In this episode of the Mo Money series, we speak to Tayo, a 35-year-old entrepreneur. He shares with us how his risk-taking ventures led him to lose his fortune and how he wishes he had a better savings culture to cushion the impact.
What’s your relationship with money, Tayo?
Well, it’s been a rollercoaster. I’ve always been the type to take big risks, hoping for big rewards. But as they say, the higher the risk, the higher the chance of falling hard.
Have you always been this way with money, or did something influence you?
I’ve always had a knack for business and taking risks. Ever since I was young, I started several small ventures. I come from an entrepreneurial background.
When did it become very serious for you?
It was in my late twenties and early thirties that I went all in. I believed in the ‘go big or go home’ mantra.
Mark Nsukabread (laughter emoji)
Yes oh! I still believe in it, only that I am wiser and more careful
Sounds intense but interesting. Tell us more about your entrepreneurial journey.
I started multiple businesses – from a tech startup to a chain of restaurants. I put everything I had into these ventures. At first, things seemed to be going well, but then reality hit. The tech startup failed due to operational cost, our runway was unable to keep things going and we couldn’t raise investment, and the cafes struggled with high overhead costs.
Wow, that must have been tough.
It was. There were times I didn’t have enough to cover my basic expenses, but I kept pushing, thinking I’d turn things around. I even sold my father’s bakery building to invest in one of my businesses.
I am speechless at this point
I slept in my car a few times in the streets of Gwarinpa because I couldn’t make rent.
That’s quite a story. How did you manage during those tough times?
Honestly, it was a nightmare. I had no financial cushion, no savings to fall back on. I was living on the edge, and when the businesses didn’t pan out, I was left with nothing. There was this time I couldn’t even afford groceries. It was humiliating and exhausting.
What did you learn from these experiences?
I learned the hard way that taking risks without a safety net is dangerous. If I had saved even a small portion of my earnings, I would have had something to fall back on during the tough times. A savings culture would have cushioned the impact of my failures and given me a sense of security.
What advice would you give to fellow entrepreneurs?
Don’t put all your eggs in one basket. Don’t play! Or you going to learn.
Hahaha
It’s important to take risks, but it’s equally important to have a backup plan…which I will suggest as savings because savings is a form of investment that people don’t talk about enough. Even if it’s just a small amount each month, having that financial cushion can make all the difference. It’s a lesson I learned too late, but one that can save others from the same fate.
Thank you for sharing your story, Tayo.
You’re welcome. I hope my story helps others understand the importance of saving and planning for the future, even while chasing their dreams. Don’t let Naija happen to you!
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