Nigerian beauty mogul Tara Fela-Durotoye began her beauty company, House of Tara International, with $100 but by 2011, according to Bloomberg Africa, her net sales were $7million. Credited for launching Nigeria’s first bridal directory and makeup school, in 2013 Forbes Magazine listed her as one of ’20 Young Power Women In Africa.’ She is also the recipient of numerous other recognitions and awards. In a recent chat with Accelerate TV, she explains how she stays successful in business. Here are 10 things we noted for you:
1. She moved her business from start-up to mature stage.
There are five stages of a business life cycle: a) seed and development (when you dream up your idea and begin looking for funding); b) start-up (when you launch your business (usually, most entrepreneurs end up wearing all hats at this stage, become overwhelmed and are unable to scale/get to the next level); c) expansion (your business is systemized, and you expand or begin looking to expand into other territories/markets); d) growth and establishment (your business enjoys excellent revenue and frees up even more of your time for self and family); e) maturity and possible exit (you have continued stability in revenue and growth, you can further expand or sell your business).
Fela-Durotoye is now in the mature stage. She operates 22 retail stores across the country and has over 3,000 beauty representatives.
2. She does not believe in competition. She is her own competition.
3. She has a strong faith in God which gives her courage to take risks in her business.
4. She practices visionary leadership which means ensuring she is able to see ahead and stay competitive.
5. She believes work-life balance is relative and is always juggling personal and business life, but tries to catch a ball before it drops.
6. She has a very supportive system including her spouse who is more passionate about her business than she is.
7. She has great business mentors including Ibukun Awosika who is is the Chairman and sits on the Board of Directors for First Bank of Nigeria Limited. Mrs. Awosika is also on Fela-Durotoye’s board.
8. She is committed to success. She believes you must have strong commitment to be successful in business.
9. She has vision and is clear about the direction she wants to move her business.
10. She is excited and believes in her business. This excitement also translates into staying informed, researching trends, among other things, to stay ahead.
Watch Fela-Durotoye’s insightful chat and share some of the things you have done or are doing to help you stay successful in business.