Oluwaseyi
Thirty-year-old Oluwaseyi Abolaji, who founded Akanbi Ventures Limited, a lemonade firm in 2009, in this interview with MOTUNRAYO JOEL, says the youth should think about where they can add value
Did you study a business-related course in school?
Not really; I went to Stanford University in California, the United States. I studied History and Philosophy.
What services does your company provide?
The company, Akanbi Ventures Limited, produces juice. When life throws you lemons, catch them and squeeze to make some delicious lemonade. This belief or philosophy is at the heart of everything we do in the company. We produce high quality consumable products that add value and promote health, fun and active lifestyle.
How did you start the business?
The business started with only N2,000, which I used for buying a plastic hand juicer and fresh oranges to sell at a small kiosk at the Covenant University.
People were laughing at me when I started. Out of concern, one lady, seeing the excitement and enthusiasm I put into my work, pulled me aside one afternoon and said, ‘My son, I hope you are doing more than just this juice thing… with all the energy you’re putting into this. I wonder how you are making it.’
It didn’t look like much at the time, but I was enjoying myself and I knew where the business was headed. We are now producing and distributing Nigeria’s first NAFDAC certified juice made with real fruit, not-from-concentrate lemonade. Our product has found its way into about six different states with no special marketing or advertisement strategy.
What motivated you into the business?
I started the lemonade business in 2009. Then, I just saw so much being wasted around me. I would go to the markets at Owode (in Ogun State) and I could see heaps of fruits and produce wasting away. I felt there had to be a way to add value to the business.
I started squeezing juice because I just couldn’t find any good orange juice around. All the stuff I tasted didn’t taste like fresh orange juice. Despite being blessed with good natural environment in Nigeria, there was hardly any natural fruit juice hygienically prepared and convenient for the people on the go. I figured there might be some other people who felt the same way that would appreciate and be willing to pay for delicious healthy alternatives. I thought it would not really be pleasant to just offer orange juice; so, I picked up some fresh lemons in the market.
My elder brother came to visit and saw how we were making and selling freshly squeezed lemons at our small kiosk at the Covenant University. He saw the crowds that lined up to buy our drinks and suggested we could bottle the drinks to make it easier for people to pick up and enjoy even while on the move. Then, at the end of the night, I would go round picking up old coke bottles. We washed the bottles, removed the label, and the next day, we put our lemonade in the bottles.
Have you attended any course on juice production since you started the business?
I went to the NYSC Orientation Camp in Sagamu, Ogun State. That was when they just started off an entrepreneurial training programme which I attended and got trained on juice and yogurt making. That’s where I learned about proper preservation techniques.
Immediately after programme, I took all the money we’ve been saving from the lemonade sales and started putting together all the requirements for the NAFDAC registration.
It hasn’t even been one year since we were NAFDAC certified and we consistently receive calls from distributors and marketers all around the country. We’re already in six states. We are being more cautious about the speed at which we’re expanding because we’re really trying to make sure we set up proper structures and systems for us to be able to maintain our high quality standard as the business scales up.
What do you consider to be success as an entrepreneur?
I don’t think one is successful as an entrepreneur until the business/organisation one has created can generate more ideas, consistently improve on its product(s) and/or service(s) and develop excellence in specific areas without the entrepreneur’s active involvement. This, of course, must be done while making profit and adding value.
What has been your greatest discovery about the business world?
Before, I thought everyone desired to and is proud of adding real value. But my biggest surprise has probably been discovering that many people want to get paid without adding any value. This includes people seeking employment as well as consultants that expect to get paid well for their efforts, instead of their results.
What do you do on a daily basis to grow as an entrepreneur?
I read, listen to, watch and study people who are great/successful at what they do. I really think about what makes them and their organisations so good and try to implement whatever I learn that is applicable to myself and the business I am building.
What other skills have you developed to stay focussed and productive?
Specifically, I keep a notepad at all times to record ideas, and maintain my daily to-do list. I do this in order to cut out activity for activity’s sake. More importantly, I avoid many distractions/temptations by actively seeking out and spending more time with people who are better than me—whom I can learn from.
Have you noticed any attitude that can retard the progress of a business?
I don’t understand why it is difficult for entrepreneurs to focus on their strengths, and allow others who are better than them at other parts of their business to join on and focus on those other aspects of the business. Of course, it’s important to have a good understanding of the entire business, but it’s crucial for entrepreneurs to focus on what they’re good at and surround themselves with people who are good in other areas. For example, I have a gift for developing simple, fast and inexpensive ways to move from ideas to tangible products. I have the gift of creating. I enjoy that challenge. I’ve been looking for people who are gifted in sales and marketing. I feel entrepreneurs miss so much and waste so much energy trying to do what they’re not good at.
What popular entrepreneurial advice do you disagree with?
There is a huge misconception and undue emphasis on the importance of a good business plan and intensive/comprehensive market research. I’m not advocating starting out without a clue where one is headed, but the reality is that there are just too many variables to make any business plan or market study meaningful for a young entrepreneur with a business that’s just getting started.
Most great business plans are just ‘great on paper.’ And the basic market survey/research is finding the creative ways to express or offer common products and services. Many ‘marketing sensations’ are the result of hard work, responsiveness to feedback, learning and revising or retooling and continuous working until something hits.
If you are to offer a first-time entrepreneur only one piece of advice, what will it be?
Start now with what you have and where you are. And don’t be scared to ask others for help and advice, not money.
Besides money, what other ways to compensate people?
Outside of salary and set bonus/target incentives, we try to avoid cash gifts. We are generous with notes of appreciation and public recognition for where, when and how the individual/team has added real value to the organisation. As an organisation, we pay school fees of our workers that are doing part-time studies; we pay for their children in primary school. We take care of the hospital bills for sick staff members. We really try to look after our employees with services and care, not necessarily cash.
What’s the best business idea you have that you’ll never use?
There are just so many ways to legally and productively make money in this country. But one can’t make meaningful progress without focus, so not all great business ideas can be acted on. I have like 10 best ideas I probably won’t be able to use during my lifetime.
What’s the single most important reason for your success?
Asking this is like asking, ‘What’s the purpose of life?’ There is no single reason. There are several factors involved, and none can stand alone. They are God’s grace, hard work and dedication. Others are focusing on and staying committed to a specific assignment; not being scared to ask ‘why… why not’ and not being scared to start small.
Source: Punch news
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