My Cautionary Tale: Navigating the Drive to Escape 9-to-5 Life in Nigeria

For years, I dreamt of breaking free from the rigid constraints of a 9-to-5 job. The idea of being my own boss, controlling my time, and pursuing financial freedom was incredibly alluring. After more than a decade in the corporate world, I decided to take the leap into entrepreneurship. However, my journey taught me hard lessons about preparation, risk, and the harsh realities of business, especially in Nigeria.

The Allure of Independence

I have worked for 14 years in sales and business development in the oil and gas industry. While I was good at my job, at that time I felt trapped by the routine. I wanted more freedom to build something of my own, flexibility to spend time with family, and the satisfaction of creating a legacy (Otedola olori meji now??).

I decided to venture into the export of solid minerals, focusing on lithium ore and gemstones, inspired by the booming demand for these resources globally. I was confident that my experience in business development would give me an edge. After all, I had spent years negotiating deals and managing relationships. Armed with my life savings and borrowed sum, I set out to turn my dream into reality.

The Hidden Challenges

The first few months were exciting. I immersed myself in the world of mineral export: sourcing suppliers, negotiating contracts with Chinese, and even securing a few international leads. But soon, the challenges started to mount. ?I quickly realized that the solid minerals industry required more than just passion and business acumen.

There were the transportation issues, delays, dealing with unreliable local suppliers and middlemen that led to inconsistent product quality which tarnishing my reputation with buyers. I underestimated the complexity of mineral sourcing, accurate testing and export regulations.

The Turning Point

Within two years, I was facing the harsh reality that my dream was slipping away. My savings were nearly depleted, and the business was barely breaking even. It was a humbling experience—one that forced me to confront my mistakes and reassess my approach.

Looking back, I realized I had been blinded by the success stories. I’d failed to account for the hidden costs and challenges of entrepreneurship in Nigeria. But rather than give up, I decided to learn from the experience.

Lessons from My Journey

Here are some critical lessons I’ve learned that I hope will help others considering a similar path:

1. Do Your Homework: Passion alone is not enough. Extensive research is essential to understand the industry you’re entering. Know the risks, regulations, and competition inside out.
2. Start Small: I wish I had tested the waters with a smaller, less risky investment before committing my life savings.
3. Seek Mentorship: I learned the hard way that experience is the best teacher, but mentors can save you from costly mistakes. Seek guidance from those who have successfully navigated your chosen field.
4. Diversify Income Streams: Putting all my resources into one venture was a mistake. Diversifying could have reduced my financial exposure and provided a safety net.
5. Prepare for the Worst: I didn’t have a solid contingency plan. Entrepreneurship is inherently risky, and having a financial cushion is crucial.
6. Understand Local Realities: The Nigerian business environment is unpredictable. Policies change, infrastructure is unreliable, and competition can be cutthroat. Adaptability is key.

A Balanced Approach

Today, I’m rebuilding, armed with the lessons from my failed venture. I’ve realized that entrepreneurship is not the enemy, but it’s not for everyone either. It requires caution, humility, and relentless preparation.

For anyone considering the leap, I ask: Are you running toward a dream or away from a routine? The answer can make all the difference.

Now, I’d love to hear from you. Have you ventured into entrepreneurship or considered leaving a 9-to-5? What were your experiences, and what advice would you give to others? Let’s share and learn from each other’s stories in the comments below!