No perfect time to start a business —Oke

Timing is everything, they say. And when it comes to starting a business, your timing can make the difference between success and failure.
But when is the ideal time to launch a new venture? And are there times when you’re better off waiting to dive in?

What’s the Right Time to Start a Business?

Waiting for the stars to align may keep you from your dreams of starting a business indefinitely.

Read as Gbemisola Oke, 23, Chief Executive Officer of Decorhubng.com, an online firm for home fittings and furnishings, spoke to FOLASHADE ADEBAYO of PUNCH NEWSPAPER on her experience in business

When did you start dreaming of being an entrepreneur?

Since I was a child, I have always dabbled in one business or the other. Although at the age of six, I wouldn’t say I knew what the word entrepreneur meant. However, I knew I wanted to be my own boss.

I made necklaces and attempted to create my own signature perfume ‘scent’ (I can’t say that was my finest business attempt).

What was your childhood dream and why did you not pursue it?

Actually, at some point, I wanted to be a ballerina and I considered dropping out of school but obviously, that was a pipe dream. As far back as I can remember, nothing else held my attention. Having my own business has been my most consistent and passionate dream.

What experience prepared you for entrepreneurship?

I don’t think one particular experience gave me the most preparation for entrepreneurship. I would say it was a series of events and personal experiences that led me to the point where I thought I was ready to become a business owner.

When did the journey start and how has it been?

I began giving serious focus to being an entrepreneur during my National Youth Service Corps year. All the spare time I had at that time, became the catalyst for my renewed focus in business ownership.

So far, the journey has been a learning curve, with its ups and downs. However, it is a journey that has shaped me into the person and business owner I am today and for that reason, I am truly grateful for the experience.

Many start-ups have difficulty assessing loans. What has been your experience?

I was lucky enough to have started with my savings and NYSC allowance. To be honest, it wasn’t a bed of roses. I had to deny myself certain things, reinvest capital and develop new skills to save money. Also, my support team has always played a fundamental role in ensuring my business keeps running.

What are the things you know about entrepreneurship now that you wish you had known earlier?

One of the lessons I know now that I wish I had fully understood before becoming an entrepreneur is the notion of sacrifice. To be a successful entrepreneur, one has to sacrifice time, one’s idea of self-reliance, personal salary cuts and the like.

In other words, I have had to work really late nights and early mornings, reinvest my monthly earnings into the company and I have had to know when to ask for help and not let any preconceived notion of pride affect my goal.

I have learnt that ideas are cheap, execution is priceless. Having the world’s best idea is completely useless if you do not act on it.  I also learnt that things sometimes may not go as planned, but passion is what gets you through those times.

Finally, it is important to know there is no ‘perfect time’ to start a business. You should start where you are and with the resources you have at your disposal. I was always waiting for the perfect time to start and I eventually realised that the only perfect time to start is now.

Do you think money is the greatest obstacle for entrepreneurs?

Personally, I believe the greatest obstacle for entrepreneurs is the ability to forge an opportunity into a business idea and assembling the right business team. Capital would be a complete waste without a viable business idea and the right team to execute it. Decorhubng.com started with next to nothing but with the right business team, we have been able to manage challenges and effectively utilise our limited resources.

What would you recommend for young people who also dream to be entrepreneurs?

Pursue your dream gallantly. Getting started could be full of uncertainties, challenges and discouragements but ignore all that and focus on the big picture. There is no greater satisfaction than when your dreams become a reality.

What kind of support did you get in starting your business?

I have always been surrounded by people who care about me realising my dream and have invested in me both financially and mentally. My support system has remained solid since the inception of Decorhubng.com and continues to grow stronger.

What would you say is the right age to start a business?

There is no right age to start a business. It is best to capitalise on any ideas you may have, because as the saying goes, “There is nothing new under the sun.”

If you keep waiting for the right time to ‘birth’ your idea, you will keep on waiting and most likely, someone else will do it before you. For example, if you are currently 20 years old, you have enough time to make mistakes and learn from them. If you are 50 years old, you have a world of experience to help you navigate the business turns.