My Story Femi Akintunde

Entrepreneur of the Year Award West Africa - 2013

Who is an Entrepreneur?• An entrepreneur is defined as a person who undertakes a business, bold and

difficult, with the chance of profit or loss.

• A true entrepreneur goes beyond this simple definition.

• He is an optimist with the vision and creativity to turn an innovative idea into reality for benefit of others.

• He has the courage to undertake financial risk, to follow his dreams.

• He can see opportunity in a problem.

• He has a burning ambition and cleverness to succeed.

• He sets realistic goals, takes calculated risks based on facts and experience, works hard, is totally focused and motivated to make it happen.

Article Source: http://EzineArticles.com/392435

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Story OutlineFa

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Parents and my Growing Up

Dad Dad

Mum

Femi – 3 mths Age 2yrs Wedding July 29th, 1995 Femi & Spouse - Toun

The Family in 2012 (17Yrs After)

School Life

Swearing in ceremony as Student Union LeaderSRC Member, UI -1985

Leading Aluta against School Fees

University of Ibadan -1985

Engineering Students Carnival

University of Ibadan - 1986

Secondary – 1978-83 Uni Admission @ 16 Graduated @ 21 NYSC - Lagos

Leisure - Sports

Annual University Games - 1987Zik Hall Team with Prof Ayo Banjo

Shell Warri Healthy Living FC Competition- 2001Asset Development Team Vs Production

Playing @ Ibadan Professional LeagueDivision 3, Oyo State Sports Council

Professional Life

1st Industrial Work Experience 7Up Plant Oregun, Lagos 1984

2nd Industrial Work Experience, Food Specialities (Nestle) 1985

Full Time Employee – Nestle Sep 1988

Nestle 1988 – 1993: 5 Years(Manufacturing Industry)

UBA 2005 – 2006: 1 Year(Banking Industry)

Shell 1993 – 2005: 12 Yrs(Oil & Gas Industry)

Educational Background• Primary: Queens of Apostles Pry School, Ibadan (1972 – 1978)

– Head Boy and Head of school relay team.• Secondary: Loyola College, Ibadan (1979-1983)

– Member of the school football team– Finished among the top 10 best students at the GCE O/L Exams(Grade 1)

• University of Ibadan (1983-1988)– B.Sc Industrial Engineering (2nd Class Upper)– Member Students Representative Council (SRC, 1985)– Vice President, Tech. & Engineering Students Association TESA(1985)– President, Industrial Engineering Students Association IESA (1986-87)

• University of Port Harcourt (1997-1999)– Masters in Engineering Management ( Petroleum Engineering Option)

• Others– Graduate Certificate in Management, University of Lagos (1991)– ICAN Foundation to PE1 Level Exams (1991-1992)– MBA Executive, University of Lagos (Uncompleted before relocating to

PHC)

Professional Background• Nestle Foods Nigeria PLC (1988 – 1993) - Manufacturing

– Industrial Trainee Attachee, National Youth Service Corps, Full time employment

– Promoted to full management grade in 2 years– Resigned Dec 1993

• Shell Petroleum Development Company (1993 – 2005) – O&G– Member Change / Transformation Team – Shell New Way 98, PRT 2003– Shell Nig. Integrated Access Control Project across all locations – 2004– Shell Nigeria Workplace Optimisation project and HQ relocation– Shell EP Africa Relocation Project Management (Hague – Nigeria)– Resigned twice before final exit in July 2005

• United Bank for Africa (2005 - 2006) - Banking– Post Merger Real Estate Asset consolidation (STB/UBA) – Head Office Refurbishment and space rationalisation (40% savings)– Improved Power supply and security management to the HQ and over 500

branches

The Pressing Need For Change• The Anticipated Gains

– Opportunity to impact other people’s lives through employment creation

– Abundant energy, skills and talent finding expression– Financial Freedom – Unconstrained ability to create wealth for self

and others– Opportunity to translate vision to reality– Proving the Sceptics wrong about possibility of business success in

Nigeria

• The Nagging Pain– Increasing burden of many unemployed people around me– Increasing level of fear, uncertainty and anxiety about the future

driving many into negative tendencies and corrupt practices– Inequity and in-balance between productivity and reward in the

corporate world– Reducing level of job satisfaction and self fulfilment in the

workplace leading to frustration, anger and anxiety

Barriers to Change• Fear of the unknown; • Fear of failure• Sick Parents• Inadequate personal savings and fallback options • Cumulative loss of over N15 million to previous failed attempts to start own

business– Property Investment in the UK; Agent not remitting rents, accumulating

mortgage – Lost investment in real estate market (20,000 pounds to dot com boom in

2000)– Investment in Import – Export Trading Business– E-Stock Trading– Investment in a student’s magazine publishing business– Development of online trading platform– Development and launching of online real estate trading platform– Joint Venture with a US company to establish Visa prepaid card biz

Crossing the Barrier to Entrepreneurship• Case for change not obvious hence difficulty to carry others

along, especially spouse• Several attempts failed (2002-204);

– Set up own office, engaged staff and invested in various others that failed– Secured Immigrants Residents visas to UK (HSMP) and Canada– “Cosmetic” international job search – Incorporation of 2 companies in England and Wales– Signed JV Agreement with a US company to market and distribute Visa

prepaid card in Nigeria (60/40)• Soft landing opportunity came in June 2005; offered a job by UBA as

DGM Corp Services due to enlarged portfolio of RE assets post STB/UBA merger

• Able to negotiate good remuneration package with housing mortgage – Good value proposition to spouse

• Took the job but resigned exactly 1 year after June 2006• Financial situation had not generally improved and in fact had more

debt due to mortgage

Challenges in Entrepreneurship• Personal

– No more income from regular employment, no income from biz for the first 8 months

– Personal financial obligations towards family did not reduce– Reduction and total elimination of a number of social engagements eg

parties, vacation trips– Meeting personal financial obligations as well as those of the business

irrespective of business earning profile– It’s my decision and it’s up to me to either sink or swim; little help from

friends and family – Support and assistance not forthcoming from where most expected– Table turned from being head of contracts to being contractor– Goodwill of the past came in handy at the most critical moment; Shell,

Mantrac, PPIL– Constant check on emotional balance crucial to maintaining mental

stability and focus– Raising funds for personal finance through sale of shares at the peak of

capital market crash

Challenges in Entrepreneurship• Business

– No bank loan due to lack of credit history– Corruption was a major barrier to securing jobs based on quality as a value

proposition– Low quality personnel in terms of attitude, skill and experience yet

demanding high pay– Pitching to deliver high quality service in a market where there is no fair

benchmark standard– Difficult supply chain coordination; sub-standard materials and service input

at high cost– Meeting up with employee and contractor financial obligations even when

no inflow from clients– Losing jobs to less qualified competitors based on who you don’t know in

organisations– Difficult to find investors to raise capital by offering 70% of company shares– Had to raise working capital by sacrificing another family business– Difficult to secure jobs, more difficult to execute and most difficult to get

paid.

Stakeholder Values and Achievements• Since inception, the business has created and delivered values to

various categories of stakeholders;

• Employees: Fair remuneration and benefit structure, health and pension benefits, timely salary payments, employee share scheme, training and devpt. Company employs over 350 direct employees and over 300 indirect through provision of outsourced services

• Business Owners: Good return on Investment, strong and highly respected corporate brand.– Respect for good business practices and corporate governance structure– Created 3 new subsidiaries. Increased operations to 13 new African

countries. – Annual Turnover approaching 2 Billion Naira mark from mere N40 million

during Year 1 while Net profitability has remained consistently above 20% over the past 5 years.

Stakeholder Values and Achievements

• ISO 9001: 2008 Quality Management System Certified. (UKAS & ANAB) – 2010

• Gold award for Health and Safety in Shell (SNEPCO) – 2007

• IFMA Award of Excellence for Best Managed Residential Estate (Treasure Gardens Estate) – 2011

• IFMA Award of Excellence for Best Corporate FM Stakeholder in Nigeria - 2012

• Ranked No. 16 among the Nigeria Fast Growth 50 companies in Emerging Markets by Allword/TEF – 2013

• Best Real Estate Support Service Company 2013– Real Estate Unite Awards

Opportunities and Achievements Contd.• Customers: Superior customer service, continuous improvement, creativity

an innovative service solutions

• Contractors: Fair job allocations and timely payment on delivery

• Government: Tax Payment and compliance with various industry regulations

• Industry: Continuous introduction of innovative products and services to raise industry standards. Sponsorship of various industry events including annual FM Roundtable, IFMA Award of Excellence etc.

• Competitors: Fair play and co-opetition

• Banks: Responsible use of credit facilities and timely repayment of loans

• General Public: Employment creation, sustainable development programs through economic empowerment, corporate social responsibility and environmental preservation and protection

Some Personal Attributes that could have contributed to who I am today

• Strengths– God First – Belief in the unseen helping hand from above – Being open and positive minded– Belief in hard work– Honesty and Integrity – Continuous learning and search for knowledge– Strategic and visionary– Analytically minded – Not afraid to take risk and decisions based on conviction– Strong Determination to Succeed– Belief in fairness and equity– Trust and trust worthiness

• Weaknesses– Easily trust others– High on task low on emotion and relationship

7 Important Success Nuggets to Share as an Entrepreneur

Alpha Mead Facilities – Summary Profile• Incorporated in January 2006• Five Shareholding Companies• Good Corporate Governance Regime• Our core business is FACILITY MANAGEMENT;

– Training, Consultancy, Management and Turnkey projects.• Technical alliance with Cluttons UK• Locations: Lagos, Abuja, Portharcourt, Warri, 13 other African Countries• Clientele:• Shell Nigeria in Lagos, Port Harcourt and Warri; Nigerian Petroleum Development

Company (NPDC) Warri , The Federal Secretariat and the FCDA Secretariat Complex in the Central Business District of Abuja, 1004 Estates, NNPC Head Quarters Abuja, Nigerian Stock Exchange (NSE), NLNG, Brass LNG, TOTAL E&P, Primrose Properties Investment Limited (PPIL) and Schlumberger

Our Resources• ISO 9001: 2008 Certified: UKAS (UK Standards) & ANAB (American Standards)

• Global FM Benchmarking tool and other related systems for process

optimization and best in class Implementation of value adding FM strategies

• Affiliation with a world-class Facility management Company – Cluttons UK

who provide global expertise supports and access to international best

practices in the real estates and facility management services and systems

• Continuous Staff Training & Development

• Reliable Supply Chain Network

• Well documented standards, processes and procedures

• Computer Aided Facility Management System (CAFM)

• Strong financial backing through our shareholders fund and support from our

bankers