Despite studying Philosophy at Ekiti State University, Fayomi Tosin Peter is not working in a field related to his degree, but says the discipline equipped him with critical thinking and planning skills that helped him grow a small roadside business into a stable source of income.
Fayomi, a small business owner in Ekiti State, began selling phone accessories under a makeshift umbrella before gaining admission into the university, using the proceeds to fund his education and meet basic needs amid rising living costs and limited financial support.
“I studied Philosophy, but I’m not practising anything directly related to it, however, school taught me how to think and plan, and that has helped my business,” he said.
According to him, the business was driven by necessity, as he often struggled to afford food and restock goods in the early stages.
“Some days, I went home without enough to eat. Other days, I had to borrow just to keep the business running,” he said.
While in school, Fayomi combined academic work with daily trading, managing lectures alongside long hours at his roadside stall.
He said discipline and financial management played a key role in sustaining the business, as he consistently reinvested profits and avoided unnecessary spending.
Fayomi also adapted to market conditions by diversifying his products, ensuring steady income during periods of low demand. He added that honesty and quality service helped him build customer trust and retain patronage.
Over time, the business grew from a temporary umbrella setup into a proper shop, with improved earnings enabling him to acquire land, build a house, and start a family.
“The umbrella was just the beginning,” he said. “Success comes gradually.”
Fayomi noted that his experience reflects the broader reality facing many young Nigerians, where formal education does not always translate directly into employment, but can still provide skills useful for entrepreneurship.
“Small businesses can create income and independence,” he added. “Learning skills alongside education helps people stand on their own.”
Challenges Faced
Fayomi said one of the biggest challenges he faced was the unstable cost of goods, noting that prices of phone accessories often changed within short periods, affecting profit margins and planning.
He explained that at times, items purchased in the morning would increase in price before the end of the day, forcing him to adjust quickly to avoid losses.
He added that access to capital remained a major limitation in the early stages of the business, as he relied on small, inconsistent earnings and occasional borrowing to restock.
According to him, the lack of financial support structures for small-scale entrepreneurs makes it difficult for many young people to sustain or expand their ventures.
Fayomi also mentioned the role of customer relationships in sustaining his business, noting that trust and consistency helped him retain buyers even during difficult periods.
He said referrals from satisfied customers contributed significantly to his growth, especially when he could not afford formal advertising.
Advice to Young Nigerians
He advised young Nigerians to combine education with practical skills, stressing that adaptability is critical in a challenging economic environment.
According to him, while academic qualifications are important, the ability to apply knowledge, identify opportunities, and remain consistent can make a significant difference in achieving financial stability.
