The Managing Director of Coleman Wires and Cables Industries Limited, Mr. George Onafowokan, has emphasised that discipline, patience, and sacrifice are key to sustaining and retaining a business in Nigeria’s challenging economic environment.
He shared this insight during a visit by entrepreneurs from the Lagos Chamber of Commerce and Industry (LCCI) to the Coleman factories in Ogun State.
Addressing the entrepreneurs after the tour, Onafowokan shared Coleman’s success story, noting that the company’s beginnings were tough as it started as a micro-business.
Advertisement
“For us at Coleman, the business was taken over by a second generation when it was still a micro-business, and the beginning was very tough. However, the reality of business is that it involves taking risks, which might not be easy. You must have a clear vision of where your business will be in the next 10 years. Without focus, any setback could easily lead to abandoning the business,” Onafowokan stated.
He urged the LCCI mentees to deeply understand their businesses, pointing out that gaps in knowledge could lead to failures. He shared his own experience, noting, “I have been designing Coleman factories for 20 years as an accountant.”
As the Chairman of Manufacturers in Ogun State, Onafowokan advised the entrepreneurs that achieving success in business is challenging, but it is crucial to remain dedicated to sustaining it.
“You must not place your lifestyle above your business. Never become bigger than your business, and always retain profits for the sustainability of the business; otherwise, it will die. The biggest collateral you have as businessmen and women is integrity. Also, remember that the people working for you are not just your employees but your stakeholders,” he added.
