Every pioneer knows that nurturing a business idea to become a reality is no easy task. It requires a degree of discipline, not just determination, to conceive and sustain a business idea, and make something meaningful out of an invention.

So what does it take to be a business inventor and owner? WhyTeData Project Lead Kolawole Smith shares his story on what it was like to start his own business from just an idea.

The first WhyTeData idea – “Be precise when revealing useful secrets, and use clean data on white paper to do so” The second WhyTeData idea – “Learn & think in loving and innovative environments, and remain so, in order to grow and thrive”

After months of business data research, WhyTeData, a UK and Nigerian registered workplace, and business innovation company was officially registered in Scotland on the 19th July, 2018, with company number – SC603004. Having spent some money to keep it active while I continued with necessary research with no business operation, I dissolved the company due to inactivity on the 14th September 2021, without owing the company house a penny. Still on research but with clearer directions, WhyTeData was again registered officially in England and Wales on the 21st June, 2022 with company number – 14186010 after it was registered in Nigeria on the 17th of June with company number – 1942941, and Nigerian Tax Identification Number – 24267047-0001.

For almost two years, out of the four years of sustaining the original data idea in 2018, I did paid research to remain relevant, till the workplace and business innovation idea was conceived.

How was your career before WhyTeData?

My work life began formally when I arrived in the UK in 2002, shortly before I did an access course to higher education (Advanced Mathematics and Science) at the South Bank University, London in 2007. I commenced an HND course in Aerospace Engineering at the University of South Wales and finished with an equivalent of HNC in 2008, and then commenced my Masters in Leadership and Sustainability at the University of Cumbria in England in 2019, before the pandemic. Prior to that, I did my PRINCE2 Project Management certification course in March 2018. As a working class person in the UK, I have worked in Engineering firms with Broadway Stampling as Robotic operator on the Jaguar Land Rover, and Mercedes Benz projects in Milton Keynes, and with Signal House Manufacturing as Assembler working on Led Tubes project in Leighton Buzzard; in Technology firm with Virgin Media as Technical adviser; in the Health sector with the NHS as customer service adviser; in Finance with Virgin Money as Customer service adviser. I embarked on going into customer-centric roles in my career after my Project Management certification course in England.

When did you decide that you wanted to start your own company?

I find more fulfillment helping businesses resolve their complex customers and clients’ complaints issues in my customer service representative roles than in controlling robots. Shortly after I moved to Scotland to join a friend, I registered, and started investing on the business idea I nurtured before I left England in 2018. I then decided to seek more work experience in delivering excellent customer service. Finally, during the autumn season of 2021, shortly after my daughter’s birth, I left well-paying jobs in the UK, with my most recent Virgin Media technical adviser role, to be with my family in Nigeria, and perhaps establish the business in the making. It sounds absurd but the sacrifice has yielded greater dividends than anticipated. It was during my stay that I further discovered the urgent need for excellent customer service in Nigeria. My continuous research further inspired me into business and workplace research, particularly with the aim of resolving employee issues, precisely in the area of work structure, and process improvement.

Who or what is your inspiration in business?

God, as the best salesman, whose life assurance is unbeatable, inspired me to give good guarantee and offer. He is my first mentor in business. I also learnt this from Henry Ford in his approach to business. The business in the making became a reality shortly after my family attended a business course by Bishop Oyedepo earlier in 2022. The way the program was structured made me rethink my approach. I later created an office in our living room when we relocated, and continue my research there in a small corner, where it’s obvious to visitors, who must be wondering what is happening in our flat. It is a quantum leap. My wife seriously encouraged me to continue likewise till our first project was secured. Tom Peters “Wow Project Book” further inspire me to have a different view on projects, especially his quality and excellence notion. My workaholic dad has been my inspiration as well. Books, articles and anything readable, listenable, and seeable, all constitute my inspiration.

What specific characteristics does one require to be a business owner?

Just be true to yourself and others. Make amends when the need arises and don’t be unnecessarily proud when there is need to make corrections, else you may miss out on useful innovative idea. It was my open minded approach that aid the creation of our strategy, purpose, solutions, and how we add value, plus the connection of our product modular systems. You need hunger to succeed, not a business background. Read, study and continue learning best business practices. Most importantly, don’t forget to put people above profit.

What company’s data do you rely on?

For instance, because I find Marketline quite good, I use them often, in tracking competitors’ business structure and growth strategies; to access comprehensive financial deals data along with charts and graph covering M&A, and private equity, and partnerships and alliances; in forming an independent opinion about a company’s Mergers & Acquisitions (M&A), Partnerships & Alliances’ growth strategies through the organic and inorganic activities undertaken. Other companies include IBISWorld, FAME, Global Trade Tracker, ALF Connect, Statista, and Global Data to mention a few.

What is most difficult in your research experience?

I enjoyed it but having to keep paying monthly for data access without the actual business operation was a concern. Although the information is good value for the money been paid, one can become easily discouraged if the needed business direction takes longer than anticipated.

What is the biggest lesson on your journey?

Navigating through, till the ideas became a specific one is the biggest lesson for me. I leant well enough that you can find a specific path in business and stand out if you properly align your purpose, strengths, and habits. The combination of our innovative modular product systems became a reality when I least expected. I just focused on solving a specific business issue when the connections I made suddenly became applicable in business innovation.

What advice could you give other people starting their own company?

Just keep on moving in the right direction. Delegate what is not in your area of expertise. Focus on your strengths and continue developing them. Master your big picture strategies and always execute wisely. Do not forget to keep learning with open mind. You cannot outgrow what you do not know. If you try it, you will always pay the price of not learning it at the right time. Never consider giving up.

What startup grant or loan do you receive as support to start your own business?

None. As a father and a husband, it’s been God’s provision all the way and up till now. Thanks to my wife for always encouraging me. I chose to start small than run into debt. By starting small, I mean you should start with what you can afford, and make sure you invest any loan you receive responsibly on your business. I had the advice of my research firm. The knowledge imparted on me encouraged me to keep my research focused.

In what direction would you point those people who do not have the funds to start their own business?

Start where you are, and gradually, climb up to stay up when you get there. If you jump to go up, you will not stay there long enough. Everyone has a starting point either with less than a £100 or more, and whether it is in your room, on your phone, on the street, or on your laptop. Someone once said “If you think enough, what you have is enough”. I started by paying approximately £20 monthly for access to insightful business data to aid my research. This is not including the annual fee to keep the company active with the company house. Think well enough before starting.

Please kindly reach me on LinkedIn for more information.