An Inspirational Master Piece: I started business with N200 –Jaiyeola Iperepolu.....A MUST READ

Jaiyeola Joseph Iperepolu is the CEO of Dujax Communication and
X-Right Technology, a company that was launched in 2014, with outlets
in Agege, Abule-Egba and Berger, all in Lagos. The graduate of
Business Administration opens up on how he started business with
virtually nothing. Excerpts:
How did you come into business?
I started by selling recharge cards as a part time student in the
university. When I started my NYSC, I delved into the business fully.
After my NYSC, I added the sales of phones before registering X-Right
Technology to enlarge the business.
How did you get fund to start your business?
I got money through my N200 daily contribution, which I used to start
bulk sales of recharge cards.
How affordable are your products?
We have the cheapest phones and offer home delivery service. We have
products for those who do not want to pay cash. We have phones for
low-income earners and the rich. X-Right Technology is not only after
the rich, we consider low-income earners as well. There are some
products that the manufacturers don't give warranty but we give
warranty. When you have a problem with your phone, we change it for
you to a new one. We deal with popular brands like Samsung, Infinix,
Nokia and Sony among others.
What are your challenges?
Nigerian environment is so challenging; there are economic, management
and power problems among others. The dollar keeps fluctuating every
day and it affects our business. The exchange rate of dollar yesterday
is not the same today. A product you bought 10 dollars last week is
more than that this week. It is a big challenge because this might
prevent new customers from patronizing us. This is a global problem
affecting everybody. There aren't enough funds to run a phone
business. Putting six to 12 brands together requires funding. If you
want to sell Tecno, it requires about N50 million. If you want to go
into business like this, you must have N50 million to kick off and
banks are not ready to assist you. The tax regime is not encouraging;
there should be an incentive for indigenous companies. The government
should not expect us to pay what the multi-national companies are
paying as tax. There should be benefits for the citizens in business.
How often do you train your workers?
We have seminars once in a week, every Thursday. We also pass
information we get online to them, to get them equipped and prepared
for better services for our customers. We have a training partner who
trains them once in a month.
What has been the driving force in your business?
In phone distribution business, w
What your need to watch out for in this business is the after-sales
service. When a customer buys a phone from us, within three weeks, the
customer will receive three text messages or e-mails from us
appreciating him or her. We also call our customers after a week of
buying phones to know if they are finding it difficult operating the
phones. We also tell them to recommend our company to their friends,
family members and colleagues. We do all these to make our customers
happy.
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