Season 1,

81: How to Lose Money by Starting a Business in Africa with Chi Odogwu

September 18, 2017
MP3

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.”

To hear this episode and many more like it on your mobile device, you can subscribe to How To Lose Money via iTunes or Stitcher.

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