‘I Started Business as a 16-year Old

Ayoola Sulaimon Monayojo

As a teenager, Ayoola Sulaimon Monayojo had a vision of  building a business empire just like Richard Branson and Donald Trump. Now at the age of 27, he’s living his dream. This young Chief Executive Officer of Slymonay Group talks about his journey to success as an entrepreneur in this interview with Busayo Adekoya

Who is Ayoola Sulaimon Monayojo?
I am a 27-year-old entrepreneur with a Master’s degree in Business Administration (MBA) from Cardiff University. I am also a member of ACCA. I come from a small family of five with two siblings. And I am really passionate about humanitarian services.

Can you talk about what Sly Monay Group is all about?
Sly Monay Group deals in products and services. We have units like Brainz RecoRd Company, Sly Monay fashion house, Sly Monay Laundry Service and most recently, Grillz Restaurant and Bar.

When did you start your journey into the business?
I started my journey into the business world at a tender age of 16, when I bought my first shares in First Bank PLC with just N11,000. My father tutored me about the stock market and the investment opportunities in it. My father is a qualified Accountant, so he used his knowledge to help me start early.

At the age of 19, I started cultivating the habit of saving from the monthly pocket money I received from my parents and invested it in acquiring other shares in companies such as ARM discovery funds, AIMS Management, SEFTEC, Dangote group of company, Zenith bank and the list goes on.

I have always been business inclined and that was one of the major reasons why i studied Business Administration. I remember as a young kid growing up, I used to go with my dad to his office whenever I was on break from school and I noticed he was always doing the same thing everyday which was majorly sitting down in the office to sign documents.

I did not find it challenging at all, especially when I compared it to what my mother who is also an entrepreneur does. She is a proprietress of one of the top schools in Lagos. She’s also into real estate amongst other business she has under her sleeve and surprisingly they are all doing well till date despite the present economy situation. It was from her the passion crept in and I took a decision within me that I was going to become an entrepreneur.

When did you discover your passion for entertainment and how did you get the resources to open a record label?
In 2008, while studying in the UK, I discovered I had the passion for entertainment and tapped into the industry by organising shows for clubs in Cardiff, bringing in Nigerian artists such as Olu Maintain, P-square and the likes, and that earned me vast popularity amongst my peers. The popularity made people especially students in Cardiff to turn up for events I organised. The money I earned from organising shows weren’t enough for the vision I had, so to achieve that I had to do other menial jobs such as flipping burgers at McDonalds, working as a customer care agent and sometimes as a laborer just to gather enough savings in order to open my own record label whenever I eventually get back to Nigeria.

You mentioned that you had to do some menial jobs in order to get enough savings to start up. Did it affect your study in school? If it did, how were you able to cope with going to school and working at same time?
To be honest, it did affect my grades. My grades kept on dropping, because I was so consumed with the organising shows and parties. My parents were financially stable and I never lacked for anything but I did not tell them what I was doing because they would have been against it. I wanted to make a name for myself, being relevant and making a difference. I did not want to come back to Nigeria empty handed and living under my parents and as my grades continued to nosedive, it took the intervention of trusted friends who advised me on time management. I quickly realised I needed to create time for my studies which was my primary assignment and time for work. If I failed in school how was I supposed to succeed in my business? Their positive advice helped me a great deal because I listened. Another factor that helped me was the fact that am intelligent and was lucky to come out with good grades.

Were your parents supportive of your chosen career?
Upon returning back to Nigeria in 2011, I told my parents about my desire to open a record label. My mother was supportive but my father was initially skeptical about my decision. He wanted me to work with the certificate i had earned and felt i was too young to start up a business of my own. i did not allow my father’s discouragement to deter me from my dreams and forged ahead with my plans, when my father saw the drive and how determined I was, he decided to support me and gave me adequate financial boost to speed up the process.

How well has it worked out for you?
Well, my first major artist i signed in was a group known as Triple 5, but unfortunately, the group did not do so well in the music industry and things began to take a turn for the worst. I had almost nothing left from my savings because I was constantly spending enormous resources on promoting the artists that were under my record label. Thankfully, I had something to fall back on, which were my shares I had earlier acquired as a teen. I started selling off these shares and I used part of the proceeds to enroll myself into a fashion school because I also have a talent in designing.

That is how I gave birth to SlyMonay Fashion. Luckily for me i was able to secure my first major contract by designing and creating the outfit of Haier Thermocool calendar models. Thereafter, I started getting clients by participating in Runway Shows and also wearing my designs. I made it an habit to wear my designs everyday. We design corporate dresses including suits and shirts, ankara wears for both male and female. People appreciated my designs and due to its success I was inspired to diversify into other business and so far It has been lucrative, as we are progressing in different ventures our profit margin has been going upwards.

So far you have had your challenges, how have you been able to manage them?
Sincerely, it has not been easy. If you are not determined and passionate, you can easily lose focus and give up. I have had my ups and downs over the years but God has been seeing me through. Of course I also have the support of my parents.  Contrary to what people think, as an entrepreneur, it is not a smooth sail, you can’t run away from challenges and obstacles. It’s part of life circle that is inevitable.

What are your plans in the coming years?
I plan on expanding the restaurant business which would include a catering service for events and also for home deliveries. Right now, the process is going on, I have already gotten some of the equipment and we are hopeful to start before the end of the year

Who are your role models and where do you draw your inspiration from?
My role models are Donald Trump, Richard Branson, and Dangote and my desire to make my world better has been my driving force, without saying, I also draw my inspiration from God and my mom who is also a business mogul and I know i take after her passion for business and opening up to different opportunities.

What is your advice to aspiring entrepreneurs? 
A journey of a thousand miles begins with a step. So my advice to aspiring entrepreneurs is to first have a dream, a vision of what to do, map out a plan, seek advice and counselling from experienced people who are also into the kind of business you desire to own, seek God for guidance before investing and most importantly be passionate with whatever you do because you are likely to face challenges along the way. Most times the starting point may be slow, but by being focused and determined you would definitely pull through.