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He became a billionaire by selling plastic spoons, biros, and coolers.
While other rich men were chasing government contracts, Okoya was chasing the “Common Man.”
He used a strategy called The Penny Profit.
Here is the “Real Thing” that happened:
Okoya realized that not everyone can buy a car or build a house.
But everyone (rich or poor) needs a pen to write.
Everyone needs a cooler to keep water cold
Every household need a warmer to keep food hot.
Everyone needs a button on their shirt.
He didn’t target the 1% of wealthy Nigerians.
He targeted the 99% of ordinary Nigerians.
He knew that making N5 profit from 10 million people is better than making N1 million profit from 10 people.
Most traders in his time were importing these plastic items.
Okoya decided to make them here.
He built the massive Eleganza Industrial City.
By manufacturing locally, he killed the competition on price.
When imported biros were sold for N20, Eleganza sold for N5.
He made it impossible for importers to compete with him because he controlled the machines.
He understood the Nigerian mindset perfectly.
Nigerians don’t just want cheap; they want “Strong.”
He built his coolers and chairs to be rugged.
Even today, you can find Eleganza coolers from the 1990s that are still working in people’s houses.
He built a brand that meant “Value for Money.”
Why am I telling you this?
Many small business owners are ashamed of selling “small things.”
You want to sell luxury wigs, luxury cars, or luxury houses.
But the real money is often in the boring, small things that people use every day.
Selling pure water.
Selling recharge cards.
Selling bread.
Don’t look down on “small money.”
If you can sell a N100 product to 1 million people, you are a billionaire.
Don’t chase the “Big Hit.” Chase the Volume.
SB E-news .
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