Are you thinking about doing business internationally? Chi Odogwu offers some great advice in this episode.
After obtaining a bachelors and masters degree in Finance, Chi spent the early part of his career working as a business development manager for a startup consultancy.
He later transitioned to a Big 4 accounting firm. He launched his first drop ship e-commerce website. Through a process of trial and error and by learning on the job, Chi obtained hands-on experience in e-commerce and received mentorship from some of the stars of e-commerce in the United States.
He subsequently launched The Bulletproof Entrepreneur podcast where he interviews successful young entrepreneurs across the globe. The show has been rated #2 on the iTunes New & Noteworthy list for roughly 15 weeks after its launch and is currently the #1 Business Podcast In Africa.
Time Stamped Show Notes
[7:03] Chi went to the Liberty University with a scholarship after doing well on his SAT scores.
[8:44] Working at analyzing portfolio companies of private equity firms he saw investments in e-commerce and in Africa. At that time he was running an e-commerce niche site.
[10:23] Looked around in Nigeria and didn’t find any baby products store, Chi then went to set up a store, with inventory, in 2015.
[12:11] A recession was coming and the local currency was hurt, it became impossible to make a profit in the shop.
[14:38] After five months of being profitable, the shop had to be closed because nothing was moving.
[16:29] With credit racking up and products piling up, Chi decided it was time to shut the business down around Christmas 2015.
[18:00] The total loss must have been around $25,000 dollars.
18:39 There will always be things out of your control like what happens with the government and your currency. Don’t depend on that.
[21:54] Failing Forward Segment
- What is the bottom line reason of this failure? – “I think it happened to me to teach me how to become a better businessman.”
- What is the single most important lesson you learned from this? – “As an entrepreneur you have to learn and understand everything at least 50-60%”
- What are the major ways you protect yourself from future failures? – “I don’t think you can protect yourself from failing in this particular way because it’s systematic risk, it’s a risk of the economy or currency, you can’t diversify against that.”
- Who do you turn to when you need help? – “My friends, I turn to God, I have mentors, I also host a podcast, I try to find good speakers from good podcasts I can listen to.”
- What advice would you give to someone in a similar position? – “Try not to get too depressed or too worried about it because this is life, losing money is going to depress you, part of this things are what make you a champion.”
[30:39] Connect with Chi Odogwu Turning lemons into lemonade, offer marketing consulting and services to clients in and around Africa and middle east people who are running offline business i help them create funnels and more principles that work for them
[31:45] Listen to Chi’s podcast and find more information at www.odogwu.com
[32:40] Odogwu’s final thought: “Reach out to Paul and Josh if you’re having problems, learn from other’s people’s failures and mistakes. If you want to talk to me I’m here to help you.”