Samuel Iyinbo - Illuminati Ventures -Training the youth in Internet marketing in Nigeria and Africa.
This week Africa Business Communities met with Managing director of Illuminati Ventures, Samuel Iyinbo, on creating internet training websites to train youths in internet business across Nigeria and the African sub region.
Please introduce your business to us.
"Illuminati Ventures is a registered company with the Corporate Affairs of Nigeria. We are into Internet related business which include Website Design, Webhosting, Affiliate Marketing, Information Product Creation And Google Adsense. Recently, we set up an internet business training centre called the Internet Business Academy. The Internet Business Academy is a practical training and mentoring programme setup to train people on how to make money through the Internet. The website is www.InternetBusinessAcademy.com.ng"
Please kindly tell us the reason for opting to work for yourself?
"I have always loved the idea of working for myself. I love the freedom, and the challenge of growing the business to a world class one. Moreover, internet business gives me more freedom than any other business, because I can operate my business in any part of the world as long as I have a computer connected to the internet."
What are your experiences in setting up the business so far?
"Low level of awareness: When I started my website design business in 2003 in Benin city, Edo state, Nigeria; the level of awareness was low about what the internet is and how a website can benefit a business. I had to educate every potential client I met which was sometimes difficult. These days the awareness is higher and it’s much easier to convince a client. Internet connection: Most of my clients back then in 2003 didn’t have their own personal computers and internet connection. So even after I was able to convince them to have a website they would point out to me that it would not be convenient for them to go to the public cybercafé to check their emails and update their site as it was a hassle for them. However some of them still went ahead to ask me to set up their websites. In 2007, I started off the Internet Business Academy with the website www.InternetWealthBusinessAcademy.com it was difficult to operate because not so many people had their own personal internet connection. I used to connect to the internet through my GSM which acted as a modem. It was really slow and inconvenient. So even after teaching the students they found it difficult to practice what they were taught, they had to go to a public cybercafé which is inconvenient because of that and some other things, I had to discontinue the training after a few months. These days in Nigeria a lot of people have their own internet connection and because of this I resuscitated the Academy in January 2011. Internet Payment: It was quite difficult to make purchases over the internet a few years back. Banks did not issue international VISA or MasterCards which enables one to purchase of the internet. I had to use some websites and agencies who had credit cards to help me make purchases. They acted as intermediaries and charged a fee which affected my profits, but these days a lot of banks in Nigeria have given out international Visacard and MasterCard to their customers which empower anyone to make purchases over the internet. Unfortunately, some website sill do not accept Nigerians to make purchases from them even with your Visacard of Mastercard, also a very popular payment platform “Paypal” does not accept Nigeria. Paypal is very necessary if one want to conduct an internet business and because of this I still have to resort to intermediaries. It is my hope that with time, Paypal and other websites that have banned Nigeria unbans us so we can fully do business online without any troubles. Office: Since 2003 I have always worked from home. I met all of my clients at their own office and did their work for them at home. It was quite convenient for me as I was able to cut costs in renting an office. However, I decided to have an office because of the Internet Business Academy. Tasking: Website designing and researching on the Internet because of the constant change and new services and products for my internet business academy could be very tasking, most nights I hardly sleep in order to fulfill a client’s website request, or prepare for lectures. I have to outsource the work to some of the students I have trained which leaves me more time to concentrate on the Academy and other internet related business. So during the day I lecture see some clients but at night from 11 pm – 4 am I do most of my work."
What are your ambitions?
"To establish a world class Internet Business Academy in different cities in Nigeria. It would be an entrepreneurship center for youths all over Nigeria. To establish a world class ICT / software company as big as Microsoft and Oracle."
How are you funded? And are you looking for additional funding?
"Yes we are seeking funds for expansion. The Internet Business Academy is just starting off, its in its pilot phase. The funding come so far are proceeds I earn from my website contracts, some internet business, and from students fees."
How well do you feel your company is fairing in the marketplace?
"Illuminati Ventures established in 2003 has fared well in the market place. We remained as a website development company in Benin city, Edo state, Nigeria when most of our contemporaries where leaving the state to other more “enlightened and economically endowed” states like Lagos and Abuja. Now we have over 30 clients and no longer solicit for website contracts, as most of our jobs come from referrals from satisfied clients. However, the Internet Business Academy, it is quite new but has the potential to grow and be very much accepted. As at the time of writing this, yet we have gotten about 20 students, 10 of whom are registered yet , we have not done any advertisement on TV, no posters or flyers,. All they saw was the banner on our office building which is strategically located in the heart of Benin City. We intend to advertise within the first week of April 2011 by distributing flyers and making a TV advert jingle and hold free seminars. We know with this more people will come."
What are the rewards of owning own business?
"Freedom and the satisfaction that I am contributing to making someone’s life better."
Are there ways you could use technology to improve your business?
"I would like to have 20 more computers connected to the internet for students to use."
Who are your competitors?
"Regarding the Internet Business Academy, we do not have any competitors in Benin City for now; the only people whom I could call competitors are those who organize one or two days’ internet business seminars. The idea behind the Academy is to dissuade people from attending one day seminars where they get little or nothing but to join us for live, practical internet business coaching and mentoring. So in that regard we really do not have competitors in Benin city because no one is doing what we have started. However in a place like Lagos state where we hope to open a branch office, we have several competitors. Regarding the website development firm, yes we do have a number of competitors in Benin City, Edo state, most of who are individual freelancers."
What is the latest news concerning your business?
"Information Technology is always evolving on a weekly or daily basis and one has to be abreast with the latest technologies. At the moment the latest on website designing is all about Web 2.0 and social interactivity. As for Internet Business, I am subscribed to over 20 newsletters and forums that I receive information from everyday which are sent to my email. New products and services are often released and I have to keep abreast with all over them."
How beneficial can your business be to the business community network?
"My business is beneficial because I help give local businesses a global reach by developing websites for them, also, by giving people practical training, I am empowering youths within my environment thereby reducing unemployment and the social vices which have resulted from it."
Visit profile of Samuel Iyinbo
This interview is the nineth in a series on young entrepreneurs setting up business in Africa. This interview series is powered by Africa Business Communities and VC4Africa.
Are you a young African entrepreneur and do you want to showcase your company or your business plan too? Send an e-mail to Isaac Twumasi Quantus - isaactwums@yahoo.com.
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This article was originally posted on Nigeria Business Communities
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