My parents, seven children, four others lived in a room – Coach Nnadi
Founder of JobconnectNG Consulting Limited, Nancy Nnadi, tells Mobola Sadiq about how her poor background spurred her to resolve to succeed, advantages of having a coach and other issues
Mobola Sadiqabout how her poor background spurred her to resolve to succeed, advantages of having a coach and other issuesCanyou tell us about your childhood and education?I grew up in a very poor home. In fact, we were 13 (my dad, mum, seven children and other relatives) living in a single room. Things were so hard for us that sometimes we could only afford a bowl of garri (cassava flakes) that we soaked in water and allowed to rise. In many cases, even the soaked garri was given to us by a friend. My mum ventured into petty trading of all manner of things. She sold bread, garri, oil, yam, popcorn, biscuits, etc. I also had to help her with hawking some of these items from one street to another. However, the business never grew since we had to feast on its proceeds to survive.
While I was in secondary school, I also sold chinchin during break period, and with some of the profit, I would buy some of the things needed for school like books, pens, etc. Sadly, I lost my dad before I finished secondary school. One fateful day, my mum knowing she couldn’t afford to see us through school called me and my siblings and verbally expressed the obvious to us. But added that she would do her best to ensure we finished secondary school. The news didn’t come as a surprise to us, seeing that she had to sell some of her clothes to pay for my ordinary level exams. After I finished secondary school, I had to search for of a job. I eventually found one where my employer agreed to pay me N3000 monthly. It was my first job and the beginning of a new chapter for me.
You’re the founder of JobconnectNG Consulting Limited, Agunancy Multipurpose Co-operative Society Limited, and The Nancy Nnadi Company, what stirred the need to establish these companies?I would attribute that to my desire to make a difference and to contribute my quota to humanity. Also, I wanted to help business owners with common business challenges garnered from my experience as a business owner. Issues stemming from funding, getting the right people to work for you, and having the right knowledge to thrive were also part of what stirred me. I also saw how solving these problems will lead to the creation of more jobs for people. headtopics.com
Has the journey been rewarding?It’s been so rewarding. Now, when I look back to where I was coming from, I smile knowing that it would be difficult to have achieved the kind of success that I was able to achieve if I didn’t take a leap of faith.How did you survive sponsoring your university education as a young lady?
While I was working and earning N3000 monthly, I made sure I was putting my best into the work. I noticed my boss complaining about not making enough money from the section that managed the call centre, so I asked that he allowed me to manage it. He gave his consent. On the first day of managing the call centre, I made so much money that he decided to be giving me N500 daily. So, each time I got home, I would take the N500 and give it to my younger sister to go deposit it in the bank. I continued this for about six to seven months, and by the time I went to the bank, I was told that I had saved the sum of N101,000:00. It was my first huge savings. With that, I started the journey of sponsoring myself to the university. And I never stopped working as well. And with the money I was earning, I was able to see myself through university education. I had to go to work daily from 8am to 6pm and after work. From office and after closing, I would head straight to school and won’t get home till around 10pm. I thank God for the outcome of the struggles because it wasn’t easy as the needs of my mum and siblings alone were enough to make me broke on the same day I collected salary. My own needs were there as well.
How effective is a coach to an intending entrepreneur or existing entrepreneur?Coaching helps put some clarity to what you intend to do. You get to stand on the shoulders of experts thereby helping you achieve more in a shorter period than it would have taken you should you do it without the help of a coach. This is because coaches help you with perspectives that you may not get on your own. Existing entrepreneurs need to understand that in any area that they are struggling or not achieving what they desire, they need to seek the right help through coaching.
Your biography says you help entrepreneurs go from scarcity to abundance, using your signature “5Wallets System.” Can you tell us what this is about?It’s simply about a revolutionary approach that I stumbled upon that has helped me to effectively manage my personal finance as a business owner and ensure I never go broke again. It helped me kiss being broke goodbye and more importantly, it aided me in building the rich life that I have always wanted. The 5 Wallets System shows you what millionaires know about spending, saving, and freedom that 99% of people don’t. It helps the ordinary man with the simple system of how to protect himself from poverty, ensuring he never goes broke again so he can start building a rich life. The concept behind The 5 Wallets System has now been packaged into an affordable book. Naturally, I began to share the concept of the 5-Wallets System with others – both entrepreneurs and career professionals – and it also worked like some sort of magic for them. headtopics.com
What are some of the mistakes that entrepreneurs make when they start a business venture?I think most entrepreneurs start their business without any clear vision. I also started that way. I wasn’t looking to build a big business. I just wanted to be able to spend more time with my daughter and husband. People start businesses for different reasons and most times these businesses are started just to help the owners and their loved ones. Only a select few start businesses with a clear vision of the need they want to meet or the solution they intend to provide.
Other mistakes include starting a business that there’s zero or very low demand for its product and service, running the business with a model that isn’t proven, wrong or poor type of marketing, starting a business with little or no focus, not being able to delay gratification, poor or no cash flow, not re-investing into the business and not involving God in their business affairs and so on.
Some people have said it is wrong to borrow to start a business and that prospective business owners should use their own money for it. Is this a myth or what’s your thought on this?Well, borrowing which could be from your family and friends, or receiving a loan from the bank is not bad in itself. We’ve had situations where people who borrow money do well in their business. At the same time, we have seen people who started a business with their personal money but didn’t do well. So, it depends on the person involved. In my opinion, I will say, this saying is just a myth. It all depends on how you manage the funds and how you’re able to pay your lender from the profit made in your business. Personally, I don’t even recommend borrowing except you have fully understood the concept of your business and know how to separate yourself from your business especially with regards to its finances. I have realized that one of the major causes of loans going bad is that many business owners don’t separate their personal finance from business finance. If many banks or even government can invest in equipping many businesses to learn how to separate themselves from their businesses, we will produce more successful and wealthy entrepreneurs.
How easy has it been as a female entrepreneur?What I can say is that it’s been very challenging, especially since I’m in a male-dominated industry. I’m talking about my telecoms business. On several occasions, I wanted to pack up shop and retire to become a wife and mother due to the various challenges that I faced, thank God I did not. As time went by, I made up my mind that I was going to be successful, so I made sure I was giving my best. headtopics.comRead more: The Punch Newspapers »
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