It was another evening of exclusive learning, for start-ups and founders, at the 20th edition of CFA’s Startups Hangout, held at the premises of GoDoHub, 53, Oladipo Bateye street, GRA, Ikeja, Lagos.
This was made possible, with, Femi Adeoti, CEO/Managing Director, Inlaks, an information technology systems integrator, went down memory lane, through the valleys and hilltops of his entrepreneurial journey, for the start-ups to learn from.
The theme of the 20th edition of CFA’s Startups hangout was, “Understanding the impact of disruptive technology on your start-up”.
While speaking about his topsy-turvy beginning, in his entrepreneurial peregrination, Femi stated that, haven obtained a degree in Electronics Engineering and with little, or, no headway after graduation, he decided to move into the field of computing. “I actually developed a career, out of something that was a frustration for me”, Femi stressed.
In a bid to get things right in the business world, Femi stated that he had to get around himself, mentors, who taught him the values, of being visionary and the willingness to take a challenge, headlong.
He stressed that, the quote from one of his mentors, which goes, thus; “there is no doubt that there are many problems in the country, but what some people call problems, are what others call opportunities, when you flip them around”, jolted him into the realization of how to approach business.
The idea, he stated, is to find solutions to those problems and make money from providing those solutions. “Nigeria is, one of the best places in the world, to get wealthy if you know how to apply yourself”, Femi opined. He, therefore, advised the start-ups to have vision and mentors, to guide them in their entrepreneurial journey, to avoid pitfalls.
Stressing further in this regards, Femi gave the start-ups, two valuable nuggets as follows:
“Learn from mentors mistakes, to avoid such mistakes. Learn from their successes and think of how to apply it”.
“Vision is not dependent on how much money you have. With a strong vision and belief in yourself, your vision will attract the right funding required”.
On the theme of the 20th edition of the Hangout, Femi stated that disruption is inevitable in every industry and as start-ups, they should be prepared for it, in order not to become irrelevant in whatever industry or business they find themselves. In preparing for disruption, Femi Adeoti implored the start-ups to do the following:
Read: Read to know about the things going on around you and in your field, to know what is new, so, you can know how to be a part of it.
Be Inquisitive: Ask questions. Probe into things, as, no one is a repository of all knowledge.
See Opportunities and Solve Problems: If you solve problems, it will not take time, before you become a millionaire, as, people will pay, to patronize you to get their problems solved.
Some other business nuggets that Femi shared with the start-ups include the following
- “See failure as an event and not as a person. It is not every deal that, you go for that, you win. Keep knocking on doors. You have to talk to them and talk to them and find a way, until they buy”.
- “No amount of resources you have, if you don’t know how to use it, it will never be enough”.
- “Build systems to scale your business. Have the right people in the right places”.
- “Look for what is not working. Look for what is working that can be improved on. Look for pain points and solve for people”.
- “Things are created twice. First, the mental, then, the physical”.
“The retainership that comes from our business, every year, is enough to meet our operational expenses for the year. The day you are able, to take your business to this level, you will have peace of mind”, Femi stressed, while sharing the secret of retainership, for sustainability, with the start-ups at the Hangout.
The 20th edition of CFA’s Startups Hangout was sponsored by Inlaks, AskAnExpert, Zinox, CFAmedia.ng and GoDoHub.
The announcement for the 21st edition of the Hangout will be announced soon here.
Featured Image: L-R: Femi Adeoti, CEO/MD, Inlaks and Chukwuemeka Fred Agbata Jnr, CFA, at the 20th Edition of CFA’s Startups Hangout, held on Thursday, August 15, 2019, at the premises of GoDoHub, 53, Oladipo Bateye Street, GRA, Ikeja, Lagos.
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