To succeed as a business in Nigeria, you must have passion and pray very hard – Ngadi
Kenechukwu James Ngadi IS THE CHIEF EXECUTIVE OFFICER OF KAYCEE LIGHTINGS AND ENERGY. IN THIS INTERview with IFEOMA OKEKE, NGADI SPEAKS ABOUT HOW PASSION DROVE HIM INTO HIS BUSINESS AND HOW THE GOVERNMENT CAN HELP KEEP SMALL BUSINESSES ALIVE AMID THE ECONOMIC DOWNTURN. EXCERPTS:
While introduc ing yourself, you said you deal in sounds and lightings; what does that mean? Sounds are categorised as Musical instruments such as: drum sets, key boards, guitars, Mixers, Speakers, Amplifiers, microphones amongst others while lightings are either stage Lightings (entertainment lightings) or landscape lightings, examples of Stage Lightings are :moving head, wall wash, LED par cans, strobe lights, lasers, profile lights, effect lights, logo lights amongst others. While landscape lights are street lights, solar lights, under water lights, moving head, flood lights, laser lights, linear lights amongst others. These products have their different classifications and functions.
How easy was the decision to go into the business rather than seek a white-collar job?
Growing up, my dad had always been in the business. He was into the importation of musical instruments and he had a shop in Alaba international market. So, during school breaks and holidays he would take me with him to his shop and while I was there, I would watch and observe. I even learnt how to play some instruments and sometimes when I was alone at the shop, I would make very good sales. Those little things made me realise that I have a bit of business in me so it wasn’t a difficult decision for me after school, also considering my size that I can’t even think of working the regular 9 to 5 job because I tried it once after school for a couple of months and it wasn’t my thing.
It was just like going back to something I have been trained all my life to do and based on the Igbo man that I am, it was an easy decision.
So far, what are the benefits that you have enjoyed being self-employed rather than being an employee of someone or government?
Well, one of the benefits of being self-employed is that I get to take vital decisions for the growth of my business without
having to run it by anyone. Secondly, I take the risks myself. Risk is a very vital part of every business because sometimes you might want to try out new things and you don’t know if it will come out good or if you will fail, so when you work for someone you won’t be able to try out new ideas that come to mind but as a sole business owner you can do so at any given time with the hope that it succeeds.
The benefits are numerous and like they say to every action there is an equal and opposite reaction.
What were some of the teething problems you encountered in the first few years in business?
The first few years wasn’t easy at all for me, in as much as I recorded tremendous growth, I also faced some challenges that gave me reasons to want to quit; such as debts. Being a young man in business, some individuals and organisations took advantage and just owed me because they felt I wouldn’t do anything, even when you see they are well financially, they still give excuses not to pay. Raising capital to start up wasn’t easy at all because then the dollar rate wasn’t stable; so getting products sometimes for me was a hassle and customers won’t want to give you money if they don’t see what they are paying for and even test it because that’s one of the cons of electronics. Having a showroom was also a problem because as a start-up I couldn’t afford one, I did my marketing myself going to clubs in Abuja to ask if they were interested in fancy lightings for their clubs and churches. I also met up with engineers and event technicians but one of the first things they always ask is ‘where is your showroom’? And when you say you don’t have one, they feel you got nothing to offer. That’s extra work trying to gain their trust and assuring them you will deliver.
What lessons have you learnt about being a business owner in Nigeria?
I have learnt a lot in my years doing this business and also in a country like Nigeria. One has to know that the currency exchange is never stable so you always have to be prepared for the worst because you might buy an item at x-amount, after sales you want to buy back same item for stock and you realise the amount you sold it isn’t up to the new cost of the item. There is always reward for hard work no matter how hard it seems sometimes. In Nigeria one day business can be bad and the next day you are all smiles. So, one has to be up and doing at all times and hope for the best.
With the benefits of your experience, what sorts of preparation do you think will help those who want to venture into a business to make a success of their endeavour?
From my experience, to succeed in any business first you have to be dedicated to the cause. Have true passion for what you want to do and read well about it. You also need to study and do a lot of research about the business you want to venture into so much that even if someone wakes you up and asks you anything you will be able to answer with ease. Even the Bible says study to show thyself approved. Another thing is to have a proper saving habit because in order for a business to grow and succeed one really has to be frugal in one’s spending.
Tell us about the nature of the lighting and sound business, it’s peculiarities, prospects and pitfalls?
This industry is a vital aspect of entertainment that a lot of people are yet to acknowledge. This importance is recognised around the world at large and not just restricted to Nigeria because there is no event or gathering without proper audio and lighting system as that’s what brings life to any occasion. It can either add vibes to any event or even kill the vibes of the event if it’s not used at all or applied properly. It’s a very unique market.
The year 2020 has been a challenging year for businesses, how has coronavirus, inflation and rising forex affected the business and how do you think it is likely to affect Nigerians?
Year 2020 has been a very challenging year to say the least, as coronavirus literally shutdown every business, from importation to sales. I think the entertainment world was hit the most by the pandemic and as expected every establishment that uses our product was shut down, such as churches, clubs, event centres, indoors and outdoors, lounges, cinemas etc. When these places are shut, there is no demand for the products. Rent keeps running and products are just stored and no sales so you can imagine the level of stress that brings to us. Just recently businesses are beginning to open up but not to full capacity and then we are faced with the issues of the dollar rise, how do you explain to a customer that the item that was sold at x price is now sold at double the previous amount. The challenges are numerous. I think the government has a very big role to play in ensuring that the forex is stabilised so that it can be easier for us to carry out our business activities.
This whole situation has really affected Nigerians in the sense that the prices of things only goes up, it never comes down even when things change for the better and it’s a hassle for average Nigerians struggling to meet up with daily needs. We just have to brace ourselves for the future because as the dollar rates keeps going up the price of items will keep increasing considering the fact that we are not a producing economy.
Where do you see your business in the next five years?
My goal is to have a lighting production company here in Nigeria where lights will be made in Nigeria, by Nigerians, for Nigerians, and even be exported to neighbouring countries and for Kaycee Lightings and sound to be a household name and also the choice of every event.
What is the most important advice you can give to anyone about how to overcome the challenges of doing business in Nigeria?
Well as Nigerians, I think we are born strong and resilient; in my opinion I think Nigerians are hardworking people. We just need proper reorientation.
The most important advice I’ll give anyone about how to overcome challenges of doing business in Nigeria is to keep the faith alive and just keep doing that business you have a passion for persistence and everything will definitely fall in the right places. Secondly, be prayerful, because it works wonders in a country like ours.