How to overcome business challenges, by Rainoil GMD
The Group Managing Director of Rainoil Limited, Dr. Gabriel Ogbechie, has shared some practical insights from his entrepreneurship journey at the 2023 edition of The Platform Nigeria to help young entrepreneurs overcome challenges in their businesses.
Speaking at the 2023 edition of The Platform Nigeria, Ogbechie enthralled the audience with his unique speaking style interwoven with practical anecdotes. He recounted memorable events and lessons from his experiences establishing Rainoil, a leading energy company in Nigeria.
The event took place at the Covenant Christian Centre, Iganmu, Lagos. In his speech titled, ‘Succeeding as an Entrepreneur in Nigeria’, he weaved deep practical nuggets with wise counsel to tutor entrepreneurs on how to run a successful business.
A trained engineer, the business mogul recalled with nostalgia how he incorporated the company taking advice on the unique name from a family friend. Business incorporation, he said, is the first step every entrepreneur must take.
Addressing the timeless challenge of funding that most entrepreneurs face, he noted that “people rarely give money to those who do not have”, recounting his unsuccessful attempts at raising capital to start Rainoil, and how his diligent investment in stocks proved most valuable.
He counselled intending entrepreneurs to imbibe financial discipline, saying: “It took a couple of years to eventually gather enough money to purchase a tanker load of diesel for N300,000”, which marked the beginning of his remarkable success at Rainoil.
He also admonished budding entrepreneurs to acquire relevant knowledge, highlighting the importance of venturing into businesses one adequately understands.
He stressed that “Knowledge will function as a defence for your capital” whereas embarking from an uninformed position results in “learning the hard way” with capital traded for knowledge.
“I ventured into the oil and gas business because that was what I understood and had done for upwards of five years.
It was clear to me the profit I would make if I sold a truck of diesel and how much I needed to buy a truckload of diesel,” he narrated. The 2023 edition of The Platform themed, ‘Innovating Our Way into the Future’ was convened by Poju Oyemade, the lead pastor of The Covenant Nation.
Other speakers at the event included Dr. Ola Brown, an investment and healthcare policy maker; Chuka Ofili, a tech expert; Yvonne Johnson, a banker and Iyinoluwa Aboyeji, a tech investor and Ndidi Ukaonu, a finance expert. Others were Yewande Zacchaeus, a businessman; Gbolahan Joshua, a finance expert and Tara Fela-Durotoye.