinvested the money into the business or used the profits on funding my baby girl  lifestyle.

Sometime last year, I made a huge purchase of human hair from China. However, I got scammed and I lost a lot of money. It’s been difficult to bounce back as I have no savings. I had to borrow money from friends and family to pay my customers who made early payments for preorders.

That’s sad to hear. What’s the next step for you?

Well, first I have to settle all my debts. I’m running sales so I can make some money selling off some old wares.

My elder sister already promised to support me with capital to reorder the goods. So, I'm going to start my business again. 

What do you plan to do differently this time?

It’s a case of once bitten, twice shy. This time around, I’m saving as I’m making a profit. I can’t afford to let what happened repeat itself. 

I already opened a LifeTime Savings plan with Enterprise Life. I’m really excited to get back to my regular way of doing business.

 

 

 

Stories That Touch: "I never imagined life without my father"

Tell us a bit about your childhood

I like to think my childhood is my favourite part of my entire existence. I was an only child for 10 years and had all the attention to myself. I remember my dad traveling and returning with lots of toys and chocolates. My mum made the best yam porridge, and she made it whenever I wanted. She was a stay at home mum.  I remember the day she told me she was pregnant with my little sister. I was so excited, finally I’d have someone to play with. Little did I know I’d get more than I bargained for.

 

So, what happened?

Well, my mum had twins, a girl and a boy. Next thing I know, I was mum number 2. It wasn’t so bad though because we had two helpers at home at the time. Also, it was only for the holidays, as I got enrolled into a boarding school. Boarding school was amazing, I went to a private boarding school in Victoria Island. My dad also worked there so he dropped at my school quite often with gifts. I like to think that’s why my love language is receiving gifts. My dad loved to spoil me silly with gifts.

 

Daddy’s girl, so you grew up rich.

Yes, I don’t recall a time we ever had to struggle for money. My mum didn’t work but I remember she enjoyed hosting parties. She also used to buy a lot of clothes. I remember seeing different vendors in our house trying to sell to my mum. I think my dad started a new business at this time. We also started taking family vacations abroad during this period. Life was perfect! I didn’t think I’d ever have to worry about a thing, my daddy was always there to provide. Well, that was until everything changed.

 

What do you mean by life?

My dad died in a car accident in my second year in university. My mum took a while to adjust to our new reality. She sold some of my dad’s property and started a retail fabric business. She had a hard time managing the business. Soon we had only the house we lived in and one car left to our name. I’m still amazed at how fast our lives changed. I sometimes feel like my mum could have managed our funds better but how can I blame her; no one prepared for this.

My mum was adamant about retaining my siblings in their highbrow private school while I was in a private university. This meant we had very little to run the house after paying school fees. At some point, my allowance became irregular. So, I stopped asking.

 

How did you survive then?

I started selling Shawarma in school. 

 

Shawarma?! How did that start?

Shawarma wasn’t allowed in my school. However, I had my way of getting one for myself. If you went to my school, trust me you’d understand how big of a deal it was to get hold of anything that contained meat. People started asking me to get for the

m as well. So, I doubled the price. I’d buy the Shawarma at the price of N500 and sell it for N1000. Soon, word spread and I was making at least 30k a week. I did this till I was in my final year. I had to stop because I couldn’t risk being suspended at my final phase.

 

Wow! Talk about a Risk Taker. How’s life going now?

I interned at my late dad’s friend’s agency. This was where I picked up an interest in design. I started learning on my own, started with graphics design. During this period, my mum’s business started to fair pretty well so I was able to pay for Product Design classes.

 

Ahn Ahn! Tech sis in the building

*laughs* Don’t start o. I mean the journey has been good, I can’t lie. I now work with a startup fintech and I run a couple of side gigs once in a while.

I send money to my mum regularly and I started a poultry business with her supervision. I also have investments in stock and crypto. 

 

That’s really nice. How often do you miss your dad?

ALL THE TIME! I miss him so much. I never imagined life without him. I was pretty sure I was going to be a daddy’s girl for life but life has its way of surprising us. Sometimes I wish he saw the future and made a backup plan for us to fall back on.

 

Wow! There you have it, don't wait for life to happen. 

Get a backup plan with Enterprise Life today to secure your family's future.