Entrepreneurship is difficult but very rewarding when you believe in the value and solution you are bringing to the world
What advice would you give to other entrepreneurs who are just starting their journey? Entrepreneurship is about the creation of value and the provision of solutions to those who need it, in exchange for a reward – usually bigger market share, and profit. You need to provide solutions, focus on that and other things will follow. Ensure you sell – enough sales solve most business problems. Get to market with your best products or solutions as quickly as possible. Entrepreneurship is difficult but very rewarding when you believe in the value and solution you are bringing to the world. You have to be ready to deal with the numerous challenges you will meet and have to overcome.
automotive business in the world and some are challenges that any business will face in Nigeria. In Nigeria, the government’s automotive policy is not consistent, and this discourages world-class and serious investment, although I see some signs that this will get better soon. The fluctuation of the foreign exchange market in Nigeria can also wipe away all your profit if you are not experienced enough. Finance is an issue, too. The cost of finance here is expensive and makes long- term planning and investment difficult – if the funds sourced are from Nigeria. This is one of the reasons foreign-brand cars can do better in some areas, especially in the ability to maintain a high number of stock vehicles.
are first-time buyers and users of new vehicles. We are working to produce cleaner emission vehicles, and in the next few years we will shift to zero emission vehicles. We are also working to improve the image of our country, Nigeria, and the African continent in the world. Why is it so important to you that the vehicles you make are affordable? Nigeria is a low-income society. The high-earning elite are a minority and the majority of Nigerians do not earn much – the middle class in Nigeria earns around $30,000 USD per annum. To reach this middle class, we need to produce vehicles that can retail at about $18,000 USD to $23,000 USD and offer an auto-finance payment plan that allows them to spread the payment over one to three years. In another interview, you said that playing Monopoly had impacted your view on life and on business. Do you still live by the rules you learnt by playing Monopoly ? Well, I have improved greatly since I was playing Monopoly ; I was 15, but the fundamental lessons remain the same. Cash is not very useful if you don’t use it judiciously. You need to use your cash to create solutions or invest it to earn more money. I have become a better businessman by being an entrepreneur, learning from the day-to-day issues that entrepreneurship throws at you, and attending Lagos Business School for my executive MBA.
What is your long-term hope for Nord?
Why did you choose to complete an MBA?
We have a vision of being a global automotive corporation that produces premium vehicles at competitive prices and giving the average African access to owning and driving a brand-new vehicle. We also intend to make zero emission vehicles a significant part of the number of units sold in less than five years.
I became the CEO of an authorised dealership of Mercedes-Benz at the age of 26. I didn’t have a mentor and, often, I was not very sure about the accuracy of my decisions. I wanted to have a scientific and accurate way to analyse and measure the precision of my executive decisions. How has doing your MBA at Lagos Business School, Pan-Atlantic University helped you to set up the business? Doing my MBA at Lagos Business School has been one of my best decisions. It helped me understand the science behind some decisions I make instinctively, which
How is your business making an impact in society?
We are creating jobs, providing a means for Nigerians to build a future and family. We offer our customers the opportunity to own and drive brand-new vehicles at affordable prices. Many of our customers
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Ambition | BE IN BRILLIANT COMPANY
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