Age and the Nigerian Entrepreneur
Recently, a friend and university classmate of mine surprised me. I contacted him for something and he told me he had resigned his appointment as Head of Fixed Income at a Nigerian investment banking firm. That was not the surprise, because I knew Niyi as hot cake that had moved from 5 companies in our seven years of finishing university.
So I thought a Chevron or Shell (the end-place of such brilliant guys) had come calling with their megabucks. But the surprise is, Niyi resigned to start his own investment banking outfit, with specialization in fixed income. He believed what he was doing for the firm, he could do for himself.
I had known the gentleman as a risk taker, but I never still expected him to leave a job for which mouth-watering monthly income was guaranteed to start a company he is not sure of surviving. Being only 29 then (2012), quitting paid job was the least thing I thought he would do. That was the surprise.
My surprise was because I thought he was too young to start a professional service firm of the standard the Niyi I knew would want to reach. But looking at it more critically, I realized my surprise was because our thinking system (mine inclusive) has been so badly shaped by the recent reality of Nigerian economy/society.
Mark Zuckerberg, started Facebook at 20
Mark Zuckerberg, the Facebook founder (Facebook has more than one billion subscribers today, meaning one out of every seven person on earth is on Facebook), started the social networking site at age 20. He is 28 now. What is a Nigerian doing at 20? Battling JAMB? Cornering Kafayat on the street? Well, Nigeria’s own Mark Zuckerberg, Seun Osewa, founder of Nigeria’s most popular indigenous website and Africa’s biggest discussion forum, Nairaland, also started the site at 23. He is 31 today.
Leaving Information technology for real investments, it should be noted that Atedo Peterside started today’s IBTC when he was just 33 years old. Fola Adeola started GTB when he was 34 years. Wale Tinubu and Mofe Boyo founded Ocean and Oil Limited (the forerunner of today’s Oando) when they were 27 years old. These guys grew these institutions to what they are today. What has changed in Nigeria? Can a 33-year-old start a bank in Nigeria today? Can a 27-year-old start a real business in Nigeria today?
Fola Adeola, founded GTB at 34
Our thinking has been badly hit that we see floating our companies at such age as abnormality. It was this mindset that drove my spontaneous reaction on hearing Niyi was leaving his job at 29 years to float his own firm. Most people that start own outfits today do so either because they couldn’t get jobs after searching or they lost the job.
In today’s Nigeria, very few people quit well-paying jobs to start their own firms before reaching forty. This is why Niyi’s bold move set me on a renewed path of instropection. I am inching towards 31, and as an accountant with specialization in taxation, do I think I have what it takes, mentally in particular, to float a full-time tax advisory outfit? I never took the thought seriously.
Knowing this friend quite well, I have no doubt he would succeed as a CEO. Will he be the next Atedo Peterside that will shape a whole sector of Nigerian economy? My mind gravitates towards that belief. Until then, I wish my friend the best, as I charge other young professionals to think along this line too, having at the back of their minds that the big institution that GTB is today was started by a 34-year-old.
What being creative entails beyond how you analyze your view, but good to your friend that gives what it take to develop his new professional innovation and I wish him and others that might have these kind of innovation success.
Hummmmmm…..as Yoruba will say it ‘oro pesi je’ it is d fear of unkown that is affecting most of us. In a nut shell I wish Niyi a very best and pray he shall be a positive reference point like others mentioned.
A good thought.Without risk no reward.All the best
It is a very cool one. The fact is that hardwork pays. Ride on.
[…] my articles, Excuse me, Mr. Self-Employment Advocate! and Age and the Nigerian Entrepreneur, I mentioned that not everyone is cut our for owning a business. Some people do just fine working […]
The earlier one starts a career, entrepreneurship, investing the better.
Aliko Dangote was born into a family of traders and entrepreneurs, he also started his business venture in 1977 at the age of 21.
A foremost stock-market activist, and real estate investor, Lake Akintunde Asalu, started investing in the stock-market in 1963 while he was a student at UNILAG. He was just 21 years old 1963, he was able to retire in 1979 to concentrate on managing his investment portfolio.
Those who were not so lucky to discover early their purpose in life, should not give. Colonel Sanders the founder of Kentucky Fried Chicken, ventured into entrepreneurship at the age of 65, and the guy died a millionaire.
Some people were also successful in their youths but retired into penury. That is why I agree with Femi Taiwo on his write up on luck and may be divine favour.
Insightful input, Emma.
The earlier the better, but it’s still never too late.
Sent from my BlackBerry wireless device from MTN
Late Asalu retired at the age of 37 in 1979. One of his sons became the Chief marketing Officer of the defunct Standard Trust Bank while in his mid 20s, and rose to become a director at Oceanic Bank while in his early 30s. I guess the son has also retired to concentrate on managing his own investments.
I do not have the privileged of this man that retired at 37, but I pray to be able to fully concentrate on my passion in 3 years time, God willing.
@ Jarus, how can one modify or make corrections to his comments. I observed some mistakes in my recent comment.
There is ‘edit’ button. Check.
Sent from my BlackBerry wireless device from MTN
[…] ENTREPRENEUR which was published in the Punch newspaper on Sunday (it was earlier published on JarusHub and part of the essays in my book, THE ROAD TO VICTORIA […]