FATE model entrepreneurs show inherent capacity in entrepreneurship

There is a price every entrepreneur must pay in order to receive the prize and take pride in the success that comes after the sacrifice. So, FATE Foundation, a not-for-profit entrepreneurship training school created in Year 2000 by Fola Adeola, had as its theme –The Price, Prize and Pride of Entrepreneurship in its 13th annual celebration and entrepreneurial awards held weekend in Lagos.

Recognising that the most important resource of any nation is its human resource capacity, every year FATE Foundation in addition to some other entrepreneurial awards, gives out the Fate Alumni Model Entrepreneurial (FAME) and the Fate Model Entrepreneur (FME) awards. The former recognises the most outstanding alumni of Fate Foundation and the latter the most outstanding entrepreneur in the country within the year.

Elizabeth Olofin, executive director, Fate Foundation, says the winners are business owners who have created viable businesses and have made significant impact on the society through job creation and the quality of the goods or services they deliver.

Akinyemi Mustapha, an engineer and owner, Kontz Engineering, won the FAME award, while Stella Okoli, managing director, Emzor, a pharmaceutical company, won the FME award. Shedding light on one of his success principles, Mustapha, FAME award winner, says, “Separate yourself from the business and do things ethically.”

Also sharing part of her success principles, Stella Okoli says the manufacturing of drugs is a lot of hard work. “But someone said if you love what you do, you may not have to work. So, we are bubbling in spite of all the challenges,” she states. She also points out that her business is a response to a huge gap she noticed in the society, which she decided to fill. She started the drugs manufacturing about 20 years ago when she noticed that the market was then dominated by multinationals selling very expensive drugs, and being a pharmacist, she discovered that the cost of production was very much lower than the price the drugs were being sold. “We have to work harder, there is a lot to give out. Giving is very important, if you do not give, you will not get, so you must not be selfish,” she states passionately.

Udeme Ufot, the 2012 Fate Model Entrepreneur award winner in his valedictory remarks, commends the efforts of his former boss, Biodun Shobanjo, founder of Insight Communication, who was also the chairman of the Fate Foundation 2013 annual celebration. Ufot spoke on how he left Insight Communications 22 years ago with two other colleagues in search of fame, fun and fortune which led to the birth of SO & U Limited. He says, “I did find fame, and despite the challenges of my entrepreneurial journey I really enjoy what I do.” In regards to fortune, he says his family had never had to beg. Advising the Nigerian government, on the state of education in the country, he says, “You can grow more entrepreneurs if the government commits to fixing the ailing educational system in Nigeria.”

By: OLUYINKA ALAWODE