Temitope Faloye is a Masters degree holder of Obafemi Awolowo University, Ile-Ife, and also a member of the Nigeria Institute of Town Planners (NITP). In this interview SEGUN ADEEKO, she speaks on her decision to dump her degrees and embrace entrepreneurship. Excerpts:
What were your childhood ambitions?
To be a teacher or lecturer. I wanted to be a teacher so I could have enough time for my children. My mother was a teacher. I love the job so much, because you close on time, come back home to take good care of the home and the children.
Which schools did you attend?
I attended St Pius Primary School and my secondary school was at St Catherine’s Girls Grammar School, all in Owo, Ondo State. From there, I attended Obafemi Awolowo University, Ile- Ife, where I had a B.Sc and an M.Sc in Urban and Regional Planning.
Tell us about your academic
I have degrees in Urban and Regional Planning. In fact, I am also a registered town planner and member of the Nigeria Institute of Town Planners, (NITP).
I involved myself in buying and selling ever since I was in the university. So, after all the degrees, I still found it hard to get a job, I just switched back to business.
Didn’t your friends and family wonder why you switched into business?
Yes at first, especially when I started having challenges. But now, we are fine. They are proud of me. I’ve been in business since I was very young, about eight years old. Then, I hawked for my grandmother. So, when I switched into business some were not surprised at all, but many were shocked. At first, I had a lot of challenges. But today, they are happy and proud of me.
What brought about the name MIDES?
All my children have ‘mide’ in their names. Example, Olamide. So, I decided to cull Mides out of their names. Today, Mides has become a household name in the entire Akure town.
How will you describe your business?
It’s good, but also very challenging. However, I thank God for His mercy and wisdom. Almighty God has really been my backbone. He does not only work and support me alone, he also carries the load for me and works things out. In a nutshell, I experience God’s mercy and favour everyday.
Tell us more about yourself and Mides’ Supermarket.
I am Temitope Faloye, the CEO of Midestore. I am also a wife, a mother and a lover of God. I started my business in full in November 2011. Apart from running a supermarket, I’m also into car business too. I ship in vehicles from United States of America.
How much was your start-up capital?
I started business in 2003 while in the university. Then, I started with N50,000. But when I really went into business properly in 2011, I started with N850,000.
What were the challenges you faced in starting-up the business?
So many. The first issue I had was when my items got expired because I didn’t know I needed to be checking the expiry dates of the products. The truth is that I wasn’t trained for it at all. I only had the passion and God’s backing. That time, people brought items that were about to expire, but because I was a novice, I bought them and many got expired in the shop. The first two months were ‘hell.’ Again, the profit was very little. When I checked the profit margin, I asked myself: “Temitope, when will you make big money.”
What would you say are the challenges associated with businesses like yours and how have you been braving the odds?
A lot! Number one is the staff members. Things that you can’t do alone, you have to involve people and human beings are the most difficult challenge associated with all business, because many are not ready to work while some are not reliable.
Also, expenses in managing a business is on the high side. For instance, high increment in prices of goods. Prices change every day and this is very discouraging.
Another thing is poor electricity supply. We have to run generator all day, and this reduces profits. Competition is another big challenge.
How do you think young Nigerians can actualise their business dream with the current economic situation in Nigeria?
The first thing I tell people who want to engage in business is that they must like whatever they want to do. Have passion for it and place God as number one. Nothing is impossible. Thank God for the internet. So you can start online by creating awareness. Buy with little you have. Sell and replace. Put fashion aside, be hardworking. Be focused and be determined till you grow your business. Rome was not built in a day.
What do you think the government should do to assist or encourage people in business?
Government should please do the needful. Power supply should be constant, good roads should be provided and government should reduce tax.
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