……………At last one out of every 20 people selling shoes now on Instagram learnt from Shoespeed
Intro
Mr Abiodun Folawiyo is a Shoemaker and a graduate of Accounting from University of Lagos! He started his company Shoespeed Interglobal Services Limited while in the university.And a small-scale business which began about 20 years has become a large company exporting shoes to USA,UK,Canada and many African countries.
Also,his passion for shoemaking made him set up the Shoespeed Academy 15 years ago.Today, the academy has empowered over 6000 persons in the Art and Business of shoemaking making it one of the leading shoemaking Academys in Nigeria. In this interview with Victoria Onehi of 120edgenews.com, Folawiyo tells us what has made him succeed as an entrepreneur and how young people can thrive in the business world!
120edgenews:You were recently at Enterprise Development Centre (EDC),what was the visit about?
Folawiyo:10 Years ago I enrolled for the Certification in Entreprenuership Mangement (CEM) through the Diamond Bank, Building Entrepreneurs Today(B.E.T) Project where I got an award of 3million Grant.I was part of 34th set .I was invited to share my experience with the 64th set of the same programme.
You have been an entrepreneur for awhile,what are the key lessons you have learnt over the years?
Folawiyo: Over the years,I have learnt that collaboration is key, Creating multiple streams of income within your business and outside your business is very important. Failing is part of the process to business success. Be very intentional about the doing requirements of succeeding in business.
120edgenews:Tell us your journey in the last three years? The highs and lows?
Folawiyo: The last three years has been challenging and interesting.Inflation, exchange rates of Dollars to Naira and drop in the buying power of people. The positive is the fact that imported alternative of real leather shoes has become very expensive due to exchange rate, this helped to improve our sales over time.
120edgenews:Your company is starting a new brand specially for people with big shoe size 47 to 50.Why the focus on that?
Folawiyo: Over the last 20 years, We discovered that there are persons in the society that can afford quality footwears but do not get to see their shoe size or they see their size but not the type of shoes they love to buy. So these category of customers feel marginalised in the fashion industry because the available options they have in terms of their choices are very slim.So we decided to create a new Brand called BEYOND 46.That is creating wide options of quality,beautiful leather footwears from sizes 47 to 50.
120edgenews: You are one of the leading voices in your business and you are one of the young people who have grown their businesses from the scratch,tell us what you think has made you succeed overtime?
Folawiyo: To God be the Glory.It has been as a result of clarity of purpose and direction.Flexibility in achieving set goals,Collaborations,Mentoring and doggedness. 120edgenews: How has Shoespeed Academy helped to empower people who want to go into shoemaking? How many people have you trained since you began?
Folawiyo: Shoespeed Academy has empowered over 6000 persons in the Art and Business of shoemaking in the last 15 years.At last one out of every 20 person selling shoes now on Instagram learnt from us.
120edgenews:What key strategies can you advice an entrepreneur to use to scale their business?
Folawiyo: Hardwork ,smart work, collaborations, research and personal developments.
120edgenews: Lack of finance is often seen as a reason why some people cannot start a business,how do you think someone wishing to start a business can overcome this barrier?
Folawiyo: Ensure that you are giving a highly valued product or services that has an obvious potential of making a very high returns.then,you can try the options of borrowing from family and friends at no interest rate,Grants from friends and loved ones and also exploring the possibility of getting investors to believe in the dream and invest.
120edgenews: How do you think government can boost entrepreneurship especially amongst young people?
Folawiyo:Government needs to invest heavily on orientation and awareness amongst young people.Giving single digit loan and then a general environment where young people can thrive.
120edgenews:As CEO of Shoespeed,you have been able to manufacture,design and market your shoes.How have you been able to built partnerships with suppliers and retailers both in Nigeria and internationally over time?
Folawiyo: We have been able build quality partnerships with suppliers through regular bulk purchases from them and showing integrity over time.
Consistency around the quality,comfort and pricing of our products over the years.
120edgenews: Where do you see this company in the next five years? What are your plans to make this a transgenerational business.
Folawiyo: The next 5 years ,improve our retail activities across minimum of 5 Africa countries, Canada ,USA and UK.
120edgenews‘: Tell us how you give back to the society through your CSR activities?
Folawiyo: We lunched a Foundation on 1st of October this year to address the needs of undeserved children in public primary and secondary schools especially in the area of footwears .
120edgenews: How do you unwind?
Folawiyo:I unwind by listening to inspirational songs, spiritual songs,watching movies, traveling and meditation.
