Doing Business Ep 3 - Navigating the fragrance industry

On this episode, the CEO of PayForce by FairMoney, Tomi Ayorinde takes a delve into the fragrance industry with the CEO of Purple Aura perfumery, Gift Adaora. Adaora takes us through what inspired her to get into perfumery and how she’s been able to adapt to the Nigerian market. Lessons learned: 3:34: Lesson 1: The entrepreneurial life requires you to keep pushing and trying different things till you get your desired outcome. 5:22: Lesson 2: Find ways to creatively break or penetrate the barriers in your industry 7:56: Lesson 3: Figure out the gap in your industry and find a way to solve it. This will become your unique selling point. The gap could be a personal pain point or something you’ve seen others struggle with. 9:21: Lesson 4: When it comes to business ideas, explore the roads untravelled as there are markets for some things, but they aren’t done in Nigeria yet. Hence the need to import.12:05: Lesson 5: Get the right people in your corner. This solves 80% of your problem as people can make or break your business. 15:58: Lesson 6: Leverage technology. This can be in the form of a payment partner, social media, or even software that makes your business easier. 19:48: Lesson 7: Ensure any partnership request profits both parties and isn’t skewed to one party such that it affects your business operations 20:13: Lesson 8: Make goals that fit your business & your place in your journey 21:40: Lesson 9: Stay on top of trends in your industry 24:58: Lesson 10: Take it one step at a time. Give your ideas a try and be intentional.