George Onafowokan, managing director of Coleman Wires and Cables Industries Limited, has emphasised that discipline, patience, and sacrifice are key to sustaining a business in Nigeria’s challenging economic environment.
This was disclosed during a visit by entrepreneurs from the Lagos Chamber of Commerce and Industry (LCCI) to the Coleman factories in Ogun State.
“LCCI aims to support entrepreneurs in growing their businesses; however, the program targets entrepreneurs who have businesses and need proper training and support,” the company said.
Onafowokan addressed the entrepreneurs by sharing Coleman’s success story, noting that the company’s beginnings were tough as it started as a micro-business.
“For us at Coleman, the business was taken over by a second generation when it was still a micro-business, and the beginning was very tough. However, the reality of business is that it involves taking risks, which might not be easy. You must have a clear vision of where your business will be in the next 10 years,” he said.
He urged LCCI mentees to understand their businesses, pointing out that gaps in knowledge could lead to failures.
“As the chairman of manufacturers in Ogun State, I have been designing Coleman factories for 20 years as an accountant,” he said.
Onafowokan stressed the importance of discipline, focus, and passion in keeping a business thriving, advising entrepreneurs to remain dedicated to sustaining business success.
“You must not place your lifestyle above your business. Never become bigger than your business, and always retain profits for the sustainability of the business; otherwise, it will crash,” he said.
Adedoyin Ekundayo, business development manager at LCCI highlighted that the visit was part of a Corporate Social Responsibility (CSR) program for entrepreneurs, which has been running for 11 years.
“We always take them on business tours to learn from experienced individuals who have navigated economic challenges. The visit to Coleman’s facilities was eye-opening, and though the participants are not engineers, they can replicate what they have heard and seen,” Ekundayo said.
