INSCRIPTION: HOW TO THRIVE IN BUSINESS

THE DIFFERENCE ONE LIFE CAN MAKE-INNOSON CHUKWUMA; FROM SELLING MOTORCYCLE SPARE PARTS TO BECOMING AFRICA’S FIRST INDIGENOUS MOTOR BRAND, INNOSON VEHICLE MANUFACTURING

“A good product will naturally sell itself. When the product is good, it will sell anywhere in the world.”

• INNOCENT CHUKWUMA

Innoson Chukwuma is a Nigerian business magnate Chairman and Founder of Innoson Group of Companies who has a net worth that amounts to $ 1.5 billion.

He never attended college or University. In fact, he nurtured the dream of becoming an engineer but forfeited his dream when he applied to study Engineering at the University because he failed to get the required cut-off marks.

THE PRINCIPLE:

Formal education does not equate to success in life; neither does failure in formal education equate to failure in life but the hallmark is what you make of yourself which determines what you get out of life. 

You can identify failure but never personalize failure.

Innocent Chukwuma began by assisting his elder brother in his medicine store it was then that he discovered that he had a talent for trading.

THE PRINCIPLE:

The discoverer of self is the discoverer of fortune that makes one fortunate. Find your flow (talent, gift, passion); grow the flow; go with the flow and you will attract the flow of prosperity.

Innocent moved on after failing to secure admission into college. He chose to follow his natural inclination-trading and became an apprentice for his brother for a year-trading in motorcycle spare parts and mastering the act of buying and selling of motorcycle parts.

THE PRINCIPLE:

Never permit a detour to stop your progress on your success journey; you can change strategies in order to move on but never change your mind and move out from the success route.

Fortune favors those who have the fortitude to master what they have set their minds to do and in-depth learning and practice is the pathway of mastery.

Innocent’s brother by name Gabriel gave him the start-up capital to begin the motorcycle part business which was named, “Gabros International” which he helped his brother manage. And the business bloomed under Innocent’s stewardship.

THE PRINCIPLE:

When you are faithful to the business of another you become qualified to prosper in your own business.

In 1981, Innocent Chukwuma went solo and started trading in Honda motorcycle parts under “Innoson Nigeria Limited” financed with his savings and his brother’s financial support. In the process of time, he began the importation of motorcycles.

THE PRINCIPLE:

You never gain financial surplus unless you gain the habit of saving for investment purposes. A growing business is a product of well-managed funds and a viable business structure that supports growth.

Innocent Chukwuma recognized that new motorcycles were expensive and consequently, second-hand motorcycles were in high demand. The reason for the exorbitant price of the new motorcycles was because they were imported and assembled and a 40ft container could only take 40 motorcycles which affected the cost of the motorcycle.

Innocent was solution-driven as he sought ways and actually implemented a workable plan to reduce the cost of imported new motorcycles so Nigerians could be able to purchase new motorcycles. He solved the problem by importing the motorcycles disassembled so more motorcycles could fit into the container and getting them assembled in Nigeria, which enabled him to sell at a lower price than his competitors.

Innocent Chukwuma blazed the trail with the introduction of the Jingcheng brand of motorcycles in Nigeria.

Currently, the company is one of the leading major importers, suppliers, and assemblers of motorcycle and motorcycle parts in Nigeria and West Africa.

THE PRINCIPLE:

Identifying problems and offering solutions are opportunities for growth and advancement. And when you speak your customers’ “language” by serving their needs in a way that meets their best interest, your business interest blooms and expands.

”I looked at a motorcycle and realized that there was a lot of plastic on the body. So I set up a plastic factory. I decided to produce all the plastic components in my factories so that more units of the spare parts can go into a container.”

• INNOCENT CHUKWUMA

Presently, Innocent’s Plastic Factory is one of the largest manufacturers of crash helmets in West Africa and also the largest manufacturer of plastic products in Nigeria.

THE PRINCIPLE:

Becoming innovative is the key to re-inventing your business and re-inventing your business is the pathway of ruling in your business specialty.

Innocent revealed that he observed everyone involved in the motorcycle business including the Indians in Nigeria, he decided to diversify and create a niche for himself in the manufacturing of motors. Consequently, he founded INNOSON VEHICLE MANUFACTURING Africa’s first indigenous automobile manufacturing company.

THE PRINCIPLE:

Never tread through common paths; plot your pathway blaze the trail and leave your footprints on the sands of time; making history on the timeline of life and sealing the document of destiny with your thumbprint. 

He has several recognitions and awards to his credit.

“I did not go into motor manufacturing overnight. It took me 7 years before I moved into it. I traveled overseas more than 6 times to study and develop how to produce motors here in Nigeria.

• INNOCENT CHKWUMA