10 things healthcare professionals can learn from a drop-out turned auto spare parts seller

16th August 2017. Lagos, Nigeria.

On the second day of the Pharmalliance Network* organized Panel 9 event, for 120 minutes Cosmas Maduka; drop-out turned auto spare parts seller now luxury car seller, bottled water manufacturer and farm owner shared with a spell bound audience of mostly pharmacists on creating enduring success in business.

Dropping out of elementary school 3 after the death of his father at the age of 4, he was eventually apprenticed to an uncle who he “interned” with for almost 7 years. He was "released" from his apprenticeship with a capital of N150,000 (N200/$400 back then). He told the audience, that through a series of deft business moves (and adversities) that seed capital has grown to N50 Billion Naira (Approx. $150 Million).**

“You may not like my grammar but you cannot quarrel with my results” he said to the audience in his opening statement.

My top 10 takeaways from his speech and responses to questions and answers from the audience are:

1. Create and make the most of competitive advantage through knowledge/information asymmetry.
2. Your word should always be your bond. Make integrity your priority value!
3. Start lean and grow organically as best as you can. Leverage contributions from family and friends while you hone your business model.
4. Borrow within the capacity of your business for repayment. And only do so when you have a business model with predictable results/cash-flow.
5. Ensure alignment between owner and staff by constantly and consistently sharing and living your values, vision and objectives.

6. Standardize and document your business processes. Use a consultant if you can afford it but if not, do it yourself.

7. Anticipate trends and invest appropriately.

8. Diversify your products and services to mitigate cyclical business downturns.

9. Life is a confidence game. Act with confidence and the world will acquiesce to your demands.

10.  Don’t let your perceived social, educational or biologic deficiencies limit your dreams and aspirations. Dream big, work hard and live disciplined, success will be yours. Adversity is a refining fire. Brace up. Embrace it and ride the wave.

Foot notes:

*Founded by @Adeshina Opanubi, Pharmalliance Network is an informal business network of retail pharmacy businesses who leverage shared resources for personal, business and financial success. Made up of 68 pharmacy businesses with 102 stores and an aggregate annual turnover of $18 Million Dollars, they convene an annual event called the “Panel”. Now in its 9th year hence Panel 9. This year priced at $100 per participant Panel 9 attracted about 250 participants with approximately 40% from outside Lagos.

**In paragraph 2, for Nigerian English, replace “interned” with “served” and replace “was released” with “obtained freedom”