Oluwatosin Olaseinde is a chartered accountant with 10 years of experience in accounting, corporate finance, auditing, and taxation. She has worked with several multinationals – Bloomberg TV, CNBC Africa, BAT. She currently runs Money Africa, a personal finance platform that teaches people to build healthy financial habits, cut down on unnecessary expenses and generate multiple income streams.
Below is a summary of the interview; Opportunity: An Avenue to Learn or Earn with Oluwatosin Olaseinde
She said that she had always looked forward to becoming successful and impacting lives from a young age. She pointed out that if someone is to develop an eye for opportunities they needed to have the knowledge and training over time in any given area to be able to spot an opportunity. In choosing the right opportunities she said that people needed to first calculate the risk, understand if it will be best for them, and the potentials involved so as to make informed decisions. She said that the mistakes most entrepreneurs make is expecting unrealistic outcomes without understanding their numbers.
She stressed on the need for entrepreneurs to understand their numbers that is their profit margin and their bottom line so as to be able to make informed and better decisions. She went further to say that if entrepreneurs can understand their business pain points based on the numbers it would help them concentrate their energy on opportunities that will give them the most output. She advised that business owners record, pay attention and check the statistics from their engagement so as to help them make the best outputs.
She spoke on the importance of doing market research as it helps entrepreneurs to curtail future mistakes and get the best outcomes from an opportunity. She spoke about the potentials of investing early on as it helps in training oneself in financial discipline. For people who are looking to start small investments, she said that with mutual funds people could come together to invest in a particular venture with the help of a professional fund manager.
Speaking about investment scams she called on people to quit expecting huge returns from any passive business investment especially when it doesn’t require their intellectual effort. Speaking further on the benefits under mutual funds she said that with some ventures like government bonds it is risk-free because the government is the strongest backer of any security. In her advice to students and young school leavers, she called on them to make quality use of their time as it is the greatest opportunity they have to create a living in the future.
Going further, she advised that while students prepare themselves to create income revenues in the future they should also endeavour to invest their earnings so as not to eat with both hands. Similarly, in her advice to young business owners, she urged them to take care to separate their personal finances from their business’, to pay themselves a salary and to ensure to track their expenses. In her final words, she advised business entrepreneurs to always think global while considering maybe the Entrepreneur of 25years in China and to always be deliberate in their decisions.
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