He is a campus politician turned business importer, and now Folajin of Femsot grants us an unprecedented insight into what drives him and what He drives.
Can we meet you?
I am Folajin Oyefemi, an entrepreneur with interest in politics, and inspiring Nigerian youths.
What do you do at Femsot Concept?
We are into the importation business; we import variety of products for sale. Fashion items like shoes, wristwatches; electronic items such as electric car tyre inflator pump; we also conduct importation business seminars and training for people alongside customizing of fashion items such as hand bands for our clients.
What inspired you to launch into the business world?
First is my passion for business and entrepreneurship while the other is my urge to be financially independent, fear of being a liability to my family and my world. I thank God I am not a liability but rather a blessing to the world.
Did you start the business alone?
Yes, I started the business alone. It started with the sales of industrial starch at OAU campus.
What was your capital startup?
How did you source for capital?
I got my startup capital through the sales of industrial starch.
How do you thrive despite stiff competition?
Life is all about competition. There is competition in every phase and area of life; education, career, business etc and the way to beat your competition is by striving to become a better version of yourself, be a better person than you were yesterday. The same applies to Femsot concept, we try our very best to be better than we were yesterday.
What distinguishes the Femsot brand from its competitors?
Importation makes us very unique compared to our competitors, because we have access to unique and quality products from various continents of the world which is one of the things our customers really crave for. Obtaining the best products at the best prices from all over the world.
How do you manage and inspire your team to deliver optimally?
I give them words of encouragement and I am very sensitive to wonderful performance. When men are praised for their excellent performance, they are likely to continue.
Do you have any mentor or role models, how have they influenced your life and your brand
Yes I do. My mentor has really helped by giving me thorough training and tutelage.
How much is Femsot concept currently worth?
About a million naira.
What branding strategies have you deployed to make Femsot stand out?
We import many products. Usually, if one is not working well, others are thriving. That’s why it’s good to be deeply engaged and diversify within your industry. It’s why Microsoft will never capitalize on Microsoft Word alone, likewise, Dangote is not capitalizing on cement alone; he is into several other lines like food and more recently the oil sector. Millionaires may start by focusing on one thing but they explode when they diversify.
Where do you see Femsot Concept in the next 5 years?
Getting massive contracts from government and firms by importing products for them. Also to be one of the major importers in Nigeria. All by God’s grace.
Okay, let’s talk about your other area of interest asides business and entrepreneurship
Like I said earlier, I like affecting lives in my own big or little way. I see it as a call to service and an opportunity to contribute my quota to my immediate community. I was very studious when I was in school and my colleagues can testify to that. What I did was that I attend to political issues during the day and I read at night during my days at the prestigious Obafemi Awolowo University where I served as the ETF Hall Chairman for a year in my final year. I read well before exams or test. There was a time I had exams by 11am and I had a meeting by 7am. I was in that meeting till 10:30pm and that didn’t disturb me from doing well in the exam. Due to my hard work and selfless service, I was awarded the best hall chairman out of 8 hall chairpersons.
How old are you?
Are you in a relationship?
What qualities should an entrepreneur watch out for in the choice of a life partner?
Your partner can either make or mar your business. Marry a partner who is interested in helping you achieve your big dreams. Your partner must have spirit for business, must be the supportive type, whether with their words of encouragement or even financially if need be. As an entrepreneur, if your supposed partner doesn’t have these attributes, please run.
What are your last words for aspiring and upcoming entrepreneurs?
No matter what, don’t give up on your dreams, there is always light at the end of the tunnel. Start with the little you have and place God at the centre of it all, also do well to pay your tithe.
Follow Femsot on facebook: http://www.facebook.com/femsotconcept1
It’s a wrap on this week’s edition of
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