Afrigather Dubbed Africa’s most influential funding coach, Dr. Stephen Akintayo’s expertise with poverty fueled his resolve to change into profitable. Rising up, he slept on a naked flooring and scavenged to feed whereas his dad and mom have been thrown out of their houses by totally different landlords as a result of they couldn’t pay lease.
At this time, Akintayo is an writer, serial entrepreneur, funding coach, property developer, and digital advertising marketing consultant. He’s the MD/CEO of Gtext World, an actual property empire working in Nigeria and Dubai.
He shares his story with Enterprise Elites Africa interview and offers invaluable success nuggets each entrepreneur should maintain pricey.
BEA: Tells us about your childhood expertise with poverty.
Stephen Akintayo: We lived in Maiduguri, Borno State, Nigeria. My mom was a civil servant, and my dad’s enterprise had crumbled earlier than I used to be even born. We struggled to pay home lease, which affected my training as a result of landlords stored chasing us out as a consequence of lease points, and we moved to totally different places. My dad and mom needed to transfer to this home we constructed, but it surely had no operating water or electrical energy. In truth, my dad and mum have been the one ones with the luxurious of getting a mattress. The remainder of us slept on the mat or naked flooring. Once they travelled, we might expertise laying down on a mattress. And there was no bathroom; we used pit bogs, and, in some circumstances, we might defecate on our farm, which served as “direct fertiliser.” I noticed a WC bathroom for the primary time at 13. It was an enormous deal. My siblings and I have been virtually jubilating; it was new to us. Life was actually robust, however we thank God for the place we’re right now.
BEA: How did you construct your organization, GText Houses, into an actual property empire?
Stephen Akintayo: The benefit I had was that we began as a digital advertising agency. We knew how you can use e-mail advertising, social media advertising, SMS advertising, and that was what we used for different firms we managed, and it was a significant recreation changer for us within the evolution of our model. At this time, I’m grateful to God that we leveraged that know-how; we couldn’t have been right here with out it. I believe that was the important thing edge. I already constructed a trusted model in digital advertising, and when shifting into actual property, it was straightforward to make use of the identical methods.
Nonetheless, the issue we then had was that we didn’t have liquidity when going into actual property. Any individual gave us 50 acres out of the 250 acres of land the individual had, which was our first property. Sadly, the property was water locked. We couldn’t even get to the place our personal land begins from. Once we took shoppers to the placement, we might level right into a far distance to indicate them the land they wished to purchase. They may not even see what they have been going to pay for. It took doggedness to repeatedly take shoppers to that location for inspection, understanding 9 out of ten individuals would say no. However we stored at it, and that’s why I at all times speak concerning the significance of consistency in enterprise. That performed a key position in constructing GText.
BEA: What have been the opposite components that contributed to your success?
Stephen Akintayo: One was publicity. I’ve had loads of worldwide publicity. I went to Silicon Valley, Google campus, Fb campus, Yahoo campus, and Apple campus, and I noticed how all these tech giants have this huge actual property, from lands to buildings. I went to those locations considering I might see one large workplace, solely to see greater campuses than the College of Ibadan. It dawned on me that actual property is the bedrock of each financial exercise. So I needed to prioritise actual property. The publicity opened my eyes to many concepts. That’s why we have been the primary to start out constructing good houses in Nigeria’s actual property sector. Others are copying us now, and that’s okay. We’re the chief so far as good houses are involved.
BEA: What’s the most difficult factor about operating a enterprise in Nigeria?
Stephen Akintayo: Probably the most difficult factor about operating a enterprise in Nigeria has been the necessity for entry to financial institution loans. The financial institution loans obtainable come at ridiculous rates of interest, so we needed to run away from the financial institution. Until right now, we have now not taken any dime from a financial institution as a mortgage in order to not kill the enterprise earlier than it will get began.
One other drawback is the shortage of presidency assist. Even the intervention programmes they declare to run are given to their cliques. It’s important to be your personal energy generator, you must be your personal safety, and any land you purchase, you continue to should cope with the so-called ‘omo oniles’ (Nigerian parlance for land grabbers), you must issue how you can care for them and incorporate them in your growth.
We have now problems with wage, the place the mindset of a mean employee is that so long as I present up at work, they should be paid, regardless if the corporate makes cash or not, as towards you asking your self these questions: what a part of my work is definitely serving to this firm earn cash as a result of it’s within the firm getting cash that my productiveness lies? How do I be certain no matter I’m doing in that firm finally results in producing liquidity?’
I at all times inform those that work with me, from the driving force to the Private Assistant, that the one means you might be indispensable is to carry the best type of gross sales to your boss, and we noticed this occur with Joseph within the Bible. We noticed this occur with David and many individuals within the Bible who understood the important thing facet of their bosses’ job that results in revenue; they projected that extra, making them indispensable.
So, it’s been fairly robust with our workforce. Most occasions, you must prepare individuals and simply on the level they get to know the job, they resign. We needed to create a construction the place we offer lodging near our workplace for employees that wants it. We nonetheless prepare our workers aggressively no matter whether or not you’ll keep or depart. We needed to create a tradition the place we make all-expense-paid journeys and a tradition the place we share revenue with workers simply to offer them that sense of possession.
BEA: Do you generally really feel so overwhelmed that the considered quitting crosses your thoughts?
Stephen Akintayo: After all, I really feel discouraged each week, if not daily. It’s humorous how individuals suppose that as a result of you’ve workplaces or dwell in Banana Island or Burj Khalifa, it abruptly means you might be resistant to challenges. It’s more durable on the high as a result of it’s not about you alone. There are various individuals concerned. Once you make one mistaken step, it impacts so many individuals in by some means. So the upper you go, the more durable it will get.
Poverty is tough, and prosperity can also be onerous, simply that it will get extra luxurious as you go increased, but it surely doesn’t change the truth that it’s robust and you’ll face many battles. For me, it’s price it since you’re altering lives and impacting society. Finally, it’s a nugatory life that’s simply rewarding a person. Your life has to change into a move like a river that enriches different individuals’s lives. It provides me pleasure once I have a look at the virtually 300 workers in our firm and over 15,000 unbiased staff and the impression the corporate is making. It’s not only a enterprise for one particular person, it’s a enterprise that’s including worth to others as properly.
BEA: How have your priorities modified from if you first began, and in addition understanding what now, is there something you’d have achieved in a different way?
Stephen Akintayo: By the way, my priorities have stayed the identical. I knew what I used to be going into. I knew what I wished. I had prayed to God to bless me and put me ready to be a channel of blessing to others and never simply me and my household. That is the place Africa must make progress as a result of many so-called rich individuals on the continent are nearly themselves and their households. There may be nothing mistaken with giving your loved ones the most effective, however you must be a channel of blessing; it has to move. That’s the enjoyment of being rich. For me, I dwell daily prefer it’s my final. My solely remorse is that my mom shouldn’t be alive to see how her sacrifices paid off. She borrowed cash to ship us to highschool and bought her jewelry to prioritise her youngsters’s tuition greater than the rest.
BEA: With many property scams in the actual property trade, how does one determine real properties?
Stephen Akintayo: Good query. I’ve repeatedly mentioned which you can be scammed in something, however the first ingredient of being scammed is your want for one thing low-cost. It takes some factor of greed to be scammed. Many individuals are at all times chasing after low-cost properties, which is especially the primary cause they get scammed: property shouldn’t be low-cost anyplace on this planet. Nonetheless, there is usually a versatile cost system which you can leverage. That’s why you see the western world having a mortgage of as much as 30 years. When you’re a first-time purchaser, they make you pay simply 10%, and you will get a mortgage for the remainder. All these are schemes by their authorities to make accessibility to actual property straightforward. When individuals wish to get it low-cost, they get their arms burnt. So cease on the lookout for low-cost properties; search for real and credible ones.
The subsequent factor can also be that you must examine the observe report of the corporate promoting the property. An organization begins the enterprise in two, and since they’ve billboards all over the place, you begin shopping for properties from them. At some point, they’ll pack up and disappear. It’s good to have a look at their credibility: who’re they? What have they achieved prior to now? How lengthy have they existed? Who’re the house owners?
It’s tough so that you can maintain an organization whose house owners are invisible accountable sooner or later. It could be greatest in the event you came upon this stuff to forestall you from being scammed. And, after all, it is best to do enterprise with Gtext Houses; we underpromise and over-deliver.
BEA: How do you cope with failures?
Stephen Akintayo: Failure is an expertise and never a persona. My angle has at all times been that failure shouldn’t be me. That I failed shouldn’t be personalised, it’s an expertise, I study from it, and I transfer ahead. I’ve identified over time that success at all times comes out of failure. Many nice improvements right now on this planet really got here out of failure. A few of the best scientific discoveries got here from failure – the Regulation of physics and aerodynamics are a few of them. So, you will need to perceive that the most effective comes out of failure, and it is best to fail rapidly and sooner and study out of your failure. Additionally, you wish to get mentorship and coaching to scale back your failures. That means, you might be studying from the failures of others moderately than studying out of your failures.
BEA: What is exclusive about Gtext Holdings in an trade with many actual property firms?
Stephen Akintayo: GText is an enormous firm with many subsidiaries, however the preferred is the actual property arm. We’re into agriculture, know-how, eCommerce, logistics, occasions, and so forth. However for our actual property, what makes us distinctive is that we’re the pioneers of inexperienced and good actual property in Nigeria. We’re the primary to do 24/7 operations – so you’ll be able to name us at 3 am, and somebody will attend to you – we’re the primary to start out delivering prospects’ paperwork to them worldwide utilizing DHL and with out charging further.
We’re the market chief. We maintain innovating, and we maintain stepping up. We’re the primary to have the imaginative and prescient of constructing 25,000 residential houses in Nigeria.
BEA: What recommendation will you give somebody making an attempt to start out an actual property enterprise?
Stephen Akintayo: Have a singular promoting level in the event you’re going to start out actual property. Have one thing you might be bringing to the desk that others don’t have. Quantity two shall be to be sure to get coaching. Not even cash is an alternative to coaching. In different phrases, coming into a brand new sector with a lot cash is not any substitute for coaching. Many consultants will simply eat your cash and depart you hanging there. So personally, for your self, go and get coaching. Search for someone who has achieved it, even whether it is to request one-on-one coaching. There are two methods to realize that, you both serve the individual or pay the individual however get coaching and get a mentor.
Generally on my social media platform, you will notice me sit down and study from my very own mentors until right now. Each father has a father. Individuals have gone forward of you, they usually realize it higher. They know what you might be more likely to encounter and can provide you a lot counsel to offer you peace of thoughts.
BEA: What are the qualities a great entrepreneur ought to have?
Stephen Akintayo: Firstly, imaginative and prescient may be very key. It’s best to know the place you’re going as a result of in the event you don’t, you’ll not endure the challenges you’ll face alongside the way in which. As soon as that, as you might be dealing with a headache, will probably be loads simpler to endure.
Quantity two, be a doer than a talker. We’re in a world the place everyone simply desires to speak. There are too many talkers and few doers. So be sure to make investments a lot in execution and be an motion individual.
The final level is to do every little thing you’ll be able to to be constant. Some individuals won’t even do enterprise with you for the primary three years. They only wish to take a look at how constant you might be. There shall be a part of your life if you find yourself not even doing a lot, however every little thing will simply be working. It should simply be as if the universe has compressed all of your blessings of over ten years into one 12 months. Keep at that enterprise however maintain altering methods. Don’t soar from one enterprise to the opposite. When the enterprise you might be into has grown large and change into a family title, you can begin diversifying. However to start with, give attention to one factor until it’s profitable.
In order that if you develop, you’ve sufficient sources to rent the most effective set of individuals to your subsequent enterprise. However in the event you stretch too early, you’ll die so quickly. Every little thing nice begins small. So begin small, suppose large, and develop quick. Don’t rush to the highest; they don’t catch latecomers within the college of success.
Colonel Sanders, who based Kentucky Fried Rooster (KFC), began after age 60, and KFC is worldwide now. What’s necessary is the way you end and never the way you begin.
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