Chukwudi Iwuchukwu is a lawyer, a social media influencer, a thought leader, and the founder of Visage Media. In this interview with KINGSLEY ALUMONA, he spoke about his work, the economy, and how youths can thrive despite the current hardship.
YOU studied law at Madonna University and the Nigerian Law School, but you seem not to be practising law. Why?
I fell in love with media at a relatively young age. I spent my teenage years at the post office and newspaper vendor stands consuming and reading all manner of media material that shaped me and prepared me for what I am doing now.
Since media has always been my first love, I was confident that I would never practice law when I was in school. I pursued a career in law to satisfy my father’s desire, and throughout the years, while attending law school and the law faculty at my alma mater, I consistently assured my coursemates that I would not practice law.
Despite this, here I am today. Despite the challenges, I persevered and made it to this day.
Between the time you graduated from law and venturing into the media business, how would you describe your life and business journey as a young entrepreneur?
It has been a mixture of emotions, including the good, the bad, and the ugly. But we can’t have it any other way. Some days, it is hard. You ask yourself: Why are you punishing yourself when you could have been working in the legal division of a blue chip? But when I look at the brands that trusted us with their brands and then the jobs I have created in the past eight years, I reminded myself that the risk was worth it.
How has your journey as a media executive and founder of Visage Media been so far and how do you leverage your media experience to educate and support budding entrepreneurs?
On social media, I share my experiences, using examples from my own life. Entrepreneurship is not an easy journey ─ it’s far from that. I freely share my experience with other young entrepreneurs to give them a glimpse of what they are about to embark on. Yes, it is rewarding, but it is also hard.
Entrepreneurship is not glamorous the way motivational speakers have painted it. Some days, it is lonely. Some days, you question your sanity. But the most important thing is not to lose sight of the big picture and where you want to be.
Over the years, you have established yourself as an influencer on social media and thought leader who regularly discusses social, economic, and political problems. With the current challenges under President Bola Tinubu, would you say you are more pessimistic or optimistic about the future of Nigeria?
I firmly believe in the future of our country. Many of my peers have relocated abroad, and they don’t understand why I’m still here, despite the current chaos. When the chaos is over, there will be winners, and Chukwudi Iwuchukwu will be one of them. I’m very sure.
Yes, things are bad, and the future appears to be bleak. But I believe so much that one day, just one day, we will get it right.
Recently, you expressed your frustration with the high costs of running your 10-man business, particularly in the early years, to the point where you are barely able to pay yourself to keep your staff satisfied and the business running. How are you managing the challenges and how would you advise young business owners facing similar situations?
Before 2016, I was able to sleep well, but the experience of running a business has transformed me. My brain is always thinking of what to do next, where to get the month’s salaries for my staff, pay bills, and keep the business going.
It is tough, but I have learned that having a robust support system is important. This is one thing I did not have when I started my business, and I paid dearly for it. So I would encourage any entrepreneur to have a strong support system that keeps them accountable and in check. It is important on this journey.
You recently expressed displeasure when the Central Bank of Nigeria (CBN) increased the interest rate to 26.25 percent. Could you explain the possible implications of this policy for small and medium businesses and the economy at large?
Yes, the exchange is unstable, and the CBN has only one tool to stabilise the exchange rate: a hike in the interest rate. This year, a Tier 2 bank offered me a loan, but I declined it due to the unfavourable interest rate for small businesses, which I know will come.
For now, avoid bank loans because your business will struggle to pay them back. You don’t need it. The only exception to this is if your business generates a decent return that beats inflation.
Generally, how would you rate the president’s one year in office and what two things do you think the president could do next year to bring smiles to Nigerians’ faces?
As always, I wish him all the best. I just hope that his economic team will stabilise the exchange rate so that young and small businesses can scale. This is the only thing I want from him.
Beyond the stability of the exchange rate, I’m rooting for him to succeed because, as a young person running his business in Nigeria, I can scale and thrive when Nigeria functions well.
Given the current socio-economic situation in Nigeria, how would you advise the youth seeking to thrive and survive this phase of hardship and inflation?
Save, learn new skills, pivot, and reduce fat. Cut down on unnecessary expenses. This is not the time for fake life and excessive packaging. Also, network and meet new people. You can never tell who will provide you with the safety net you need to survive these tough times.
Most importantly, always remember God. He does not fail or disappoint his children. My favourite Bible verse is this: I was young, but now that I am old, I have never seen the righteous suffer or the kids beg for bread.
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