Omotiafe Otuogbai is an Entrepreneur and he considers himself a creative person. He’s the Founder of Wox Collections; a lifestyle brand that makes comfortable lifestyle products for your everyday activity.
How He Started
Omotiafe started his business officially in 2019.
Before he started, he worked for 3 years in an entertainment company until they all got laid off. As a result, he had to leave his house as he couldn’t afford the rent anymore. Coupled with these and a terrible break-up, he caved in to depression.
He picked up a reading habit during this period after some experiences with suicidal thoughts. As a suggestion from one of his favorite books, he started visiting the gym to take his mind off things.
While working out, he started to feel the creative juice flowing once again and so he started my business, Wox Collections.
Obstacles and Challenges
In the beginning, his most tasking issue was limited financial abilities.
It was so bad that he had to borrow N22,500 from a friend just to start up his business.
He was partly lucky to accumulate a good amount of customers for a beginner, but it proved difficult to increase production to meet their growing customers’ needs. This was because they tried to balance cost production with their limited finance. And if you’re wondering why they couldn’t have just gotten a loan, it is because of the almost unattainable requirements for a loan in the country.
Even when we were able to significantly increase production, they faced difficulties maintaining their initial quality as they started employing the services of more than one manufacturer.
Another challenge they faced is the limited resources in the country for production. It was difficult to get the exact same raw materials used in production because of the high demand in contrast to the low supply in the country, and there was almost no machinery to produce.
His Recommended Books
- The Richest Man in Babylon – George Clason
- No Excuses!: The Power of Self-Discipline – Brian Tracy
- The Rules of Management – Richard Templar
His Word of Advice to New and Aspiring Entrepreneurs
Self-development is key.
Also, don’t let your fears hold you back. Therefore, do not be afraid to take a calculated risk, and even when they fail, take it as a lesson rather than defeat.
Albert Einstein once said,
“The definition of insanity is doing the same thing over and over again, but expecting different results”.
Learn more about Footwox on their website.