The Spirit of An Entrepreneur

Every disappointment is a blessing in disguise. Sometimes a big loss can be a catalyst to an even bigger gain. In the late 1990s, shop owners and businessmen in Lagos, Nigeria lost a lot of their shares in various corporations due to the economic and financial crunch of that period. The stock industry had suffered a huge downturn. Inflation, high interest rates, and other factors had substantially reduced the number of small and medium enterprises.
The situation was serious, so the governor sent his economic team to preach various new ways to yet gain financial value and achieve financial success.
Mark Alfred, a local businessman and well known figure decided to take a gamble and bet on car spare parts which was a relatively new business at that time. It was truly a case of taking the proverbial lemon and making a lemonade. In 1999, they shipped about 250,000 naira worth of vehicle parts. Now they ship approximately 30 billion naira worth of vehicle parts a year. How did it happen?
Vehicle spare parts sale had long been a booming trade in the Eastern part of Nigeria. By improving the storage process and delivery, Mark made it a goldmine in Lagos.
Mark's role is primarily that of a coordinator as he works with twenty five salesmen, including himself. They time the demand increase of the market so that they are prepared. The car parts when requested for are immediately transferred to point of request or the car is brought into their workshop. Immediately the parts are fixed into the car, a driver takes it back to the owner and the remaining part of the payment are made. This style of business helped growth exponentially.
By adding value to their product and services, Mark Alfred's company alongside some other businessmen in Lagos have opened a huge new market, a market largely facilitated by Mark Alfred's willingness to take a risk and try something new.
If you have an entrepreneurial spirit and are willing to take some risks, you can turn lemons into lemonade.