TNC: What propelled you to go into business? How did you get your start in the fashion and style business?
Akinsola: My desire to earn some extra cash as a student was the main impetus behind my motivation. In fact, I got started in school. At the time, I needed to earn some extra money for myself because my pocket money was insufficient.
That’s why I got going. What do you want to do? I questioned myself when I first started getting interested in the fashion industry. I was certain I was against doing any buying and selling. I was confident that my talent and creativity could produce something.
So I began by creating jewelry out of beads. Making jewelry out of beads was simple because it was a hobby. I used to enjoy making beads and doing all of those things when I was younger. That’s how I got my start in fashion and style. I simply began using the resources and expertise that were at my disposal.
TNC: What has kept you in business in an environment where close to 80% of companies fail between the first and third year of their establishment?
Akinsola: Just be consistent and persistent. Naturally, I went into this with great hopes. I assumed magic will take place. Reality proved to me that things don’t work that way. Yet when you learn more about great entrepreneurs’ journeys, you’ll see that they too experienced ups and downs. For me, the fact that there is light at the end of the tunnel simply comes down to persistence.
TNC: You spoke about your lofty goals and the lessons that starting a business has given you. What did you learn from reality?
Akinsola: At first, I thought that because I had invested a lot of time in developing my talents, the government would step in to help me and attempt to sponsor and support me because I was a young entrepreneur with good ideas who was also thinking about how to empower other kids through his or her skills. As a “young corper,” I received the FCT award of honor for my secondary school training of more than 500 youngsters. I believed that the government would pay attention to these issues and recognize the importance of skill development. Better methods could be used.
We could be more prepared. I had this hope that the government or other people would support this idea and be eager to help. Yet in reality, you’re by yourself. Everyone will compliment what you’re doing and then move on.
TNC: What concrete ways could the government support the expansion and survival of start-ups?
Akinsola: The main issue facing SMEs is financing. You are zealous and skilled, but money is not available.
And the government believes that by making grants and loans from the Central Bank and BOI loans available to microfinance institutions, they have done enough. The difficulty, though, is that it is inaccessible. They set standards that are impossible for a beginner to meet.
There are instances when you complete all the necessary paperwork but still are unable to find a person to act as a guarantee so that you can access these services because nobody is willing to risk their property on you. As a result, it is challenging for you to obtain the loans offered to SMEs.
TNC: What marketing strategies have proven to be the most successful and efficient for your business?
Akinsola: Word-of-mouth advertising to and from customers has shown to be the most successful.
TNC: Start-ups confront a variety of difficulties. What challenges are unique to your sector, and how did you overcome them?
Akinsola: I won’t claim to have done so just yet. I believe that my main obstacle has been the production team I work with. They are inconsistent in their behavior. Tailors are a significant issue for the fashion business.
It’s challenging to manage them. Trying to control that component, the manufacturing aspect, is still a worry for me. While working alone, the production team can be difficult and even problematic.
Because there are no regulations in the sector for craftsmen to follow, sometimes finding finance and resources is not an issue, but getting your work to be what it should be is. They therefore believe they can simply enter and treat your company whatever way they choose.
There are times when an individual simply quits working for you and moves on to another fashion house. You may believe that you are the source of the issue, but you’ll learn from other fashion firms that you are not alone.
TNC: What would you have done differently if you could go back and start over?
Akinsola: There isn’t anything I would change, in my opinion. Do you understand why I say this? For me, it was more of a pastime, so I just went ahead and made it a business. I simply adapted to it. When I first started, there were no predetermined ideas that this is exactly how things would turn out.
TNC: What were your biggest errors when you first entered the fashion and style world?
Akinsola: My way of living, I believe, makes it challenging for me to approach this subject. This is a result of the way I’ve always seen life’s experiences—as a method to learn. I don’t really pay attention to the fact that I have erred. They don’t seem to be errors to me. These are things I need to work on, in my opinion.
TNC: In the upcoming ten years, where do you envision Nigerian fashion and style brands?
Akinsola: The fashion sector in Nigeria is booming. It’s going fine here. Electricity is a significant issue. It is having an impact on our output. Nigerian brands will be able to compete with the biggest brands you are familiar with if these issues are resolved because Nigerians have come to terms with the reality that our outfits suit us the best.
The days of attending red carpet events in an international brand and looking regal in it are long gone. In the modern Nigeria and fashion sector, we wear our own brands, look fantastic, and draw interest from around the world. The fashion capital of Africa is Nigeria.
