‘My advice to entrepreneurs … always seek legal advice’
Taiwo O. Taiwo, is the second vice president of the Nigerian Bar Association NBA. He was also the former Chairman Lagos branch of NBA. Taiwo O.Taiwo attended the University of Ife where he graduated with a degree in History and politics. After his undergraduate studies at Ife, he proceeded to the University of Ibadan where he studied law. He was called to the Nigerian Bar in 1986 and has been in practice for 29year. In this interview with Muna Onuzo, he spoke on his experience as an entrepreneur in the Legal practice.
How long have you been in private legal practice?
My name is TAIWO O. TAIWO. I was called to the bar in October 1986, which means I have been in very active private practice for almost 29 years.
You recently won the Vice President seat of the Nigerian Bar Association, how has this new position impacted your work?
I am the 2nd Vice President of the N.B.A and I must say this position has really exposed me to a lot of people and has impacted on my work positively. I must also state that I am currently in charge of all the N.B.A branches in the Northern Zone and as such, I have to maintain contact with various persons, lawyers and non-lawyers alike. I confess that I am enjoying the position even though it has to take me out of my place of residence and even outside the country but it is all in the pursuit of the profession and the advance merit of it, am not complaining.
This weeks discussion on the Entrepreneurship Drumbeat with Muna Onuzo is centered on building a corporate structure, culture and image especially at the point of company incorporation. What is your advice to entrepreneurs?
My advice to entrepreneurs will be to always seek legal advice in all they do, even in the sphere of choosing investors for their business and limited shares buy back, they must seek legal advice. Background checks need to be conducted to ascertain the status of any company they are interested in. They must be guided even if they are divesting. More importantly, the crash of the years gone by is a pointer to the fact that the entrepreneurs must be careful when they have to invest in shares.
Is this a common mistake that entrepreneurs make?
As stated earlier, a wise entrepreneur, who is careful and constantly seeks legal advice rarely make mistakes.
Have you handled or come across any legal cases on this issue?
There are many cases on this issue but I have not personally handled any.
As an entrepreneur how will the current economic and political climate in the country affect businesses?
As you know, I am a lawyer but I can state that until the economic blue print of the incoming administration is known, it is not advisable to speculate. However, with the body language of the incoming president, I am sure it will not be business as usual. It is not a secret that corruption has done a lot of damage to our economy. Impunity in its entire ramification is affecting our society economically and politically. Insecurity, if well tackled as promised by the president-elect especially the scourge of Boko Haram, will result in a better political and economic climate of our country. I am optimistic that businesses will thrive as a result of the expectant rejigging of the way we do business here. I am also optimistic that foreign investments will flow in with the expectation of a peaceful environment.
Are you involved in the daily operations of your business? If yes, how do you manage the duality of managing or being hands on with operations and also driving the overall business success?
I am deeply involved in the overall running of my legal practice. Don’t forget our profession is more personalized in its operations.
How many hours a week do you spend on work?
I spend over 12 hours at work per day in view of my legal practice. You know we have to read and read and also attend meetings. I cannot put any time to what I do because it’s just not possible to know. Even on Saturdays and Sundays we have to work.
What policies has your organization put in place for succession?
To the glory of God, I have two (2) daughters who are lawyers and both have signified their intentions to come back into active legal practice. One works in the legal department of a bank in the United Kingdom, while the other works with Kellogg’s Company, United Kingdom, in their Human Resources Department.
Have you been in a failed Start-up before?
I won’t say that I’ve been in a failed start up but all I can say is that it was not easy starting off as a practitioner. I worked with PROFESSOR C. O. OLAWOYE for almost 5 years and most of the period; I had to do things on my own. I had to read hard and I consulted with my seniors especially one MR. DAPO SHOBOWALE, then of OGUNSANYA, OGUNSANYA & CO. I rose above my challenges because I was determined and passionate about my calling as a lawyer. I was also very prayerful and had support from many people who gave me instructions and engaged me to handle matters for them.
What advice will you give those who just started or are planning to start a business or project in view of the issues we have discussed in this interview?
My advice for those starting off or planning to start off a project or business is that they must first of all be convinced that they are passionate about it. That is what they want and they are not looking for quick or bounteous profits in one or two years. They should employ consultants who will do a proper feasibility study for them and they must seek legal advice on every step they take.
What are the three major attributes or traits an entrepreneur needs to stay in business?
An entrepreneur must be focused, committed and be able to take risks to stay in business. I think I must add prudence because a lot of people use profits from businesses for things that are not necessary instead of putting it back into their business. Furthermore, most entrepreneurs divert funds especially same as are meant for their businesses to any other areas that are not profitable.
In one sentence, describe what entrepreneurship means to you
Entrepreneurship is running a business, successfully.