Don't start your business with money......says Kelvin Olat Bakre

Can we meet you?

I'm Kelvin Olat Bakre. I'm a Nigerian, born and bred in Lagos, Nigeria. I'm the MD/CEO of KOBPLAN Global Ltd. with subsidiaries like Kobplan Realty Solutions; a real estate development company in Lagos Nigeria, with branch office in Ibadan, Oyo State. Chicken change data services, an online store and logistics company, and also Skaptom, a loan recovery firm. I can be called a serial entrepreneur. I love to do good legitimate business. I'm married with kids.

When did  you first venture into business?

Wow! My nick name is 'Apo' meaning 'Crocker fish'. I got that name when I joined my mum in her fish business. She had a large cold room in the 80's/ 90's at Bariga, Lagos. I became her secretary cum manager. I helped her in recovering most of her sales from some customers who owed her money. Many will come for more goods even without settling their outstanding. I told them then that if they wanted more goods, they all were to settle their debts. That was where I started developing my loan recovery skills. Later, as I grew older and went to college, I began organizing shows and events on campus for money. This was when I ventured into business.

Have you ever worked for anyone as an employee?

Yes! After my G2 (Pry 6 leaving  certificate) I worked at a company in Fola Agoro, Lagos. The salary was N33 bi-weekly. While I was abroad though, I worked as an independent sales representative for Century 21, a realty company, Calendar realty in Minnesota, USA amongst others. After this, I started Skaptom Auto Body. We were into auto repairs and mechanic shop. We refurbished accidental cars.

Can you recall your experience as a startup entrepreneur?

In 1999 in Minnesota, USA, I began a staffing company called Crocker staffing. We recruited and interviewed people for companies and these companies pay us commission for our services rendered. It was a little challenging in the beginning but we were able to drive on because our services were highly needed especially at short notices.

What motivated you to go into business?

I read a lot of books. Either Brian Tracy or Robert Kiyosaki will say that salary will never make you rich; it can only sustain you and your family. They further buttress the point that ‘the thing on the side’, which is having a business of your own is what we need to focus on. I have never in my life wanted to be a rich man; I only wanted to be comfortable like my father (God rest his soul) was. But when I went abroad, I saw a different path in life. Now I want to be a wealthy man. I look at the likes of Mike Adenuga, Aliko Dangote, Femi Otedola etc. Like the footballers, they are rich but the person signing their cheques is wealthy;  although all is not about the money, I want to also make an impact and wealth is one of the many tools in doing so.

What mistakes taught you the most important lessons as an entrepreneur and what would you do differently if given another chance?

I'm still making mistakes. But specifically, as a startup in the Crocker staffing business, I put in all the money I had in the business; Thinking that within a month or two thereabout, I will make profit. Rather than diversify my earnings into other small businesses. For six months or so, I didn't get anything from it and I was broke. I also did not do adequate research in that area of business and on some of the things I ventured into. I read little. I also didn't consider my market and my target. I just felt my clients will come running to us as soon as they saw our flyers. How many people did I know could and would connect me or refer me in business was a question I didn't wait to ask myself. I also learnt how to play by the rules. Because of my color, rather than be the face of my business, I had to employ a white person who knew the terrain to do the marketing while I did other business operation.  I'm a quick learner.

Do you have a mentor in business? Has this made being an entrepreneur easy for you or otherwise?

My dad was my first mentor; though he was not in the forefront of our family business, we felt his impact in the background. Another is a dear friend of mine, Sayo Olagbaju, who introduced me to the realty business. He taught me the basics and the important little things in the field of real estate development. There was also a white weird man named John, I never knew his other name, but was good in the real estate business. He taught me selling.

What have been the most difficult moments as an entrepreneur?

One of my hardest moments has been with people. Some Nigerians are vultures. Sorry to say that; but some are crazy! That is the truth. Business in Nigeria is way different. In conducting your business here, you have to seat with your business or else people will ruin it and ruin you. It is unlike on the other side of the globe where you can rely on others to make your business grow successfully. Doing business here is like walking in the desert, the vultures will not harm you, but will keep watching you until you fall before they devour you. They will not attack you, but wait for the moment when you lose footing. Some people will follow you waiting for the moment when you make a mistake or when you become frustrated and they destroy you. Another was at the beginning, it was somewhat difficult to blend in also getting money from clients makes things difficult at times. It is as if some clients just love to owe you; when you threaten them, it does not move them an inch. In the realty business, the 'omo-onile' issue is a major challenge. Once it resulted into gunshots while I was on one of our landed properties. Before I went abroad, I mingled with the street and I learnt how to deal with the street in their own language.

Describe your business. When also did you get your big break and what project are you working on at present?

I started Kobplan in 2010 with the ‘N1000 a day’ plan. This plan states that if you can set aside 1000 naira every day, you can own your own home within the shortest possible period. In Kobplan, you can buy a credible land space and build a proper house for yourself in choice areas. For my big break, I have not gotten my big break yet; though people might say otherwise. Presently, we are working on three different building projects; the Kobplan THOMWAL MEADOWS, Kobplan Heights and CLARION City.

What are the challenges you encountered starting up your business and how did you mitigate them?

I make sure that I don't take work home. I solve business problems as they arise. There are not straight rule as to solving them. I go through with them as they come.

It is a popular saying that 'people buy you before they buy your product' what's you take on that?

This is what sells our product and services. I like to be straight forward especially with my clients. I like to do business on clear terms and conditions. Integrity is crucial in business. Real estate is all about referral. I also keep records of conversations and business dealings. This helps me to put tabs on operations. I try as much as possible to be consistent; my word is my bond. If I cannot meet a deadline or an agreed date and time, I try to reach my client, explaining the situation and we reschedule. We make sure we put pen to paper.

As an entrepreneur, do you stick to the rules of the game or you take the flexible stance on decision making?

There is no static rule in business. Some people however, do not believe so. There are the basics surely, but ultimately, there are no hard and fast rules to decision making in business. You have to be flexible in your decisions, always weighing your options.

Have you ever had external funding for your business? How then have you been able to raise funds?

I never had external funding. Every fund was from my savings, my wife's and children savings. We also sold some of our shares.

For those who want to venture into this area of business, how would you advice they go about it?

I'll say, forget about the money you have. Do not bring your money into the business. Without money, you make your business work better. Burn your bridges-so to speak. When you think you have back up funds stashed somewhere, you might likely waste it on ventures that should be for the future. People will push you into doing things you should not. I have lost a couple of funds on properties that were not genuine. Also learn to start business small. And then you move up gradually. People will call you chairman, but they will not be there if you fall. Only God is the chairman. Don't care about what people say; work hard.

With the present economic climate in Nigeria, how have you been able to maintain business growth and profitability?

I'm proud to say that Kobplan does not owe its staff any salaries. God has been our strength. We cut our coat according to our sizes. In the past, we paid salaries, imprest and allowances, but as things began to change, we introduced the KPI (key performance index) rewarding system. The imprest and allowances remain though. We placed everyone on a target which determines their perf-ormances. I don't want people to work for me; I like people to work with me. I also don't like to work with people who are comfortable being mediocre.

With the proliferation of the real estate business, how have you carved out a niche for yourself?

Well, in Ibadan city, we have made a name for ourselves by offering quality services and reliable properties. We keep our word of promise and give no room for questionable characters or service. We are involved in community development and carry out our basic civic duties, even going the extra mile to create orderliness in heavy traffic has helped my business.

To your wife Adekemi Bakre, tell us about chicken change and also how you have been able to manage business, as an actress and a movie producer and family?

Chickenchange is an online store and a logistics business where you can name your price and haggle until you are satisfied with your negotiations. This was a birthday gift from my husband. It is a responsive platform where you can purchase any household item. We walk with vendors but do the deliveries and the logistics ourselves. For family, whenever I am not around, especially when I'm on location, I get someone to stay with my kids overnight. This was when they were younger. I also try as much as possible not to travel for a long time on a stretch. Sometimes, I reject some jobs just to be with my family. For the online business, we hire the experts to manage the technical aspects of it.

Words for upcoming entrepreneurs.

It is good to want to run a business; it is a bad thing to run a business and allow it to fold or fail. Work with people who will help your business grow. Learn the ropes of the business before you venture into it. Forget about your certificate, get training from those who are established in your line of interest, learn the challenges and their mistakes so you know what to do when they arise.

Final words?

Rather than spend money on frivolous things, put money in business. Invest in things that will multiply your earnings so that in the nearest future, you can buy your heart desire. To the parents, please do not force your children to be adults. Let your kids do kids' stuff, just watch over them and guide them. Allow them to flow with their age. Always ask them questions.

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