X-raying an entrepreneur’s journey to lasting legacy (1)
Though it is an uphill task for anyone to start a business in Nigeria, it is even more daunting if a woman takes up the challenge. Yewande Zacchaeus is one of those women who have dared to do excel where many men have fallen and she share her inspiring story, writes OLUYINKA ALAWODE.
When she spoke at the Women of Africa programme organised by the Enterprise Development Centre of the Pan-Atlantic University recently, it was clear that this is a woman with a vision where she was going, a passion to give it all it takes to get there, and an enterprising entrepreneurial spirit that will keep driving forward until she reaches her goal. It wont take anyone who meets her too long to realise that there is more to her than meets the eye.
Yewande Zacchaeus, a lawyer and CEO of Eventful Limited, has the heart of a lion; a heart that burns the flames of an indomitable entrepreneurial spirit. She graduated from the University of Lagos and Cambridge University and later worked with a merchant bank for about two years and before moving to a small law firm. She returned to the banking industry and worked as the company secretary/legal adviser for 13 years whilst climbing the corporate ladder.
After a maternity leave, she returned to the bank and started having feelings of restlessness, boredom and disillusionment. She says, “It was clear to me that the only thing tying me down to my job was the ‘golden handcuffs’ of comfort, security, perks and privileges that came with the job.
However, it now seemed that this was no longer enough and I knew the time for me to move on had arrived. I really wanted to be an entrepreneur, run my own business and contribute my own quota to the development of my country, as my parents had done before me. The only problem was what would I do?”
Inspiration
She soon discovered she loved organising people and events but about 15 years ago, that did not appear to be a viable business in Nigeria. She says, “I began to research on the organisation of events as a business and was pleasantly surprised to find that it was already a multimillion dollar industry in Europe and the United States.
“I tried out a couple of events during my vacation, enjoyed them tremendously and decided to resign from the bank and establish an events organising business, Eventful Limited. I went into this business with a clear intention that I wanted to make a difference. Several people were surprised.”
She says, “We must beware of dream killers. You must have a conviction so deep about the business you are in or about to start. This is why it is critical that you are in a business for which you have a deep and abiding passion and not just doing it because it appears “fashionable” at the time. This is called the “ me too” syndrome where because other people appear successful in a business, you jump into it regardless of your own skills, passion or talent!”
Starting out
She continues, “I started out as the CEO, chief accountant, chief marketer, PR, etc. and at those early stages, all I wanted to do was keep my head above water. However, as the business grew, I began to formalise it, creating processes for our events, and putting in place systems that would ensure the business runs effectively with or without me and that I must excel at what I do and I must add value.”
Adding value
Digging deeper into critical issues that make for the success of entrepreneurs, Zacchaeus stated: “This is another very critical issue for entrepreneurs. To build a legacy, we must add value. Our business cannot exist just to satisfy our basic necessities. Your business must be a problem solver or solution provider. “Clearly, by 2002 when I established Eventful, its time had come. People were ready to outsource the stressful process of organising events whether corporate or personal to professionals who could do it better.
Expertise
Professionalism is key to sustain any business. Clients must know that they can count on you to keep your word. They must be confident that you are well versed in the service you are offering and that you will deliver the services at a high level of expertise.
“You must be reliable and dependable. Many entrepreneurs are not professional and this can have a negative impact on their credibility and of course their business. All businesses must have an articulated mission and vision and ensure the staff are clear about this.
Passion
Our mission is to deliver services with creativity and passion. We know that passion is an essential criteria for success in our line of business. We always say event organising is not a job, it is a passion! I would rather employ a third class university graduate who is passionate about her work before I consider a first class graduate who has no passion for the business.
Excellence
The pursuit of excellence is a necessary driver to building a legacy. I am my own greatest competitor. I am not bothered by what the competition does. I compete with myself only, trying to ensure that each year I am doing better things or the same things in better ways.
“If we do not strive for excellence and think outside the box in the various ways to achieve this, very soon, our business will become irrelevant, overtaken by those smart enough to ride the winds of change. Bill Gates, founder of Microsoft says “Success is a lousy teacher, it seduces smart people into thinking they cannot fail.”
To build a business that will have a lasting legacy we have to continually strive to improve on the products we create and the services we deliver. I drive my staff hard but because they see the time and commitment I myself put in the business, they also catch the bug. We very quickly shake out anyone who is not willing to give everything to this venture.
Adapt
We must adapt to our environment. We must always think ahead of our business. What do my customers need now? Is what I am delivering still useful and relevant or has it become obsolete or unnecessary?
Expansion/relevance
We must diversify to expand our businesses and establish other streams of income. We must seize opportunities when they arise and embrace calculated risks. We need to think big and not be afraid of stretching ourselves and our businesses so we can move to the proverbial next level.
Richard Devos says, “The only thing that stands between a person and what they want is the will to try and faith to believe it is possible”. We must remain relevant and not become dinosaurs in our field. We must be prepared to reinvent ourselves to survive the business terrain. Charles Darwin says, “It is not the strongest species that survive, nor the most intelligent but the ones who are most responsive to change.”
Training
We cannot talk about reinventing ourselves without touching on retraining ourselves. How can we lead if we don’t know better? The world is so dynamic now, the effect of technology on businesses and the world in general is phenomenal. Of course as we grow we learn on the job, but we must also seek specific training to enhance our skills and update our outlook.
You must identify the stars in your company and begin to train them, equip them with the skills required to take the business over and run it well. I presently have two of my senior staff attending the EDC’s entrepreneurial training. I realised that my staff must begin to think as entrepreneurs if they are going to take the business to the next level when I exit.
Work/life balance
Clearly as a business owner with responsibilities for your employees and obligations to your clients, it is probably much more demanding a life than that of a 9-5 executive.
We live and breathe our businesses all day and even all night when the going gets tough. We daily have to juggle all our balls, daughter, sister, wife, mother, friend, entrepreneur, employer, to stay the course yet be true to ourselves! I have found that priorities will differ depending on your season of life, your job or business. The path to balance is to determine the priorities of your life at any given time and work assiduously to the goal of achieving them.
Can we have it all? I once heard a high flying corporate woman say: ‘I have both a uterus and a brain and I intend to use both of them!’ Each of us has a distinct purpose we were born to fulfil; success and happiness come from fulfilling purpose. So yes, we can have it all; probably just not all at the same time.
Health
It is only a woman who is alive that will live to lead into a legacy. Take rest and relax (whatever you conceive this to be!) Go on holidays, exercise, eat healthy. Whatever the case let us look after ourselves so that by God’s grace we live long enough to enjoy the fruits of our labour and the handing over of our businesses to the next generation of leaders.
Integrity
Perhaps the most important issue in establishing a legacy is deciding what you stand for. What do you want to be known for or remembered by? I have tried over the years to run my business based on the very simple principles of integrity, fairness and a desire to provide a superior service to my clients.
As a committed Christian, I endeavour daily to use the word of God to guide my actions and the principles on which I establish my business. It has been said that if you don’t stand for something you will fall for anything. We do not pay bribes or give kickbacks in our company to get business; we would rather walk away from a multi million naira transaction than compromise our values. This is not easy in this environment but it can be done.
If our businesses are to be sustainable they must flourish regardless of who is in power in a particular corporation and how much they have decided we are to part with from the fees we have legitimately earned! The values we profess and the ethical choices we make clearly are fundamental to the sustainability of our businesses.
Making a difference
Finally, strive to make a difference. Whatever we do, we must make sure that our lives count for something. Whether it be as a daughter, wife, mother, sister, friend, executive or entrepreneur.
I went into the business of event planning because it was simply harnessing a natural gift and talent God had given me to organise people and events. I just found my calling and did what I enjoyed doing. My gift truly made a way for me.