By Patience Moses Chat
The Group Managing Director of RainOil, Gabriel Ogbechie, has advised entrepreneurs on getting funding for their businesses as well as having knowledge of the business they intend to venture into.
Ogbechie shared the advise at the 2023 edition of “The Platform Nigeria”, which took place at the Covenant Christian Centre, Iganmu, Lagos.
While making his presentation on the topic “Succeeding as an Entrepreneur in Nigeria”, he said “people rarely give money to those who don’t have” as he recounted his unsuccessful attempts at raising capital to start Rainoil, and how his diligent investment in stocks proved most valuable.
He encouraged budding entrepreneurs to acquire relevant knowledge and skills, while stressing the need of venturing into businesses which one adequately understands.
“Knowledge will function as a defence for your capital but embarking from an uninformed position would result in “learning the hard way,” where capital is lost to gain knowledge,” he said.
Recounting his experience, he recalled “I ventured into oil and gas business because that was what I understood and have done for almost 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.”
Ogbechie also advised entrepreneurs to maintain financial discipline and protect their liquidity by staying on the short ends of borrowing.
“Turnover is vanity, profit is sanity, and cash is king,” the Rainoil Founder stated.
Ogbechie further urged entrepreneurs to keep their earnings in their businesses, borrow minimally, and avoid extravagant spending.