‘We learnt principle of profitability from our business― My Way Now director
It is often said that not all entrepreneurship lessons are taught in business schools. In most cases, experience still remains the best teacher of business principles.
This is true of the experience of Lateef Olayiwola Awoyemi who, despite studying Business Studies in college, learnt his biggest lesson from My Way Now clothing company where he is a director.
He made this disclosure in a recent interview with Guardian where he answered questions about his big business lesson from managing the clothing brand.
He said: “The big entrepreneur lesson I’ve learned from managing my clothing business came from suppliers: It cost more when you buy things in units or small quantities; it cost less when you buy in bulk.”
My Way Now clothing brand, an all-departments stylish clothing and branding, incorporated in May 2021, has expanded to include all forms of garments including branded t-shirts, hoodies, jumpers and jackets, bedspreads and tracksuits. It has also expanded its branding services to household items including bags and mugs.
While the company was founded by a small group of close friends, its running is not in any way hampered by their number. “There was often debate among our team, but we’ve always kept business separate from friendship,” he stated.
In less than two years, My Way Now has become a prominent brand, and Awoyemi, who regarded 50 Cent as his role model, said the rapid growth is partly due to customer satisfaction.
“We ensure that our products are authentic because we only get them from one supplier. All of our products are checked by a team member and issued with an authentic barcode on our swing tickets after being 110% checked,” he said.